NASDAQ: Z

ZILLOW GROUP, INC.

CIK 0001617640 · Misc Business Services NEC

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 States1, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital… About this business →

8-K Filed Jun 3, 2026 · Period ending Jun 2, 2026

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10-Q Filed May 6, 2026 · Period ending Mar 31, 2026

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8-K Filed May 6, 2026 · Period ending May 6, 2026

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8-K Filed Mar 5, 2026 · Period ending Mar 4, 2026

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10-K Filed Feb 11, 2026 · Period ending Dec 31, 2025

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10-Q Filed Oct 30, 2025 · Period ending Sep 30, 2025

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10-K Filed Feb 11, 2025 · Period ending Dec 31, 2024

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About ZILLOW GROUP, INC.

Source: Item 1 (Business) from the 10-K filed February 11, 2026. Description as filed by the company with the SEC.

Item 1. Business.

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 States1, 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 States2.

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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. In these markets, consumers benefit from a more streamlined experience from touring to closing, with the support of our Zillow Preferred agent partners and loan officers with Zillow Home Loans. Throughout 2025, connections, or leads delivered to our agent partners, through the Enhanced Market experience continued to increase, exiting the year at over 40%, and Zillow Home Loans continued to have double-digit

1 Source: Comscore Media Metrix® Multi-Platform Key Measures, Real Estate, Total Audience, December 2025, U.S. report

2 Source: 2025 Google Trends report

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customer adoption rates across our Enhanced Markets. As we have continued to expand into more Enhanced Markets and within current Enhanced Markets, we have increased customer connection and conversion rates, which has increased our For Sale revenue relative to TTV on a trailing twelve-month basis. In 2025, we announced Zillow Preferred, the next chapter for our Flex program, the invite-only, pay-when-you-close program for top real estate agent teams that recognizes agent partners for delivering outstanding customer experiences and provides them access to dedicated support and growth tools. Zillow Preferred builds on Flex’s foundation and the name makes it clear shoppers are connecting with a preferred agent partner of ours. As we expand the integrated experience in our Enhanced Markets to the majority of our connections, we expect Zillow Preferred to expand in tandem. Additionally, we also introduced Zillow Pro, a membership that brings together Zillow’s most impactful tools and services into an integrated, AI-powered suite that helps growth-oriented agents scale their businesses. Zillow Pro helps agents more effectively serve all the clients in their sphere, not just those they connected with on Zillow. We expect Zillow Preferred and Zillow Pro to continue to give agents the data, tools, and brand reach they need.

•Expanding Our Rentals Marketplace. We are building a nationwide marketplace for renters and landlords, which aims to provide renters with a comprehensive listing of available rental inventory. Our marketplace includes the full spectrum of rental inventory, from single family homes to large multifamily buildings. Renters on Zillow can shop, tour, submit applications, sign a lease, pay rent securely and obtain insurance. Landlords on Zillow can list, advertise, and access leasing and property management services. Our investments and efforts on our Rentals products and services have yielded growth in Rentals traffic, multifamily property count, and Rentals revenue during 2025 compared to 2024. We continue to focus our attention and efforts to build a comprehensive marketplace for consumers, and expand access to listings through syndication agreements with Redfin and Realtor.com. This commitment to access has enhanced the availability of listings for renters and expanded the reach of property managers. As of December 31, 2025, we had 2.4 million average monthly active rental listings, including 72,000 multifamily properties listed on Zillow, a 44% increase as compared to December 31, 2024. Beyond cultivating a comprehensive rentals marketplace, we are innovating quickly to make renting simpler, fairer, more transparent, and more affordable. In 2025, we expanded our cost-transparency features across the Zillow Rentals network, providing renters more information about move-in and monthly costs and providing calculators to help them estimate total expenses before applying. We also entered into a new partnership with Esusu, the leading rent-reporting platform, to help renters build credit through on-time rent payments. In addition, we rolled out new tools like AI Assist, a conversational leasing assistant powered by an exclusive integration with Elise AI, to simplify communication between renters and property managers, speeding up leasing. Building a better experience for renters and property managers has earned us consistently strong rentals traffic, with about 33 million average monthly unique visitors for the year ended December 31, 20253. We will continue to strive to find ways to innovate and enhance the access consumers have to rental properties as well as provide property managers with greater exposure for their listings.

