# EDGAR Filing Document

**Accession Number:** 0001617640
**File Stem:** 0001617640-25-000093
**Filing Date:** 2025-8
**Character Count:** 82600
**Document Hash:** e2f8752d39c3c12fe712b4b1805428b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001617640-25-000093.hdr.sgml**: 20250806

**ACCESSION NUMBER**: 0001617640-25-000093

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 34

**CONFORMED PERIOD OF REPORT**: 20250806

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250806

**DATE AS OF CHANGE**: 20250806

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ZILLOW GROUP, INC.
- **CENTRAL INDEX KEY:** 0001617640
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-BUSINESS SERVICES, NEC [7389]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 471645716
- **STATE OF INCORPORATION:** WA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-36853
- **FILM NUMBER:** 251189539

**BUSINESS ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE, FLOOR 36
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101
- **BUSINESS PHONE:** (206) 470-7000

**MAIL ADDRESS:**
- **STREET 1:** 1301 SECOND AVENUE, FLOOR 36
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98101

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Zebra Holdco Inc.
- **DATE OF NAME CHANGE:** 20140822

?xml version='1.0' encoding='ASCII'? z-20250806

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

 **FORM 8-K** 

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d)**

**of the Securities Exchange Act of 1934**

**Date of Report (Date of Earliest Event Reported): August 6, 2025** 

**ZILLOW GROUP, INC.**

**(Exact name of registrant as specified in its charter)** 

---

| | | |
|:---|:---|:---|
| **Washington** | **001-36853** | **47-1645716** |
| **(State or other jurisdiction<br>of incorporation)** | **(Commission<br>File Number)** | **(I.R.S. Employer<br>Identification No.)** |
| **1301 Second Avenue, Floor 36, Seattle, Washington** | **1301 Second Avenue, Floor 36, Seattle, Washington** | **98101** |
| **(Address of principal executive offices)** | **(Address of principal executive offices)** | **(Zip Code)** |

---

**(206) 470-7000**

**(Registrant's telephone number, including area code)** 

 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Class A Common Stock, par value $0.0001 per share | ZG | The Nasdaq Global Select Market |
| Class C Capital Stock, par value $0.0001 per share | Z | The Nasdaq Global Select Market |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company &nbsp;&nbsp;&nbsp;&nbsp;☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.&nbsp;&nbsp;&nbsp;&nbsp;☐

------

---

| | |
|:---|:---|
| **Item 2.02** | **Results of Operations and Financial Condition.** |

---

Zillow Group, Inc. today issued a press release and a shareholder letter announcing its financial results for the fiscal quarter ended June 30, 2025. The full text of the press release issued in connection with the announcement is furnished as Exhibit 99.1, accompanying supporting tables as Exhibit 99.2, and the shareholder letter as Exhibit 99.3 to this Current Report on Form 8-K.

The information in this Item 2.02 and Exhibits 99.1, 99.2 and 99.3 of this Current Report on Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

---

| | |
|:---|:---|
| **Item 9.01** | **Financial Statements and Exhibits.** |

---

**(d) Exhibits.**

---

| | |
|:---|:---|
| **Exhibit<br>Number** | **Description** |
| 99.1 | <u>[Press release dated](q22025991.htm)[August](q22025991.htm)[6](q22025991.htm)[, 2025 entitled "Zillow Group Reports](q22025991.htm)[Second](q22025991.htm)[-Quarter 2025 Financial Results" issued by Zillow Group, Inc. on](q22025991.htm)[August 6](q22025991.htm)[, 2025.](q22025991.htm)</u> |
| 99.2 | <u>[Supplement entitled "Reported Consolidated Results" issued by Zillow Group, Inc. on](q22025992.htm)[August](q22025992.htm)[6](q22025992.htm)[, 2025.](q22025992.htm)</u> |
| 99.3 | <u>[Shareholder Letter issued by Zillow Group, Inc. on](exhibit993.htm)[August](exhibit993.htm)[6](exhibit993.htm)[, 2025.](exhibit993.htm)</u> |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

------

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
| Dated: August 6, 2025 | **ZILLOW GROUP, INC.** | **ZILLOW GROUP, INC.** |
|  | By: | /s/ JENNIFER ROCK |
|  | Name: | Jennifer Rock |
|  | Title: | Chief Accounting Officer |

---

## Exhibit 99.1

**Exhibit 99.1**

![zglogoa04a.jpg](zglogoa04a.jpg)

---

| |
|:---|
| Contacts: |
| Investors |
| Brad Berning |
| ir@zillowgroup.com |
| Media |
| Chrissy Roebuck |
| press@zillow.com |

---

**Zillow Group Reports Second-Quarter 2025 Financial Results**

SEATTLE, Aug. 6, 2025 — Zillow Group, Inc. (NASDAQ: Z and ZG), which is transforming the way people buy, sell, rent and finance homes, today announced its consolidated financial results for the three months ended June 30, 2025.

Complete financial results for the second quarter and outlook for the third quarter of 2025 can be found in the shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx.

"Zillow's Q2 results reflect how the power of our strategy and the strength of our execution are fueling growth across the company," said Zillow Chief Executive Officer Jeremy Wacksman. "We're relentlessly innovating to build a better real estate experience — one that helps more consumers move with confidence and gives real estate professionals the tools they need to power their businesses and serve movers effectively."

