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Zillow Group (ZG) Financials

Zillow Group logo
$44.83 +0.95 (+2.16%)
Closing price 05/6/2026 04:00 PM Eastern
Extended Trading
$42.50 -2.33 (-5.19%)
As of 05/6/2026 07:52 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Zillow Group

Annual Income Statements for Zillow Group

This table shows Zillow Group's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -149 -220 -94 -120 -305 -162 -528 -101 -158 -112 23
Consolidated Net Income / (Loss)		 -149 -220 -94 -120 -305 -162 -528 -101 -158 -112 23
Net Income / (Loss) Continuing Operations		 -149 -220 -94 -120 -305 5.00 102 -88 -158 -112 23
Total Pre-Tax Income 		-154 -220 -184 -151 -310 -3.00 101 -85 -154 -107 25
Total Revenue		 641 819 1,055 1,312 2,681 1,512 1,994 1,966 2,061 2,326 2,642
Net Interest Income / (Expense)		 -5.49 -7.41 -28 -41 -102 -138 -128 -35 -36 -36 -18
Total Interest Income		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Interest Expense		 5.49 7.41 28 41 102 138 128 35 36 36 18
Long-Term Debt Interest Expense		 5.49 7.41 28 41 102 138 128 35 36 36 18
Total Non-Interest Income		 646 827 1,082 1,353 2,782 1,650 2,122 2,001 2,097 2,362 2,660
Other Service Charges		 1.50 2.71 5.39 19 40 25 7.00 43 151 127 77
Net Realized & Unrealized Capital Gains on Investments		 - -23 - 0.00 0.00 1.00 -17 0.00 1.00 -1.00 0.00
Other Non-Interest Income		 645 847 1,077 1,334 2,743 1,624 2,132 1,958 1,945 2,236 2,583
Total Non-Interest Expense		 794 1,039 1,239 1,463 2,990 1,515 1,893 2,051 2,215 2,433 2,617
Marketing Expense		 493 638 768 963 1,080 859 1,136 1,162 1,218 1,375 1,450
Other Operating Expenses		 249 400 296 416 1,910 579 737 865 974 1,051 1,165
Impairment Charge		 36 0.00 174 79 - 77 10 24 19 6.00 2.00
Restructuring Charge		 17 1.42 0.46 4.35 0.65 0.00 10 0.00 4.00 1.00 0.00
Income Tax Expense		 -4.65 0.13 -90 -31 -4.26 -8.00 -1.00 3.00 4.00 5.00 2.00
Basic Earnings per Share		 ($0.88) ($1.22) ($0.51) ($0.61) ($1.48) ($0.72) ($2.11) ($0.42) ($0.68) ($0.48) $0.09
Weighted Average Basic Shares Outstanding		 169.77M 180.15M 186.45M 197.94M 206.38M 223.85M 249.94M 242.16M 233.58M 234.08M 241.93M
Diluted Earnings per Share		 ($0.88) ($1.22) ($0.51) ($0.61) ($1.48) ($0.70) ($2.02) ($0.42) ($0.68) ($0.48) $0.09
Weighted Average Diluted Shares Outstanding		 169.77M 180.15M 186.45M 197.94M 206.38M 231.44M 261.83M 242.16M 233.58M 234.08M 254.12M
Weighted Average Basic & Diluted Shares Outstanding		 169.77M 180.15M 186.45M 197.94M 206.38M 223.85M 250.67M 234.34M 233.47M 242.56M 239.93M