We continue to operate in a macro housing environment that has experienced low housing inventory, elevated and volatile mortgage rates, home price fluctuations and inflationary conditions, all of which have led to affordability challenges for homebuyers and sellers. Many potential home sellers have postponed or forgone opportunities to sell, choosing instead to hold onto their existing lower-rate mortgages, limiting for sale housing supply as a result. However, while this shortfall of for-sale inventory has limited sales volume, prices have remained elevated as competition for the relatively few available for-sale homes remains firm. Conversely, as rental vacancy rates have increased and occupancy rates have decreased, we have seen increased demand for rental advertising. These macroeconomic factors and their impact on the residential real estate market have affected our business and influenced the resources we use to direct our operations.

Customer Offerings

To deliver on our mission, we strive to provide a seamless, integrated transaction experience for movers through Zillow, our network of trusted partners, our affiliated brands, and through a comprehensive suite of marketing software and technology solutions for the real estate industry. We do this through a range of services designed to help our customers in whatever stage of the housing journey they may be in. This typically includes the need for multiple services simultaneously. Approximately 57% of sellers are also buying at the same time, and among renters with plans to move within the next year, 37% plan to buy their next home4. We estimate 80% of U.S. residential real estate transactions involve agents who use at least one Zillow product, whether that is Premier Agent, including Zillow Preferred; Follow Up Boss; or Zillow Workspace, which includes ShowingTime, Zillow Showcase and dotloop.

3 Source: Comscore Media Metrix® Multi-Platform Key Measures, Real Estate, Total Audience, December 2025, U.S. report

4 Source: Zillow Group’s 2025 Consumer Housing Trends Report

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Our services are primarily designed for the following:

•For Buyers and Sellers. When a buyer is ready to begin their home buying journey, we offer a variety of options depending on where they choose to start. Before searching for a home, buyers can use tools like BuyAbility to shop based on what they can afford as well as use Zillow Home Loans to get a digital pre-approval. After searching for a home on our mobile apps and websites, consumers can choose to meet with a local real estate professional by connecting with an agent partner, tour a home virtually, schedule in-person tours through ShowingTime, or obtain financing through Zillow Home Loans. For customers who are focused on buying new construction homes, we connect them with our home builder partners. For sellers, we are focused on providing them multiple ways to sell their homes, allowing them to choose the path that best fits their timing and financial goals. Sellers can work with a local agent partner, and get a premium listing experience with Zillow Showcase, which includes rich media, interactive floor plans, 3D touring experiences, virtual staging and SkyTour. In some markets, sellers can also access alternative sale options offered through our partners.

•For Real Estate Professionals. We are focused on providing real estate professionals multiple ways to power their businesses and differentiate themselves and their listings on Zillow through a variety of advertising and software solutions. This includes Zillow Preferred, our invite-only, pay-when-you-close program for top real estate agent teams and market-based pricing, our subscription-based offering where connections are distributed to partners in proportion to their share of voice, or a share of total advertising purchased in a particular zip code. Additionally, real estate professionals now have access to Zillow Pro, a membership that brings together Zillow’s most impactful tools and services into an integrated, AI-powered suite that helps growth-oriented agents scale their businesses. Zillow Pro helps agents more effectively serve all the clients in their sphere, not just those they connected with on Zillow. Furthermore, real estate professionals also have access to a large suite of Zillow tools and software, including Follow Up Boss and Zillow Workspace, which includes ShowingTime, Zillow Showcase and dotloop. We have continued to integrate these offerings into our product ecosystem. As an example, Follow Up Boss is now enhanced with AI-supported smart message suggestions, client insights, call summaries and intelligent lead routing. This tech-enabled solution gives real estate professionals a central hub to organize and engage customers, close deals and build their teams.

