SCHEDULE: Vanguard Group Discloses 14.4% Stake in Zillow Group

The Vanguard Group has filed an amended Schedule 13G, revealing a 14.4% beneficial ownership stake in Zillow Group Inc. as of June 30, 2025.

Summary

• The Vanguard Group reported beneficial ownership of 7,474,764 shares of Zillow Group Inc. common stock.
• This represents 14.40% of Zillow Group Inc.'s common stock class.
• Vanguard holds sole dispositive power over 7,349,137 shares and shared dispositive power over 125,627 shares.
• Vanguard holds shared voting power over 21,094 shares and no sole voting power.
• This is Amendment No. 13 to a Schedule 13G, indicating an update to a previously reported position.

Sentiment

Score: 7

Explanation: The filing indicates a significant, passive institutional investment by The Vanguard Group in Zillow Group Inc., which is generally viewed as a positive signal of confidence from a major asset manager. It does not contain any negative information about the issuer.

Positives

• The Vanguard Group, a major institutional investor, holds a significant 14.4% stake in Zillow Group Inc., indicating substantial institutional investment.
• The securities were acquired and are held in the ordinary course of business, not for the purpose of changing or influencing control of the issuer.

Future Outlook

This filing, a Schedule 13G, is a disclosure of beneficial ownership and does not contain forward-looking statements or guidance from Zillow Group Inc. or The Vanguard Group regarding Zillow's future performance.

Management Comments

• Ashley Grim, Head of Global Fund Administration for The Vanguard Group, certified that the securities were acquired and are held in the ordinary course of business and not for the purpose of changing or influencing the control of Zillow Group Inc.

Industry Context

Schedule 13G filings are standard disclosures by institutional investors holding more than 5% of a company's stock, indicating a passive investment intent. Vanguard's significant stake in Zillow Group Inc. highlights continued institutional interest in the real estate technology sector, which is undergoing significant transformation driven by digital platforms and data analytics.

Comparison to Industry Standards

• This filing primarily details a beneficial ownership stake and does not provide financial or operational results for comparison to industry standards or specific comparable companies. The 14.4% stake held by Vanguard is a substantial position for a single institutional investor in a publicly traded company.

Stakeholder Impact

• Shareholders: The disclosure of a large, passive stake by a prominent institutional investor like Vanguard can provide a degree of stability and confidence, potentially influencing investor sentiment.

Next Steps

• The Vanguard Group will continue to file amendments to this Schedule 13G if there are significant changes to its beneficial ownership stake in Zillow Group Inc.

Key Dates

Keywords

Zillow Group Inc, ZG, Vanguard Group, Schedule 13G, beneficial ownership, institutional investment, common stock, real estate technology, investment adviser