Quarterly Income Statements for Zillow Group

This table shows Zillow Group's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 -28 -73 -23 -17 -20 -52 8.00 2.00 10 3.00 46
Consolidated Net Income / (Loss)		 -28 -73 -23 -17 -20 -52 8.00 2.00 10 3.00 46
Net Income / (Loss) Continuing Operations		 -28 -73 -23 -17 -20 -52 8.00 2.00 10 3.00 46
Total Pre-Tax Income 		-28 -70 -21 -15 -20 -51 8.00 2.00 12 3.00 48
Total Revenue		 521 509 553 595 606 572 615 668 691 668 720
Net Interest Income / (Expense)		 -9.00 -9.00 -9.00 -10 -9.00 -8.00 -5.00 -5.00 -3.00 -5.00 -4.00
Total Interest Income		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Interest Expense		 9.00 9.00 9.00 10 9.00 8.00 5.00 5.00 3.00 5.00 4.00
Long-Term Debt Interest Expense		 9.00 9.00 9.00 10 9.00 8.00 5.00 5.00 3.00 5.00 4.00
Total Non-Interest Income		 530 518 562 605 615 580 620 673 694 673 724
Other Service Charges		 34 43 33 34 34 26 22 18 18 19 16
Other Non-Interest Income		 496 474 - 572 581 554 - 655 676 654 708
Total Non-Interest Expense		 549 579 574 610 626 623 607 666 679 665 672
Marketing Expense		 306 306 313 349 362 351 347 379 365 359 360
Other Operating Expenses		 241 261 255 261 263 272 260 287 312 306 312
Income Tax Expense		 0.00 3.00 2.00 2.00 0.00 1.00 0.00 0.00 2.00 - 2.00
Basic Earnings per Share		 ($0.12) ($0.32) ($0.10) ($0.07) ($0.08) ($0.23) $0.03 $0.01 $0.04 $0.01 $0.19
Weighted Average Basic Shares Outstanding		 233.30M 233.58M 234.70M 233.45M 232.52M 234.08M 242.26M 241.08M 242.33M 241.93M 235.68M
Diluted Earnings per Share		 ($0.12) ($0.32) ($0.10) ($0.07) ($0.08) ($0.23) $0.03 $0.01 $0.04 $0.01 $0.19
Weighted Average Diluted Shares Outstanding		 233.30M 233.58M 234.70M 233.45M 232.52M 234.08M 256.19M 251.67M 256.24M 254.12M 239.64M
Weighted Average Basic & Diluted Shares Outstanding		 233.60M 233.47M 236.19M 231.44M 233.56M 242.56M 241.45M 242.27M 242.05M 239.93M 228.80M

Annual Cash Flow Statements for Zillow Group

This table details how cash moves in and out of Zillow Group's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 103 14 109 311 567 548 1,059 -1,370 27 -410 -312
Net Cash From Operating Activities		 23 8.65 258 3.85 -612 423 -3,177 4,504 354 428 368
Net Cash From Continuing Operating Activities		 23 8.65 258 3.85 -620 423 -3,177 4,504 354 428 368
Net Income / (Loss) Continuing Operations		 -149 -220 -94 -120 -305 -162 -528 -101 -158 -112 23
Consolidated Net Income / (Loss)		 -149 -220 -94 -120 -305 -162 -528 -101 -158 -112 23
Depreciation Expense		 75 101 110 99 87 111 130 157 187 240 264
Amortization Expense		 5.04 4.10 26 56 87 163 178 79 56 29 20
Non-Cash Adjustments to Reconcile Net Income		 127 131 204 191 160 228 771 460 413 425 375
Changes in Operating Assets and Liabilities, net		 -39 -8.92 5.92 -223 -649 83 -3,728 3,909 -144 -154 -314
Net Cash From Investing Activities		 64 -66 -247 -623 -456 -1,038 1,088 -1,533 25 395 -6.00
Net Cash From Continuing Investing Activities		 64 -66 -247 -623 -456 -1,038 1,088 -1,533 25 395 -6.00
Purchase of Property, Leasehold Improvements and Equipment		 -53 -62 -67 -66 -67 -85 -74 -115 -135 -143 -133
Purchase of Investment Securities		 -427 -211 -440 -902 -1,515 -3,311 -1,044 -2,220 -1,127 -741 -345
Sale and/or Maturity of Investments		 517 204 259 413 1,126 2,358 2,206 802 1,287 1,279 472
Net Cash From Financing Activities		 16 72 98 930 1,636 1,163 3,148 -4,341 -352 -1,233 -674
Net Cash From Continuing Financing Activities		 16 72 98 930 1,636 1,163 3,148 -4,341 -352 -1,233 -674
Issuance of Debt		 - 448 0.00 481 1,844 1,181 4,559 -2,282 56 52 219
Repayment of Debt		 - -370 0.00 0.00 -114 -874 -1,781 -1,158 -56 -1,196 -419
Repurchase of Common Equity		 - - - - - 0.00 -302 -947 -424 -301 -670
Other Financing Activities, Net		 16 -6.02 98 89 -94 444 127 46 72 212 196
Cash Interest Paid		 6.33 6.33 9.20 15 42 51 109 50 28 35 18
Cash Income Taxes Paid		 - - - - - 0.00 0.00 6.00 6.00 6.00 3.00