•For Borrowers. We provide buyers with multiple ways to pursue mortgage financing for their transaction. We provide the option to finance directly with Zillow Home Loans or to connect with our mortgage partners through our mortgage marketplace for both purchase and refinance opportunities. Zillow Home Loans, which is currently available in 49 states and the District of Columbia, originates mortgage loans and then generally sells the loans on the secondary market. Throughout 2025, Zillow Home Loans had double digit customer adoption rates across our Enhanced Markets.

•For Renters. During 2025, we estimate that there were more than three times more households moving to a new rental than purchasing a home in the United States5. In the U.S. market of nearly 50 million rental units6, we provide renters with the ability to search within our industry-leading set of rental listings, and with tools to tour, submit applications, sign a lease, make secure rental payments, and obtain insurance, on participating listings. We offer multifamily property managers a variety of advertising products to market and fill their vacancies, and we assist longtail landlords (which we define as properties with less than 25 units) with listings, advertising, leasing and property management services through Zillow Rental Manager. Our listing syndication agreements with Realtor.com and Redfin, and strategic partnerships with AppFolio and Esusu, extend our reach and help us provide a more comprehensive marketplace for consumers, add value for property managers, and drive more traffic, inventory and revenue for Zillow Rentals. We continue to see success in our rentals operations and Zillow Rentals ranks #1 in partner satisfaction in our category for return on marketing investment7.

Competitive Advantages

We believe we have the following competitive advantages:

•Large and trusted brand. The Zillow Group portfolio attracted an annual monthly high of 259 million unique users in July 2025 and approximately 9.6 billion visits in 2025, primarily to our Zillow, Trulia and StreetEasy portals. Today,

5 Source: Estimate derived from Zillow internal estimates of more than 17 million rental households moving to a new rental in 2025 as compared to 4.8 million existing and new homes sold in 2025 according to National Association of REALTORS® Economic Outlook as of December 2025 and U.S. Census Bureau’s Monthly New Residential Sales, December 2025

6 Source: 2025 U.S. Census Bureau’s Current Population Survey dated February 3, 2026

7 Source: Zillow internal data and estimates for 2025

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more people search for “Zillow” than “real estate8” and we have the leading number of active app users in the residential real estate industry9. As a result, Zillow is the most visited10 and trusted11 brand in the online residential real estate industry.

•Living database of homes and superior data science and technology advantages. Our living database of approximately 173 million U.S. homes is the result of substantial investment, sophisticated economic and statistical analysis and complex data aggregation of multiple sources of property, transaction and listing data, including user generated updates to more than 46 million property records. This data is the foundation of our proprietary Zestimate, Rent Zestimate, Zillow Home Value Index, Zillow Observed Rent and Zillow Observed Renter Demand Index models, as well as our housing and business forecasts. Access to data also enables product innovation like our 3D touring and interactive floor plans.

•Large comprehensive rental marketplace. We are building a nationwide marketplace of rental listings that aims to serve all renters and property managers. Zillow Rentals has the largest coverage of rental listings in the U.S. across longtail and multifamily, with 2.4 million average monthly active rental listings as of December 31, 2025, which includes 72,000 multifamily properties. Multifamily is a key rentals growth driver, and we continue to expand the number of properties on our mobile apps and websites. Building the comprehensive marketplace renters and property managers both demand and deserve has yielded strong return on investment for property managers and consistently strong rentals traffic, with 33 million average monthly unique visitors in 202512.

•Superior industry partnerships. We aim to partner with high-performing and service-focused industry partners who share our interests in providing the best-possible services to our shared customers. Zillow Group maintains strong partnerships and relationships with thousands of leading real estate agents, brokers, mortgage professionals, property managers, landlords, home builders, regional MLSs and more. Continually enhancing our partner network enables us to implement new products and features, introduce more consumers to our best-performing partners and offer our shared customers an improved end-to-end transaction experience, including mortgages.

•Experienced, proven management team. We have a highly experienced management team who have successfully built Zillow and other brands into category leaders. We continue to add and develop executive talent with deep experience in technology and e-commerce businesses. We believe the skills and experiences of our management team provide strategic insights and abilities to deliver a seamless real estate transaction experience for our customers.

