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Reported Consolidated Results

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
December 31,
20252024
Assets
Current assets:
Cash and cash equivalents$768 $1,082 
Short-term investments
527 776 
Accounts receivable, net
149 104 
Mortgage loans held for sale386 159 
Prepaid expenses and other current assets287 210 
Restricted cash5 3 
Total current assets2,122 2,334 
Contract cost assets27 25 
Property and equipment, net350 360 
Right of use assets56 59 
Goodwill2,823 2,823 
Intangible assets, net279 207 
Other assets28 21 
Total assets$5,685 $5,829 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$36 $30 
Accrued expenses and other current liabilities134 105 
Accrued compensation and benefits62 57 
Borrowings under credit facilities364 145 
Deferred revenue69 62 
Lease liabilities, current portion14 14 
Convertible senior notes
— 418 
Total current liabilities679 831 
Lease liabilities, net of current portion79 83 
Other long-term liabilities43 67 
Total liabilities801 981 
Shareholders’ equity:
Class A common stock
— — 
Class B common stock
— — 
Class C capital stock
— — 
Additional paid-in capital6,741 6,733 
Accumulated other comprehensive income (loss)
2 (3)
Accumulated deficit(1,859)(1,882)
Total shareholders’ equity4,884 4,848 
Total liabilities and shareholders’ equity$5,685 $5,829 



ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share data, which are presented in thousands, and per share data, unaudited)

 Three Months Ended
December 31,
Year Ended
December 31,
 2025202420252024
Revenue$654 $554 $2,583 $2,236 
Cost of revenue (1)
178 134 668 527 
Gross profit476 420 1,915 1,709 
Operating expenses:
Sales and marketing (1)
205 202 843 790 
Technology and development (1)
154 149 607 585 
General and administrative (1)
128 138 497 524 
Impairment costs— — 2 6 
Acquisition-related costs— — — 1 
Total operating expenses487 489 1,949 1,906 
Loss from operations(11)(69)(34)(197)
Loss on extinguishment of debt— — — (1)
Other income, net
19 26 77 127 
Interest expense(5)(8)(18)(36)
Income (loss) before income taxes3 (51)25 (107)
Income tax expense— (1)(2)(5)
Net income (loss)$3 $(52)$23 $(112)
Net income (loss) per share:
Basic
$0.01 $(0.22)$0.09 $(0.48)
Diluted$0.01 $(0.22)$0.09 $(0.48)
Weighted-average shares outstanding:
Basic
242,054 236,329 241,930 234,077 
Diluted252,387 236,329 254,117 234,077 
(1) Includes share-based compensation expense as follows:
Cost of revenue$2 $3 $11 $14 
Sales and marketing17 20 72 77 
Technology and development41 41 160 165 
General and administrative35 55 147 192 
Total share-based compensation$95 $119 $390 $448 
Adjusted EBITDA (2)$149 $112 $622 $498 
(2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.


ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 
Year Ended
December 31,
 20252024
Operating activities
Net income (loss)$23 $(112)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization264 240 
Share-based compensation390 448 
Amortization of right of use assets8 10 
Amortization of contract cost assets21 19 
Impairment costs
2 6 
Accretion of bond discount(9)(27)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities
6 19 
Changes in operating assets and liabilities:
Accounts receivable(45)(8)
Mortgage loans held for sale(227)(59)
Prepaid expenses and other assets(82)(74)
Contract cost assets(23)(21)
Lease liabilities(11)(35)
Accounts payable6 2 
Accrued expenses and other current liabilities31 — 
Accrued compensation and benefits5 10 
Deferred revenue7 8 
Other long-term liabilities2 2 
Net cash provided by operating activities
368 428 
Investing activities
Proceeds from maturities of investments411 1,042 
Proceeds from sales of investments61 237 
Purchases of investments(211)(706)
Purchases of property and equipment(133)(143)
Purchases of intangible assets(134)(28)
Cash paid for acquisitions, net— (7)
Net cash provided by (used in) investing activities
(6)395 
Financing activities
Net borrowings on repurchase agreements
219 52 
Repurchases of Class A common stock and Class C capital stock(670)(301)
Settlement of convertible senior notes
(419)(1,196)
Proceeds from settlement of capped call transactions38 — 
Proceeds from exercise of stock options188 212 
Payment of contingent consideration for acquisition(30)— 
Net cash used in financing activities
(674)(1,233)
Net decrease in cash, cash equivalents and restricted cash during period
(312)(410)
Cash, cash equivalents and restricted cash at beginning of period1,085 1,495 
Cash, cash equivalents and restricted cash at end of period$773 $1,085 
Supplemental disclosures of cash flow information
Cash paid for interest$18 $35 
Cash paid for taxes3 6 
Noncash transactions:
Write-off of fully depreciated property and equipment$145 $85 
Write-off of fully amortized intangible assets
64 24 
Capitalized share-based compensation62 72 


Key Metrics
The following table presents our visits and average monthly unique users for the periods presented (in millions, except percentages):
 Three Months Ended
December 31,
2024 to 2025
% Change
Year Ended
December 31,
2024 to 2025
% Change
 2025202420252024
Visits (1)
2,103 2,057 2%9,5939,3083%
Average monthly unique users (2)
221 204 8%235 221 6%
(1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics.
(2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics.
The following table presents For Sale revenue per Total Transaction Value (“TTV”) for the periods presented:
Year Ended
December 31,
2024 to 2025
% Change
20252024
For Sale revenue (in millions)$1,903 $1,739 9%
Total Transaction Value (in trillions) (1)
$2.2 $2.2 3%
For Sale revenue per Total Transaction Value (in basis points)
8.57.98%
(1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to the National Association of Realtors (“NAR”).
See below under the header “Selected Historical Data” for further discussion regarding our For Sale revenue per TTV metric as well as the recast of TTV and For Sale revenue per TTV for certain historical periods.
The following table presents loan origination volume by purpose and in total for Zillow Home Loans for the periods presented (in millions, except percentages):
Three Months Ended
December 31,
2024 to 2025
% Change
Year Ended
December 31,
2024 to 2025
% Change
2025202420252024
Purchase loan origination volume$1,538 $923 67%$4,721 $3,092 53%
Refinance loan origination volume12 13 (8)%32 27 19%
Total loan origination volume$1,550 $936 66%$4,753 $3,119 52%

Selected Historical Data

Prior to the year ended December 31, 2025, TTV was calculated and reported using existing-home sales and average sales price data collected and estimated by Zillow Group as published monthly on our site. Beginning with the year ended December 31, 2025, we calculate and report TTV using existing-home sales and average sales price data published by NAR, an industry-


standard, publicly available source of residential real estate transaction data. We have recast prior period TTV and For Sale revenue per TTV to conform with the revised TTV methodology used for the year ended December 31, 2025.

The following tables present the recast of TTV and For Sale revenue per TTV for each of the periods presented:

Twelve Months Ended
 March 31,
2025		June 30,
2025		September 30,
2025
For Sale revenue (in millions)
$1,773 $1,812 $1,856 
Total Transaction Value (in trillions)
$2.2 $2.2 $2.2 
For Sale revenue per Total Transaction Value (in basis points)8.0 8.2 8.3 

Twelve Months Ended
 March 31,
2024		June 30,
2024		September 30,
2024		December 31,
2024
For Sale revenue (in millions)
$1,585 $1,624 $1,682 $1,739 
Total Transaction Value (in trillions)
$2.1 $2.1 $2.1 $2.2 
For Sale revenue per Total Transaction Value (in basis points)7.6 7.7 7.9 7.9