Zillow Group Inc. (Z) financial statements: income statement, balance sheet and cash flow
Zillow Group Inc.'s income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Zillow Group Inc. reported revenue of $2.6B (+15.5% year on year) and net income of $23.0M (+120.5% year on year).
Income statement
Zillow Group Inc. income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Total revenue
$2.6B
$2.2B
$1.9B
$2.0B
Cost of revenue
$668.0M
$527.0M
$421.0M
$367.0M
Gross profit
$1.9B
$1.7B
$1.5B
$1.6B
Sales and marketing
$843.0M
$790.0M
$658.0M
$664.0M
Technology and development
$607.0M
$585.0M
$560.0M
$498.0M
General and administrative
$497.0M
$524.0M
$553.0M
$498.0M
Impairment and restructuring costs
$2.0M
$6.0M
$19.0M
$24.0M
Acquisition-related costs
$0
$1.0M
$4.0M
$0
Total operating expenses
$1.9B
$1.9B
$1.8B
$1.7B
Loss from operations
($34.0M)
($197.0M)
($270.0M)
($93.0M)
Gain (loss) on extinguishment of debt
$0
($1.0M)
$1.0M
$0
Other income, net
$77.0M
$127.0M
$151.0M
$43.0M
Interest expense
($18.0M)
($36.0M)
($36.0M)
($35.0M)
Income (loss) before income taxes
$25.0M
($107.0M)
($154.0M)
($85.0M)
Income tax expense
($2.0M)
($5.0M)
($4.0M)
($3.0M)
Net income (loss)
$23.0M
($112.0M)
($158.0M)
($101.0M)
Net income (loss) per share - basic (usd per share)
$0.09
-$0.48
-$0.68
-$0.42
Net income (loss) per share - diluted (usd per share)
$0.09
-$0.48
-$0.68
-$0.42
Denominator for basic calculation (in shares)
241.9M
234.1M
233.6M
242.2M
Weighted-average shares outstanding - diluted (in shares)
254.1M
234.1M
233.6M
242.2M
Zillow Group Inc. income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Total revenue
$772.0M
$708.0M
$676.0M
$655.0M
Cost of revenue
$210.0M
$189.0M
$185.0M
$166.0M
Gross profit
$562.0M
$519.0M
$491.0M
$489.0M
Sales and marketing
$249.0M
$210.0M
$214.0M
$226.0M
Technology and development
$156.0M
$150.0M
$151.0M
$153.0M
General and administrative
$131.0M
$123.0M
$127.0M
$121.0M
Restructuring costs
$36.0M
—
—
—
Total operating expenses
$572.0M
$483.0M
$494.0M
$500.0M
Income (loss) from operations
($10.0M)
$36.0M
($3.0M)
($11.0M)
Other income, net
$13.0M
$16.0M
$18.0M
$18.0M
Interest expense
($6.0M)
($4.0M)
($3.0M)
($5.0M)
Income (loss) before income taxes
($3.0M)
$48.0M
$12.0M
$2.0M
Income tax expense
($1.0M)
($2.0M)
($2.0M)
$0
Net income (loss)
($4.0M)
$46.0M
$10.0M
$2.0M
Net income (loss) per share - basic (usd per share)
-$0.02
$0.19
$0.04
$0.01
Net income (loss) per share - diluted (usd per share)
-$0.02
$0.19
$0.04
$0.01
Weighted-average shares outstanding - basic (in shares)
227.9M
235.7M
242.3M
241.1M
Weighted-average shares outstanding - diluted (in shares)
227.9M
239.6M
256.2M
251.7M
Balance sheet
Zillow Group Inc. balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$768.0M
$1.1B
$1.5B
$1.5B
Short-term investments
$527.0M
$776.0M
$1.3B
$1.9B
Accounts receivable, net
$149.0M
$104.0M
$96.0M
$72.0M
Mortgage loans held for sale
$386.0M
$159.0M
$100.0M
$41.0M
