Zillow Group, Inc. · NASDAQ:Z
Zillow — Investor Day (March 2026)
121 slides from Zillow's investor day presentation, Mar 24, 2026
Slide 1: Zillow
2 Zillow
Slide 2: Mary Ellen Fukuhara
Mary Ellen Fukuhara Director, Investor Relations Zillow
Slide 3: Forward-looking statements
During today’s event, we will make forward-looking statements about our future performance, product plans, and operating plans based on current expectations and assumptions. We undertake no obligation to update these statements as a result of new information or future events, except as required by l
Slide 4: Zillow
2 Zillow
Slide 5: Agenda
Agenda 8:00 AM - 9:00 AM Breakfast 9:00 AM - 11:00 AM Presentations: Jeremy Wacksman Chief Executive Officer Cynthia Taylor Senior Vice President, Product Michael Sherman Senior Vice President, Rentals Nicholas Stevens Vice President, Product Cameron Swiggett Vice President, Product Jeremy Hofmann C
Slide 6: Zillow
2 Zillow
Slide 7: Zillow in the Age of AI
Zillow in the Age of AI Jeremy Wacksman Chief Executive Officer Zillow
Slide 8: Consumers search Zillow more than real estate
Consumers search “Zillow” more than “real estate” Source: 2025 Google Trends report
Slide 9: Zillow product launch headlines
en t to ol s to renters and la ndlords op er ty-man agem Zillow will offer pr ier August 4, 2018, by Andrea Riqu Zillow is now a mortgage lender, launches Zillow Home Loans April 2, 2019, by Ben Lane Zillow introduces Calendly-like instant booking for rental property tours January 24, 2023, by Ivan
Slide 10: Zillow's platform supports the entire home journey
Zillow’s platform supports the entire home journey Personalized Shopping Insure Connect Tour with Agent Pay Rent Buyers Build Credit Renters Rentals Sellers For Sale Professionals Close Finance Professionals Rental Application Tour & Lease Buy / Sell Search & Find
Slide 11: Agents using Zillow touch an estimated 80% of transactions
Agents using at least one Zillow product touch an estimated 80% of U.S. residential transactions Statistic based on Zillow internal data and estimates, 2025
Slide 12: Zillow helps property owners list vacant units
Zillow helps property owners list >60% of vacant units to find tenants Statistic derived from the U.S. Census Bureau’s Current Population Survey dated Feb. 3, 2026, and Zillow internal data and estimates
Slide 13: The Super App is here
The Super App is here — and February 13, 2024, by Brooklee it’s called Zillow Han
Slide 14: Generic LLMs can't see…
Listing Transaction strategies infrastructure Saved, viewed and toured homes Buyer’s budget Local market context Seller’s Zestimate views Generic LLMs can’t see… Buyer and agent conversations Renter behavior Home valuation data
Slide 15: Zillow sees…
Listing Transaction strategies infrastructure Saved, viewed and toured homes Buyer’s budget Local market context Seller’s Zestimate Zillow sees… views Buyer and agent conversations Renter behavior Home valuation data
Slide 16: Content Context Integration
Content Context Integration
Slide 17: Content
CONTENT 78617 House / Apartment for Rent Existing For Sale Homes New Construction Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 18: Proprietary rich media
PROPRIETARY RICH MEDIA Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 19: ~70% of U.S. buyers and sellers use Zillow
CONTEXT ~70% of U.S. buyers and sellers use Zillow during their real estate transaction Zillow Group monthly unique visitors divided by “real estate” unique visitors (as defined by Comscore) for December 2025
Slide 20: Buyers spend 2-3 hours per week on Zillow
CONTEXT Buyers on Zillow spend 2-3 hours per week over the course of five months Statistic based on Zillow internal data and estimates, 2025
Slide 21: Integration
