Zillow Group, Inc. · NASDAQ:Z
Zillow — Q4 2025 Earnings Presentation
47 slides from Zillow's earnings presentation, Feb 10, 2026
Slide 1: Zillow Investor Presentation
February 2026 Zillow Investor Presentation
Slide 2: Legal Disclosure
Legal Disclosure This presentation contains forward-looking statements within the meaning our ability to continue to innovate and compete to attract customers and The foregoing list of risks and uncertainties is illustrative but not exhaustive. of Section 27A of the Securities Act of 1933 and Sectio
Slide 3: The Zillow Investment Opportunity
The Zillow Investment Opportunity Evolving a great brand into a great business: consistent execution with investments for durable, profitable long-term growth Leading brand and engaged audience: 70% of actual buyers and sellers in the U.S. are on Zillow1, and 80%2 of consumers come directly to our a
Slide 4: Large Addressable Market and Growth Opportunity
Large Addressable Market and Growth Opportunity $2.5T total transaction value (TTV) in 2025 across For Sale and Rentals creates $202B total addressable market (TAM) Residential Mortgages Total For Sale Rentals Total 2025 TTV1 $2.2T $2.2T $300B $2.5T TAM2 $126B $50B $176B $26B $202B 2025 $1.7B $199M
Slide 5: Leading Category Traffic Position
Leading Category Traffic Position Consumer-focused experience drives leading audience across desktop web, mobile web, and apps Comscore Average Monthly Unique Visitors Zillow Group1 is >2.5x our nearest competitor 1 ® 2 Source: Comscore data for January 2023 – December 2025 1. Zillow Group includes
Slide 6: Preeminent Category App
Preeminent Category App 80% of our traffic comes directly to Zillow1 and our #1 U.S. real estate app is a significant driver of this organic traffic Daily Active App Users Among Real Estate Marketplaces Average Daily Active App Users 26% Rocket Companies3 Rocket Money + Rocket Mortgage Redfin Zillow
Slide 7: Zillow Housing Super App — Integrating Buyers, Sellers, and Renters with Industry Professionals
Zillow Housing Super App — Integrating Buyers, Sellers, and Renters with Industry Professionals Personalized Shopping Insure Connect with Agent Tour Pay Rent Build Credit Buyers Renters Rentals Sellers Agent Platform For Sale Professionals Professionals Close Finance Rental Application Tour & Lease
Slide 8: Zillow Uniquely Positioned to Deliver Vertically Integrated AI
Zillow Uniquely Positioned to Deliver Vertically Integrated AI Complex Industry Structure We have deep real estate expertise, proprietary assets, Residential real estate is highly complex and a vertically integrated strategy, uniquely positioning us to and requires deep vertical expertise deliver AI
Slide 9: Zillow's Journey in Building a Housing Super App
Zillow’s Journey in Building a Housing Super App ($ in millions) Historical Revenue1 2 GR 21% CA Integrated Transaction Strategy Housing Super App Building the Rentals Marketplace Accelerating MF Rentals Establishing Zillow’s Brand and Residential Marketplaces 9 1. Excludes Zillow Offers revenue fro
Slide 10: Overview of Business Model
Overview of Business Model ($ in millions) For Sale Revenue Residential Mortgages Rentals Other Total Category Fees from originating Primary Agent & seller offerings, home loans through Paid rental ads and consumer application Display advertising Revenue Drivers and new construction Zillow Home Loan
Slide 11: Diversifying Revenue Base Supports Sustainable Growth
Diversifying Revenue Base Supports Sustainable Growth 2022 2025 $2.0B Total Revenue $2.6B Total Revenue 66% 52% Buy & Sell Side1 Buy & Sell Side1 12% 14% Other 14% Other 24% Residential2 Rentals Rentals Residential2 6% Mortgages 8% Mortgages 2% Other 2% Other 1. Buy & Sell Side amounts include reven
Slide 12: 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. See slide 4 for additional information on our calculation of total For Sa
Slide 13: Cost Structure Expected to Leverage Future Revenue Growth
Cost Structure Expected to Leverage Future Revenue Growth We have successfully driven operating leverage off our current fixed cost base as we focus on sustainable profitable growth ~$1B Annualized run rate at the right fixed investment level for current initiatives; expect to grow with inflation ~2
Slide 14: 2025 Goals Achieved
2025 Goals Achieved Full-Year 2025 Financial Goals Expanded and scaled more products and services to renters, buyers, sellers, and industry professionals Initial 2025 Targets Achieved in 2025 Revenue Low to mid-teens growth 16% YoY growth Net income Positive GAAP net income $23 million GAAP net inco
Slide 15: Executing Toward Our Mid-Cycle Targets