Prepaid expenses and other current assets
$287.0M
$210.0M
$140.0M
$126.0M
Restricted cash
$5.0M
$3.0M
$3.0M
$2.0M
Total current assets
$2.1B
$2.3B
$3.1B
$3.6B
Contract cost assets
$27.0M
$25.0M
$23.0M
$23.0M
Property and equipment, net
$350.0M
$360.0M
$328.0M
$271.0M
Right of use assets
$56.0M
$59.0M
$73.0M
$126.0M
Goodwill
$2.8B
$2.8B
$2.8B
$2.4B
Intangible assets, net
$279.0M
$207.0M
$241.0M
$154.0M
Other assets
$28.0M
$21.0M
$21.0M
$12.0M
Total assets
$5.7B
$5.8B
$6.7B
$6.6B
Accounts payable
$36.0M
$30.0M
$28.0M
$20.0M
Accrued expenses and other current liabilities
$134.0M
$105.0M
$107.0M
$90.0M
Accrued compensation and benefits
$62.0M
$57.0M
$47.0M
$48.0M
Borrowings under credit facilities
$364.0M
$145.0M
$93.0M
$37.0M
Deferred revenue
$69.0M
$62.0M
$52.0M
$44.0M
Lease liabilities, current portion
$14.0M
$14.0M
$37.0M
$31.0M
Convertible senior notes
$0
$418.0M
$607.0M
$1.7B
Total current liabilities
$679.0M
$831.0M
$971.0M
$270.0M
Lease liabilities, net of current portion
$79.0M
$83.0M
$95.0M
$139.0M
Other long-term liabilities
$43.0M
$67.0M
$60.0M
$12.0M
Total liabilities
$801.0M
$981.0M
$2.1B
$2.1B
Preferred stock, $0.0001 par value; authorized — 30,000,000 shares; no shares issued and outstanding
0
0
0
0
Common stock/capital stock
$0
$0
$0
$0
Additional paid-in capital
$6.7B
$6.7B
$6.3B
$6.1B
Accumulated other comprehensive income (loss)
$2.0M
($3.0M)
($5.0M)
($15.0M)
Accumulated deficit
($1.9B)
($1.9B)
($1.8B)
($1.6B)
Total shareholders’ equity
$4.9B
$4.8B
$4.5B
$4.5B
Total liabilities and shareholders’ equity
$5.7B
$5.8B
$6.7B
$6.6B
Zillow Group Inc. balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$572.0M
$678.0M
$874.0M
$587.0M
Short-term investments
$110.0M
$105.0M
$515.0M
$571.0M
Accounts receivable, net
$175.0M
$153.0M
$157.0M
$151.0M
Mortgage loans held for sale
$494.0M
$361.0M
$291.0M
$250.0M
Prepaid expenses and other current assets
$384.0M
$357.0M
$277.0M
$257.0M
Restricted cash
$6.0M
$5.0M
$5.0M
$5.0M
Total current assets
$1.7B
$1.7B
$2.1B
$1.8B
Contract cost assets
$27.0M
$27.0M
$27.0M
$28.0M
Property and equipment, net
$356.0M
$352.0M
$371.0M
$373.0M
Right of use assets
$59.0M
$59.0M
$58.0M
$62.0M
Goodwill
$2.8B
$2.8B
$2.8B
$2.8B
Intangible assets, net
$263.0M
$272.0M
$273.0M
$285.0M
Other assets
$36.0M
$34.0M
$27.0M
$24.0M
Total assets
$5.3B
$5.2B
$5.7B
$5.4B
Accounts payable
$72.0M
$68.0M
$38.0M
$56.0M
Accrued expenses and other current liabilities
$194.0M
$163.0M
$133.0M
$121.0M
Accrued compensation and benefits
$94.0M
$70.0M
$59.0M
$57.0M
Borrowings under master repurchase agreements
$465.0M
$335.0M
$272.0M
$230.0M
Deferred revenue
$65.0M
$74.0M
$69.0M
$70.0M
Lease liabilities, current portion
$16.0M
$14.0M
$13.0M
$12.0M
Total current liabilities
$906.0M
$724.0M
$584.0M
$546.0M
Lease liabilities, net of current portion
$77.0M
$80.0M
$82.0M
$86.0M
Other long-term liabilities
$14.0M
$14.0M
$40.0M
$38.0M
Total liabilities
$997.0M
$818.0M
$706.0M
$670.0M
