ZILLOW GROUP, INC., 10-Q filed on 5/6/2026
Quarterly Report
v3.26.1
Cover Page - shares
 3 Months Ended
Mar. 31, 2026
Apr. 29, 2026
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
Document Transition Report false  
Entity File Number 001-36853  
Entity Registrant Name ZILLOW GROUP, INC.  
Entity Incorporation, State or Country Code WA  
Entity Tax Identification Number 47-1645716  
Entity Address, Address Line One 1301 Second Avenue  
Entity Address, Address Line Two Floor 36  
Entity Address, City or Town Seattle  
Entity Address, State or Province WA  
Entity Address, Postal Zip Code 98101  
City Area Code 206  
Local Phone Number 470-7000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2026  
Document Fiscal Period Focus Q1  
Entity Central Index Key 0001617640  
Current Fiscal Year End Date --12-31  
Class A common stock    
Entity Information [Line Items]    
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol ZG  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   42,360,248
Class B common Stock    
Entity Information [Line Items]    
Entity Common Stock, Shares Outstanding   6,217,447
Class C capital stock    
Entity Information [Line Items]    
Title of 12(b) Security Class C Capital Stock, par value $0.0001 per share  
Trading Symbol Z  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   180,224,115
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 678 $ 768
Short-term investments 105 527
Accounts receivable, net 153 149
Mortgage loans held for sale 361 386
Prepaid expenses and other current assets 357 287
Restricted cash 5 5
Total current assets 1,659 2,122
Contract cost assets 27 27
Property and equipment, net 352 350
Right of use assets 59 56
Goodwill 2,823 2,823
Intangible assets, net 272 279
Other assets 34 28
Total assets 5,226 5,685
Current liabilities:    
Accounts payable 68 36
Accrued expenses and other current liabilities 163 134
Accrued compensation and benefits 70 62
Borrowings under master repurchase agreements 335 364
Deferred revenue 74 69
Lease liabilities, current portion 14 14
Total current liabilities 724 679
Lease liabilities, net of current portion 80 79
Other long-term liabilities 14 43
Total liabilities 818 801
Commitments and contingencies (Note 11)
Shareholders’ equity:    
Preferred stock, $0.0001 par value; authorized — 30,000,000 shares; no shares issued and outstanding 0 0
Additional paid-in capital 6,221 6,741
Accumulated other comprehensive income 0 2
Accumulated deficit (1,813) (1,859)
Total shareholders’ equity 4,408 4,884
Total liabilities and shareholders’ equity 5,226 5,685
Class A common stock    
Shareholders’ equity:    
Common stock/capital stock 0 0
Class B common Stock    
Shareholders’ equity:    
Common stock/capital stock 0 0
Class C capital stock    
Shareholders’ equity:    
Common stock/capital stock $ 0 $ 0
v3.26.1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Mar. 31, 2026
Dec. 31, 2025
Preferred stock, par value (usd per share) $ 0.0001 $ 0.0001
Preferred stock, authorized (in shares) 30,000,000 30,000,000
Preferred stock, issued (in shares) 0 0
Preferred stock, outstanding (in shares) 0 0
Class A common stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,245,000,000 1,245,000,000
Common stock, issued (in shares) 42,435,196 46,233,920
Common stock, outstanding (in shares) 42,435,196 46,233,920
Class B common Stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 15,000,000 15,000,000
Common stock, issued (in shares) 6,217,447 6,217,447
Common stock, outstanding (in shares) 6,217,447 6,217,447
Class C capital stock    
Common stock, par value (usd per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 600,000,000 600,000,000
Common stock, issued (in shares) 180,442,257 187,994,150
Common stock, outstanding (in shares) 180,442,257 187,994,150
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Total revenue $ 708 $ 598
Cost of revenue 189 139
Gross profit 519 459
Operating expenses:    
Sales and marketing 210 198
Technology and development 150 149
General and administrative 123 121
Total operating expenses 483 468
Income (loss) from operations 36 (9)
Other income, net 16 22
Interest expense (4) (5)
Income before income taxes 48 8
Income tax expense (2) 0
Net income $ 46 $ 8
Net income per share:    
Net income (loss) per share - basic (usd per share) $ 0.19 $ 0.03
Net income (loss) per share - diluted (usd per share) $ 0.19 $ 0.03
Weighted-average shares outstanding:    
Weighted-average shares outstanding - basic (in shares) 235,682 242,256
Weighted-average shares outstanding - diluted (in shares) 239,644 256,192
Total For Sale revenue    
Total revenue $ 514 $ 458
Residential    
Total revenue 450 417
Mortgages    
Total revenue 64 41
Rentals    
Total revenue 183 129
Other    
Total revenue $ 11 $ 11
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net income $ 46 $ 8
Other comprehensive income (loss):    
Net unrealized gains (losses) on investments (2) 3
Total other comprehensive income (loss) (2) 3
Comprehensive income $ 44 $ 11
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($)
shares in Thousands, $ in Millions
Total
Class A Common Stock, Class B Common Stock and Class C Capital Stock
Additional Paid-In Capital
Accumulated Deficit
Accumulated Other Comprehensive Income (Loss)
Beginning balance (in shares) at Dec. 31, 2024   242,489      
Beginning balance at Dec. 31, 2024 $ 4,848 $ 0 $ 6,733 $ (1,882) $ (3)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class C capital stock upon exercise of stock options (in shares)   800      
Issuance of Class C capital stock upon exercise of stock options 33   33    
Vesting of restricted stock units (in shares)   1,370      
Share-based compensation expense 112   112    
Repurchases of Class A common stock and Class C capital stock (250)   (250)    
Net income 8     8  
Other Comprehensive Income (Loss) 3       3
Ending balance (in shares) at Mar. 31, 2025   241,320      
Ending balance at Mar. 31, 2025 4,754 $ 0 6,628 (1,874) 0
Beginning balance (in shares) at Dec. 31, 2025   240,446      
Beginning balance at Dec. 31, 2025 $ 4,884 $ 0 6,741 (1,859) 2
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class C capital stock upon exercise of stock options (in shares) 658 658      
Issuance of Class C capital stock upon exercise of stock options $ 18   18    
Vesting of restricted stock units (in shares)   1,456      
Share-based compensation expense 95   95    
Repurchases of Class A common stock and Class C capital stock (in shares)   (13,465)      
Repurchases of Class A common stock and Class C capital stock (633)   (633)    
Net income 46     46  
Other Comprehensive Income (Loss) (2)       (2)
Ending balance (in shares) at Mar. 31, 2026   229,095      
Ending balance at Mar. 31, 2026 $ 4,408 $ 0 $ 6,221 $ (1,813) $ 0
v3.26.1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating activities    
Net income $ 46 $ 8
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 65 65
Share-based compensation 81 97
Amortization of right of use assets 2 2
Amortization of contract cost assets 6 5
Other adjustments to reconcile net income to net cash provided by operating activities (16) (5)
Changes in operating assets and liabilities:    
Accounts receivable (4) (11)
Mortgage loans held for sale 25 (26)
Prepaid expenses and other assets (64) (38)
Contract cost assets (6) (7)
Lease liabilities (4) (2)
Accounts payable 32 5
Accrued expenses and other current liabilities 23 9
Accrued compensation and benefits 8 (5)
Deferred revenue 5 8
Other long-term liabilities 1 (1)
Net cash provided by operating activities 200 104
Investing activities    
Proceeds from maturities of investments 93 150
Proceeds from sales of investments 391 2
Purchases of investments (64) (60)
Purchases of property and equipment (34) (36)
Purchases of intangible assets (10) (108)
Net cash provided by (used in) investing activities 376 (52)
Financing activities    
Net borrowings (repayments) on master repurchase agreements (29) 28
Repurchases of Class A common stock and Class C capital stock (626) (250)
Payments for debt issuance costs 2 0
Proceeds from exercise of stock options 18 33
Payment of contingent consideration for acquisition (27) (30)
Net cash used in financing activities (666) (219)
Net decrease in cash, cash equivalents and restricted cash during period (90) (167)
Cash, cash equivalents and restricted cash at beginning of period 773 1,085
Cash, cash equivalents and restricted cash at end of period 683 918
Noncash transactions:    
Write-off of fully depreciated property and equipment 57 46
Share-Based Payment Arrangement, Amount Capitalized 14 15
Payments for debt issuance costs $ 2 $ 0
v3.26.1
Organization and Description of Business
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Organization and Description of Business Organization and Description of Business
Zillow Group is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.
