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Zillow Group operates U.S. housing websites and apps where people search for homes to buy or rent and connect with agents and financing providers. Residential services generate most of its revenue. Agents pay for advertising through Zillow Premier Agent to receive customer connections, with their share of connections tied to their share of advertising purchased in a local market. Under Zillow Preferred, participating agents instead pay when a referred customer closes a transaction. The company also sells professional software, including Follow Up Boss.
Rentals is its next-largest revenue source. Zillow Rentals sells advertising and leasing tools to property managers and landlords seeking tenants, and charges renters for rental applications. Zillow Home Loans adds a smaller business: it originates mortgages and generally sells them to financial institutions and other mortgage buyers rather than keeping them long term.
The business depends on attracting people who are ready to move, turning their interest into customer connections and completed transactions, and keeping professionals willing to spend. Housing availability, affordability and mortgage rates influence that activity. Zillow also needs continuing access to listings from brokers, multiple listing services and other providers. Its use of those listings must follow local service rules and data-license terms, while regulated transaction services require licenses that must be maintained.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Zillow depends on home transactions and property-manager advertising; watch Realtor.com and Redfin, absent here, as both residential-search rivals and rental-listing syndication partners.
CoStar Group's Homes.com and Apartments.com compete with Zillow for people searching for homes and for advertising budgets from real estate agents and rental property managers.
Compass and Zillow both depend on U.S. home sales: Compass keeps part of its agents' sales commissions, while Zillow charges agents for advertising and completed transactions. Compass's home-sale commission revenue is worth watching for changes in the sales volumes and prices that also matter to Zillow.
Opendoor Technologies and Zillow are exposed to the same U.S. home-sales market, but Opendoor buys homes from sellers and resells them to buyers, while Zillow collects agent advertising and closing-linked fees. Watch Opendoor's home resales for a view of the housing activity behind Zillow's transaction-linked business.
AGNT, Inc. and Zillow both earn money around completed home sales: AGNT collects brokerage commissions and pays agents a share, while Zillow charges agents advertising and performance fees. AGNT's residential commission revenue reflects the home-sale volumes and prices that also shape Zillow's market.
First American Financial and Zillow both earn revenue when home purchases close: First American sells title insurance and handles closings, while Zillow collects agent performance fees and earns purchase-mortgage revenue. Watch First American's title premiums and closing fees for evidence of completed transactions, rather than just interest in buying a home.
AppFolio and Zillow sell to the same residential property-manager market: AppFolio supplies property-management software, while Zillow sells rental advertising and leasing tools. Watch managers' adoption of AppFolio's subscriptions and services such as tenant screening and electronic payments for their appetite to spend on digital rental operations.
Better Home & Finance competes with Zillow Home Loans by lending to homebuyers and then selling those mortgages to loan purchasers. Better's purchase-mortgage production is the relevant comparison for Zillow, whose loan growth in 2025 came primarily from purchase originations.
LendingTree competes with Zillow's mortgage marketplace for borrowers and lenders' spending on prospective customers: it sends consumer requests to providers, while Zillow charges mortgage professionals per lead. Watch LendingTree's mortgage marketplace rather than its consumer-credit or insurance businesses when assessing pressure on Zillow's mortgage advertising.
Housing Starts (Sep)
For Zillow, new-home construction measures building activity, and new-home sales track purchases of newly built homes; both can affect builder demand for Zillow’s community- or impression-priced marketing and the home transactions that generate For Sale revenue.
Expected1.31MLast release1.275M
If it comes in above expectations
If the reading is above the 1.31M estimate, it is above the previous 1.275M. If the readings are above estimates, more building or new-home sales may increase builders’ need to market communities through Zillow and add transactions that generate For Sale revenue.
If it comes in below expectations
If the readings are below estimates, less building or fewer new-home sales may reduce builders’ need to market communities through Zillow and limit transactions that generate For Sale revenue.
First American Financial Corporation earningsFAF
First American Financial's report can show whether home purchases are reaching closing, the point when Zillow Group earns some agent fees and purchase-mortgage revenue.
Read First American's title-insurance premiums and closing-service fees together: they reflect transactions completed and their value, not just interest in buying. If both hold up, completed sales activity can support Zillow Group's closing-linked agent fees and purchase-mortgage business; if both weaken, that transaction path may be shrinking, though this report alone cannot establish why.
AppFolio, Inc. earningsAPPF
AppFolio's report will show whether residential property managers are still paying for digital rental operations, a clue to demand for Zillow Group's landlord and manager advertising and tools.
Watch adoption of AppFolio's subscriptions and services such as tenant screening and electronic payments. Stronger adoption suggests property managers are more willing to spend on digital operations, supporting demand for Zillow Group's rental ads and tools; weaker adoption suggests tighter budgets, but does not prove they cut spending with Zillow Group.
CoStar Group Inc earningsCSGP
CoStar Group's report can show whether Homes.com and Apartments.com are drawing home seekers and advertisers, revealing the strength of their competition with Zillow Group for traffic and ad budgets.
Compare engagement on Homes.com and Apartments.com with residential advertising revenue or monetization; if CoStar Group does not break out the platforms, the broader residential business is only a proxy. Stronger engagement and monetization together would show CoStar Group is better positioned to compete for home seekers and agent and manager budgets, increasing pressure on Zillow Group; weakness would suggest less pressure, not prove Zillow gained traffic or customers.
Fed Interest Rate Decision
For Zillow, the Fed’s policy-rate decision tracks the cost of borrowing across the economy; through mortgage rates and affordability, it can change home-purchase activity, demand for mortgage services and Zillow Home Loans’ originations.
Expected4.0%Last release4.0%
If it comes in above expectations
If the policy rate is above the estimate, higher borrowing costs may push mortgage rates up and make homes less affordable, weighing on purchase activity, mortgage-service demand and Zillow Home Loans originations.
If it comes in below expectations
If the policy rate is below the estimate, lower borrowing costs may ease mortgage-rate and affordability pressures, supporting purchase activity, mortgage-service demand and Zillow Home Loans originations.
LendingTree, Inc. earningsTREE
LendingTree's report can show how mortgage lenders are competing for borrowers through online marketplaces, where Zillow Group also sells leads to mortgage professionals.
Focus on LendingTree's mortgage marketplace, not its consumer-credit or insurance businesses. Stronger activity or revenue there suggests lenders are still spending to reach mortgage borrowers, potentially intensifying competition for Zillow Group's lead business; weakness may ease that pressure, but could reflect lower mortgage demand or lower lender marketing spend.
Zillow Group, Inc. earningsThis company
Zillow Group's report will show whether its home-search and rental audiences are bringing in more revenue without lead-acquisition costs taking a bigger bite from gross profit.
Read Residential revenue per visit and Rentals revenue per average monthly unique visitor alongside their traffic measures, then compare revenue growth with gross margin. Higher revenue per visit or visitor with a steady margin suggests Zillow Group is monetizing its audience better without costs eating up the gain; if growth relies on more traffic while revenue per visit or visitor weakens, or gross margin falls, monetization or acquisition costs are weighing on the business.
Better Home & Finance Holding Company earningsBETR
Better Home & Finance's report will show its purchase-mortgage production, a direct comparison for Zillow Home Loans as both seek homebuyers and buyers for the loans they originate.
Read Better Home & Finance's purchase-mortgage originations and how they change. Rising production means this rival is handling more purchase loans and competing more directly with Zillow Home Loans for borrowers and loan buyers; falling production could reflect weaker demand or company-specific losses, not prove Zillow Group is gaining share.
