The Filing Desk

Zillow

ZG · Nasdaq · Real Estate · Financials, fiscal 2016 to 2025

ZG · Last close · October 26, 2026
$33.73
Value Zillow yourself

Zillow's revenue rose 15.5% to $2.6 billion in fiscal 2025. Its operating margin was −1.3%, up from −8.8% a year earlier. Free cash flow was $235 million, down 17.5%. It paid out $670 million in dividends and buybacks, 285% of free cash flow. The diluted share count rose 8.6%.

ZILLOW GROUP, INC. Latest fiscal year ended December 31, 2025 10-K filed February 11, 2026 · 0001617640-26-000015 Updated
Revenue
$2.6B
15.5%
Operating margin
−1.3%
7.5 pts
Net income
$23M
 
Free cash flow
$235M
17.5%
Return on capital
−0.9%
3.7 pts
Market cap
$7.7B
Oct 26 close
P/E
153.3x
On $0.22 EPS, 4 qtrs

Operating margin is operating income as a share of revenue. Free cash flow is cash from operations minus capital spending. Return on capital is after-tax operating income as a share of the money invested in the business: debt plus equity, minus cash. Market cap is the last closing share price times the latest diluted share count, so it is approximate. P/E is the last close divided by diluted earnings per share over the last four quarters, or the latest fiscal year where the quarters aren't available; there is none when the company made a loss.

What Zillow does

Zillow runs real estate websites and apps in the United States where people look for homes to buy or rent. Its database covers about 173 million U.S. homes, and it shows a home value estimate for each called the Zestimate. Beyond listings, it offers tools for buyers, sellers, renters, landlords and real estate agents, and a mortgage business, Zillow Home Loans.

Zillow earns money from real estate professionals, property managers and lenders. Agents and teams buy advertising and software, such as Zillow Preferred and Follow Up Boss, and the company passes them connections to people who are ready to move. Zillow Preferred is an invite-only program in which agents pay when a deal closes. Multifamily property managers pay to advertise rental vacancies. Zillow Home Loans makes mortgages and generally sells them on the secondary market.

In rentals, Zillow had 2.4 million average monthly active rental listings in 2025, and it lets renters tour, apply, sign a lease and pay rent. It shares listings with Redfin and Realtor.com. Zillow says it competes with other companies for customers and for real estate partners. It also says the health of the U.S. housing market affects its results, and that low housing inventory and high, shifting mortgage rates have made buying and selling harder.

Its biggest risks, as it describes them

  • The health of the U.S. residential real estate market, and downturns or big changes in it.
  • Real estate partners cutting back or ending their spending with Zillow, or Zillow failing to keep their business.
  • Losing access to listings data from brokerages, listing services and other data providers.
  • Disputes and rules about the accuracy and display of its Zestimate home values.
  • Zillow Home Loans' need for financing, its reliance on government-sponsored entities, and sensitivity to interest rates.
From Zillow's annual report on Form 10-K, filed February 11, 2026, in our words; the 10-K has the full description and every risk factor. Updated with each new 10-K.

Charts show fiscal years, from the 10-K filings.

Revenue and margins

Revenue
US$ billions, fiscal years
Margins
Percent of revenue
GrossOperatingNetFree cash flow

Net income and earnings per share

Net income
US$ billions, fiscal years; loss years in red.
Diluted earnings per share
US$ per share, fiscal years, restated for any stock splits; loss years in red.

Returns on capital

Return on capital and on equity
Percent. Return on capital is after-tax operating income over the money invested in the business (debt plus equity, minus cash); return on equity is net income over shareholders' equity. Both use the average of opening and closing balances.
Return on capitalReturn on equity

Cash flow

Free cash flow
US$ billions. Cash from operations minus capital expenditure; negative years in red.

Payouts and share count

Dividends and buybacks
US$ billions, cash paid in each fiscal year
DividendsShare buybacks
Diluted share count
Weighted-average diluted shares, millions

Valuation

Two ways to value Zillow yourself, both starting from its filings: a discounted cash flow model and the price-to-earnings method.