Our portfolio of affiliates, subsidiaries and brands includes Zillow, Zillow Premier Agent, Zillow Home Loans, our mortgage origination operations and affiliate lender, Zillow Rentals, Zillow New Construction, Trulia, StreetEasy, Out East, HotPads, Follow Up Boss, ShowingTime, dotloop and Zillow Closing.
Certain Significant Risks and Uncertainties
We operate in a dynamic industry and, accordingly, can be affected by a variety of factors, which are uncertain and difficult to predict. For example, we believe that potential changes in any of the following areas may have a significant impact on us in terms of our future financial position, results of operations or cash flows: the health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to navigate industry changes, including as a result of past, pending or future lawsuits, settlements or government investigations; uncertainties related to policy changes, enforcement priorities, or government shutdowns at the federal and state levels; our ability to manage advertising, product inventory and pricing, and to maintain relationships with our real estate partners; our ability to comply with current and future rules and requirements promulgated by NAR, MLSs, or other real estate industry groups or governing bodies, and to maintain or establish relationships with listing and data providers; changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data; our investment of resources to pursue strategies and develop new products and services that may not prove effective or that are not attractive for customers and real estate partners or that do not allow us to compete successfully; our ability to operate and grow the mortgage operations of Zillow Home Loans, our affiliate lender, including the ability to obtain or maintain sufficient financing and resell originated mortgages on the secondary market; the duration and impact of natural disasters, climate change, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; outcomes of legal proceedings and government investigations; our ability to attract, engage, and retain a highly skilled workforce; protection of Zillow Group’s information and systems against security breaches or disruptions in operations; reliance on third-party services to support
critical functions of our business; protection of our brand and intellectual property; and changes in laws or government regulation affecting our business, among other things.
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Basis of Presentation
The accompanying condensed consolidated financial statements include Zillow Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The condensed consolidated balance sheet as of December 31, 2025, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2026 and our results of operations, comprehensive income, shareholders’ equity, and cash flows for the three month periods ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, for any interim period, or for any other future year.
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations, including the initial and subsequent fair value measurements of assets (primarily intangible assets) and liabilities, and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The health of the housing market and broader economy may result in additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Issued Accounting Standards Not Yet Adopted
In November 2024, the FASB issued guidance that will require disclosure of specified information about certain costs and expenses included within an entity’s consolidated financial statements. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and can be applied on a prospective or retrospective basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
In September 2025, the FASB issued guidance that modernizes the accounting for internal-use software costs by removing all references to project development stages. Under this guidance, eligible software development costs begin capitalization once management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the function intended. This guidance is effective for annual and interim periods beginning after December 15, 2027, and can be applied on a prospective, retrospective or modified basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
In December 2025, the FASB issued guidance that improves the navigability of interim reporting guidance and clarifies when it applies. This guidance is effective for annual and interim periods beginning after December 15, 2027, and can be applied on a prospective or retrospective basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
v3.26.1
Financial Instruments
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
We apply the following methods and assumptions in estimating our fair value measurements:
Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2).
Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2).
Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time that amounts are held in escrow (Level 1).
Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2).
Forward contracts — The fair value of mandatory loan sales commitments and derivative instruments such as forward sales of MBSs that are utilized as economic hedging instruments is calculated by reference to quoted prices for similar assets (Level 2).
Contingent consideration — In December 2023, Zillow Group acquired Follow Up Boss for $399 million in cash, net of cash acquired, and contingent consideration of up to $100 million, payable over a three-year period upon achievement of certain performance metrics. During the three months ended March 31, 2026 and 2025, we paid $33 million in cash each period to settle the first and second earn out payments, most of which represented settlement of the acquisition date fair value. The fair value of the contingent consideration is estimated using a Monte Carlo simulation which considers the probabilities of the achievement of certain performance metrics (Level 3).
The discount rates used in our valuation of contingent consideration are based on our estimated cost of debt and are directly related to the fair value of contingent consideration. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Conversely, a decrease in the discount rate, in isolation, would result in an increase in the fair value measurement. The probabilities of achieving the relevant performance metrics used in our valuation of contingent consideration are directly related to the fair value of contingent consideration, as an increase in the probability, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the probability, in isolation, would result in a decrease in the fair value measurement.
During the three months ended March 31, 2026, there were no material changes in the unobservable inputs used in determining the fair value of contingent consideration included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
IRLCs — The fair value of IRLCs is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an IRLC will ultimately result in a closed loan. For IRLCs that are canceled or expire, any recorded gain or loss is reversed at the end of the commitment period (Level 3).
The pull-through rate is based on estimated changes in market conditions, loan stage and historical borrower behavior. Pull-through rates are directly related to the fair value of IRLCs as an increase in the pull-through rate, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the pull-through rate, in isolation, would result in a decrease in the fair value measurement. Changes in the fair value of IRLCs are included within revenue in our condensed
consolidated statements of operations. The following table presents the ranges and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
March 31, 2026December 31, 2025
Range
45% - 100%
47% - 100%
Weighted-average85%86%
We manage our interest rate risk related to IRLCs and mortgage loans held for sale through the use of derivative instruments, generally forward contracts on MBSs, which are commitments to either purchase or sell a financial instrument at a future date for a specified price, and mandatory loan commitments, which are an obligation by an investor to buy loans at a specified price within a specified time period. We do not enter into or hold derivatives for trading or speculative purposes, and our derivatives are not designated as hedging instruments. Changes in the fair value of our derivative financial instruments are recognized in revenue in our condensed consolidated statements of operations.
The following table presents the changes in our IRLCs for the periods presented (in millions):
Three Months Ended
March 31,
20262025
Balance, beginning of the period$8 $4 
Issuances32 21 
Transfers(28)(18)
Balance, end of period$12 $7 
The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions):
March 31, 2026December 31, 2025
IRLCs
$760 $402 
Forward contracts(1)
910 696 
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.
The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis by category as of the dates presented (in millions):
 March 31, 2026December 31, 2025
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$23 $23 $19 $19 
Cash equivalents:
Money market funds655 655 659 659 
U.S. government treasury securities— — 90 90 
Short-term investments:
U.S. government treasury securities
37 37 369 370 
Corporate bonds
68 68 149 150 
U.S. government agency securities— — 7 7 
Mortgage origination-related:
Mortgage loans held for sale— 361 — 386 
IRLCs - prepaid expenses and other current assets
— 12 — 8 
Forward contracts - prepaid expenses and other current assets
— 5 — — 
Restricted cash5 5 5 5 
Total assets measured at fair value on a recurring basis
$788 $1,166 $1,298 $1,694 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $— $— $1 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— — — 31 
Total liabilities measured at fair value on a recurring basis
$— $32 $— $65 
The following table presents available-for-sale investments by contractual maturity date as of March 31, 2026 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$26 $26 
Due after one year 79 79 
Total $105 $105 
v3.26.1
Property and Equipment, Net
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Property and Equipment, Net Property and Equipment, Net
The following table presents the detail of property and equipment, net as of the dates presented (in millions):
March 31, 2026December 31, 2025
Website development costs$585 $596 
Leasehold improvements33 32 
Computer equipment16 17 
Office equipment, furniture and fixtures9 9 
Property and equipment643 654 
Less: accumulated amortization and depreciation(291)(304)
Property and equipment, net$352 $350 
We recorded depreciation expense related to property and equipment (other than website development costs) of $2 million and $4 million for the three months ended March 31, 2026 and 2025, respectively.
We capitalized website development costs of $44 million and $48 million for the three months ended March 31, 2026 and 2025, respectively. Amortization expense for website development costs included in cost of revenue was $42 million and $41 million for the three months ended March 31, 2026 and 2025, respectively.
v3.26.1
Intangible Assets, Net
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Intangible Assets, Net Intangible Assets, Net
The following tables present the detail of intangible assets, net as of the dates presented (in millions):
 March 31, 2026
 CostAccumulated AmortizationNet
Customer relationships$194 $(58)$136 
Software147 (56)91 
Developed technology
59 (35)24 
Trade names and trademarks47 (31)16 
Purchased content22 (17)5 
Total$469 $(197)$272 
 December 31, 2025
 CostAccumulated AmortizationNet
Customer relationships$194 $(52)$142 
Software
140 (53)87 
Developed technology
59 (32)27 
Trade names and trademarks47 (30)17 
Purchased content24 (18)6 
Total$464 $(185)$279 
Amortization expense recorded for intangible assets was $21 million and $20 million for the three months ended March 31, 2026 and 2025, respectively. We did not record any impairment costs related to intangible assets for the three months ended March 31, 2026 or 2025.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Master Repurchase Agreements
We utilize master repurchase agreements to provide capital for Zillow Home Loans. The following table summarizes certain details related to our outstanding master repurchase agreements as of the dates presented (in millions, except interest rates):
LenderMaturity Date
Maximum Borrowing Capacity(1)
Outstanding Borrowings at March 31, 2026
Outstanding Borrowings at December 31, 2025
Weighted-Average Interest Rate at March 31, 2026
JPMorgan Chase Bank, N.A.(2)
April 22, 2027$200 $119 $126 5.28 %
Bank of Montreal(3)
February 24, 2027200 98 88 5.22 %
UBS AG
September 4, 2026150 69 85 5.22 %
Bank of Nova Scotia
June 8, 2026100 49 65 5.18 %
Total$650 $335 $364 
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
(2) Agreement was amended and renewed on April 23, 2026 to extend the maturity date to April 22, 2027.
