Zillow Group Inc. Class C Capital Stock (Z) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$0.45	$0.52	+15.6%	—	$772M	—
Q4 25	$0.41	$0.39	-4.9%	—	$654M	—
Q3 25	$0.44	$0.44	0.0%	—	$676M	—
Q2 25	$0.43	$0.4	-7.0%	—	$655M	—
Q1 25	$0.37	$0.41	+10.8%	—	$598M	—
Q4 24	$0.28	$0.27	-3.6%	—	$554M	—
Q3 24	$0.29	$0.35	+20.7%	—	$581M	—
Q2 24	$0.3	$0.39	+30.0%	—	$572M	—
Q1 24	$0.38	$0.39	+2.6%	—	$529M	—
Q4 23	$0.12	$0.2	+66.7%	—	$474M	—
Q3 23	$0.23	$0.33	+43.5%	—	$496M	—
Q2 23	$0.18	$0.39	+116.7%	—	$506M	—
Q1 23	$0.12	$0.35	+191.7%	—	$469M	—
Q4 22	$0.07	$0.21	+200.0%	—	$435M	—
Q3 22	$0.06	$0.38	+533.3%	—	$483M	—
Q2 22	$0.33	$0.47	+42.4%	—	$504M	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$0.09	—	—	$2.6B	—
FY24	—	-$0.48	—	—	$2.2B	—
FY23	—	-$0.68	—	—	$1.9B	—
FY22	—	-$0.42	—	—	$2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$846.6M	$1.1B	$1.3B	$2.7B	$3.3B	$2.1B	$2B	$1.9B	$2.2B	$2.6B
YoY change	+31.3%	+27.2%	+23.8%	+105.7%	+21.8%	-36.2%	-8.16%	-0.66%	+15%	+15.5%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	846.6M	1.1B	1.3B	2.7B	3.3B	2.1B	2B	1.9B	2.2B	2.6B
Cost of revenue	69.3M	85.2M	153.6M	1.5B	1.9B	323M	367M	421M	527M	668M
Gross profit	777.3M	991.6M	1.2B	1.2B	1.5B	1.8B	1.6B	1.5B	1.7B	1.9B
Gross margin	91.8%	92.1%	88.5%	43.7%	44.1%	84.8%	81.3%	78.4%	76.4%	74.1%
Research & development	255.6M	320M	410.8M	350.9M	390.2M	421M	498M	560M	585M	607M
Selling, general & administrative	714.4M	659M	814.8M	1.1B	1B	1.1B	1.2B	1.2B	1.3B	1.3B
Operating expenses	970M	979M	1.2B	1.4B	1.4B	1.6B	1.7B	1.8B	1.9B	1.9B
Operating income	-192.7M	12.6M	-45.6M	-246.8M	35.4M	259M	-69M	-247M	-190M	-32M
Operating margin	-22.8%	1.17%	-3.42%	-9%	1.06%	12.1%	-3.52%	-12.7%	-8.5%	-1.24%
Non-operating income, net	-20.2M	-169.1M	-64.1M	39M	-49.8M	-30M	19M	129M	119M	75M
Pretax income	-220.3M	-184M	-151M	-309.6M	-169.6M	101M	-85M	-154M	-107M	25M
Income tax	130K	-89.6M	-31.1M	-4.3M	-7.5M	-1M	3M	4M	5M	2M
Net income	-220.4M	-94.4M	-119.9M	-305.4M	-162.1M	-528M	-101M	-158M	-112M	23M
Net margin	-26%	-8.77%	-8.99%	-11.1%	-4.85%	-24.8%	-5.16%	-8.12%	-5.01%	0.89%
EBITDA	-89.4M	128.1M	73M	-96.6M	195.3M	419M	154M	126M	187M	317M
EPS	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09
Diluted EPS	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	496M	474M	529M	572M	581M	554M	598M	655M	676M	654M	708M	772M
Cost of revenue	110M	115M	123M	130M	140M	134M	139M	166M	185M	178M	189M	210M
Gross profit	386M	359M	406M	442M	441M	420M	459M	489M	491M	476M	519M	562M
Gross margin	77.8%	75.7%	76.7%	77.3%	75.9%	75.8%	76.8%	74.7%	72.6%	72.8%	73.3%	72.8%
Research & development	142M	141M	147M	144M	145M	149M	149M	153M	151M	154M	150M	156M