Recent highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Zillow Group's second-quarter results exceeded the company's outlook for revenue and delivered Adjusted EBITDA at the high end of the company's outlook range.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Q2 revenue was up 15% year over year to $655 million, above the company's outlook range. Q2 revenue outperformed the residential real estate industry's year-over-year total transaction value growth of 2% according to industry data tracked and estimated by Zillow,<sup>1</sup> and 1% according to NAR.<sup>2</sup> The company estimates Q2 purchase mortgage origination volume for the industry grew 1%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ For Sale revenue was up 9% year over year to $482 million in Q2. On a trailing 12-month<sup>3</sup> basis, For Sale revenue per Total Transaction Value was 10.3 basis points at the end of Q2, compared with 9.8 basis points for the same period in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Residential revenue was up 6% year over year in Q2 to $434 million, benefiting from growth in the company's agent and software offerings, as well as the company's New Construction marketplace.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;▪ Mortgages revenue increased 41% year over year to $48 million in Q2, primarily due to a 48% increase in purchase loan origination volume to $1.1 billion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;◦ Rentals revenue increased 36% year over year to $159 million in Q2, primarily driven by multifamily revenue growing 56% year over year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* On a GAAP basis, net income was $2 million in Q2, and net income margin was 0%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Q2 Adjusted EBITDA was $155 million, and Adjusted EBITDA margin was 24%, driven by better-than-expected revenue growth and effective cost management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Cash and investments at the end of Q2 were $1.2 billion, down from $1.6 billion at the end of Q1, primarily due to the May 2025 settlement of the company's remaining $419 million of convertible notes and $150 million in share repurchases.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*•* Traffic to Zillow Group's mobile apps and sites in Q2 was up 5% year over year to 243 million average monthly unique users. Visits during Q2 were up 4% year over year to 2.6 billion.

<sup>1</sup> Calculated as the number of existing residential homes sold during Q2 2025 multiplied by the average sale price of existing residential homes sold for Q2 2025 according to industry data collected and estimated by Zillow, as published monthly on our site

<sup>2</sup> National Association of Realtors® existing homes sold during Q2 2025 multiplied by the average selling price per home for Q2 2025, compared with the same period in 2024

<sup>3</sup> Trailing 12-month period represents results and industry data from July 1, 2024, through June 30, 2025

------

**Second-Quarter 2025 Financial Highlights**

The following table sets forth Zillow Group's financial highlights for the periods presented (in millions, except percentages, unaudited):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **2024 to 2025**<br>**% Change** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **2024 to 2025% Change** |
| | **2025** | **2025** | **2024** | **2024 to 2025**<br>**% Change** | **2025** | **2025** | **2024** | **2024 to 2025% Change** |
| **Revenue:** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;For Sale revenue: |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Residential | $| 434 | $409 | 6% | $| 851 | $802 | 6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mortgages | 48 | 48 | 34 | 41% | 89 | 89 | 65 | 37% |
| &nbsp;&nbsp;Total For Sale revenue | 482 | 482 | 443 | 9% | 940 | 940 | 867 | 8% |
| &nbsp;&nbsp;Rentals | 159 | 159 | 117 | 36% | 288 | 288 | 214 | 35% |
| &nbsp;&nbsp;Other | 14 | 14 | 12 | 17% | 25 | 25 | 20 | 25% |
| Total revenue | $| 655 | $572 | 15% | $| 1253 | $1101 | 14% |
| **Other Financial Data:** |  |  |  |  |  |  |  |  |
| Gross profit | $| 489 | $442 |  | $| 948 | $848 |  |
| Net income (loss) | $| 2 | $(17) |  | $| 10 | $(40) |  |
| Adjusted EBITDA (1) | $| 155 | $134 |  | $| 308 | $259 |  |
| **Percentage of Revenue:** |  |  |  |  |  |  |  |  |
| Gross profit | 75% | 75% | 77% |  | 76% | 76% | 77% |  |
| Net income (loss) | —% | —% | (3)% |  | 1% | 1% | (4)% |  |
| Adjusted EBITDA (1) | 24% | 24% | 23% |  | 25% | 25% | 24% |  |
| (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  | (1) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See below for more information regarding our presentation of Adjusted EBITDA, including a reconciliation of Adjusted EBITDA to the most directly comparable GAAP financial measure, which is net income (loss), for each of the periods presented.  |

---

**Conference Call and Webcast Information**

Zillow Group will host a live webcast to discuss these results today at 2 p.m. Pacific time (5 p.m. Eastern time). Please register for the live event at https://zillow-q2-25-financial-results.open-exchange.net/. A shareholder letter and link to both the live webcast and recorded replay of the call may be accessed in the Quarterly Results section of Zillow Group's Investor Relations website.

**Forward-Looking Statements**

This press release 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 the company's business strategies, the execution of those strategies, and their impact on consumers and real estate professionals. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "guidance," "would," "could," "strive," or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of August 6, 2025, 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 Zillow Group as well as from risks and uncertainties beyond Zillow Group's control.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factors that may contribute to such differences include, but are not limited to: 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 manage advertising, product inventory and pricing, and to maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data; our ability to comply with current and future rules and requirements promulgated by the National Association of REALTORS®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party; uncertainties related to policy changes or enforcement priorities at the federal and state levels; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services, and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans' mortgage operations, including the ability to obtain or maintain sufficient financing to fund the origination of mortgages, meet customers' financing needs with product offerings, continue to grow origination operations 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; our targets and disclosures related to environmental, social and governance matters; our ability to maintain adequate security controls or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; our ability to navigate any significant disruption in service on our mobile applications or websites or in our network; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt or to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

**About Zillow Group, Inc.**

Zillow Group, Inc. (Nasdaq: Z and ZG) 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.

Zillow Group's affiliates, subsidiaries, and brands include Zillow<sup>®</sup>, Zillow Premier Agent<sup>®</sup>, Zillow Home Loans℠, Zillow Rentals<sup>®</sup>, Trulia<sup>®</sup>, Out East<sup>®</sup>, StreetEasy<sup>®</sup>, HotPads<sup>®</sup>, ShowingTime+<sup>SM</sup>, Spruce<sup>®</sup>, and Follow Up Boss<sup>®</sup>.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org).© 2025 MFTB Holdco, Inc., a Zillow affiliate.

Please visit https://investors.zillowgroup.com, www.zillowgroup.com/news, www.x.com/zillowgroup, and www.linkedin.com/company/zillow, where Zillow Group discloses information about the company, its financial information, and its business that may be deemed material.

The Zillow Group logo is available at https://zillowgroup.mediaroom.com/logos-photos.

