Zillow Group, Inc. (ZG) Bernstein Insights: What’s subsequent in tech? – 4th Annual Tech, Media, Telecom Discussion board February 26, 2026 12:00 PM EST
Firm Members
Jeremy Hofmann – Chief Monetary Officer
Convention Name Members
Nikhil Devnani – Bernstein Institutional Companies LLC, Analysis Division
Logan Reich – RBC Capital Markets, Analysis Division
Presentation
Nikhil Devnani
Bernstein Institutional Companies LLC, Analysis Division
Welcome to Bernstein’s TMT Convention.
Jeremy Hofmann
Chief Monetary Officer
Thanks for having me.
Nikhil Devnani
Bernstein Institutional Companies LLC, Analysis Division
Completely. I am certain lots of you within the room already know Zillow. It is likely one of the main on-line portals to look, uncover and now more and more transact while you’re within the house shopping for course of and the leases course of. The enterprise continues to evolve and kind of develop its attain throughout a number of completely different companies throughout the housing ecosystem, and we will get into all of that at this time.
Query-and-Reply Session
Nikhil Devnani
Bernstein Institutional Companies LLC, Analysis Division
Jeremy, I might like to kick it off with possibly a glance again, proper? You simply wrapped up 2025. The enterprise grew about 16%. Adjusted EBITDA grew about 25%. You’ve got seen GAAP earnings now begin to come by means of on a extra constant foundation. Look again on final 12 months, what went properly? What are areas that you are looking to proceed to enhance upon as a senior management staff as you look forward as properly?
Jeremy Hofmann
Chief Monetary Officer
Sure. Sure, we’re actually happy with how 2025 went. Enterprise grew, such as you stated, 16% total. EBITDA grew 25%. We have been a GAAP internet revenue worthwhile in all 4 quarters and for the complete 12 months, which was an necessary aim for us as an organization. Once I look beneath these total drivers, we see inexperienced lights throughout the enterprise. Our for-sale enterprise grew fairly properly versus the market.