Zillow Group, Inc. (NASDAQ: Z, ZG) — research brief (BMC #086 on gallery, queue id 86)

Prepared 2026-10-11 (America/Chicago). Labels: FACT = stated by the company in its Form 10-K for fiscal 2025 (filed Feb 11, 2026, audited) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed Aug 5, 2026, unaudited). SECONDARY = none used for figures. INFERENCE = ratios or sums computed by this project from company numbers.

Sources (accessed 2026-10-11)

Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1617640/000161764026000015/z-20251231.htm
Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1617640/000161764026000052/z-20260630.htm
Logo: project monogram ("Z" on a blue tile), not Zillow's official mark. Trademark of its owner; identification only.

Teaching arc

Win the audience first, then rent it out: the most visited real estate app sells leads, rental advertising and software to the professionals who need those shoppers, and increasingly gets paid only when a deal closes — yet costs for traffic, leads and technology leave almost no operating profit.

Key figures

FY2025 revenue $2,583M (+16%): Residential $1,704M (+7%, 66%), Mortgages $199M (+37%, 8%), Rentals $630M (+39%, 24%), Other $50M (+14%, 2%) (FACT).
Cost of revenue $668M (+27%; includes +$87M lead acquisition tied to the Redfin rentals syndication); gross margin 76% → 74% (FACT). Sales and marketing $843M, technology and development $607M, G&A $497M (FACT).
Loss from operations $(34)M vs $(197)M in 2024; net income $23M vs $(112)M; other income $77M mostly interest (FACT). Operating margin about -1.3% (INFERENCE).
Net cash from operations $368M (2024: $428M); company-defined adjusted free cash flow $420M (non-GAAP, FACT).
259M peak monthly unique users (Jul 2025), ~9.6B visits in 2025; ~33M average monthly rentals unique visitors; 2.4M average monthly active rental listings incl. 72,000 multifamily properties (FACT).
Loan origination volume $4.8B in 2025 (+52%) (FACT). 7,068 employees (FACT).
H1 2026 (10-Q, unaudited): revenue $1,480M (+18%) — Residential $915M (+8%), Mortgages $148M (+66%), Rentals $392M (+36%), Other $25M; income from operations $26M vs $(20)M; net income $42M vs $10M; Q2 2026 revenue $772M (+18%), restructuring costs $36M (employee terminations), net loss $(4)M; operating cash flow $211M vs $191M (FACT).
Average monthly unique users Q2 2026 239M vs 243M (-2%); H1 229M vs 235M (-3%) (FACT).

Not stated / not used

No private valuation, ARR or lead-price figures; Zillow Preferred fee rates are not disclosed.
Free cash flow is shown only as the company's non-GAAP adjusted figure.

# Zillow Group, Inc. (NASDAQ: Z, ZG) — research brief (BMC #086 on gallery, queue id 86) Prepared 2026-10-11 (America/Chicago). Labels: **FACT** = stated by the company in its Form 10-K for fiscal 2025 (filed Feb 11, 2026, audited) or its Form 10-Q for the quarter ended 30 Jun 2026 (filed Aug 5, 2026, unaudited). **SECONDARY** = none used for figures. **INFERENCE** = ratios or sums computed by this project from company numbers. ## Sources (accessed 2026-10-11) - Form 10-K FY2025: https://www.sec.gov/Archives/edgar/data/1617640/000161764026000015/z-20251231.htm - Form 10-Q, quarter ended 30 Jun 2026: https://www.sec.gov/Archives/edgar/data/1617640/000161764026000052/z-20260630.htm - Logo: project monogram ("Z" on a blue tile), **not** Zillow's official mark. Trademark of its owner; identification only. ## Teaching arc **Win the audience first, then rent it out: the most visited real estate app sells leads, rental advertising and software to the professionals who need those shoppers, and increasingly gets paid only when a deal closes — yet costs for traffic, leads and technology leave almost no operating profit.** ## Key figures - FY2025 revenue $2,583M (+16%): Residential $1,704M (+7%, 66%), Mortgages $199M (+37%, 8%), Rentals $630M (+39%, 24%), Other $50M (+14%, 2%) (FACT). - Cost of revenue $668M (+27%; includes +$87M lead acquisition tied to the Redfin rentals syndication); gross margin 76% → 74% (FACT). Sales and marketing $843M, technology and development $607M, G&A $497M (FACT). - Loss from operations $(34)M vs $(197)M in 2024; net income $23M vs $(112)M; other income $77M mostly interest (FACT). Operating margin about -1.3% (INFERENCE). - Net cash from operations $368M (2024: $428M); company-defined adjusted free cash flow $420M (non-GAAP, FACT). - 259M peak monthly unique users (Jul 2025), ~9.6B visits in 2025; ~33M average monthly rentals unique visitors; 2.4M average monthly active rental listings incl. 72,000 multifamily properties (FACT). - Loan origination volume $4.8B in 2025 (+52%) (FACT). 7,068 employees (FACT). - H1 2026 (10-Q, unaudited): revenue $1,480M (+18%) — Residential $915M (+8%), Mortgages $148M (+66%), Rentals $392M (+36%), Other $25M; income from operations $26M vs $(20)M; net income $42M vs $10M; Q2 2026 revenue $772M (+18%), restructuring costs $36M (employee terminations), net loss $(4)M; operating cash flow $211M vs $191M (FACT). - Average monthly unique users Q2 2026 239M vs 243M (-2%); H1 229M vs 235M (-3%) (FACT). ## Not stated / not used - No private valuation, ARR or lead-price figures; Zillow Preferred fee rates are not disclosed. - Free cash flow is shown only as the company's non-GAAP adjusted figure.