(ZFIN)

------

**Use of Non-GAAP Financial Measures**

To provide investors with additional information regarding our financial results, this press release includes references to Adjusted EBITDA, a non-GAAP financial measure. We have provided a reconciliation below of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure. We have not provided a quantitative reconciliation of forecasted GAAP net income (loss) to forecasted Adjusted EBITDA within this press release because we are unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of the company's capital stock; depreciation and amortization from new acquisitions; impairments of assets; and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside our control. We have not provided a reconciliation of forecasted Adjusted EBITDA margin to net income (loss) margin, the most directly comparable GAAP financial measure, for the same reasons.

Adjusted EBITDA is a key metric used by our management and Board of Directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating Adjusted EBITDA facilitates operating performance comparisons on a period-to-period basis.

Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider this measure in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not consider the potentially dilutive impact of share-based compensation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect impairment costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect loss on extinguishment of debt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect interest expense or other income, net;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Adjusted EBITDA does not reflect income taxes; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Other companies, including companies in our own industry, may calculate Adjusted EBITDA differently from the way we do, limiting its usefulness as a comparative measure.

Because of these limitations, you should consider Adjusted EBITDA alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results.

**Adjusted EBITDA**

The following table presents a reconciliation of Adjusted EBITDA to net income (loss) for each of the periods presented (in millions, unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss) | $2 | $(17) | $10 | $(40) |
| Income taxes |  | 2 |  | 4 |
| Other income, net | (18) | (34) | (40) | (67) |
| Depreciation and amortization | 67 | 59 | 132 | 115 |
| Share-based compensation | 99 | 113 | 196 | 221 |
| Impairment costs |  |  |  | 6 |
| Loss on extinguishment of debt |  | 1 |  | 1 |
| Interest expense | 5 | 10 | 10 | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Adjusted EBITDA | $155 | $134 | $308 | $259 |

---

## Exhibit 99.2

&nbsp;&nbsp;&nbsp;&nbsp;**Exhibit 99.2**

**Reported Consolidated Results**

**ZILLOW GROUP, INC.**

**CONDENSED CONSOLIDATED BALANCE SHEETS**

**(in millions, unaudited)**

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **December 31, 2024** |
| **Assets** | | |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $587 | $1082 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 571 | 776 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 151 | 104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans held for sale | 250 | 159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other current assets | 257 | 210 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 5 | 3 |
| Total current assets | 1821 | 2334 |
| Contract cost assets | 28 | 25 |
| Property and equipment, net | 373 | 360 |
| Right of use assets | 62 | 59 |
| Goodwill | 2823 | 2823 |
| Intangible assets, net | 285 | 207 |
| Other assets | 24 | 21 |
| Total assets | $5416 | $5829 |
| **Liabilities and shareholders' equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $56 | $30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 121 | 105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits | 57 | 57 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Borrowings under credit facilities | 230 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 70 | 62 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities, current portion | 12 | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes |  | 418 |
| Total current liabilities | 546 | 831 |
| Lease liabilities, net of current portion | 86 | 83 |
| Other long-term liabilities | 38 | 67 |
| Total liabilities | 670 | 981 |
| Shareholders' equity: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class A common stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class B common stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Class C capital stock |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 6617 | 6733 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 1 | (3) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated deficit | (1872) | (1882) |
| Total shareholders' equity | 4746 | 4848 |
| Total liabilities and shareholders' equity | $5416 | $5829 |

---

------

**ZILLOW GROUP, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS**

**(in millions, except share data, which are presented in thousands, and per share data, unaudited)**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Revenue | $655 | $572 | $1253 | $1101 |
| Cost of revenue (1) | 166 | 130 | 305 | 253 |
| Gross profit | 489 | 442 | 948 | 848 |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing (1) | 226 | 205 | 424 | 371 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and development (1) | 153 | 144 | 302 | 291 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative (1) | 121 | 131 | 242 | 263 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment costs |  |  |  | 6 |
| Total operating expenses | 500 | 480 | 968 | 931 |
| Loss from operations | (11) | (38) | (20) | (83) |
| Loss on extinguishment of debt |  | (1) |  | (1) |
| Other income, net | 18 | 34 | 40 | 67 |
| Interest expense | (5) | (10) | (10) | (19) |
| Income (loss) before income taxes | 2 | (15) | 10 | (36) |
| Income tax expense |  | (2) |  | (4) |
| Net income (loss) | $2 | $(17) | $10 | $(40) |
| Net income (loss) per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.01 | $(0.07) | $0.04 | $(0.17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.01 | $(0.07) | $0.04 | $(0.17) |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 241083 | 233453 | 241667 | 234074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 251665 | 233453 | 253916 | 234074 |
| (1) Includes share-based compensation expense as follows: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue | $3 | $4 | $6 | $8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sales and marketing | 19 | 20 | 37 | 38 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Technology and development | 40 | 42 | 78 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 37 | 47 | 75 | 91 |
| Total share-based compensation | $99 | $113 | $196 | $221 |
| Adjusted EBITDA (2) | $155 | $134 | $308 | $259 |
| (2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.  | (2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.  | (2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.  | (2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.  | (2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.  |

---

------

**ZILLOW GROUP, INC.**

**CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(in millions, unaudited)**

---

| | | |
|:---|:---|:---|
| | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** |
| **Operating activities** |  |  |
| Net income (loss) | $10 | $(40) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation and amortization | 132 | 115 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation | 196 | 221 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right of use assets | 4 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of contract cost assets | 10 | 9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of debt issuance costs | 1 | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment costs |  | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion of bond discount | (5) | (17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other adjustments to reconcile net income (loss) to net cash provided by operating activities  | (5) | 8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | (47) | (19) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mortgage loans held for sale | (91) | (95) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (46) | (49) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract cost assets | (13) | (9) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liabilities | (6) | (27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 26 | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 18 | 6 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued compensation and benefits |  | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 8 | 7 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other long-term liabilities | (1) |  |
| Net cash provided by operating activities | 191 | 135 |
| **Investing activities** |  |  |
| Proceeds from maturities of investments | 272 | 474 |
| Proceeds from sales of investments | 50 |  |
| Purchases of investments | (109) | (591) |
| Purchases of property and equipment | (73) | (76) |
| Purchases of intangible assets | (115) | (14) |
| Net cash provided by (used in) investing activities | 25 | (207) |
| **Financing activities** |  |  |
| Net borrowings on repurchase agreements | 85 | 89 |
| Repurchases of Class A common stock and Class C capital stock | (400) | (301) |
| Settlement of convertible senior notes | (419) | (89) |
| Proceeds from exercise of stock options | 55 | 61 |
| Payment of contingent consideration for acquisition | (30) |  |
| Net cash used in financing activities | (709) | (240) |
| Net decrease in cash, cash equivalents and restricted cash during period | (493) | (312) |
| Cash, cash equivalents and restricted cash at beginning of period | 1085 | 1495 |
| Cash, cash equivalents and restricted cash at end of period | $592 | $1183 |
| **Supplemental disclosures of cash flow information** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Noncash transactions: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Write-off of fully depreciated property and equipment | $82 | $20 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capitalized share-based compensation | 33 | 40 |

