Exhibit 99.2


Reported Consolidated Results

ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(in millions, unaudited)
June 30, 2025December 31, 2024
Assets
Current assets:
Cash and cash equivalents$587 $1,082 
Short-term investments
571 776 
Accounts receivable, net
151 104 
Mortgage loans held for sale250 159 
Prepaid expenses and other current assets257 210 
Restricted cash5 3 
Total current assets1,821 2,334 
Contract cost assets28 25 
Property and equipment, net373 360 
Right of use assets62 59 
Goodwill2,823 2,823 
Intangible assets, net285 207 
Other assets24 21 
Total assets$5,416 $5,829 
Liabilities and shareholders’ equity
Current liabilities:
Accounts payable$56 $30 
Accrued expenses and other current liabilities121 105 
Accrued compensation and benefits57 57 
Borrowings under credit facilities230 145 
Deferred revenue70 62 
Lease liabilities, current portion12 14 
Convertible senior notes
— 418 
Total current liabilities546 831 
Lease liabilities, net of current portion86 83 
Other long-term liabilities38 67 
Total liabilities670 981 
Shareholders’ equity:
Class A common stock
— — 
Class B common stock
— — 
Class C capital stock
— — 
Additional paid-in capital6,617 6,733 
Accumulated other comprehensive income (loss)
1 (3)
Accumulated deficit(1,872)(1,882)
Total shareholders’ equity4,746 4,848 
Total liabilities and shareholders’ equity$5,416 $5,829 



ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in millions, except share data, which are presented in thousands, and per share data, unaudited)

 Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Revenue$655 $572 $1,253 $1,101 
Cost of revenue (1)
166 130 305 253 
Gross profit489 442 948 848 
Operating expenses:
Sales and marketing (1)
226 205 424 371 
Technology and development (1)
153 144 302 291 
General and administrative (1)
121 131 242 263 
Impairment costs— — — 6 
Total operating expenses500 480 968 931 
Loss from operations(11)(38)(20)(83)
Loss on extinguishment of debt— (1)— (1)
Other income, net
18 34 40 67 
Interest expense(5)(10)(10)(19)
Income (loss) before income taxes2 (15)10 (36)
Income tax expense— (2)— (4)
Net income (loss)$2 $(17)$10 $(40)
Net income (loss) per share:
Basic
$0.01 $(0.07)$0.04 $(0.17)
Diluted$0.01 $(0.07)$0.04 $(0.17)
Weighted-average shares outstanding:
Basic
241,083 233,453 241,667 234,074 
Diluted251,665 233,453 253,916 234,074 
(1) Includes share-based compensation expense as follows:
Cost of revenue$3 $4 $6 $8 
Sales and marketing19 20 37 38 
Technology and development40 42 78 84 
General and administrative37 47 75 91 
Total share-based compensation$99 $113 $196 $221 
Adjusted EBITDA (2)$155 $134 $308 $259 
(2) Adjusted EBITDA is a non-GAAP financial measure; it is not calculated or presented in accordance with U.S. generally accepted accounting principles, or GAAP. See Exhibit 99.1 for more information regarding our presentation of Adjusted EBITDA and for a reconciliation of Adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure, for each of the periods presented.


ZILLOW GROUP, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions, unaudited)
 Six Months Ended
June 30,
 20252024
Operating activities
Net income (loss)$10 $(40)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization132 115 
Share-based compensation196 221 
Amortization of right of use assets4 6 
Amortization of contract cost assets10 9 
Amortization of debt issuance costs1 3 
Impairment costs
— 6 
Accretion of bond discount(5)(17)
Other adjustments to reconcile net income (loss) to net cash provided by operating activities
(5)8 
Changes in operating assets and liabilities:
Accounts receivable(47)(19)
Mortgage loans held for sale(91)(95)
Prepaid expenses and other assets(46)(49)
Contract cost assets(13)(9)
Lease liabilities(6)(27)
Accounts payable26 11 
Accrued expenses and other current liabilities18 6 
Accrued compensation and benefits— (1)
Deferred revenue8 7 
Other long-term liabilities(1)— 
Net cash provided by operating activities
191 135 
Investing activities
Proceeds from maturities of investments272 474 
Proceeds from sales of investments50 — 
Purchases of investments(109)(591)
Purchases of property and equipment(73)(76)
Purchases of intangible assets(115)(14)
Net cash provided by (used in) investing activities
25 (207)
Financing activities
Net borrowings on repurchase agreements85 89 
Repurchases of Class A common stock and Class C capital stock(400)(301)
Settlement of convertible senior notes
(419)(89)
Proceeds from exercise of stock options55 61 
Payment of contingent consideration for acquisition(30)— 
Net cash used in financing activities(709)(240)
Net decrease in cash, cash equivalents and restricted cash during period(493)(312)
Cash, cash equivalents and restricted cash at beginning of period1,085 1,495 
Cash, cash equivalents and restricted cash at end of period$592 $1,183 
Supplemental disclosures of cash flow information
Noncash transactions:
Write-off of fully depreciated property and equipment$82 $20 
Capitalized share-based compensation33 40 


