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Zillow

ZG Nasdaq Real Estate Services Financials FY2016–FY2025

Zillow's revenue rose 15.5% to $2.6 billion in fiscal 2025. Its operating margin was −1.3%, up from −8.8% a year earlier. Free cash flow was $235 million, down 17.5%. It paid out $670 million in dividends and buybacks, 285% of free cash flow. The diluted share count rose 8.6%.

Last close · Oct 23, 2026

$34.05

3.1%
Value it Compare
Revenue Total sales reported in the income statement.
$2.6B
15.5% vs prior year
Operating margin Operating income as a share of revenue.
−1.3%
7.5 pts
Net income Profit after all expenses, interest and tax.
$23.0M
Free cash flow Cash from operations minus capital spending.
$235M
17.5%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
−0.9%
3.7 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$7.8B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
154.8x
On $0.22 EPS (TTM)

What Zillow does

Zillow runs real estate websites and apps in the United States where people look for homes to buy or rent. Its database covers about 173 million U.S. homes, and it shows a home value estimate for each called the Zestimate. Beyond listings, it offers tools for buyers, sellers, renters, landlords and real estate agents, and a mortgage business, Zillow Home Loans.

Zillow earns money from real estate professionals, property managers and lenders. Agents and teams buy advertising and software, such as Zillow Preferred and Follow Up Boss, and the company passes them connections to people who are ready to move. Zillow Preferred is an invite-only program in which agents pay when a deal closes. Multifamily property managers pay to advertise rental vacancies. Zillow Home Loans makes mortgages and generally sells them on the secondary market.

In rentals, Zillow had 2.4 million average monthly active rental listings in 2025, and it lets renters tour, apply, sign a lease and pay rent. It shares listings with Redfin and Realtor.com. Zillow says it competes with other companies for customers and for real estate partners. It also says the health of the U.S. housing market affects its results, and that low housing inventory and high, shifting mortgage rates have made buying and selling harder.

Legal name
ZILLOW GROUP, INC.
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0001617640-26-000015
0001617640

Revenue and margins

Zillow had $2.6B of revenue in fiscal 2025, up 15.5% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $235M in fiscal 2025, 9.1% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Zillow returned $670M to shareholders in fiscal 2025, 285% of free cash flow. The diluted share count rose 8.6%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Zillow yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of $1.3B and divides by 254.1M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 154.8x · peers 88.5x · sector 27.8x.

Balance sheet

Cash, debt and the ratios that show how comfortably Zillow can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $2.8B$3.4B$2.8B$1.9B$1.3B
Debt incl. finance leases $1.3B$1.7B$1.6B$418M$0.0M
Net debt / EBITDA −4.1x−26.6x—−33.5x−5.6x
Debt / equity 0.3x0.4x0.4x0.1x0.0x
Interest coverage 1.9x−2.7x−7.5x−5.5x−1.9x
Current ratio 2.0x13.3x3.2x2.8x3.1x
Quick ratio 2.0x13.3x3.2x2.8x3.1x
Total assets $10.7B$6.6B$6.7B$5.8B$5.7B
Total liabilities $5.4B$2.1B$2.1B$981M$801M
Shareholders' equity $5.3B$4.5B$4.5B$4.8B$4.9B
Net debt (− = net cash) −$1.5B−$1.7B−$1.2B−$1.4B−$1.3B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$1.3M

