Detailed financial statements for Zillow Group, Inc. Class C (Z): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Zillow Group, Inc. functions as a prominent digital real estate enterprise, offering a variety of real estate platforms accessible through mobile applications and websites throughout the United States. The company's operations are divided into three principal segments: Homes, Internet, Media & Technology (IMT), and Mortgages.
Analysis Summary
Zillow Group, Inc. Class C reported revenue of $2.58B in the most recent fiscal year, growing at a 5-year CAGR of 9.7%.
Trailing-twelve-month margins: gross margin 72.9%, operating margin 0.4%, net margin 2.0%. Free cash flow grew at -5.7% CAGR over 5 years.
At $30.96 (closing price, October 30, 2026), Z trades at a P/E of 140.15 and an ROE of 1.18%. Market capitalisation stands at $7.0B.
Balance sheet quality for Z: current ratio of 3.1, net cash position of $759.0M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $235.0M represents 1022% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $846.6M | $1.08B | $1.33B | $2.74B | $1.62B | $2.13B | $1.96B | $1.95B | $2.24B | $2.58B |
| Cost of Revenue | $71.6M | $85.2M | $153.6M | $1.43B | $255.0M | $323.0M | $367.0M | $421.0M | $527.0M | $668.0M |
| Gross Profit | $775.0M | $991.6M | $1.18B | $1.31B | $1.37B | $1.81B | $1.59B | $1.52B | $1.71B | $1.92B |
| Research & Development | $273.1M | $320.0M | $410.8M | $477.3M | $349.0M | $421.0M | $498.0M | $560.0M | $585.0M | $607.0M |
| Selling, General & Admin | $694.6M | $659.0M | $814.8M | $1.08B | $809.0M | $1.13B | $1.16B | $1.21B | $1.31B | $1.34B |
| Operating Expenses | $967.7M | $979.0M | $1.23B | $1.56B | $1.21B | $1.57B | $1.68B | $1.79B | $1.91B | $1.95B |
| Operating Income | -$192.9M | -$161.9M | -$129.0M | -$246.8M | $161.0M | $239.0M | -$93.0M | -$270.0M | -$197.0M | -$32.0M |
| EBITDA | -$112.3M | -$46.3M | -$10.3M | -$97.2M | $320.4M | $382.0M | $130.0M | $104.0M | $179.0M | $336.0M |
| Interest Expense | $7.4M | $27.5M | $41.3M | $101.8M | $155.2M | $128.0M | $35.0M | $36.0M | $36.0M | $18.0M |
| Pre-tax Income | -$220.3M | -$184.0M | -$151.0M | -$309.6M | -$3.0M | $101.0M | -$85.0M | -$154.0M | -$107.0M | $25.0M |
| Income Tax | $130,000 | -$89.6M | -$31.1M | -$4.3M | -$8.0M | -$1.0M | $3.0M | $4.0M | $5.0M | $2.0M |
| Net Income | -$220.4M | -$94.4M | -$119.9M | -$305.4M | -$162.0M | -$528.0M | -$101.0M | -$158.0M | -$112.0M | $23.0M |
| EPS | $-1.22 | $-0.51 | $-0.61 | $-1.48 | $-0.72 | $-2.11 | $-0.42 | $-0.68 | $-0.48 | $0.10 |
| EPS (Diluted) | $-1.22 | $-0.51 | $-0.61 | $-1.48 | $-0.72 | $-2.11 | $-0.42 | $-0.68 | $-0.48 | $0.09 |
| Shares Outstanding (Diluted) | 180.1 M | 186.5 M | 197.9 M | 206.4 M | 223.8 M | 249.9 M | 242.2 M | 233.6 M | 234.1 M | 254.1 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $676.0M | $654.0M | $708.0M | $772.0M |
| Gross Profit | $491.0M | $476.0M | $519.0M | $562.0M |
| Operating Income | -$3.0M | -$11.0M | $36.0M | -$10.0M |
| EBITDA | $90.0M | $80.0M | $117.0M | $64.0M |
| Net Income | $10.0M | $3.0M | $46.0M | -$4.0M |
| EPS | $0.04 | $0.01 | $0.20 | $-0.02 |
| EPS (Diluted) | $0.04 | $0.01 | $0.19 | $-0.02 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $243.6M | $352.1M | $651.1M | $1.14B | $1.70B | $2.31B | $1.47B | $1.50B | $1.08B | $773.0M |
| Short-term Investments | $262.9M | $410.4M | $903.9M | $1.28B | $2.22B | $514.0M | $1.90B | $1.32B | $776.0M | $527.0M |
| Receivables | $40.5M | $54.4M | $66.1M | $67.0M | $69.9M | $77.0M | $72.0M | $96.0M | $104.0M | $176.0M |
| Inventory | 0 | 0 | $162.8M | $836.6M | $491.3M | $3.91B | $43.0M | -$3.0M | 0 | 0 |
| Total Current Assets | $581.8M | $841.5M | $1.89B | $3.51B | $4.96B | $7.68B | $3.60B | $3.15B | $2.33B | $2.12B |
| Property, Plant & Equipment | $98.3M | $112.3M | $135.2M | $382.6M | $384.1M | $345.0M | $397.0M | $401.0M | $419.0M | $406.0M |
| Goodwill | $1.92B | $1.93B | $1.98B | $1.98B | $1.98B | $2.37B | $2.37B | $2.82B | $2.82B | $2.82B |
| Intangible Assets | $527.5M | $319.7M | $215.9M | $190.6M | $94.8M | $176.0M | $154.0M | $241.0M | $207.0M | $279.0M |
| Total Assets | $3.15B | $3.23B | $4.29B | $6.13B | $7.49B | $10.70B | $6.56B | $6.65B | $5.83B | $5.68B |
| Accounts Payable | $4.3M | $3.6M | $7.5M | $8.3M | $19.0M | $11.0M | $20.0M | $28.0M | $30.0M | $36.0M |
| Short-term Debt | 0 | 0 | $149.7M | $731.6M | $670.2M | $113.0M | $37.0M | $700.0M | $563.0M | $378.0M |
| Total Current Liabilities | $97.2M | $118.4M | $287.5M | $920.5M | $908.6M | $3.88B | $270.0M | $971.0M | $831.0M | $679.0M |
| Long-term Debt | $367.4M | $385.4M | $699.0M | $1.54B | $1.61B | $1.32B | $1.66B | $1.00B | 0 | $79.0M |
| Total Liabilities | $616.1M | $569.7M | $1.02B | $2.70B | $2.74B | $5.35B | $2.08B | $2.13B | $981.0M | $801.0M |
| Retained Earnings | -$497.0M | -$592.2M | -$671.8M | -$977.1M | -$1.14B | -$1.67B | -$1.61B | -$1.77B | -$1.88B | -$1.86B |
| Total Equity | $2.53B | $2.66B | $3.27B | $3.44B | $4.74B | $5.34B | $4.48B | $4.53B | $4.85B | $4.88B |
| Total Debt | $367.4M | $385.4M | $848.7M | $2.51B | $2.52B | $1.60B | $1.87B | $1.83B | $660.0M | $536.0M |
| Net Debt | -$139.1M | -$377.1M | -$706.2M | $90.8M | -$1.40B | -$1.23B | -$1.50B | -$981.0M | -$1.20B | -$759.0M |
| Working Capital | $484.6M | $723.1M | $1.61B | $2.59B | $4.06B | $3.80B | $3.33B | $2.18B | $1.50B | $1.44B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $874.0M | $773.0M | $678.0M | $572.0M |
| Total Assets | $5.70B | $5.68B | $5.23B | $5.30B |
| Total Liabilities | $706.0M | $801.0M | $818.0M | $997.0M |
| Total Equity | $4.99B | $4.88B | $4.41B | $4.31B |
| Total Debt | $449.0M | $536.0M | $429.0M | $558.0M |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$220.4M | -$94.4M | -$119.9M | -$305.4M | -$162.1M | -$527.8M | -$101.0M | -$158.0M | -$112.0M | $23.0M |
| Depreciation & Amortization | $100.6M | $110.2M | $99.4M | $110.6M | $134.4M | $153.0M | $180.0M | $222.0M | $250.0M | $293.0M |
| Stock-based Compensation | $106.9M | $113.6M | $149.1M | $198.9M | $197.6M | $312.0M | $451.0M | $451.0M | $448.0M | $390.0M |
| Change in Working Capital | -$8.9M | $5.9M | -$233.5M | -$703.1M | $42.9M | -$3.75B | $3.89B | -$165.0M | -$175.0M | -$337.0M |
| Operating Cash Flow | $8.6M | $258.2M | $3.9M | -$612.2M | $424.2M | -$3.18B | $4.50B | $354.0M | $428.0M | $368.0M |
| Capital Expenditure | -$71.7M | -$78.6M | -$78.5M | -$86.6M | -$108.5M | -$104.4M | -$140.0M | -$165.0M | -$143.0M | -$133.0M |
| Acquisitions | -$13.1M | -$11.0M | -$55.1M | 0 | $23.6M | -$497.3M | -$4.0M | -$433.0M | -$7.0M | 0 |
| Stock Repurchased | -$616,000 | -$365,000 | 0 | 0 | 0 | -$302.0M | -$947.0M | -$424.0M | -$301.0M | -$670.0M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$63.1M | $179.6M | -$74.7M | -$698.8M | $315.7M | -$3.28B | $4.36B | $189.0M | $285.0M | $235.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $105.0M | $72.0M | $198.0M | $13.0M |
| Capital Expenditure | -$40.0M | -$28.0M | -$34.0M | -$36.0M |
| Free Cash Flow | $65.0M | $44.0M | $164.0M | -$23.0M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $99.0M | $95.0M | 0 | $169.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +27.2% | +23.8% | +105.7% | -40.8% | +31.3% | -8.2% | -0.7% | +15.0% | +15.5% | |
| Net Income Growth (YoY) | +57.2% | -26.9% | -154.8% | +46.9% | -225.9% | +80.9% | -56.4% | +29.1% | +120.5% | |
| EPS Growth (YoY) | +58.2% | -19.6% | -142.6% | +51.4% | -193.1% | +80.1% | -61.9% | +29.4% | +119.8% | |
| Shares Change (YoY) | +3.5% | +6.2% | +4.3% | +8.5% | +11.7% | -3.1% | -3.5% | +0.2% | +8.6% | |
| FCF Growth (YoY) | +384.7% | -141.6% | -835.7% | +145.2% | -1,139.4% | +233.0% | -95.7% | +50.8% | -17.5% | |
| Gross Margin | 91.5% | 92.1% | 88.5% | 47.8% | 84.3% | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating Margin | -22.8% | -15.0% | -9.7% | -9.0% | 9.9% | 11.2% | -4.7% | -13.9% | -8.8% | -1.2% |
| EBITDA Margin | -13.3% | -4.3% | -0.8% | -3.5% | 19.7% | 17.9% | 6.6% | 5.3% | 8.0% | 13.0% |
| Net Margin | -26.0% | -8.8% | -9.0% | -11.1% | -10.0% | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% |
| FCF Margin | -7.5% | 16.7% | -5.6% | -25.5% | 19.4% | -153.9% | 222.9% | 9.7% | 12.7% | 9.1% |
| Effective Tax Rate | -0.1% | 48.7% | 20.6% | 1.4% | 266.7% | -1.0% | -3.5% | -2.6% | -4.7% | 8.0% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-0.35 | $0.96 | $-0.38 | $-3.39 | $1.41 | $-13.13 | $18.02 | $0.81 | $1.22 | $0.92 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 180.1 M | 186.5 M | 197.9 M | 206.4 M | 223.8 M | 249.9 M | 242.2 M | 233.6 M | 234.1 M | 241.9 M |
What to look at in Technology companies
- Revenue growth 3y (>=15%/year) — Validates sustained traction, not a one-off.
- Gross margin (Sub-sector dependent) — SaaS >=70%, Internet >=55%, Semis >=45%, Hardware >=35%.
- FCF / Revenue (>=20%) — Real cash generated. Many tech firms dress up non-GAAP earnings.
- ROIC (>=15%) — Capital reinvested efficiency — Buffett's first metric.
- SBC / Revenue (<10% healthy) — Stock-based compensation. Silent dilution: >20% destroys value.
- Net Debt / EBITDA (<=2x (1.5x SaaS)) — Resilience in downturns and rate hikes.
Profitability
| Return on Equity | 1.18% |
| Return on Invested Capital | 0.23% |
| Return on Assets | 1.04% |
| Gross Margin | 72.88% |
| Operating Margin | 0.43% |
| Net Margin | 1.96% |
Financial Health
| Debt / Equity | 0.13 |
| Current Ratio | 1.92 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 12.65 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | -29.88 | -79.88 | -51.52 | -30.91 | -188.81 | -29.49 | -74.31 | -83.41 | -147.60 | 717.46 |
| P/B | 2.59 | 2.85 | 1.90 | 2.75 | 6.42 | 2.91 | 1.69 | 2.93 | 3.42 | 3.38 |
| P/S | 7.76 | 7.05 | 4.67 | 3.44 | 18.74 | 7.29 | 3.86 | 6.81 | 7.42 | 6.39 |
| Gross Margin | 91.5% | 92.1% | 88.5% | 47.8% | 84.3% | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating Margin | -22.8% | -15.0% | -9.7% | -9.0% | 9.9% | 11.2% | -4.7% | -13.9% | -8.8% | -1.2% |
| Net Margin | -26.0% | -8.8% | -9.0% | -11.1% | -10.0% | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% |
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