Zillow (Z)
Market Price (9/3/2026): $34.92 | Market Cap: $8.0 BilSector: Communication Services | Industry: Interactive Media & Services
Zillow (Z)
Market Price (9/3/2026): $34.92Market Cap: $8.0 BilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% Stock buyback supportStock Buyback 3Y Total is 2.0 Bil Low stock price volatilityVol 12M is 48% Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Smart Buildings & Proptech. Themes include Online Marketplaces, and Real Estate Data Analytics. | Weak multi-year price returns2Y Excs Rtn is -76%, 3Y Excs Rtn is -104% | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 101x, P/EPrice/Earnings or Price/(Net Income) is 143x Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% Key risksZ key risks include [1] intensifying competition from established rivals and emerging threats like Google, Show more. |
| Strong revenue growthRev Chg LTMRevenue Change % Last Twelve Months (LTM) is 18% |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 14% |
| Stock buyback supportStock Buyback 3Y Total is 2.0 Bil |
| Low stock price volatilityVol 12M is 48% |
| Megatrend and thematic driversMegatrends include E-commerce & Digital Retail, and Smart Buildings & Proptech. Themes include Online Marketplaces, and Real Estate Data Analytics. |
| Weak multi-year price returns2Y Excs Rtn is -76%, 3Y Excs Rtn is -104% |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 101x, P/EPrice/Earnings or Price/(Net Income) is 143x |
| Significant share based compensationSBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 13% |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -3.6% |
| Key risksZ key risks include [1] intensifying competition from established rivals and emerging threats like Google, Show more. |
Qualitative Assessment
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Updated on 9/1/2026
Zillow (Z) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Zillow's fiscal Q3 and full-year 2026 revenue guidance fell below analyst expectations, tempering enthusiasm from a Q2 beat. Despite Zillow Group reporting strong fiscal Q2 2026 results on August 5, 2026, with revenue up 18% year over year to $772 million and adjusted EPS of $0.52 exceeding consensus estimates of $0.45, the company's forward-looking guidance disappointed investors. Zillow's outlook for fiscal Q3 2026 revenue was between $745 million and $760 million, which was below the consensus estimate of $772.3 million, and its full-year 2026 guidance was at or below market expectations.
2. A challenging macroeconomic housing market, characterized by elevated mortgage rates and a decelerating for-sale market, created headwinds. Throughout the period, the housing market faced pressure from high mortgage rates, which stood around 6.65% for the week ending August 24, 2026, continuing to impact affordability and demand. Zillow's own August 2026 housing market forecast indicated a potential slowdown in the for-sale market for the second half of 2026, with existing home sales projected to decline by 3.2% in fiscal Q4 and full-year home values expected to rise by only 0.3%.
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Zillow (Z) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Zillow's fiscal Q3 and full-year 2026 revenue guidance fell below analyst expectations, tempering enthusiasm from a Q2 beat. Despite Zillow Group reporting strong fiscal Q2 2026 results on August 5, 2026, with revenue up 18% year over year to $772 million and adjusted EPS of $0.52 exceeding consensus estimates of $0.45, the company's forward-looking guidance disappointed investors. Zillow's outlook for fiscal Q3 2026 revenue was between $745 million and $760 million, which was below the consensus estimate of $772.3 million, and its full-year 2026 guidance was at or below market expectations.
2. A challenging macroeconomic housing market, characterized by elevated mortgage rates and a decelerating for-sale market, created headwinds. Throughout the period, the housing market faced pressure from high mortgage rates, which stood around 6.65% for the week ending August 24, 2026, continuing to impact affordability and demand. Zillow's own August 2026 housing market forecast indicated a potential slowdown in the for-sale market for the second half of 2026, with existing home sales projected to decline by 3.2% in fiscal Q4 and full-year home values expected to rise by only 0.3%.
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Updated on 9/1/2026
Zillow (Z) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Zillow's fiscal Q3 and full-year 2026 revenue guidance fell below analyst expectations, tempering enthusiasm from a Q2 beat. Despite Zillow Group reporting strong fiscal Q2 2026 results on August 5, 2026, with revenue up 18% year over year to $772 million and adjusted EPS of $0.52 exceeding consensus estimates of $0.45, the company's forward-looking guidance disappointed investors. Zillow's outlook for fiscal Q3 2026 revenue was between $745 million and $760 million, which was below the consensus estimate of $772.3 million, and its full-year 2026 guidance was at or below market expectations.
2. A challenging macroeconomic housing market, characterized by elevated mortgage rates and a decelerating for-sale market, created headwinds. Throughout the period, the housing market faced pressure from high mortgage rates, which stood around 6.65% for the week ending August 24, 2026, continuing to impact affordability and demand. Zillow's own August 2026 housing market forecast indicated a potential slowdown in the for-sale market for the second half of 2026, with existing home sales projected to decline by 3.2% in fiscal Q4 and full-year home values expected to rise by only 0.3%.
3. Zillow announced a 7% workforce reduction in early August 2026, citing a flat housing market. The company initiated a restructuring plan that included shedding approximately 500 employees, representing 7% of its workforce, ahead of its fiscal Q2 2026 earnings report on August 5, 2026. This strategic move, attributed to a "flat housing market," indicated internal adjustments to a challenging operating environment and likely contributed to investor caution.
4. Ongoing antitrust litigation related to its Redfin partnership created a legal overhang until its resolution in late August 2026. A securities fraud class action lawsuit was filed against Zillow in June 2026, alleging an anticompetitive agreement with Redfin involving a $100 million payment for exclusive multifamily rental listings syndication. While Zillow announced the full resolution of this FTC antitrust lawsuit on August 24, 2026, reaffirming its partnership with Redfin through at least June 30, 2030, the uncertainty preceding this resolution likely weighed on the stock for a significant portion of the specified period.
Show less
Zillow (Z) stock has remained largely at the same level since 5/31/2026 because of the following key factors:
1. Zillow's fiscal Q3 and full-year 2026 revenue guidance fell below analyst expectations, tempering enthusiasm from a Q2 beat. Despite Zillow Group reporting strong fiscal Q2 2026 results on August 5, 2026, with revenue up 18% year over year to $772 million and adjusted EPS of $0.52 exceeding consensus estimates of $0.45, the company's forward-looking guidance disappointed investors. Zillow's outlook for fiscal Q3 2026 revenue was between $745 million and $760 million, which was below the consensus estimate of $772.3 million, and its full-year 2026 guidance was at or below market expectations.
2. A challenging macroeconomic housing market, characterized by elevated mortgage rates and a decelerating for-sale market, created headwinds. Throughout the period, the housing market faced pressure from high mortgage rates, which stood around 6.65% for the week ending August 24, 2026, continuing to impact affordability and demand. Zillow's own August 2026 housing market forecast indicated a potential slowdown in the for-sale market for the second half of 2026, with existing home sales projected to decline by 3.2% in fiscal Q4 and full-year home values expected to rise by only 0.3%.
