ZILLOW GROUP, INC., 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2025
Oct. 23, 2025
Entity Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
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 2025  
Document Fiscal Period Focus Q3  
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   49,633,032
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 $0.0001 per share  
Trading Symbol Z  
Security Exchange Name NASDAQ  
Entity Common Stock, Shares Outstanding   186,200,151
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 874 $ 1,082
Short-term investments 515 776
Accounts receivable, net 157 104
Mortgage loans held for sale 291 159
Prepaid expenses and other current assets 277 210
Restricted cash 5 3
Total current assets 2,119 2,334
Contract cost assets 27 25
Property and equipment, net 371 360
Right of use assets 58 59
Goodwill 2,823 2,823
Intangible assets, net 273 207
Other assets 27 21
Total assets 5,698 5,829
Current liabilities:    
Accounts payable 38 30
Accrued expenses and other current liabilities 133 105
Accrued compensation and benefits 59 57
Borrowings under credit facilities 272 145
Deferred revenue 69 62
Lease liabilities, current portion 13 14
Convertible senior notes 0 418
Total current liabilities 584 831
Lease liabilities, net of current portion 82 83
Other long-term liabilities 40 67
Total liabilities 706 981
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 6,852 6,733
Accumulated other comprehensive income (loss) 2 (3)
Accumulated deficit (1,862) (1,882)
Total shareholders’ equity 4,992 4,848
Total liabilities and shareholders’ equity 5,698 5,829
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
v3.25.3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares
Sep. 30, 2025
Dec. 31, 2024
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) 49,633,032 54,333,292
Common stock, outstanding (in shares) 49,633,032 54,333,292
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) 186,184,854 181,937,981
Common stock, outstanding (in shares) 186,184,854 181,937,981
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Total revenue $ 676 $ 581 $ 1,929 $ 1,682
Cost of revenue 185 140 490 393
Gross profit 491 441 1,439 1,289
Operating expenses:        
Sales and marketing 214 217 638 588
Technology and development 151 145 453 436
General and administrative 127 123 369 386
Impairment costs 2 0 2 6
Acquisition-related costs 0 1 0 1
Total operating expenses 494 486 1,462 1,417
Loss from operations (3) (45) (23) (128)
Loss on extinguishment of debt 0 0 0 (1)
Other income, net 18 34 58 101
Interest expense (3) (9) (13) (28)
Income (loss) before income taxes 12 (20) 22 (56)
Income tax expense (2) 0 (2) (4)
Net income (loss) $ 10 $ (20) $ 20 $ (60)
Net income (loss) per share:        
Net income (loss) per share - basic (usd per share) $ 0.04 $ (0.08) $ 0.08 $ (0.26)
Net income (loss) per share - diluted (usd per share) $ 0.04 $ (0.08) $ 0.08 $ (0.26)
Weighted-average shares outstanding:        
Weighted-average shares outstanding - basic (in shares) 242,326 232,521 241,889 233,553
Weighted-average shares outstanding - diluted (in shares) 256,243 232,521 254,700 233,553
Total For Sale revenue        
Total revenue $ 488 $ 444 $ 1,428 $ 1,311
Residential        
Total revenue 435 405 1,286 1,207
Mortgages        
Total revenue 53 39 142 104
Rentals        
Total revenue 174 123 462 337
Other        
Total revenue $ 14 $ 14 $ 39 $ 34
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 10 $ (20) $ 20 $ (60)
Other comprehensive income:        
Net unrealized gains on investments 1 15 5 9
Total other comprehensive income 1 15 5 9
Comprehensive income (loss) $ 11 $ (5) $ 25 $ (51)
v3.25.3
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, 2023   233,354      
Beginning balance at Dec. 31, 2023 $ 4,526 $ 0 $ 6,301 $ (1,770) $ (5)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class C capital stock upon exercise of stock options (in shares)   2,517      
Issuance of Class C capital stock upon exercise of stock options 96   96    
Vesting of restricted stock units (in shares)   4,967      
Share-based compensation expense 385   385    
Settlement of capped call transactions (in shares)   (2,141)      
Settlement of 2024/2025 Notes (in shares)   1,935      
Settlement of 2024/2025 Notes 1   1    
Repurchases of Class A common stock and Class C capital stock (in shares)   (7,096)      
Repurchases of Class A common stock and Class C capital stock (301)   (301)    
Net income (loss) (60)     (60)  
Other comprehensive income 9       9
Ending balance (in shares) at Sep. 30, 2024   233,536      
Ending balance at Sep. 30, 2024 4,656 $ 0 6,482 (1,830) 4
Beginning balance (in shares) at Jun. 30, 2024   231,407      
Beginning balance at Jun. 30, 2024 4,501 $ 0 6,322 (1,810) (11)
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class C capital stock upon exercise of stock options (in shares)   893      
Issuance of Class C capital stock upon exercise of stock options 35   35    
Vesting of restricted stock units (in shares)   1,442      
Share-based compensation expense 124   124    
Settlement of capped call transactions (in shares)   (2,141)      
Settlement of 2024/2025 Notes (in shares)   1,935      
Settlement of 2024/2025 Notes 1   1    
Net income (loss) (20)     (20)  
Other comprehensive income 15       15
Ending balance (in shares) at Sep. 30, 2024   233,536      
Ending balance at Sep. 30, 2024 4,656 $ 0 6,482 (1,830) 4
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) 4,193 4,193      
Issuance of Class C capital stock upon exercise of stock options $ 176   176    
Vesting of restricted stock units (in shares)   4,551      
Share-based compensation expense 343   343    
Settlement of capped call transactions (in shares)   (3,097)      
Settlement of capped call transactions 38   38    
Settlement of 2024/2025 Notes (in shares)   1      
Repurchases of Class A common stock and Class C capital stock (in shares)   (6,102)      
Repurchases of Class A common stock and Class C capital stock (438)   (438)    
Net income (loss) 20     20  
Other comprehensive income 5       5
Ending balance (in shares) at Sep. 30, 2025   242,035      
Ending balance at Sep. 30, 2025 4,992 $ 0 6,852 (1,862) 2
Beginning balance (in shares) at Jun. 30, 2025   241,132      
Beginning balance at Jun. 30, 2025 4,746 $ 0 6,617 (1,872) 1
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Issuance of Class C capital stock upon exercise of stock options (in shares)   2,873      
Issuance of Class C capital stock upon exercise of stock options 121   121    
Vesting of restricted stock units (in shares)   1,584      
Share-based compensation expense 114   114    
Settlement of capped call transactions (in shares)   (3,097)      
Settlement of capped call transactions 38   38    
Repurchases of Class A common stock and Class C capital stock (in shares)   (457)      
Repurchases of Class A common stock and Class C capital stock (38)   (38)    
Net income (loss) 10     10  
Other comprehensive income 1       1
Ending balance (in shares) at Sep. 30, 2025   242,035      
Ending balance at Sep. 30, 2025 $ 4,992 $ 0 $ 6,852 $ (1,862) $ 2
v3.25.3
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating activities    
Net income (loss) $ 20 $ (60)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:    
Depreciation and amortization 199 178
Share-based compensation 295 329
Amortization of right of use assets 6 8
Amortization of contract cost assets 16 14
Amortization of debt issuance costs 1 4
Impairment costs 2 6
Accretion of bond discount (7) (23)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities (6) 14
Changes in operating assets and liabilities:    
Accounts receivable (53) (21)
Mortgage loans held for sale (132) (64)
Prepaid expenses and other assets (67) (73)
Contract cost assets (18) (15)
Lease liabilities (9) (31)
Accounts payable 8 25
Accrued expenses and other current liabilities 32 8
Accrued compensation and benefits 2 2
Deferred revenue 7 5
Net cash provided by operating activities 296 306
Investing activities    