Executing Toward Our Mid-Cycle Targets On track to reach our mid-cycle target of $5 billion in revenue and 45% Adjusted EBITDA margin1 Mid-Cycle Targets on Track Path to Mid-Cycle Targets $347M of incremental revenue in a challenged housing market Normalized Housing Achieved in 2025 Market 2025 Exis
Slide 16: For Sale
For Sale ZILLOWGROUP
Slide 17: U.S. Housing is a Large Growth Industry Near Cyclical Lows
U.S. Housing is a Large Growth Industry Near Cyclical Lows Expect ~6M annual home sales in normalized environment Historical Existing Homes Turnover Average historical turnover1 level expected to yield ~6 million2 average annual home sales in normalized environment compared with 4.1 million existing
Slide 18: The Affordability Picture is Improving
The Affordability Picture is Improving Housing affordability1 trends continue to improve off 2023 peak unaffordability Source: https://www.zillow.com/research/data/ 1. A measure of the share of income the median household would spend on a newly purchased home, including the mortgage payment, homeown
Slide 19: For Sale Revenue Outperforming the Market
For Sale Revenue Outperforming the Market Consistent outperformance due to unique strategy driving more transactions & increased revenue per total transaction value Trailing Twelve Months of Growth Relative to FY 2022 Cumulative Growth +16% Zillow For Sale Revenue -11% Industry TTV1 Total Industry P
Slide 20: Opportunity to Convert More Customers Already in Funnel
Opportunity to Convert More Customers Already in Funnel Housing super app drives increased conversion of the 25% of actual buyers already attempting to connect with Zillow $2.2T1 Total Transaction Value For Sale Funnel $176B1 For Sale TAM Leading consumer experience Zillow has the #1 visited U.S. Re
Slide 21: Zillow's Housing Super App Is Differentiated in the Market
Zillow’s Housing Super App Is Differentiated in the Market Integrated customer experience designed to make buying and selling with Zillow easier Shop based on Collaborative Integrated Mover affordability Tour Find your agent Choose how to sell messaging Digital pre-approval title & close BuyAbility
Slide 22: Enhanced Markets: Where the Housing Super App Comes to Life
Enhanced Markets: Where the Housing Super App Comes to Life Win More Customers in our Enhanced Markets: Grow Revenue per Total Transaction Value: Enhanced Markets go-to-market motion helps convert more connections into Expansion of products into Zillow Home Loans, Zillow Showcase, and transactions b
Slide 23: Integration of Zillow Preferred and Zillow Home Loans Is Working
Integration of Zillow Preferred and Zillow Home Loans Is Working Expansion of Enhanced Markets Working Well… …and Driving Strong Purchase Loan Origination Growth ~6x growth Intermediate- Term Target 1 1. Source: Zillow internal data and estimates 23
Slide 24: Serving More Sellers with Zillow Showcase
Serving More Sellers with Zillow Showcase Zillow Showcase % of New Listings Expansion Showcase Features Expansion in 2025 On track to expand Zillow Showcase to our intermediate-term $150M–$300M1 Virtual Staging SkyTour annual revenue opportunity, based on mid-cycle housing environment ~5%-10% Interm
Slide 25: For Sale Strategy is Working: On Path to Mid-Cycle Target
1 For Sale Strategy is Working: On Path to Mid-Cycle Target Plus an additional $1.3B revenue opportunity in a normalized housing market Residential Revenue 6M Existing Homes Sold Mortgages Revenue Normalized Housing Market Drivers of Incremental Revenue: For Sale 2025 ● Enhanced Markets reaching Rev
Slide 26: Expanding Our Addressable Market to All Movers with Zillow Pro
Expanding Our Addressable Market to All Movers with Zillow Pro Zillow Pro creates exciting future growth potential for the company; expected to roll out nationwide in 2H 2026 Building the industry operating system to help agents with all their customers sourced outside of Zillow Agent Benefits AI Be
Slide 27: Rentals
wa Rentals ZILLOWGROUP
Slide 28: Executing Rentals Revenue Growth with $1B+ Revenue Target
Executing Rentals Revenue Growth with $1B+ Revenue Target Built unique rental platform to drive #1 rental audience1, now focused on scaling revenue across the marketplace Rentals Revenue +$400M $1B+ Multifamily (25+ units) Longtail (<25 units), StreetEasy, and other $630M 2025 0 1 8 – AG R2 C 25% $1
Slide 29: Large Addressable Market and Growth Opportunity
Large Addressable Market and Growth Opportunity $26B1 rental market driven by high annual unit turnover Longtail Multifamily 2025 Estimates Total (<25 units) (25+ units) Rental properties2 17M 140K 17M Rental units2 26M 23M 49M Average unit turnover3 30% 39% 34% Units turned over annually4 8M 9M 17M
Slide 30: The Customer Problem: Fragmented Rentals Marketplace