INTEGRATION 90% of in-person tours in the U.S. are facilitated by ShowingTime 100,000 agents use Follow Up Boss every day Statistic based on Zillow internal data and estimates, 2025 Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 22: The volume of complexity in real estate
50 520 state regulators MLSs 200M+ forms & docs The volume of sent yearly complexity in real estate 1.5M agents 100,000 brokers Statistic based on Zillow internal data and estimates, 2025
Slide 23: Screen and app images are simulated for illustrative purposes. It may not be an
Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 24: Screen and app images are simulated for illustrative purposes. It may not be an
Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 25: Building at the Core: Our AI Product Strategy
Building at the Core: Our AI Product Strategy Cynthia Taylor Senior Vice President, Product Zillow
Slide 26: Real estate is a licensed, regulated industry
Real estate isn’t just a marketplace; it’s a licensed, regulated industry Arizona Rev e r se y Statutes ised §43-40-1 New J § 45:15-3: Statutes §32 -2101(51): Georgia any perso n who, ot a t ed s Ann d to be a efine "Real estate b er " m e a (2) "Brok and who, for a fe le n e, broker is d roker" mea
Slide 27: Fragmented identity, data, workflows
Fragmented identity Fragmented data Regulations & licenses Fragmented Fragmented compliance workflows
Slide 28: Cohesive identity, shared data and workflows
Cohesive identity Shared data Licensed for brokerage, mortgage, & closing services Built-in compliance Shared workflows
Slide 29: In a fragmented world, consumers start over at every step
In a fragmented world, consumers start over at every step Customer journey is often non-linear, requiring multiple vendors with no central navigator. LANDLORD SELLER SELLER'S AGENT INSPECTOR APPRAISER MORTGAGE LENDER BUYER’S AGENT TITLE COMPANY Current Home THIRD PARTY ESCROW New Home SCREENERS BUYE
Slide 30: One shared version of a mover's journey
Zillow is building one shared version of a mover’s journey RENTER APPRAISER TENANT SCREENING MORTGAGE LENDER 8 LANDLORD TITLE COMPANY INSPECTOR ESCROW BUYER’S AGENT SELLER’S AGENT BUYER SELLER
Slide 31: Full understanding of a mover's experience
Zillow has a full understanding of a mover’s experience Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 32: For professionals, the fragmentation is just as real
For professionals, the fragmentation is just as real LANDLORD SELLER SELLER'S AGENT INSPECTOR APPRAISER MORTGAGE LENDER BUYER’S AGENT TITLE COMPANY Current Home THIRD PARTY ESCROW New Home SCREENERS BUYER RENTER
Slide 33: One shared version of the deal across the ecosystem
Zillow is building one shared version of the deal across the entire ecosystem RENTER APPRAISER TENANT SCREENING MORTGAGE LENDER 8 LANDLORD TITLE COMPANY INSPECTOR ESCROW BUYER’S AGENT SELLER’S AGENT BUYER SELLER
Slide 34: Zillow's platform powers the full transaction
Zillow’s platform powers the full transaction Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 35: Content Context Integration
Content Context Integration
Slide 36: Zillow is building at the core
Zillow is building at the core Personalized Shopping Insure Connect Tour with Agent Pay Rent Buyers Build Credit Renters Rentals Sellers For Sale Professionals Close Finance Professionals Rental Application Tour & Lease Buy / Sell Search & Find
Slide 37: From Listings to Leases: A New Era for Rentals
From Listings to Leases: A New Era for Rentals Michael Sherman Senior Vice President, Rentals Zillow
Slide 38: Building in a fragmented and high-friction category
Building in a Fragmented and $1B+ High-friction category 2026 ~30% Y/Y 2018 Please see the legal disclosure slide for additional information about our full-year and mid-cycle revenue targets.