Non-GAAP Net Income per Share
Our presentation of non-GAAP net income per share excludes the impact of the results of share-based compensation, impairment costs, loss on extinguishment of debt and income taxes. This measure is not a key metric used by our management or Board of Directors to measure operating performance or otherwise manage the business. However, we provide non-GAAP net income per share as supplemental information to investors, as we believe the exclusion of the results of share-based compensation, impairment costs, loss on extinguishment of debt and income taxes facilitates investors’ operating performance comparisons on a period-to-period basis. You should not consider non-GAAP net income per share in isolation or as a substitute for analysis of our results as reported under GAAP.

The following table sets forth a reconciliation of non-GAAP net income, adjusted, to net income (loss), as reported on a GAAP basis, and the calculation of non-GAAP net income per share - basic and diluted, for each of the periods presented (in millions, except share data, which are presented in thousands, and per share data, unaudited):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Net income (loss), as reported
$2 $(17)$10 $(40)
Share-based compensation99 113 196 221 
Impairment costs
— — — 6 
Loss on extinguishment of debt— 1 — 1 
Income taxes— 2 — 4 
Net income, adjusted$101 $99 $206 $192 
Non-GAAP net income per share:
Basic$0.42 $0.42 $0.85 $0.82 
Diluted$0.40 $0.39 $0.81 $0.75 
Weighted-average shares outstanding:
Basic241,083 233,453 241,667 234,074 
Diluted251,665 261,365 253,916 263,891 
Diluted non-GAAP net income per share for the periods presented is calculated using diluted weighted-average shares outstanding, which includes potential shares of Class C capital stock for the periods in which their effect would have been dilutive. The potential shares of Class C capital stock were excluded from the calculation of non-GAAP net income per share for certain periods presented if their effect would have been antidilutive. The following table reconciles the denominators used in the basic and diluted non-GAAP net income per share calculations (in thousands, unaudited):
Three Months Ended
June 30,		Six Months Ended
June 30,
 2025202420252024
Denominator for basic calculation241,083 233,453 241,667 234,074 
Effect of dilutive securities:
     Option awards7,649 1,356 8,653 2,286 
     Unvested restricted stock units2,933 1,110 3,596 2,085 
Convertible senior notes
— 25,446 — 25,446 
          Denominator for dilutive calculation251,665 261,365 253,916 263,891 




Key Metrics
The following table presents our visits and average monthly unique users for the periods presented (in millions, except percentages):
 Three Months Ended
June 30,
2024 to 2025
% Change
Six Months Ended
June 30,		2024 to 2025
% Change
 2025202420252024
Visits (1)
2,590 2,495 4%4,9444,8113%
Average monthly unique users (2)
243 231 5%235 224 5%
(1) Visits includes groups of interactions by users with the Zillow, Trulia and StreetEasy mobile apps and websites. Zillow and StreetEasy measure visits with an internal measurement tool and Trulia measures visits with Adobe Analytics.
(2) Zillow, StreetEasy and HotPads measure unique users with an internal measurement tool and Trulia measures unique users with Adobe Analytics.
The following table presents our For Sale revenue per Total Transaction Value (“TTV”) for the periods presented:
Twelve Months Ended
June 30,
2024 to 2025
% Change
20252024
For Sale revenue (in millions)$1,812 $1,624 12%
Total Transaction Value (in trillions) (1)
$1.8 $1.6 6%
For Sale revenue per Total Transaction Value (in basis points)
10.39.85%
(1) TTV is calculated as the number of existing residential homes sold during the relevant period multiplied by the average sales price of existing residential homes sold during the same period according to residential real estate data collected and estimated by Zillow Group, as published monthly on our site.
The following table presents loan origination volume by purpose and in total for Zillow Home Loans for the periods presented (in millions, except percentages):
Three Months Ended
June 30,		2024 to 2025
% Change		Six Months Ended
June 30,		2024 to 2025
% Change
2025202420252024
Purchase loan origination volume$1,116 $756 48%$1,907 $1,357 41%
Refinance loan origination volume10 3 233%15 8 88%
Total loan origination volume$1,126 $759 48%$1,922 $1,365 41%