3. Zillow announced a 7% workforce reduction in early August 2026, citing a flat housing market. The company initiated a restructuring plan that included shedding approximately 500 employees, representing 7% of its workforce, ahead of its fiscal Q2 2026 earnings report on August 5, 2026. This strategic move, attributed to a "flat housing market," indicated internal adjustments to a challenging operating environment and likely contributed to investor caution.
4. Ongoing antitrust litigation related to its Redfin partnership created a legal overhang until its resolution in late August 2026. A securities fraud class action lawsuit was filed against Zillow in June 2026, alleging an anticompetitive agreement with Redfin involving a $100 million payment for exclusive multifamily rental listings syndication. While Zillow announced the full resolution of this FTC antitrust lawsuit on August 24, 2026, reaffirming its partnership with Redfin through at least June 30, 2030, the uncertainty preceding this resolution likely weighed on the stock for a significant portion of the specified period.
Show less
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Stock Movement Drivers
Fundamental Drivers
The -1.2% change in Z stock from 5/31/2026 to 9/2/2026 was primarily driven by a -13.6% change in the company's Net Income Margin (%).| (LTM values as of) | 5312026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 35.00 | 34.58 | -1.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,693 | 2,810 | 4.3% |
| Net Income Margin (%) | 2.3% | 2.0% | -13.6% |
| P/E Multiple | 135.2 | 143.3 | 6.0% |
| Shares Outstanding (Mil) | 236 | 228 | 3.4% |
| Cumulative Contribution | -1.2% |
Market Drivers
5/31/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| Z | -1.2% | |
| Market (SPY) | 1.1% | 23.5% |
| Sector (XLC) | -2.8% | 60.9% |
Fundamental Drivers
The -22.5% change in Z stock from 2/28/2026 to 9/2/2026 was primarily driven by a -69.5% change in the company's P/E Multiple.| (LTM values as of) | 2282026 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 44.62 | 34.58 | -22.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,583 | 2,810 | 8.8% |
| Net Income Margin (%) | 0.9% | 2.0% | 119.8% |
| P/E Multiple | 469.6 | 143.3 | -69.5% |
| Shares Outstanding (Mil) | 242 | 228 | 6.2% |
| Cumulative Contribution | -22.5% |
Market Drivers
2/28/2026 to 9/2/2026| Return | Correlation | |
|---|---|---|
| Z | -22.5% | |
| Market (SPY) | 11.8% | 27.3% |
| Sector (XLC) | -4.5% | 50.7% |
Fundamental Drivers
The -59.0% change in Z stock from 8/31/2025 to 9/2/2026 was primarily driven by a -67.1% change in the company's P/S Multiple.| (LTM values as of) | 8312025 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 84.31 | 34.58 | -59.0% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,388 | 2,810 | 17.7% |
| P/S Multiple | 8.5 | 2.8 | -67.1% |
| Shares Outstanding (Mil) | 241 | 228 | 5.8% |
| Cumulative Contribution | -59.0% |
Market Drivers
8/31/2025 to 9/2/2026| Return | Correlation | |
|---|---|---|
| Z | -59.0% | |
| Market (SPY) | 19.6% | 28.2% |
| Sector (XLC) | 1.9% | 45.3% |
Fundamental Drivers
The -33.7% change in Z stock from 8/31/2023 to 9/2/2026 was primarily driven by a -56.4% change in the company's P/S Multiple.| (LTM values as of) | 8312023 | 9022026 | Change |
|---|---|---|---|
| Stock Price ($) | 52.16 | 34.58 | -33.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,893 | 2,810 | 48.4% |
| P/S Multiple | 6.4 | 2.8 | -56.4% |
| Shares Outstanding (Mil) | 234 | 228 | 2.5% |
| Cumulative Contribution | -33.7% |
Market Drivers
8/31/2023 to 9/2/2026| Return | Correlation | |
|---|---|---|
| Z | -33.7% | |
| Market (SPY) | 75.9% | 42.8% |
| Sector (XLC) | 71.2% | 43.8% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| Z Return | -51% | -50% | 80% | 28% | -8% | -51% | -74% |
| Peers Return | -33% | -54% | 117% | -12% | 105% | -34% | -20% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 11% | 103% |
Monthly Win Rates [3] | |||||||
| Z Win Rate | 50% | 42% | 58% | 42% | 33% | 33% | |
| Peers Win Rate | 39% | 35% | 50% | 40% | 46% | 33% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 44% | |
Max Drawdowns [4] | |||||||
| Z Max Drawdown | -73% | -59% | -37% | -33% | -31% | -58% | |
| Peers Max Drawdown | -51% | -65% | -47% | -41% | -44% | -54% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: CSGP, COMP, RKT, OPEN. See Z Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 9/2/2026 (YTD)
How Low Can It Go
| Event | Z | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.4% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -11.8% | -7.8% |
| % Gain to Breakeven | 13.4% | 8.5% |
| Time to Breakeven | 1 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.4% | -9.5% |
| % Gain to Breakeven | 50.1% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -12.6% | -6.7% |
| % Gain to Breakeven | 14.4% | 7.1% |
| Time to Breakeven | 31 days | 31 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.2% | 32.4% |
| Time to Breakeven | 705 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.1% | -33.7% |
| % Gain to Breakeven | 117.8% | 50.9% |
| Time to Breakeven | 54 days | 140 days |
In The Past
Zillow's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
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| Event | Z | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -24.5% | -18.8% |
| % Gain to Breakeven | 32.4% | 23.1% |
| Time to Breakeven | 92 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -33.4% | -9.5% |
| % Gain to Breakeven | 50.1% | 10.5% |
| Time to Breakeven | 42 days | 24 days |
| 2022 Inflation Shock & Fed Tightening | ||
| % Loss | -57.5% | -24.5% |
| % Gain to Breakeven | 135.2% | 32.4% |
| Time to Breakeven | 705 days | 427 days |
| 2020 COVID-19 Crash | ||
| % Loss | -54.1% | -33.7% |
| % Gain to Breakeven | 117.8% | 50.9% |
| Time to Breakeven | 54 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -36.2% | -19.2% |
| % Gain to Breakeven | 56.8% | 23.8% |
| Time to Breakeven | 95 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -35.4% | -12.2% |
| % Gain to Breakeven | 54.9% | 13.9% |
| Time to Breakeven | 74 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -87.9% | -6.8% |
| % Gain to Breakeven | 728.2% | 7.3% |
| Time to Breakeven | 1771 days | 15 days |
In The Past
Zillow's stock fell -24.5% during the 2025 US Tariff Shock. Such a loss loss requires a 32.4% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Zillow (Z)
Zillow Group, Inc. (symbol: Z) is a prominent digital real estate company that operates a suite of mobile applications and websites across the United States. It serves as a comprehensive platform connecting individuals throughout their home journey, from searching for properties or rentals to facilitating buying, selling, and securing financing.
The company's business primarily operates through its Internet, Media & Technology (IMT) and Mortgages segments. The IMT segment offers leading marketplaces for real estate agents, renters, and new construction developers, alongside advertising solutions and business software. The Mortgages segment provides home loans and marketing services to connect lenders with consumers. Additionally, Zillow offers title and escrow services, aiming to streamline the closing process for home transactions, catering to a wide range of customers including individual home buyers and sellers, renters, real estate professionals, and mortgage providers.