(3) Agreement was amended and renewed on February 25, 2026 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to February 24, 2027.
As of March 31, 2026 and December 31, 2025, $350 million and $381 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements.
The master repurchase agreements include customary representations and warranties, covenants and provisions regarding events of default. As of March 31, 2026, Zillow Home Loans was in compliance with all financial covenants and no event of default had occurred. The master repurchase agreements are recourse to Zillow Home Loans and have no recourse to Zillow Group or any of its other subsidiaries.
For additional details related to our master repurchase agreements, see Note 8 in the Notes to the Consolidated Financial Statements in Part II, Item 8 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Revolving Credit Facility
On January 30, 2026, Zillow Group entered into a $500 million Revolving Credit Facility by and among Zillow Group, MFTB Holdco, Inc., Zillow, Inc. (the “Borrower”), the lenders from time to time party thereto, Goldman Sachs Bank USA as administrative agent and as issuing bank, and other issuing banks from time to time party thereto. The Revolving Credit Facility may be increased by up to an additional $250 million subject to the terms of the credit agreement. Revolving loans on the Revolving Credit Facility bear interest at a floating rate based on either an alternative base rate, as defined in the credit agreement, or SOFR, in each case plus an applicable margin, depending on Zillow Group’s total net leverage ratio. Revolving loans may be borrowed, repaid and reborrowed under the Revolving Credit Facility until January 30, 2031, at which time all amounts borrowed must be repaid. Revolving loans may be prepaid, and revolving loan commitments may be permanently reduced by the Borrower in whole or in part, without penalty or premium.
The Revolving Credit Facility contains customary representations, warranties and affirmative and negative covenants, including a total net leverage ratio financial covenant. The negative covenants include restrictions on the incurrence of liens and indebtedness, certain investments and acquisitions, dividends, stock repurchases, transactions with affiliates and other matters, all subject to certain exceptions. The Borrower’s obligations under the Revolving Credit Facility are guaranteed by Zillow Group, MFTB Holdco, Inc. and certain of the Borrower’s subsidiaries. The Borrower’s obligations under the Revolving Credit Facility are secured by a first priority security interest in substantially all of the assets of the Borrower and such guarantors, subject to customary exclusions.
We have not drawn any amounts under the Revolving Credit Facility as of March 31, 2026. Borrowings on the Revolving Credit Facility will be classified within long-term liabilities in our condensed consolidated balance sheets.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We are subject to income taxes in the United States (federal and state) and certain foreign jurisdictions. As of March 31, 2026 and December 31, 2025, we have provided a valuation allowance against our net deferred tax assets that we believe, based on the weight of available evidence, are not more likely than not to be realized. We have accumulated federal tax losses of approximately $1.8 billion as of December 31, 2025, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $70 million (tax effected) as of December 31, 2025.
Our income tax expense or benefit for interim periods is determined using an estimate of our annual effective tax rate, adjusted for discrete items, if any, that are taken into account for the relevant period. We update our estimate of the annual effective tax rate on a quarterly basis and make year-to-date adjustments to the tax provision or benefit, as applicable. Income tax expense was not material for the three month periods ended March 31, 2026 or 2025.
v3.26.1
Share Repurchase Authorizations
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Share Repurchase Authorizations Share Repurchase Authorizations
Prior to March 4, 2026, the Board authorized the repurchase of up to $3.5 billion of our Class A common stock, Class C capital stock, convertible senior notes or a combination thereof. On March 4, 2026, the Board authorized the repurchase of up to an additional $1.25 billion of our Class A common stock, Class C capital stock, or a combination thereof, which increased our total cumulative Repurchase Authorizations to $4.8 billion. As of March 31, 2026, $1.3 billion remained available for future repurchases of our stock pursuant to the Repurchase Authorizations.
The following table summarizes our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations, excluding excise taxes and commissions, for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts):
 Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Class A common stock
Class C
capital stock
Class A common stockClass C capital stock
Shares repurchased3,799 9,666 2,460 879 
Weighted-average price per share$47.84 $45.92 $73.75 $78.03 
Total purchase price$182 $444 $181 $69 
v3.26.1
Share-Based Awards
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Share-Based Awards Share-Based Awards
In connection with the annual review cycle, option awards and restricted stock units are granted under the Zillow Group, Inc. 2020 Incentive Plan during the first quarter of each year and typically vest quarterly over four years. For additional information regarding our share-based awards, see Note 11 in the Notes to the Consolidated Financial Statements in Part II, Item 8 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Option Awards
The following table summarizes option award activity for the three months ended March 31, 2026:
Number
of Shares
Subject to
Existing
Options (in thousands)		Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 2026
27,303 $49.79 5.7$565 
Granted4,487 43.61 
Exercised(658)27.26 
Forfeited or canceled
(168)56.65 
Outstanding at March 31, 2026
30,964 49.34 6.126 
Vested and exercisable at March 31, 2026
22,189 48.28 5.024 
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
 Three Months Ended
March 31,
 20262025
Expected volatility
54% - 56%
59% - 60%
Risk-free interest rate
3.87% - 3.98%
4.16% - 4.17%
Weighted-average expected life
5.8 - 7.0 years
5.3 - 6.8 years
Weighted-average fair value of options granted$23.62$43.41
As of March 31, 2026, there was a total of $240 million in unrecognized compensation cost related to unvested option awards.
Restricted Stock Units
The following table summarizes activity for restricted stock units for the three months ended March 31, 2026:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 2026
9,319 $61.83 
Granted5,660 43.70 
Vested(1,456)52.54 
Forfeited(426)59.91 
Unvested outstanding at March 31, 2026
13,097 $55.09 
As of March 31, 2026, there was a total of $683 million in unrecognized compensation cost related to unvested restricted stock units.
Share-Based Compensation Expense
The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
 Three Months Ended
March 31,
 20262025
Cost of revenue$2 $3 
Sales and marketing16 18 
Technology and development33 38 
General and administrative30 38 
Total share-based compensation$81 $97 
v3.26.1
Net Income Per Share
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Net Income Per Share Net Income Per Share
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income per share calculations (in thousands):
Three Months Ended
March 31,
 20262025
Denominator for basic calculation235,682 242,256 
Effect of dilutive securities:
     Option awards3,362 9,668 
     Unvested restricted stock units600 4,268 
Denominator for dilutive calculation
239,644 256,192 
For the periods presented, the following Class C capital stock equivalents were excluded from the calculations of diluted net income per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
March 31,
 20262025
Weighted-average Class C capital stock option awards outstanding2,573 3,615 
Weighted-average Class C capital stock restricted stock units outstanding5,908 1,528 
Class C capital stock issuable upon conversion of the 2025 Notes
— 6,237 
Total Class C capital stock equivalents8,481 11,380 
v3.26.1
Commitments and Contingencies
 3 Months Ended
Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Commitments
During the three months ended March 31, 2026, there were no material changes to the commitments disclosed in Note 13 in the Notes to the Consolidated Financial Statements in Part II, Item 8 included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Legal Proceedings
We are involved in a number of legal proceedings concerning matters arising in connection with the conduct of our business activities, some of which are at preliminary stages and some of which seek an indeterminate amount of damages. We regularly evaluate the status of legal proceedings in which we are involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred to determine if accruals are appropriate. We further evaluate each legal proceeding to assess whether an estimate of possible loss or range of loss can be made if accruals are not appropriate. For certain cases described below, management is unable to provide a meaningful estimate of the possible loss or
range of possible loss because, among other reasons, (i) the proceedings are in preliminary stages; (ii) specific damages have not been sought; (iii) damages sought are, in our view, unsupported and/or exaggerated; (iv) there is uncertainty as to the outcome of pending appeals or motions; (v) there are significant factual issues to be resolved; and/or (vi) there are novel legal issues or unsettled legal theories presented. For these cases, however, management does not believe, based on currently available information, that the outcomes of these proceedings will have a material effect on our financial position, results of operations or cash flow. For the matters discussed below, we have not recorded any material accruals as of March 31, 2026 or December 31, 2025.