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------

**Non-GAAP Net Income per Share**

Our presentation of non-GAAP net income per share excludes the impact of the results of share-based compensation, impairment costs, loss on extinguishment of debt and income taxes. This measure is not a key metric used by our management or Board of Directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net income per share as supplemental information to investors, as we believe the exclusion of the results of share-based compensation, impairment costs, loss on extinguishment of debt and income taxes facilitates investors' operating performance comparisons on a period-to-period basis. You should not consider non-GAAP net income per share in isolation or as a substitute for analysis of our results as reported under GAAP.

The following table sets forth a reconciliation of non-GAAP net income, adjusted, to net income (loss), as reported on a GAAP basis, and the calculation of non-GAAP net income per share - basic and diluted, for each of the periods presented (in millions, except share data, which are presented in thousands, and per share data, unaudited):

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Net income (loss), as reported | $2 | $(17) | $10 | $(40) |
| Share-based compensation | 99 | 113 | 196 | 221 |
| Impairment costs |  |  |  | 6 |
| Loss on extinguishment of debt |  | 1 |  | 1 |
| Income taxes |  | 2 |  | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net income, adjusted | $101 | $99 | $206 | $192 |
| Non-GAAP net income per share: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | $0.42 | $0.42 | $0.85 | $0.82 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | $0.40 | $0.39 | $0.81 | $0.75 |
| Weighted-average shares outstanding: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic | 241083 | 233453 | 241667 | 234074 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Diluted | 251665 | 261365 | 253916 | 263891 |

---

Diluted non-GAAP net income per share for the periods presented is calculated using diluted weighted-average shares outstanding, which includes potential shares of Class C capital stock for the periods in which their effect would have been dilutive. The potential shares of Class C capital stock were excluded from the calculation of non-GAAP net income per share for certain periods presented if their effect would have been antidilutive. The following table reconciles the denominators used in the basic and diluted non-GAAP net income per share calculations (in thousands, unaudited):

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| | | | | |
|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** |
| | **2025** | **2024** | **2025** | **2024** |
| Denominator for basic calculation | 241083 | 233453 | 241667 | 234074 |
| Effect of dilutive securities: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Option awards | 7649 | 1356 | 8653 | 2286 |
| &nbsp;&nbsp;&nbsp;&nbsp; Unvested restricted stock units | 2933 | 1110 | 3596 | 2085 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible senior notes |  | 25446 |  | 25446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Denominator for dilutive calculation | 251665 | 261365 | 253916 | 263891 |

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**Key Metrics** 

The following table presents our visits and average monthly unique users for the periods presented (in millions, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **2024 to 2025**<br>**% Change** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **2024 to 2025% Change** |
| | **2025** | **2024** | **2024 to 2025**<br>**% Change** | **2025** | **2024** | **2024 to 2025% Change** |
| Visits <sup>(1)</sup> | 2590 | 2495 | 4% | 4944 | 4811 | 3% |
| Average monthly unique users <sup>(2)</sup> | 243 | 231 | 5% | 235 | 224 | 5% |
| (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. | (1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics. |
| (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. | (2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics. |

---

The following table presents our For Sale revenue per Total Transaction Value ("TTV") for the periods presented:

---

| | | | |
|:---|:---|:---|:---|
| | **Twelve Months Ended**<br>**June 30,** | **Twelve Months Ended**<br>**June 30,** | **2024 to 2025% Change** |
| | **2025** | **2024** | **2024 to 2025% Change** |
| For Sale revenue (in millions) | $1812 | $1624 | 12% |
| Total Transaction Value (in trillions) <sup>(1)</sup> | $1.8 | $1.6 | 6% |
| For Sale revenue per Total Transaction Value (in basis points) | 10.3 | 9.8 | 5% |
| (1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site. | (1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site. | (1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site. | (1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site. |

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The following table presents loan origination volume by purpose and in total for Zillow Home Loans for the periods presented (in millions, except percentages):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Three Months Ended<br>June 30,** | **Three Months Ended<br>June 30,** | **2024 to 2025% Change** | **Six Months Ended<br>June 30,** | **Six Months Ended<br>June 30,** | **2024 to 2025% Change** |
| | **2025** | **2024** | **2024 to 2025% Change** | **2025** | **2024** | **2024 to 2025% Change** |
| Purchase loan origination volume | $1116 | $756 | 48% | $1907 | $1357 | 41% |
| Refinance loan origination volume | 10 | 3 | 233% | 15 | 8 | 88% |
| Total loan origination volume | $1126 | $759 | 48% | $1922 | $1365 | 41% |

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## Exhibit 99.3

![](exhibit993001.jpg)

