Zillow Group Inc Q3 2025 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst : Great. Thanks for taking the question. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 9:00PM, Z.OQ - Q3 2025 Zillow Group Inc Earnings Call Maybe, Jeremy Wacksman, I wanted to ask a bigger picture question for you, just on all the news around AI and commentary around Zillow Apps on ChatGPT. You talked about ChatGPT and apps just being a new doorway to Zillow. What I want to hear a little bit more is just the integration here, the risks, the opportunities of being that first mover on newer platforms. And then, as newer doorways open, Zillow does have [250 million uniques], obviously, right? And so how do you balance your current traffic with these newer doorways with potentially having to spend more on brand awareness? Thank you.

Question: Ronald Josey - Citi Infrastructure Investments LLC - Analyst : That's great to hear. Thank you, Jeremy.

Question: Daniel Kurnos - Benchmark Company LLC - Analyst : Great. Thanks. You've obviously done a lot of work on the myriad court cases. Clients are particularly focused on the recent FTC suit so maybe it would just be great to get your perspective on the impacts and how you think it plays out. And then, separately, the other hot topic with investors is somewhat related, Compass-proposed acquisition of Anywhere. Antitrust concerns aside, maybe your views on any potential disruption if agents choose or are forced to take their three-phase marketing program or if anyone else bandwagons on their efforts to grow the private marketplace listings. Thank you.

Question: Daniel Kurnos - Benchmark Company LLC - Analyst : Super helpful. Thank you, Jeremy. Appreciate it. REFINITIV STREETEVENTS | www.refinitiv.com | Contact Us consent of Refinitiv. 'Refinitiv' and the Refinitiv logo are registered trademarks of Refinitiv and its affiliated companies. OCTOBER 30, 2025 / 9:00PM, Z.OQ - Q3 2025 Zillow Group Inc Earnings Call

Question: Brad Erickson - RBC Capital Markets Inc - Analyst : Hey, guys. Thanks. First, the Residential business looks like it outgrew the market by a couple points in Q3. Can you lay out maybe any market forces that leaned one way or the other on the Resi business during the quarter that netted out to that number? And then, second, can you just talk about what's embedded, from a market growth perspective, in the Q4 guide? And then, I have a follow-up. Thanks.

Question: Brad Erickson - RBC Capital Markets Inc - Analyst : Great. And then, just to follow up on Zillow Pro, you mentioned in the prepared remarks just several points of value-add. Can you maybe just expand a bit on where the biggest value unlocks come from with Pro; and then, also, just how does that get monetized or how do you envision that getting monetized, over time? Thanks.

Question: Brad Erickson - RBC Capital Markets Inc - Analyst : Thanks.

Question: Thomas Champion - Piper Jaffray Inc - Analyst : Hey, guys. Good afternoon. One question we get a lot is on the various components of Residential revenue. I'm wondering if you could just talk about the segment, the broad categories around agent software, new construction marketplace, what rolls up into that number. Jeremy, your point on the revenue acceleration was very interesting. So just curious if there was any one or two components that might have driven that. And then, just really super quick, Jeremy Hoffman, if you could talk about headcount and investment into next year -- I understand it's probably still in planning process but I think you've provided some early comments on '26. Just any preliminary thoughts there? Thank you, guys.

Question: Lloyd Walmsley - Mizuho Securities USA LLC - Analyst : Great. Thanks for taking the question. I just wanted to ask about the back and forth of the funnel between the agent and Zillow Home Loan side. I think it's clear how, in enhanced markets, agents can be helpful in making consumers aware of Zillow Home Loans. Where, in terms of the other direction people are coming in, whether that's the BuyAbility calculator or otherwise, are you seeing a good flow from people who come in through the mortgage funnel and attaching them to an agent? Is that an opportunity you guys are focused on at this point?

Question: Lloyd Walmsley - Mizuho Securities USA LLC - Analyst : All right. Well, thank you.

Question: Dae Lee - JPMorgan Chase & Co - Analyst : Great. Thanks for taking my questions. First one, for Jeremy Wacksman, following up on your comments on the ChatGPT integration, I understand that mobile transition was an incremental door for you guys but with ChatGPT, there is like an intermediary sitting between you and the consumers, helping you make that connection. So when you view the consumer journey for users who start their home search in ChatGPT versus to also start directly on Zillow, are you seeing or are you expecting any differences in engagement or monetization potential? Do you expect these users to eventually come back directly to Zillow or continue engaging through ChatGPT? And then, I have a follow-up.

Question: Dae Lee - JPMorgan Chase & Co - Analyst : Got it. And then, as a follow-up to Jeremy Hoffman, when you look at Zillow Pro and Zillow Preferred, how should we think about how that could change the monetization potential of your platform and profitability potential of your platform? When you gave us an early view on 2026, does that early view include meaningful contribution from these products?

Question: Dae Lee - JPMorgan Chase & Co - Analyst : Thank you.