{
  "id": 6623830,
  "title": "Zillow at Goldman Sachs Communacopia + Technology Conference: growth broadens",
  "url": "https://urgent.news/2026/09/10/zillow-at-goldman-sachs-communacopia-technology-conference-growth",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-09-10T18:48:23.000Z",
  "source": {
    "name": "Investing.com",
    "slug": "investing-com",
    "url": "https://www.investing.com/news/transcripts/zillow-at-goldman-sachs-communacopia--technology-conference-growth-broadens-93CH-4896717"
  },
  "original_language": "en",
  "account": "On Thursday, September 10, 2026, Zillow addressed the Goldman Sachs Communacopia + Technology Conference to highlight its business expansion beyond home search into various software, rental, mortgage, and AI sectors. CFO and COO Jeremy Hofmann noted the company's ongoing growth despite a weak housing market, while also discussing anticipated revenue mix adjustments and a declining market environment. The shares slipped 2.94%, closing at $31.20, which is well below its 52-week high of $93.88 and nearer to the $29.23 to $93.88 range.\n\nZillow's stock has seen a 62.5% decline over the past year and a 52.89% decrease year-to-date, although analysis from InvestingPro indicates the stock might be undervalued at present, suggesting potential upside. The firm's revenue has grown at a 29% compound annual rate since its IPO, and profits are increasing at a faster rate than revenue growth. Zillow anticipates a 15% to 16% revenue growth in 2026, even if the housing market remains weak.\n\nThe company's three primary areas—consumer search, software tools, and transactions—are contributing to its growth. AI Mode is active for 20% of logged-in users and is showing higher engagement than non-AI experiences. The management reaffirmed goals for a $5 billion revenue target and a 45% EBITDA margin in the mid-cycle. Hofmann emphasized that Zillow has delivered consistent growth across cycles, even as the U.S. housing market has been depressed, with only about 4 million annual home sales compared to the historical norm of 6 million.\n\nRevenue has risen at a 29% compound annual growth rate since the company went public, with recent years seeing a mid-teens growth rate despite challenges in the housing market. For-sale revenue rose 13% year-over-year in 2025, and Preferred revenue, which replaced the traditional ad-based model, grew 23% more in 2025 and is expected to increase 35% in 2026. Rentals revenue is projected to grow in the high 20s percent during the fourth quarter of 2025 and 30% in full-year 2026. Zillow has reaffirmed its mid-cycle revenue target of $5 billion and a 45% EBITDA margin, highlighting robust net income growth compared to revenue and EBITDA.\n\nZillow reported $2.81 billion in revenue over the past year, with a gross profit margin of 72.88%, and maintains a strong balance sheet with more cash than debt and a current ratio of 1.92. The company has reduced its share count by about 10% over the last three to four years. An InvestingPro tip highlights management's aggressive share buyback program, demonstrating confidence in the company's future. Zillow's business operates across three layers: consumer discovery, software infrastructure, and transactions, all of which are scaling in size. Zillow holds 70% to 75% of the online real estate market share, with about 80% of traffic directly to the Zillow platform.\n\nThe Zillow brand is searched more frequently than the term \"real estate,\" and Showtimes powers 90% of all tours in the U.S., while Dotloop processes 50% of all offers nationally. Zillow’s proprietary Rich Media technology is featured on over 10% of listings nationwide, with more than 30% in major markets. Follow Up Boss is used by 138,000 active monthly users, up 20% from the previous year. Zillow Home Loans has become a top-25 lender, with loan volume increasing tenfold since 2022.\n\nPreferred Agents, managed by Zillow, are among the most productive in the country and are aligned with Zillow’s incentives. Over 70% of single-family homes for rent in the U.S. are listed on Zillow, and the majority of rental inventory on the platform is unique to the company. Multifamily apartment inventory is expanding rapidly. Zillow showcases best-in-class ROI for multifamily advertising. AI Mode is active on 20% of logged-in users, with early engagement metrics significantly higher than non-AI users. Hofmann mentioned that the conversational assistant allows for richer discussions about neighborhoods, commutes, schools, and market conditions.\n\nZillow has expanded Zillow Showcase to 5% of all listings nationwide, featuring higher-quality photos, digital walkthroughs, and integrated floor plans. The technology was developed over more than a decade. The Redfin partnership continues following an FTC settlement that reached a month before the conference, with Zillow distributing multifamily content to Redfin sites and apps. Hofmann stated that Zillow anticipates continued outpacing of the real estate market, even if the housing backdrop remains weak. The company's strategy is already in place, and the focus now is on faster execution and leveraging AI to drive further growth.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Investing.com",
        "title": "Ethos Technologies at Goldman Sachs Communacopia + Technology Conference: growth push",
        "url": "https://urgent.news/2026/09/09/ethos-technologies-at-goldman-sachs-communacopia-technology",
        "published": "2026-09-09T23:41:15.000Z"
      },
      {
        "outlet": "Fortune",
        "title": "50 multimillionaire Gen Zers went on a two-week Goldman Sachs bootcamp—they learned how to read the news, invest in art, and communicate better",
        "url": "https://urgent.news/2026/09/11/50-multimillionaire-gen-zers-went-on-a-two-week-goldman-sachs",
        "published": "2026-09-11T15:29:30.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}