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![](exhibit993002.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Aug. 6, 2025 Dear Shareholders, Q2 was a strong quarter, marked by continued double-digit revenue growth, positive GAAP net income, and share gains in For Sale and Rentals. We now expect to deliver mid-teens revenue growth for the full year 2025, at the higher end of our previous outlook of low- to mid-teens revenue growth. We're staying disciplined on costs and are on track to deliver on our full-year 2025 targets, including continued Adjusted EBITDA margin expansion and positive GAAP net income. As we work to streamline residential real estate transactions with our housing super app, everything we build is designed to offer a benefit for both consumers and the industry. People want and deserve a better experience than the antiquated, analog one they're used to in real estate. They expect the same digital ease they get in other parts of life — and Zillow is delivering it. Our relentless focus on creating great products and experiences is part of what makes Zillow a beloved brand that is #1 in traffic1 in both for-sale and rentals. In Q2, we had 243 million average monthly unique users across our apps and sites, and about four times the app engagement of the next company in our category.2 Consumer affinity for Zillow continues to fuel our success. We're demonstrating consistently strong growth and are positioned for more. In Q2, total revenue was up 15% year over year, exceeding our expectations and outpacing a broader housing and mortgage market that remained essentially flat. For Sale revenue increased 9% year over year, with Residential revenue up 6% and Mortgages revenue up 41%. Rentals revenue growth accelerated in Q2 to 36% year over year. These results, combined with continued cost discipline, helped us deliver $2 million of GAAP net income in Q2, as well as $155 million of Adjusted EBITDA,3 which is at the high end of our outlook range. 3Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with GAAP. Please see the "Use of Non-GAAP Financial Measures" section below for more information about our presentation of Adjusted EBITDA, including a reconciliation to the most directly comparable GAAP financial measure for the relevant period. 2Based on data.ai data for April–June 2025. 1Based on Comscore data for April–June 2025. 1 \| Q2 2025

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![](exhibit993003.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;FOR SALE Our For Sale strategy is to deliver an integrated transaction experience across Zillow, with innovative products and services that solve problems for everyone involved in the move. We know our strategy is working because consumers and real estate professionals like what we have to offer, and because our For Sale revenue growth continues to outpace industry growth. This strategy comes to life in our Enhanced Markets, where we're connecting high-intent movers in these markets with high-performing professionals and delivering a more integrated transaction. In Q2, 27% of connections came through the Enhanced Market experience, toward our goal of more than 35% by year end. And now, 96% of Enhanced Market connections are handled through Follow Up Boss,4 our customer relationship management platform purpose-built for agents and teams. We're seeing strong traction in existing Enhanced Markets as buyers are engaging and agents who work with us are gaining share. And in Q2, Zillow Home Loans5 continued to have double-digit adoption rates across our Enhanced Markets, a clear sign of progress for our integrated approach. As part of our Enhanced Market playbook, we continue methodically expanding the experience to more customers and partners, and to more places. We're excited about the potential to unlock a billion-dollar incremental revenue opportunity as we expand the experience to 75% of transactions,6 even in a flat macro housing environment. Our long-term growth strategy is fueled by continuous innovation that makes the transaction smoother and more delightful. First, we're improving how we identify high-intent buyers — whether they start by viewing a property, connecting with an agent, or exploring their financing options — so we can match them with the right support, at the right moment in their journey. 6Please see slide 15 of our February 2025 Investor Presentation for further information about this opportunity: https://s24.q4cdn.com/723050407/files/doc_earnings/2024/q4/presentation/ Zillow-4Q24-Investor-Presentation.pdf 5https://www.zillow.com/homeloans/ 4https://www.followupboss.com/ 2 \| Q2 2025

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![](exhibit993004.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;That's where tools like BuyAbility℠ play a key role.7 BuyAbility is a powerful resource from Zillow Home Loans that helps buyers shop based on what they can afford, instantly estimating the loan amount they may qualify for, and quickly adapting to market changes, interest rates, and the buyer's own financial situation. More than 2 million people have enrolled in BuyAbility since it launched, and recent enhancements now let buyers shop by both their target monthly payment and their overall maximum buying power. These buyers are then more knowledgeable and ready to act when they connect with an agent through Zillow. We're building these tools to empower decision-making throughout the journey — for consumers and the professionals who serve them. As another example: For-sale listings on Zillow now display Offer Insights, showing buyers and their agents how different offer prices are likely to perform based on real-time market data. This sets the stage for productive, informed conversations about how to approach an offer. This is a huge benefit for agents: The call to action on Offer Insights is to connect with an agent, and the buyers it surfaces are likely higher-intent and move-ready, as they are exploring viable paths to making an offer with an agent. Helping movers understand what they can afford and what kind of offer they can make is especially important in a housing market like this one. To that same end, we continue to expand the Zillow Home Loans product suite. As of last week, we've broadened our down payment assistance program and enhanced our Federal Housing Administration (FHA) loan offerings in select geographies in an effort to responsibly serve more qualified buyers. These updates are part of our ongoing work to improve access to financing and scale our mortgage operations over time. Complementing Zillow's consumer-oriented features is an increasingly powerful set of tools that boost agent productivity — because we cannot deliver a truly integrated transaction without equipping the professionals who movers rely on with the software and support they need to make it possible. Follow Up Boss is a prime example of how we're innovating and delivering real value to agents. 7https://www.zillow.com/homeloans/buyability/ 3 \| Q2 2025

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![](exhibit993005.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Follow Up Boss is now enhanced with AI-supported "smart message" suggestions, client insights, call summaries, and intelligent lead routing. Agents have collectively exchanged about 2 million smart messages with their clients since the feature launched in early June. And in select markets, Zillow In-App Messaging lets buyers securely connect with agents and ZHL loan officers right in our app — a feature we expect will help improve response times, client service, and conversion rates. Our most recent product launches8 continue the momentum in For Sale by enhancing the shopping experience itself. Zillow's new Tour Itineraries let buyers and their agents coordinate within the Zillow app to create a custom, shared tour plan with homes, dates, and times. And virtual touring on Zillow also just got a big upgrade: A few weeks ago, we launched SkyTour,9 a dynamic, interactive video experience, as the newest feature on Zillow Showcase10 listings. SkyTour elevates the home shopping experience by using drone footage, rendering technology, and machine learning to create a smooth, realistic 3D model of a home's exterior. This feature now lets buyers zoom around and explore from different angles, giving them a better sense of a place before they ever step foot on the property. It's a powerful way for sellers and agents to highlight a home's curb appeal and outdoor features, make their Showcase listing stand out, and get serious buyers in the door. Zillow Showcase is now on about 2.5% of new listings, compared with just over 1% a year ago. We are continually evolving Showcase to support scaled adoption, and that is helping Zillow grow the share of Showcase listings. This video11 highlights the great feedback we're hearing from agents about how Zillow's suite of product offerings is supercharging their businesses. All of these tools and features across For Sale work together to deliver a better experience for movers and better performance for professionals. That's what Zillow's housing super app is built to do. 11https://vimeo.com/1107841062/e5cb2126c6?share=copy 10https://showingtimeplus.com/solutions/listing-showcase 9https://www.zillow.com/showcase/demo/orlando?imxlb=s,0 8https://www.zillow.com/product-releases/summer-2025/ 4 \| Q2 2025