Preferred stock, $0.0001 par value; authorized — 30,000,000 shares; no shares issued and outstanding
0
0
0
0
Common stock/capital stock
$0
$0
$0
$0
Additional paid-in capital
$6.1B
$6.2B
$6.9B
$6.6B
Accumulated other comprehensive income (loss)
($1.0M)
$0
$2.0M
$1.0M
Accumulated deficit
($1.8B)
($1.8B)
($1.9B)
($1.9B)
Total shareholders’ equity
$4.3B
$4.4B
$5.0B
$4.7B
Total liabilities and shareholders’ equity
$5.3B
$5.2B
$5.7B
$5.4B
Cash flow statement
Zillow Group Inc. cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net income (loss)
$23.0M
($112.0M)
($158.0M)
($101.0M)
Depreciation and amortization
$264.0M
$240.0M
$187.0M
$157.0M
Share-based compensation
$390.0M
$448.0M
$451.0M
$451.0M
Amortization of right of use assets
$8.0M
$10.0M
$35.0M
$23.0M
Amortization of contract cost assets
$21.0M
$19.0M
$21.0M
$30.0M
Impairment costs
$2.0M
$6.0M
—
—
Accretion of bond discount
($9.0M)
($27.0M)
—
—
Other adjustments to reconcile net income (loss) to net cash provided by operating activities
$6.0M
$14.0M
($2.0M)
($3.0M)
Accounts receivable
($45.0M)
($8.0M)
($24.0M)
$82.0M
Mortgage loans held for sale
($227.0M)
($59.0M)
($59.0M)
$66.0M
Prepaid expenses and other assets
($82.0M)
($74.0M)
($17.0M)
$6.0M
Contract cost assets
($23.0M)
($21.0M)
($21.0M)
($18.0M)
Lease liabilities
($11.0M)
($35.0M)
($30.0M)
($21.0M)
Accounts payable
$6.0M
$2.0M
$6.0M
$3.0M
Accrued expenses and other current liabilities
$31.0M
$0
($18.0M)
($71.0M)
Accrued compensation and benefits
$5.0M
$10.0M
($1.0M)
($60.0M)
Deferred revenue
$7.0M
$8.0M
$1.0M
($7.0M)
Other long-term liabilities
$2.0M
$2.0M
($2.0M)
$7.0M
Net cash provided by operating activities
$368.0M
$428.0M
$354.0M
$4.5B
Proceeds from maturities of investments
$411.0M
$1.0B
$1.3B
$802.0M
Proceeds from sales of investments
$61.0M
$237.0M
—
$0
Purchases of investments
($211.0M)
($706.0M)
($664.0M)
($2.2B)
Purchases of property and equipment
($133.0M)
($143.0M)
($135.0M)
($115.0M)
Purchases of intangible assets
($134.0M)
($28.0M)
($30.0M)
($25.0M)
Cash paid for acquisitions, net
$0
($7.0M)
($433.0M)
($4.0M)
Net cash provided by (used in) investing activities
($6.0M)
$395.0M
$25.0M
($1.5B)
Net borrowings on warehouse line of credit and repurchase agreements
$219.0M
$52.0M
$56.0M
($76.0M)
Repurchases of Class A common stock and Class C capital stock
($670.0M)
($301.0M)
($424.0M)
($947.0M)
Settlement of convertible senior notes
($419.0M)
($1.2B)
($56.0M)
($1.2B)
Settlement of capped call transactions
$38.0M
—
—
—
Proceeds from exercise of stock options
$188.0M
$212.0M
$72.0M
$46.0M
Payment for Contingent Consideration Liability, Financing Activities
($30.0M)
—
—
—
Net cash used in financing activities
($674.0M)
($1.2B)
($352.0M)
($4.3B)
Net increase (decrease) in cash, cash equivalents and restricted cash during period
($312.0M)
($410.0M)
$27.0M
($1.4B)
Cash, cash equivalents and restricted cash at beginning of period
$1.1B
$1.5B
$1.5B
$2.8B
Cash, cash equivalents and restricted cash at end of period
