On this page of StockholderLetter.com we present the latest annual shareholder letter from ZILLOW GROUP, INC. — ticker symbol Z. Reading current and past Z letters to shareholders can bring important insights into the investment thesis.
2025 Annual Report
Board of Directors Richard N. Barton Erik Blachford 3 Amy C. Bohutinsky 2, 3 Lloyd D. Frink J. William Gurley Jay C. Hoag 2 Gregory B. Maffei 1 Gordon Stephenson 1, 3 Claire Cormier Thielke 1 April Underwood 2 Jeremy Wacksman Board Committees Co-founder and Co-Executive Chairman, Zillow Group, Inc. Co-founder, Co-Executive Chairman and President, Zillow Group, Inc. Executive Chairman, QVC Group, Inc. Managing Director and Co-founder, Adverb Ventures Founder, Blachford Capital LLC General Partner, Benchmark Capital Co-founder, Principal and Designated Broker, Real Property Associates Chief Executive Officer, Zillow Group, Inc. Operating Partner, TCV Founding General Partner, TCV Global Head - Product Development, Prologis, Inc. Audit Committee Compensation Committee Nominating and Governance Committee Executive Team Richard N. Barton David A. Beitel Jun Choo Lloyd D. Frink Jeremy Hofmann Bradley D. Owens Jennifer Rock Errol G. Samuelson Dan Spaulding Co-founder and Co-Executive Chairman Co-founder, Co-Executive Chairman and President Chief Accounting Officer Chief Technology Officer Chief Financial Officer Chief Industry Development Officer Chief Operating Officer General Counsel and Corporate Secretary Chief People Officer Jeremy Wacksman Chief Executive Officer This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets and opportunities; the future growth, performance and operation of our business; our business strategies and ability to translate such strategies into financial performance; the health of the residential real estate industry; and our expectations regarding future shifts in behavior by consumers. Statements containing words such as may, believe, anticipate, aim, expect, intend, plan, project, predict, will, continue, estimate, opportunity, would, could, strive, target, commit, or similar expressions constitute forward-looking statements. Forward-looking statements are made based on information currently available to management, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group s actual results from those described in these forward-looking statements may result from actions taken by us as well as from risks and uncertainties beyond our control. For more information about potential factors that could affect Zillow Group s business and financial results, please review the Risk Factors described in this Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission ( SEC ) and in Zillow Group s other filings with the SEC. Except as may be required by law, we do not intend, and undertake no duty, to update this information to reflect future events or circumstances. Shareholder Information Annual Shareholder Meeting June 2, 2026 | 2:00 p.m. (PT) To be held in a virtual-only format at: meetnow.global/M7L2ATC NASDAQ Listing Class A common stock symbol - ZG Class C capital stock symbol - Z Investor Relations ir@zillowgroup.com Corporate Headquarters 1301 Second Avenue, Floor 36 Seattle, Washington 98101 investors.zillowgroup.com Independent Accountants Deloitte & Touche LLP Seattle, Washington Transfer Agent Computershare P.O. Box 43006 Providence, RI 02940-3006 (866) 411-1103
April 15, 2026 Dear fellow shareholders, Zillow delivered strong results across the business in 2025, reflecting excellent execution and meaningful progress on our long-term strategy to make moving easier. We achieved all of our reported financial targets for the year, including full-year profitability, and we ve carried that momentum into 2026. In February 2026, we released an investor presentation1 to provide an update on our continued performance and why we are confident in our ability to achieve our goals. This year marks 20 years since Zillow.com launched with a simple idea: to give consumers access to clear information in a process that often lacked it. Zillow started by helping consumers see what homes might be worth, then became the place to discover listings to buy or rent, but it s now evolved into an integrated ecosystem spanning the entire experience of buying, selling, renting, and financing. Today, Zillow is not just where the home journey begins it is increasingly where the entire journey happens. Zillow s evolution reflects our relentless product innovation, grounded in consumer advocacy and solid industry partnerships. Roughly 80% of our traffic comes directly to our apps and sites,2 and we have more than twice as many daily active app users as our next competitor.3 We ve earned our audience and brand trust by building products and services that consumers and real estate professionals want and need. When we do that well, everything else follows: consumers choose Zillow to help them move from discovery to transacting, industry partners grow their businesses with us, and we create long-term value for shareholders. Residential real estate is a unique category. It s complex, high-stakes, highly regulated, and centered on licensed professionals in hundreds of distinct local markets. Buying or selling a home is an infrequent transaction, and the largest one https://s24.q4cdn.com/723050407/files/doc_presentations/2026/Feb/11/Zillow-Investor-Strategy-Present ation-Feb-2026.pdf 2 Zillow internal data and estimates, 2025 3 Sensor Tower data as of Dec. 31, 2025 1 1
