Zillow Group Inc. C 2025年季度报告

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549_____________________________________________________ FORM10-Q Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller Large accelerated filer☒Non-accelerated filer☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange As of April30, 2025,51,874,170shares of ClassA common stock,6,217,447shares of Class B common stock and183,358,692shares of Class C capital stock were outstanding. ZILLOW GROUP, INC. Quarterly Report on Form 10-Q For the Three Months Ended March 31, 2025 TABLE OF CONTENTS PART I – FINANCIAL INFORMATION Item 1.Financial Statements (unaudited) Condensed Consolidated Balance Sheets Condensed Consolidated Statements of Operations Condensed Consolidated Statements of Comprehensive Income (Loss) PART II – OTHER INFORMATION Item 1.Legal ProceedingsItem1A.Risk FactorsItem 2.Unregistered Sales of Equity Securities and Use of ProceedsItem 5.Other InformationItem 6.ExhibitsSignatures GLOSSARY OF TERMS As used in this Quarterly Report on Form 10-Q, the terms identified below have the meanings specified below unless otherwisenoted or the context indicates otherwise: NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q, including Part I, Item2 (Management’s Discussion and Analysis of Financial Conditionand Results of Operations), contains forward-looking statements based on our management’s beliefs and assumptions and oninformation currently available to our management. Forward-looking statements include all statements that are not historical facts andgenerally may be identified by terms such as “believe,” “may,” “will,” “estimate,” “continue,” “anticipate,” “intend,” “could,” These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those risks,uncertainties and assumptions described in Part I, Item1A (Risk Factors) in our Annual Report on Form 10-K for the fiscal year ended •the health and stability of the economy and United States residential real estate industry, including changes in inflationaryconditions, interest rates, housing availability and affordability, labor shortages and supply chain issues;•our ability to manage advertising and product inventory and pricing and maintain relationships with our real estate partners;•our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobileapplications and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of suchlisting data;•our ability to comply with current and future rules and requirements promulgated by NAR, MLSs, or other real estate industrygroups or governing bodies, or decisions to repeal, amend, or not enforce such rules and requirements;•our ability to navigate industry changes, including as a result of past, pending or future lawsuits, settlements or governmentinvestigations, which may include lawsuits, settlements or investigations in which we are not a named party;•uncertainties related to potential policy changes or enforcement priorities at the federal and state levels;•our ability to continue to innovate and compete to attract customers and real estate partners;•our ability to effectively invest resources to pursue new strategies, develop new products and services and expand existingproducts and services into new markets;•our ability to operate and grow Zillow Home Loans’ mortgage operations, including the ability to obtain or maintain sufficientfinancing to fund the origination of mortgages, meet customers’ financing needs with product offerings, continue to groworigination operations and resell originated mortgages on the secondary market;•the duration and impact of natural disasters, climate change, geopolitical events, and other catastrophic events (includingpublic health crises) on our ability to operate, demand for our products or services, or general e