Business Description

Overview We are reimagining residential 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 1 , Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing. At the core of Zillow is our living database of approximately 173 million U.S. homes and our differentiated content, including the Zestimate, our patented proprietary automated valuation model through which we provide home value estimates. With the launch of the Zestimate feature in 2006, we introduced important transparency to residential real estate in order to empower consumers to make better decisions. During 2025, our Zestimate feature had a median error rate of 1.8% for homes listed for sale and 7.2% for off-market homes. We are also building a robust, two-sided rentals marketplace and modernizing the end-to-end transaction solutions for renters and housing providers. In 2025, Zillow Rentals had 2.4 million average monthly active rental listings, ranging from single family homes to large apartment complexes. We believe our data and content has helped the Zillow brand become synonymous with residential real estate with Zillow being searched online more than the term “real estate” in the United States 2 . We are a diversified, transaction-focused platform that integrates our services across various complicated steps in a consumer’s housing journey while equipping real estate professionals with tools and insights to support stronger client service and business growth. Through our integrated-transaction strategy, we have built an ecosystem of connected solutions that helps renters, buyers, sellers, and real estate professionals across their residential real estate needs. We believe this allows us to build closer relationships with consumers to help them find and move into the places they call home, which is at the core of our mission. We are focused on continually improving our consumer funnel, capturing consumer demand and connecting that demand to our partner network. During the year, we advanced our integrated-transaction strategy through the following initiatives: • Innovating Through Technology. We are innovating rapidly to apply new technology and industry software where it matters most, improving the customer journey and helping real estate professionals serve their clients better, work more efficiently and grow their businesses. Our For Sale strategy is to increase the number of transactions using Zillow products and services, and revenue per transaction. We accomplish this by delivering an integrated transaction experience across Zillow, with innovative products and services that solve problems for everyone involved in the move. This allows us to identify and connect high-intent movers with high-performing professionals. Our strategy comes to life in our Enhanced Markets, where the integrated transaction is most fully experienced. In 2025, we continued to build products and services for buyers and sellers so we can match them with the right support for where they are in their journey. For example, we rolled out enhancements to BuyAbility, a tool from Zillow Home Loans that helps buyers shop based on what they can afford, which makes financing simpler and more transparent. Zillow Home Loans also introduced a verified digital pre-approval and began rolling out a new borrower application designed to get shoppers quickly to a decision and improve loan officer efficiency. We are building these tools to empower decision-making throughout the journey. 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. • Broadening Our Service Offerings. The integrated transaction experience we have been building on Zillow is most fully experienced in our Enhanced Markets.…