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Here are 1-3 brief analogies for Zillow:
- Cars.com for houses
- Expedia for real estate
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- Home Resale: Zillow directly buys and sells homes.
- Title and Escrow Services: Provides title search, title insurance, escrow, and closing services for real estate transactions.
- Premier Agent Marketplace: Connects real estate agents with prospective clients.
- Rentals Marketplace: Facilitates listings and connections for rental properties.
- New Construction Marketplace: Connects buyers with new construction homes.
- Business Software (dotloop): Offers software solutions primarily for real estate transactions and workflow.
- Advertising Services: Provides display and other advertising opportunities on Zillow's platforms.
- Home Loans (Mortgages): Offers direct mortgage financing to homebuyers.
- Mortgage Marketing Services: Connects mortgage lenders with potential borrowers through lead generation and custom quotes.
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Major Customers of Zillow (Symbol: Z)
Zillow primarily serves a broad base of businesses and self-employed professionals within the real estate and mortgage industries, rather than a few specific large corporate customers. Its major customers fall into the following categories:
- Real Estate Agents and Brokerages: These customers pay for Zillow's Premier Agent advertising services, lead generation, and business software solutions (like Dotloop) to manage transactions and enhance their online presence.
- Property Management Companies and Landlords: Zillow offers marketplaces for rental listings (Zillow Rentals, Trulia, HotPads), where property managers and individual landlords pay to advertise their properties and connect with prospective tenants.
- Home Builders and Mortgage Lenders: Home builders utilize Zillow's platforms to list and advertise new construction properties. Mortgage lenders and brokers pay for marketing products, custom quote services, and lead connections to reach potential borrowers through Zillow's mortgage segment.
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Amazon (AMZN)
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Jeremy Wacksman, Chief Executive Officer
Jeremy Wacksman was appointed Chief Executive Officer of Zillow Group in August 2024, having joined the company in 2009. Prior to his CEO role, he served as chief operating officer, president of Zillow, and chief marketing officer. Wacksman played a pivotal role in developing Zillow's vision, pioneering mobile real estate shopping, and leading its consumer marketing strategy. He also operationalized the company's "housing super app" strategy and diversified the business through Zillow Rentals and Zillow Home Loans, championing strategic acquisitions such as ShowingTime and Follow Up Boss. Before joining Zillow, Wacksman held leadership positions in marketing and product management at Microsoft, working on Xbox and mobile, and at Trilogy Software, a pioneer in e-commerce software. He advises startup and growth companies, having served as a board director for Rover.com and Room77, and as an adviser to companies including Dollar Shave Club and GoFundMe.
Jeremy Hofmann, Chief Financial Officer
Jeremy Hofmann was promoted to Chief Financial Officer of Zillow Group in May 2023. He joined Zillow Group approximately six years prior to his CFO appointment, and most recently served as Senior Vice President of Corporate Development and Strategy. Hofmann oversees Zillow's financial operations, including budgeting, forecasting, and financial planning, and has been crucial in driving the company's financial health and growth through corporate development and strategy. He led Zillow's Housing Super App strategy and execution. His initiatives include managing capital programs since 2019, raising over $2.5 billion in equity capital, and initiating a $1.8 billion share repurchase program. Hofmann also led the acquisition of ShowingTime in 2021. Before his tenure at Zillow, he spent nearly a decade in financial services, primarily as a vice president in investment banking at Goldman Sachs, where he closed over $40 billion in transactions. He also held a role at BBR Partners.
Richard Barton, Co-founder and Co-Executive Chairman
Richard Barton co-founded Zillow in 2005 and currently serves as Co-Executive Chairman, a role he took on in August 2024 after two stints as CEO. He is recognized for his leadership in shaping Zillow's vision and strategic direction. Barton has a history of founding successful companies, including Expedia, which he started within Microsoft in 1994 and then spun out as a public company in 1999, serving as its president, CEO, and board director until 2003. He also co-founded Glassdoor in 2007 and was its non-executive chairman until its acquisition in 2018. From 2005 to 2018, Barton was a venture partner at Benchmark, a venture capital firm that invested early in companies like Netflix, Instagram, and Zillow. He currently serves on the boards of Netflix, Qurate Retail Group, and Artsy.
Jun Choo, Chief Operating Officer
Jun Choo was promoted to Chief Operating Officer of Zillow Group in November 2024. He joined Zillow Group in 2015 through the company's acquisition of Trulia and brings over two decades of leadership and go-to-market experience in the real estate technology sector. Choo has held various leadership and strategy roles across sales, marketing, and software at Zillow. Most recently, he was the Senior Vice President of Real Estate Software, where he oversaw Zillow Premier Agent sales, ShowingTime, dotloop, Zillow Showcase, and Aryeo. His accomplishments at Zillow include developing the Connections platform, creating Premier Agent market-based pricing, and leading the ideation and launch of the Zillow Showcase product.
David Beitel, Chief Technology Officer
David Beitel serves as the Chief Technology Officer at Zillow Group, having joined the company in 2005. He is responsible for overseeing the company's technology strategy and ensuring the smooth operation of its digital platforms. Beitel has led numerous initiatives to enhance Zillow's technological infrastructure, fostering innovation and improving user experience across its services. He holds a strong background in computer science from Cornell University and previously held roles at Expedia and Microsoft. Beitel has also served on the Defense Business Board for the United States Department of Defense.
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Here are the key risks to Zillow's business:
1. **Sensitivity to the U.S. Residential Real Estate Market:** Zillow's financial performance is highly dependent on the overall health and stability of the U.S. residential real estate market. Factors such as low housing inventory, volatile mortgage interest rates, high home prices, and inflationary conditions directly impact demand for Zillow's products and services, including its Premier Agent program, mortgage originations, and title and escrow services. For example, the Zillow CEO warned in 2024 that a reduction in first-time homebuyer demand, driven by surging mortgage rates and high prices, directly impacts Zillow's revenue.
2. **Regulatory and Legal Risks:** The real estate and mortgage industries are subject to extensive federal, state, and local laws and regulations. Changes in these regulations, particularly those affecting real estate commission structures (such as those stemming from lawsuits or government investigations like the NAR Class Action and DOJ investigations), or those impacting mortgage operations, could materially alter Zillow's business model and financial results. Additionally, Zillow faces risks related to compliance with evolving data privacy and security laws.
3. **Competition and Innovation:** Zillow operates in a highly competitive market where its success relies on its ability to continuously innovate and compete effectively against existing players and new entrants. While Zillow maintains a strong market presence, the emergence of AI-based tools and shifts in consumer behavior could transform how real estate transactions are conducted, potentially reducing traffic to Zillow's platforms if the company fails to adapt.
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Zillow Group (symbol: Z) operates in significant addressable markets within the United States for its main products and services.
Homes Segment
- Resale of homes: The United States Residential Real Estate Market size is estimated at USD 3.81 trillion in 2026, and is expected to reach USD 4.21 trillion by 2031.