Discounted cash flow (DCF)

A discounted cash flow (DCF) model values a business as the cash it may generate in future, discounted back to today. The starting figures come from Zillow's 10-K (or, for net cash and shares, its latest 10-Q) and the assumptions are yours: start from one of three example scenarios, then change any figure to see what it implies for a share, and how that compares with the last share price.

Value per share on three example scenarios, from Zillow's fiscal 2025 free cash flow of $235M, net cash of $1.3B at December 31, 2025 and 254 million diluted shares, from its filings. The scenarios are fitted to Zillow: the base scenario's growth in years 1 to 5 is its revenue growth over the last 3 years, 9.7% a year; the cautious and optimistic ones are lower and higher, and growth in years 6 to 10 is halfway to the long-run rate. The base scenario's discount rate is 11%: 9% for a business of moderate risk (Real Estate Services), plus 1 point as a smaller company, worth $7.7B, plus 1 point for unsteady results (a loss in fiscal 2024); the cautious and optimistic ones use a point more and a point less. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

From the filings
Cash from operations minus capital spending in fiscal 2025.
Cash and short-term investments minus debt and finance leases at December 31, 2025. Negative means net debt.
Weighted-average diluted shares in fiscal 2025.
Your assumptions
Start from
Fitted to Zillow's own revenue growth, as above. Cautious: growth of 5% then 3.5% a year, 2% after year 10, a 12% discount rate. Base: growth of 9.5% then 6% a year, 2.5% after year 10, a 11% discount rate. Optimistic: growth of 14.5% then 9% a year, 3% after year 10, a 10% discount rate.
Long-run growth forever after year 10. Usually close to inflation, and always below the discount rate.
The yearly return an investor wants for the risk. A higher rate gives a lower value.
Value per share on these assumptions
—
—
Last close, October 26, 2026
$33.73
Value on these assumptions, against the last close
—

Cash flows in years 1 to 10, valued today
—
Everything after year 10, valued today
—
Plus net cash
—
Share of value from after year 10
—
Projected free cash flow
US$ billions. Each column is one year's projected free cash flow, split into what it is worth today and the part removed by discounting.
Value todayRemoved by discounting

How the value changes with two assumptions

Value per share in US$, with the growth rates above. The highlighted cell matches the current assumptions.
How the model works. Free cash flow grows at the first rate for five years and the second rate for five more, and each year is discounted at the discount rate. Everything after year 10 is valued as year-10 cash flow × (1 + growth after year 10) ÷ (discount rate − growth after year 10), discounted back ten years. Net cash is added and the total is divided by diluted shares. The result depends entirely on the assumptions. It is not a forecast, a price target or a recommendation. The last close is the consolidated US closing price, from Databento.

Price-to-earnings (P/E) method

Another common way to value a company is to multiply its earnings per share by a price-to-earnings (P/E) multiple: the number of years of today's earnings an investor pays for a share. A higher multiple usually means investors expect earnings to grow. Choose a multiple, for example from similar companies, to see the value it gives.

Value per share on three example scenarios, from Zillow's earnings per share of $0.22 (over the last four quarters). Each grows earnings for a year at the cash flow scenarios' rates and applies a multiple to next year's earnings: 88.2×, the middle of Zillow's own P/E today, its peers' median and its sector's median (its peers' median) for the base scenario, 20% less and more for the cautious and optimistic ones. The price is brought back a year at 12%, 11% and 10%. Select one to load it into the calculator. These are the model's arithmetic on those assumptions, not a forecast or a price target.