Slide 39: Search: Where intent begins
Search: Where intent begins Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 40: Messaging keeps the transaction moving
Messaging keeps the transaction moving Ana Rivers A Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 41: Tours scheduled directly on Zillow
Tours scheduled directly on Zillow Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 42: Applications: From marketplace to infrastructure
Applications: From marketplace to infrastructure Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 43: Leases and payments create ongoing relationship
Leases and payments create ongoing relationship Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 44: Supporting renters throughout their housing journey
Supporting renters throughout their housing journey Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 45: f | Rents Is |
f | 2 Rents Is | CED «<— 2Zillow
Slide 46: The property manager experience: The operator OS
The property manager experience: The operator OS Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 47: Tenant screening brings everything into one view
Tenant screening brings everything into one view Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product.
Slide 48: State-specific leases, ready to sign on Zillow
State-specific leases, ready to sign on Zillow Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 49: From first lead to recurring revenue
From first lead to recurring revenue Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and not all features are available on all listings or listing types.
Slide 50: Marketplace + the transaction engine
Marketplace + Zillow Rentals the transaction Transactions engine
Slide 51: Marketplace + the transaction engine
Marketplace + Zillow Rentals the transaction Transactions engine
Slide 52: Innovating to enable a true end-to-end experience
Innovating to enable a true end-to-end experience $1B+ 2026: ~30% YoY growth mid-term Multi-billion-dollar opportunity target
Slide 53: Zillow AI Mode: A New Way to Find Home
Zillow AI Mode: A New Way to Find Home Nicholas Stevens Vice President, Product Zillow
Slide 54: The mover experience
The mover experience Shop based Find your Choose how Collaborative Digital mortgage Integrated on Tour agent to sell messaging pre-approval title and close affordability
Slide 55: Surface-level AI
Summarize a listing Surface-level AI Rewrite descriptions Market overview
Slide 56: Surface-level AI vs E2E AI
Summarize a listing Surface-level AI Rewrite descriptions Market overview Pre-approve a loan E2E AI Connect to an agent Close the deal Schedule a tour Check affordability
Slide 57: Live Demos
Live Demos 2Zillow
Slide 58: AI with content answers a question
AI with content answers a question
Slide 59: AI with content, context and integration closes the loop
AI with content, context and integration closes the loop
Slide 60: Surface-level AI vs E2E AI
Summarize a listing Surface-level AI Rewrite descriptions Market overview Pre-approve a loan E2E AI Connect to an agent Close the deal Schedule a tour Check affordability
Slide 61: Introducing AI mode, built inside Zillow
Introducing AI mode, built inside Zillow Screen and app images are simulated for illustrative purposes. It may not be an exact representation of the product, and features may not be available on all listings or listing types.
Slide 62: One shopper. One condo.
One shopper. One condo. WEEK 1 Orientation Week 1 What is this home’s estimated market value?
Slide 63: One shopper. One condo. 17 conversations
One shopper. One condo. 17 conversations WEEK 1 WEEK 2 WEEK 3 Orientation Due Diligence Deeper Analysis Lifestyle & Deciding Week 1 Week 4 What is this What tradeoffs should Does this condo home’s estimated I consider when have a balcony or market value? looking at this home? outdoor space?