On September 17, 2019, International Business Machines Corporation (“IBM”) filed a complaint against us in the U.S. District Court for the Central District of California, alleging, among other things, that the Company has infringed and continues to willfully infringe seven patents held by IBM and seeks unspecified damages, including a request that the amount of compensatory damages be trebled, injunctive relief and costs and reasonable attorneys’ fees. Our motion to transfer venue to the U.S. District Court for the Western District of Washington (the “Court”) was granted on May 28, 2020. On November 25, 2022, Zillow filed a motion to join an Inter Partes Review (“IPR”) petition within Ebates Performance Mktg., Inc. d/b/a Rakuten Rewards v. Int’l Bus. Machs. Corp. (“Rakuten IPR”), IPR2022-00646 concerning one patent in this action, which the Court granted on April 20, 2023. On October 11, 2023, the U.S. Patent and Trial Appeal Board (“PTAB”) ruled on the Rakuten IPR finding the claims of the patent asserted against Zillow unpatentable. IBM appealed the PTAB’s decision on November 21, 2023 (the “PTAB Appeal”), and cross appeals were filed by Ebates Performance Marketing Inc. on November 21, 2023 and by us on December 15, 2023. On March 20, 2024, IBM voluntarily dismissed all claims filed in this action against Zillow with prejudice, with the exception of those pertaining to the patent asserted within the pending PTAB Appeal. On June 21, 2024 we filed our response to the PTAB Appeal. On July 30, 2024, IBM filed its reply in further support of the PTAB Appeal. On September 3, 2024, we filed our reply in further support of our cross-appeal. On December 9, 2025, the Federal Circuit issued an order affirming the October 11, 2023 PTAB decision in full. On April 17, 2026, we filed our motion for summary judgment. There is a reasonable possibility that a loss may be incurred related to this matter; however, the possible loss or range of loss is not estimable. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in the lawsuit.
On November 16, 2021, November 19, 2021 and January 6, 2022, three purported class action lawsuits were filed against us and certain of our executive officers, alleging, among other things, violations of federal securities laws on behalf of a class of those who purchased our stock between August 7, 2020 and November 2, 2021. The three purported class action lawsuits, captioned Barua v. Zillow Group, Inc. et al., Silverberg v. Zillow Group, et al. and Hillier v. Zillow Group, Inc. et al. were brought in the Court and were consolidated on February 16, 2022 (the “Federal Securities Suit”). On May 12, 2022, the plaintiffs filed their amended consolidated complaint which alleges, among other things, that we issued materially false and misleading statements regarding our Zillow Offers business. The complaints seek to recover, among other things, alleged damages sustained by the purported class members as a result of the alleged misconduct. On December 7, 2022, the Court rendered its decision granting our previously filed motion to dismiss, in part, and denying the motion, in part. On January 23, 2023, we filed our answer to the consolidated complaint. On March 14, 2024, plaintiffs filed a motion for class certification, which was granted on August 23, 2024. On September 6, 2024, we filed a petition for permission to appeal the class certification order, on September 16, 2024, plaintiffs filed their opposition to our petition, and on September 23, 2024, we filed our reply in further support of the petition. On October 24, 2024, the Ninth Circuit issued an order granting Zillow permission to appeal. On November 1, 2024, the Court issued an order staying the Federal Securities Suit pending the outcome of the appeal, which was extended on October 10, 2025. On January 8, 2025, we filed our opening brief in the appeal. On March 10, 2025, plaintiffs filed their response brief, and on April 30, 2025, we filed our reply brief. On September 26, 2025, the Ninth Circuit affirmed the Court’s class certification. On October 24, 2025, we filed an en banc petition before the Ninth Circuit seeking rehearing of the Ninth Circuit’s September 26, 2025 decision. On January 6, 2026, the Ninth Circuit issued an order denying Zillow’s en banc petition. There is a reasonable possibility that a loss may be incurred related to this matter; however, the possible loss or range of loss is not estimable. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in this consolidated lawsuit.
On March 10, 2022, May 5, 2022, July 20, 2022 and October 31, 2024, shareholder derivative suits were filed in the Court and on July 25, 2022, a shareholder derivative suit was filed in the Superior Court of the State of Washington, King County, against us and certain of our executive officers and directors seeking unspecified damages on behalf of the Company and certain other relief, such as reform to corporate governance practices. The plaintiffs (including the Company as a nominal defendant) allege, among other things, that the defendants breached their fiduciary duties by failing to maintain an effective system of internal controls, which purportedly caused the losses the Company incurred when it decided to wind down Zillow Offers operations. Plaintiffs also allege, among other things, violations of Section 14(a) and Section 20(a) of the Exchange Act, insider trading and waste of corporate assets. On August 23, 2023, a second shareholder derivative suit was filed in the Superior Court of the State of Washington, King County. These shareholder derivative lawsuits have since been stayed by the relevant courts and they remain stayed as of March 31, 2026. There is a reasonable possibility that a loss may be incurred related to this
matter; however, the possible loss or range of loss is not estimable. The defendants deny the allegations of any wrongdoing and vigorously defend the claims in these lawsuits.
On September 30, 2025, the Federal Trade Commission filed a complaint in the U.S. District Court for the Eastern District of Virginia against Zillow Group, Inc., Zillow, Inc., and Redfin Corporation. On October 1, 2025, the Attorneys General of the Commonwealth of Virginia and the States of Arizona, Connecticut, New York, and Washington filed a similar complaint against the same parties in the same court. The complaints allege that the partnership entered into between Zillow and Redfin on February 6, 2025, harmed competition for online multifamily rental-listings in violation of federal antitrust laws. The plaintiffs seek injunctive and other equitable relief. We filed our motion to dismiss on January 13, 2026. Plaintiffs filed their opposition to our motion to dismiss on February 3, 2026. On February 12, 2026, we filed our reply in further support of our motion to dismiss and on February 25, 2026, a hearing was held on the motion. We deny the allegations of any wrongdoing and intend to vigorously defend the claims in these lawsuits.
In addition to the matters discussed above, from time to time, we are involved in litigation and claims that arise in the ordinary course of business. Although we cannot be certain of the outcome of any such litigation or claims, nor the amount of damages and exposure that we could incur, we currently believe that the final disposition of such matters will not have a material effect on our business, financial position, results of operations or cash flow. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
Indemnifications
In the ordinary course of business, we enter into contractual arrangements under which we agree to provide indemnification of varying scope and terms to business partners and other parties with respect to certain matters. For additional information regarding our indemnifications, see Note 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
v3.26.1
Revenue and Contract Balances
 3 Months Ended
Mar. 31, 2026
Revenue from Contract with Customer [Abstract]  
Revenue and Contract Balances Revenue and Contract Balances
We recognize revenue when or as we satisfy our performance obligations by transferring control of the promised products or services to our customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those products or services. See Note 2 in the Notes to the Consolidated Financial Statements in Part II, Item 8 in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025 for additional information on our revenue from contracts with customers and contract balances.
Contract Balances
Contract assets included in prepaid expenses and other current assets in our condensed consolidated balance sheets totaled $268 million and $212 million as of March 31, 2026 and December 31, 2025, respectively. Contract assets included in other assets in our condensed consolidated balance sheets totaled $23 million and $18 million as of March 31, 2026 and December 31, 2025, respectively. As of March 31, 2026, the average remaining recognition period for our contract assets related to our Zillow Preferred offering was five months.