Proceeds from maturities of investments 338 906
Proceeds from sales of investments 61 13
Purchases of investments (127) (668)
Purchases of property and equipment (105) (109)
Purchases of intangible assets (123) (21)
Net cash provided by investing activities 44 121
Financing activities    
Net borrowings on repurchase agreements 127 55
Repurchases of Class A common stock and Class C capital stock (438) (301)
Settlement of convertible senior notes (419) (697)
Proceeds from settlement of capped call transactions 38 0
Proceeds from exercise of stock options 176 96
Payment of contingent consideration for acquisition (30) 0
Net cash used in financing activities (546) (847)
Net decrease in cash, cash equivalents and restricted cash during period (206) (420)
Cash, cash equivalents and restricted cash at beginning of period 1,085 1,495
Cash, cash equivalents and restricted cash at end of period 879 1,075
Noncash transactions:    
Write-off of fully depreciated property and equipment 116 63
Write-off of fully amortized intangible assets 58 21
Capitalized share-based compensation $ 48 $ 56
v3.25.3
Organization and Description of Business
 9 Months Ended
Sep. 30, 2025
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 and its affiliates help people find and get the home they want by connecting them with digital solutions, dedicated real estate professionals, and easier buying, selling, financing and renting experiences.
Our portfolio of affiliates, subsidiaries and brands includes Zillow Premier Agent, Zillow Home Loans, our mortgage origination operations and affiliate lender, Zillow Rentals, Trulia, StreetEasy, HotPads and Out East. In addition, Zillow Group provides a comprehensive suite of marketing software and technology solutions for the real estate industry, including ShowingTime+, Spruce and Follow Up Boss.
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.
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
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, 2024. The condensed consolidated balance sheet as of December 31, 2024, 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 September 30, 2025 and our results of operations, comprehensive income (loss) and shareholders’ equity for the three and nine month periods ended September 30, 2025 and 2024, and cash flows for the nine month periods ended September 30, 2025 and 2024. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, 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), liabilities and contingent consideration, 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 December 2023, the FASB issued guidance to enhance the income tax rate reconciliation disclosure requirements and to provide clarity on disclosure requirements for income taxes. This guidance is effective for annual periods beginning after December 15, 2024, and can be applied on a prospective or retrospective basis, with early adoption permitted. We expect to adopt this guidance for the annual period ending December 31, 2025. While we anticipate this guidance will result in additional disclosures related to income taxes, we do not expect this new guidance to have a material impact on our consolidated financial statements.
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.
v3.25.3
Financial Instruments
 9 Months Ended
Sep. 30, 2025
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 nine months ended September 30, 2025, we paid $33 million in cash to settle the first earn out payment, 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 and nine months ended September 30, 2025, 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, 2024.
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 range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
September 30, 2025December 31, 2024
Range
60% - 100%
47% - 100%
Weighted-average82%82%
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
September 30,		Nine Months Ended
September 30,
2025202420252024
Balance, beginning of the period$9 $4 $4 $3 
Issuances24 17 69 40 
Transfers(24)(15)(64)(37)
Balance, end of period$9 $6 $9 $6 
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):
September 30, 2025December 31, 2024
IRLCs
$508 $217 
Forward contracts(1)
654 300 
(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):
 September 30, 2025December 31, 2024
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$20 $20 $13 $13 
Cash equivalents:
Money market funds741 741 993 993 
U.S. government treasury securities113 113 75 75 
Commercial paper— — 1 1 
Short-term investments:
U.S. government treasury securities
353 354 594 591 
Corporate bonds
152 153 175 176 
U.S. government agency securities7 7 7 7 
Certificate of deposit
1 1 — — 
Commercial paper— — 2 2 
Mortgage origination-related:
Mortgage loans held for sale— 291 — 159 
IRLCs - other current assets— 9 — 4 
Forward contracts - other current assets— 1 — 1 
Restricted cash5 5 3 3 
Total assets measured at fair value on a recurring basis
$1,392 $1,695 $1,863 $2,025 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $1 $— $— 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— 31 — 58 
Total liabilities measured at fair value on a recurring basis
$— $64 $— $91 
The following table presents available-for-sale investments by contractual maturity date as of September 30, 2025 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$241 $241 
Due after one year 272 274 
Total $513 $515 
v3.25.3
Property and Equipment, Net
 9 Months Ended
Sep. 30, 2025
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):
September 30, 2025December 31, 2024
Website development costs$606 $564 
Leasehold improvements32 45 
Computer equipment17 18 
Office equipment, furniture and fixtures12 16 
Construction-in-progress3 — 
Property and equipment670 643 
Less: accumulated amortization and depreciation(299)(283)
Property and equipment, net$371 $360 
We recorded depreciation expense related to property and equipment (other than website development costs) of $3 million for both the three months ended September 30, 2025 and 2024, and $10 million and $11 million for the nine months ended September 30, 2025 and 2024, respectively.
We capitalized website development costs of $45 million and $46 million for the three months ended September 30, 2025 and 2024, respectively, and $144 million and $152 million for the nine months ended September 30, 2025 and 2024, respectively. Amortization expense for website development costs included in cost of revenue was $42 million and $40 million for the three months ended September 30, 2025 and 2024, respectively, and $125 million and $109 million for the nine months ended September 30, 2025 and 2024, respectively.
v3.25.3
Intangible Assets, Net
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets, Net Intangible Assets, Net
The following tables present the detail of intangible assets, net as of the dates presented (in millions):
 September 30, 2025
 CostAccumulated AmortizationNet
Customer relationships$194 $(46)$148 
Software115 (46)69 
Developed technology
59 (28)31 
Trade names and trademarks47 (28)19 
Purchased content23 (17)6 
Total$438 $(165)$273 
 December 31, 2024
 CostAccumulated AmortizationNet
Customer relationships$94 $(29)$65 
Software
101 (39)62 
Developed technology
102 (51)51 
Trade names and trademarks47 (25)22 
Purchased content22 (15)7 
Total$366 $(159)$207 
On February 6, 2025, we entered into a partnership with Redfin Corporation (“Redfin”), making Zillow the exclusive provider of multifamily (properties with 25 or more units) rental listings on Redfin and its sites, including Rent.com and ApartmentGuide.com (together, “Redfin Rental Network”). Pursuant to this rentals partnership, Zillow made a $100 million payment to Redfin that is included in customer relationships in the table above and is being amortized over the estimated useful life of nine years. Zillow also pays Redfin for leads generated through the Redfin Rental Network for an initial period of five years with two optional two-year extensions, subject to the terms of the underlying agreements.