Selling, general & administrative	295M	311M	298M	336M	340M	340M	319M	347M	341M	333M	333M	380M
Operating expenses	437M	452M	445M	480M	485M	489M	468M	500M	492M	487M	483M	536M
Operating income	-51M	-93M	-39M	-38M	-44M	-69M	-9M	-11M	-1M	-11M	36M	26M
Operating margin	-10.3%	-19.6%	-7.37%	-6.64%	-7.57%	-12.5%	-1.51%	-1.68%	-0.15%	-1.68%	5.08%	3.37%
Non-operating income, net	32M	32M	27M	33M	33M	26M	22M	18M	16M	19M	16M	-23M
Pretax income	-28M	-70M	-21M	-15M	-20M	-51M	8M	2M	12M	3M	48M	-3M
Income tax	0	3M	2M	2M	0	1M	0	0	2M	0	2M	1M
Net income	-28M	-73M	-23M	-17M	-20M	-52M	8M	2M	10M	3M	46M	-4M
Net margin	-5.65%	-15.4%	-4.35%	-2.97%	-3.44%	-9.39%	1.34%	0.31%	1.48%	0.46%	6.5%	-0.52%
EBITDA	38M	20M	53M	58M	55M	21M	80M	76M	86M	75M	119M	106M
EPS	-0.12	-0.32	-0.1	-0.07	-0.08	-0.22	0.03	0.01	0.04	0.01	0.19	-0.02
Diluted EPS	-0.12	-0.32	-0.1	-0.07	-0.08	-0.22	0.03	0.01	0.04	0.01	0.19	-0.02

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	6.6B	7.6B	6.3B	9.5B	29.1B	—	7.8B	13.5B	17.3B	16.5B	6.2B
Enterprise value	6.4B	7.3B	5.5B	9.6B	27.7B	—	6.3B	12.5B	16.1B	15.7B	6.3B
Shares outstanding	180.1M	186.5M	197.9M	206.4M	223.8M	249.9M	242.2M	233.6M	234.1M	241.9M	241.9M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	—	—	—	—	—	—	—	—	717.6	120.2
P/S	7.76	7.09	4.69	3.46	8.7	—	3.98	6.95	7.75	6.39	2.21
P/B	2.59	2.87	1.91	2.76	6.13	—	1.74	2.99	3.58	3.38	1.36
EV/EBITDA	-71.9	56.6	75.9	-99.1	141.6	—	40.9	99.5	86.3	49.4	35.7
EV/Sales	7.6	6.74	4.16	3.49	8.28	—	3.22	6.45	7.22	6.07	2.23
Earnings yield	—	—	—	—	—	—	—	—	—	0.14%	0.83%
FCF yield	-0.96%	2.35%	-1.19%	-7.37%	1.09%	—	55.9%	1.4%	1.48%	0.61%	3.96%
PEG	—	—	—	—	—	—	—	—	—	—	-0.4

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	91.8%	92.1%	88.5%	43.7%	44.1%	84.8%	81.3%	78.4%	76.4%	74.1%	72.8%
Operating margin	-22.8%	1.17%	-3.42%	-9%	1.06%	12.1%	-3.52%	-12.7%	-8.5%	-1.24%	4.66%
Net margin	-26%	-8.77%	-8.99%	-11.1%	-4.85%	-24.8%	-5.16%	-8.12%	-5.01%	0.89%	1.96%
ROE	-8.7%	-3.55%	-3.67%	-8.89%	-3.42%	-9.89%	-2.25%	-3.49%	-2.31%	0.47%	1.22%
ROA	-7%	-2.92%	-2.79%	-4.98%	-2.17%	-4.94%	-1.54%	-2.38%	-1.92%	0.4%	0.89%
ROIC	-8.05%	0.55%	-1.78%	-7%	1.06%	6.29%	-2.31%	-6.96%	-5.21%	-0.73%	1.1%
Return on tangible assets	12.6%	7.43%	108.5%	-17.1%	-4.87%	-9.44%	-6.7%	-29.5%	13%	-1.99%	-3.63%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	5.99	7.11	6.58	3.81	5.46	1.98	13.3	3.24	2.81	3.13	1.92
Quick ratio	5.99	7.11	6.02	2.9	4.92	0.97	13.3	3.24	2.81	3.13	1.92
Debt / equity	0.15	0.14	0.26	0.73	0.53	0.3	0.42	0.4	0.14	0.09	0.13
Debt / assets	0.12	0.12	0.2	0.41	0.34	0.15	0.28	0.28	0.11	0.08	0.11
Net debt / EBITDA	1.57	-2.94	-9.67	-0.94	-7.18	-2.92	-9.71	-7.76	-6.41	-2.64	-0.32