The Customer Problem: Fragmented Rentals Marketplace Rentals 49M 1 26M 23M 2025 rental units longtail (<25 units) total multifamily (25+ units) total No MLS No single marketplace with comprehensive rental listing coverage 17M 2 8M 9M 2025 vacancies longtail multifamily Share listed on Zillow:2 73% 5
Slide 31: Our Solution: The Two-Sided Rentals Marketplace
Our Solution: The Two-Sided Rentals Marketplace Building the most comprehensive set of rental listings to serve all renters and property managers Focus on consumer experience drives Largest consumer audience with #1 preference among renters1 ~33M monthly unique visitors3 Rentals Marketplace Large co
Slide 32: Zillow's Differentiated App Experience for Rentals
Zillow’s Differentiated App Experience for Rentals Experience designed to make transacting with Zillow Rentals easier Mover Transparent search Tour Apply Sign a lease Pay Insure Report List Tour Screen Create a lease Collect rent Landlord Screen and app images are simulated for illustrative purposes
Slide 33: Competitive Return on Investment Driving Multifamily Wallet Share
Competitive Return on Investment Driving Multifamily Wallet Share Zillow survey shows highest brand satisfaction for return on marketing investment among rentals professionals % of Respondents that Selected Extremely or Somewhat Satisfied with Return On Marketing Investment Source: Zillow internal d
Slide 34: Multifamily Revenue Growth Outperforming Industry Growth
Multifamily Revenue Growth Outperforming Industry Growth Zillow has been rapidly growing multifamily revenue through strong execution YoY Growth: Zillow Multifamily Revenue vs. Rental Advertising Industry Demand Avg. YoY Growth +46% +14% 1 1. Calculated as median monthly asking rent in the U.S. mult
Slide 35: Multifamily Rentals Primary Driver of $1B+ Mid-Cycle Revenue Target
Multifamily Rentals Primary Driver of $1B+ Mid-Cycle Revenue Target >80% of Zillow’s multifamily revenue is in a paid-inclusion1 subscription model Multifamily Properties2 on Zillow Rentals Zillow Multifamily Revenue (Trailing 12 Months) 72K G R GR CA C A 48% 37% 25-99 Unit 50K Properties 37K 100+ U
Slide 36: Targets + Financial Philosophy
Targets + Financial Philosophy
Slide 37: Our Financial Philosophy
Our Financial Philosophy Drive sustainable GAAP-profitable growth with flexible financial position Strong revenue growth driven by superior products and services Continue to control fixed cost base to drive high incremental margins Gain meaningful leverage to target strong GAAP profitability Use M&A
Slide 38: We Are Controlling Costs while Investing for Future Growth
We Are Controlling Costs while Investing for Future Growth Adjusted EBITDA margin expanded 180 bps year over year to 24% in 20251 Fixed, Variable, and Advertising Costs as a % of Revenue Control fixed costs Invest to support future growth Use advertising to accelerate growth Leveraged fixed cost bas
Slide 39: Expanding GAAP Margins & Healthy Free Cash Flow Conversion
Expanding GAAP Margins & Healthy Free Cash Flow Conversion Expanding Margins and Healthy Declining Share-Based Driving Solid Incremental Margins Free Cash Flow Conversion Compensation Expense +2,310 bps -100 bps -1,300 bps +550 bps YoY YoY YoY YoY +180 bps YoY +590 bps YoY 1 1 1 2024 2025 1. Adjuste
Slide 40: 2026 Financial Goals and Mid-Cycle Financial Targets
2026 Financial Goals and Mid-Cycle Financial Targets Full-Year 2026 Financial Goals Mid-Cycle Financial Targets Expand and scale to provide more products and services to renters, Clear path to attractive revenue growth across For Sale and Rentals, plus buyers, sellers, and industry professionals add
Slide 41: Active Capital Management
Active Capital Management We have been actively deploying cash across share buybacks, eliminating convertible senior debt, and M&A Share Repurchases ($M) Convertible Debt ($M) M&A ($M)1 Opportunistic share repurchases Selective acquisitions accelerating strategy and growth Outstanding convertible de
Slide 42: Seasoned Management Team
Seasoned Management Team Leadership team has built successful consumer internet and real estate companies and managed across economic cycles 22 22 17 9 11 21 Rich Barton Lloyd Frink Jeremy Wacksman Jeremy Hofmann Jun Choo David Beitel Co-Executive Chairman Co-Executive Chairman Chief Executive Offic
Slide 43: Appendix
Appendix ZILLOWGROUP
Slide 44: 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 margin, and Adjusted free cash flow. We have provided a reconciliation of each n
Slide 45: 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 46: 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
Slide 47: Zillow Investor Presentation
February 2025 Zillow Investor Presentation https://investors.zillowgroup.com