NASDAQ : ZG
Zillow Group, Inc. — Financial statements
Communication Services · Internet Content & Information · United States
Last price 31.89 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 7.17B
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Financial statements
Zillow Group, Inc. (ZG) reported revenue of 2.81B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 2.76B | 2.53B | 2.19B | 1.91B | 1.92B | 2.13B |
| Other Revenue | 50.00M | 50.00M | 44.00M | 40.00M | 43.00M | |
| Revenue | 2.81B | 2.58B | 2.24B | 1.95B | 1.96B | 2.13B |
| Cost of Revenue | 762.00M | 668.00M | 527.00M | 421.00M | 367.00M | 323.00M |
| Gross Profit | 2.05B | 1.92B | 1.71B | 1.52B | 1.59B | 1.81B |
| Selling, General & Admin | 1.36B | 1.34B | 1.31B | 1.21B | 1.16B | 1.13B |
| Research & Development | 611.00M | 607.00M | 585.00M | 560.00M | 498.00M | 421.00M |
| Operating Expenses | 1.97B | 1.95B | 1.90B | 1.77B | 1.66B | 1.55B |
| Operating Income | 76.00M | -32.00M | -190.00M | -247.00M | -69.00M | 259.00M |
| Interest Expense | -18.00M | -18.00M | -36.00M | -36.00M | -35.00M | -128.00M |
| Interest & Investment Income | 66.00M | 77.00M | 127.00M | 151.00M | ||
| Other Non Operating Income (Expenses) | 43.00M | 7.00M | ||||
| EBT Excluding Unusual Items | 124.00M | 27.00M | -99.00M | -132.00M | -61.00M | 138.00M |
| Merger & Restructuring Charges | -36.00M | -1.00M | -7.00M | -24.00M | -10.00M | |
| Asset Writedown | -2.00M | -2.00M | -6.00M | -16.00M | -10.00M | |
| Legal Settlements | -26.00M | |||||
| Other Unusual Items | -1.00M | 1.00M | -17.00M | |||
| Pretax Income | 60.00M | 25.00M | -107.00M | -154.00M | -85.00M | 101.00M |
| Income Tax Expense | 5.00M | 2.00M | 5.00M | 4.00M | 3.00M | -1.00M |
| Earnings From Continuing Operations | 55.00M | 23.00M | -112.00M | -158.00M | -88.00M | 102.00M |
| Earnings From Discontinued Operations | -13.00M | -630.00M | ||||
| Net Income | 55.00M | 23.00M | -112.00M | -158.00M | -101.00M | -528.00M |
| Net Income to Common | 55.00M | 23.00M | -112.00M | -158.00M | -101.00M | -528.00M |
| Shares Outstanding (Basic) | 236.98M | 241.93M | 234.08M | 233.57M | 242.16M | 249.94M |
| Shares Outstanding (Diluted) | 244.10M | 254.12M | 234.08M | 233.57M | 242.16M | 261.83M |
| EPS (Basic) | 0.23 | 0.10 | -0.48 | -0.68 | -0.42 | -2.11 |
| EPS (Diluted) | 0.22 | 0.09 | -0.48 | -0.68 | -0.42 | -2.02 |
| Free Cash Flow | 258.00M | 235.00M | 285.00M | 219.00M | 4.39B | -3.25B |
| Free Cash Flow Per Share | 1.06 | 0.93 | 1.22 | 0.94 | 18.12 | -12.42 |
| Gross Margin | 72.88% | 74.14% | 76.43% | 78.35% | 81.26% | 84.85% |
| Operating Margin | 2.71% | -1.24% | -8.50% | -12.70% | -3.52% | 12.15% |
| Profit Margin | 1.96% | 0.89% | -5.01% | -8.12% | -5.16% | -24.77% |
| Free Cash Flow Margin | 9.18% | 9.10% | 12.75% | 11.26% | 224.16% | -152.49% |
| EBITDA | 175.00M | 69.00M | -98.00M | -170.00M | 21.00M | 353.00M |
| EBITDA Margin | 6.23% | 2.67% | -4.38% | -8.74% | 1.07% | 16.56% |