8 insiders

Of sales under plans

71%

$0.9M

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026 Erik C BlachfordDirector Sold plan 792 $35.71 $0.0M Form 4
Sep 3, 2026 Thielke Claire CormierDirector Sold plan 1,187 $35.71 $0.0M Form 4
Aug 17, 2026 Jeremy HofmannCOO & CFO Sold plan 5,661 $34.18 $0.2M Form 4
Aug 17, 2026 Jeremy WacksmanChief Executive Officer, Director Sold plan 9,339 $34.18 $0.3M Form 4
Aug 14, 2026 Dan SpauldingChief People Officer Sold 3,169 $35.37 $0.1M Form 4
Aug 13, 2026 Dan SpauldingChief People Officer Sold 1,966 $34.24 $0.1M Form 4
Aug 13, 2026 David A. BeitelChief Technology Officer Sold 1,798 $34.24 $0.1M Form 4
Aug 13, 2026 Errol G SamuelsonChief Industry Dev. Officer Sold 3,154 $34.24 $0.1M Form 4
Aug 13, 2026 Jennifer RockChief Accounting Officer Sold 990 $34.24 $0.0M Form 4
Aug 13, 2026 Jeremy HofmannCOO & CFO Sold plan 3,510 $34.24 $0.1M Form 4
Aug 13, 2026 Jeremy WacksmanChief Executive Officer, Director Sold plan 5,786 $34.24 $0.2M Form 4
Aug 11, 2026 Thielke Claire CormierDirector Sold plan 1,187 $33.09 $0.0M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✕ ✕ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✕ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✓ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✕ ✕
Gross margin rose ✕ ✕ ✕
Revenue rose relative to assets ✓ ✓ ✓
F-score 4 / 95 / 97 / 9
Accruals ratio −7.8%−8.7%−6.0%
Altman Z'' 3.245.606.96