Diluted earnings per share over the four quarters to June 30, 2026, from the 10-Qs and 10-K.
P/E today is the last close divided by the latest earnings per share, the four quarters' where available. Peers: CoStar Group, Newmark Group, Howard Hughes, Compass.
Starts at Zillow's revenue growth over the last 3 years, 9.7% a year, as the base scenario does.
Earnings per share in the years ahead, US$
Type your own estimate for any year; the years after it carry on at the growth rate.
Apply the multiple to earnings
A multiple on a future year's earnings gives the price then, brought back to today at the discount rate below.
The yearly return an investor wants for the risk, as in the cash flow model.
Value per share today at this multiple
—
—
Last close, October 26, 2026
$33.73
Value at this multiple, against the last close
—
Zillow's P/E at the last close
153.3×
CompanyLast closeEarnings per shareP/E today
CoStar GroupCSGP$33.70$0.18187.2×
CompassCOMP$9.69$0.06161.5×
ZillowZG$33.73$0.22153.3×
Howard HughesHHH$73.30$4.9015.0×
Newmark GroupNMRK$11.34$0.8014.2×
How the P/E method works. Value per share is earnings per share times the multiple. On a future year's earnings, that gives the price in that year, which is brought back to today at the discount rate: price ÷ (1 + discount rate) for each year ahead. It is quick and easy to compare across companies, but it ignores debt and cash, and earnings can swing with one-off gains and charges, so a multiple says most about steady, profitable businesses. Like the cash flow model, the result depends entirely on the assumptions you choose. It is not a forecast, a price target or a recommendation.

Balance sheet

Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments2,8303,3642,8131,8581,295
Debt incl. finance leases1,3191,6601,6074180
Net debt (negative means net cash)−1,511−1,704−1,206−1,440−1,295
Net debt to EBITDA−4.1x−26.6x—−33.5x−5.6x
Debt to equity0.2x0.4x0.4x0.1x0.0x
Interest coverage1.9x−2.7x−7.5x−5.5x−1.9x
Current ratio2.0x13.3x3.2x2.8x3.1x
Quick ratio2.0x13.3x3.2x2.8x3.1x
US$ millions unless stated, at each fiscal year end. Net debt to EBITDA is debt minus cash, divided by operating income before depreciation and amortization: roughly how many years of those earnings the net debt equals. Debt to equity is debt as a multiple of shareholders' equity. Interest coverage is operating income divided by interest expense. The current ratio is current assets over current liabilities; the quick ratio leaves out inventory.

Insider trades

Over the 12 months between October 27, 2025 and October 26, 2026, no insider bought Zillow shares on the open market, and 12 insiders sold $14.6 million, $9.1 million of it under trading plans set up in advance.

DateInsiderTradeSharesPriceValueFiling
Sep 3, 2026Thielke Claire CormierDirectorSold plan1,187$35.71$42,388Form 4
Sep 3, 2026Erik C BlachfordDirectorSold plan792$35.71$28,282Form 4
Aug 17, 2026Jeremy WacksmanChief Executive Officer, DirectorSold plan9,339$34.18$319,207Form 4
Aug 17, 2026Jeremy HofmannCOO & CFOSold plan5,661$34.18$193,493Form 4
Aug 14, 2026Dan SpauldingChief People OfficerSold3,169$35.37$112,088Form 4
Aug 13, 2026Jeremy WacksmanChief Executive Officer, DirectorSold plan5,786$34.24$198,113Form 4
Aug 13, 2026Jeremy HofmannCOO & CFOSold plan3,510$34.24$120,182Form 4
Aug 13, 2026Errol G SamuelsonChief Industry Dev. OfficerSold3,154$34.24$107,993Form 4
Aug 13, 2026Dan SpauldingChief People OfficerSold1,966$34.24$67,316Form 4
Aug 13, 2026David A. BeitelChief Technology OfficerSold1,798$34.24$61,564Form 4
Aug 13, 2026Jennifer RockChief Accounting OfficerSold990$34.24$33,898Form 4
Aug 11, 2026Thielke Claire CormierDirectorSold plan1,187$33.09$39,278Form 4
The latest 12 of 61 trades. Open-market purchases and sales by officers, directors and 10% owners, from their Form 4 filings with the SEC: one row per person, day and filing, at the day's average price. Grants, option exercises and shares withheld for tax aren't counted. Insiders buy and sell for many reasons, such as taxes, spreading their savings or a plan set up months earlier, so a trade on its own says little about where a company is heading. For information only, not investment advice. Insider trades at all companies

Piotroski F-score

The F-score counts how many of nine simple tests of profitability, funding and efficiency a company passed in a year (Piotroski, 2000). The more tests passed, the stronger the year: 8 or 9 is strong, 0 to 2 weak. Companies that report no gross profit are scored on the other eight.

TestFY23FY24FY25
Net income is positiveFailFailPass
Cash from operations is positivePassPassPass
Return on assets roseFailPassPass
Cash from operations exceeds net incomePassPassPass
Debt fell relative to assetsFailPassPass
Current ratio roseFailFailPass
Share count didn't risePassFailFail
Gross margin roseFailFailFail
Revenue rose relative to assetsPassPassPass
F-score4 of 95 of 97 of 9
Accruals ratio−7.8%−8.7%−6.0%
The accruals ratio is net income minus cash from operations, over average total assets.

Compare

Put Zillow side by side with any other company we cover: revenue, growth, margins, cash flow and returns, with ten years of charts.

Similar companies

CompanyYearRevenue growthOperating marginFree cash flow marginReturn on capitalNet debt to EBITDAF-scoreCompare
ZillowFY2515.5%−1.3%9.1%−0.9%−5.6x7
CoStar GroupFY2518.7%−2.2%3.8%−0.6%−3.3x5Compare
Newmark GroupFY2520.3%7.1%4.3%8.6%1.1x7Compare
Howard HughesFY25−15.8%22.5%28.3%3.4%7.1x—Compare
CompassFY2523.7%−0.9%2.9%———Compare
Each company's latest fiscal year. Fiscal years end in different months, so the periods don't line up exactly. Free cash flow margin is free cash flow as a share of revenue. Net debt to EBITDA is explained under the balance sheet, and the F-score above.

10 years of figures

Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue8471,0771,3342,7431,6242,1321,9581,9452,2362,583
Revenue growth31.3%27.2%23.8%105.7%−40.8%31.3%−8.2%−0.7%15.0%15.5%
Gross profit7779921,1801,1991,3691,8091,5911,5241,7091,915
Research and development256320411351324421498560585607
Operating income−193−162−129−248109239−93−270−197−34
Net income−220−94−120−305−162−528−101−158−11223
Diluted EPS (US$)−1.22−0.51−0.61−1.48−0.70−2.02−0.42−0.68−0.480.09
Diluted shares (millions)180186198206231262242234234254
Cash flow
Cash from operations92584−612423−3,1774,504354428368
Capital expenditure626766678574115135143133
Free cash flow−53191−62−679338−3,2514,389219285235
Dividends paid0000000000
Share buybacks00000302947424301670
Acquisitions16125500497443370
Stock-based compensation107114149199197312451451448390
Balance sheet at fiscal year end
Cash and short-term investments5087621,5672,5123,9972,8303,3642,8131,8581,295
Debt incl. finance leases3673856991,5531,6141,3191,6601,6074180
Total assets3,1503,2304,2916,1327,48710,6956,5636,6525,8295,685
Total liabilities6165701,0242,6972,7455,3542,0812,126981801
Shareholders' equity2,5342,6613,2673,4354,7425,3414,4824,5264,8484,884
Margins and ratios
Gross margin91.8%92.1%88.5%43.7%84.3%84.8%81.3%78.3%76.4%74.1%
Operating margin−22.8%−15.0%−9.7%−9.0%6.7%11.2%−4.8%−13.9%−8.8%−1.3%
Net margin−26.0%−8.8%−9.0%−11.1%−10.0%−24.8%−5.2%−8.1%−5.0%0.9%
Free cash flow margin−6.3%17.8%−4.7%−24.8%20.8%−152.5%224.2%11.3%12.8%9.1%
Return on capital−6.4%−5.5%−4.3%−8.0%3.6%7.7%−2.2%−7.0%−4.6%−0.9%
Return on equity−8.5%−3.6%−4.0%−9.1%−4.0%−10.5%−2.1%−3.5%−2.4%0.5%
Return on assets−7.0%−3.0%−3.2%−5.9%−2.4%−5.8%−1.2%−2.4%−1.8%0.4%
Net debt to EBITDA————−10.8x−4.1x−26.6x—−33.5x−5.6x
US$ millions unless stated. Where a later 10-K restated a year, the latest filed figure is shown. Download all figures (CSV, US$ millions)
Source: Zillow's Form 10-K filings, from SEC EDGAR. For information only, not investment advice. The Filing Desk is not affiliated with Zillow.