v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
Our CODM is our CEO who manages our business, makes operating decisions and evaluates operating performance on the basis of the company as a whole. This aligns to our ongoing growth strategy and our intent to provide integrated customer solutions for all tasks and services related to facilitating real estate transactions. Accordingly, we have a single operating and reportable segment.
Our CODM assesses performance and decides how to allocate resources based on net income (loss) as reported in our consolidated statements of operations. The measure of segment assets is reported on the consolidated balance sheets as total assets. The CODM uses net income (loss) to evaluate return on total assets in deciding whether to invest in the development and expansion of our consolidated operations or into strategic transactions, such as acquisitions and capital repurchases. Net income (loss) is also used to monitor budget versus actual results, perform competitive benchmarking analyses, and is considered in evaluating our executives’ compensation.
Significant Segment Expenses
The following table presents our significant expense categories included in our reported measure of segment profitability for the periods presented (in millions):
 Year Ended December 31,
202520242023
Revenue$2,583 $2,236 $1,945 
Less:
Headcount-related expenses, excluding share-based compensation1,187 1,110 993 
Share-based compensation390 448 451 
Depreciation and amortization264 240 187 
Marketing and advertising costs
191 194 155 
Direct product and service costs
300 184 144 
Software and hardware costs
113 98 85 
Third-party professional service fees
90 70 75 
Facility expenses26 28 59 
Impairment and restructuring costs
2 6 19 
Acquisition-related costs
— 1 4 
Other items (1)
54 54 43 
Loss from operations(34)(197)(270)
Gain (loss) on extinguishment of debt
— (1)1 
Other income, net
77 127 151 
Interest expense
(18)(36)(36)
Income tax expense
(2)(5)(4)
Net income (loss)$23 $(112)$(158)