Amortization expense recorded for intangible assets was $22 million and $20 million for the three months ended September 30, 2025 and 2024, respectively, and $64 million and $58 million for the nine months ended September 30, 2025 and 2024, respectively. We did not record any impairment costs related to intangible assets for the three or nine months ended September 30, 2025 or 2024.
Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 11), as of September 30, 2025 is as follows (in millions):
Remainder of 2025
$20 
202672 
202761 
202837 
2029
29 
Thereafter62 
Total future amortization expense$281 
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Credit Facilities
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 September 30, 2025
Outstanding Borrowings at December 31, 2024
Weighted-Average Interest Rate at September 30, 2025
JPMorgan Chase Bank, N.A.(2)
April 28, 2026$200 $120 $72 5.87 %
UBS AG(3)
September 4, 2026150 78 73 5.88 %
Bank of Montreal(4)
February 26, 2026150 74 — 5.85 %
Bank of Nova Scotia(5)
June 8, 2026100 — — — %
Total$600 $272 $145 
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
(2) Agreement was amended and renewed on April 29, 2025 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to April 28, 2026.
(3) Agreement was amended and renewed on September 5, 2025 to extend the maturity date to September 4, 2026.
(4) Agreement was entered into on February 27, 2025.
(5) Agreement was entered into on June 9, 2025.
In accordance with the master repurchase agreements, the Lenders have agreed to pay Zillow Home Loans a negotiated purchase price for eligible loans, and Zillow Home Loans has simultaneously agreed to repurchase such loans from the Lenders under a specified timeframe at an agreed upon price that includes interest. The master repurchase agreements contain margin call provisions that provide the Lenders with certain rights in the event of a decline in the market value of the assets purchased under the master repurchase agreements. As of September 30, 2025 and December 31, 2024, $284 million and $151 million, respectively, in mortgage loans held for sale were pledged as collateral under the master repurchase agreements.
Borrowings on the master repurchase agreements bear interest at a floating rate based on SOFR plus an applicable margin, as defined by the governing agreements. The master repurchase agreements include customary representations and warranties, covenants and provisions regarding events of default. As of September 30, 2025, 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 repurchase agreements, see Note 10 in the Notes to the Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Convertible Senior Notes
During the nine months ended September 30, 2024 and in accordance with our Repurchase Authorizations, we repurchased $88 million aggregate principal amount of the 2025 Notes through open market transactions for $89 million in cash, including accrued interest, resulting in a loss on extinguishment of debt of $1 million recognized in our condensed consolidated statements of operations. See Note 8 for additional information on the Repurchase Authorizations.
The 2025 Notes matured on May 15, 2025, and we settled the remaining $419 million in aggregate principal amount of the 2025 Notes with cash payments totaling $425 million, which included $419 million in principal repayments, $6 million for accrued interest, and a nominal cash payment in lieu of fractional shares, and the issuance of a nominal number of shares of Class C capital stock.
Interest expense associated with our convertible senior notes was not material for the three months ended September 30, 2024 and the nine months ended September 30, 2025. The following table summarizes the interest expense related to our convertible senior notes for the nine months ended September 30, 2024 (in millions):
Contractual Coupon InterestAmortization of Debt Issuance CostsInterest Expense
2026 Notes
$5 $1 $6 
2025 Notes9 2 11 
2024 Notes
3 1 4 
Total$17 $4 $21 
Settlement of Capped Call Transactions
In August 2025, we settled the capped call transactions we entered into in connection with the issuance of the 2026 Notes, resulting in the receipt of approximately 3.1 million shares of Class C capital stock and $38 million in cash. Under applicable Washington State law, the acquisition of a corporation’s own shares is not disclosed separately as treasury stock in the financial statements and such shares are treated as authorized but unissued shares. We record acquisitions of our shares of capital stock as a reduction to capital stock at the par value of the shares reacquired, then to additional paid-in capital until it is depleted to a nominal amount, with any further excess recorded to retained earnings. We recorded an offsetting increase to additional paid-in capital for the settlement of the capped call transactions.
For additional details related to our convertible senior notes and capped call transactions, see Note 10 in the Notes to Consolidated Financial Statements included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
On July 4, 2025, the One Big Beautiful Bill Act (the “Bill”) was enacted into law. The Bill provides for significant U.S. tax law changes and modifications and makes permanent certain key elements of the Tax Cuts and Jobs Act, including 100% bonus depreciation, the expensing of domestic research costs, and the business interest expense limitation. The provisions of the Bill did not have a material impact on our condensed consolidated financial statements for the three or nine month periods ended September 30, 2025.
We are subject to income taxes in the United States (federal and state) and certain foreign jurisdictions. As of September 30, 2025 and December 31, 2024, 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 $1.3 billion as of December 31, 2024, which are available to reduce future taxable income. We have accumulated state tax losses of approximately $66 million (tax effected) as of December 31, 2024.
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 or nine month periods ended September 30, 2025 or 2024.
v3.25.3
Share Repurchase Authorizations
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Share Repurchase Authorizations Share Repurchase Authorizations
Prior to May 2, 2025, the Board authorized the repurchase of up to $2.5 billion of our Class A common stock, Class C capital stock, convertible senior notes or a combination thereof. On May 2, 2025, the Board authorized the repurchase of up to an additional $1.0 billion of our Class A common stock, Class C capital stock, or a combination thereof, which increased our total cumulative Repurchase Authorizations to $3.5 billion. As of September 30, 2025, $943 million remained available for future repurchases of our stock pursuant to the Repurchase Authorizations.
There were no share repurchases during the three months ended September 30, 2024. The following tables summarize our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts):
 Three Months Ended
September 30, 2025
Class A common stock
Shares repurchased457 
Weighted-average price per share$83.51 
Total purchase price$38 
 Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Class A common stock
Class C
capital stock
Class A common stockClass C capital stock
Shares repurchased4,701 1,401 1,100 5,996 
Weighted-average price per share$71.39 $73.19 $42.26 $42.45 
Total purchase price$335 $103 $46 $255 
v3.25.3
Share-Based Awards
 9 Months Ended
Sep. 30, 2025
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 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
Option Awards
The following table summarizes option award activity for the nine months ended September 30, 2025:
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, 202529,941 $46.58 6.3$861 
Granted2,299 76.44 
Exercised(4,193)41.74 
Forfeited or canceled
(422)52.66 
Outstanding at September 30, 2025
27,625 49.71 6.0793 
Vested and exercisable at September 30, 2025
20,839 47.32 5.3656 
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Expected volatility54%
55%
54% - 60%
55% - 61%
Risk-free interest rate3.82%
3.74%
3.82% - 4.17%
3.74% - 4.50%
Weighted-average expected life5.3 years
5.5 years
5.3 - 6.8 years
5.5 - 6.8 years
Weighted-average fair value of options granted$46.43$30.96$43.34$31.80
As of September 30, 2025, there was a total of $197 million in unrecognized compensation cost related to unvested option awards.