| D&A For EBITDA | 99.00M | 101.00M | 92.00M | 77.00M | 90.00M | 94.00M |
| EBIT | 76.00M | -32.00M | -190.00M | -247.00M | -69.00M | 259.00M |
| EBIT Margin | 2.71% | -1.24% | -8.50% | -12.70% | -3.52% | 12.15% |
| Effective Tax Rate | 8.33% | 8.00% | ||||
| Revenue as Reported | 2.81B | 2.58B | 2.24B | 1.95B | 1.96B | |
| Advertising Expenses | 144.00M | 206.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 572.00M | 768.00M | 1.08B | 1.49B | 1.47B | 2.31B |
| Short-Term Investments | 110.00M | 527.00M | 776.00M | 1.32B | 1.90B | 514.00M |
| Trading Asset Securities | 16.00M | 8.00M | 4.00M | 3.00M | ||
| Cash & Short-Term Investments | 698.00M | 1.30B | 1.86B | 2.81B | 3.36B | 2.83B |
| Receivables | 472.00M | 149.00M | 104.00M | 96.00M | 72.00M | 77.00M |
| Prepaid Expenses | 71.00M | 279.00M | 205.00M | 137.00M | 125.00M | 140.00M |
| Restricted Cash | 6.00M | 5.00M | 3.00M | 3.00M | 2.00M | 1.00M |
| Other Current Assets | 1.00M | 1.00M | 4.53B | |||
| Total Current Assets | 1.74B | 2.12B | 2.33B | 3.15B | 3.60B | 7.68B |
| Property, Plant & Equipment | 415.00M | 406.00M | 419.00M | 401.00M | 397.00M | 345.00M |
| Long-Term Investments | 5.00M | |||||
| Goodwill | 2.82B | 2.82B | 2.82B | 2.82B | 2.37B | 2.37B |
| Other Intangible Assets | 263.00M | 279.00M | 207.00M | 241.00M | 154.00M | 176.00M |
| Long-Term Deferred Charges | 27.00M | 27.00M | 25.00M | 23.00M | 23.00M | 35.00M |
| Other Long-Term Assets | 11.00M | 28.00M | 21.00M | 21.00M | 12.00M | 80.00M |
| Total Assets | 5.30B | 5.68B | 5.83B | 6.65B | 6.56B | 10.70B |
| Accounts Payable | 72.00M | 36.00M | 30.00M | 28.00M | 20.00M | 11.00M |
| Accrued Expenses | 254.00M | 162.00M | 129.00M | 124.00M | 117.00M | 143.00M |
| Short-Term Debt | 465.00M | 364.00M | 145.00M | 93.00M | 37.00M | 113.00M |
| Current Portion of Long-Term Debt | 418.00M | 607.00M | ||||
| Current Portion of Leases | 16.00M | 14.00M | 14.00M | 37.00M | 31.00M | 24.00M |
| Current Unearned Revenue | 65.00M | 69.00M | 62.00M | 52.00M | 44.00M | 51.00M |
| Other Current Liabilities | 34.00M | 34.00M | 33.00M | 30.00M | 21.00M | 3.54B |
| Total Current Liabilities | 906.00M | 679.00M | 831.00M | 971.00M | 270.00M | 3.88B |
| Long-Term Debt | 1.00B | 1.66B | 1.32B | |||
| Long-Term Leases | 77.00M | 79.00M | 83.00M | 95.00M | 139.00M | 148.00M |
| Other Long-Term Liabilities | 14.00M | 43.00M | 67.00M | 60.00M | 12.00M | 5.00M |
| Total Liabilities | 997.00M | 801.00M | 981.00M | 2.13B | 2.08B | 5.35B |
| Additional Paid-In Capital | 6.13B | 6.74B | 6.73B | 6.30B | 6.11B | 7.00B |
| Retained Earnings | -1.82B | -1.86B | -1.88B | -1.77B | -1.61B | -1.67B |
| Comprehensive Income & Other | -1.00M | 2.00M | -3.00M | -5.00M | -15.00M | 7.00M |
| Shareholders' Equity | 4.31B | 4.88B | 4.85B | 4.53B | 4.48B | 5.34B |
| Total Liabilities & Equity | 5.30B | 5.68B | 5.83B | 6.65B | 6.56B | 10.70B |
| Total Debt | 558.00M | 457.00M | 660.00M | 1.83B | 1.87B | 1.60B |