- Title and escrow services: The global Escrow Agent Services Market size was valued at USD 519.05 million in 2025 and is poised to grow to USD 950.12 million by 2035. North America alone accounted for over 11.4 million escrow transactions in 2023. The North American title insurance market value was estimated at $2 billion in 2023 and is projected to reach $2.8 billion by 2032.
Internet, Media & Technology (IMT) Segment
- Rentals: Zillow estimates its total addressable market for Rentals at an estimated $25 billion in the U.S.
- Premier agent, display, and other advertising: The global Real Estate Advertising Market size was estimated at USD 37.39 billion in 2025 and is expected to reach USD 39.54 billion in 2026.
Mortgages Segment
- Home loans: Total single-family mortgage origination volume in the U.S. is expected to increase to $2.2 trillion in 2026 from $2.0 trillion expected in 2025.
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Zillow (symbol: Z) is expected to drive future revenue growth over the next 2-3 years through several key initiatives across its segments:
- Expansion of the Rentals Segment: Zillow anticipates significant growth in its Rentals segment, particularly within multifamily properties. The company projects an estimated 40% revenue increase for the Rentals segment throughout 2025, with a long-term goal of achieving a billion-dollar-plus annual revenue opportunity. Multifamily revenue notably increased by 47% year-over-year in Q1 2025 and 63% in Q4 2025, driven by increased property manager adoption and package upgrades. Zillow's share of rental listings grew to 63% in 2025 from 54% in 2024.
- Growth in the Mortgages Segment (Zillow Home Loans): The Mortgages segment, primarily fueled by Zillow Home Loans, is a significant growth driver. The company's mortgage strategy is focused on making it easier for buyers to choose financing through Zillow Home Loans. In Q4 2025, Mortgages revenue increased by 39% year-over-year, driven by a 67% increase in purchase loan origination volume. Zillow Home Loans saw an 11% increase in loan officer productivity in 2025, with total purchase loan origination volume growing 53% year-over-year.
- Development of the 'Housing Super App' and Enhanced Markets Strategy: Zillow's "Super App" vision aims to provide a seamless, end-to-end real estate transaction experience by integrating various services from home discovery to financing. The company is expanding its "Enhanced Markets" strategy to deepen customer and agent engagement, with a goal to boost connections in these integrated markets from 21% in late 2024 to 35% by the end of 2025, and a long-term target of 75%. This strategy aims to increase Zillow's share of customer transactions.
- Expansion of Agent and Software Offerings (IMT Segment): Zillow is focusing on enhancing the agent experience through its Premier Agent marketplace and other software solutions. This includes product innovations like Zillow Showcase, a premium listing product that has shown potential for higher sale prices and helps agents secure more listings. Additionally, the nationwide expansion of Zillow Pro, a comprehensive suite of offerings for agents, is expected to further integrate and digitize the real estate experience. The company also continues to leverage tools like ShowingTime and Follow Up Boss, which are deeply embedded in agent workflows.
- Leveraging Technological Investment and AI-Powered Tools: Zillow's commitment to innovation, including strategic acquisitions such as Virtual Staging AI in October 2024, enhances its offerings for real estate professionals and improves property presentation. The company is integrating AI into mortgage compliance and risk management to optimize processes and reduce operational costs. These technological advancements are crucial for maintaining Zillow's competitive edge and driving its overall growth strategy.
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Share Repurchases
- Since 2021, Zillow Group has repurchased approximately $3.3 billion of stock at a weighted average price of $49 per share, totaling 66.7 million shares, and $146 million aggregate principal amount of convertible senior notes under its repurchase authorizations.
- On March 5, 2026, Zillow's Board of Directors authorized an additional $1.25 billion for share repurchases.
- As of March 4, 2026, Zillow had approximately $1.3 billion remaining capacity for future share repurchases.
Share Issuance
- Year-to-date share repurchases of $400 million in 2025 are expected to offset stock-based compensation expenses for the same year, implying ongoing share issuance for employee compensation.
Outbound Investments
- Zillow Group acquired ShowingTime in 2021.
- In 2023, Zillow Group acquired Aryeo, Inc. for a total consideration of $35 million, comprising approximately $15 million in cash and 380,259 shares of Class C capital stock valued at $20 million.
- Strategic acquisitions, such as Virtual Staging AI in October 2024, are aimed at enhancing Zillow's offerings for real estate professionals.
Capital Expenditures
- Zillow's capital expenditures margin peaked in December 2023 at 6.9% and was at its 5-year low in December 2021 at 3.5%.
- The latest twelve months (LTM) capital expenditure for Zillow is $31 million.
- Zillow Group is focused on investing in technology platforms and new products to enhance its real estate ecosystem, including improvements to its mobile applications and websites, and expanding its mortgage origination operations.
Peer Outperformance in Interactive Media & Services
Z has outperformed 59% of its 29 Interactive Media & Services peers over 5Y. Among the peers that beat it are GOOGL and RUM. Interactive Media & Services ranks 8th of 9 industries in Communication Services by median 5Y return. The sector’s gains have largely come from elsewhere.
Share of Interactive Media & Services constituents that Z has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
21%
of 39 industry peers · -57.7% return
3Y
52%
of 33 industry peers · -34.2% return
5Y
59%
of 29 industry peers · -64.6% return
Interactive Media & Services peers with revenue growth within 4pp of Z's that beat it on at least 2 of 3 windows, and by at least 20pp over 5Y. Growth is matched by construction, so the gap is largely a re-rating gap. The multiple column is the context for it.
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| Z | Zillow | 14.1% | 143.3x | -57.7% | -34.2% | -64.6% | — |
| GOOGL | Alphabet | 15.5% | 16.8x | 60.0% | 150.7% | 136.6% | +201pp |
| RUM | Rumble | 17.5% | -15.6x | 19.7% | 11.7% | -9.5% | +55pp |
Price returns, excluding dividends. P/E shown for context only and not used for matching.
Median price return by industry across the Communication Services sector, ranked by 5Y. Interactive Media & Services is Z's own industry. Use this to see which corners of the sector have carried the returns.
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Wireless Telecommunication Services | 3 | -1.5% | 43.4% | 44.8% | ECHO 230% · TMUS 45% · SHEN -57% |
| Publishing | 5 | 18.6% | -2.8% | 29.3% | NWSA 42% · NYT 38% · SCHL 29% |
| Integrated Telecommunication Services | 21 | -8.1% | 13.1% | -13.1% | IQST 1363% · AD 156% · GSAT 147% |
| Movies & Entertainment | 23 | 6.5% | 77.1% | -16.9% | IMAX 239% · BATRA 122% · MSGS 120% |
| Alternative Carriers | 4 | 55.6% | 10.8% | -39.1% | IRDM 9% · LUMN -39% · UNIT -39% |
| Advertising | 18 | -10.7% | -17.7% | -58.5% | APP 309% · EVC 51% · OMC 32% |
| Broadcasting | 15 | -9.4% | -17.7% | -65.4% | FOXA 95% · NXST 41% · WBD 0% |
| Interactive Media & Services ← | 30 | -27.3% | -35.1% | -70.9% | GOOGL 137% · META 59% · EVER 27% |
| Interactive Home Entertainment | 8 | -42.2% | -48.0% | -89.1% | TTWO 35% · RBLX -50% · PINS -63% |
Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 13.56 |
| Mkt Cap | 8.0 |
| Rev LTM | 3,556 |
| Op Inc LTM | 11 |
| FCF LTM | 128 |
| FCF 3Y Avg | 18 |
| CFO LTM | 155 |
| CFO 3Y Avg | 116 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 22.0% |
| Rev Chg 3Y Avg | 15.4% |
| Rev Chg Q | 18.4% |
| QoQ Delta Rev Chg LTM | 4.3% |
| Op Inc Chg LTM | 86.5% |
| Op Inc Chg 3Y Avg | 57.6% |
| Op Mgn LTM | 0.8% |
| Op Mgn 3Y Avg | -3.3% |
| QoQ Delta Op Mgn LTM | 1.4% |
| CFO/Rev LTM | 1.5% |
| CFO/Rev 3Y Avg | 1.5% |
| FCF/Rev LTM | 1.2% |
| FCF/Rev 3Y Avg | -0.1% |
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | 2,583 | 2,236 | 1,945 | 1,958 | 2,132 |
| Total | 2,583 | 2,236 | 1,945 | 1,958 | 2,132 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Single Segment | -34 | -197 | -270 | -93 | |
| Homes | -821 | ||||
| Internet, Media & Technology (IMT) | 545 | ||||
| Mortgages | -52 | ||||
| Total | -34 | -197 | -270 | -93 | -328 |
| $ Mil | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|
| Single Segment | 23 | -112 | -158 | -101 |
| Total | 23 | -112 | -158 | -101 |
Price Behavior
Price Behavior
| Market Price | $34.58 | |
| Market Cap ($ Bil) | 7.9 | |
| First Trading Date | 07/20/2011 | |
| Distance from 52W High | -61.7% | |
| 50 Days | 200 Days | |
| DMA Price | $34.47 | $47.35 |
| DMA Trend | down | indeterminate |
| Distance from DMA | 0.3% | -27.0% |
| 3M | 1YR | |
| Volatility | 51.0% | 47.5% |
| Downside Capture | 130.29 | 176.82 |
| Upside Capture | 109.07 | 39.06 |
| Correlation (SPY) | 22.8% | 28.0% |
Z Betas & Captures as of 8/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.29 | 1.28 | 0.81 | 0.90 | 1.04 | 1.32 |
| Up Beta | 2.78 | 0.08 | -0.24 | 0.43 | 0.90 | 1.12 |
| Down Beta | -1.41 | 0.02 | 0.87 | 1.05 | 1.21 | 1.15 |
| Up Capture | 221% | 221% | 113% | 57% | 26% | 220% |
| Bmk +ve Days | 10 | 21 | 32 | 68 | 138 | 427 |
| Stock +ve Days | 12 | 21 | 34 | 63 | 120 | 372 |
| Down Capture | 284% | 196% | 118% | 137% | 141% | 111% |
| Bmk -ve Days | 11 | 21 | 32 | 59 | 113 | 324 |
| Stock -ve Days | 9 | 20 | 29 | 63 | 129 | 375 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | -57.9% | 47.5% | -1.66 | - |
| Sector ETF (XLC) | 2.1% | 15.3% | -0.07 | 45.3% |
| Equity (SPY) | 20.6% | 12.8% | 1.19 | 28.2% |
| Gold (GLD) | 23.8% | 29.1% | 0.73 | 2.8% |
| Commodities (DBC) | 41.7% | 20.4% | 1.60 | -19.3% |
| Real Estate (VNQ) | 9.7% | 13.6% | 0.43 | 28.1% |
| Bitcoin (BTCUSD) | -30.7% | 43.5% | -0.72 | 20.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | -19.5% | 52.5% | -0.22 | - |
| Sector ETF (XLC) | 7.0% | 21.0% | 0.25 | 51.4% |
| Equity (SPY) | 12.7% | 17.2% | 0.57 | 47.9% |
| Gold (GLD) | 19.2% | 18.8% | 0.83 | 9.6% |
| Commodities (DBC) | 10.8% | 19.5% | 0.43 | 2.4% |
| Real Estate (VNQ) | 1.9% | 18.9% | -0.01 | 44.8% |
| Bitcoin (BTCUSD) | 9.5% | 52.6% | 0.37 | 28.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with Z | |
|---|---|---|---|---|
| Z | -0.3% | 53.2% | 0.21 | - |
| Sector ETF (XLC) | 9.3% | 22.1% | 0.47 | 49.8% |
| Equity (SPY) | 15.1% | 17.9% | 0.72 | 45.8% |
| Gold (GLD) | 12.2% | 16.3% | 0.61 | 10.2% |
| Commodities (DBC) | 7.8% | 18.1% | 0.35 | 10.3% |
| Real Estate (VNQ) | 4.8% | 20.7% | 0.19 | 40.0% |
| Bitcoin (BTCUSD) | 63.0% | 66.1% | 1.03 | 18.0% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/24/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.4% | -7.9% | |
| 5/6/2026 | -1.9% | -13.5% | -21.3% |
| 2/10/2026 | -16.5% | -17.8% | -24.6% |
| 10/30/2025 | 4.5% | 0.8% | 0.5% |
| 8/6/2025 | -0.6% | -0.4% | 3.2% |
| 5/7/2025 | 0.0% | 0.6% | 3.6% |
| 2/11/2025 | -9.4% | -7.5% | -20.8% |
| 11/6/2024 | 23.8% | 27.2% | 40.1% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 10.5% | 4.2% | 8.9% |
| Median Negative | -5.6% | -7.7% | -11.1% |
| Max Positive | 23.8% | 28.5% | 40.1% |
| Max Negative | -24.9% | -23.9% | -37.8% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/5/2026 | -7.4% | -7.9% | |
| 5/6/2026 | -1.9% | -13.5% | -21.3% |
| 2/10/2026 | -16.5% | -17.8% | -24.6% |
| 10/30/2025 | 4.5% | 0.8% | 0.5% |
| 8/6/2025 | -0.6% | -0.4% | 3.2% |
| 5/7/2025 | 0.0% | 0.6% | 3.6% |
| 2/11/2025 | -9.4% | -7.5% | -20.8% |
| 11/6/2024 | 23.8% | 27.2% | 40.1% |
| 8/7/2024 | 18.3% | 28.4% | 27.7% |
| 5/1/2024 | -4.9% | -0.6% | -2.2% |
| 2/13/2024 | 7.8% | -0.2% | 2.4% |
| 11/1/2023 | -2.6% | 3.6% | 18.9% |
| 8/2/2023 | 1.4% | 3.6% | -3.8% |
| 5/3/2023 | 10.0% | 11.7% | 10.1% |
| 2/15/2023 | 0.9% | -11.1% | -14.5% |
| 11/2/2022 | 10.5% | 8.9% | 31.1% |
| 8/4/2022 | -1.6% | 2.2% | -9.6% |
| 5/5/2022 | -4.3% | -4.6% | 1.6% |
| 2/10/2022 | 13.5% | 28.5% | -5.5% |
| 11/2/2021 | -24.9% | -23.9% | -37.8% |
| 8/5/2021 | -8.2% | -9.9% | -11.5% |
| 5/4/2021 | -6.3% | -5.5% | -10.7% |