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![](exhibit993006.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;RENTALS Our strategy in Rentals is twofold — first, to build the most comprehensive two-sided marketplace of homes for rent, and second, to modernize the transaction experience for renters and property managers alike. The opportunity in Rentals is significant, with a large total addressable market. More homes turn over each year in the rental market than in the for-sale market. In fact, about three times as many movers are looking to rent vs. looking to buy. Yet, historically, there hasn't been a single platform where they can see all available homes for rent. Zillow Rentals is changing that. We are executing well and scaling rapidly. Zillow Rentals is seeing strong property count growth and accelerating revenue growth — built on a sound strategy and a compelling product. Our marketplace includes the full spectrum of rental inventory, from single-family homes to large multifamily buildings,12 because we know renters aren't looking for just one type of property. They want to see everything in one place. In Q2, Zillow Rentals had 2.4 million active rental listings — the most in the category. Multifamily properties are leading our Rentals growth, with multifamily revenue up 56% year over year and property count up 45% year over year to 64,000 at the end of Q2. We're gaining wallet share with large property managers who are choosing to upgrade their advertising subscription spend with us as they recognize the value of connecting with the largest consumer rentals audience, including an increasing share of apartment seekers. Zillow Rentals is #1 in partner satisfaction13 in our category for return on marketing investment14 as we deliver high-intent, qualified renters and add real value for our multifamily partners. 14Zillow internal data and estimates, 2024. 13https://www.youtube.com/watch?v=PS1iG3_ZguA 12Zillow Rentals defines "multifamily" properties as those with 25 or more units. 5 \| Q2 2025

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![](exhibit993007.jpg)

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![](exhibit993008.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Second-Quarter 2025 Highlights Zillow Group's second-quarter results exceeded our outlook for revenue and delivered Adjusted EBITDA at the high end of our outlook range. ● Q2 revenue was up 15% year over year to $655 million, above our outlook range. Q2 revenue outperformed the residential real estate industry's year-over-year total transaction value growth of 2% according to industry data tracked and estimated by Zillow,17 and 1% according to the National Association of REALTORS® (NAR). We estimate Q2 purchase mortgage origination volume for the industry grew 1%. ○ For Sale revenue was up 9% year over year to $482 million in Q2. On a trailing 12-month basis, For Sale revenue per Total Transaction Value (TTV) was 10.3 basis points at the end of Q2, compared with 9.8 basis points for the same period in 2024.18 ■ Residential revenue was up 6% year over year in Q2 to $434 million, benefiting from growth in our agent and software offerings, as well as our New Construction marketplace. ■ Mortgages revenue increased 41% year over year to $48 million in Q2, primarily due to a 48% increase in purchase loan origination volume to $1.1 billion. ○ Rentals revenue increased 36% year over year to $159 million in Q2, primarily driven by multifamily revenue growing 56% year over year. ● On a GAAP basis, net income was $2 million in Q2, and net income margin was 0%. ● Q2 Adjusted EBITDA was $155 million, and Adjusted EBITDA margin19 was 24%, driven by better-than-expected revenue growth and effective cost management. ● Cash and investments at the end of Q2 were $1.2 billion, down from $1.6 billion at the end of Q1, primarily due to the May 2025 settlement of our remaining $419 million of convertible notes and $150 million in share repurchases. ● Traffic to Zillow Group's mobile apps and sites in Q2 was up 5% year over year to 243 million average monthly unique users. Visits during Q2 were up 4% year over year to 2.6 billion. 19Adjusted EBITDA margin is a non-GAAP financial measure; it is not calculated or presented in accordance with GAAP. Please see the "Use of Non-GAAP Financial Measures" section below for more information about our presentation of Adjusted EBITDA margin, including a reconciliation to the most directly comparable GAAP financial measure for the relevant period. 18Please see the "Use of Operating Metrics" section below for more information about our calculation of For Sale revenue per Total Transaction Value. 17https://www.zillow.com/research/data/ 7 \| Q2 2025

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![](exhibit993009.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Select Q2 2025 Results FOR SALE For Sale revenue grew 9% year over year to $482 million in Q2. On a trailing 12-month basis, For Sale revenue per Total Transaction Value at the end of Q2 was 10.3 basis points, compared with 9.8 basis points for the same period in 2024. RESIDENTIAL Residential revenue increased 6% year over year to $434 million in Q2, benefiting from growth in our agent and software offerings, as well as our New Construction marketplace. Agent offerings include Premier Agent and Zillow Showcase. Software offerings include ShowingTime, dotloop, and Follow Up Boss, which has continued to grow from both our Enhanced Markets expansion and from broader industry adoption of the software. MORTGAGES Mortgages revenue increased 41% year over year to $48 million in Q2, driven by 48% growth in our purchase loan origination volume to $1.1 billion. Our mortgage strategy is leading more buyers to choose financing through Zillow Home Loans, which is the main growth driver of our overall Mortgages revenue. RENTALS Rentals revenue increased 36% year over year to $159 million in Q2, primarily driven by a 56% increase in multifamily revenue. Zillow Rentals had 36 million average monthly rentals unique visitors in Q2 according to Comscore and is #1 in partner satisfaction in our category for return on marketing investment. Across our entire rentals marketplace, we had 2.4 million active rental listings in Q2. We continue to grow our multifamily rentals marketplace, with the number of multifamily properties advertising across Zillow reaching 64,000 at the end of Q2 — an increase of 20,000 properties, or 45%, from 44,000 properties at the end of Q2 2024. 8 \| Q2 2025