Quarterly Cash Flow Statements for Zillow Group

This table details how cash moves in and out of Zillow Group's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 281 -354 -53 -259 -108 10 -167 -326 287 -106 -90
Net Cash From Operating Activities		 75 86 80 55 171 122 104 87 105 72 200
Net Cash From Continuing Operating Activities		 75 86 80 55 171 122 104 87 105 72 200
Net Income / (Loss) Continuing Operations		 -28 -73 -23 -17 -20 -52 8.00 2.00 10 3.00 46
Consolidated Net Income / (Loss)		 -28 -73 -23 -17 -20 -52 8.00 2.00 10 3.00 46
Depreciation Expense		 49 53 56 59 63 62 65 67 67 65 65
Amortization Expense		 3.00 52 10 16 8.00 7.00 7.00 7.00 8.00 -3.00 8.00
Non-Cash Adjustments to Reconcile Net Income		 106 79 102 99 102 110 85 89 93 109 59
Changes in Operating Assets and Liabilities, net		 -55 -25 -65 -102 18 -5.00 -61 -78 -73 -102 22
Net Cash From Investing Activities		 255 -314 -204 -3.00 328 274 -52 77 19 -50 376
Net Cash From Continuing Investing Activities		 255 -314 -204 -3.00 328 274 -52 77 19 -50 376
Purchase of Property, Leasehold Improvements and Equipment		 -35 -34 -39 -37 -33 -34 -36 -37 -32 -28 -34
Purchase of Investment Securities		 -40 -431 -304 -301 -84 -52 -168 -56 -26 -95 -74
Sale and/or Maturity of Investments		 330 151 139 335 445 360 152 170 77 73 484
Net Cash From Financing Activities		 -49 -126 71 -311 -607 -386 -219 -490 163 -128 -666
Net Cash From Continuing Financing Activities		 -49 -126 71 -311 -607 -386 -219 -490 163 -128 -666
Issuance of Debt		 25 -54 - 59 -34 -55 28 57 -504 638 -29
Repayment of Debt		 - - 30 - -608 -447 0.00 - 546 -546 -2.00
Repurchase of Common Equity		 -100 -88 -9.00 -292 - - -250 -150 -38 -232 -626
Other Financing Activities, Net		 26 16 50 11 35 116 3.00 22 159 12 -9.00

Annual Balance Sheets for Zillow Group

This table presents Zillow Group's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 3,136 3,150 3,231 4,291 6,132 7,487 10,695 6,563 6,652 5,829 5,685
Cash and Due from Banks		 229 244 352 651 1,141 1,703 2,315 1,466 1,492 1,082 768
Restricted Cash		 3.02 - 0.00 12 90 76 1.00 2.00 3.00 3.00 5.00
Trading Account Securities		 291 264 410 904 1,281 2,218 514 1,896 1,318 776 527
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 - - 0.00 35 37 331 107 41 100 159 386
Premises and Equipment, Net		 86 98 112 135 170 196 215 271 328 360 350
Goodwill		 1,909 1,923 1,931 1,985 1,985 1,985 2,374 2,374 2,817 2,823 2,823
Intangible Assets		 559 527 320 216 191 95 176 154 241 207 279
Other Assets		 59 93 105 352 1,238 883 4,993 359 353 419 547
Total Liabilities & Shareholders' Equity		 3,136 3,150 3,231 4,291 6,132 7,487 10,695 6,563 6,652 5,829 5,685
Total Liabilities		 457 616 570 1,024 2,697 2,745 5,354 2,081 2,126 981 801
Short-Term Debt		 4.53 5.60 5.99 159 740 689 124 57 728 593 400
Accrued Interest Payable		 43 38 61 63 85 94 89 90 107 105 134
Other Short-Term Payables		 33 53 51 65 95 125 3,669 123 136 133 145
Other Long-Term Liabilities		 146 151 66 37 233 223 153 151 155 150 122
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 2,679 2,534 2,661 3,267 3,435 4,742 5,341 4,482 4,526 4,848 4,884
Total Preferred & Common Equity		 2,679 2,534 2,661 3,267 3,435 4,742 5,341 4,482 4,526 4,848 4,884
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,679 2,534 2,661 3,267 3,435 4,742 5,341 4,482 4,526 4,848 4,884
Common Stock		 2,956 3,031 3,254 3,940 4,412 5,881 7,001 6,109 6,301 6,733 6,741
Retained Earnings		 -277 -497 -592 -672 -977 -1,139 -1,667 -1,612 -1,770 -1,882 -1,859
Accumulated Other Comprehensive Income / (Loss)		 -0.47 -0.24 -1.10 -0.91 0.34 0.16 7.00 -15 -5.00 -3.00 2.00

