Zillow shares fell 2.94% to $31.20 during Thursday's Goldman Sachs Communacopia + Technology Conference 2026, before closing later around $30.10, down 3.86%. The stock has dropped 62.5% over the past year and 52.89% year-to-date, trading well below its 52-week high of $93.88.
At the conference, CFO and COO Jeremy Hofmann — who assumed his combined role approximately a month earlier after nearly a decade at the company — presented Zillow's financial trajectory and operational scale. Revenue over the last twelve months stood at $2.81 billion, with a gross profit margin of 72.88%. The company has reduced its share count by roughly 10% over the past three to four years.
Zillow set mid-cycle targets of $5 billion in total revenue and a 45% EBITDA margin, anchored around an assumption of 6 million annual home sales — a level well above the current depressed pace of about 4 million. Revenue has grown at a 29% compound annual rate since the company went public, with recent years delivering mid-teens growth.
For 2026, Zillow expects mid-teens revenue growth even if the housing market remains flat to slightly down. Segment-level outlooks point to for-sale revenue rising 13% year-over-year, while Zillow Preferred — a newer advertising model — grew 23% faster than the legacy ad business in 2025 and is expected to outpace it by 35% in 2026. Rentals revenue is projected to grow in the high-20s percentage range for Q4 2025 and around 30% for full-year 2026.
On market position, Zillow holds an estimated 70% to 75% share of online real estate, with about 80% of traffic coming directly to the platform. Its infrastructure divisions are similarly dominant: ShowingTime powers roughly 90% of all home tours in the United States, and Dotloop processes about 50% of offers nationally. Rich media and 3D technology now appear on more than 10% of listings nationwide and over 30% in major markets.
Zillow Home Loans, which has become a top-25 lender with loan volume increasing tenfold since 2022, is now profitable on a variable indirect basis. The company's Follow Up Boss platform, used by substantially all Preferred Agents, has 138,000 active monthly users, up 20% year-over-year. More than 70% of single-family rental homes in the U.S. are listed on Zillow, with multifamily inventory expanding rapidly.
The company's AI Mode is active for 20% of logged-in users, showing stronger engagement than non-AI experiences, while Zillow Showcase has expanded to 5% of all listings nationwide. Private or pre-market listings remain a negligible fraction at 1% to 2% of inventory — roughly 5,000 to 10,000 listings against 1.1 million active listings — with 98% to 99% of the market still transacting publicly.
Hofmann also addressed a Redfin partnership that began in early 2025 to distribute Zillow's multifamily content, noting that an FTC settlement related to the arrangement was reached approximately a month before the conference.