Restricted Stock Units
The following table summarizes activity for restricted stock units for the nine months ended September 30, 2025:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 202511,729 $50.31 
Granted4,568 76.32 
Vested(4,551)51.45 
Forfeited(849)54.06 
Unvested outstanding at September 30, 2025
10,897 $60.43 
As of September 30, 2025, there was a total of $608 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
September 30,		Nine Months Ended
September 30,
 2025202420252024
Cost of revenue$3 $3 $9 $11 
Sales and marketing18 19 55 57 
Technology and development41 40 119 124 
General and administrative37 46 112 137 
Total share-based compensation$99 $108 $295 $329 
v3.25.3
Net Income (Loss) Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Net Income (Loss) Per Share Net Income (Loss) Per Share
For the periods presented, the following table reconciles the denominators used in the basic and diluted net income (loss) per share calculations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Denominator for basic calculation242,326 232,521 241,889 233,553 
Effect of dilutive securities:
     Option awards10,126 — 9,149 — 
     Unvested restricted stock units3,791 — 3,662 — 
Denominator for dilutive calculation
256,243 232,521 254,700 233,553 
For the periods presented, the following Class C capital stock equivalents were excluded from the calculations of diluted net income (loss) per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Weighted-average Class C capital stock option awards outstanding2,724 27,557 3,225 28,015 
Weighted-average Class C capital stock restricted stock units outstanding109 13,567 1,922 13,705 
Weighted-average Class C capital stock issuable upon conversion of the 2024 Notes, 2025 Notes and 2026 Notes
— 27,276 3,084 30,826 
Total Class C capital stock equivalents2,833 68,400 8,231 72,546 
v3.25.3
Commitments and Contingencies
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Commitments and Contingencies Commitments and Contingencies
Purchase Commitments
Purchase commitments primarily include various non-cancelable agreements to purchase content related to our mobile applications and websites, certain cloud computing services and payments under certain partnership agreements. The amounts due for non-cancelable purchase commitments as of September 30, 2025 are as follows (in millions):
Purchase Obligations
Remainder of 2025$57 
2026127 
202782 
202816 
202916 
Total future purchase commitments$298 
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 September 30, 2025 or December 31, 2024.
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. 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 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 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 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 26th decision. 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 September 30, 2025. 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 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 15 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024.
v3.25.3
Revenue and Contract Balances
 9 Months Ended
Sep. 30, 2025
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 our Annual Report on Form 10-K for the fiscal year ended December 31, 2024 for additional information on our revenue from contracts with customers and contract balances.
Contract Balances
Contract assets totaled $214 million and $157 million as of September 30, 2025 and December 31, 2024, respectively. As of September 30, 2025, the average remaining recognition period for our contract asset related to our Premier Agent Flex offering was five months.
For the three months ended September 30, 2025, the opening balance of deferred revenue was $70 million, of which $55 million was recognized as revenue during the period. For the three months ended September 30, 2024, the opening balance of deferred revenue was $59 million, of which $51 million was recognized as revenue during the period.
For the nine months ended September 30, 2025, the opening balance of deferred revenue was $62 million, of which $57 million was recognized as revenue during the period. For the nine months ended September 30, 2024, the opening balance of deferred revenue was $52 million, of which $50 million was recognized as revenue during the period.
v3.25.3
Segment Information
 9 Months Ended
Sep. 30, 2025
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
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$676 $581 $1,929 $1,682 
Less:
Headcount-related expenses, excluding share-based compensation300 281 886 817 
Share-based compensation99 108 295 329 
Depreciation and amortization67 63 199 178 
Marketing and advertising costs47 64 154 152 
Direct product and service costs91 48 214 135 
Third-party professional service fees25 14 61 54 
Facility expenses6 5 20 22 
Impairment costs2 — 2 6 
Acquisition-related costs
— 1 — 1 
Other items (1)42 42 121 116 
Loss from operations(3)(45)(23)(128)
Loss on extinguishment of debt— — — (1)
Other income, net18 34 58 101 
Interest expense(3)(9)(13)(28)
Income tax expense(2)— (2)(4)
Net income (loss)$10 $(20)$20 $(60)
(1) Other items include software and hardware, taxes, insurance, and data acquisition costs.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
shares
Trading Arrangements, by Individual  
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Bradley D. Owens [Member]  
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
On August 19, 2025, Bradley D. Owens, General Counsel and Corporate Secretary of the Company, 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 (1) the sale of up to 470,670 shares of Class C capital stock related to the exercise of option awards granted to Mr. Owens and (2) the sale of an indeterminate number of shares of Class C capital stock related to the vesting of restricted stock units granted to Mr. Owens. The number of shares of Class C capital stock that will be sold under this 10b5-1 sales plan related to vesting of restricted stock unit awards 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 November 19, 2025 and will terminate on August 19, 2027, subject to earlier termination as provided in the plan.
Name Bradley D. Owens
Title General Counsel and Corporate Secretary
Rule 10b5-1 Arrangement Adopted true
Adoption Date August 19, 2025
Expiration Date August 19, 2027
Arrangement Duration 638 days
Aggregate Available 470,670
v3.25.3
Summary of Significant Accounting Policies (Policies)
 9 Months Ended
Sep. 30, 2025
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, 2024. The condensed consolidated balance sheet as of December 31, 2024, 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 September 30, 2025 and our results of operations, comprehensive income (loss) and shareholders’ equity for the three and nine month periods ended September 30, 2025 and 2024, and cash flows for the nine month periods ended September 30, 2025 and 2024. The results for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025, 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), liabilities and contingent consideration, 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 December 2023, the FASB issued guidance to enhance the income tax rate reconciliation disclosure requirements and to provide clarity on disclosure requirements for income taxes. This guidance is effective for annual periods beginning after December 15, 2024, and can be applied on a prospective or retrospective basis, with early adoption permitted. We expect to adopt this guidance for the annual period ending December 31, 2025. While we anticipate this guidance will result in additional disclosures related to income taxes, we do not expect this new guidance to have a material impact on our consolidated financial statements.
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.
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 nine months ended September 30, 2025, we paid $33 million in cash to settle the first earn out payment, 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 and nine months ended September 30, 2025, 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, 2024.