Quarterly Balance Sheets for Zillow Group

This table presents Zillow Group's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q3 2022 Q1 2023 Q2 2023 Q3 2023 Q1 2024 Q2 2024 Q3 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 9/30/2022 3/31/2023 6/30/2023 9/30/2023 3/31/2024 6/30/2024 9/30/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 6,718 6,614 6,618 6,656 6,823 6,628 6,159 5,746 5,416 5,698 5,226
Cash and Due from Banks		 1,973 1,394 1,566 1,846 1,439 1,181 1,072 914 587 874 678
Restricted Cash		 2.00 2.00 2.00 3.00 3.00 2.00 3.00 4.00 5.00 5.00 5.00
Trading Account Securities		 1,516 1,975 1,745 1,421 1,478 1,447 1,101 689 571 515 105
Loans and Leases, Net of Allowance		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Loans Held for Sale		 49 48 73 96 132 195 164 185 250 291 361
Premises and Equipment, Net		 261 290 309 324 343 356 356 364 373 371 352
Goodwill		 2,374 2,374 2,374 2,416 2,817 2,818 2,818 2,823 2,823 2,823 2,823
Intangible Assets		 149 154 153 162 232 222 211 297 285 273 272
Other Assets		 394 377 396 388 379 407 434 470 522 546 630
Total Liabilities & Shareholders' Equity		 6,718 6,614 6,618 6,656 6,823 6,628 6,159 5,746 5,416 5,698 5,226
Total Liabilities		 2,123 2,094 2,132 2,127 2,158 2,127 1,503 992 670 706 818
Short-Term Debt		 64 63 87 726 765 1,246 619 627 286 310 403
Accrued Interest Payable		 112 101 118 87 104 111 114 111 121 133 163
Other Short-Term Payables		 136 123 128 128 132 121 121 137 139 141 158
Other Long-Term Liabilities		 152 146 136 129 156 152 152 117 124 122 94
Commitments & Contingencies		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 4,595 4,520 4,486 4,529 4,665 4,501 4,656 4,754 4,746 4,992 4,408
Total Preferred & Common Equity		 4,595 4,520 4,486 4,529 4,665 4,501 4,656 4,754 4,746 4,992 4,408
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 4,595 4,520 4,486 4,529 4,665 4,501 4,656 4,754 4,746 4,992 4,408
Common Stock		 6,154 6,157 6,174 6,247 6,469 6,322 6,482 6,628 6,617 6,852 6,221
Retained Earnings		 -1,540 -1,634 -1,669 -1,697 -1,793 -1,810 -1,830 -1,874 -1,872 -1,862 -1,813
Accumulated Other Comprehensive Income / (Loss)		 -19 -3.00 -19 -21 -11 -11 4.00 0.00 1.00 2.00 0.00

Annual Metrics And Ratios for Zillow Group

This table displays calculated financial ratios and metrics derived from Zillow Group's official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 242,050,630.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 242,050,630.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 0.10
Growth Metrics		 - - - - - - - - - - -
Profitability Metrics		 - - - - - - - - - - -
Valuation Ratios		 - - - - - - - - - - -
Leverage & Solvency		 - - - - - - - - - - -
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Efficiency Ratios		 - - - - - - - - - - -
Capital & Investment Metrics		 - - - - - - - - - - -
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.88) ($1.22) ($0.51) ($0.61) ($1.48) ($0.72) ($2.11) ($0.42) ($0.68) ($0.48) $0.09
Adjusted Weighted Average Basic Shares Outstanding		 178.53M 182.73M 190.68M 204.60M 209.27M 240.66M 249.94M 242.16M 233.58M 234.08M 241.93M
Adjusted Diluted Earnings per Share		 ($0.88) ($1.22) ($0.51) ($0.61) ($1.48) ($0.72) ($2.11) ($0.42) ($0.68) ($0.48) $0.09
Adjusted Weighted Average Diluted Shares Outstanding		 178.53M 182.73M 190.68M 204.60M 209.27M 240.66M 249.94M 242.16M 233.58M 234.08M 254.12M
Adjusted Basic & Diluted Earnings per Share		 ($0.88) ($1.22) ($0.51) ($0.61) ($1.48) ($0.72) $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 169.77M 180.15M 186.45M 197.94M 206.38M 223.85M 250.67M 234.34M 233.47M 242.56M 239.93M
Debt Service Ratios		 - - - - - - - - - - -
Payout Ratios		 - - - - - - - - - - -

