Zillow Group, Inc. (Z) Financial Statements

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Zillow financial statements at a glance

Zillow reported revenue of $2.58 billion for fiscal year 2025 (ended December 31, 2025), up 15.5% from fiscal year 2024. Net income was $23.00 million, a net margin of 0.9%, and diluted earnings per share were $0.09.

At the end of fiscal year 2025 it had total assets of $5.69 billion, total liabilities of $801.00 million and shareholders' equity of $4.88 billion, with cash and short-term investments of $1.30 billion and total debt of $457.00 million.

Its operations brought in $368.00 million of cash; capital spending was $267.00 million, leaving free cash flow of $101.00 million.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

Z logo

Zillow Group, Inc.

ZUnited States
Technology
USD (Local)

Income Statement

Annual • USD

Total Revenue
2.58B
Prev Year: 2.24B
YoY: +15.5%
Operating Revenue
2.53B
Prev Year: 2.19B
YoY: +15.6%
Total Unusual Items
-2.00M
Prev Year: -8.00M
YoY: +75.0%
Normalized EBITDA
317.00M
Prev Year: 187.00M
YoY: +69.5%
Tax Rate for Calcs
0.099
Prev Year: 0
Tax Effect of Unusual Items
-198.0K
Prev Year: -1.68M
YoY: +88.2%
Special Income Charges
-2.00M
Prev Year: -8.00M
YoY: +75.0%
Write-offs
2.00M
Prev Year: 6.00M
YoY: -66.7%
Cost of Revenue
668.00M
Prev Year: 527.00M
YoY: +26.8%
Gross Profit
1.92B
Prev Year: 1.71B
YoY: +12.1%
Operating Expense
1.95B
Prev Year: 1.90B
YoY: +2.5%
Selling General and Administrative
1.34B
Prev Year: 1.31B
YoY: +2.0%
General and Administrative Expense
497.00M
Prev Year: 524.00M
YoY: -5.2%
Other General and Administrative
497.00M
Prev Year: 524.00M
YoY: -5.2%
Selling and Marketing Expense
843.00M
Prev Year: 790.00M
YoY: +6.7%
Research and Development
607.00M
Prev Year: 585.00M
YoY: +3.8%
Operating Income
-32.00M
Prev Year: -190.00M
YoY: +83.2%
Net Non Operating Interest Income Expense
-18.00M
Prev Year: -36.00M
YoY: +50.0%
Non-operating Interest Expense
18.00M
Prev Year: 36.00M
YoY: -50.0%
Other Income Expense
75.00M
Prev Year: 119.00M
YoY: -37.0%
Other Non-operating Income (expense)
77.00M
Prev Year: 127.00M
YoY: -39.4%
Pre-tax Income
25.00M
Prev Year: -107.00M
YoY: +123.4%
Provision for Income Taxes
2.00M
Prev Year: 5.00M
YoY: -60.0%
Net Income Common Stockholders
23.00M
Prev Year: -112.00M
YoY: +120.5%
Net Income
23.00M
Prev Year: -112.00M
YoY: +120.5%
Net Income Including Non-Controlling Interests
23.00M
Prev Year: -112.00M
YoY: +120.5%
Net Income from Continuing Operations
23.00M
Prev Year: -112.00M
YoY: +120.5%
Diluted NI Available to Com Stockholders
23.00M
Prev Year: -112.00M
YoY: +120.5%
Basic EPS
0.09
Prev Year: -0.48
YoY: +118.8%
Diluted EPS
0.09
Prev Year: -0.48
YoY: +118.8%
Weighted Average Shares (basic)
241.93M
Prev Year: 234.08M
YoY: +3.4%
Weighted Average Shares (diluted)
254.12M
Prev Year: 234.08M
YoY: +8.6%
Total Expenses
2.62B
Prev Year: 2.43B
YoY: +7.8%
Total Operating Income as Reported
-
Prev Year: -197.00M
Net Income from Continuing and Discontinued Operation
23.00M
Prev Year: -112.00M
YoY: +120.5%
Normalized Income
24.80M
Prev Year: -105.68M
YoY: +123.5%
Interest Expense
18.00M
Prev Year: 36.00M
YoY: -50.0%
Net Interest Income
-18.00M
Prev Year: -36.00M
YoY: +50.0%
EBIT
43.00M
Prev Year: -71.00M
YoY: +160.6%
EBITDA
315.00M
Prev Year: 179.00M
YoY: +76.0%
Reconciled Cost of Revenue
668.00M
Prev Year: 527.00M
YoY: +26.8%
Reconciled Depreciation
272.00M
Prev Year: 250.00M
YoY: +8.8%
Net Income from Continuing Operation Net Minority Interest
23.00M
Prev Year: -112.00M
YoY: +120.5%
Total Unusual Items Excluding Goodwill
-2.00M
Prev Year: -8.00M
YoY: +75.0%
Values in USD

Zillow key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$2.6B$2.2B$1.9B$2.0B$2.1B
Gross profit$1.9B$1.7B$1.5B$1.6B$1.8B
Operating income-$32.0M-$190.0M-$247.0M-$69.0M$259.0M
Net income$23.0M-$112.0M-$158.0M-$101.0M-$528.0M
Diluted EPS$0.09-$0.48-$0.68-$0.42-$2.11
Total assets$5.7B$5.8B$6.7B$6.6B$10.7B
Total liabilities$801.0M$981.0M$2.1B$2.1B$5.4B
Shareholders' equity$4.9B$4.8B$4.5B$4.5B$5.3B
Cash and short-term investments$1.3B$1.9B$2.8B$3.4B$2.8B
Total debt$457.0M$660.0M$1.8B$1.9B$1.6B
Operating cash flow$368.0M$428.0M$354.0M$4.5B-$3.2B
Capital spending$267.0M$171.0M$165.0M$140.0M$105.0M
Free cash flow$101.0M$257.0M$189.0M$4.4B-$3.3B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Zillow's revenue in fiscal year 2025?

$2.58 billion, up 15.5% from $2.24 billion in fiscal year 2024.

How much profit does Zillow make?

Zillow reported net income of $23.00 million for fiscal year 2025 (0.9% of revenue); operating income was -$32.00 million.

How much cash and debt does Zillow have?

At the end of fiscal year 2025: cash and short-term investments of $1.30 billion and total debt of $457.00 million.

What is Zillow's free cash flow?

$101.00 million in fiscal year 2025 (operating cash flow of $368.00 million minus capital spending of $267.00 million).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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