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.
v3.25.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Fair Value Disclosures [Abstract]  
Schedule of Fair Value Measurement Inputs and Valuation Techniques The following table presents the range and weighted-average pull-through rates used in determining the fair value of IRLCs as of the dates presented:
September 30, 2025December 31, 2024
Range
60% - 100%
47% - 100%
Weighted-average82%82%
Schedule of Changes in IRLCs
The following table presents the changes in our IRLCs for the periods presented (in millions):
Three Months Ended
September 30,		Nine Months Ended
September 30,
2025202420252024
Balance, beginning of the period$9 $4 $4 $3 
Issuances24 17 69 40 
Transfers(24)(15)(64)(37)
Balance, end of period$9 $6 $9 $6 
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):
September 30, 2025December 31, 2024
IRLCs
$508 $217 
Forward contracts(1)
654 300 
(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):
 September 30, 2025December 31, 2024
 Amortized
Cost		Estimated
Fair Market
Value		Amortized
Cost		Estimated
Fair Market
Value
Assets
Cash$20 $20 $13 $13 
Cash equivalents:
Money market funds741 741 993 993 
U.S. government treasury securities113 113 75 75 
Commercial paper— — 1 1 
Short-term investments:
U.S. government treasury securities
353 354 594 591 
Corporate bonds
152 153 175 176 
U.S. government agency securities7 7 7 7 
Certificate of deposit
1 1 — — 
Commercial paper— — 2 2 
Mortgage origination-related:
Mortgage loans held for sale— 291 — 159 
IRLCs - other current assets— 9 — 4 
Forward contracts - other current assets— 1 — 1 
Restricted cash5 5 3 3 
Total assets measured at fair value on a recurring basis
$1,392 $1,695 $1,863 $2,025 
Liabilities
Mortgage origination-related:
Forward contracts - accrued expenses and other current liabilities$— $1 $— $— 
Contingent consideration:
Contingent consideration - accrued expenses and other current liabilities— 32 — 33 
Contingent consideration - other long-term liabilities— 31 — 58 
Total liabilities measured at fair value on a recurring basis
$— $64 $— $91 
Schedule of Debt Securities, Available-for-sale
The following table presents available-for-sale investments by contractual maturity date as of September 30, 2025 (in millions):
Amortized CostEstimated Fair
Market Value
Due in one year or less$241 $241 
Due after one year 272 274 
Total $513 $515 
v3.25.3
Property and Equipment, Net (Tables)
 9 Months Ended
Sep. 30, 2025
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):
September 30, 2025December 31, 2024
Website development costs$606 $564 
Leasehold improvements32 45 
Computer equipment17 18 
Office equipment, furniture and fixtures12 16 
Construction-in-progress3 — 
Property and equipment670 643 
Less: accumulated amortization and depreciation(299)(283)
Property and equipment, net$371 $360 
v3.25.3
Intangible Assets, Net (Tables)
 9 Months Ended
Sep. 30, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Intangible Assets, Net
The following tables present the detail of intangible assets, net as of the dates presented (in millions):
 September 30, 2025
 CostAccumulated AmortizationNet
Customer relationships$194 $(46)$148 
Software115 (46)69 
Developed technology
59 (28)31 
Trade names and trademarks47 (28)19 
Purchased content23 (17)6 
Total$438 $(165)$273 
 December 31, 2024
 CostAccumulated AmortizationNet
Customer relationships$94 $(29)$65 
Software
101 (39)62 
Developed technology
102 (51)51 
Trade names and trademarks47 (25)22 
Purchased content22 (15)7 
Total$366 $(159)$207 
Schedule of Estimated Future Amortization Expense for Intangible Assets
Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 11), as of September 30, 2025 is as follows (in millions):
Remainder of 2025
$20 
202672 
202761 
202837 
2029
29 
Thereafter62 
Total future amortization expense$281 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
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 September 30, 2025
Outstanding Borrowings at December 31, 2024
Weighted-Average Interest Rate at September 30, 2025
JPMorgan Chase Bank, N.A.(2)
April 28, 2026$200 $120 $72 5.87 %
UBS AG(3)
September 4, 2026150 78 73 5.88 %
Bank of Montreal(4)
February 26, 2026150 74 — 5.85 %
Bank of Nova Scotia(5)
June 8, 2026100 — — — %
Total$600 $272 $145 
(1) Available borrowing capacity under our master repurchase agreements is primarily uncommitted.
(2) Agreement was amended and renewed on April 29, 2025 to increase the total maximum borrowing capacity from $150 million to $200 million and to extend the maturity date to April 28, 2026.
(3) Agreement was amended and renewed on September 5, 2025 to extend the maturity date to September 4, 2026.
(4) Agreement was entered into on February 27, 2025.
(5) Agreement was entered into on June 9, 2025.
Schedule of Convertible Senior Notes The following table summarizes the interest expense related to our convertible senior notes for the nine months ended September 30, 2024 (in millions):
Contractual Coupon InterestAmortization of Debt Issuance CostsInterest Expense
2026 Notes
$5 $1 $6 
2025 Notes9 2 11 
2024 Notes
3 1 4 
Total$17 $4 $21 
v3.25.3
Share Repurchase Authorizations (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of Repurchase Agreements The following tables summarize our Class A common stock and Class C capital stock repurchase activity under the Repurchase Authorizations for the periods presented (in millions, except share data, which are presented in thousands, and per share amounts):
 Three Months Ended
September 30, 2025
Class A common stock
Shares repurchased457 
Weighted-average price per share$83.51 
Total purchase price$38 
 Nine Months Ended
September 30, 2025		Nine Months Ended
September 30, 2024
Class A common stock
Class C
capital stock
Class A common stockClass C capital stock
Shares repurchased4,701 1,401 1,100 5,996 
Weighted-average price per share$71.39 $73.19 $42.26 $42.45 
Total purchase price$335 $103 $46 $255 
v3.25.3
Share-Based Awards (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract]  
Schedule of Option Award Activity
The following table summarizes option award activity for the nine months ended September 30, 2025:
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, 202529,941 $46.58 6.3$861 
Granted2,299 76.44 
Exercised(4,193)41.74 
Forfeited or canceled
(422)52.66 
Outstanding at September 30, 2025
27,625 49.71 6.0793 
Vested and exercisable at September 30, 2025
20,839 47.32 5.3656 
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
September 30,		Nine Months Ended
September 30,
 2025202420252024
Expected volatility54%
55%
54% - 60%
55% - 61%
Risk-free interest rate3.82%
3.74%
3.82% - 4.17%
3.74% - 4.50%
Weighted-average expected life5.3 years
5.5 years
5.3 - 6.8 years
5.5 - 6.8 years
Weighted-average fair value of options granted$46.43$30.96$43.34$31.80
Schedule of Restricted Stock Units Activity
The following table summarizes activity for restricted stock units for the nine months ended September 30, 2025:
Restricted
Stock Units (in thousands)		Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 202511,729 $50.31 
Granted4,568 76.32 
Vested(4,551)51.45 
Forfeited(849)54.06 
