Financial Performance - Total revenue for Q3 2025 was $676 million, a 16.3% increase from $581 million in Q3 2024[28] - Gross profit for Q3 2025 reached $491 million, compared to $441 million in Q3 2024, reflecting a 11.4% growth[28] - Net income for Q3 2025 was $10 million, a recovery from a net loss of $20 million in Q3 2024[30] - For Sale revenue from residential properties was $435 million in Q3 2025, up from $405 million in Q3 2024, marking a 7.4% increase[28] - The company reported a loss from operations of $3 million in Q3 2025, an improvement from a loss of $45 million in Q3 2024[28] - Total revenue for the three months ended September 30, 2025, was $676 million, representing a 16% increase from $581 million in the same period of 2024[111] - The net income for the three months ended September 30, 2025, was $10 million, compared to a net loss of $20 million in the same period of 2024[95] - Adjusted EBITDA for the three months ended September 30, 2025 was $165 million, a 30% increase from $127 million in the same period in 2024[137] - Total revenue for the nine months ended September 30, 2025 increased by $247 million, or 15%, to $1.9 billion[133] Assets and Liabilities - Total current assets decreased to $2,119 million as of September 30, 2025, down from $2,334 million at the end of 2024[27] - Total liabilities decreased to $706 million as of September 30, 2025, compared to $981 million at the end of 2024[27] - Shareholders' equity increased to $4,992 million as of September 30, 2025, up from $4,848 million at the end of 2024[27] - Total assets measured at fair value on a recurring basis were $1,695 million as of September 30, 2025, compared to $2,025 million as of December 31, 2024[56] - As of September 30, 2025, outstanding borrowings under master repurchase agreements totaled $272 million, with a maximum borrowing capacity of $600 million[62] Cash Flow and Investments - Net cash provided by operating activities was $296 million for the nine months ended September 30, 2025, compared to $306 million in 2024[34] - Cash, cash equivalents, and restricted cash at the end of the period were $879 million, down from $1,075 million at the end of September 2024[34] - The company reported a net decrease in cash of $206 million during the period, compared to a decrease of $420 million in the prior year[34] - The company repurchased Class A common stock and Class C capital stock totaling $438 million in 2025, compared to $301 million in 2024[34] - The company repurchased 4.7 million shares of Class A common stock and 1.4 million shares of Class C capital stock during the nine months ended September 30, 2025, for an aggregate purchase price of $438 million[187] Revenue Breakdown - Rentals revenue increased by $51 million, or 41%, to $174 million, driven by higher quarterly revenue per average monthly rentals unique visitor[111] - Residential revenue rose by $30 million, or 7%, to $435 million, attributed to increased visits and Residential revenue per visit[115] - Mortgages revenue increased by $14 million, or 36%, to $53 million, due to a rise in mortgage originations revenue from higher total loan origination volume[115] - Total loan origination volume for the three months ended September 30, 2025, was $1,281 million, a 56% increase from $819 million in the same period of 2024[128] Expenses - Total operating expenses for Q3 2025 were $494 million, slightly higher than $486 million in Q3 2024[28] - Cost of revenue increased by $45 million, or 32%, to $185 million for the three months ended September 30, 2025[142] - Sales and marketing expenses rose by $50 million, or 9%, for the nine months ended September 30, 2025, driven by increased headcount-related expenses[152] - Technology and development expenses increased by $17 million, or 4%, for the nine months ended September 30, 2025, primarily due to higher headcount-related expenses[155] - General and administrative expenses decreased by $17 million, or 4%, for the nine months ended September 30, 2025, mainly due to lower headcount-related expenses[158] Shareholder Information - The company authorized a total of $3.5 billion for share repurchases, with $943 million remaining available as of September 30, 2025[73] - The company has authorized up to an additional $1 billion for share repurchases, increasing total cumulative repurchase authorizations to $3.5 billion as of September 30, 2025[187] Market and Economic Conditions - Zillow Group operates in a dynamic industry influenced by economic conditions, interest rates, and housing availability[39] - The company is exposed to market risks, particularly fluctuations in interest rates, which may impact mortgage loan origination volume and associated revenue[195] - Inflationary pressures may lead to increased costs in labor, marketing, and hosting, potentially affecting the company's financial condition[201] Legal and Compliance - The company has not recorded any material accruals related to ongoing legal proceedings as of September 30, 2025, indicating a stable financial position despite potential risks[82] - The company is involved in various legal proceedings, including antitrust and consumer protection claims, which may increase as the business expands[209] - As of September 30, 2025, the company's disclosure controls and procedures were evaluated as effective by the CEO and CFO[203] - No changes in internal control over financial reporting were identified that could materially affect the company's financial reporting[204]