| 2/10/2021 | 17.8% | 10.0% | -8.5% |
| 11/5/2020 | 14.0% | 3.4% | 7.8% |
| 8/6/2020 | 11.7% | 4.2% | 17.4% |
| SUMMARY STATS | |||
| # Positive | 13 | 13 | 12 |
| # Negative | 12 | 12 | 12 |
| Median Positive | 10.5% | 4.2% | 8.9% |
| Median Negative | -5.6% | -7.7% | -11.1% |
| Max Positive | 23.8% | 28.5% | 40.1% |
| Max Negative | -24.9% | -23.9% | -37.8% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/05/2026 | 10-Q |
| 03/31/2026 | 05/06/2026 | 10-Q |
| 12/31/2025 | 02/11/2026 | 10-K |
| 09/30/2025 | 10/30/2025 | 10-Q |
| 06/30/2025 | 08/06/2025 | 10-Q |
| 03/31/2025 | 05/07/2025 | 10-Q |
| 12/31/2024 | 02/11/2025 | 10-K |
| 09/30/2024 | 11/06/2024 | 10-Q |
| 06/30/2024 | 08/07/2024 | 10-Q |
| 03/31/2024 | 05/01/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 11/01/2023 | 10-Q |
| 06/30/2023 | 08/02/2023 | 10-Q |
| 03/31/2023 | 05/03/2023 | 10-Q |
| 12/31/2022 | 02/15/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/05/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/05/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/12/2021 | 10-K |
| 09/30/2020 | 11/05/2020 | 10-Q |
| 06/30/2020 | 08/06/2020 | 10-Q |
| 03/31/2020 | 05/07/2020 | 10-Q |
| 12/31/2019 | 02/19/2020 | 10-K |
| 09/30/2019 | 11/07/2019 | 10-Q |
Insider Activity
Updated 8/21/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hofmann, Jeremy | COO & CFO | Direct | Sell | 8172026 | 34.18 | 5,661 | 193,479 | 2,021,394 | Form |
| 2 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 8172026 | 34.18 | 9,339 | 319,176 | 4,736,002 | Form |
| 3 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8172026 | 35.37 | 3,169 | 112,085 | 1,576,087 | Form |
| 4 | Beitel, David A | Chief Technology Officer | Direct | Sell | 8172026 | 34.24 | 1,798 | 61,571 | 4,554,884 | Form |
| 5 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 8172026 | 34.24 | 990 | 33,896 | 2,011,569 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Hofmann, Jeremy | COO & CFO | Direct | Sell | 8172026 | 34.18 | 5,661 | 193,479 | 2,021,394 | Form |
| 2 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 8172026 | 34.18 | 9,339 | 319,176 | 4,736,002 | Form |
| 3 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8172026 | 35.37 | 3,169 | 112,085 | 1,576,087 | Form |
| 4 | Beitel, David A | Chief Technology Officer | Direct | Sell | 8172026 | 34.24 | 1,798 | 61,571 | 4,554,884 | Form |
| 5 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 8172026 | 34.24 | 990 | 33,896 | 2,011,569 | Form |
| 6 | Samuelson, Errol G | Chief Industry Dev. Officer | Direct | Sell | 8172026 | 34.24 | 3,154 | 108,001 | 4,481,843 | Form |
| 7 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8172026 | 34.24 | 1,966 | 67,324 | 1,634,485 | Form |
| 8 | Hofmann, Jeremy | COO & CFO | Direct | Sell | 8172026 | 34.24 | 3,510 | 120,190 | 2,219,059 | Form |
| 9 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 8172026 | 34.24 | 5,786 | 198,127 | 5,064,896 | Form |
| 10 | Cormier, Thielke Claire | Direct | Sell | 8122026 | 33.09 | 1,187 | 39,278 | 117,867 | Form | |
| 11 | Blachford, Erik C | Direct | Sell | 6092026 | 34.80 | 791 | 27,527 | 1,216,330 | Form | |
| 12 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 5262026 | 36.54 | 9,072 | 331,491 | 5,616,161 | Form |
| 13 | Spaulding, Dan | Chief People Officer | Direct | Sell | 5182026 | 37.40 | 3,078 | 115,117 | 1,858,630 | Form |
| 14 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 5182026 | 37.40 | 5,501 | 205,737 | 2,554,981 | Form |
| 15 | Spaulding, Dan | Chief People Officer | Direct | Sell | 5182026 | 37.93 | 2,056 | 77,974 | 2,001,458 | Form |
| 16 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 5182026 | 37.93 | 3,671 | 139,253 | 2,800,075 | Form |
| 17 | Owens, Bradley D | General Counsel | Direct | Sell | 5152026 | 37.23 | 3,364 | 125,242 | 2,429,071 | Form |
| 18 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 5152026 | 37.92 | 6,051 | 229,469 | 6,172,691 | Form |
| 19 | Choo, Jun | Chief Operating Officer | Direct | Sell | 5152026 | 37.95 | 1,228 | 46,602 | 4,087,111 | Form |
| 20 | Beitel, David A | Chief Technology Officer | Direct | Sell | 5152026 | 37.93 | 1,879 | 71,279 | 5,113,972 | Form |
| 21 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 5152026 | 37.99 | 1,034 | 39,282 | 2,269,596 | Form |
| 22 | Samuelson, Errol G | Chief Industry Dev. Officer | Direct | Sell | 5152026 | 37.97 | 2,939 | 111,599 | 5,089,699 | Form |
| 23 | Owens, Bradley D | General Counsel | Direct | Sell | 5152026 | 37.93 | 2,246 | 85,201 | 2,602,645 | Form |
| 24 | Samuelson, Errol G | Chief Industry Dev. Officer | Direct | Sell | 3262026 | 44.20 | 4,734 | 209,259 | 6,054,893 | Form |
| 25 | Owens, Bradley D | General Counsel | Direct | Sell | 3262026 | 43.67 | 8,800 | 384,320 | 3,094,429 | Form |
| 26 | Blachford, Erik C | Direct | Sell | 3032026 | 42.85 | 966 | 41,393 | 1,531,588 | Form | |
| 27 | Cormier, Thielke Claire | Direct | Sell | 3032026 | 42.85 | 242 | 10,370 | 203,495 | Form | |
| 28 | Maffei, Gregory B | Direct | Sell | 3032026 | 45.15 | 8,050 | 363,458 | 28,795,966 | Form | |
| 29 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 2232026 | 45.29 | 39,663 | 1,796,191 | 101,890,552 | Form |
| 30 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 2182026 | 43.73 | 7,786 | 340,482 | 2,513,907 | Form |
| 31 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 2172026 | 44.25 | 13,661 | 604,553 | 5,147,702 | Form |
| 32 | Spaulding, Dan | Chief People Officer | Direct | Sell | 2172026 | 43.95 | 5,361 | 235,616 | 1,805,466 | Form |
