Company reaffirms first-quarter, full-year outlook and mid-cycle targets while providing new mid-cycle net income margin target

SEATTLE, March 24, 2026 /PRNewswire/ -- Zillow Group, Inc. (NASDAQ:Z) today is hosting an AI Summit for Investors, highlighting how the company is leading the next era of residential real estate. This half-day event will showcase how Zillow connects the end-to-end moving journey — including home discovery, renting, touring, buying, selling and financing — in an AI-native housing platform where consumers and professionals can take action. At the event, Zillow executives will share the company's product and platform strategy and demonstrate new and evolving consumer and professional experiences.

"Zillow's AI-native housing platform makes moving simpler and more connected, helping people move with clarity and confidence," said Zillow Chief Executive Officer Jeremy Wacksman. "We've built Zillow as a destination where high-intent consumers come to make decisions and act on them to buy, sell, finance, and rent. With two decades of innovation and building our proprietary data and integrated AI into core workflows, we're uniquely positioned to deliver better outcomes for consumers and industry professionals that we expect will drive durable growth for Zillow."

Zillow's AI strategy also benefits from being the most visited real estate app and website in the United States, with a deeply engaged audience of 235 million average monthly unique users — 80% of whom come directly to Zillow — and sustained engagement over months as consumers search, compare, tour and plan their move. This depth of consumer intent, combined with Zillow's breadth across both For Sale and Rentals, positions the company at the center of the housing journey for both consumers and industry professionals.

Advancing an AI-native housing platform

At the summit, Zillow leaders will outline how the company is building a unified housing operating system, with advantages across content, context and integration powering its AI strategy:

Proprietary housing content: Comprehensive inventory across existing homes, rentals and new construction, enriched with structured data and immersive media
High-intent consumer context: First-party behavioral signals across search, touring, financing and transaction activity that improve over time
Integrated transaction infrastructure: Software and workflows embedded across touring, CRM, financing and closing that enable consumers and professionals to complete transactions within Zillow's platform

Zillow is applying intelligence across each stage of the housing journey, from discovery to closing, to improve consumer experiences and empower real estate professionals.

Financial outlook and mid-cycle targets

Zillow continues to execute across For Sale and Rentals. The company is reaffirming its first-quarter and full-year 2026 financial outlook and its mid-cycle financial targets while providing a new mid-cycle net income margin target.

Reaffirming ranges for first quarter 2026 financial outlook: For the three months ending March 31, 2026, we expect:
- Total revenue of $700 million to $710 million
- Adjusted EBITDA of $160 million to $175 million
Reaffirming full-year 2026 financial outlook: For the full year 2026, year over year we expect:
- Mid-teens total revenue growth, including Rentals revenue growth of approximately 30%
- Continued Adjusted EBITDA margin expansion
- Share-based compensation to decrease by more than 10%
Reaffirming mid-cycle financial targets and providing mid-cycle net income margin target: For the mid-cycle, assuming a normalized housing market, we are targeting total revenue of $5 billion, Adjusted EBITDA margin of 45%, and net income margin of 25%.

Additional details will be provided during the event and in related presentation materials, which will be made available on the company's Investor Relations website.

Webcast information

In-person attendance is by invitation only. A live webcast will begin at 9 a.m. ET / 6 a.m. PT Tuesday, March 24. The live webcast and replay will be available on the Events & Presentations section of Zillow Group's Investor Relations website.

About Zillow Group

Zillow Group, Inc. (NASDAQ:Z) is reimagining real estate to make home a reality for more and more people.

As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more.

Zillow's ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing.

Zillow Group's affiliates, subsidiaries and brands include Zillow^®, Zillow Premier Agent^®, Zillow Home Loans^®, Zillow Rentals^®, Zillow^® New Construction, Trulia^®, StreetEasy^®, Out East^®, HotPads^®, Follow Up Boss^®, ShowingTime^®, dotloop^® and Zillow^® Closing.

All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate.

Forward-looking statements

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding the company's full-year and mid-term financial targets, the company's business and product strategies, the execution of those strategies, and their impact on consumers and real estate professionals. Statements containing words such as "may," "believe," "anticipate," "expect," "intend," "plan," "project," "predict," "will," "projections," "continue," "estimate," "outlook," "guidance," "would," "could," "strive" or similar expressions constitute forward-looking statements. Forward-looking statements are made based on assumptions as of March 24, 2026, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results. Differences in Zillow Group's actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group's control.

Factors that may contribute to such differences include, but are not limited to: the health and stability of the economy and United States residential real estate industry, including changes in inflationary conditions, interest rates, housing availability and affordability, labor shortages and supply chain issues; our ability to manage advertising, product inventory and pricing, and to maintain relationships with our real estate partners; our ability to establish or maintain relationships with listing and data providers, which affects traffic to our mobile apps and websites; or changes to our rights to use or timely access listing data, or to the quality or quantity of such listing data; our ability to comply with current and future rules and requirements promulgated by National Association of REALTORS®, multiple listing services, or other real estate industry groups 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 government investigations, which may include lawsuits, settlements or investigations in which we are not a named party; uncertainties related to policy changes, enforcement priorities, or government shutdowns 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 existing products and services into new markets; our ability to operate and grow Zillow Home Loans' mortgage operations, including the ability to obtain or maintain sufficient financing to fund the origination of mortgages, meet customers' financing needs with product offerings, continue to grow origination operations and resell originated mortgages on the secondary market; the duration and impact of natural disasters, climate change, geopolitical events, and other catastrophic events (including public health crises) on our ability to operate, demand for our products or services, or general economic conditions; our public statements, disclosures, targets, and product features related to sustainability matters; our ability to maintain adequate security controls or technology systems, or those of third parties on which we rely, to protect data integrity and the information and privacy of our customers and other third parties; our ability to navigate any significant disruption in service on our mobile apps or websites or in our network; the impact of past, pending or future litigation and other disputes or enforcement actions, which may include lawsuits or investigations to which we are not a party; our ability to attract, engage, and retain a highly skilled workforce; mergers, acquisitions, investments, strategic partnerships, capital-raising activities, or other corporate transactions or commitments by us or our competitors; our ability to continue relying on third-party services to support critical functions of our business; our ability to protect and continue using our intellectual property and prevent others from copying, infringing upon, or developing similar intellectual property, including as a result of artificial intelligence; our ability to comply with domestic and international laws, regulations, rules, contractual obligations, policies and other obligations, or to obtain or maintain required licenses to support our business and operations; our ability to pay our debt or to raise additional capital or refinance our indebtedness on acceptable terms, or at all; actual or anticipated fluctuations in quarterly and annual results of operations and financial position; actual or perceived inaccuracies in the assumptions, estimates and internal or third-party data that we use to calculate business, performance and operating metrics; and volatility of our Class A common stock and Class C capital stock prices.

The foregoing list of risks and uncertainties is illustrative but not exhaustive. For more information about potential factors that could affect Zillow Group's business and financial results, please review the "Risk Factors" described in Zillow Group's publicly available filings with the United States Securities and Exchange Commission. Except as may be required by law, Zillow Group does not intend and undertakes no duty to update this information to reflect future events or circumstances.

(ZFIN)

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SOURCE Zillow Group, Inc.

Zillow Group to highlight AI-native housing platform strategy at AI Summit for Investors