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Zillow ZG $7.8B 15.5% −1.3% 9.1% −0.9% 154.8x 7
CoStar Group CSGP $13.7B 18.7% −2.2% 3.8% −0.6% 188.4x 5 Compare →
Newmark Group NMRK $2.9B 20.3% 7.1% 4.3% 8.6% 14.4x 7 Compare →
Howard Hughes HHH $4.2B −15.8% 22.5% 28.3% 3.4% 14.3x — Compare →
Compass COMP $8.2B 23.7% −0.9% 2.9% — 162.5x — Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $847M $1.1B $1.3B $2.7B $1.6B $2.1B $2.0B $1.9B $2.2B $2.6B
Gross profit $777M $992M $1.2B $1.2B $1.4B $1.8B $1.6B $1.5B $1.7B $1.9B
Research and development $256M $320M $411M $351M $324M $421M $498M $560M $585M $607M
Operating income −$193M −$162M −$129M −$248M $109M $239M −$93.0M −$270M −$197M −$34.0M
Interest expense $7.4M $27.5M $41.3M $102M $138M $128M $35.0M $36.0M $36.0M $18.0M
Pretax income −$220M −$184M −$151M −$310M −$3.0M $101M −$85.0M −$154M −$107M $25.0M
Income tax $0.1M −$89.6M −$31.1M −$4.3M −$8.0M −$1.0M $3.0M $4.0M $5.0M $2.0M
Net income −$220M −$94.4M −$120M −$305M −$162M −$528M −$101M −$158M −$112M $23.0M
Diluted EPS −$1.22 −$0.51 −$0.61 −$1.48 −$0.70 −$2.02 −$0.42 −$0.68 −$0.48 $0.09
Diluted shares 0.18B 0.19B 0.20B 0.21B 0.23B 0.26B 0.24B 0.23B 0.23B 0.25B
Cash flow
Cash from operations $8.6M $258M $3.8M −$612M $423M −$3.2B $4.5B $354M $428M $368M
Capital expenditure $62.1M $66.7M $66.1M $67.0M $85.0M $74.0M $115M $135M $143M $133M
Free cash flow −$53.4M $191M −$62.2M −$679M $338M −$3.3B $4.4B $219M $285M $235M
Depreciation and amortization $101M $110M $99.4M $87.5M $111M $130M $157M $187M $240M $264M
Stock-based compensation $107M $114M $149M $199M $197M $312M $451M $451M $448M $390M
Acquisitions $16.3M $11.5M $55.1M $0.0M $0.0M $497M $4.0M $433M $7.0M $0.0M
Share buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $302M $947M $424M $301M $670M
Dividends paid $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Dividends and buybacks $0.0M $0.0M $0.0M $0.0M $0.0M $302M $947M $424M $301M $670M
Balance sheet
Cash and short-term investments $508M $763M $1.6B $2.5B $4.0B $2.8B $3.4B $2.8B $1.9B $1.3B
Total debt $367M $385M $699M $1.6B $1.6B $1.3B $1.7B $1.6B $418M $0.0M
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $583M $842M $1.9B $3.5B $5.0B $7.7B $3.6B $3.1B $2.3B $2.1B
Current liabilities $97.2M $118M $288M $921M $909M $3.9B $270M $971M $831M $679M
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $98.3M $112M $135M $171M $196M $215M $271M $328M $360M $350M
Total assets $3.1B $3.2B $4.3B $6.1B $7.5B $10.7B $6.6B $6.7B $5.8B $5.7B
Total liabilities $616M $570M $1.0B $2.7B $2.7B $5.4B $2.1B $2.1B $981M $801M
Shareholders' equity $2.5B $2.7B $3.3B $3.4B $4.7B $5.3B $4.5B $4.5B $4.8B $4.9B
Margins
Gross margin 91.8% 92.1% 88.5% 43.7% 84.3% 84.9% 81.3% 78.4% 76.4% 74.1%
Operating margin −22.8% −15.0% −9.7% −9.0% 6.7% 11.2% −4.8% −13.9% −8.8% −1.3%
EBITDA margin −10.9% −4.8% −2.2% −5.8% 13.6% 17.3% 3.3% −4.3% 1.9% 8.9%
Net margin −26.0% −8.8% −9.0% −11.1% −10.0% −24.8% −5.2% −8.1% −5.0% 0.9%
FCF margin −6.3% 17.8% −4.7% −24.8% 20.8% −152.5% 224.2% 11.3% 12.8% 9.1%
Returns
Return on capital −6.4% −5.5% −4.4% −8.0% 3.6% 7.7% −2.2% −7.0% −4.6% −0.9%
Return on capital employed −6.3% −5.3% −3.6% −5.4% 1.9% 3.6% −1.4% −4.5% −3.7% −0.7%
Return on equity −8.5% −3.6% −4.0% −9.1% −4.0% −10.5% −2.1% −3.5% −2.4% 0.5%
Return on assets −7.0% −3.0% −3.2% −5.9% −2.4% −5.8% −1.2% −2.4% −1.8% 0.4%
Growth
Revenue growth 31.3% 27.2% 23.8% 105.7% −40.8% 31.3% −8.2% −0.7% 15.0% 15.5%
FCF growth — — −132.5% — — −1,061.8% — −95.0% 30.1% −17.5%
Share count change 6.1% 3.5% 6.2% 4.3% 12.1% 13.1% −7.5% −3.6% 0.2% 8.6%
Financial health
Net debt / EBITDA — — — — −10.8x −4.1x −26.6x — −33.5x −5.6x
Debt / equity 0.2x 0.1x 0.2x 0.5x 0.3x 0.3x 0.4x 0.4x 0.1x 0.0x
Interest coverage −26.0x −5.9x −3.1x −2.4x 0.8x 1.9x −2.7x −7.5x −5.5x −1.9x
Current ratio 6.0x 7.1x 6.6x 3.8x 5.5x 2.0x 13.3x 3.2x 2.8x 3.1x
Quick ratio 6.0x 7.1x 6.6x 3.8x 5.5x 2.0x 13.3x 3.2x 2.8x 3.1x
Capital allocation
Capex / revenue 7.3% 6.2% 5.0% 2.4% 5.2% 3.5% 5.9% 6.9% 6.4% 5.2%
Stock comp / revenue 12.6% 10.6% 11.2% 7.3% 12.1% 14.6% 23.0% 23.2% 20.0% 15.1%
Payouts / FCF — 0.0% — — 0.0% — 21.6% 193.6% 105.6% 285.1%
Quality scores
Piotroski F-score 5.0 6.0 3.0 1.0 6.0 3.0 5.0 4.0 5.0 7.0
Altman Z'' 4.4 5.4 5.1 3.3 5.0 3.0 4.7 3.2 5.6 7.0
Accruals ratio −7.3% −11.1% −3.3% 5.9% −8.6% 29.1% −53.4% −7.8% −8.7% −6.0%

Source: SEC EDGAR XBRL filings (CIK 0001617640). Data updated October 11, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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