For the three months ended March 31, 2026, the opening balance of deferred revenue was $69 million, of which $47 million was recognized as revenue during the period. For the three months ended March 31, 2025, the opening balance of deferred revenue was $62 million, of which $46 million was recognized as revenue during the period.
v3.26.1
Segment Information
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Information Segment Information
Significant Segment Expenses
The following table presents our significant expense categories included in our reported measure of segment profitability for the periods presented (in millions):
 Three Months Ended
March 31,
20262025
Revenue$708 $598 
Less:
Headcount-related expenses, excluding share-based compensation304 288 
Direct product and service costs99 50 
Share-based compensation81 97 
Depreciation and amortization65 65 
Marketing and advertising costs45 43 
Software and hardware costs
34 26 
Third-party professional service fees31 17 
Facility expenses6 7 
Other items (1)7 14 
Income (loss) from operations
36 (9)
Other income, net16 22 
Interest expense(4)(5)
Income tax expense(2)— 
Net income
$46 $8 
(1) Other items include taxes, insurance costs, and data acquisition costs.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Lloyd D Frink [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 11, 2026, Lloyd D. Frink, co-founder, President of the Company, and Co-Executive Chairman of the Board, terminated a previously disclosed 10b5-1 sales plan that was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and was entered into on December 11, 2024. The 10b5-1 sales plan provided for an aggregate sale of (i) up to 200,000 shares of Class C capital stock plus (ii) up to an additional 200,000 shares of Class C capital stock related to the exercise of option awards granted to Mr. Frink.
Name Lloyd D. Frink
Title co-founder, President of the Company, and Co-Executive Chairman of the Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 11, 2026
Aggregate Available 200,000
Jeremy Wacksman [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 20, 2026, Jeremy Wacksman, Chief Executive Officer of the Company and member of the Board, entered into a 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. This 10b5-1 sales plan provides for the sale of an indeterminate number of shares of Class C capital stock related to the vesting of restricted stock units granted to Mr. Wacksman. The number of shares of Class C capital stock that will be sold under this 10b5-1 sales plan is not yet determinable because (i) certain future awards granted during the life of the plan that follow the same vesting schedule as existing awards under the plan may be covered by the terms of the plan and (ii) for each vested restricted stock unit award that is covered by the terms of the plan, an unknown number of shares will be sold to satisfy tax withholding prior to any sale occurring under the terms of the plan. This 10b5-1 sales plan will become effective on May 22, 2026 and will terminate on February 20, 2027, subject to earlier termination as provided in the plan.
Name Jeremy Wacksman
Title Chief Executive Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 20, 2026
Expiration Date February 20, 2027
Erik Blachford [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 4, 2026, Erik Blachford, member of the Board, entered into a 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. This 10b5-1 sales plan provides for the sale of an indeterminate number of shares of Class C capital stock related to the vesting of restricted stock units granted to Mr. Blachford. The number of shares of Class C capital stock that will be sold under this 10b5-1 sales plan is not yet determinable because certain future awards granted during the life of the plan that follow the same vesting schedule as existing awards under the plan may be covered by the terms of the plan. This 10b5-1 sales plan will become effective on June 8, 2026 and will terminate on March 4, 2027, subject to earlier termination as provided in the plan.
Name Erik Blachford
Title member of the Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 4, 2026
Expiration Date March 4, 2027
Richard N. Barton [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On February 11, 2026, Richard N. Barton, co-founder and Co-Executive Chairman of the Board, terminated a previously disclosed 10b5-1 sales plan that was intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and was entered into on December 11, 2024. The 10b5-1 sales plan provided for the sale of up to 300,000 shares of Class C capital stock related to the exercise of option awards granted to Mr. Barton. On February 27, 2026, Mr. Barton entered into a 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. This 10b5-1 sales plan was amended on March 5, 2026 and provides for an aggregate sale of (i) up to 300,000 shares of Class C capital stock plus (ii) up to an additional 163,980 shares of Class C capital stock related to the exercise of option awards granted to Mr. Barton. This 10b5-1 sales plan will become effective on June 8, 2026 and will terminate on June 7, 2027, subject to earlier termination as provided in the plan.
Name Richard N. Barton
Title co-founder and Co-Executive Chairman of the Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 11, 2026
Expiration Date June 7, 2027
Aggregate Available 300,000
Amy Bohutinsky [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On March 6, 2026, Amy Bohutinsky, member of the Board, entered into a 10b5-1 sales plan intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act. This 10b5-1 sales plan provides for the sale of up to 105,884 shares of Class C capital stock related to the exercise of option awards granted to Ms. Bohutinsky. This 10b5-1 sales plan will become effective on June 8, 2026 and will terminate on March 7, 2027, subject to earlier termination as provided in the plan.
Name Amy Bohutinsky
Title member of the Board
Rule 10b5-1 Arrangement Adopted true
Adoption Date March 6, 2026
Expiration Date March 7, 2027
Aggregate Available 105,884
Trading Arrangement, Securities Additional Available Amount [Member] | Richard N. Barton [Member]  
Trading Arrangements, by Individual  
Aggregate Available 163,980
v3.26.1
Summary of Significant Accounting Policies (Policies)
 3 Months Ended
Mar. 31, 2026
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation
The accompanying condensed consolidated financial statements include Zillow Group, Inc. and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. These condensed consolidated financial statements have been prepared in conformity with GAAP and applicable rules and regulations of the SEC regarding interim financial reporting. Certain information and note disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. Accordingly, these interim condensed consolidated financial statements should be read in conjunction with the audited financial statements and accompanying notes included in Zillow Group, Inc.’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. The condensed consolidated balance sheet as of December 31, 2025, included herein, was derived from the audited financial statements of Zillow Group, Inc. as of that date. Certain reclassifications of prior period amounts have been made to conform to the current period presentation.
The unaudited condensed consolidated interim financial statements, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly our financial position as of March 31, 2026 and our results of operations, comprehensive income, shareholders’ equity, and cash flows for the three month periods ended March 31, 2026 and 2025. The results for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026, for any interim period, or for any other future year.
Use of Estimates
Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and the related disclosures at the date of the financial statements, as well as the reported amounts of revenue and expenses during the periods presented. On an ongoing basis, we evaluate our estimates, including those related to the accounting for certain revenue offerings, amortization period and recoverability of contract cost assets, website and software development costs, recoverability of long-lived assets and intangible assets, share-based compensation, income taxes, business combinations, including the initial and subsequent fair value measurements of assets (primarily intangible assets) and liabilities, and the recoverability of goodwill, among others. To the extent there are material differences between these estimates, judgments or assumptions and actual results, our financial statements will be affected. The health of the housing market and broader economy may result in additional uncertainty with respect to estimates, judgments and assumptions, which may materially impact the estimates previously listed, among others.
Recently Issued Accounting Standards Not Yet Adopted
Recently Issued Accounting Standards Not Yet Adopted
In November 2024, the FASB issued guidance that will require disclosure of specified information about certain costs and expenses included within an entity’s consolidated financial statements. This guidance is effective for annual periods beginning after December 15, 2026 and interim periods beginning after December 15, 2027, and can be applied on a prospective or retrospective basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
In September 2025, the FASB issued guidance that modernizes the accounting for internal-use software costs by removing all references to project development stages. Under this guidance, eligible software development costs begin capitalization once management has authorized and committed to funding the project and it is probable the project will be completed and used to perform the function intended. This guidance is effective for annual and interim periods beginning after December 15, 2027, and can be applied on a prospective, retrospective or modified basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
In December 2025, the FASB issued guidance that improves the navigability of interim reporting guidance and clarifies when it applies. This guidance is effective for annual and interim periods beginning after December 15, 2027, and can be applied on a prospective or retrospective basis, with early adoption permitted. We have not yet determined the impact the adoption of this guidance will have on our consolidated financial statements.
Fair Value Measurements
We apply the following methods and assumptions in estimating our fair value measurements:
Cash equivalents — The fair value measurement of money market funds is based on quoted market prices in active markets (Level 1). The fair value measurement of other cash equivalents is based on observable market-based inputs principally derived from or corroborated by observable market data (Level 2).
Short-term investments — The fair value measurement of our short-term investments is based on observable market-based inputs or inputs that are derived principally from or corroborated by observable market data by correlation or other means (Level 2).
Restricted cash — The carrying value of restricted cash approximates fair value due to the short period of time that amounts are held in escrow (Level 1).
Mortgage loans held for sale — The fair value of mortgage loans held for sale is generally calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics (Level 2).
Forward contracts — The fair value of mandatory loan sales commitments and derivative instruments such as forward sales of MBSs that are utilized as economic hedging instruments is calculated by reference to quoted prices for similar assets (Level 2).
Contingent consideration — In December 2023, Zillow Group acquired Follow Up Boss for $399 million in cash, net of cash acquired, and contingent consideration of up to $100 million, payable over a three-year period upon achievement of certain performance metrics. During the three months ended March 31, 2026 and 2025, we paid $33 million in cash each period to settle the first and second earn out payments, most of which represented settlement of the acquisition date fair value. The fair value of the contingent consideration is estimated using a Monte Carlo simulation which considers the probabilities of the achievement of certain performance metrics (Level 3).
