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Zillow Group, Inc.

ZG Communication Services Internet Content & Information

Zillow Group, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $2.6 billion, up 15.5% from fiscal 2024.

Revenue
+7.10%
EPS
−1,850.0%
Free cash flow
+83.1%
Total debt
+44.1%

Quarter to September 2026, against a year earlier

30.99 3.46 −10.04%
Market cap
$6.9B
P/E
0.0×
Fwd P/E
61.2×
Dividend yield
—
F-score
7/9
Altman Z
12.65
Beneish M
−2.30
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by products and services Fiscal 2021

  • Residential
  • Rentals
  • Mortgages
  • Other

Every year since 2016 →

Insider Decisions last twelve months

Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — — — — — — — — — — —
Insider Ownership 82.55%

Capital & Financial Ratios $m

Size
Market Cap 6,930.00
Revenue ttm 2,858.00
Net income ttm (113.00)
Free cash flow ttm 274.00
Net debt Q (321.00)
Valuation
P/E 0.00
Forward P/E 61.20 (above 35: high)
Price / sales 2.44
Forward P/S Powerpack
Price / FCF 25.48
Price / book 1.65
Financial health
Current ratio Q 1.76 (at or above 1.5: strong)
Debt / equity Q 0.09 (at or below 0.5: strong)
Interest coverage Q (26.83)
Growth
Revenue growth Q +7.10% (above 0%: growing)
Operating income growth Q −5,266.67% (below 0%: shrinking)
EPS, this year +22.02% (at or above 15%: strong)
EPS, next year A +23.13% (at or above 15%: strong)
Revenue, next year A +14.05% (at or above 10%: strong)
EPS, past 5 yrs —
EPS, next 5 yrs A +24.49% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years
EV/Sales is 2.5×, against a ten-year median of 5.6×; over the ten years it ranged from 1.9× in 2020 to 11.5× in 2021.
P/S against its own 10 years 1.47%
10-year low 10-year high
P/B against its own 10 years 5.32%
10-year low 10-year high
EV/Sales against its own 10 years 2.90%
10-year low 10-year high
EV/FCF against its own 10 years 15.85%
10-year low 10-year high

Dividends

Yield
—
Annual rate
—
Payout ratio
—

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 2,813 1,861 1,300 713
Receivables 96 104 149 181
Inventory — — — —
Other 100 159 386 423
3,149 2,334 2,122 1,776
2023 2024 2025 Q'26
Payables 28 30 36 73
ST’ Debt 93 145 364 392
Other — — — —
971 831 679 1,010

Compound Annual Growth %

10y 5y 3y
Sales 14.89% 9.73% 9.67%
Cash Flow 32.15% (2.75%) (56.61%)
Earnings 0.00% 0.00% 0.00%
Book Value 6.19% 0.59% 2.90%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 0.60 Actual 0.55

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 0.42 0.39 Miss by 0.03
Q1 FY26 0.43 0.53 Beat by 0.10
Q2 FY26 0.44 0.52 Beat by 0.08
Q3 FY26 0.60 0.55 Miss by 0.05
Q4 FY26 0.60 — Reports 9 February 2027

EPS $

Mar Jun Sep Dec Year
’26 0.19 (0.02) (0.70) — —
’25 0.03 0.01 0.04 0.01 0.09
’24 (0.10) (0.07) (0.08) (0.22) (0.48)
’23 (0.09) (0.15) (0.12) (0.32) (0.68)
’22 0.06 0.03 (0.22) (0.31) (0.42)
’21 0.20 0.04 (1.29) (1.03) (2.11)
’20 (0.78) (0.38) 0.16 0.18 (0.72)
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 708 772 724 — —
’25 598 655 676 654 2,583
’24 529 572 581 554 2,236
’23 469 506 496 474 1,945
’22 536 504 483 435 1,958
’21 1,218 1,310 550 535 2,132
’20 1,126 768 657 789 1,624
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 200 11 162 — —
’25 104 87 105 72 368
’24 80 55 171 122 428
’23 93 100 75 86 354
’22 3,392 863 165 84 4,504
’21 241 (399) (2,804) (215) (3,177)
’20 302 391 58 (327) 423
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 156 (34) 119 — —
’25 (40) 43 65 33 101
’24 34 11 131 81 257
’23 53 56 34 46 189
’22 3,354 830 132 48 4,364
’21 225 (418) (2,838) (251) (3,282)
’20 265 362 34 (347) 314
Fiscal quarters ending in the months shown.