| Net Cash (Debt) | 140.00M | 846.00M | 1.20B | 981.00M | 1.50B | 1.23B |
| Net Cash Per Share | 0.57 | 3.33 | 5.14 | 4.20 | 6.17 | 4.68 |
| Filing Date Shares Outstanding | 224.87M | 239.93M | 242.56M | 233.47M | 234.34M | 250.67M |
| Total Common Shares Outstanding | 224.87M | 240.45M | 242.49M | 233.35M | 234.27M | 250.63M |
| Working Capital | 835.00M | 1.44B | 1.50B | 2.18B | 3.33B | 3.80B |
| Book Value Per Share | 19.16 | 20.31 | 19.99 | 19.40 | 19.13 | 21.31 |
| Tangible Book Value | 1.22B | 1.78B | 1.82B | 1.47B | 1.95B | 2.79B |
| Tangible Book Value Per Share | 5.43 | 7.41 | 7.50 | 6.29 | 8.34 | 11.14 |
| Machinery | 26.00M | 26.00M | 34.00M | 39.00M | 42.00M | 45.00M |
| Construction In Progress | 7.00M | 7.00M | ||||
| Leasehold Improvements | 33.00M | 32.00M | 45.00M | 48.00M | 90.00M | 107.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 55.00M | 23.00M | -112.00M | -158.00M | -101.00M | -528.00M |
| Depreciation & Amortization | 107.00M | 109.00M | 102.00M | 112.00M | 113.00M | 117.00M |
| Other Amortization | 187.00M | 184.00M | 171.00M | 136.00M | 123.00M | 182.00M |
| Asset Writedown & Restructuring Costs | 2.00M | 2.00M | 6.00M | 16.00M | 57.00M | |
| Loss (Gain) From Sale of Investments | -9.00M | -9.00M | -27.00M | -35.00M | -18.00M | 9.00M |
| Stock-Based Compensation | 363.00M | 390.00M | 448.00M | 451.00M | 451.00M | 312.00M |
| Other Operating Activities | 2.00M | 6.00M | 15.00M | -3.00M | 45.00M | 428.00M |
| Change in Accounts Receivable | -24.00M | -45.00M | -8.00M | -24.00M | 82.00M | -82.00M |
| Change in Inventory | 3.90B | -3.83B | ||||
| Change in Accounts Payable | 16.00M | 6.00M | 2.00M | 6.00M | 3.00M | 5.00M |
| Change in Unearned Revenue | -5.00M | 7.00M | 8.00M | 1.00M | -7.00M | 1.00M |
| Change in Other Net Operating Assets | -306.00M | -305.00M | -177.00M | -148.00M | -91.00M | 149.00M |
| Operating Cash Flow | 388.00M | 368.00M | 428.00M | 354.00M | 4.50B | -3.18B |
| Capital Expenditures | -130.00M | -133.00M | -143.00M | -135.00M | -115.00M | -74.00M |
| Cash Acquisitions | -7.00M | -433.00M | -4.00M | -497.00M | ||
| Sale (Purchase) of Intangibles | -38.00M | -134.00M | -28.00M | -30.00M | -25.00M | -31.00M |
| Investment in Securities | 462.00M | 261.00M | 573.00M | 623.00M | -1.39B | 1.69B |
| Investing Cash Flow | 294.00M | -6.00M | 395.00M | 25.00M | -1.53B | 1.09B |
| Short-Term Debt Issued | 219.00M | 52.00M | 56.00M | 3.62B | ||
| Long-Term Debt Issued | 1.14B | |||||
| Total Debt Issued | 235.00M | 219.00M | 52.00M | 56.00M | 4.76B | |
| Short-Term Debt Repaid | -2.28B | -1.98B | ||||
| Long-Term Debt Repaid | -419.00M | -1.20B | -56.00M | -1.16B | -1.00M | |
| Total Debt Repaid | -419.00M | -1.20B | -56.00M | -3.44B | -1.98B | |
| Net Debt Issued (Repaid) | 235.00M | -200.00M | -1.14B | -3.44B | 2.78B | |
| Issuance of Common Stock | 156.00M | 188.00M | 212.00M | 72.00M | 46.00M | 672.00M |