The discount rates used in our valuation of contingent consideration are based on our estimated cost of debt and are directly related to the fair value of contingent consideration. An increase in the discount rate, in isolation, would result in a decrease in the fair value measurement. Conversely, a decrease in the discount rate, in isolation, would result in an increase in the fair value measurement. The probabilities of achieving the relevant performance metrics used in our valuation of contingent consideration are directly related to the fair value of contingent consideration, as an increase in the probability, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the probability, in isolation, would result in a decrease in the fair value measurement.
During the three months ended March 31, 2026, there were no material changes in the unobservable inputs used in determining the fair value of contingent consideration included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
IRLCs — The fair value of IRLCs is calculated by reference to quoted prices in secondary markets for commitments to sell mortgage loans with similar characteristics. Expired commitments are excluded from the fair value measurement. Since not all IRLCs will become closed loans, we adjust our fair value measurements for the estimated amount of IRLCs that will not close. This adjustment is effected through the pull-through rate, which represents the probability that an IRLC will ultimately result in a closed loan. For IRLCs that are canceled or expire, any recorded gain or loss is reversed at the end of the commitment period (Level 3).
The pull-through rate is based on estimated changes in market conditions, loan stage and historical borrower behavior. Pull-through rates are directly related to the fair value of IRLCs as an increase in the pull-through rate, in isolation, would result in an increase in the fair value measurement. Conversely, a decrease in the pull-through rate, in isolation, would result in a decrease in the fair value measurement. Changes in the fair value of IRLCs are included within revenue in our condensed
consolidated statements of operations.
v3.26.1
Financial Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table presents the ranges and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
March 31, 2026December 31, 2025
Range
45% - 100%
47% - 100%
Weighted-average85%86%
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in millions):
Three Months Ended
March 31,
20262025
Balance, beginning of the period$8 $4 
Issuances32 21 
Transfers(28)(18)
Balance, end of period$12 $7 
Schedule of Notional Amounts
The following table presents the notional amounts of the economic hedging instruments related to our mortgage loans held for sale as of the dates presented (in millions):
March 31, 2026December 31, 2025
IRLCs
$760 $402 
Forward contracts(1)
910 696 
(1) Represents net notional amounts. We do not have the right to offset our forward contract derivative positions.
Schedule of Balances of Cash Equivalents and Investments
The following table presents the amortized cost, as applicable, and estimated fair market value of assets and liabilities measured at fair value on a recurring basis by category as of the dates presented (in millions):
 March 31, 2026December 31, 2025
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$23 $23 $19 $19 
Cash equivalents:
Money market funds655 655 659 659 
U.S. government treasury securities— — 90 90 
Short-term investments:
U.S. government treasury securities
37 37 369 370 
Corporate bonds
68 68 149 150 
U.S. government agency securities— — 7 7 
Mortgage origination-related:
Mortgage loans held for sale— 361 — 386 
IRLCs - prepaid expenses and other current assets
— 12 — 8 
Forward contracts - prepaid expenses and other current assets
— 5 — — 
Restricted cash5 5 5 5 
Total assets measured at fair value on a recurring basis
$788 $1,166 $1,298 $1,694 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $— $— $1 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— — — 31 
Total liabilities measured at fair value on a recurring basis
$— $32 $— $65 
Schedule of Debt Securities, Available-for-sale
The following table presents available-for-sale investments by contractual maturity date as of March 31, 2026 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$26 $26 
Due after one year 79 79 
Total $105 $105 
v3.26.1
Property and Equipment, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Property, Plant, and Equipment [Abstract]  
Schedule of Property and Equipment, Net
The following table presents the detail of property and equipment, net as of the dates presented (in millions):
March 31, 2026December 31, 2025
Website development costs$585 $596 
Leasehold improvements33 32 
Computer equipment16 17 
Office equipment, furniture and fixtures9 9 
Property and equipment643 654 
Less: accumulated amortization and depreciation(291)(304)
Property and equipment, net$352 $350 
v3.26.1
Intangible Assets, Net (Tables)
 3 Months Ended
Mar. 31, 2026
Intangible Asset, Goodwill and Other [Abstract]  
Schedule of Intangible Assets, Net
The following tables present the detail of intangible assets, net as of the dates presented (in millions):
 March 31, 2026
 CostAccumulated AmortizationNet
Customer relationships$194 $(58)$136 
Software147 (56)91 
Developed technology
59 (35)24 
Trade names and trademarks47 (31)16 
Purchased content22 (17)5 
Total$469 $(197)$272 
 December 31, 2025
 CostAccumulated AmortizationNet
Customer relationships$194 $(52)$142 
Software
140 (53)87 
Developed technology
59 (32)27 
Trade names and trademarks47 (30)17 
Purchased content24 (18)6 
Total$464 $(185)$279 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Revolving Credit Facilities and Lines of Credit The following table summarizes certain details related to our outstanding master repurchase agreements as of the dates presented (in millions, except interest rates):
LenderMaturity Date
Maximum Borrowing Capacity(1)
Outstanding Borrowings at March 31, 2026
Outstanding Borrowings at December 31, 2025
Weighted-Average Interest Rate at March 31, 2026
JPMorgan Chase Bank, N.A.(2)
April 22, 2027$200 $119 $126 5.28 %
Bank of Montreal(3)
February 24, 2027200 98 88 5.22 %
UBS AG
September 4, 2026150 69 85 5.22 %
Bank of Nova Scotia
June 8, 2026100 49 65 5.18 %
Total$650 $335 $364 
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
(2) Agreement was amended and renewed on April 23, 2026 to extend the maturity date to April 22, 2027.
(3) Agreement was amended and renewed on February 25, 2026 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to February 24, 2027.
v3.26.1
Share Repurchase Authorizations (Tables)
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Repurchase Agreements
The following table summarizes our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations, excluding excise taxes and commissions, for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts):
 Three Months Ended
March 31, 2026		Three Months Ended
March 31, 2025
Class A common stock
Class C
capital stock
Class A common stockClass C capital stock
Shares repurchased3,799 9,666 2,460 879 
Weighted-average price per share$47.84 $45.92 $73.75 $78.03 
Total purchase price$182 $444 $181 $69 
v3.26.1
Share-Based Awards (Tables)
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Award Activity
The following table summarizes option award activity for the three months ended March 31, 2026:
Number
of Shares
Subject to
Existing
Options (in thousands)		Weighted-
Average
Exercise
Price Per
Share
Weighted-
Average
Remaining
Contractual
Life (in years)
Aggregate
Intrinsic
Value
(in millions)
Outstanding at January 1, 2026
27,303 $49.79 5.7$565 
Granted4,487 43.61 
Exercised(658)27.26 
Forfeited or canceled
(168)56.65 
Outstanding at March 31, 2026
30,964 49.34 6.126 
Vested and exercisable at March 31, 2026
22,189 48.28 5.024 
Schedule of Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
 Three Months Ended
March 31,
 20262025
Expected volatility
54% - 56%
59% - 60%
Risk-free interest rate
3.87% - 3.98%
4.16% - 4.17%
Weighted-average expected life
5.8 - 7.0 years
5.3 - 6.8 years
Weighted-average fair value of options granted$23.62$43.41
Schedule of Restricted Stock Units Activity
The following table summarizes activity for restricted stock units for the three months ended March 31, 2026:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 2026
9,319 $61.83 
Granted5,660 43.70 
Vested(1,456)52.54 
Forfeited(426)59.91 
Unvested outstanding at March 31, 2026
13,097 $55.09 
Schedule of Effects of Share Based Compensation in Consolidated Statements of Operations
The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
 Three Months Ended
March 31,
 20262025
Cost of revenue$2 $3 
Sales and marketing16 18 
Technology and development33 38 
General and administrative30 38 
Total share-based compensation$81 $97 
v3.26.1
Net Income Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
Earnings Per Share [Abstract]  
Schedule of Denominators Used in Basic and Diluted Per Share Calculations For the periods presented, the following table reconciles the denominators used in the basic and diluted net income per share calculations (in thousands):
Three Months Ended
March 31,
 20262025
Denominator for basic calculation235,682 242,256 
Effect of dilutive securities:
     Option awards3,362 9,668 
     Unvested restricted stock units600 4,268 
Denominator for dilutive calculation
239,644 256,192 
Schedule of Class C Capital Stock Equivalents Were Excluded From Calculations of Diluted Net Income (Loss) Per Share For the periods presented, the following Class C capital stock equivalents were excluded from the calculations of diluted net income per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
March 31,
 20262025
Weighted-average Class C capital stock option awards outstanding2,573 3,615 
Weighted-average Class C capital stock restricted stock units outstanding5,908 1,528 
Class C capital stock issuable upon conversion of the 2025 Notes
— 6,237 
Total Class C capital stock equivalents8,481 11,380 
v3.26.1
Segment Information (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting
The following table presents our significant expense categories included in our reported measure of segment profitability for the periods presented (in millions):
 Three Months Ended
March 31,
20262025
Revenue$708 $598 
Less:
Headcount-related expenses, excluding share-based compensation304 288 
Direct product and service costs99 50 
Share-based compensation81 97 
Depreciation and amortization65 65 
Marketing and advertising costs45 43 
Software and hardware costs
34 26 
Third-party professional service fees31 17 
Facility expenses6 7 
Other items (1)7 14 
Income (loss) from operations
36 (9)
Other income, net16 22 
Interest expense(4)(5)
Income tax expense(2)— 
Net income
$46 $8 
(1) Other items include taxes, insurance costs, and data acquisition costs.
