Zillow Group, Inc. 10-Q filed Nov 4, 2026

Modified · Health of Housing Market

Our financial performance is impacted by changes in the health of the housing market, which is impacted, in turn, by general economic conditions. Current market factors have been driven by low housing inventory, elevated and volatile mortgage interest rates, changes in rental inventory and occupancy rates, as well as home price fluctuations and inflationary conditions. These factors may impact the number of transactions consumers complete using our products and services and demand for our advertising services. According to residential real estate data published by NAR, TTV increased 61% during the three months ended JuneSeptember 30, 2026 as compared to the three months ended JuneSeptember 30, 2025 and increased 43% during the sixnine months ended JuneSeptember 30, 2026 as compared to the sixnine months ended JuneSeptember 30, 2025. We continue to invest in the growth of our business, which we believe has resulted in year over year year-over-year total revenue results, described below, for the three and six month periods nine months ended JuneSeptember 30, 2026 as compared to the same periods in the prior year, that exceeded industry performance for the same periods. The extent to which market factors impact our results and financial position will depend on future developments, which are uncertain and difficult to predict.