Quarterly Metrics And Ratios for Zillow Group

This table displays calculated financial ratios and metrics derived from Zillow Group's official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 242,050,630.00 239,928,216.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 242,050,630.00 239,928,216.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 0.01 0.19
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.20% 13.11% 12.40% 10.39% 16.31% 12.38% 11.21% 12.27% 14.03% - 17.07%
EBITDA Growth		 2,500.00% 683.33% 19.35% 1,400.00% 112.50% -48.57% 80.00% 46.15% 70.59% - 51.25%
EBIT Growth		 41.67% -2.94% 4.55% 55.88% 28.57% 27.14% 138.10% 113.33% 160.00% - 500.00%
NOPAT Growth		 41.67% -2.94% 4.55% 55.88% 28.57% 27.14% 154.42% 119.05% 171.43% - 475.00%
Net Income Growth		 47.17% -1.39% -4.55% 51.43% 28.57% 28.77% 134.78% 111.76% 150.00% - 475.00%
EPS Growth		 45.45% -10.34% -11.11% 53.33% 33.33% 28.13% 130.00% 114.29% 150.00% - 533.33%
Operating Cash Flow Growth		 -54.55% 2.38% -13.98% -45.00% 128.00% 41.86% 30.00% 58.18% -38.60% - 92.31%
Free Cash Flow Firm Growth		 -100.35% -119.35% -118.33% -113.68% 3,967.65% 847.40% 624.54% 6,662.16% -8.75% - -41.78%
Invested Capital Growth		 -0.10% 0.89% 2.99% 0.13% -8.56% -13.00% -16.33% -19.41% -8.14% - -10.59%
Revenue Q/Q Growth		 -3.34% -2.30% 8.64% 7.59% 1.85% -5.61% 7.52% 8.62% 3.44% - 7.78%
EBITDA Q/Q Growth		 500.00% 45.83% 227.59% 62.16% -15.00% -64.71% 350.00% -6.17% 14.47% - 86.15%
EBIT Q/Q Growth		 17.65% -150.00% 70.00% 28.57% -33.33% -155.00% 115.69% -75.00% 500.00% - 1,500.00%
NOPAT Q/Q Growth		 17.65% -150.00% 70.00% 28.57% -33.33% -155.00% 122.41% -75.00% 400.00% - 1,433.33%
Net Income Q/Q Growth		 20.00% -160.71% 68.49% 26.09% -17.65% -160.00% 115.38% -75.00% 400.00% - 1,433.33%
EPS Q/Q Growth		 20.00% -166.67% 68.75% 30.00% -14.29% -187.50% 113.04% -66.67% 300.00% - 1,800.00%
Operating Cash Flow Q/Q Growth		 -25.00% 14.67% -6.98% -31.25% 210.91% -28.66% -14.75% -16.35% 20.69% - 177.78%
Free Cash Flow Firm Q/Q Growth		 -110.06% -664.71% -93.94% 90.83% 2,943.24% 47.78% 36.11% 14.74% -60.46% - 285.00%
Invested Capital Q/Q Growth		 1.22% -0.92% 2.83% -2.91% -7.56% -5.73% -1.10% -6.49% 5.37% - -8.95%
Profitability Metrics		 - - - - - - - - - - -
EBITDA Margin		 4.61% 6.88% 6.69% 10.08% 8.42% 3.15% 13.17% 11.38% 12.59% - 16.81%
EBIT Margin		 -5.37% -13.75% -3.80% -2.52% -3.30% -8.92% 1.30% 0.30% 1.74% - 6.67%
Profit (Net Income) Margin		 -5.37% -14.34% -4.16% -2.86% -3.30% -9.09% 1.30% 0.30% 1.45% - 6.39%
Tax Burden Percent		 100.00% 104.29% 109.52% 113.33% 100.00% 101.96% 100.00% 100.00% 83.33% - 95.83%
Interest Burden Percent		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% - 100.00%
Effective Tax Rate		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 16.67% - 4.17%
Return on Invested Capital (ROIC)		 -1.19% -3.19% -0.89% -0.62% -0.87% -2.48% 0.53% 0.13% 0.67% - 3.44%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.67% -4.58% -1.37% -0.99% -1.28% -3.89% 0.53% 0.13% 0.67% - 3.44%
Return on Net Nonoperating Assets (RNNOA)		 -0.64% -1.75% -0.52% -0.38% -0.40% -0.96% 0.13% 0.03% 0.10% - 0.39%
Return on Equity (ROE)		 -1.84% -4.94% -1.41% -1.00% -1.27% -3.45% 0.66% 0.16% 0.76% - 3.83%
Cash Return on Invested Capital (CROIC)		 -1.59% -2.61% -4.64% -1.63% 7.48% 12.62% 16.85% 20.74% 8.12% - 12.38%
Operating Return on Assets (OROA)		 -1.61% -4.29% -1.20% -0.83% -1.17% -3.32% 0.49% 0.12% 0.75% - 3.34%