v3.26.1
Financial Instruments - Narrative (Details) - Follow Up Boss - USD ($)
$ in Millions
 3 Months Ended
Dec. 08, 2023
Mar. 31, 2026
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash paid for acquisition, net $ 399    
Contingent consideration $ 100    
Contingent consideration, payable period 3 years    
Cash settlement   $ 33 $ 33
v3.26.1
Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - prepaid expenses and other current assets - Not Designated as Hedging Instrument
Mar. 31, 2026
Dec. 31, 2025
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value rates, IRLCs 0.45 0.47
Maximum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value rates, IRLCs 1 1
Weighted Average    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value rates, IRLCs 0.85 0.86
v3.26.1
Financial Instruments - Schedule of Changes in IRLCs (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Interest Rate Lock Commitments [Roll Forward]    
Balance, beginning of the period $ 8 $ 4
Issuances 32 21
Transfers (28) (18)
Balance, end of period $ 12 $ 7
v3.26.1
Financial Instruments - Schedule of Notional Amounts (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
IRLCs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative notional amount $ 760 $ 402
Forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative notional amount $ 910 $ 696
v3.26.1
Financial Instruments - Schedule of Balances of Cash Equivalents and Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Cash equivalents:    
Amortized Cost $ 678 $ 768
Short-term investments:    
Amortized Cost 105  
Estimated Fair Market Value 105  
Mortgage origination-related:    
Mortgage loans held for sale 361 386
Restricted cash 5 5
Total assets measured at fair value on a recurring basis, Amortized cost 788 1,298
Total assets measured at fair value on a recurring basis, Estimated fair market value 1,166 1,694
Liabilities    
Contingent consideration - accrued expenses and other current liabilities 32 33
Contingent consideration - other long-term liabilities 0 31
Liabilities measured at fair value 32 65
U.S. government treasury securities    
Short-term investments:    
Amortized Cost 37 369
Estimated Fair Market Value 37 370
Corporate bonds    
Short-term investments:    
Amortized Cost 68 149
Estimated Fair Market Value 68 150
U.S. government agency securities    
Short-term investments:    
Amortized Cost 0 7
Estimated Fair Market Value 0 7
IRLCs - prepaid expenses and other current assets    
Mortgage origination-related:    
IRLCs - prepaid expenses and other current assets 12 8
Forward contracts - accrued expenses and other current liabilities    
Mortgage origination-related:    
IRLCs - prepaid expenses and other current assets 5 0
Liabilities    
Forward contracts - accrued expenses and other current liabilities 0 1
Cash    
Cash equivalents:    
Amortized Cost 23 19
Estimated Fair Market Value 23 19
Money market funds    
Cash equivalents:    
Amortized Cost 655 659
Estimated Fair Market Value 655 659
U.S. government treasury securities    
Cash equivalents:    
Amortized Cost 0 90
Estimated Fair Market Value $ 0 $ 90
v3.26.1
Financial Instruments - Schedule of Debt-securities, Available-for-sale (Details)
$ in Millions
Mar. 31, 2026
USD ($)
Amortized Cost  
Due in one year or less $ 26
Due after one year 79
Amortized Cost 105
Estimated Fair Market Value  
Due in one year or less 26
Due after one year 79
Estimated Fair Market Value $ 105
v3.26.1
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Property, Plant, and Equipment [Line Items]    
Property and equipment $ 643 $ 654
Less: accumulated amortization and depreciation (291) (304)
Property and equipment, net 352 350
Website development costs    
Property, Plant, and Equipment [Line Items]    
Property and equipment 585 596
Leasehold improvements    
Property, Plant, and Equipment [Line Items]    
Property and equipment 33 32
Computer equipment    
Property, Plant, and Equipment [Line Items]    
Property and equipment 16 17
Office equipment, furniture and fixtures    
Property, Plant, and Equipment [Line Items]    
Property and equipment $ 9 $ 9
v3.26.1
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Property, Plant, and Equipment [Abstract]    
Amortization and depreciation expense related to property and equipment other than website development costs $ 2 $ 4
Capitalization of website development costs 44 48
Capitalized computer software, amortization $ 42 $ 41
v3.26.1
Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Intangible Asset, Finite-Lived [Line Items]    
Cost $ 469 $ 464
Accumulated Amortization (197) (185)
Net 272 279
Customer relationships    
Intangible Asset, Finite-Lived [Line Items]    
Cost 194 194
Accumulated Amortization (58) (52)
Net 136 142
Software    
Intangible Asset, Finite-Lived [Line Items]    
Cost 147 140
Accumulated Amortization (56) (53)
Net 91 87
Developed technology    
Intangible Asset, Finite-Lived [Line Items]    
Cost 59 59
Accumulated Amortization (35) (32)
Net 24 27
Trade names and trademarks    
Intangible Asset, Finite-Lived [Line Items]    
Cost 47 47
Accumulated Amortization (31) (30)
Net 16 17
Purchased content    
Intangible Asset, Finite-Lived [Line Items]    
Cost 22 24
Accumulated Amortization (17) (18)
Net $ 5 $ 6
v3.26.1
Intangible Assets, Net - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Intangible Asset, Goodwill and Other [Abstract]    
Amortization of website development costs and intangible assets included in technology and development $ 21,000,000 $ 20,000,000
Impairment of intangible assets $ 0 $ 0
v3.26.1
Debt - Schedule of Revolving Credit Facilities and Lines of Credit (Details) - USD ($)
Mar. 31, 2026
Feb. 24, 2026
Jan. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]        
Maximum Borrowing Capacity     $ 500,000,000  
Line of Credit        
Debt Instrument [Line Items]        
Maximum Borrowing Capacity $ 650,000,000      
Outstanding Borrowings 335,000,000     $ 364,000,000
JPMorgan Chase Bank, N.A. | Line of Credit        
Debt Instrument [Line Items]        
Maximum Borrowing Capacity 200,000,000      
Outstanding Borrowings $ 119,000,000     126,000,000
Weighted-Average Interest Rate at March 31, 2026 5.28%      
Bank of Montrea | Line of Credit        
Debt Instrument [Line Items]        
Maximum Borrowing Capacity $ 200,000,000 $ 150,000,000    
Outstanding Borrowings $ 98,000,000     88,000,000
Weighted-Average Interest Rate at March 31, 2026 5.22%      
UBS AG | Line of Credit        
Debt Instrument [Line Items]        
Maximum Borrowing Capacity $ 150,000,000      
Outstanding Borrowings $ 69,000,000     85,000,000
Weighted-Average Interest Rate at March 31, 2026 5.22%      
Bank of Nova Scotia | Line of Credit        
Debt Instrument [Line Items]        
Maximum Borrowing Capacity $ 100,000,000      
Outstanding Borrowings $ 49,000,000     $ 65,000,000
Weighted-Average Interest Rate at March 31, 2026 5.18%      
v3.26.1
Debt - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Jan. 30, 2026
Dec. 31, 2025
Debt Instrument [Line Items]      
Maximum Borrowing Capacity   $ 500  
Line Of Credit Facility Accordion Feature Increase Limit   $ 250  
JPMorgan Chase Bank, UBS AG, Bank of Montreal, Bank of Nova Scotia | Mortgages Segment      
Debt Instrument [Line Items]      
Short-term debt $ 350   $ 381
v3.26.1
Income Taxes (Details)
$ in Millions
Dec. 31, 2025
USD ($)
Federal  
Schedule Of Income Tax [Line Items]  
Net operating loss carryforwards $ 1,800
State  
Schedule Of Income Tax [Line Items]  
Net operating loss carryforwards $ 70
v3.26.1
Share Repurchase Authorizations - Narrative (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Mar. 04, 2026
May 01, 2025
Equity [Abstract]      
Stock repurchase program, authorized amount   $ 4,800 $ 3,500
Stock repurchase program, authorized additional amount   $ 1,250  
Stock repurchase program, remaining authorized repurchase amount $ 1,300    
v3.26.1
Share Repurchase Authorizations - Schedule of Repurchase Agreements (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Class A common stock    
Class of Stock [Line Items]    
Shares repurchased (in shares) 3,799 2,460
Weighted-average price per share (in dollars per share) $ 47.84 $ 73.75
Total purchase price $ 182 $ 181
Class C capital stock    
Class of Stock [Line Items]    
Shares repurchased (in shares) 9,666 879
Weighted-average price per share (in dollars per share) $ 45.92 $ 78.03
Total purchase price $ 444 $ 69
v3.26.1
