Zillow (Z) investor relations material

Business performance and growth

• Achieved mid-teens revenue growth outlook for 2025, with 15% growth in 2024 and continued EBITDA margin expansion.

• Rentals revenue is expected to grow 40% in 2025, with multifamily property count up 45% and revenue up 56% year-over-year.

• For Sale segment outperformed the housing market by 800 basis points in Q2, driven by agent conversion, mortgage growth, and new product adoption.

• Mortgage business saw 41% revenue growth and 48% origination growth, aiming to become a top purchase mortgage originator.

• Enhanced markets now cover 27% of transactions, targeting 35%+ by year-end and 75% mid-cycle, integrating products and agent relationships.

Product innovation and technology

• Launched Listing Showcase, now 2.5% of all new listings, with features like virtual staging and drone footage.

• Follow Up Boss CRM, acquired in 2023, is now used by all enhanced market partners and 43 of the top 50 agent teams.

• Introduced consumer tools like SkyTour and tour itineraries to drive engagement and conversion.

• AI investments span consumer experience, agent productivity, and internal efficiency, including generative AI for call summaries and smart lists.

• Most company code is now AI-assisted, improving employee productivity and operational leverage.

Marketplace and partnerships

• Aggregated 60% of all single-family rental homes and expanded multifamily listings from 27,000 to 64,000 buildings in three years.

• Distribution partnerships with Realtor.com and Redfin extend multifamily reach, benefiting property managers and consumers.

• Redfin and Realtor.com generate leads, with Zillow paying for acquisition and sharing economics across platforms.

• Unique position in rentals due to brand strength and ability to serve both mom-and-pop landlords and large property managers.