Return on Assets (ROA)		 -1.61% -4.47% -1.31% -0.94% -1.17% -3.39% 0.49% 0.12% 0.62% - 3.20%
Return on Common Equity (ROCE)		 -1.84% -4.94% -1.41% -1.00% -1.27% -3.45% 0.66% 0.16% 0.76% - 3.83%
Return on Equity Simple (ROE_SIMPLE)		 -3.47% 0.00% -3.41% -3.13% -2.86% 0.00% -1.70% -1.31% -0.64% - 1.38%
Net Operating Profit after Tax (NOPAT)		 -20 -49 -15 -11 -14 -36 8.00 2.00 10 - 46
NOPAT Margin		 -3.76% -9.63% -2.66% -1.76% -2.31% -6.24% 1.30% 0.30% 1.45% - 6.39%
Net Nonoperating Expense Percent (NNEP)		 0.48% 1.39% 0.48% 0.37% 0.41% 1.40% 0.00% 0.00% 0.00% - 0.00%
SG&A Expenses to Revenue		 58.73% 60.12% 56.60% 58.66% 59.74% 61.36% 56.42% 56.74% 52.82% - 50.00%
Operating Expenses to Revenue		 105.37% 113.75% 103.80% 102.52% 103.30% 108.92% 98.70% 99.70% 98.26% - 93.33%
Earnings before Interest and Taxes (EBIT)		 -28 -70 -21 -15 -20 -51 8.00 2.00 12 - 48
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 24 35 37 60 51 18 81 76 87 - 121
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 2.30 2.93 2.40 2.36 3.08 3.41 3.41 3.48 3.61 - 2.25
Price to Tangible Book Value (P/TBV)		 5.35 9.03 6.92 7.28 8.81 9.10 9.93 10.10 9.51 - 7.56
Price to Revenue (P/Rev)		 5.21 6.43 5.27 4.88 6.33 7.11 6.79 6.72 7.08 - 3.62
Price to Earnings (P/E)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 162.80
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Earnings Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.61%
Enterprise Value to Invested Capital (EV/IC)		 1.64 2.16 1.79 1.79 2.49 2.95 2.96 3.23 3.29 - 2.01
Enterprise Value to Revenue (EV/Rev)		 5.18 6.54 5.42 5.14 6.35 6.90 6.67 6.60 6.86 - 3.51
Enterprise Value to EBITDA (EV/EBITDA)		 296.07 143.44 176.99 92.54 97.12 96.72 78.84 71.82 66.66 - 27.57
Enterprise Value to EBIT (EV/EBIT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 148.47
Enterprise Value to NOPAT (EV/NOPAT)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 - 158.21
Enterprise Value to Operating Cash Flow (EV/OCF)		 29.44 38.09 33.74 37.83 36.67 37.51 35.24 33.54 41.78 - 20.80
Enterprise Value to Free Cash Flow (EV/FCFF)		 0.00 0.00 0.00 0.00 31.82 21.75 16.00 13.88 38.84 - 15.29
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.39 0.38 0.38 0.39 0.24 0.12 0.13 0.06 0.06 - 0.09
Long-Term Debt to Equity		 0.23 0.22 0.21 0.11 0.11 0.00 0.00 0.00 0.00 - 0.00
Financial Leverage		 0.38 0.38 0.38 0.39 0.32 0.25 0.25 0.22 0.15 - 0.11
Leverage Ratio		 1.47 1.47 1.46 1.47 1.40 1.33 1.33 1.30 1.23 - 1.20
Compound Leverage Factor		 1.47 1.47 1.46 1.47 1.40 1.33 1.33 1.30 1.23 - 1.20
Debt to Total Capital		 28.25% 27.63% 27.46% 27.91% 19.33% 10.90% 11.65% 5.68% 5.85% - 8.38%
Short-Term Debt to Total Capital		 11.50% 11.64% 11.90% 19.96% 10.72% 10.90% 11.65% 5.68% 5.85% - 8.38%
Long-Term Debt to Total Capital		 16.75% 15.99% 15.57% 7.96% 8.61% 0.00% 0.00% 0.00% 0.00% - 0.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Common Equity to Total Capital		 71.75% 72.37% 72.54% 72.09% 80.67% 89.10% 88.35% 94.32% 94.15% - 91.62%
Debt to EBITDA		 50.94 18.38 27.17 14.41 7.54 3.57 3.10 1.27 1.18 - 1.15
Net Debt to EBITDA		 -1.89 2.48 4.98 4.63 0.28 -2.96 -1.44 -1.35 -2.17 - -0.80
Long-Term Debt to EBITDA		 30.20 10.64 15.40 4.11 3.36 0.00 0.00 0.00 0.00 - 0.00
Debt to NOPAT		 -16.76 -16.03 -16.49 -18.58 -12.65 -7.92 -11.48 -6.70 -15.27 - 6.61
Net Debt to NOPAT		 0.62 -2.16 -3.03 -5.97 -0.46 6.57 5.33 7.17 28.03 - -4.59
Long-Term Debt to NOPAT		 -9.93 -9.28 -9.35 -5.30 -5.63 0.00 0.00 0.00 0.00 - 0.00