Slide 64: Live Demos
Live Demos 2Zillow
Slide 65: Peter: 17 returns to the same listing
Peter Target ~325K Seattle Condo Buyer High-intent, comparison-driven buyer Comps ~300K Actively evaluating price vs. value Property Condo What matters most to Peter Behavior signals Readiness ● Modern kitchen finishes ● 17 returns to the same listing ● Past research phase ● Outdoor space (balcony)
Slide 66: Live Demos
Live Demos 2Zillow
Slide 67: Zillow sees the full arc
Zillow sees the full arc Replay Walkthrough Book Tour View 3D Tour Pre-Approval Save Close
Slide 68: We see signal at scale
We see signal at scale A heat map of high-intent shoppers
Slide 69: Actions feed understanding, driving more action
High-Quality Media Behavioral Data Drives deeper Sharpens how we engagement understand Mover s Agents Actions Feed Understanding the System Drives More Action A smarter Zillow makes Stronger models make better matches Zillow smarter
Slide 70: Shopper conversation examples
Beth Phoenix, AZ first-time buyer 40 → 116 conversations, 8 properties 11 deep dives on financials & what she can afford Peter Seattle, WA condo shopper 5 → 45 conversations, 4 distinct properties Still returning to the first condo Cindi Deep diving in Winter Park, FL 41 → 176 conversations, 24 prop
Slide 71: The customer journey continues…
The customer journey continues… Mover experience Shop based on Collaborative Digital mortgage Integrated affordability Tour Find your agent Choose how to sell messaging pre-approval title & close ? ? ? ? ? ? ? Screen and app images are simulated for illustrative purposes. It may not be an exact repr
Slide 72: The Agent Advantage: AI that Scales
The Agent Advantage: AI that Scales Cameron Swiggett Vice President, Product Zillow
Slide 73: The customer journey is powered by the agent workflow
The customer journey is powered by the agent workflow Mover experience Shop based on Collaborative Digital mortgage Integrated affordability Tour Find your agent Choose how to sell messaging pre-approval title & close BuyAbility SM Understand your Manage tours Understand your Win listings Centralize
Slide 74: 1.5 million agents
1.5 MILLION agents
Slide 75: The reality is…
The reality is… Top 20% of agents The other 80% of agents drive the drive 80% of all transactions remaining 20% of transactions Statistic based on Zillow internal data and estimates, 2025
Slide 76: We sit at the center of the agent-client relationship
We sit at the center of the agent-client relationship Shop based on Collaborative Digital Integrated affordability Tour Find your agent Choose how to sell messaging pre-approval title & close Understand your Manage tours Understand your Win listings Centralized smart Integration with Closing clients
Slide 77: 41 of the top 50 teams use Follow Up Boss
41 of the top 50 highest-volume teams in the U.S. use Follow Up Boss Statistic based on Zillow internal data and estimates, 2025
Slide 78: Alan is helping 7+ clients at different stages
Alan is helping 7+ clients at different stages, all in one day Actively touring Financing Pre-tour Beth James Kevin Guiding decisions Comparing loan Booking and in real time options confirming showings Pre-listing Active listing Under contract Closing Derek Sarah David Maria Preparing a CMA Managing
Slide 79: Live Demos
Live Demos 2Zillow
Slide 80: Our AI products help agents streamline and scale
Agents work in a whirlwind environment Our AI products help them streamline and scale Pre-tour Managing & Final Actively Comparing Listing Reviewing the activity & negotiating compliance & touring loan options pitches inspection scheduling offers paperwork
Slide 81: Zillow
2Zillow
Slide 82: Disciplined to Win
Disciplined to Win Jeremy Hofmann Chief Financial Officer Zillow
Slide 83: Our financial philosophy
Our financial philosophy Drive sustainable GAAP-profitable growth with flexible financial position Strong revenue growth driven by superior products and services Control fixed cost base to drive high incremental margins Gain meaningful leverage to expand GAAP profitability Use M&A to strategically a
Slide 84: Consistent outperformance in a challenged housing market
Consistent outperformance in a challenged housing market TTM Zillow cumulative revenue outperformance vs. industry total transaction value (TTV) 1 since 2022 2 Quarterly Zillow total revenue growth vs. industry TTV 1 growth 1. Total transaction value (TTV) is calculated as the number of existing res
Slide 85: Diversifying revenue base supports sustainable growth
Diversifying revenue base supports sustainable growth 2022 2025 66% 52% Buy & sell side1 Buy & sell side1 $2.0B $2.6B Total Revenue Total Revenue 12% 14% 14% 24% Other Residential2 Rentals Other Residential2 Rentals 6% 2% 8% 2% Mortgages Other Mortgages Other 1. Buy- and sell-side amounts include re