| 33 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 2172026 | 44.22 | 5,538 | 244,879 | 2,886,242 | Form |
| 34 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 2172026 | 44.20 | 4,729 | 209,036 | 5,745,652 | Form |
| 35 | Spaulding, Dan | Chief People Officer | Direct | Sell | 2172026 | 44.19 | 3,901 | 172,393 | 2,052,316 | Form |
| 36 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 2112026 | 45.72 | 9,258 | 423,239 | 102,092,543 | Form |
| 37 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 2112026 | 55.19 | 9,258 | 510,913 | 123,241,119 | Form |
| 38 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 2112026 | 54.63 | 9,258 | 505,801 | 122,007,944 | Form |
| 39 | Blachford, Erik C | Direct | Sell | 12042025 | 72.51 | 965 | 69,972 | 2,432,203 | Form | |
| 40 | Cormier, Thielke Claire | Direct | Sell | 12042025 | 72.51 | 241 | 17,475 | 17,547 | Form | |
| 41 | Owens, Bradley D | General Counsel | Direct | Sell | 11202025 | 67.41 | 2,722 | 183,490 | 2,559,827 | Form |
| 42 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 11142025 | 69.99 | 10,855 | 759,734 | 9,428,399 | Form |
| 43 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 11142025 | 69.53 | 7,865 | 546,853 | 4,923,489 | Form |
| 44 | Spaulding, Dan | Chief People Officer | Direct | Sell | 11142025 | 69.40 | 5,455 | 378,553 | 3,493,513 | Form |
| 45 | Choo, Jun | Chief Operating Officer | Direct | Sell | 11142025 | 71.12 | 3,141 | 223,398 | 7,893,808 | Form |
| 46 | Owens, Bradley D | General Counsel | Direct | Sell | 11142025 | 71.12 | 1,897 | 134,910 | 2,894,210 | Form |
| 47 | Beitel, David A | Chief Technology Officer | Direct | Sell | 11142025 | 71.12 | 3,893 | 276,863 | 10,003,201 | Form |
| 48 | Samuelson, Errol G | Chief Industry Dev. Officer | Direct | Sell | 11142025 | 71.13 | 7,641 | 543,490 | 8,593,339 | Form |
| 49 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 11142025 | 71.13 | 7,546 | 536,739 | 10,354,033 | Form |
| 50 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 11142025 | 71.13 | 5,470 | 389,060 | 5,595,914 | Form |
| 51 | Spaulding, Dan | Chief People Officer | Direct | Sell | 11142025 | 71.12 | 3,819 | 271,602 | 3,968,201 | Form |
| 52 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 11122025 | 71.12 | 3,291 | 234,059 | 2,929,473 | Form |
| 53 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 11122025 | 73.83 | 2,710 | 200,090 | 3,284,210 | Form |
| 54 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9242025 | 80.19 | 787 | 63,108 | 179,074,736 | Form |
| 55 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9242025 | 80.54 | 1,712 | 137,877 | 179,851,198 | Form |
| 56 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9242025 | 82.65 | 3,333 | 275,460 | 184,565,024 | Form |
| 57 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9122025 | 88.23 | 3,334 | 294,155 | 197,031,981 | Form |
| 58 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9122025 | 88.49 | 3,333 | 294,924 | 197,605,752 | Form |
| 59 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 9122025 | 86.60 | 3,333 | 288,630 | 193,389,252 | Form |
| 60 | Beitel, David A | Chief Technology Officer | Direct | Sell | 9102025 | 90.97 | 22,510 | 2,047,753 | 13,149,738 | Form |
| 61 | Choo, Jun | Chief Operating Officer | Direct | Sell | 9102025 | 91.06 | 25,575 | 2,328,890 | 10,392,724 | Form |
| 62 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 9102025 | 89.99 | 25,000 | 2,249,840 | 7,572,601 | Form |
| 63 | Underwood, April | Direct | Sell | 9102025 | 90.12 | 3,621 | 326,308 | 43,526 | Form | |
| 64 | Cormier, Thielke Claire | Direct | Sell | 9042025 | 81.91 | 242 | 19,822 | 39,563 | Form | |
| 65 | Blachford, Erik C | Direct | Sell | 9042025 | 81.91 | 966 | 79,125 | 2,826,550 | Form | |
| 66 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8292025 | 84.65 | 3,334 | 282,208 | 189,029,191 | Form |
| 67 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8292025 | 84.55 | 3,333 | 281,799 | 188,811,727 | Form |
| 68 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8292025 | 85.06 | 3,333 | 283,498 | 189,950,633 | Form |
| 69 | Barton, Richard N | Co-Executive Chairman | Direct | Sell | 8182025 | 85.68 | 150,000 | 12,851,602 | 214,298,328 | Form |
| 70 | Barton, Richard N | Co-Executive Chairman | The Richard & Sarah Barton Irrevocable Trust 03/27/10 | Sell | 8182025 | 84.92 | 200,000 | 16,984,193 | 71,609,436 | Form |
| 71 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8182025 | 85.00 | 150,000 | 12,750,000 | 189,821,065 | Form |
| 72 | Frink, Lloyd D | Co -Exec. Chairman & President | Frink Descendants' Trust 12/30/04 | Sell | 8182025 | 85.00 | 100,000 | 8,500,000 | 59,310,025 | Form |
| 73 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 8152025 | 85.35 | 8,168 | 697,139 | 7,181,861 | Form |
| 74 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 8152025 | 85.73 | 11,275 | 966,569 | 13,125,880 | Form |
| 75 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8152025 | 85.22 | 5,680 | 484,064 | 5,080,631 | Form |
| 76 | Owens, Bradley D | General Counsel | Direct | Sell | 8152025 | 85.35 | 3,014 | 257,245 | 3,635,313 | Form |
| 77 | Hofmann, Jeremy | Chief Financial Officer | Direct | Sell | 8152025 | 81.49 | 5,167 | 421,043 | 7,522,386 | Form |
| 78 | Wacksman, Jeremy | Chief Executive Officer | Direct | Sell | 8152025 | 81.49 | 7,129 | 580,957 | 13,396,325 | Form |
| 79 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8152025 | 81.49 | 3,593 | 292,788 | 5,320,874 | Form |
| 80 | Samuelson, Errol G | Chief Industry Dev. Officer | Direct | Sell | 8152025 | 81.50 | 7,218 | 588,296 | 10,469,682 | Form |