Valuation

The price implies free cash flow after share-based pay growing 11.3% a year for ten years.

Implied
11.3%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

2.1
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 847 1,077 1,334 2,743 1,624 2,132 1,958 1,945 2,236 2,583 2,858 +13.2% 2,946 3,292 3,678 +12.5%
Gross margin, % 91.82 92.09 88.48 43.70 84.30 84.85 81.26 78.35 76.43 74.14 72.53 (17.7) pt
EBT (220) (184) (151) (310) (3) 101 (85) (154) (107) 25 (107) n/m
EBT margin, % (26.02) (17.09) (11.32) (11.29) (0.18) 4.74 (4.34) (7.92) (4.79) 0.97 (3.74) +27.0 pt
Net income (220) (94) (120) (305) (162) (528) (101) (158) (112) 23 (113) n/m
Per share, $
Per share, $ Revenue 4.70 5.78 6.74 13.29 7.25 8.53 8.09 8.33 9.55 10.68 12.69 +9.5%
Earnings (1.22) (0.51) (0.61) (1.48) (0.72) (2.11) (0.42) (0.68) (0.48) 0.09 (0.52) n/m
Cash flow 0.05 1.38 0.02 (2.97) 1.89 (12.71) 18.60 1.52 1.83 1.52 1.98 +46.8%
Capex (0.40) (0.42) (0.40) (0.42) (0.49) (0.42) (0.58) (0.71) (0.73) (1.10) (0.76) +12.0%
Free cash flow (0.35) 0.96 (0.38) (3.39) 1.40 (13.13) 18.02 0.81 1.10 0.42 1.22 n/m
Book value 14.06 14.27 16.51 16.65 21.18 21.37 18.51 19.38 20.71 20.19 18.77 +4.1%
Shares, m 180 186 198 206 224 250 242 234 234 242 233 +3.3%
Valuation, ×
Valuation, × P/E 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 758.11 0.00 75.8
P/S 7.95 7.32 4.67 3.47 9.58 4.37 3.96 6.75 7.42 6.39 2.44 6.2
P/B 2.66 2.96 1.90 2.77 6.75 2.96 1.73 2.90 3.42 3.38 1.65 3.1
EV/Sales 7.79 6.97 4.13 3.38 9.07 3.99 3.11 5.87 6.87 6.22 2.50 5.7
EV/FCF (104.54) 41.82 (73.68) (13.27) 96.43 (4.39) 1.39 60.38 59.79 159.09 26.12 22.3
Cash, $m
Cash, $m Operating cash flow 9 258 4 (612) 423 (3,177) 4,504 354 428 368 445 +51.7%
Capex (72) (79) (79) (87) (109) (105) (140) (165) (171) (267) (171) +15.7%
Free cash flow (63) 180 (75) (699) 314 (3,282) 4,364 189 257 101 274 n/m
Balance, $m
Balance, $m Working capital 486 723 1,605 2,590 4,056 3,798 3,333 2,178 1,503 1,443 766 +12.9%
Net debt (140) (377) (719) (247) (1,713) (1,398) (1,667) (1,720) (1,716) (936) (321) +23.5%
Shareholders’ equity 2,534 2,661 3,267 3,435 4,742 5,341 4,482 4,526 4,848 4,884 4,229 +7.6%
Returns, %
Returns, % ROA (7.01) (2.96) (3.19) (5.86) (2.38) (5.81) (1.17) (2.39) (1.79) 0.40 (2.05) +7.4 pt
ROIC (5.04) (4.43) (3.16) (4.85) 2.25 3.79 (2.06) (6.01) (3.93) (0.54) (2.33) +4.5 pt
ROE (8.46) (3.64) (4.04) (9.11) (3.96) (10.47) (2.06) (3.51) (2.39) 0.47 (2.45) +8.9 pt
People
People Employees 2,776 3,181 4,336 5,249 5,504 8,005 5,724 6,263 6,856 7,068 — +10.9%
Revenue/emp, $m 0.30 0.34 0.31 0.52 0.30 0.27 0.34 0.31 0.33 0.37 — +2.0%
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 4 Nov 2026

Business profile

Updated

Zillow Group operates a U.S. residential real estate platform for people looking to rent, buy, sell or finance a home. Its websites and apps bring together property listings, home-value estimates and tools for finding an agent, arranging a tour or exploring a mortgage. Founded in 2006, Zillow is headquartered in Seattle. Jeremy Wacksman is its chief executive.

For home shoppers, Zillow provides a database of approximately 173 million U.S. homes and the Zestimate, an automated estimate of home value. Buyers can search listings, arrange tours and seek financing through Zillow Home Loans or other mortgage providers. Sellers can work with an agent partner and use listing services that include photos, floor plans and virtual tours.

Where the money comes from and where it goes Fiscal 2021

Fiscal 2021: revenue by products and services, and margins
Residential 1,572 73.73%
Rentals 264 12.38%
Mortgages 246 11.54%
Other 50 2.35%
Gross margin 84.85%
Operating margin 11.21%
Pre-tax margin 4.74%

Revenue by segment since 2016

Zillow Group, Inc. vs peers in Internet Content & Information (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
PINS Pinterest, Inc. $11.4B 79.5× 49.6× +11.89% (above 0%: growing) −72.93% (below 0%: shrinking) −5.70% (below 0%: shrinking) 77.72% 2.58% Compare
MTCH Match Group Inc. $8.9B 12.7× 14.8× −2.52% (below 0%: shrinking) +13.45% (above 0%: growing) −0.54% (below 0%: shrinking) 76.83% 30.13% Compare
SNAP Snap Inc. $8.6B — (loss-making) — (loss-making) +14.31% (above 0%: growing) n/m +75.99% (above 0%: growing) 62.30% 4.45% Compare
BZ KANZHUN LIMITED Sponsored ADR $7.1B 12.2× 10.9× +20.45% (above 0%: growing) +186.36% (above 0%: growing) −2.73% (below 0%: shrinking) 86.97% 35.99% Compare
ZG Zillow Group, Inc. $6.9B — (loss-making) 61.2× +7.10% (above 0%: growing) n/m +83.08% (above 0%: growing) 71.27% (22.24%)
Z Zillow Group, Inc. $6.8B — (loss-making) 139× +7.10% (above 0%: growing) n/m +83.08% (above 0%: growing) 71.27% (22.24%) Compare
TME Tencent Music Entertainment Group Sponsored ADR $6.0B 11.4× 9.8× +11.80% (above 0%: growing) +4.55% (above 0%: growing) +83.69% (above 0%: growing) 44.19% 29.69% Compare
BILI Bilibili Inc. Sponsored ADR $4.8B 27.0× 22.6× +15.10% (above 0%: growing) +71.43% (above 0%: growing) +130.65% (above 0%: growing) 37.22% 4.70% Compare
CARG CarGurus, Inc. $3.2B 19.2× 15.8× +13.05% (above 0%: growing) +139.13% (above 0%: growing) +34.33% (above 0%: growing) 92.08% 25.10% Compare
Median of peers $6.9B 15.9× 15.8× +12.47% +42.44% +55.16% 74.05% 14.90%

All 68 Internet Content & Information stocks →

From the latest earnings call

Updated

  • CEO Jeremy Wacksman said Zillow is expanding its integrated transaction experience, which accounted for 61% of its connections in Q2.
  • COO and CFO Jeremy Hofmann said Zillow was accelerating its shift to preferred partners, while the transition would affect revenue timing and seasonality.

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 96.69%
Held by the ten largest 58.94%
Holder Shares Stake Change
Caledonia (Private) Investments Pty Ltd 35.43m 16.20% −1.83m
Vanguard 27.20m 12.44% −2.45m
Independent Franchise Partners LLP 19.97m 9.13% +4.04m
Capital Group 16.31m 7.46% −966.21k
BlackRock 10.52m 4.81% −1.87m
Geode Capital Management 4.28m 1.96% −225.62k
Qube Research & Technologies Ltd 4.11m 1.88% +3.90m
UBS 3.82m 1.75% −685.76k
State Street 3.66m 1.67% −948.14k
STATE OF WISCONSIN INVESTMENT BOARD 3.57m 1.63% +1.50m
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Zillow Group, Inc. (ZG) Latest News

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ZG metrics, ten years each

stockrow.com/ZG · Data as of Nov 4, 2026 · For information only; not investment advice. · © 2026 stockrow.com