•Strong financial position. We have a strong cash position and, as of January 30, 2026, access to the Revolving Credit Facility, which give us the flexibility to continue to invest in our strategy. In 2025, we reported GAAP profitability and grew revenue faster than costs, and we believe we are well positioned for sustainable profitable growth.

Total Addressable Market

We participate in large addressable markets of buying, selling, renting and financing residential real estate in the U.S. Our TAM includes Zillow’s estimate of total industry transaction fees derived from residential real estate transactions. We continue to invest in software services and expand the availability of our offerings to further enhance our ability to facilitate real estate transactions with both buyers and sellers. In addition, we provide important adjacent services, such as mortgages through Zillow Home Loans. Our TAM also includes the rentals marketplace which includes rentals advertising and property

8 Source: 2025 Google Trends report

9 Source: Sensor Tower, January 2025 - December 2025

10 Source: Comscore Media Metrix® Multi-Platform Key Measures, Total Unique Visitors/Viewers, Real Estate, Total Audience, December 2025, U.S.

11 Source: Life Story Research 2025 America’s Most Trusted® Home Search Website Study

12 Source: Comscore Media Metrix® Multi-Platform Key Measures, Real Estate, Total Audience, December 2025, U.S. report

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management software spend. The amounts listed below represent the estimated total industry size associated with these opportunities for the year ended December 31, 2025 (in billions):

Residential real estate industry transaction fees13$108

U.S. mortgage origination revenue 1450

Title and escrow services transaction fees 15
18

Rentals advertising spend1617

Property management software revenue179

TAM$202

Our TAM has been affected in recent years by macroeconomic conditions that have driven low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, home price fluctuations, and inflationary conditions. These factors have impacted the number of real estate transactions, need for advertising in our rentals marketplace, and demand for adjacent services. We believe we are well positioned to address existing and future demand for real estate transactions.

We may also explore additional opportunities in the future, including but not limited to, home insurance, home renovation services, moving services and home appraisal services.

Seasonality

Portions of our business have historically been affected by seasonal fluctuations in the residential real estate market, advertising spend and other factors. We generally expect Residential and Rentals revenue to peak in the three months ended June 30th or September 30th, consistent with the average number of visits and unique users which have historically peaked during the same period. Within Mortgages revenue, we believe that seasonality would result in higher purchase origination volumes in the spring and summer high seasons, and our Connect services have displayed similar seasonal fluctuations. While our seasonality in revenue has been impacted by the aforementioned macroeconomic factors in recent years, the effects of our strategic initiatives have continued to partially offset seasonality impacts in 2025 due to product growth across our revenue categories.

Competition

Our business depends on our ability to successfully attract, retain and provide consumers with products and services that make residential real estate transactions more seamless.

The residential real estate landscape is highly fragmented and competitive from the beginning of the search process through the closing of a transaction, typically with single point service providers. Approximately 4.8 million existing and new homes were sold in the U.S. in 202518, with over 300,000 real estate brokerages19 and over 70,000 mortgage lenders20 providing their services across more than 500 different MLSs that span the country21. In 2025, there was over $1.3 trillion of purchase

13 Sources: Estimate derived from TTV from the December 2025 Economic Data published by the National Association of REALTORS® and Zillow’s internal average industry commission rates. TTV is calculated as existing homes sold during the period multiplied by the average existing home sales price during the same period.

14 Sources: Estimate derived from the 2025 annual purchase mortgage origination volumes from Fannie Mae and average industry origination fees from the 2025 Mortgage Bankers Association Reports; excludes refinance mortgage origination volumes.

15 Sources: American Land Title Association; estimate derived from quarterly title insurance premiums for 2025.

16 Sources: 2025 U.S. Census Bureau’s Current Population Survey dated February 3, 2026 and Zillow internal data and estimates; estimate derived from average monthly rent, annual rental unit inventory, average industry turnover rates and average advertising spend per unit.

17 Source: December 2025 report published by Fortune Business Insights which estimates North America’s annual property management market opportunity.

18 Source: National Association of REALTORS® Economic Outlook as of December 2025 and U.S. Census Bureau’s Seasonally Adjusted Annual New Residential Sales as of October 2025.

