Zillow Group (Z) ends FTC antitrust fight, keeps Redfin rentals
Rhea-AI Filing Summary
Zillow Group, Inc. (Z) announced a stipulated final order for equitable relief with the Federal Trade Commission and five states that fully resolves previously disclosed antitrust litigation related to its multifamily rental listings syndication partnership with Redfin. The order, which includes no admission of liability by Zillow, will be submitted to the U.S. District Court for the Eastern District of Virginia for entry.
Under the order, the Zillow–Redfin partnership continues, and syndication of multifamily rental listings across Zillow, Trulia, HotPads, Rent.com, ApartmentGuide and Redfin will remain in place through at least June 30, 2030. The agreement is amended to allow both companies to offer standalone multifamily advertising products beginning in 2027, adding flexibility for housing providers. Zillow and Redfin will pay an immaterial amount to the participating states for fees and costs.
In connection with this resolution, Zillow is reaffirming its previously provided third quarter, fourth quarter and full-year 2026 financial outlook. Zillow highlights that multifamily properties on Redfin nearly quadrupled and multifamily properties on Zillow grew about 40% since the combined syndication launched, supporting its view of the partnership’s benefits.
Positive
- Antitrust litigation fully resolved via a stipulated final order, removing a legal overhang on the multifamily rental syndication partnership with Redfin.
- Partnership and listing syndication preserved through at least June 30, 2030, providing longer-term visibility for Zillow’s multifamily rentals strategy.
- Zillow reaffirmed its Q3, Q4 and full-year 2026 financial outlook, signaling no change to previously communicated expectations.
- The order allows new standalone multifamily advertising products from 2027, potentially expanding monetization options alongside the existing partnership.
Negative
- Zillow and Redfin will pay the participating states for fees and costs related to the litigation, although the filing characterizes the amount as immaterial.
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8-K Event Classification
3 items: 7.01, 8.01, 9.01
3 items
Item 7.01
Regulation FD Disclosure
Disclosure
Material non-public information disclosed under Regulation Fair Disclosure, often investor presentations or guidance.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Syndication term through: June 30, 2030
Growth in multifamily properties on Redfin: Nearly quadrupled
Growth in multifamily properties on Zillow: Almost 40%
+3 more
6 metrics
Syndication term through
June 30, 2030
Date through which multifamily rental listings syndication between Zillow and Redfin will remain intact under the order
Growth in multifamily properties on Redfin
Nearly quadrupled
Change in multifamily properties on Redfin’s websites since the combined syndication partnership launched
Growth in multifamily properties on Zillow
Almost 40%
Increase in multifamily properties on Zillow’s websites since the combined syndication partnership launched
Number of participating states
5
States (plus the FTC) entering the stipulated final order with Zillow and Redfin
Start year for standalone multifamily advertising products
2027
Year when Zillow and Redfin will begin offering standalone multifamily advertising products under the amended agreement
Reaffirmed outlook periods
Q3 2026, Q4 2026, full year 2026
Financial outlook periods Zillow reaffirmed in connection with the settlement
Key Terms
stipulated final order for equitable relief, antitrust litigation, syndication, multifamily rental listings, +2 more
6 terms
stipulated final order for equitable relief regulatory
"entered into a stipulated final order for equitable relief (“Order”) with the Federal Trade"
antitrust litigation regulatory
"previously disclosed antitrust litigation related to the partnership between Zillow and"
Antitrust litigation is a legal dispute where government agencies or private parties accuse a company of breaking rules that keep markets fair, such as fixing prices, excluding competitors, or forming monopolies. For investors it matters because outcomes can lead to large fines, required changes to how a business operates, damaged reputation, or broken-up assets—similar to a referee penalizing a team, any ruling can reduce future profits and lower the company’s value.
syndication financial
"the syndication of multifamily rental listings from Zillow to Redfin will remain intact"
Syndication is a way for several financial firms to share a large loan, bond sale, or securities offering so no single institution bears all the risk or work. For investors, syndication matters because it affects how easily a deal gets funded, how quickly it can be sold or traded, and the fees and pricing you ultimately see—think of several people pooling money to buy a big item that would be risky or impossible for one person alone.
multifamily rental listings financial
"regarding its multifamily rental listings syndication agreement with Redfin"
forward-looking statements regulatory
"This press release contains forward-looking statements within the meaning of Section"
Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.
customer acquisition costs financial
"filling vacancies faster and at lower customer acquisition costs"
FAQ
What legal development did Zillow Group (Z) announce regarding the FTC case?
