Intangible Assets, Net

12 Months Ended

Dec. 31, 2025

Goodwill and Intangible Assets Disclosure [Abstract]

The following tables present the detail of intangible assets, net as of the dates presented (in millions):


	December 31, 2025
	Cost		Accumulated Amortization		Net
Customer relationships	$	194	$	(52)	$	142
Software	140		(53)		87
Developed technology	59		(32)		27
Trade names and trademarks	47		(30)		17
Purchased content	24		(18)		6
Total	$	464	$	(185)	$	279


	December 31, 2024
	Cost		Accumulated Amortization		Net
Customer relationships	$	94	$	(29)	$	65
Software	101		(39)		62
Developed technology	102		(51)		51
Trade names and trademarks	47		(25)		22
Purchased content	22		(15)		7
Total	$	366	$	(159)	$	207

On February 6, 2025, we entered into a partnership with Redfin Corporation (“Redfin”), making Zillow the exclusive provider of multifamily (properties with 25 or more units) rental listings on Redfin and its sites, including Rent.com and ApartmentGuide.com (together, “Redfin Rental Network”). Pursuant to this rentals partnership, Zillow made a $100 million payment to Redfin in February 2025 that is included in customer relationships in the table above and is being amortized over the estimated useful life of nine years. Zillow also pays Redfin for leads generated through the Redfin Rental Network for an initial period of five years with two optional two-year extensions, subject to the terms of the underlying agreements.

We recorded amortization expense related to intangible assets of $89 million, $77 million and $53 million for the years ended December 31, 2025, 2024 and 2023, respectively.

Estimated future amortization expense for intangible assets, including amortization related to future commitments (see Note 13), as of December 31, 2025 is as follows (in millions):


2026	$	78
2027	67
2028	42
2029	33
2030	25
Thereafter	38
Total future amortization expense	$	283

We did not record any material impairment costs related to our intangible assets for the years ended December 31, 2025, 2024 or 2023.