Slide 86: Controlling costs while investing for future growth
We are controlling costs while investing for future growth Resulting in net income margin expansion of 590 bps year over year in 2025 Total Fixed, Variable, and Advertising Costs as a % of Revenue Use advertising1 to Control fixed costs Invest to support future growth accelerate growth 80% 9% 8% 73%
Slide 87: We have controlled fixed costs since 2023
We have controlled fixed costs since 2023 Organic fixed cost growth has been less than inflation, with marginal incremental costs from acquisitions $1.66B $1.54B +5% 2023–2025 +3% 2023–2025 +8% vs. 2023 $615M $603M vs. +6% cumulative SBC + D&A SBC + D&A inflation ~$1B ~$1B Adjusted Adjusted EBITDA E
Slide 88: Shipping more at a faster pace
Shipping more at a faster pace Digitizing and integrating residential real estate provides significant growth opportunity for Zillow Shipping More Code Shipping More RENTALS Products Redfin + Realtor.com syndication agreement Code shipped per engineer Zillow Pro Renter insurance Listing Spotlight +4
Slide 89: Making the real estate industry more efficient
Making the real estate industry more efficient by integrating buyers, sellers and renters with industry professionals Personalized shopping Insure Connect Tour with agent Pay rent Buyers Build credit Renters Rentals Sellers For Sale professionals Close Finance professionals Rental application Tour &
Slide 90: Growing revenue, Adjusted EBITDA and cash flow
Growing our revenue, Adjusted EBITDA and cash flow Consistent Y/Y Revenue Growth… ...While Expanding Margins… …and Growing Adjusted Free Cash Flow1 Even Faster Total Revenue Growth Y/Y Adjusted EBITDA1 Growth Adjusted Free Cash Flow1 Growth th g row +33 % $2,583 ro wth wth %g ro +59 $622 1% g $420 $
Slide 91: Actively managing our capital along the way
Actively managing our capital along the way Share Repurchases ($M) +>$600M of opportunistic share repurchases YTD + Additional $1.25B share repurchase authorization $3,270 $424 $670 $626 $301 2023 2024 2025 2026 YTD Program to date
Slide 92: 2026 financial goals and mid-cycle financial targets
2026 financial goals and mid-cycle financial targets Full-Year 2026 Financial Goals Updated Mid-Cycle Financial Targets Expand and scale to provide more products and services Clear path to attractive revenue growth across to renters, buyers, sellers and industry professionals For Sale and Rentals, p
Slide 93: Key debate #1: Buy-side commissions
Successfully navigating key debates over past 3 years Buy-side commissions will rapidly decline, #1 causing Zillow to be disrupted Zillow Perspective at the Time Current Perspective Independent representation has Independent representation has value. There will be differentiation value. There will b
Slide 94: Key debate #2: Large competitor enters category
Successfully navigating key debates over past 3 years Large competitor enters category with significant #2 investment spend, causing Zillow to be disrupted Zillow Perspective at the Time Current Perspective Our brand strength and unique Brand strength and traffic have strategy are differentiated, bo
Slide 95: Key debate #3: Fragmented listing distribution
Successfully navigating key debates over past 3 years Distribution of For Sale listings will fragment, #3 causing Zillow to be disrupted Zillow Perspective at the Time Current Perspective In any future industry scenario, we In any future industry scenario, we are well positioned to have broad contin
Slide 96: Key debate #4: Lawsuits and regulators
Successfully navigating key debates over past 3 years Recent lawsuits by industry participants and regulators #4 will create challenges to operations, causing Zillow to be disrupted Zillow Perspective At The Time Current Perspective The allegations mischaracterize Compass lawsuit voluntarily dismiss
Slide 97: Stellar execution despite the worst housing market in 40+ years
Stellar execution despite the worst housing market in 40+ years 2024-2026’E1 Cumulative Growth (Zillow vs. internet peers2) Zillow Internet benchmark2 0% 56% 34% 29% 34% -22% REVENUE ADJUSTED EBITDA STOCK-BASED COMPENSATION 1. 2026 is based on consensus estimates. Consensus estimates are based on an
Slide 98: Today's debate: Horizontal LLMs
Today’s debate Horizontal LLMs will make vertical internet marketplaces #5 obsolete, causing Zillow to be disrupted Zillow Perspective AI is an accelerator to our strong brand, engaged audience, unique strategy and differentiated workflows. AI will help us grow faster and will make us stronger.