most people will ever make. Zillow enables essential workflows at every step for everyone involved in the transaction consumers and professionals. Agents who use at least one of our products touch an estimated 80% of residential real estate transactions2 as we help them more effectively manage tours, financing, listing strategy, and communication. That includes broadly used industry platforms such as ShowingTime,4 which enables 90% of all tours of homes for sale in the U.S.,2 and Follow Up Boss,5 which powers daily activity for more than 80% of the highest-volume teams in the country.2 Leading the next era of real estate For two decades, Zillow has built advanced technology that moves real estate forward from natural language search6 and the neural Zestimate, to personalized discovery and affordability tools, to rich media in virtual touring, to critical workflow automation and coordination for agents from connection to closing. Machine learning and artificial intelligence (AI) have been key to many of our innovations from the beginning, and we continue to lead with that expertise as AI reshapes how people search, shop and transact. As we discussed at our recent Investor Summit,7 AI is accelerating our strategy. Three advantages make Zillow s current AI products possible: content, context and integration. We have the most comprehensive and differentiated housing inventory in the country, including for-sale homes, rentals, and new construction, elevated by proprietary rich media like 3D tours, floor plans, and virtual staging. That content gives us a deep understanding of homes themselves. Because consumers use Zillow throughout the full moving journey, Zillow sees more than search behavior. We understand their needs, how they shop, the tours they take, what they can afford, and how they ultimately transact. That gives us a uniquely rich dataset that combines live housing inventory, consumer behavior, and professional workflows, allowing us to build AI experiences tailored to serve consumers real estate needs. We are building at the core of the real estate transaction, integrating the shopping experience with touring, financing, agent workflows, and closing. As a result, Zillow is able to do more than just answer questions we help people decide what to do next and take action. https://showingtime.com/ https://www.followupboss.com/ 6 https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2023/Zillows-new-AIpowered-natural-language-search-is-a-first-in-real-estate/default.aspx 7 https://zillow2026investorday.q4ir.com/home/default.aspx 4 5 2
We are bringing this to life with Zillow AI mode, which introduces a more natural, conversational way to navigate the housing journey. Instead of filtering through static criteria, consumers can describe what they re looking for in their own words and receive personalized results, insights, and guidance. AI mode doesn t just help people find homes it helps them understand affordability, evaluate trade-offs, and move forward with clarity. Just as importantly, our AI capabilities extend beyond the consumer experience to the professionals who power transactions. We are embedding AI into the tools agents and loan officers use every day helping them respond faster, prioritize higher-intent customers, and operate more efficiently. This is a force multiplier: technology manages the complexity so professionals can focus on judgment, service, and trust. We believe the companies that win in real estate will be those that power the entire transaction. Zillow is that platform. For Sale Our For Sale performance continues to outpace industry transaction trends and reflects our ability to convert more high-intent movers already in our funnel and to improve outcomes for agents and loan officers through a more integrated experience. We are capturing more of the transactions already flowing through our ecosystem by improving conversion and expanding the services we provide. The majority of buyers and sellers engage with Zillow at some point in their journey, yet only a small percentage of transactions are completed through our platform today. Closing that gap is our largest opportunity. Our strategy is working. We are increasing conversion by connecting high-intent movers with high-performing agents, reducing friction across each step of the process, and integrating services like touring, financing, and closing into a more seamless experience. Our Enhanced Markets where this integrated experience is most fully realized continue to scale and drive improved outcomes. Across these markets, Zillow Home Loans has averaged double-digit adoption as consumers see value in our offerings, including affordability guidance, a fast and convenient application, free appraisals for eligible buyers, free access to credit monitoring, and competitive rates. Throughout 2025, we not only rolled out more Enhanced Markets, but also rapidly innovated on our products along the way with a focus on improving connection quality, engagement, and productivity. BuyAbilitySM,8 a Zillow Home Loans tool that https://www.zillow.com/homeloans/buyability/ 8 3
 • shareholder letter icon 4/15/2026 Letter Continued (Full PDF)
 • stockholder letter icon 4/26/2023 Z Stockholder Letter
 • stockholder letter icon 4/16/2024 Z Stockholder Letter
 • stockholder letter icon 4/16/2025 Z Stockholder Letter
 • stockholder letter icon More "Real Estate" Category Stockholder Letters