ZILLOW GROUP, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in millions, unaudited) | | | | Three Months Ended | | | | Nine Months Ended | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | September 30, | | | | September 30, | | | | | 2025 | | 2024 | | 2025 | | 2024 | | Revenue | $ | 676 | $ | 581 | $ | 1,929 | $ | 1,682 | | Cost of revenue (1) | | 185 | | 140 | | 490 | | 393 | | Gross profit | | 491 | | 441 | | 1,439 | | 1,289 | | Operating expenses: | | | | | | | | | | Sales and marketing (1 ...

Core Insights - An increasing number of individuals are utilizing financing options through Zillow for home purchases [1] - A growing number of property managers are leveraging Zillow for rental listings [1] Group 1 - More people are buying homes using financing through Zillow [1] - More property managers are using the website for rental listings [1]

Core Insights - The U.S. housing market faces challenges from high mortgage rates, affordability issues, and mixed buyer sentiment, yet Opendoor Technologies and Zillow Group are leading digital real estate innovations [1][2] Opendoor Technologies - Opendoor reported $1.6 billion in revenues for Q2 2025, achieving adjusted EBITDA profitability of $23 million, marking its first profitable quarter since 2022 [4] - The company is transitioning to an agent-distributed model, enhancing its reach through the "Key Agent" program and Cash Plus offering, which has doubled customer conversion rates [5][6] - Despite a 63% year-over-year decline in home acquisitions, Opendoor maintains a strong balance sheet with $789 million in cash, allowing for stability during its strategic transition [7] Zillow Group - Zillow's Q2 2025 revenues grew by 15% to $655 million, with significant growth in Rentals (36%) and Mortgage revenue (41%), driven by increased loan originations [10][11] - The company has a strong consumer base, averaging 243 million monthly users, and is enhancing user experience through innovative tools like BuyAbility and AI-supported CRM features [8][9] - Zillow's integrated market strategy is yielding results, with 27% of customer connections flowing through its upgraded experience, aiming for over 35% by year-end [10] Stock Performance - Over the past three months, Opendoor's stock surged by 240.6%, while Zillow's stock fell by 5.8%, reflecting differing investor sentiments towards their respective business models [13] - Opendoor trades at a forward price-to-sales ratio of 1.22X, significantly lower than Zillow's 6.5X, indicating a potential for higher upside if its new model succeeds [14] Earnings Estimates - Opendoor's consensus estimate for 2025 loss per share has improved to 24 cents, with expectations of narrowing losses in 2026 [16] - Zillow's EPS estimate for 2025 is $1.67, reflecting a 21% year-over-year growth, with consistent revenue growth projections for 2025 and 2026 [17] Strategic Outlook - Opendoor's focus on a capital-light, agent-driven model positions it for potential operating leverage as market conditions improve, supported by a new CEO with AI expertise [19] - Zillow's established brand and integrated ecosystem provide a competitive advantage, although its premium valuation limits short-term upside [20]

NEW YORK--(BUSINESS WIRE)--Halper Sadeh LLC, an investor rights law firm, is investigating whether certain officers and directors of Zillow Group, Inc. (NASDAQ: Z) breached their fiduciary duties to shareholders. If you currently own Zillow stock and acquired shares on or before August 5, 2021, you may be able to seek corporate governance reforms, the return of funds back to the company, a court-approved financial incentive award, or other relief and benefits. Please click here to learn more ab. ...

