ZILLOW GROUP Business Summary

Zillow Group, Inc. (Z) operates as a leading digital real estate ecosystem, generating revenue through a diversified mix of subscription-based advertising, transaction fees, and software licensing. Its primary business segments include Residential, which encompasses the Premier Agent program and software solutions like Follow Up Boss and ShowingTime; Rentals, a high-growth marketplace for multifamily and single-family listings; and Mortgages, focused on purchase loan originations via Zillow Home Loans. Following its strategic pivot away from iBuying, the company has transitioned into a "Housing Super App" model, integrating the entire moving journey from search to financing. Zillow maintains a dominant market position as the most-visited real estate platform in the U.S., competing directly with tech-enabled brokerage Redfin, the CoStar-backed Homes.com, and the News Corp-operated Realtor.com, while distinguishing itself through superior consumer traffic and a comprehensive B2B software suite for agents. The company was founded in 2005 by a team of tech veterans including Rich Barton and Lloyd Frink—both of whom previously founded Expedia—and Spencer Rascoff. The current leadership is led by Chief Executive Officer Jeremy Wacksman, who was appointed in August 2024 after serving as the company's COO, and Chief Technology Officer David Beitel, a founding team member with a deep pedigree from Microsoft and Expedia. The executive team also includes CFO Jeremy Hofmann and COO Jun Choo, both of whom have been instrumental in the company's recent return to GAAP profitability in 2025. Zillow’s board of directors features prominent venture capital figures such as Bill Gurley of Benchmark and Jay Hoag of TCV, alongside Gregory Maffei of Liberty Media, reflecting a robust institutional backing that includes major shareholders like Vanguard and BlackRock.