XML 27 R16.htm IDEA: XBRL DOCUMENT
v3.25.3

Share-Based Awards | 9 Months Ended
--- | ---
Sep. 30, 2025
Share-Based Payment Arrangement [Abstract] |
Share-Based Awards | Share-Based Awards In connection with the annual review cycle, option awards and restricted stock units are granted under the Zillow Group, Inc. 2020 Incentive Plan during the first quarter of each year and typically vest quarterly over four years. For additional information regarding our share-based awards, see Note 13 in the Notes to the Consolidated Financial Statements in our Annual Report on Form 10-K for the fiscal year ended December 31, 2024. Option Awards The following table summarizes option award activity for the nine months ended September 30, 2025:
| Number of Shares Subject to Existing Options (in thousands) |  | Weighted- Average Exercise Price Per Share |  | Weighted- Average Remaining Contractual Life (in years) |  | Aggregate Intrinsic Value (in millions)
Outstanding at January 1, 2025 | 29,941 |  |  | $ | 46.58 |  |  | 6.3 |  | $ | 861 |
Granted | 2,299 |  |  | 76.44 |  |  |  |  |
Exercised | (4,193) |  |  | 41.74 |  |  |  |  |
Forfeited or canceled | (422) |  |  | 52.66 |  |  |  |  |
Outstanding at September 30, 2025 | 27,625 |  |  | 49.71 |  |  | 6.0 |  | 793 |
Vested and exercisable at September 30, 2025 | 20,839 |  |  | 47.32 |  |  | 5.3 |  | 656 |
The following assumptions were used to determine the fair value of option awards granted for the periods presented:
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Expected volatility | 54% |  | 55% |  | 54% - 60% |  | 55% - 61%
Risk-free interest rate | 3.82% |  | 3.74% |  | 3.82% - 4.17% |  | 3.74% - 4.50%
Weighted-average expected life | 5.3 years |  | 5.5 years |  | 5.3 - 6.8 years |  | 5.5 - 6.8 years
Weighted-average fair value of options granted | $46.43 |  | $30.96 |  | $43.34 |  | $31.80
As of September 30, 2025, there was a total of $197 million in unrecognized compensation cost related to unvested option awards. Restricted Stock Units The following table summarizes activity for restricted stock units for the nine months ended September 30, 2025:
| Restricted Stock Units (in thousands) |  | Weighted-Average Grant Date Fair Value
Unvested outstanding at January 1, 2025 | 11,729 |  |  | $ | 50.31 |
Granted | 4,568 |  |  | 76.32 |
Vested | (4,551) |  |  | 51.45 |
Forfeited | (849) |  |  | 54.06 |
Unvested outstanding at September 30, 2025 | 10,897 |  |  | $ | 60.43 |
As of September 30, 2025, there was a total of $608 million in unrecognized compensation cost related to unvested restricted stock units. Share-Based Compensation Expense The following table presents the effects of share-based compensation expense in our condensed consolidated statements of operations during the periods presented (in millions):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Cost of revenue | $ | 3 |  |  | $ | 3 |  |  | $ | 9 |  |  | $ | 11 |
Sales and marketing | 18 |  |  | 19 |  |  | 55 |  |  | 57 |
Technology and development | 41 |  |  | 40 |  |  | 119 |  |  | 124 |
General and administrative | 37 |  |  | 46 |  |  | 112 |  |  | 137 |
Total share-based compensation | $ | 99 |  |  | $ | 108 |  |  | $ | 295 |  |  | $ | 329 |

X
- Definition The entire disclosure for share-based payment arrangement. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2)(i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/718/tableOfContent Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_DisclosureOfCompensationRelatedCostsSharebasedPaymentsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration