Zillow Group Inc Financials
This page shows Zillow Group Inc (Z) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Zillow’s turnaround is being driven by overhead absorption and cash conversion, not by richer gross margins.
From FY2023 to FY2025, gross margin fell from78.4% to74.1% . Yet operating margin improved to-1.3% and net income turned positive at$23M , which suggests the recovery came from revenue covering a steadier expense base rather than from richer unit economics.
FY2025 free cash flow was
The balance sheet is far less liability-funded than it was in FY2023: total liabilities fell to
Financial Health Signals
Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Zillow Group Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Zillow Group Inc has an operating margin of -1.3%, meaning the company retains $-1 of operating profit per $100 of revenue. This below-average margin results in a low score of 23/100, suggesting thin profitability after operating expenses. This is up from -8.8% the prior year.
Zillow Group Inc's revenue surged 15.5% year-over-year to $2.6B, reflecting rapid business expansion. This strong growth earns a score of 76/100.
Zillow Group Inc carries a low D/E ratio of 0.16, meaning only $0.16 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 77/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 3.13, Zillow Group Inc holds $3.13 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 78/100.
Zillow Group Inc converts 9.1% of revenue into free cash flow ($235.0M). This strong cash generation earns a score of 69/100.
Zillow Group Inc generates a 0.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 27/100. This is up from -2.3% the prior year.
Zillow Group Inc scores 6.01, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($7.7B) relative to total liabilities ($801.0M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Zillow Group Inc passes 6 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), all 1 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Zillow Group Inc generates $16.00 in operating cash flow ($368.0M OCF vs $23.0M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Zillow Group Inc earns $-1.9 in operating income for every $1 of interest expense (-$34.0M vs $18.0M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Zillow Group Inc generated $2.6B in revenue in fiscal year 2025. This represents an increase of 15.5% from the prior year.
Zillow Group Inc's EBITDA was $230.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 434.9% from the prior year.
Zillow Group Inc reported $23.0M in net income in fiscal year 2025. This represents an increase of 120.5% from the prior year.
Zillow Group Inc earned $0.09 per diluted share (EPS) in fiscal year 2025. This represents an increase of 118.8% from the prior year.
Cash & Balance Sheet
Zillow Group Inc generated $235.0M in free cash flow in fiscal year 2025, representing cash available after capex. This represents a decrease of 17.5% from the prior year.
Zillow Group Inc held $768.0M in cash against $0 in long-term debt as of fiscal year 2025.
Margins & Returns
Zillow Group Inc's gross margin was 74.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 2.3 percentage points from the prior year.
Zillow Group Inc's operating margin was -1.3% in fiscal year 2025, reflecting core business profitability. This is up 7.5 percentage points from the prior year.
Zillow Group Inc's net profit margin was 0.9% in fiscal year 2025, showing the share of revenue converted to profit. This is up 5.9 percentage points from the prior year.
Zillow Group Inc's ROE was 0.5% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 2.8 percentage points from the prior year.
Capital Allocation
Zillow Group Inc invested $607.0M in research and development in fiscal year 2025. This represents an increase of 3.8% from the prior year.
Zillow Group Inc spent $670.0M on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 122.6% from the prior year.
Zillow Group Inc invested $133.0M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 7.0% from the prior year.
Z Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $708.0M+8.3% | $654.0M-3.3% | $676.0M+3.2% | $655.0M+9.5% | $598.0M+7.9% | $554.0M-4.6% | $581.0M+1.6% | $572.0M |
| Cost of Revenue | $189.0M+6.2% | $178.0M-3.8% | $185.0M+11.4% | $166.0M+19.4% | $139.0M+3.7% | $134.0M-4.3% | $140.0M+7.7% | $130.0M |
| Gross Profit | $519.0M+9.0% | $476.0M-3.1% | $491.0M+0.4% | $489.0M+6.5% | $459.0M+9.3% | $420.0M-4.8% | $441.0M-0.2% | $442.0M |
| R&D Expenses | $150.0M-2.6% | $154.0M+2.0% | $151.0M-1.3% | $153.0M+2.7% | $149.0M0.0% | $149.0M+2.8% | $145.0M+0.7% | $144.0M |
| SG&A Expenses | $123.0M-3.9% | $128.0M+0.8% | $127.0M+5.0% | $121.0M0.0% | $121.0M-12.3% | $138.0M+12.2% | $123.0M-6.1% | $131.0M |
| Operating Income | $36.0M+427.3% | -$11.0M-266.7% | -$3.0M+72.7% | -$11.0M-22.2% | -$9.0M+87.0% | -$69.0M-53.3% | -$45.0M-18.4% | -$38.0M |
| Interest Expense | $4.0M-20.0% | $5.0M+66.7% | $3.0M-40.0% | $5.0M0.0% | $5.0M-37.5% | $8.0M-11.1% | $9.0M-10.0% | $10.0M |
| Income Tax | $2.0M | $0-100.0% | $2.0M | $0 | $0-100.0% | $1.0M | $0-100.0% | $2.0M |
| Net Income | $46.0M+1433.3% | $3.0M-70.0% | $10.0M+400.0% | $2.0M-75.0% | $8.0M+115.4% | -$52.0M-160.0% | -$20.0M-17.6% | -$17.0M |
| EPS (Diluted) | $0.19 | N/A | $0.04+300.0% | $0.01-66.7% | $0.03 | N/A | $-0.08-14.3% | $-0.07 |
Z Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $5.2B-8.1% | $5.7B-0.2% | $5.7B+5.2% | $5.4B-5.7% | $5.7B-1.4% | $5.8B-5.4% | $6.2B-7.1% | $6.6B |
| Current Assets | $1.7B-21.8% | $2.1B+0.1% | $2.1B+16.4% | $1.8B-15.5% | $2.2B-7.7% | $2.3B-12.6% | $2.7B-14.7% | $3.1B |
| Cash & Equivalents | $678.0M-11.7% | $768.0M-12.1% | $874.0M+48.9% | $587.0M-35.8% | $914.0M-15.5% | $1.1B+0.9% | $1.1B-9.2% | $1.2B |
| Inventory | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Accounts Receivable | $153.0M+2.7% | $149.0M-5.1% | $157.0M+4.0% | $151.0M+31.3% | $115.0M+10.6% | $104.0M-11.1% | $117.0M+1.7% | $115.0M |
| Goodwill | $2.8B0.0% | $2.8B0.0% | $2.8B0.0% | $2.8B0.0% | $2.8B0.0% | $2.8B+0.2% | $2.8B0.0% | $2.8B |
| Total Liabilities | $818.0M+2.1% | $801.0M+13.5% | $706.0M+5.4% | $670.0M-32.5% | $992.0M+1.1% | $981.0M-34.7% | $1.5B-29.3% | $2.1B |
| Current Liabilities | $724.0M+6.6% | $679.0M+16.3% | $584.0M+7.0% | $546.0M-37.6% | $875.0M+5.3% | $831.0M-2.7% | $854.0M-42.2% | $1.5B |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $4.4B-9.7% | $4.9B-2.2% | $5.0B+5.2% | $4.7B-0.2% | $4.8B-1.9% | $4.8B+4.1% | $4.7B+3.4% | $4.5B |
| Retained Earnings | -$1.8B+2.5% | -$1.9B+0.2% | -$1.9B+0.5% | -$1.9B+0.1% | -$1.9B+0.4% | -$1.9B-2.8% | -$1.8B-1.1% | -$1.8B |
Z Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $200.0M+177.8% | $72.0M-31.4% | $105.0M+20.7% | $87.0M-16.3% | $104.0M-14.8% | $122.0M-28.7% | $171.0M+210.9% | $55.0M |
| Capital Expenditures | $34.0M+21.4% | $28.0M-12.5% | $32.0M-13.5% | $37.0M+2.8% | $36.0M+5.9% | $34.0M+3.0% | $33.0M-10.8% | $37.0M |
| Free Cash Flow | $166.0M+277.3% | $44.0M-39.7% | $73.0M+46.0% | $50.0M-26.5% | $68.0M-22.7% | $88.0M-36.2% | $138.0M+666.7% | $18.0M |
| Investing Cash Flow | $376.0M+852.0% | -$50.0M-363.2% | $19.0M-75.3% | $77.0M+248.1% | -$52.0M-119.0% | $274.0M-16.5% | $328.0M+11033.3% | -$3.0M |
| Financing Cash Flow | -$666.0M-420.3% | -$128.0M-178.5% | $163.0M+133.3% | -$490.0M-123.7% | -$219.0M+43.3% | -$386.0M+36.4% | -$607.0M-95.2% | -$311.0M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $626.0M+169.8% | $232.0M+510.5% | $38.0M-74.7% | $150.0M-40.0% | $250.0M | $0 | $0-100.0% | $292.0M |
Z Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 73.3%+0.5pp | 72.8%+0.2pp | 72.6%-2.0pp | 74.7%-2.1pp | 76.8%+0.9pp | 75.8%-0.1pp | 75.9%-1.4pp | 77.3% |
| Operating Margin | 5.1%+6.8pp | -1.7%-1.2pp | -0.4%+1.2pp | -1.7%-0.2pp | -1.5%+10.9pp | -12.4%-4.7pp | -7.8%-1.1pp | -6.6% |
| Net Margin | 6.5%+6.0pp | 0.5%-1.0pp | 1.5%+1.2pp | 0.3%-1.0pp | 1.3%+10.7pp | -9.4%-5.9pp | -3.4%-0.5pp | -3.0% |
| Return on Equity | 1.0%+1.0pp | 0.1%-0.1pp | 0.2%+0.2pp | 0.0%-0.1pp | 0.2%+1.2pp | -1.1%-0.6pp | -0.4%-0.1pp | -0.4% |
| Return on Assets | 0.9%+0.8pp | 0.1%-0.1pp | 0.2%+0.1pp | 0.0%-0.1pp | 0.1%+1.0pp | -0.9%-0.6pp | -0.3%-0.1pp | -0.3% |
| Current Ratio | 2.29-0.8 | 3.13-0.5 | 3.63+0.3 | 3.34+0.9 | 2.46-0.3 | 2.81-0.3 | 3.13+1.0 | 2.12 |
| Debt-to-Equity | 0.19+0.0 | 0.16+0.0 | 0.140.0 | 0.14-0.1 | 0.210.0 | 0.20-0.1 | 0.32-0.1 | 0.47 |
| FCF Margin | 23.4%+16.7pp | 6.7%-4.1pp | 10.8%+3.2pp | 7.6%-3.7pp | 11.4%-4.5pp | 15.9%-7.9pp | 23.8%+20.6pp | 3.1% |
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Frequently Asked Questions
What is Zillow Group Inc's annual revenue?
Zillow Group Inc (Z) reported $2.6B in total revenue for fiscal year 2025. This represents a 15.5% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Zillow Group Inc's revenue growing?
Zillow Group Inc (Z) revenue grew by 15.5% year-over-year, from $2.2B to $2.6B in fiscal year 2025.
Is Zillow Group Inc profitable?
Yes, Zillow Group Inc (Z) reported a net income of $23.0M in fiscal year 2025, with a net profit margin of 0.9%.
What is Zillow Group Inc's EBITDA?
Zillow Group Inc (Z) had EBITDA of $230.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Zillow Group Inc's gross margin?
Zillow Group Inc (Z) had a gross margin of 74.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Zillow Group Inc's operating margin?
Zillow Group Inc (Z) had an operating margin of -1.3% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Zillow Group Inc's net profit margin?
Zillow Group Inc (Z) had a net profit margin of 0.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Zillow Group Inc's return on equity (ROE)?
Zillow Group Inc (Z) has a return on equity of 0.5% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Zillow Group Inc's free cash flow?
Zillow Group Inc (Z) generated $235.0M in free cash flow during fiscal year 2025. This represents a -17.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Zillow Group Inc's operating cash flow?
Zillow Group Inc (Z) generated $368.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Zillow Group Inc's total assets?
Zillow Group Inc (Z) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.
What are Zillow Group Inc's capital expenditures?
Zillow Group Inc (Z) invested $133.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Zillow Group Inc spend on research and development?
Zillow Group Inc (Z) invested $607.0M in research and development during fiscal year 2025.
What is Zillow Group Inc's current ratio?
Zillow Group Inc (Z) had a current ratio of 3.13 as of fiscal year 2025, which is generally considered healthy.
What is Zillow Group Inc's debt-to-equity ratio?
Zillow Group Inc (Z) had a debt-to-equity ratio of 0.16 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Zillow Group Inc's return on assets (ROA)?
Zillow Group Inc (Z) had a return on assets of 0.4% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Zillow Group Inc's Altman Z-Score?
Zillow Group Inc (Z) has an Altman Z-Score of 6.01, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Zillow Group Inc's Piotroski F-Score?
Zillow Group Inc (Z) has a Piotroski F-Score of 6 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Zillow Group Inc's earnings high quality?
Zillow Group Inc (Z) has an earnings quality ratio of 16.00x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Zillow Group Inc cover its interest payments?
Zillow Group Inc (Z) has an interest coverage ratio of -1.9x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Zillow Group Inc?
Zillow Group Inc (Z) scores 58 out of 100 on our Financial Health Score, indicating moderate standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.