Slide 99: Iconic brand, unique strategy, huge goals
Iconic brand Unique strategy Huge goals Startup speed & ambition
Slide 100: Crossing the Chasm
Crossing the Chasm Rich Barton Co-Founder and Co-Executive Chairman Zillow
Slide 101: Zillow
E = \ S | 2Zillow
Slide 102: Zillow
2Zillow
Slide 103: Slide 103
Slide 104: What I look for…
What I look for… Founder- BIG Unique Content Hidden Depths Command engaged Transactions and Data of Industry of Consumer Integration Funnel
Slide 105: Founder-engaged
Founder-engaged
Slide 106: BIG transactions
High $$$ Long duration BIG transactions Complicated Visual shopping experience Emotional & entertaining experience
Slide 107: Unique content and data
Unique content and data
Slide 108: Hidden depths of industry integration
Hidden depths of industry integration
Slide 109: Command of consumer funnel
Command of consumer funnel ● Huge brand strength (as measured by 3rd parties) ● Low churn ● Owned/direct traffic sources ● Low marketing (and sales) expense as % of revs.
Slide 110: Zillow is in rarefied air
Zillow is in rarefied air Sample of leading brands’ unique visitors (millions), per Comscore 280 237 137 137 120 94 90 68 61 U.S. Internet Population snapchat Source: Comscore Top 100 Internet Properties data for the month of December 2025. Zillow Group is ranked #25
Slide 111: Zillow checks my boxes
Zillow checks my boxes Founder-engaged company BIG transactions Unique content & data Hidden depths of industry integration Command of consumer funnel
Slide 112: Q&A
Q&A
Slide 113: Q&A participants
Brad Berning Rich Barton Vice President, Strategic Affairs Co-Founder and Co-Executive Chairman and Investor Relations Zillow Zillow David Beitel Jeremy Hofmann Chief Technology Officer Chief Financial Officer Zillow Zillow Jeremy Wacksman Lloyd Frink Chief Executive Officer Co-Founder and Co-Execut
Slide 114: Zillow
2 Zillow
Slide 115: Appendix
Appendix
Slide 116: Legal Disclosure
Legal Disclosure This presentation 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,
Slide 117: Use of Non-GAAP Measures
Use of Non-GAAP Measures To provide investors with additional information regarding our financial results, this presentation includes references to non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA expenses, Adjusted EBITDA margin, and Adjusted free cash flow. We have provided
Slide 118: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The following table presents a reconciliation of Adjusted EBITDA expenses to select operating expenses and cost of revenue for the periods presented (in millions, unaudited): Year Ended December 31, 2025 2023 Reconciliation of Adjusted EBITDA expenses to select op
Slide 119: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The following table presents a calculation of Adjusted EBITDA expenses for each of the periods presented (in millions, unaudited): Year Ended December 31, 2025 2023 Calculation of Adjusted EBITDA Expenses: Revenue $ 2,583 $ 1,945 Less: Adjusted EBITDA (622) (391)
Slide 120: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The following table presents a reconciliation of Adjusted EBITDA to Net income (loss), the most directly comparable GAAP financial measure, and a calculation of Adjusted EBITDA margin, as well as net income (loss) margin, the most directly comparable GAAP financia
Slide 121: Reconciliation of Non-GAAP Measures
Reconciliation of Non-GAAP Measures The following table presents a reconciliation of Adjusted free cash flow to net cash provided by operating activities, the most directly comparable GAAP financial measure for each of the periods presented (in millions, unaudited): Year Ended December 31, 2025 2024