19 Source: National Association of REALTORS® 2025 Profile of Real Estate Firms report

20 Source: Q3 2025 Nationwide Mortgage Licensing System Industry Report

21 Source: Real Estate Standards Organization in 2025

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mortgage origination volume22. Unlike for sale, there is no MLS equivalent in rentals, which makes it challenging to aggregate the estimated 50 million rental units in the U.S. market23.

We compete for real estate customers with companies that provide technology, products and services for them. Factors that may influence customer decisions include the quality of the experience, value and utility of the services offered, the breadth, depth and accuracy of information available, and brand awareness and reputation. For example, our buy-side products compete for customers based on price, visibility, perceived and actual value and quality of service. For buyers shopping for a mortgage, Zillow Home Loans competes with other mortgage originators based on a combination of interest rates, origination fees, product selection, brand awareness and trust and the level of service we provide. Zillow Rentals competes for customers based on rental prices, property availability, advertising products and the quality of the rental listings and management services.

In addition, our business depends on our ability to attract and retain leading industry partners to advertise and provide services to our consumer base. We compete for real estate partners based on the perceived transaction readiness of consumers, return on investment, price and product offerings and the effectiveness and relevance of our products and services. Based on these and other factors, real estate partners could select other companies to work with to provide relevant and timely real estate, new construction, mortgage and rental information and services. We also compete for a share of our partners’ overall marketing budgets with traditional media as well as word-of-mouth referrals and leads from yard signs and other marketing.

Refer to Part I, Item 1A of this Annual Report on Form 10-K for additional information regarding competition and associated risks.

Intellectual Property

We regard our intellectual property as a key differentiator that is critical to our success and we rely on a combination of intellectual property laws, trade-secret protection, and contractual agreements to protect our proprietary technology and data.

We leverage patented, proprietary and automated valuation models across core functionalities of Zillow, including our Zestimate feature, rich media, and AI and machine learning to provide real-time home value estimates and data. As of December 31, 2025, we have 224 patents of varying lengths issued and 225 patent applications pending in the U.S. and internationally. These patents cover a variety of proprietary techniques relevant to our products and services, including determining a current value for real estate property and the collection, storage and display of home attribute values and creating interactive floor plans and related media.

In addition, awareness and loyalty to our brand enables us to effectively attract and retain our customers and employees. To support our brand, we have registered, or applied for the registration of, trademarks, service marks and copyrights in the U.S. and several other jurisdictions, including “Zillow,” “Zestimate,” and the Z in a house logo. We are also the registered holder of a variety of domestic and international domain names. We have licensed in the past, and we may license in the future, certain of our proprietary rights to third parties.

To further protect our proprietary rights, we enter into confidentiality and proprietary rights agreements with our employees, consultants, contractors and business partners. Our employees and contractors are also subject to invention assignment provisions. We control the use of our proprietary technology, data and intellectual property through provisions in both our general and product-specific terms of use and other restrictions on our mobile apps and websites.

Government Regulation

We operate in an increasingly complex legal and regulatory environment. Our business and the products and services that we offer are affected by a continually expanding and evolving range of local, state, federal, and international laws and regulations. For additional information on government regulation refer to Part I, Item 1A (Risk Factors—Risks Related to Regulatory Compliance and Legal Matters) of this Annual Report on Form 10-K.

Human Capital Resources

At Zillow, we believe that our long-term success is dependent upon attracting, developing and retaining talented employees, and maintaining a culture that allows each employee to do their best work. We value integrity, accountability, collaboration, creativity, respect and transparency as central to our core values.

22 Source: 2025 Mortgage Bankers Association Report

23 Source: 2025 U.S. Census Bureau’s Current Population Survey dated February 3, 2026

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As of December 31, 2025, we had 7,068 employees. We seek to lead and enable capabilities, practices, and systems that produce high employee engagement and more effective products and services. In alignment with our business goals, we partner across the enterprise to embed fair practices in the way we work together and serve our stakeholders. In an effort to support fair pay, we monitor multiple dimensions of our business, including product lines, top executive roles, and technical and nontechnical roles, in alignment with applicable laws.