Zillow announced a stipulated final order for equitable relief with the FTC and five states that fully resolves previously disclosed antitrust litigation related to its multifamily rental listings syndication partnership with Redfin, with no admission of liability by Zillow.
Will Zillow’s multifamily rental partnership with Redfin continue after this 8-K?
Yes. The order provides that the Zillow–Redfin partnership will continue, and the syndication of multifamily rental listings will remain intact through at least June 30, 2030 under the existing agreement.
How does this filing affect Zillow Group’s (Z) financial outlook for 2026?
In connection with the resolution, Zillow is reaffirming its third quarter, fourth quarter and full-year 2026 financial outlook that was previously provided in its August 5, 2026 shareholder letter.
What new products will Zillow and Redfin be allowed to offer under the order?
The order amends the agreement to allow Zillow and Redfin to offer standalone multifamily advertising products starting in 2027, in addition to continuing their existing multifamily rental listings syndication partnership.
What impact has the Zillow–Redfin syndication had on multifamily listings so far?
Since launch, multifamily properties on Redfin’s websites nearly quadrupled, and multifamily properties on Zillow’s websites grew almost 40%, illustrating expanded inventory access for renters and increased exposure for housing providers.
Does Zillow Group (Z) have to make any payments under the settlement?
Yes. Zillow and Redfin will pay the participating states an immaterial amount for reasonable fees and costs related to the litigation, according to the 8-K disclosure.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of Earliest Event Reported): August 22, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||
(206 ) 470-7000
(Registrant’s telephone number, including area code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions: | |||||
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 7.01 | Regulation FD Disclosure. | ||||
Zillow Group, Inc. (the “Company” or “Zillow”) today issued a press release relating to the matters described in Item 8.01 of this Current Report on Form 8-K. A copy of the press release is furnished as Exhibit 99.1 hereto.
In connection with these matters, the Company is reaffirming its third quarter, fourth quarter and full year 2026 financial outlook previously provided in its Shareholder Letter furnished as Exhibit 99.2 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 5, 2026.
The information in this Item 7.01 and Exhibit 99.1 of this Current Report on Form 8-K shall not be deemed to be “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 8.01 | Other Events. | ||||
On August 22, 2026, Zillow and Redfin Corporation (“Redfin”) entered into a stipulated final order for equitable relief (“Order”) with the Federal Trade Commission (the “FTC”) and the Attorneys General of the Commonwealth of Virginia and the States of Arizona, Connecticut, New York, and Washington (collectively, the “States”) that fully resolves the FTC’s and States’ previously disclosed antitrust litigation related to the partnership between Zillow and Redfin. The Order, which contains no admission of liability or wrongdoing by Zillow, will be filed today in the United States District Court for the Eastern District of Virginia and is subject to entry by the court.
Under the terms of the Order, the partnership between Zillow and Redfin will continue and the syndication of multifamily rental listings from Zillow to Redfin will remain intact through at least June 30, 2030, as provided in the existing agreement. Pursuant to the Order, the parties’ agreement was amended to, among other things, allow Zillow and Redfin to offer standalone multifamily advertising products in addition to the existing partnership. Zillow and Redfin will also pay the States an immaterial amount for reasonable fees and costs related to the litigation.
Forward-Looking Statements
This Current Report on Form 8-K contains “forward-looking statements” within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. Actual results may differ materially from those indicated by such forward-looking statements as a result of various factors, including those discussed in the “Risk Factors” section of Zillow Group’s most recent Annual Report on Form 10-K and in Zillow Group’s other filings with the SEC. The forward-looking statements contained in this Current Report on Form 8-K speak only as of the date hereof, and Zillow Group specifically disclaims any obligation to update these forward-looking statements, whether as a result of new information, future events or otherwise.
| Item 9.01 | Financial Statements and Exhibits. | ||||
(d) Exhibits.