Z Shareholder/Stockholder Letter Transcript:

2025
Annual Report

Board of Directors
Richard N. Barton
Erik Blachford 3
Amy C. Bohutinsky 2, 3
Lloyd D. Frink
J. William Gurley
Jay C. Hoag 2
Gregory B. Maffei 1
Gordon Stephenson 1, 3
Claire Cormier Thielke 1
April Underwood 2
Jeremy Wacksman
Board Committees
Co-founder and Co-Executive Chairman,
Zillow Group, Inc.
Co-founder, Co-Executive Chairman
and President, Zillow Group, Inc.
Executive Chairman, QVC Group, Inc.
Managing Director and Co-founder,
Adverb Ventures
Founder, Blachford Capital LLC
General Partner, Benchmark Capital
Co-founder, Principal and Designated
Broker, Real Property Associates
Chief Executive Officer, Zillow
Group, Inc.
Operating Partner, TCV
Founding General Partner, TCV
Global Head - Product Development,
Prologis, Inc.
   Audit Committee
   Compensation Committee
   Nominating and Governance Committee
Executive Team
Richard N. Barton
David A. Beitel
Jun Choo
Lloyd D. Frink
Jeremy Hofmann
Bradley D. Owens
Jennifer Rock
Errol G. Samuelson
Dan Spaulding
Co-founder and Co-Executive Chairman
Co-founder, Co-Executive Chairman
and President
Chief Accounting Officer
Chief Technology Officer
Chief Financial Officer
Chief Industry Development Officer
Chief Operating Officer
General Counsel and
Corporate Secretary
Chief People Officer
Jeremy Wacksman
Chief Executive Officer
This Annual Report contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933
and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation,
statements regarding our future targets and opportunities; the future growth, performance and operation of our business;
our business strategies and ability to translate such strategies into financial performance; the health of the residential real
estate industry; and our expectations regarding future shifts in behavior by consumers. Statements containing words
such as    may,       believe,       anticipate,       aim,       expect,       intend,       plan,       project,       predict,       will,       continue,       estimate,   
   opportunity,       would,       could,       strive,       target,       commit,    or similar expressions constitute forward-looking statements.
Forward-looking statements are made based on information currently available to management, and although we believe
the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results.
Differences in Zillow Group   s actual results from those described in these forward-looking statements may result from
actions taken by us as well as from risks and uncertainties beyond our control. For more information about potential
factors that could affect Zillow Group   s business and financial results, please review the    Risk Factors    described in this
Annual Report on Form 10-K for the year ended December 31, 2025 filed with the Securities and Exchange Commission
(   SEC   ) and in Zillow Group   s other filings with the SEC. Except as may be required by law, we do not intend, and
undertake no duty, to update this information to reflect future events or circumstances.
Shareholder Information
Annual Shareholder Meeting
June 2, 2026 | 2:00 p.m. (PT)
To be held in a virtual-only format at:
meetnow.global/M7L2ATC
NASDAQ Listing
Class A common stock symbol - ZG
Class C capital stock symbol - Z
Investor Relations
ir@zillowgroup.com
Corporate Headquarters
1301 Second Avenue, Floor 36
Seattle, Washington 98101
investors.zillowgroup.com
Independent Accountants
Deloitte & Touche LLP
Seattle, Washington
Transfer Agent
Computershare
P.O. Box 43006
Providence, RI 02940-3006
(866) 411-1103

April 15, 2026
Dear fellow shareholders,
Zillow delivered strong results across the business in 2025, reflecting excellent
execution and meaningful progress on our long-term strategy to make moving
easier. We achieved all of our reported financial targets for the year, including
full-year profitability, and we   ve carried that momentum into 2026.
In February 2026, we released an investor presentation1 to provide an update on our
continued performance and why we are confident in our ability to achieve our goals.
This year marks 20 years since Zillow.com launched with a simple idea: to give
consumers access to clear information in a process that often lacked it. Zillow started
by helping consumers see what homes might be worth, then became the place to
discover listings to buy or rent, but it   s now evolved into an integrated ecosystem
spanning the entire experience of buying, selling, renting, and financing. Today, Zillow
is not just where the home journey begins     it is increasingly where the entire journey
happens.
Zillow   s evolution reflects our relentless product innovation, grounded in consumer
advocacy and solid industry partnerships. Roughly 80% of our traffic comes directly to
our apps and sites,2 and we have more than twice as many daily active app users as
our next competitor.3 We   ve earned our audience and brand trust by building
products and services that consumers and real estate professionals want and need.
When we do that well, everything else follows: consumers choose Zillow to help them
move from discovery to transacting, industry partners grow their businesses with us,
and we create long-term value for shareholders.
Residential real estate is a unique category. It   s complex, high-stakes, highly
regulated, and centered on licensed professionals in hundreds of distinct local
markets. Buying or selling a home is an infrequent transaction, and the largest one
https://s24.q4cdn.com/723050407/files/doc_presentations/2026/Feb/11/Zillow-Investor-Strategy-Present
ation-Feb-2026.pdf
2
Zillow internal data and estimates, 2025
3
Sensor Tower data as of Dec. 31, 2025
1
1