Zillow as a Flexible Workforce

Through our flexible workforce and our investments in recruiting, retaining, developing, and employee feedback, we are setting the standard for great employee experiences and a positive work culture. These investments provide us with a wide applicant pool and lead to lower employee attrition. We offer nearly all Zillow employees the choice to work from wherever they are most productive. We continue to evolve our flexible work model to more effectively manage our time and calendars, provide more opportunities to work asynchronously, and allow all employees to thrive, regardless of location. Our base pay compensation frameworks seek to prioritize performance and allow us to compete for talent.

Our offices continue to be a place for teams to come together to support connection and collaboration. Since our permanent move to a flexible workforce, we have redesigned our physical workspaces to provide more space for collaboration and engagement, with specific focus on creating event spaces for team gatherings. In 2025, we continued to align our office footprint to suit our needs, considering local and traveling employee populations.

Career and Leadership Development

At Zillow Group, we believe each of our employees should have the tools and support they need to grow their careers through experiences, resources and connections. We have a dedicated Talent Success team, which creates educational resources and conducts training on a wide range of topics including job-specific onboarding, AI adoption and development skills, effective communication, collaboration, as well as sophisticated leadership training programs and experiences with focused learning tracks for both new managers and experienced leaders. We continue to offer online learning opportunities through Zillow University, our internal online training platform. Zillow employees have completed over 83,000 hours of content in 2025 on the Zillow University and LinkedIn Learning® platforms.

A key piece in development is cultivating a learning culture where learning is a habit, and learning agility is at the forefront. We have developed a robust Learning and Development portfolio that includes a number of key career development programs that support our employees to equip them with the knowledge and experience to grow their careers.

Our people managers play a critical role in moving our business forward by coaching their team, developing their talent and providing strong communication to create team engagement. To help achieve this goal, we utilize our Leadership Expectations, a leadership development guide that outlines our Leadership Philosophy, provides the foundation of our leadership development programs and sets forth our expectations for leaders and the behaviors that are essential to create a consistent leadership experience at Zillow. In 2025, we held a manager capability workshop series that focused on accountability, leading through change, developing talent, and giving and receiving feedback and measured managers on the development of these skills.

Talent Rewards

Talent Rewards connects compensation, benefits, and immigration/mobility programs whose purpose is to reinforce talent attraction, retention and development in support of Zillow’s culture. Throughout 2025, we have continued to invest across these programs to more clearly articulate our value proposition to employees and external candidates. We conduct ongoing reviews of employee compensation to align rewards practices with market expectations.

In addition, our robust benefits are reflected by our physical, family, mental and financial wellness programs to meet the needs of our employees. Continuing investments reinforce Zillow’s commitment to promoting a fair, healthy, focused and high-performing workforce.

Where You Can Find More Information

Our filings with the SEC, including our annual reports on Form 10-K, quarterly reports on Form 10-Q, current reports on Form 8-K, and amendments to those reports, are available on the “Investors” section of our website at www.zillowgroup.com,

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free of charge, as soon as reasonably practicable after the electronic filing of these reports with the SEC. The information contained on our website is not a part of this Annual Report on Form 10-K or any other document we file with the SEC.

Investors and others should note that Zillow Group announces material financial information to its investors using its press releases, SEC filings and public conference calls and webcasts. Zillow Group intends to also use the following channels as a means of disclosing information about Zillow Group, its services and other matters and for complying with its disclosure obligations under Regulation FD:

•Zillow Group Investor Relations Site (https://investors.zillowgroup.com)

•Zillow Group Blog (https://www.zillowgroup.com/news/)

•Zillow Group X Account (https://X.com/zillowgroup)

•Zillow Group LinkedIn Account (https://www.linkedin.com/company/zillow)

The information Zillow Group posts through these channels may be deemed material. Accordingly, investors should monitor these channels, in addition to following Zillow Group’s press releases, SEC filings and public conference calls and webcasts. This list may be updated from time to time and reflects current updated channels as of the date of this Annual Report on Form 10-K. The information we post through these channels is not a part of this Annual Report on Form 10-K or any other document we file with the SEC, and the inclusion of our website addresses, X Account and LinkedIn Account are as inactive textual references only.

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