Unvested outstanding at September 30, 2025
10,897 $60.43 
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
September 30,		Nine Months Ended
September 30,
 2025202420252024
Cost of revenue$3 $3 $9 $11 
Sales and marketing18 19 55 57 
Technology and development41 40 119 124 
General and administrative37 46 112 137 
Total share-based compensation$99 $108 $295 $329 
v3.25.3
Net Income (Loss) Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
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 (loss) per share calculations (in thousands):
Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Denominator for basic calculation242,326 232,521 241,889 233,553 
Effect of dilutive securities:
     Option awards10,126 — 9,149 — 
     Unvested restricted stock units3,791 — 3,662 — 
Denominator for dilutive calculation
256,243 232,521 254,700 233,553 
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 (loss) per share because their effect would have been antidilutive (in thousands):
 Three Months Ended
September 30,		Nine Months Ended
September 30,
 2025202420252024
Weighted-average Class C capital stock option awards outstanding2,724 27,557 3,225 28,015 
Weighted-average Class C capital stock restricted stock units outstanding109 13,567 1,922 13,705 
Weighted-average Class C capital stock issuable upon conversion of the 2024 Notes, 2025 Notes and 2026 Notes
— 27,276 3,084 30,826 
Total Class C capital stock equivalents2,833 68,400 8,231 72,546 
v3.25.3
Commitments and Contingencies (Tables)
 9 Months Ended
Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract]  
Schedule of Non-cancelable Purchase Commitments The amounts due for non-cancelable purchase commitments as of September 30, 2025 are as follows (in millions):
Purchase Obligations
Remainder of 2025$57 
2026127 
202782 
202816 
202916 
Total future purchase commitments$298 
v3.25.3
Segment Information (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment
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
September 30,		Nine Months Ended
September 30,
2025202420252024
Revenue$676 $581 $1,929 $1,682 
Less:
Headcount-related expenses, excluding share-based compensation300 281 886 817 
Share-based compensation99 108 295 329 
Depreciation and amortization67 63 199 178 
Marketing and advertising costs47 64 154 152 
Direct product and service costs91 48 214 135 
Third-party professional service fees25 14 61 54 
Facility expenses6 5 20 22 
Impairment costs2 — 2 6 
Acquisition-related costs
— 1 — 1 
Other items (1)42 42 121 116 
Loss from operations(3)(45)(23)(128)
Loss on extinguishment of debt— — — (1)
Other income, net18 34 58 101 
Interest expense(3)(9)(13)(28)
Income tax expense(2)— (2)(4)
Net income (loss)$10 $(20)$20 $(60)
(1) Other items include software and hardware, taxes, insurance, and data acquisition costs.
v3.25.3
Financial Instruments - Narrative (Details) - USD ($)
$ in Millions
 9 Months Ended
Dec. 08, 2023
Sep. 30, 2025
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]      
Cash settlement   $ 419 $ 697
Follow Up Boss      
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  
v3.25.3
Financial Instruments - Schedule of Fair Value Measurement Inputs and Valuation Techniques (Details) - IRLCs - other current assets - Not Designated as Hedging Instrument
Sep. 30, 2025
Dec. 31, 2024
Minimum    
Fair Value Measurement Inputs and Valuation Techniques [Line Items]    
Fair value rates, IRLCs 0.60 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 0.82 0.82
v3.25.3
Financial Instruments - Schedule of Changes in IRLCs (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Interest Rate Lock Commitments [Roll Forward]        
Balance, beginning of the period $ 9 $ 4 $ 4 $ 3
Issuances 24 17 69 40
Transfers (24) (15) (64) (37)
Balance, end of period $ 9 $ 6 $ 9 $ 6
v3.25.3
Financial Instruments - Schedule of Notional Amounts (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
IRLCs    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative notional amount $ 508 $ 217
Forward contracts    
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]    
Derivative notional amount $ 654 $ 300
v3.25.3
Financial Instruments - Schedule of Balances of Cash Equivalents and Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Cash equivalents:    
Amortized Cost $ 874 $ 1,082
Short-term investments:    
Amortized Cost 513  
Estimated Fair Market Value 515  
Mortgage origination-related:    
Mortgage loans held for sale 291 159
Restricted cash 5 3
Total assets measured at fair value on a recurring basis, Amortized cost 1,392 1,863
Total assets measured at fair value on a recurring basis, Estimated fair market value 1,695 2,025
Liabilities    
Contingent consideration - accrued expenses and other current liabilities 32 33
Contingent consideration - other long-term liabilities 31 58
Liabilities measured at fair value 64 91
U.S. government treasury securities    
Short-term investments:    
Amortized Cost 353 594
Estimated Fair Market Value 354 591
Corporate bonds    
Short-term investments:    
Amortized Cost 152 175
Estimated Fair Market Value 153 176
U.S. government agency securities    
Short-term investments:    
Amortized Cost 7 7
Estimated Fair Market Value 7 7
Certificate of deposit    
Short-term investments:    
Amortized Cost 1 0
Estimated Fair Market Value 1 0
Commercial paper    
Short-term investments:    
Amortized Cost 0 2
Estimated Fair Market Value 0 2
IRLCs - other current assets    
Mortgage origination-related:    
IRLCs - other current assets 9 4
Forward contracts - accrued expenses and other current liabilities    
Mortgage origination-related:    
IRLCs - other current assets 1 1
Liabilities    
Forward contracts - accrued expenses and other current liabilities 1 0
Cash    
Cash equivalents:    
Amortized Cost 20 13
Estimated Fair Market Value 20 13
Money market funds    
Cash equivalents:    
Amortized Cost 741 993
Estimated Fair Market Value 741 993
U.S. government treasury securities    
Cash equivalents:    
Amortized Cost 113 75
Estimated Fair Market Value 113 75
Commercial paper    
Cash equivalents:    
Amortized Cost 0 1
Estimated Fair Market Value $ 0 $ 1
v3.25.3
Financial Instruments - Schedule of Debt-securities, Available-for-sale (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Amortized Cost  
Due in one year or less $ 241
Due after one year 272
Amortized Cost 513
Estimated Fair Market Value  
Due in one year or less 241
Due after one year 274
Estimated Fair Market Value $ 515
v3.25.3
Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Property, Plant and Equipment [Line Items]    
Property and equipment $ 670 $ 643
Less: accumulated amortization and depreciation (299) (283)
Property and equipment, net 371 360
Website development costs    
Property, Plant and Equipment [Line Items]    
Property and equipment 606 564
Leasehold improvements    
Property, Plant and Equipment [Line Items]    
Property and equipment 32 45
Computer equipment    
Property, Plant and Equipment [Line Items]    
Property and equipment 17 18
Office equipment, furniture and fixtures    
Property, Plant and Equipment [Line Items]    
Property and equipment 12 16
Construction-in-progress    