Core Insights - Zillow economists project a modest increase in U.S. home prices, forecasting a rise of +1.2% from August 2025 to August 2026, with an updated outlook now at +1.9% [2][4]. Summary by Sections Home Price Forecast - Initially, Zillow's 12-month forecast for U.S. home prices was +2.6%, but due to a quicker-than-expected softening in housing markets, it was revised down to -1.7% by April 2025 [3]. - Recent months have seen a halt in downward revisions, with forecasts increasing from +0.4% in August to +1.2% in September, and now to +1.9% [4]. Regional Price Changes - Among the 300 largest U.S. metro areas, the highest projected home price increases from September 2025 to September 2026 are expected in: 1. Atlantic City, NJ +5.4% 2. Rockford, IL +5.1% 3. Concord, NH +5.1% 4. Knoxville, TN +5.0% 5. Saginaw, MI +4.9% [6]. Declining Markets - Conversely, the largest expected home price declines in the same period are projected in: 1. Houma, LA -7.4% 2. Lake Charles, LA -6.9% 3. Lafayette, LA -4.3% 4. New Orleans, LA -4.0% 5. Shreveport, LA -3.8% [12]. Market Dynamics - Currently, U.S. home prices are up +0.01% year over year, and if Zillow's latest forecast of +1.9% is realized, it would indicate a slight acceleration in national home price growth [7]. - The Sun Belt, particularly Southwest Florida, is identified as the epicenter of housing market weakness, with a notable increase in buyer's markets from 6 to 15 among the nation's largest metros [9].

Group 1 - Coatue Management holds $51.82 million worth of shares in Zillow Group, Inc. (NASDAQ:Z), representing 0.14% of its total 13F portfolio, indicating potential upside for the stock [1] - Zillow Group, Inc. has launched its application on ChatGPT, becoming the first property platform to do so, allowing users to search and explore homes through conversational queries [2] - The integration with ChatGPT is part of Zillow's long-term investment in AI, aiming to enhance its digital footprint and leverage OpenAI's user base of over 800 million [3] Group 2 - Zillow Group, Inc. offers services for property search, listings, and transactions through its website and mobile applications, solidifying its position as a leading real estate technology platform [4] - While Zillow is recognized for its potential as an investment, there are other AI stocks that may offer greater upside potential and less downside risk [5]

I'm an avid Zillow-er.Window shopping more or less, but constantly checking out houses all over the world at different price points.The prices on some of these homes are getting delusional.Seems like for the average person it'll be very hard to escape the rental hamster wheel unless something changes. ...

Core Insights - Billionaire Philippe Laffont's Coatue Management focuses on high-growth technology and AI-driven stocks, managing $69.5 billion in assets as of May 27, 2025 [1] - The fund's largest public equity holdings include Nvidia, Broadcom, Meta, and CoreWeave, with CoreWeave representing 8.1% of the portfolio as of Q2 2025, emphasizing foundational AI infrastructure [2] - Recent easing of trade tensions with China and positive bank earnings have contributed to a recovery in U.S. stocks, with optimism growing around potential talks between U.S. and Chinese leaders [3] Company Movements - In Q2 2025, Laffont reduced his position in Amazon by 596,184 shares (6% decrease QoQ) while increasing his stake in CoreWeave by nearly 3.4 million shares (24% increase QoQ) [4] - The fund also expanded its positions in Nvidia and Broadcom by 35% and 59%, respectively, during the same period [4] Stock Picks and Performance - The article lists 10 stock picks from Coatue Management with significant upside potential, based on Q2 2025 13F filings and Wall Street analysts' price targets as of October 15, 2025 [7] - Philip Morris International Inc. (NYSE:PM) has an upside potential of 19.40% despite a share price return of -11.15% between July 1 and October 15, 2025, with a $37 million investment announced for expanding its manufacturing facility [10][11] - Zillow Group, Inc. (NASDAQ:Z) has an upside potential of 19.77% and recently launched an application on ChatGPT, enhancing its digital footprint [15][16][17] - Intuit Inc. (NASDAQ:INTU) shows an upside potential of 24.37% despite a share price return of -16.28%, with significant upgrades announced for its Mailchimp platform aimed at boosting retailer sales during the holiday season [19][20][21][22]

Summary of Key Points Core Viewpoint - Zillow's stock has experienced significant volatility, rising over 60% from a low of $57 to a high of $93.88, before recently declining by 25% to $69.69 [1]. Stock Performance - The stock price increased from $57 to $93.88, marking a rise of over 60% [1]. - Following this peak, the stock price fell by 25%, settling at $69.69 [1].