Interest coverage	-28.7	-5.69	-2.66	-2.04	-0.09	1.79	-1.43	-3.28	-1.97	2.39	4.33
Effective tax rate	0%	0%	0%	0%	0%	0%	0%	0%	0%	8%	8.33%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	4.7	5.78	6.74	13.3	14.9	8.53	8.09	8.33	9.55	10.7	11.9
EPS (basic)	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09	0.09
EPS (diluted)	-1.22	-0.51	-0.61	-1.48	-0.72	-2.11	-0.42	-0.68	-0.48	0.09	0.23
Book value per share	14.1	14.3	16.5	16.6	21.2	21.4	18.5	19.4	20.7	20.2	20.3
FCF per share	-0.35	0.96	-0.38	-3.39	1.41	-13.1	18	0.81	1.1	0.42	0.97
Cash per share	2.82	4.09	7.86	11.7	17.5	11.3	13.9	12	7.94	5.35	3.1
Capex per share	0.34	0.36	0.33	0.32	0.38	0.3	0.47	0.58	0.61	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	7.33%	6.2%	4.95%	2.44%	2.54%	3.47%	5.87%	6.94%	6.4%	—	—
Capex / operating cash flow	-2.7K%	163%	-153%	-10.6%	24.3%	-2.27%	2.49%	32.9%	27.9%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$496M	$474M	$529M	$572M	$581M	$554M	$598M	$655M	$676M	$654M	$708M	$772M
YoY change	+2.69%	+8.97%	+12.8%	+13%	+17.1%	+16.9%	+13%	+14.5%	+16.4%	+18.1%	+18.4%	+17.9%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	507.5M	762.5M	1.6B	2.4B	3.9B	2.8B	3.4B	2.8B	1.9B	1.3B
Receivables	32.3M	51.3M	61.1M	67M	69.9M	77M	72M	96M	104M	149M
Inventory	—	0	162.8M	836.6M	491.3M	3.9B	—	—	—	—
Total current assets	582.9M	841.5M	1.9B	3.5B	5B	7.7B	3.6B	3.1B	2.3B	2.1B
Property, plant & equipment	200.4M	242.3M	285.1M	382.6M	384.1M	345M	397M	401M	103.2M	87M
Goodwill & intangibles	4.9B	4.5B	4.4B	4.4B	4.2B	5.1B	5.1B	6.1B	6.7B	6.8B
Total assets	3.1B	3.2B	4.3B	6.1B	7.5B	10.7B	6.6B	6.7B	5.8B	5.7B
Accounts payable	4.3M	3.6M	7.5M	8.3M	19M	11M	20M	28M	30M	36M
Short-term debt	—	—	149.7M	749.2M	698.5M	137M	68M	737M	577M	378M
Total current liabilities	97.2M	118.4M	287.5M	920.5M	908.6M	3.9B	270M	971M	831M	679M
Long-term debt	367.4M	385.4M	699M	1.8B	1.8B	1.5B	1.8B	1.1B	83M	79M
Total liabilities	616.1M	569.7M	1B	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
Total debt	367.4M	385.4M	848.7M	2.5B	2.5B	1.6B	1.9B	1.8B	660M	457M
Net debt	123.8M	33.3M	197.7M	1.4B	816.6M	-711M	401M	340M	-422M	-311M

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	3.3B	2.8B	2.9B	2.6B	2.2B	1.9B	1.6B	1.2B	1.4B	1.3B	783M	682M
Receivables	97M	96M	100M	115M	117M	104M	115M	151M	157M	149M	153M	175M
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	3.6B	3.1B	3.3B	3.1B	2.7B	2.3B	2.2B	1.8B	2.1B	2.1B	1.7B	1.7B
Property, plant & equipment	427M	401M	116M	111M	108M	103.2M	94.8M	99M	93.4M	87M	90.8M	91.4M
Goodwill & intangibles	5.2B	6.1B	6.7B	6.7B	6.7B	6.7B	6.9B	6.9B	6.9B	6.8B	6.8B	6.8B