Property, Plant and Equipment [Line Items]    
Property and equipment $ 3 $ 0
v3.25.3
Property and Equipment, Net - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Property, Plant and Equipment [Abstract]        
Amortization and depreciation expense related to property and equipment other than website development costs $ 3 $ 3 $ 10 $ 11
Capitalization of website development costs 45 46 144 152
Capitalized computer software, amortization $ 42 $ 40 $ 125 $ 109
v3.25.3
Intangible Assets, Net - Schedule of Intangible Assets, Net (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Finite-Lived Intangible Assets [Line Items]    
Cost $ 438 $ 366
Accumulated Amortization (165) (159)
Net 273 207
Customer relationships    
Finite-Lived Intangible Assets [Line Items]    
Cost 194 94
Accumulated Amortization (46) (29)
Net 148 65
Software    
Finite-Lived Intangible Assets [Line Items]    
Cost 115 101
Accumulated Amortization (46) (39)
Net 69 62
Developed technology    
Finite-Lived Intangible Assets [Line Items]    
Cost 59 102
Accumulated Amortization (28) (51)
Net 31 51
Trade names and trademarks    
Finite-Lived Intangible Assets [Line Items]    
Cost 47 47
Accumulated Amortization (28) (25)
Net 19 22
Purchased content    
Finite-Lived Intangible Assets [Line Items]    
Cost 23 22
Accumulated Amortization (17) (15)
Net $ 6 $ 7
v3.25.3
Intangible Assets, Net - Narrative (Details)
 3 Months Ended 9 Months Ended
Feb. 06, 2025
USD ($)
extensionOption
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]          
Partnership arrangement costs up front payment $ 100,000,000        
Partnership arrangement, useful life 9 years        
Partnership arrangement, initial payment period (in years) 5 years        
Partnership arrangement, number of renewal options | extensionOption 2        
Partnership arrangement, number of extension years (in years) 2 years        
Amortization of website development costs and intangible assets included in technology and development   $ 22,000,000 $ 20,000,000 $ 64,000,000 $ 58,000,000
Impairment of intangible assets   $ 0 $ 0 $ 0 $ 0
v3.25.3
Intangible Assets, Net - Schedule of Estimated Future Amortization Expense for Intangible Assets (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]  
Remainder of 2025 $ 20
2026 72
2027 61
2028 37
2029 29
Thereafter 62
Total future amortization expense $ 281
v3.25.3
Debt - Schedule of Revolving Credit Facilities and Lines of Credit (Details) - Line of Credit - USD ($)
Sep. 30, 2025
Apr. 28, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 600,000,000    
Outstanding Borrowings 272,000,000   $ 145,000,000
JPMorgan Chase Bank, N.A.      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity 200,000,000 $ 150,000,000  
Outstanding Borrowings $ 120,000,000   72,000,000
Weighted-Average Interest Rate at September 30, 2025 5.87%    
UBS AG      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 150,000,000    
Outstanding Borrowings $ 78,000,000   73,000,000
Weighted-Average Interest Rate at September 30, 2025 5.88%    
Bank of Montrea      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 150,000,000    
Outstanding Borrowings $ 74,000,000   0
Weighted-Average Interest Rate at September 30, 2025 5.85%    
Bank of Nova Scotia      
Debt Instrument [Line Items]      
Maximum Borrowing Capacity $ 100,000,000    
Outstanding Borrowings $ 0   $ 0
Weighted-Average Interest Rate at September 30, 2025 0.00%    
v3.25.3
Debt - Narrative (Details) - USD ($)
shares in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Aug. 31, 2025
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Debt Instrument [Line Items]            
Loss on extinguishment of debt   $ 0 $ 0 $ 0 $ 1  
2025 Notes | Convertible Debt            
Debt Instrument [Line Items]            
Debt instrument, repurchased face amount     $ 88   88  
Cash paid for repurchase         89  
Loss on extinguishment of debt         $ 1  
Repayment of principal amount       419    
Payments for debt       425    
Payments for debt, accrued interest       6    
2026 Notes | Convertible Debt | Common Class C            
Debt Instrument [Line Items]            
Capped call transactions, portion unwound, shares received (in shares) 3.1          
Capped call transactions, portion unwound, cash received $ 38          
Atlas Securitized Products, L.P., JPMorgan Chase Bank, N.A, Citibank, N.A. | Mortgages Segment            
Debt Instrument [Line Items]            
Short-term debt   $ 284   $ 284   $ 151
v3.25.3
Debt - Schedule of Interest Expense Related to Convertible Senior Notes (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Debt Instrument [Line Items]        
Interest Expense $ 3 $ 9 $ 13 $ 28
Convertible Debt        
Debt Instrument [Line Items]        
Contractual Coupon Interest       17
Amortization of Debt Issuance Costs       4
Interest Expense       21
Convertible Debt | 2026 Notes        
Debt Instrument [Line Items]        
Contractual Coupon Interest       5
Amortization of Debt Issuance Costs       1
Interest Expense       6
Convertible Debt | 2025 Notes        
Debt Instrument [Line Items]        
Contractual Coupon Interest       9
Amortization of Debt Issuance Costs       2
Interest Expense       11
Convertible Debt | 2024 Notes        
Debt Instrument [Line Items]        
Contractual Coupon Interest       3
Amortization of Debt Issuance Costs       1
Interest Expense       $ 4
v3.25.3
Income Taxes (Details)
$ in Millions
Dec. 31, 2024
USD ($)
Federal  
Schedule Of Income Tax [Line Items]  
Net operating loss carryforwards $ 1,300
State  
Schedule Of Income Tax [Line Items]  
Net operating loss carryforwards $ 66
v3.25.3
Share Repurchase Authorizations - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Sep. 30, 2024
Sep. 30, 2025
May 02, 2025
May 01, 2025
Equity [Abstract]        
Stock repurchase program, authorized amount     $ 3,500 $ 2,500
Stock repurchase program, authorized additional amount     $ 1,000  
Stock repurchase program, remaining authorized repurchase amount   $ 943    
Shares repurchased (in shares) 0      
v3.25.3
Share Repurchase Authorizations - Schedule of Repurchase Agreements (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Class of Stock [Line Items]        
Shares repurchased (in shares)   0    
Class A common stock        
Class of Stock [Line Items]        
Shares repurchased (in shares) 457,000   4,701,000 1,100,000
Weighted-average price per share (in dollars per share) $ 83.51   $ 71.39 $ 42.26
Total purchase price $ 38   $ 335 $ 46
Class C capital stock        
Class of Stock [Line Items]        
Shares repurchased (in shares)     1,401,000 5,996,000
Weighted-average price per share (in dollars per share)     $ 73.19 $ 42.45
Total purchase price     $ 103 $ 255
v3.25.3
Share-Based Awards - Narrative (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Option awards  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Unrecognized cost of unvested share-based compensation awards $ 197
Unvested restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Total unrecognized compensation cost $ 608
2020 Plan | Option awards and restricted stock units  
