Zillow Group, Inc
Zillow Group, Inc. operates a digital real estate marketplace in the United States that connects consumers with home search, rental, financing, and transaction services. Its portfolio includes Zillow, Trulia, StreetEasy, HotPads, Out East, Zillow Rentals, Zillow Home Loans, and software tools for real estate professionals such as Follow Up Boss, ShowingTime, dotloop, and Zillow Premier Agent.
Tilikausi 2025 · muutos edellisvuodesta
Kehitys 2020–2025
Liiketoiminta
Osuus liikevaihdostaConsumer-facing search, listing, and discovery products across buying, selling, and renting.
Premier Agent, Zillow Preferred, and related products that connect consumers with real estate professionals.
Rental listings, applications, and property-manager software sold through Zillow and StreetEasy.
Zillow Home Loans origination and related buyer financing tools and pre-approval products.
SaaS tools such as Follow Up Boss, ShowingTime, dotloop, and Zillow Closing.
Tuotteet
Raportoitu · osuus liikevaihdosta- Residential Revenue66,0 %
- Rental Revenue24,4 %
- Mortgage Revenue7,7 %
- Display Advertising and Other Revenue1,9 %
Lähde: 10-K FY2025, yhtiön tuotelinjoittain raportoima liikevaihto (SEC XBRL). Osuudet on laskettu näytetyistä riveistä ja ne summautuvat 100 %:iin.
Asiakkaat
Zillow sells primarily to consumers searching for homes or rentals, and to real estate professionals who pay for advertising, leads, and workflow software. It also serves property managers, landlords, home builders, and mortgage-related partners that use its marketplace and transaction tools to reach housing demand. The business model depends on both consumer traffic and the willingness of industry participants to pay for access, conversion, and software workflows.
Use Zillow's marketplace, affordability tools, offer insights, and financing products to search, compare, and move through the transaction process.
Buy Premier Agent, Zillow Preferred, Zillow Showcase, and CRM/workflow tools to generate leads and manage client relationships.
Renters use listings and applications, while property managers buy advertising and leasing tools to fill units and manage demand.
Consumers seeking home financing use Zillow Home Loans, digital pre-approval, and affordability tools.
Builders purchase new construction marketing solutions to showcase communities and inventory to home shoppers.
Strategia
Zillow is building a more integrated home-journey platform that links search, touring, agent connection, financing, rentals, and closing. A key priority is expanding its enhanced transaction experience and partner network so more consumer connections convert into completed housing transactions. The company is also broadening its software and services stack for agents, property managers, and builders to deepen engagement beyond simple listings.
Connecting search, agent services, financing, and closing increases monetization per consumer interaction.
Real estate professionals are a core revenue source, so better tools and lead quality support retention and pricing power.
Broader rental inventory and applications increase traffic, utility, and monetization with property managers.
Financing tools can improve conversion and keep users inside Zillow's ecosystem through the purchase process.
Maantiede
Zillow's business is concentrated in the United States, where it operates its core consumer marketplace and most of its monetized services. The company also has market-specific brands such as StreetEasy in New York and Out East in the Hamptons, but the platform remains primarily a U.S. housing and rental ecosystem. Its exposure is tied to U.S. housing turnover, mortgage activity, rental demand, and local MLS and listing relationships.
Riskit
Zillow is exposed to U.S. housing-cycle volatility, interest rates, affordability, and transaction activity because its monetization depends on consumer traffic and real estate partner spending. It also faces platform, data, and regulatory risks tied to MLS access, listing accuracy, cybersecurity, and mortgage operations. Because the business spans marketplace, software, and lending, execution risk exists across multiple regulated and partner-dependent workflows.
- Housing market and macro sensitivityVaikutus: KorkeaTodennäköisyys: Korkea
Demand for listings, leads, and mortgage products depends on U.S. housing turnover, affordability, and consumer confidence.
Kohdistuu - MLS and data-provider dependenceVaikutus: KorkeaTodennäköisyys: Kohtalainen
Zillow needs listing data and MLS relationships to maintain traffic and product quality.
Kohdistuu - Cybersecurity and third-party vendor disruptionVaikutus: KorkeaTodennäköisyys: Kohtalainen
The platform relies on vendors and cloud infrastructure to process sensitive consumer and partner data.
Kohdistuu - Mortgage regulatory and funding riskVaikutus: KorkeaTodennäköisyys: Kohtalainen
Zillow Home Loans operates in a regulated lending environment and depends on financing and secondary-market execution.
Kohdistuu: Mortgage origination and resale of loans
- Pricing and partner retention riskVaikutus: KeskitasoTodennäköisyys: Kohtalainen
Real estate professionals may reduce spend if lead quality, conversion, or product value weakens.
Kohdistuu
Kirjanpito
Harkinnanvaraiset erätPerformance fees are recognized when a transaction closes or a lease is secured, which can lag lead delivery by months.
Vaikutus: Affects timing of revenue and contract asset balances
Zillow recorded contract assets for Zillow Preferred and rentals offerings where payment depends on future conversion.
Vaikutus: Can create revenue timing differences versus cash collection
For-sale revenue and loan origination volume are affected by seasonal housing-market patterns.
Vaikutus: Quarter-to-quarter comparability can be distorted
Acquisitions such as software and marketplace assets require ongoing impairment and recoverability assessments.
Vaikutus: Could lead to non-cash charges if expected cash flows weaken
Product and platform investments may be capitalized and amortized over time.
Vaikutus: Affects operating expense timing and asset carrying values
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Päivitetty: 24.9.2026