| 81 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 8152025 | 81.48 | 3,110 | 253,392 | 3,844,959 | Form |
| 82 | Owens, Bradley D | General Counsel | Direct | Sell | 8152025 | 81.46 | 1,608 | 130,995 | 3,715,351 | Form |
| 83 | Choo, Jun | Chief Operating Officer | Direct | Sell | 8152025 | 81.46 | 2,969 | 241,867 | 9,297,424 | Form |
| 84 | Beitel, David A | Chief Technology Officer | Direct | Sell | 8152025 | 81.48 | 3,678 | 299,672 | 13,611,462 | Form |
| 85 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8132025 | 82.56 | 3,334 | 275,260 | 196,759,612 | Form |
| 86 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8132025 | 80.37 | 5,995 | 481,791 | 191,526,220 | Form |
| 87 | Frink, Lloyd D | Co -Exec. Chairman & President | Direct | Sell | 8132025 | 80.75 | 671 | 54,186 | 192,452,872 | Form |
| 88 | Cormier, Thielke Claire | Direct | Sell | 8132025 | 79.86 | 8,247 | 658,577 | 57,896 | Form | |
| 89 | Stephenson, Gordon Sheridan | Direct | Sell | 8122025 | 82.08 | 6,835 | 561,008 | 2,322,006 | Form | |
| 90 | Spaulding, Dan | Chief People Officer | Direct | Sell | 8112025 | 85.91 | 100,000 | 8,591,391 | 5,918,523 | Form |
| 91 | Underwood, April | Direct | Sell | 8112025 | 86.01 | 595 | 51,179 | 62,361 | Form | |
| 92 | Choo, Jun | Chief Operating Officer | Direct | Sell | 8112025 | 85.21 | 45,710 | 3,894,972 | 9,977,979 | Form |
| 93 | Rock, Jennifer | Chief Accounting Officer | Direct | Sell | 8112025 | 82.69 | 5,177 | 428,086 | 4,159,390 | Form |
Investor Activity (13F)
Updated Sep 3, 202613F holdings as of Mar 31, 2026 (Q1 2026)
Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Caledonia (Private) Investments Pty Ltd | $1.5 Bil | 44.9% | 16 | Hold | 13F |
| Technology Crossover Management VIII, Ltd. | $129.1 Mil | 43.3% | 5 | Hold | 13F |
| Technology Crossover Management IX, Ltd. | $130.2 Mil | 17.3% | 6 | Hold | 13F |
| Hillman Co | $14.4 Mil | 5.6% | 14 | Hold | 13F |
| Selkirk Management LLC | $15.1 Mil | 5.1% | 11 | Hold | 13F |
| Independent Franchise Partners LLP | $659.5 Mil | 4.6% | 26 | ADD +22.8% | 13F |
| Dorsal Capital Management, LP | $101.4 Mil | 4.0% | 25 | TRIM -16.2% | 13F |
| Kahn Brothers Group Inc | $22.6 Mil | 4.0% | 48 | New | 13F |
| Eminence Capital, LP | $142.6 Mil | 3.3% | 33 | ADD +64.6% | 13F |
| Park West Asset Management LLC | $35.7 Mil | 3.1% | 48 | TRIM -16.8% | 13F |
| Woodson Capital Management, LP | $13.9 Mil | 2.2% | 28 | New | 13F |
| L1 Capital Pty Ltd | $52.5 Mil | 2.1% | 22 | TRIM -26.6% | 13F |
| Harvard Management Co Inc | $35.0 Mil | 1.9% | 17 | TRIM -12.1% | 13F |
| Scge Management, L.P. | $52.3 Mil | 1.6% | 21 | TRIM -36.7% | 13F |
| Valiant Capital Management, L.P. | $19.6 Mil | 1.5% | 28 | ADD +48.6% | 13F |
| Glenview Capital Management, LLC | $32.7 Mil | 0.9% | 41 | TRIM -32.1% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Kahn Brothers Group Inc | $22.6 Mil | 4.0% | 48 | New | 13F |
| Woodson Capital Management, LP | $13.9 Mil | 2.2% | 28 | New | 13F |
| Eminence Capital, LP | $142.6 Mil | 3.3% | 33 | ADD +64.6% | 13F |
| Valiant Capital Management, L.P. | $19.6 Mil | 1.5% | 28 | ADD +48.6% | 13F |
| Independent Franchise Partners LLP | $659.5 Mil | 4.6% | 26 | ADD +22.8% | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | As Of | Filing |
|---|---|---|---|---|---|---|
| Altimeter Capital Management, LP | $149.2 Mil | 2.2% | 18 | Exited | Dec 31, 2025 | 13F |
| Soma Equity Partners LP | $122.0 Mil | 7.1% | 16 | Exited | Dec 31, 2025 | 13F |
| TB Alternative Assets Ltd. | $25.0 Mil | 4.1% | 50 | Exited | Dec 31, 2025 | 13F |
| Nishkama Capital, LLC | $18.2 Mil | 2.5% | 49 | Exited | Dec 31, 2025 | 13F |
| Scge Management, L.P. | $52.3 Mil | 1.6% | 21 | TRIM -36.7% | Mar 31, 2026 | 13F |
| Glenview Capital Management, LLC | $32.7 Mil | 0.9% | 41 | TRIM -32.1% | Mar 31, 2026 | 13F |
| L1 Capital Pty Ltd | $52.5 Mil | 2.1% | 22 | TRIM -26.6% | Mar 31, 2026 | 13F |
| Park West Asset Management LLC | $35.7 Mil | 3.1% | 48 | TRIM -16.8% | Mar 31, 2026 | 13F |
| Dorsal Capital Management, LP | $101.4 Mil | 4.0% | 25 | TRIM -16.2% | Mar 31, 2026 | 13F |
| Harvard Management Co Inc | $35.0 Mil | 1.9% | 17 | TRIM -12.1% | Mar 31, 2026 | 13F |
| Active Manager | Value | % of Portfolio | Total Positions | QoQ | Filing |
|---|---|---|---|---|---|
| Caledonia (Private) Investments Pty Ltd | $1.5 Bil | 44.9% | 16 | Hold | 13F |
| Independent Franchise Partners LLP | $659.5 Mil | 4.6% | 26 | ADD +22.8% | 13F |
| Eminence Capital, LP | $142.6 Mil | 3.3% | 33 | ADD +64.6% | 13F |
| Technology Crossover Management IX, Ltd. | $130.2 Mil | 17.3% | 6 | Hold | 13F |
| Technology Crossover Management VIII, Ltd. | $129.1 Mil | 43.3% | 5 | Hold | 13F |
| Dorsal Capital Management, LP | $101.4 Mil | 4.0% | 25 | TRIM -16.2% | 13F |
| L1 Capital Pty Ltd | $52.5 Mil | 2.1% | 22 | TRIM -26.6% | 13F |
| Scge Management, L.P. | $52.3 Mil | 1.6% | 21 | TRIM -36.7% | 13F |
| Park West Asset Management LLC | $35.7 Mil | 3.1% | 48 | TRIM -16.8% | 13F |
| Harvard Management Co Inc | $35.0 Mil | 1.9% | 17 | TRIM -12.1% | 13F |
| Glenview Capital Management, LLC | $32.7 Mil | 0.9% | 41 | TRIM -32.1% | 13F |
| Kahn Brothers Group Inc | $22.6 Mil | 4.0% | 48 | New | 13F |
| Valiant Capital Management, L.P. | $19.6 Mil | 1.5% | 28 | ADD +48.6% | 13F |
| Selkirk Management LLC | $15.1 Mil | 5.1% | 11 | Hold | 13F |
| Hillman Co | $14.4 Mil | 5.6% | 14 | Hold | 13F |
| Woodson Capital Management, LP | $13.9 Mil | 2.2% | 28 | New | 13F |
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Core Cache Last Updated: 9/2/2026