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![](exhibit993010.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NET INCOME AND ADJUSTED EBITDA GAAP net income was $2 million in Q2, and net income margin was 0%. Adjusted EBITDA was $155 million in Q2, and Adjusted EBITDA margin was 24%. Total Operating Expenses and Cost of Revenue Total operating expenses and cost of revenue totaled $666 million in Q2, up 10% from Q1 2025 and up 9% year over year. Year-over-year results were impacted by higher cost of revenue, which was up $36 million, and higher sales and marketing expenses, which were up $21 million. Cost of revenue was up year over year primarily due to an increase in lead acquisition costs associated with our rentals partnership with Redfin that went live in April. The year-over-year increase in sales and marketing expenses was due to increases in headcount-related expenses, as well as marketing and advertising costs as we continue to invest in the growth of our rentals marketplace. Adjusted EBITDA expenses20 were $500 million in Q2, up 14% year over year, due to the increases in total operating expenses and cost of revenue outlined above. This was slightly above our Q2 outlook of $495 million, driven by slightly higher than expected benefits costs and payroll taxes. Excluding the lead acquisition costs associated with our Redfin rentals partnership, total Adjusted EBITDA expenses would have grown 10% year over year, in line with our Q1 year-over-year growth. 20Adjusted EBITDA expenses is a non-GAAP financial measure; it is not calculated or presented in accordance with GAAP. Please see the "Use of Non-GAAP Financial Measures" section below for more information about our presentation of Adjusted EBITDA expenses, including a reconciliation to the most directly comparable GAAP financial measure for the relevant period. 9 \| Q2 2025

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![](exhibit993011.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;The following table presents a reconciliation of Adjusted EBITDA expenses to total operating expenses and cost of revenue for the periods presented (in millions, except percentages, unaudited): BALANCE SHEET & CASH FLOW SUMMARY We ended Q2 with cash and investments of $1.2 billion, down $445 million compared with the end of Q1 2025, primarily due to the May 2025 settlement of our remaining $419 million of convertible notes, and share repurchases of $150 million at a weighted average price of $65 per share, partially offset by $87 million in net cash provided by operating activities. We are now convertible debt-free and have $981 million remaining on our share repurchase authorization as of the end of Q2. Our year-to-date share repurchases of $400 million are expected to offset stock-based compensation expenses for 2025. 10 \| Q2 2025

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![](exhibit993012.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;Outlook The following table presents our outlook for the three months ending Sept. 30, 2025 (in millions): 2122 ● We expect Q3 For Sale revenue growth to be similar to the For Sale revenue growth reported in Q2, with Residential revenue growth in the mid-single-digit range and Mortgages revenue growth in the high 20% range. We expect Zillow Home Loans purchase loan origination volume to grow more than 40% in Q3. ● In Rentals, we expect revenue growth to accelerate, increasing more than 40% year over year in Q3, driven by further acceleration in multifamily revenue. ● Our outlook implies Q3 Adjusted EBITDA expenses are expected to be $513 million.21 The increase from Q2 2025 is expected to be primarily driven by lead costs associated with our Redfin rentals partnership. 2025 OUTLOOK ● We now expect mid-teens revenue growth for the full year 2025, at the higher end of our previous 2025 outlook for low- to mid-teens revenue growth. ● We continue to expect our Rentals revenue will grow approximately 40% for the full year 2025. ● We expect Adjusted EBITDA margin expansion for the full year 2025. ● We expect to have positive GAAP net income for the full year 2025. 22We have excluded from our outlook for "Weighted-average shares outstanding - diluted" any potentially anti-dilutive impact of future share repurchases or capped call unwinds. The maximum number of shares underlying the capped call transactions is 5.3 million shares of Class C capital stock. 21Zillow Group has not provided a quantitative reconciliation of forecasted Adjusted EBITDA to forecasted GAAP net income (loss) within this communication because the Company is unable, without making unreasonable efforts, to calculate certain reconciling items with confidence. These items include but are not limited to: income taxes that are directly impacted by unpredictable fluctuations in the market price of the Company's capital stock, depreciation and amortization from new acquisitions, impairments of assets, and acquisition-related costs. These items, which could materially affect the computation of forward-looking GAAP net income (loss), are inherently uncertain and depend on various factors, many of which are outside of Zillow Group's control. The Company has not provided a reconciliation of forecasted Adjusted EBITDA expenses to forecasted total operating expenses and cost of revenue, the most directly comparable GAAP financial measure, for the same reasons. For more information regarding the non-GAAP financial measures discussed in this communication, please see the "Use of Non-GAAP Financial Measures" section below. 11 \| Q2 2025

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![](exhibit993013.jpg)

Forward-Looking Statements This communication 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; and the health of, and our impact on, the residential real estate industry. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "opportunity," "guidance," "would," "could," "strive," "path," "positioned," "on track," "target," "goal," or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of August 6, 2025, 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 Zillow Group as well as from risks and uncertainties beyond Zillow Group's control. Factors that may contribute to such differences include, but are not limited to: 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 manage advertising, product inventory and pricing, and to maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile applications and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data; our ability to comply with current and future rules and requirements promulgated by the National Association of REALTORS®, multiple listing services, or other real estate industry groups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements; our ability to navigate industry changes, including as a result of past, pending or future lawsuits, settlements or government investigations, which may include lawsuits, settlements or investigations in which we are not a named party; uncertainties related to policy changes or enforcement priorities at the federal and state levels; our ability to continue to innovate and compete to attract customers and real estate partners; our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existing products and services into new markets; our ability to operate and grow Zillow Home Loans' mortgage operations, including the ability to obtain or maintain sufficient financing to fund the origination of mortgages, meet customers' financing needs with product offerings, continue to grow origination operations 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; our targets and disclosures related to environmental, social and governance matters; our ability to maintain adequate security controls or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; our ability to navigate any significant disruption in service on our mobile applications or websites or in our network; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of generative artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt or to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices. The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's publicly available filings with the United States Securities and 12 \| Q2 2025

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![](exhibit993014.jpg)