Share-Based Awards - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Option awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized cost of unvested share-based compensation awards $ 240
Unvested restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost $ 683
2020 Plan | Option awards and restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 4 years
v3.26.1
Share-Based Awards - Schedule of Option Award Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Dec. 31, 2025
Number of Shares Subject to Existing Options (in thousands)      
Beginning balance (in shares) 27,303    
Granted (in shares) 4,487    
Exercised (in shares) (658)    
Forfeited or canceled (in shares) (168)    
Ending balance (in shares) 30,964    
Vested and exercisable (in shares) 22,189    
Weighted- Average Exercise Price Per Share      
Beginning balance (in dollars per share) $ 49.79    
Granted (in dollars per share) 43.61    
Exercised (in dollars per share) 27.26    
Forfeited or canceled (in dollars per share) 56.65    
Ending balance (in dollars per share) 49.34    
Vested and exercisable (in dollars per share) $ 48.28    
Weighted- Average Remaining Contractual Life (in years)      
Weighted-Average Remaining Contractual Life, Outstanding 6 years 1 month 6 days 5 years 8 months 12 days  
Weighted-Average Remaining Contractual Life, Vested and exercisable 5 years    
Aggregate Intrinsic Value      
Aggregate Intrinsic Value, Outstanding $ 26   $ 565
Aggregate Intrinsic Value, Vested and exercisable $ 24    
v3.26.1
Share-Based Awards - Schedule of Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model (Details) - $ / shares
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Option awards    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Expected volatility, minimum 54.00% 59.00%
Expected volatility, maximum 56.00% 60.00%
Weighted-average fair value of options granted (in dollars per share) $ 23.62 $ 43.41
Option awards | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate 3.87%  
Weighted-average expected life 5 years 9 months 18 days  
Option awards | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate 3.98%  
Weighted-average expected life 7 years  
Share-Based Payment Arrangement | Minimum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate   4.16%
Weighted-average expected life   6 years 9 months 18 days
Share-Based Payment Arrangement | Maximum    
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]    
Risk-free interest rate   4.17%
Weighted-average expected life   5 years 3 months 18 days
v3.26.1
Share-Based Awards - Schedule of Restricted Stock Units Activity (Details) - Unvested restricted stock units
shares in Thousands
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Restricted Stock Units (in thousands)  
Unvested outstanding, beginning balance (in shares) | shares 9,319
Granted (in shares) | shares 5,660
Vested (in shares) | shares (1,456)
Forfeited (in shares) | shares (426)
Unvested outstanding, ending balance (in shares) | shares 13,097
Weighted-Average Grant Date Fair Value  
Unvested outstanding, beginning balance (in dollars per share) | $ / shares $ 61.83
Granted (in dollars per share) | $ / shares 43.70
Vested (in dollars per share) | $ / shares 52.54
Forfeited (in dollars per share) | $ / shares 59.91
Unvested outstanding, ending balance (in dollars per share) | $ / shares $ 55.09
v3.26.1
Share-Based Awards -Schedule of Effects of Share Based Compensation in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total share-based compensation $ 81 $ 97
Income Statement Location [Axis]: us-gaap:CostsAndExpenses    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total share-based compensation 2 3
Income Statement Location [Axis]: us-gaap:GeneralAndAdministrativeExpense    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total share-based compensation 30 38
Income Statement Location [Axis]: us-gaap:ResearchAndDevelopmentExpense    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total share-based compensation 33 38
Income Statement Location [Axis]: us-gaap:SellingAndMarketingExpense    
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]    
Total share-based compensation $ 16 $ 18
v3.26.1
Share-Based Awards - Schedule of Option Award Activity (Details) - USD ($)
$ / shares in Units, shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended
Mar. 31, 2026
Jun. 30, 2025
Dec. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]      
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number 30,964   27,303
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price $ 49.34   $ 49.79
Weighted-Average Remaining Contractual Life, Outstanding 6 years 1 month 6 days 5 years 8 months 12 days  
Aggregate Intrinsic Value, Outstanding $ 26   $ 565
Granted (in shares) 4,487    
Granted (in dollars per share) $ 43.61    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (658)    
Exercised (in dollars per share) $ 27.26    
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Forfeitures in Period (168)    
Forfeited or canceled (in dollars per share) $ 56.65    
Vested and exercisable (in shares) 22,189    
Vested and exercisable (in dollars per share) $ 48.28    
Weighted-Average Remaining Contractual Life, Vested and exercisable 5 years    
Aggregate Intrinsic Value, Vested and exercisable $ 24    
v3.26.1
Net Income Per Share - Schedule of Denominators Used in Basic and Diluted Per Share Calculations (Details) - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Denominator for basic calculation (in shares) 235,682 242,256
Denominator for dilutive calculation (in shares) 239,644 256,192
Option awards    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Effect of dilutive securities, share-based payment arrangements (in shares) 3,362 9,668
Unvested restricted stock units    
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]    
Effect of dilutive securities, share-based payment arrangements (in shares) 600 4,268
v3.26.1
Net Income Per Share - Schedule of Class C Capital Stock Equivalents Were Excluded From Calculations of Diluted Net Income (Loss) Per Share (Details) - Class C capital stock - shares
shares in Thousands
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total Class C capital stock equivalents (in shares) 8,481 11,380
Option awards    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total Class C capital stock equivalents (in shares) 2,573 3,615
Restricted stock units    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total Class C capital stock equivalents (in shares) 5,908 1,528
Convertible notes    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Total Class C capital stock equivalents (in shares) 0 6,237
v3.26.1
Commitments and Contingencies - Narrative (Details)
Nov. 25, 2022
patent
Jan. 06, 2022
claim
Sep. 17, 2019
patent
Other Commitments [Line Items]      
Number of patents infringed     7
Number of patents granted 1    
Shareholder Derivative Lawsuits      
Other Commitments [Line Items]      
Number of pending claims | claim   3  
v3.26.1
Revenue and Contract Balances - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Revenue from Contract with Customer [Abstract]        
Contract with customer included in prepaid expenses and other current assets $ 268   $ 212  
Contract with customer included in other assets $ 23   18  
Recognition period 5 months      
Deferred revenue $ 74   $ 69 $ 62
Deferred revenue recognized during the period $ 47 $ 46    
v3.26.1
Segment Information (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Segment
Mar. 31, 2025
USD ($)
Segment Reporting [Line Items]    
Revenue $ 708 $ 598
Segment Reporting, Reconciliation [Abstract]    
Share-based compensation 81 97
Depreciation and amortization 65 65
Income (loss) from operations 36 (9)
Other income, net 16 22
Interest expense 4 5
Income tax expense (2) 0
Net income $ 46 8
Number of reportable segments | Segment 1  
Reportable Segments    
Segment Reporting [Line Items]    
Revenue $ 708 598
Segment Reporting, Reconciliation [Abstract]    
Headcount-related expenses, excluding share-based compensation 304 288
Direct product and service costs 99 50
Share-based compensation 81 97
Depreciation and amortization 65 65
Marketing and advertising costs 45 43
Software and hardware costs 34 26
Third-party professional service fees 31 17
Facility expenses 6 7
Other items 7 14
Income (loss) from operations 36 (9)
Other income, net 16 22
Interest expense (4) (5)
Income tax expense (2) 0
Net income $ 46 $ 8