Total assets	6.7B	6.7B	6.8B	6.6B	6.2B	5.8B	5.7B	5.4B	5.7B	5.7B	5.2B	5.3B
Accounts payable	28M	28M	34M	39M	53M	30M	35M	56M	38M	36M	68M	72M
Short-term debt	726M	737M	758M	1.2B	581M	577M	607M	242M	285M	378M	349M	481M
Total current liabilities	941M	971M	1B	1.5B	854M	831M	875M	546M	584M	679M	724M	906M
Long-term debt	1.2B	1.1B	1.1B	586M	583M	83M	80M	86M	82M	79M	80M	77M
Total liabilities	2.1B	2.1B	2.2B	2.1B	1.5B	981M	992M	670M	706M	801M	818M	997M
Shareholders' equity	4.5B	4.5B	4.7B	4.5B	4.7B	4.8B	4.8B	4.7B	5B	4.9B	4.4B	4.3B
Total debt	1.9B	1.8B	1.9B	1.8B	1.2B	660M	687M	328M	367M	457M	429M	558M
Net debt	56M	340M	412M	628M	92M	-422M	-227M	-259M	-507M	-311M	-249M	-14M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-220.4M	-94.4M	-119.9M	-305.4M	-162.1M	-528M	-101M	-158M	-112M	23M
Depreciation & amortization	100.6M	110.2M	99.4M	110.6M	134.4M	153M	180M	222M	250M	272M
Stock-based compensation	106.9M	113.6M	149.1M	198.9M	197.6M	312M	451M	451M	448M	390M
Change in working capital	9.4M	-23.9M	-201.3M	-721.7M	43.5M	-3.7B	4B	-129M	-111M	-291M
Operating cash flow	-2.3M	40.9M	-43.2M	-630.8M	349.5M	-3.3B	4.6B	410M	512M	368M
Capital expenditure	-62.1M	-66.7M	-66.1M	-67M	-84.9M	-74M	-115M	-135M	-143M	—
Investing cash flow	-54.1M	-235.5M	-610.2M	-436.5M	-1B	1.1B	-1.5B	55M	423M	261M
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	—	—	0	0	-302M	-947M	-424M	-301M	-670M
Financing cash flow	40.3M	-365K	810.1M	1.5B	39.2M	1B	-6.7B	-424M	-1.4B	-862M
Net change in cash	-16.1M	-194.9M	156.7M	386.7M	-626.2M	-1.1B	-3.6B	41M	-510M	-233M
Free cash flow	-63.1M	179.6M	-74.7M	-698.8M	315.7M	-3.3B	4.4B	189M	257M	101M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-28M	-73M	-23M	-17M	-20M	-52M	8M	2M	10M	3M	46M	-4M
Depreciation & amortization	55M	70M	59M	62M	65M	64M	67M	69M	69M	67M	67M	67M
Stock-based compensation	109M	109M	108M	113M	108M	119M	97M	99M	99M	95M	81M	88M
Change in working capital	17M	-19M	-40M	-125M	98M	-12M	-39M	-111M	61M	-96M	57M	-121M
Operating cash flow	161M	88M	112M	45M	263M	124M	136M	87M	105M	72M	200M	11M
Capital expenditure	-35M	-34M	-39M	-37M	-33M	-34M	-36M	—	—	—	—	—
Investing cash flow	295M	-308M	-197M	4M	335M	281M	56M	121M	59M	-11M	420M	-6M
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	-100M	-88M	-9M	-292M	0	0	-250M	-150M	-38M	-232M	-626M	-200M
Financing cash flow	-75M	-142M	21M	-233M	-642M	-502M	-252M	-150M	0	-140M	-684M	-200M
Net change in cash	381M	-362M	-64M	-184M	-44M	-97M	-60M	58M	164M	-79M	-64M	-195M
Free cash flow	34M	46M	34M	11M	131M	81M	-40M	43M	65M	33M	156M	-34M

Zillow Group Inc. Class C Capital Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement