What is Zillow Group's earnings per share (EPS)?

Zillow Group (ZG) reported diluted earnings per share of $0.09 for fiscal year 2025. This represents a 118.8% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Zillow Group Financials

Source SEC Filings (10-K/10-Q) Updated Dec 31, 2025 Currency USD FYE December

This page shows Zillow Group (ZG) 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).

Financial Health Signals

Financial Profile 50/100

Based on FY2025 annual data. Scores normalized against common benchmarks. How we calculate these scores

Profitability

Zillow Group 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 19/100, suggesting thin profitability after operating expenses. This is up from -8.8% the prior year.

Growth

Zillow Group's revenue surged 15.5% year-over-year to $2.6B, reflecting rapid business expansion. This strong growth earns a score of 59/100.

Leverage

Zillow Group 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 99/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Zillow Group's current ratio of 3.13 indicates adequate short-term liquidity, earning a score of 60/100. The company can meet its near-term obligations, though with limited headroom.

Cash Flow

Zillow Group has a free cash flow margin of 9.1%, earning a moderate score of 48/100. The company generates positive cash flow after capital investments, but with room for improvement.

Returns

Zillow Group generates a 0.5% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 12/100. This is up from -2.3% the prior year.

Piotroski F-Score Neutral

6/9

Zillow Group passes 6 of 9 financial strength tests. All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 2 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.

Earnings Quality Cash-Backed

16.00x

For every $1 of reported earnings, Zillow Group 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.

Interest Coverage At Risk

-1.9x

Zillow Group 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

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Earnings & Revenue

Revenue

$2.6B

YoY+15.5%

5Y CAGR+9.7%

10Y CAGR+14.9%

Zillow Group generated $2.6B in revenue in fiscal year 2025. This represents an increase of 15.5% from the prior year.

EBITDA

$230.0M

YoY+434.9%

5Y CAGR+0.9%

Zillow Group'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.

Net Income

$23.0M

YoY+120.5%

Zillow Group reported $23.0M in net income in fiscal year 2025. This represents an increase of 120.5% from the prior year.

EPS (Diluted)

$0.09

YoY+118.8%

Zillow Group 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

Free Cash Flow

$235.0M

YoY-17.5%

5Y CAGR-7.0%

Zillow Group 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.

Cash & Debt

$768.0M

YoY-29.0%

5Y CAGR-14.7%

10Y CAGR+12.9%

Zillow Group held $768.0M in cash against $0 in long-term debt as of fiscal year 2025.

Dividends Per Share

N/A

Shares Outstanding

N/A

Margins & Returns

Gross Margin

74.1%

YoY-2.3pp

5Y CAGR-10.2pp

10Y CAGR-16.3pp

Zillow Group'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.

Operating Margin

-1.3%

YoY+7.5pp

5Y CAGR-8.0pp

10Y CAGR+21.9pp

Zillow Group'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.

Net Margin

0.9%

YoY+5.9pp

5Y CAGR+10.9pp

10Y CAGR+24.0pp

Zillow Group'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.

Return on Equity

0.5%

YoY+2.8pp

5Y CAGR+3.9pp

10Y CAGR+6.0pp

Zillow Group'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

R&D Spending

$607.0M

YoY+3.8%

5Y CAGR+13.4%

10Y CAGR+11.8%

Zillow Group invested $607.0M in research and development in fiscal year 2025. This represents an increase of 3.8% from the prior year.

Share Buybacks

$670.0M

YoY+122.6%

Zillow Group 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.

Capital Expenditures

$133.0M

YoY-7.0%

5Y CAGR+9.4%

10Y CAGR+9.7%

Zillow Group 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.

ZG Income Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Revenue	$2.6B+15.5%	$2.2B+15.0%	$1.9B-0.7%	$2.0B-8.2%	$2.1B+31.3%	$1.6B
Cost of Revenue	$668.0M+26.8%	$527.0M+25.2%	$421.0M+14.7%	$367.0M+13.6%	$323.0M+26.7%	$255.0M
Gross Profit	$1.9B+12.1%	$1.7B+12.1%	$1.5B-4.2%	$1.6B-12.1%	$1.8B+32.1%	$1.4B
R&D Expenses	$607.0M+3.8%	$585.0M+4.5%	$560.0M+12.4%	$498.0M+18.3%	$421.0M+29.9%	$324.0M
SG&A Expenses	$497.0M-5.2%	$524.0M-5.2%	$553.0M+11.0%	$498.0M+20.3%	$414.0M+27.8%	$324.0M
Operating Income	-$34.0M+82.7%	-$197.0M+27.0%	-$270.0M-190.3%	-$93.0M-138.9%	$239.0M+119.3%	$109.0M
Interest Expense	$18.0M-50.0%	$36.0M0.0%	$36.0M+2.9%	$35.0M-72.7%	$128.0M-7.2%	$138.0M
Income Tax	$2.0M-60.0%	$5.0M+25.0%	$4.0M+33.3%	$3.0M+400.0%	-$1.0M+87.5%	-$8.0M
Net Income	$23.0M+120.5%	-$112.0M+29.1%	-$158.0M-56.4%	-$101.0M+80.9%	-$528.0M-225.9%	-$162.0M
EPS (Diluted)	$0.09+118.8%	$-0.48+29.4%	$-0.68-61.9%	$-0.42+79.2%	$-2.02-188.6%	$-0.70

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	$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+8.1%	$529.0M
Cost of Revenue	$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+5.7%	$123.0M
Gross Profit	$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+8.9%	$406.0M
R&D Expenses	$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-2.0%	$147.0M
SG&A Expenses	$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-0.8%	$132.0M
Operating Income	-$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+15.6%	-$45.0M
Interest Expense	$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+11.1%	$9.0M
Income Tax	$0-100.0%	$2.0M	$0	$0-100.0%	$1.0M	$0-100.0%	$2.0M0.0%	$2.0M
Net Income	$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+26.1%	-$23.0M
EPS (Diluted)	N/A	$0.04+300.0%	$0.01-66.7%	$0.03	N/A	$-0.08-14.3%	$-0.07+30.0%	$-0.10

ZG Balance Sheet

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Total Assets	$5.7B-2.5%	$5.8B-12.4%	$6.7B+1.4%	$6.6B-38.6%	$10.7B+42.9%	$7.5B
Current Assets	$2.1B-9.1%	$2.3B-25.9%	$3.1B-12.6%	$3.6B-53.1%	$7.7B+54.7%	$5.0B
Cash & Equivalents	$768.0M-29.0%	$1.1B-27.5%	$1.5B+1.8%	$1.5B-36.7%	$2.3B+35.9%	$1.7B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$149.0M+43.3%	$104.0M+8.3%	$96.0M+33.3%	$72.0M-6.5%	$77.0M+10.1%	$69.9M
Goodwill	$2.8B0.0%	$2.8B+0.2%	$2.8B+18.7%	$2.4B0.0%	$2.4B+19.6%	$2.0B
Total Liabilities	$801.0M-18.3%	$981.0M-53.9%	$2.1B+2.2%	$2.1B-61.1%	$5.4B+95.1%	$2.7B
Current Liabilities	$679.0M-18.3%	$831.0M-14.4%	$971.0M+259.6%	$270.0M-93.0%	$3.9B+327.2%	$908.6M
Long-Term Debt	N/A	N/A	N/A	N/A	$1.3B-18.2%	$1.6B
Total Equity	$4.9B+0.7%	$4.8B+7.1%	$4.5B+1.0%	$4.5B-16.1%	$5.3B+12.6%	$4.7B
Retained Earnings	-$1.9B+1.2%	-$1.9B-6.3%	-$1.8B-9.8%	-$1.6B+3.3%	-$1.7B-46.3%	-$1.1B

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Total Assets	$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-2.9%	$6.8B
Current Assets	$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-5.8%	$3.3B
Cash & Equivalents	$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-17.9%	$1.4B
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$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+15.0%	$100.0M
Goodwill	$2.8B0.0%	$2.8B0.0%	$2.8B0.0%	$2.8B0.0%	$2.8B+0.2%	$2.8B0.0%	$2.8B0.0%	$2.8B
Total Liabilities	$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-1.4%	$2.2B
Current Liabilities	$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+47.7%	$1.0B
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Equity	$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-3.5%	$4.7B
Retained Earnings	-$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-0.9%	-$1.8B

ZG Cash Flow Statement

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Operating Cash Flow	$368.0M-14.0%	$428.0M+20.9%	$354.0M-92.1%	$4.5B+241.8%	-$3.2B-851.1%	$423.0M
Capital Expenditures	$133.0M-7.0%	$143.0M+5.9%	$135.0M+17.4%	$115.0M+55.4%	$74.0M-12.9%	$85.0M
Free Cash Flow	$235.0M-17.5%	$285.0M+30.1%	$219.0M-95.0%	$4.4B+235.0%	-$3.3B-1061.8%	$338.0M
Investing Cash Flow	-$6.0M-101.5%	$395.0M+1480.0%	$25.0M+101.6%	-$1.5B-240.9%	$1.1B+204.8%	-$1.0B
Financing Cash Flow	-$674.0M+45.3%	-$1.2B-250.3%	-$352.0M+91.9%	-$4.3B-237.9%	$3.1B+170.7%	$1.2B
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$670.0M+122.6%	$301.0M-29.0%	$424.0M-55.2%	$947.0M+213.6%	$302.0M	$0

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Operating Cash Flow	$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-31.3%	$80.0M
Capital Expenditures	$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-5.1%	$39.0M
Free Cash Flow	$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-56.1%	$41.0M
Investing Cash Flow	-$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+98.5%	-$204.0M
Financing Cash Flow	-$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-538.0%	$71.0M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	$232.0M+510.5%	$38.0M-74.7%	$150.0M-40.0%	$250.0M	$0	$0-100.0%	$292.0M+3144.4%	$9.0M

ZG Financial Ratios

Metric	FY25	FY24	FY23	FY22	FY21	FY20
Gross Margin	74.1%-2.3pp	76.4%-1.9pp	78.3%-2.9pp	81.3%-3.6pp	84.9%+0.6pp	84.3%
Operating Margin	-1.3%+7.5pp	-8.8%+5.1pp	-13.9%-9.1pp	-4.8%-16.0pp	11.2%+4.5pp	6.7%
Net Margin	0.9%+5.9pp	-5.0%+3.1pp	-8.1%-3.0pp	-5.2%+19.6pp	-24.8%-14.8pp	-10.0%
Return on Equity	0.5%+2.8pp	-2.3%+1.2pp	-3.5%-1.2pp	-2.3%+7.6pp	-9.9%-6.5pp	-3.4%
Return on Assets	0.4%+2.3pp	-1.9%+0.5pp	-2.4%-0.8pp	-1.5%+3.4pp	-4.9%-2.8pp	-2.2%
Current Ratio	3.13+0.3	2.81-0.4	3.24-10.1	13.34+11.4	1.98-3.5	5.46
Debt-to-Equity	0.16-0.0	0.20-0.3	0.470.0	0.46+0.2	0.25-0.1	0.34
FCF Margin	9.1%-3.7pp	12.8%+1.5pp	11.3%-212.9pp	224.2%+376.6pp	-152.5%-173.3pp	20.8%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Gross Margin	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%+0.5pp	76.8%
Operating Margin	-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%+1.9pp	-8.5%
Net Margin	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%+1.4pp	-4.3%
Return on Equity	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%+0.1pp	-0.5%
Return on Assets	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%+0.1pp	-0.3%
Current Ratio	3.13-0.5	3.63+0.3	3.34+0.9	2.46-0.3	2.81-0.3	3.13+1.0	2.12-1.2	3.32
Debt-to-Equity	0.16+0.0	0.140.0	0.14-0.1	0.210.0	0.20-0.1	0.32-0.1	0.47+0.0	0.46
FCF Margin	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%-4.6pp	7.8%

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Frequently Asked Questions

What is Zillow Group's annual revenue?

Zillow Group (ZG) 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's revenue growing?

Zillow Group (ZG) revenue grew by 15.5% year-over-year, from $2.2B to $2.6B in fiscal year 2025.

Is Zillow Group profitable?

Yes, Zillow Group (ZG) reported a net income of $23.0M in fiscal year 2025, with a net profit margin of 0.9%.

What is Zillow Group's EBITDA?

Zillow Group (ZG) had EBITDA of $230.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Zillow Group's gross margin?

Zillow Group (ZG) 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's operating margin?

Zillow Group (ZG) 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's net profit margin?

Zillow Group (ZG) 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's return on equity (ROE)?

Zillow Group (ZG) 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's free cash flow?

Zillow Group (ZG) 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's operating cash flow?

Zillow Group (ZG) generated $368.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Zillow Group's total assets?

Zillow Group (ZG) had $5.7B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Zillow Group's capital expenditures?

Zillow Group (ZG) invested $133.0M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

How much does Zillow Group spend on research and development?

Zillow Group (ZG) invested $607.0M in research and development during fiscal year 2025.

Does Zillow Group buy back shares?

Yes, Zillow Group (ZG) spent $670.0M on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Zillow Group's current ratio?

Zillow Group (ZG) had a current ratio of 3.13 as of fiscal year 2025, which is generally considered healthy.

What is Zillow Group's debt-to-equity ratio?

Zillow Group (ZG) 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's return on assets (ROA)?

Zillow Group (ZG) 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's Piotroski F-Score?

Zillow Group (ZG) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. 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 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Zillow Group's earnings high quality?

Zillow Group (ZG) 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 cover its interest payments?

Zillow Group (ZG) 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?

Zillow Group (ZG) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.