most people will ever make. Zillow enables essential workflows at every step for
everyone involved in the transaction     consumers and professionals. Agents who use
at least one of our products touch an estimated 80% of residential real estate
transactions2 as we help them more effectively manage tours, financing, listing
strategy, and communication. That includes broadly used industry platforms such as
ShowingTime,4 which enables 90% of all tours of homes for sale in the U.S.,2 and Follow
Up Boss,5 which powers daily activity for more than 80% of the highest-volume teams
in the country.2
Leading the next era of real estate
For two decades, Zillow has built advanced technology that moves real estate
forward     from natural language search6 and the neural Zestimate, to personalized
discovery and affordability tools, to rich media in virtual touring, to critical workflow
automation and coordination for agents from connection to closing. Machine
learning and artificial intelligence (AI) have been key to many of our innovations from
the beginning, and we continue to lead with that expertise as AI reshapes how people
search, shop and transact.
As we discussed at our recent Investor Summit,7 AI is accelerating our strategy. Three
advantages make Zillow   s current AI products possible: content, context and
integration.
We have the most comprehensive and differentiated housing inventory in the
country, including for-sale homes, rentals, and new construction, elevated by
proprietary rich media like 3D tours, floor plans, and virtual staging. That content gives
us a deep understanding of homes themselves.
Because consumers use Zillow throughout the full moving journey, Zillow sees more
than search behavior. We understand their needs, how they shop, the tours they take,
what they can afford, and how they ultimately transact. That gives us a uniquely rich
dataset that combines live housing inventory, consumer behavior, and professional
workflows, allowing us to build AI experiences tailored to serve consumers    real estate
needs.
We are building at the core of the real estate transaction, integrating the shopping
experience with touring, financing, agent workflows, and closing. As a result, Zillow is
able to do more than just answer questions     we help people decide what to do next
and take action.
https://showingtime.com/
https://www.followupboss.com/
6
https://investors.zillowgroup.com/investors/news-and-events/news/news-details/2023/Zillows-new-AIpowered-natural-language-search-is-a-first-in-real-estate/default.aspx
7
https://zillow2026investorday.q4ir.com/home/default.aspx
4
5
2

We are bringing this to life with Zillow AI mode, which introduces a more natural,
conversational way to navigate the housing journey. Instead of filtering through static
criteria, consumers can describe what they   re looking for in their own words and
receive personalized results, insights, and guidance. AI mode doesn   t just help people
find homes     it helps them understand affordability, evaluate trade-offs, and move
forward with clarity.
Just as importantly, our AI capabilities extend beyond the consumer experience to the
professionals who power transactions. We are embedding AI into the tools agents
and loan officers use every day     helping them respond faster, prioritize higher-intent
customers, and operate more efficiently. This is a force multiplier: technology
manages the complexity so professionals can focus on judgment, service, and trust.
We believe the companies that win in real estate will be those that power the entire
transaction. Zillow is that platform.
For Sale
Our For Sale performance continues to outpace industry transaction trends and
reflects our ability to convert more high-intent movers already in our funnel and to
improve outcomes for agents and loan officers through a more integrated
experience.
We are capturing more of the transactions already flowing through our ecosystem by
improving conversion and expanding the services we provide. The majority of buyers
and sellers engage with Zillow at some point in their journey, yet only a small
percentage of transactions are completed through our platform today. Closing that
gap is our largest opportunity.
Our strategy is working. We are increasing conversion by connecting high-intent
movers with high-performing agents, reducing friction across each step of the
process, and integrating services like touring, financing, and closing into a more
seamless experience.
Our Enhanced Markets     where this integrated experience is most fully realized    
continue to scale and drive improved outcomes. Across these markets, Zillow Home
Loans has averaged double-digit adoption as consumers see value in our offerings,
including affordability guidance, a fast and convenient application, free appraisals for
eligible buyers, free access to credit monitoring, and competitive rates.
Throughout 2025, we not only rolled out more Enhanced Markets, but also rapidly
innovated on our products along the way     with a focus on improving connection
quality, engagement, and productivity. BuyAbilitySM,8 a Zillow Home Loans tool that
https://www.zillow.com/homeloans/buyability/
8
3


shareholder letter icon 4/15/2026 Letter Continued (Full PDF)
 

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