$773.0M
$1.1B
$1.5B
$1.5B
Cash paid for interest
$18.0M
$35.0M
$28.0M
$50.0M
Cash paid for taxes
$3.0M
$6.0M
$6.0M
$6.0M
Write-off of fully depreciated property and equipment
$145.0M
$85.0M
$63.0M
$53.0M
Write-off of fully amortized intangible assets
$64.0M
$24.0M
$5.0M
$203.0M
Capitalized share-based compensation
$62.0M
$72.0M
$73.0M
$51.0M
Initial fair value of contingent consideration recognized in connection with an acquisition
$0
$0
$81.0M
—
Value of Class C capital stock issued in connection with an acquisition
$0
$0
$20.0M
—
Zillow Group Inc. cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income (loss)
$42.0M
$46.0M
$20.0M
$10.0M
Depreciation and amortization
$130.0M
$65.0M
$199.0M
$132.0M
Share-based compensation
$169.0M
$81.0M
$295.0M
$196.0M
Amortization of right of use assets
$4.0M
$2.0M
$6.0M
$4.0M
Amortization of contract cost assets
$13.0M
$6.0M
$16.0M
$10.0M
Other adjustments to reconcile net income to net cash provided by operating activities
($13.0M)
($16.0M)
($6.0M)
($5.0M)
Accounts receivable
($26.0M)
($4.0M)
($53.0M)
($47.0M)
Mortgage loans held for sale
($108.0M)
$25.0M
($132.0M)
($91.0M)
Prepaid expenses and other assets
($94.0M)
($64.0M)
($67.0M)
($46.0M)
Contract cost assets
($13.0M)
($6.0M)
($18.0M)
($13.0M)
Lease liabilities
($7.0M)
($4.0M)
($9.0M)
($6.0M)
Accounts payable
$36.0M
$32.0M
$8.0M
$26.0M
Accrued expenses and other current liabilities
$49.0M
$23.0M
$32.0M
$18.0M
Accrued compensation and benefits
$32.0M
$8.0M
$2.0M
$0
Deferred revenue
($4.0M)
$5.0M
$7.0M
$8.0M
Other long-term liabilities
$1.0M
$1.0M
—
($1.0M)
Net cash provided by operating activities
$211.0M
$200.0M
$296.0M
$191.0M
Proceeds from maturities of investments
$98.0M
$93.0M
$338.0M
$272.0M
Proceeds from sales of investments
$391.0M
$391.0M
$61.0M
$50.0M
Purchases of investments
($75.0M)
($64.0M)
($127.0M)
($109.0M)
Purchases of property and equipment
($70.0M)
($34.0M)
($105.0M)
($73.0M)
Purchases of intangible assets
($19.0M)
($10.0M)
($123.0M)
($115.0M)
Net cash provided by investing activities
$325.0M
$376.0M
$44.0M
$25.0M
Net borrowings on master repurchase agreements
$101.0M
($29.0M)
$127.0M
$85.0M
Repurchases of Class A common stock and Class C capital stock
($826.0M)
($626.0M)
($438.0M)
($400.0M)
Settlement of 2025 Notes
$0
—
($419.0M)
($419.0M)
Payments for debt issuance costs
$2.0M
$2.0M
—
—
Proceeds from exercise of stock options
$23.0M
$18.0M
$176.0M
$55.0M
Payment of contingent consideration for acquisition
($27.0M)
($27.0M)
($30.0M)
($30.0M)
Net cash used in financing activities
($731.0M)
($666.0M)
($546.0M)
($709.0M)
Net decrease in cash, cash equivalents and restricted cash during period
($195.0M)
($90.0M)
($206.0M)
($493.0M)
Cash, cash equivalents and restricted cash at beginning of period
$773.0M
$773.0M
$1.1B
$1.1B
Cash, cash equivalents and restricted cash at end of period
$578.0M
$683.0M
$879.0M
$592.0M
Write-off of fully depreciated property and equipment