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -14 -104 -202 -19 526 777 1,058 1,214 480 - 616
Operating Cash Flow to CapEx		 214.29% 252.94% 205.13% 148.65% 518.18% 358.82% 288.89% 235.14% 328.13% - 588.24%
Free Cash Flow to Firm to Interest Expense		 -1.51 -11.56 -22.41 -1.85 58.44 97.16 211.60 242.80 160.00 - 154.00
Operating Cash Flow to Interest Expense		 8.33 9.56 8.89 5.50 19.00 15.25 20.80 17.40 35.00 - 50.00
Operating Cash Flow Less CapEx to Interest Expense		 4.44 5.78 4.56 1.80 15.33 11.00 13.60 10.00 24.33 - 41.50
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.30 0.31 0.32 0.33 0.35 0.37 0.38 0.41 0.43 - 0.50
Fixed Asset Turnover		 6.84 6.88 6.70 6.55 6.66 6.76 6.76 6.75 7.00 - 7.67
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 6,312 6,254 6,431 6,244 5,772 5,441 5,381 5,032 5,302 - 4,811
Invested Capital Turnover		 0.32 0.33 0.33 0.35 0.37 0.40 0.40 0.44 0.46 - 0.54
Increase / (Decrease) in Invested Capital		 -6.00 55 187 8.00 -540 -813 -1,050 -1,212 -470 - -570
Enterprise Value (EV)		 10,362 13,483 11,504 11,198 14,374 16,056 15,926 16,231 17,466 - 9,651
Market Capitalization		 10,428 13,250 11,180 10,638 14,333 16,548 16,217 16,537 18,035 - 9,931
Book Value per Share		 $19.45 $19.37 $19.88 $19.06 $20.12 $20.76 $19.60 $19.66 $20.60 - $18.37
Tangible Book Value per Share		 $8.38 $6.28 $6.89 $6.19 $7.03 $7.78 $6.74 $6.78 $7.83 - $5.47
Total Capital		 6,312 6,254 6,431 6,244 5,772 5,441 5,381 5,032 5,302 - 4,811
Total Debt		 1,783 1,728 1,766 1,743 1,116 593 627 286 310 - 403
Total Long-Term Debt		 1,057 1,000 1,001 497 497 0.00 0.00 0.00 0.00 - 0.00
Net Debt		 -66 233 324 560 41 -492 -291 -306 -569 - -280
Capital Expenditures (CapEx)		 35 34 39 37 33 34 36 37 32 - 34
Net Nonoperating Expense (NNE)		 8.40 24 8.30 6.50 6.00 16 0.00 0.00 0.00 - 0.00
Net Nonoperating Obligations (NNO)		 1,783 1,728 1,766 1,743 1,116 593 627 286 310 - 403
Total Depreciation and Amortization (D&A)		 52 105 58 75 71 69 73 74 75 - 73
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.12) ($0.32) ($0.10) ($0.07) ($0.08) ($0.23) $0.03 $0.01 $0.04 $0.01 $0.19
Adjusted Weighted Average Basic Shares Outstanding		 233.30M 233.58M 234.70M 233.45M 232.52M 234.08M 242.26M 241.08M 242.33M 241.93M 235.68M
Adjusted Diluted Earnings per Share		 ($0.12) ($0.32) ($0.10) ($0.07) ($0.08) ($0.23) $0.03 $0.01 $0.04 $0.01 $0.19
Adjusted Weighted Average Diluted Shares Outstanding		 233.30M 233.58M 234.70M 233.45M 232.52M 234.08M 256.19M 251.67M 256.24M 254.12M 239.64M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 233.60M 233.47M 236.19M 231.44M 233.56M 242.56M 241.45M 242.27M 242.05M 239.93M 228.80M
Normalized Net Operating Profit after Tax (NOPAT)		 -18 -42 -11 -11 -13 -36 5.60 1.40 12 - 46
Normalized NOPAT Margin		 -3.49% -8.25% -1.90% -1.76% -2.19% -6.24% 0.91% 0.21% 1.69% - 6.39%
Pre Tax Income Margin		 -5.37% -13.75% -3.80% -2.52% -3.30% -8.92% 1.30% 0.30% 1.74% - 6.67%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 -3.11 -7.78 -2.33 -1.50 -2.22 -6.38 1.60 0.40 4.00 - 12.00
NOPAT to Interest Expense		 -2.18 -5.44 -1.63 -1.05 -1.56 -4.46 1.60 0.40 3.33 - 11.50
EBIT Less CapEx to Interest Expense		 -7.00 -11.56 -6.67 -5.20 -5.89 -10.63 -5.60 -7.00 -6.67 - 3.50
NOPAT Less CapEx to Interest Expense		 -6.07 -9.22 -5.97 -4.75 -5.22 -8.71 -5.60 -7.00 -7.33 - 3.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% - 0.00%
Augmented Payout Ratio		 -324.84% -268.35% -218.24% -346.81% -292.48% -268.75% -669.14% -645.16% -1,368.75% - 1,714.75%