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]  
Vesting period 4 years
v3.25.3
Share-Based Awards - Schedule of Option Award Activity (Details)
$ / shares in Units, shares in Thousands, $ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2025
USD ($)
$ / shares
shares
Dec. 31, 2024
USD ($)
$ / shares
shares
Number of Shares Subject to Existing Options (in thousands)    
Beginning balance (in shares) | shares 29,941  
Granted (in shares) | shares 2,299  
Exercised (in shares) | shares (4,193)  
Forfeited or canceled (in shares) | shares (422)  
Ending balance (in shares) | shares 27,625 29,941
Vested and exercisable (in shares) | shares 20,839  
Weighted- Average Exercise Price Per Share    
Beginning balance (in dollars per share) | $ / shares $ 46.58  
Granted (in dollars per share) | $ / shares 76.44  
Exercised (in dollars per share) | $ / shares 41.74  
Forfeited or canceled (in dollars per share) | $ / shares 52.66  
Ending balance (in dollars per share) | $ / shares 49.71 $ 46.58
Vested and exercisable (in dollars per share) | $ / shares $ 47.32  
Weighted- Average Remaining Contractual Life (in years)    
Weighted-Average Remaining Contractual Life, Outstanding 6 years 6 years 3 months 18 days
Weighted-Average Remaining Contractual Life, Vested and exercisable 5 years 3 months 18 days  
Aggregate Intrinsic Value    
Aggregate Intrinsic Value, Outstanding | $ $ 793 $ 861
Aggregate Intrinsic Value, Vested and exercisable | $ $ 656  
v3.25.3
Share-Based Awards - Schedule of Fair Value of Options Granted, Estimated at Date of Grant Using Black Scholes Merton Option Pricing Model (Details) - Option awards - $ / shares
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Expected volatility 54.00% 55.00%    
Expected volatility, minimum     54.00% 55.00%
Expected volatility, maximum     60.00% 61.00%
Risk-free interest rate 3.82% 3.74%    
Risk-free interest rate, minimum     3.82% 3.74%
Risk-free interest rate, maximum     4.17% 4.50%
Weighted-average expected life 5 years 3 months 18 days 5 years 6 months    
Weighted-average fair value of options granted (in dollars per share) $ 46.43 $ 30.96 $ 43.34 $ 31.80
Minimum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average expected life     5 years 3 months 18 days 5 years 6 months
Maximum        
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]        
Weighted-average expected life     6 years 9 months 18 days 6 years 9 months 18 days
v3.25.3
Share-Based Awards - Schedule of Restricted Stock Units Activity (Details) - Unvested restricted stock units
shares in Thousands
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Restricted Stock Units (in thousands)  
Unvested outstanding, beginning balance (in shares) | shares 11,729
Granted (in shares) | shares 4,568
Vested (in shares) | shares (4,551)
Forfeited (in shares) | shares (849)
Unvested outstanding, ending balance (in shares) | shares 10,897
Weighted-Average Grant Date Fair Value  
Unvested outstanding, beginning balance (in dollars per share) | $ / shares $ 50.31
Granted (in dollars per share) | $ / shares 76.32
Vested (in dollars per share) | $ / shares 51.45
Forfeited (in dollars per share) | $ / shares 54.06
Unvested outstanding, ending balance (in dollars per share) | $ / shares $ 60.43
v3.25.3
Share-Based Awards -Schedule of Effects of Share Based Compensation in Consolidated Statements of Operations (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total share-based compensation $ 99 $ 108 $ 295 $ 329
Cost of revenue        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total share-based compensation 3 3 9 11
Sales and marketing        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total share-based compensation 18 19 55 57
Technology and development        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total share-based compensation 41 40 119 124
General and administrative        
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]        
Total share-based compensation $ 37 $ 46 $ 112 $ 137
v3.25.3
Net Income (Loss) Per Share - Schedule of Denominators Used in Basic and Diluted Per Share Calculations (Details) - shares
shares in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]        
Denominator for basic calculation (in shares) 242,326 232,521 241,889 233,553
Denominator for dilutive calculation (in shares) 256,243 232,521 254,700 233,553
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) 10,126 0 9,149 0
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) 3,791 0 3,662 0
v3.25.3
Net Income (Loss) 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 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class C capital stock equivalents (in shares) 2,833 68,400 8,231 72,546
Option awards        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class C capital stock equivalents (in shares) 2,724 27,557 3,225 28,015
Restricted stock units        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class C capital stock equivalents (in shares) 109 13,567 1,922 13,705
Convertible notes        
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]        
Total Class C capital stock equivalents (in shares) 0 27,276 3,084 30,826
v3.25.3
Commitments and Contingencies - Purchase Commitments (Details)
$ in Millions
Sep. 30, 2025
USD ($)
Purchase Obligations  
Remainder of 2025 $ 57
2026 127
2027 82
2028 16
2029 16
Total future purchase commitments $ 298
v3.25.3
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  
v3.25.3
Revenue and Contract Balances (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Jun. 30, 2025
Dec. 31, 2024
Jun. 30, 2024
Dec. 31, 2023
Revenue from Contract with Customer [Abstract]                
Contract asset $ 214   $ 214     $ 157    
Recognition period 5 months   5 months          
Deferred revenue $ 69   $ 69   $ 70 $ 62 $ 59 $ 52
Deferred revenue recognized during the period $ 55 $ 51 $ 57 $ 50        
v3.25.3
Segment Information (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Revenue $ 676 $ 581 $ 1,929 $ 1,682
Segment Reconciliation [Abstract]        
Share-based compensation 99 108 295 329
Depreciation and amortization     199 178
Impairment costs 2 0 2 6
Acquisition-related costs 0 1 0 1
Loss from operations (3) (45) (23) (128)
Loss on extinguishment of debt 0 0 0 (1)
Other income, net 18 34 58 101
Interest expense (3) (9) (13) (28)
Income tax expense (2) 0 (2) (4)
Net income (loss) 10 (20) 20 (60)
Reportable Segments        
Segment Reporting Information [Line Items]        
Revenue 676 581 1,929 1,682
Segment Reconciliation [Abstract]        
Headcount-related expenses, excluding share-based compensation 300 281 886 817
Share-based compensation 99 108 295 329
Depreciation and amortization 67 63 199 178
Marketing and advertising costs 47 64 154 152
Direct product and service costs 91 48 214 135
Third-party professional service fees 25 14 61 54
Facility expenses 6 5 20 22
Impairment costs 2 0 2 6
Acquisition-related costs 0 1 0 1
Other items 42 42 121 116
Loss from operations (3) (45) (23) (128)
Loss on extinguishment of debt 0 0 0 (1)
Other income, net 18 34 58 101
Interest expense (3) (9) (13) (28)
Income tax expense (2) 0 (2) (4)
Net income (loss) $ 10 $ (20) $ 20 $ (60)