Exchange Commission ("SEC"). Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances. No Incorporation by Reference This communication includes website addresses and references to additional materials found on those websites, including Zillow Group's websites. These websites and materials are not incorporated by reference herein or in our other filings with the SEC. Use of Estimates and Statistical Data This communication includes estimates and other statistical data made by independent third parties and by Zillow Group relating to the housing market, the mortgage-rate environment, connections, conversion, engagement, growth, displayed rentals and other data about Zillow Group's audience and performance and the residential real estate industry and purchase loan origination industry. These data involve a number of assumptions and limitations, which may significantly impair their accuracy, and you are cautioned not to give undue weight to such estimates. Projections, assumptions and estimates of future performance are necessarily subject to a high degree of uncertainty and risk. Use of Operating Metrics Zillow Group reviews a number of operating metrics to evaluate its business, measure performance, identify trends, formulate business plans, and make strategic decisions. This communication includes total transaction value and For Sale revenue per total transaction value. Zillow Group uses these operating metrics on a periodic basis to evaluate and provide investors with insight into the performance of Zillow Group's transaction-based product and service offerings, which include Premier Agent, Zillow Home Loans, Zillow Showcase, and Spruce. For Sale Revenue per Total Transaction Value: Zillow Group calculates "For Sale revenue per Total Transaction Value" as total Residential and Mortgages revenue, or For Sale revenue, for the relevant period divided by the aggregate total transaction value for the same period. Total Transaction Value is calculated as the number of existing residential homes sold multiplied by the average sales price of existing residential homes sold during the relevant period according to industry data collected and estimated by Zillow, as published monthly on our site. For Sale revenue and Total Transaction Value have historically been affected by seasonal fluctuations in the residential real estate market. We generally expect For Sale revenue to peak during the three months ending June 30 or September 30. As such, we measure performance and present our For Sale revenue per Total Transaction Value on a trailing twelve-month basis to account for seasonality. Use of Non-GAAP Financial Measures To provide investors with additional information regarding our financial results, this communication includes references to non-GAAP financial measures, including Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses. • Adjusted EBITDA reconciliation We have provided a reconciliation below of Adjusted EBITDA to net income (loss), the most directly comparable U.S. generally accepted accounting principle ("GAAP") financial measure. • Adjusted EBITDA margin calculation We have provided a calculation below of Adjusted EBITDA margin, as well as net income (loss) margin, the most directly comparable GAAP financial measure. • Adjusted EBITDA expenses reconciliation and calculation We have provided a reconciliation above of Adjusted EBITDA expenses to total operating expenses and cost of revenue, the most directly comparable GAAP financial measure, and a calculation below of Adjusted EBITDA expenses calculated as revenue less Adjusted EBITDA. Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses are key metrics used by our management and board of directors to measure operating performance and trends and to prepare and approve our annual budget. In particular, the exclusion of certain expenses in calculating these measures facilitates operating performance comparisons on a period-to-period basis. 13 \| Q2 2025

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![](exhibit993015.jpg)

Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider these measures in isolation or as a substitute for analysis of our results as reported under GAAP. Some of these limitations include, but are not limited to, the fact that such non-GAAP measures: • Do not reflect changes in, or cash requirements for, our working capital needs; • Do not consider the potentially dilutive impact of share-based compensation; • Although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses do not reflect cash capital expenditure requirements for such replacements or for new capital expenditures or contractual commitments; • Do not reflect acquisition-related costs; • Do not reflect loss on extinguishment of debt; • Do not reflect interest expense or other income, net; • Do not reflect income taxes; and • Other companies, including companies in our own industry, may calculate these non-GAAP measures differently from the way we do, limiting their usefulness as comparative measures. Because of these limitations, you should consider Adjusted EBITDA, Adjusted EBITDA margin and Adjusted EBITDA expenses alongside other financial performance measures, including various cash-flow metrics, net income (loss), and our other GAAP results. The following tables present a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, and a calculation of Adjusted EBITDA expenses for each of the periods presented (in millions, unaudited): Three Months Ended June 30, 2025 March 31, 2025 December 31, 2024 September 30, 2024 June 30, 2024 Net income (loss) $2 $8 $(52) $(20) $(17) Income taxes — — 1 — 2 Other income, net (18) (22) (26) (34) (34) Depreciation and amortization 67 65 62 63 59 Share-based compensation 99 97 119 108 113 Acquisition-related costs — — — 1 — Loss on extinguishment of debt — — — — 1 Interest expense 5 5 8 9 10 Adjusted EBITDA $155 $153 $112 $127 $— $134 Three Months Ended June 30, 2025 March 31, 2025 June 30, 2024 Calculation of Adjusted EBITDA Expenses: Revenue $655 $598 $572 Less: Adjusted EBITDA (155) (153) (134) Adjusted EBITDA expenses $500 $445 $438 14 \| Q2 2025

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![](exhibit993016.jpg)

The following table presents the calculation of Adjusted EBITDA margin, or Adjusted EBITDA as a percentage of revenue, and associated year-over-year percentage changes and the most directly comparable GAAP financial measure, which is net income (loss) margin, or net income (loss) as a percentage of revenue, and related year-over-year percentage changes, for each of the periods presented (in millions, except percentages, unaudited): Three Months Ended June 30, 2024 to 2025 % Change Six Months Ended June 30, 2024 to 2025 % Change2025 2024 2025 2024 Revenue: For Sale revenue: Residential $434 $409 6% $851 $802 6% Mortgages 48 34 41% 89 65 37% Total For Sale revenue 482 443 9% 940 867 8% Rentals 159 117 36% 288 214 35% Other 14 12 17% 25 20 25% Total revenue $655 $572 15% $1,253 $1,101 14% Other Financial Data: Gross profit $489 $442 11% $948 $848 12% Net income (loss) $2 $(17) 112% $10 $(40) 125% Adjusted EBITDA $155 $134 16% $308 $259 19% Percentage of Revenue: Gross profit 75 % 77 % (3)% 76 % 77 % (1)% Net income (loss) — % (3) % 100% 1 % (4) % 125% Adjusted EBITDA 24 % 23 % 4% 25 % 24 % 4% 15 \| Q2 2025

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![](exhibit993017.jpg)

https://investors.zillowgroup.com

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