| Repurchase of Common Stock | -1.10B | -670.00M | -301.00M | -424.00M | -947.00M | -302.00M |
| Other Financing Activities | 9.00M | 8.00M | ||||
| Financing Cash Flow | -696.00M | -674.00M | -1.23B | -352.00M | -4.34B | 3.15B |
| Net Cash Flow | -14.00M | -312.00M | -410.00M | 27.00M | -1.37B | 1.06B |
| Free Cash Flow | 258.00M | 235.00M | 285.00M | 219.00M | 4.39B | -3.25B |
| Free Cash Flow Margin | 9.18% | 9.10% | 12.75% | 11.26% | 224.16% | -152.49% |
| Free Cash Flow Per Share | 1.06 | 0.93 | 1.22 | 0.94 | 18.12 | -12.42 |
| Levered Free Cash Flow | 244.25M | 84.75M | 292.75M | 294.12M | 1.53B | 280.39M |
| Unlevered Free Cash Flow | 255.50M | 96.00M | 311.25M | 311.62M | 1.53B | 256.39M |
| Cash Interest Paid | 18.00M | 18.00M | 35.00M | 28.00M | 50.00M | 109.00M |
| Cash Income Tax Paid | 3.00M | 3.00M | 6.00M | 6.00M | 6.00M | |
| Change in Working Capital | -319.00M | -337.00M | -175.00M | -165.00M | 3.89B | -3.75B |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 7.17B | 16.51B | 17.10B | 13.45B | 7.59B | 16.16B |
| Enterprise Value | 7.03B | 15.48B | 16.09B | 12.08B | 5.98B | 17.59B |
| Last Close Price | 31.89 | 68.23 | 70.85 | 56.72 | 31.21 | 62.22 |
| PE Ratio | 142.02 | 717.97 | ||||
| Forward PE | 12.19 | 32.61 | 40.15 | 44.03 | 33.88 | 166.62 |
| PS Ratio | 2.55 | 6.39 | 7.65 | 6.91 | 3.88 | 7.58 |
| PB Ratio | 1.66 | 3.38 | 3.53 | 2.97 | 1.69 | 3.02 |
| P/TBV Ratio | 5.87 | 9.27 | 9.41 | 9.16 | 3.89 | 5.79 |
| P/FCF Ratio | 27.80 | 70.27 | 60.01 | 61.40 | 1.73 | |
| P/OCF Ratio | 18.48 | 44.87 | 39.96 | 37.98 | 1.69 | |
| PEG Ratio | 0.40 | 1.35 | 1.19 | 3.00 | 1.88 | 28.50 |
| EV/Sales Ratio | 2.50 | 5.99 | 7.19 | 6.21 | 3.05 | 8.25 |
| EV/EBITDA Ratio | 40.18 | 224.38 | 284.70 | 49.82 | ||
| EV/EBIT Ratio | 92.52 | 67.91 | ||||
| EV/FCF Ratio | 27.25 | 65.88 | 56.44 | 55.16 | 1.36 | |
| Debt / Equity Ratio | 0.13 | 0.09 | 0.14 | 0.41 | 0.42 | 0.30 |
| Debt / EBITDA Ratio | 2.89 | 5.19 | 28.72 | 4.04 | ||
| Debt / FCF Ratio | 2.16 | 1.95 | 2.32 | 8.37 | 0.42 | |
| Net Debt / Equity Ratio | -0.03 | -0.17 | -0.25 | -0.22 | -0.33 | -0.23 |
| Net Debt / EBITDA Ratio | -0.80 | -12.26 | 12.27 | 5.77 | -71.19 | -3.47 |
| Net Debt / FCF Ratio | -0.54 | -3.60 | -4.22 | -4.48 | -0.34 | 0.38 |
| Asset Turnover | 0.52 | 0.45 | 0.36 | 0.29 | 0.23 | 0.23 |
| Quick Ratio | 1.29 | 2.14 | 2.37 | 3.00 | 12.72 | 0.75 |
| Current Ratio | 1.92 | 3.12 | 2.81 | 3.24 | 13.34 | 1.98 |
| Return on Equity (ROE) | 1.21% | 0.47% | -2.39% | -3.51% | -1.79% | 2.02% |
| Return on Assets (ROA) | 0.89% | -0.35% | -1.90% | -2.34% | -0.50% | 1.78% |
| Return on Invested Capital (ROIC) | 1.70% | -0.77% | -5.28% | -7.56% | -1.94% | 6.95% |
| Return on Capital Employed (ROCE) | 1.70% | -0.60% | -3.80% | -4.30% | -1.10% | 3.80% |
| Earnings Yield | 0.70% | 0.14% | -0.66% | -1.18% | -1.33% | -3.27% |
| FCF Yield | 3.60% | 1.42% | 1.67% | 1.63% | 57.80% | -20.12% |
| Buyback Yield / Dilution | -2.62% | -8.56% | -0.21% | 3.55% | 7.51% | -13.13% |