| Exhibit Number | Description | |||||||
| 99.1 | Press release dated August 24, 2026 entitled “ Zillow Resolves Federal Trade Commission Lawsuit, Reaffirming Partnership with Redfin and Expanding Access to Even More Housing Options for Renters” issued by Zillow Group, Inc. on August 24, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
Dated: August 24, 2026 | ZILLOW GROUP, INC. | ||||||||||
| By: | /s/ JENNIFER ROCK | ||||||||||
| Name: | Jennifer Rock | ||||||||||
| Title: | Chief Accounting Officer | ||||||||||
Media contact: Ellie Russell press@zillow.com Zillow Resolves Federal Trade Commission Lawsuit, Reaffirming Partnership with Redfin and Expanding Access to Even More Housing Options for Renters Syndication partnership with Redfin continues; both companies to also offer standalone options, improving choice, affordability and access SEATTLE, Aug. 24, 2026 — Zillow Group today announced a resolution with the Federal Trade Commission (FTC) and five states regarding its multifamily rental listings syndication agreement with Redfin. Zillow has consistently maintained the partnership with Redfin is pro-consumer and procompetitive, and we’re pleased to have found a resolution that enables its continuation. The partnership will continue, and the listings syndication will remain intact across Zillow, Trulia, HotPads, Rent.com, ApartmentGuide and Redfin. In 2027, Zillow and Redfin will offer standalone multifamily advertising products in addition to the existing partnership — giving housing providers even more flexibility in how they work with Zillow. "This resolution is a win for renters and multifamily housing providers," said Michael Sherman, general manager and SVP of Zillow Rentals. "Our syndication partnership with Redfin has already expanded access to multifamily listings across multiple platforms, bringing more leads and leases to property managers and more options to renters. Now, with the ability to offer more multifamily advertising solutions in addition to the existing partnership, we can do even more to support the marketplace. The data shows the pro- consumer and procompetitive benefits of this partnership. This positive resolution enables us to keep our energy on innovating for renters and property managers, and ultimately making renting easier, more affordable and better for everyone." Since the combined syndication partnership launched: • Renters across the country have more options. Multifamily properties on Redfin's websites nearly quadrupled, and multifamily properties on Zillow's websites grew almost 40%. • Housing providers are getting more for their investment. Through this partnership, properties that were previously listed on only Zillow or Redfin have seen an increase in leads, reflecting the benefit of reaching new audiences. This means Exhibit 99.1
renters are getting access to more inventory in more places and housing providers in the category are filling vacancies faster and at lower customer acquisition costs. Zillow is building a simpler, more affordable rental marketplace — one where renters can find more homes with less hassle, and housing providers can list once and reach more people. Through syndication partnerships, universal rental applications, upfront cost and fee transparency, and credit-building tools for renters, Zillow continues to invest in reducing friction at every step of the rental journey. About Zillow Group: Zillow Group, Inc. (Nasdaq: Z and ZG) is reimagining real estate to make home a reality for more and more people. As the most visited real estate app and website in the United States, Zillow connects hundreds of millions of consumers with innovative technology, trusted agents and loan officers, and seamless digital solutions. With industry-leading tools and resources, Zillow supercharges real estate professionals so they can grow their businesses and deliver exceptional client experiences. For renters and housing providers, Zillow offers not only a robust marketplace but a set of end-to-end products and services to streamline applications, leases, payments and more. Zillow’s ecosystem spans the entire home journey — from dreaming and shopping to renting, buying, selling and financing. Zillow Group’s affiliates, subsidiaries and brands include Zillow®, Zillow Premier Agent®, Zillow Home Loans®, Zillow Rentals®, Zillow® New Construction, Trulia®, StreetEasy®, Out East®, HotPads®, Follow Up Boss®, ShowingTime®, dotloop® and Zillow® Closing. All marks herein are owned by MFTB Holdco, Inc., a Zillow affiliate. Zillow Home Loans, LLC is an Equal Housing Lender, NMLS #10287 (www.nmlsconsumeraccess.org). © 2026 MFTB Holdco, Inc., a Zillow affiliate. Forward-Looking Statements: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 that involve risks and uncertainties, including, without limitation, statements regarding our future targets and opportunities, the future performance and operation of our business, our business strategies and ability to translate such strategies into financial performance, and the health of, and our impact on, the residential real estate industry. Differences in Zillow
Group’s actual results from those described in these forward-looking statements may result from actions taken by Zillow Group as well as from risks and uncertainties beyond Zillow Group’s control. For more information about potential factors that could affect Zillow Group’s business and financial results, please review the “Risk Factors” described in Zillow Group’s filings with the Securities and Exchange Commission. (ZFIN)