Financials Breakdown Chart

Key Financial Trends

Zillow Group (NASDAQ: Z) shows a pattern of strong cash generation alongside volatile earnings over the four-year window provided. Below are the 10 most material takeaways for retail investors, based on the quarterly income statements, cash flow statements, and balance sheets from 2022 through 2025.

  • Operating cash flow was positive in every 2025 quarter, totaling about $368 million (Q1 $104m, Q2 $87m, Q3 $105m, Q4 $72m), highlighting solid cash generation despite earnings volatility.
  • Several 2025 quarters show meaningful net income on a continuing-operations basis (Q1 $8m, Q3 $10m, Q4 $3m), indicating a return toward profitability even as earnings swing in other periods.
  • Cash and equivalents remained robust, with cash balances often near or above $0.9 billion in early 2025 (e.g., Q1 $914m) and around $0.87 billion in mid-2025, supporting liquidity needs.
  • The equity base remained strong, with Total Common Equity around $4.6–$4.75 billion in 2025, providing a substantial cushion for creditors and shareholders.
  • Revenue is increasingly dominated by non-interest income, including large contributions from Other Non-Interest Income (e.g., Q4 2025: $654m; Q3 2025: $676m), suggesting a diversified but potentially volatile revenue mix beyond core operating activities.
  • The balance sheet remains asset-rich, with Total Assets in the mid-$5 billions range (roughly $5.6B–$5.7B in 2025), and a substantial portion of assets represented by goodwill and intangible assets (Goodwill around $2.8–$2.9B in 2025). This implies scale and prior acquisitions, but also potential impairment risk if conditions deteriorate.
  • Debt activity in 2025 included multiple issuances (e.g., Q4 2025 issuance of $638m) and ongoing financing activity, signaling liquidity management but also higher gross leverage to fund operations or investments.
  • Net income has remained volatile and has posted quarterly losses in several periods (e.g., Q4 2024 Consolidated Net Income: −$52.0m; Q2 2025 Consolidated Net Income: −$17.0m; multiple 2023–2024 quarters show negative earnings), reflecting earnings risk despite positive cash flow.
  • Total cash provided by financing activities often turned negative in 2024–2025, driven by debt repayments and share-related outflows (e.g., Q4 2025 Net Financing: −$128m; Q2 2025 Net Financing: −$490m), which can pressure near-term liquidity if operating cash flow weakens.
  • Net change in cash and equivalents has been negative in several quarters (e.g., Q4 2025: −$106m; Q2 2025: −$326m), indicating that cash outflows from investing/financing outpaced operating cash flow in those periods.
05/07/26 02:01 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Zillow Group's Financials

When does Zillow Group's fiscal year end?

According to the most recent income statement we have on file, Zillow Group's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Zillow Group's net income changed over the last 10 years?

Zillow Group's net income appears to be on a downward trend, with a most recent value of $23 million in 2025, falling from -$148.87 million in 2015. The previous period was -$112 million in 2024. See Zillow Group's forecast for analyst expectations on what’s next for the company.

How has Zillow Group's revenue changed over the last 10 years?

Over the last 10 years, Zillow Group's total revenue changed from $640.69 million in 2015 to $2.64 billion in 2025, a change of 312.4%.

How much debt does Zillow Group have?

Zillow Group's total liabilities were at $801 million at the end of 2025, a 18.3% decrease from 2024, and a 75.4% increase since 2015.

How much cash does Zillow Group have?

In the past 10 years, Zillow Group's cash and equivalents has ranged from $229.14 million in 2015 to $2.32 billion in 2021, and is currently $768 million as of their latest financial filing in 2025.


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Financial statements for NASDAQ:ZG last updated on 5/7/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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