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Z

Zillow Group, Inc. Class C

Z

Zillow Group, Inc. Class C • NASDAQ
$74.38 ▼ -0.08% (-0.06)
Market Cap $18.00 B
52w High $93.88
52w Low $57.51
Dividend Yield 0%
P/E -531.29
Volume 1.20M
Outstanding Shares 242.04M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $676M ▲ $494M ▼ $10M ▲ 1.479% ▲ $0.04 ▲ $84M ▲
Q2-2025 $655M ▲ $500M ▲ $2M ▼ 0.305% ▼ $0.008 ▼ $76M ▼
Q1-2025 $598M ▲ $468M ▼ $8M ▲ 1.338% ▲ $0.033 ▲ $80M ▲
Q4-2024 $554M ▼ $489M ▲ $-52M ▼ -9.386% ▼ $-0.22 ▼ $31M ▼
Q3-2024 $581M $486M $-20M -3.442% $-0.086 $54M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.68B ▲ $5.698B ▲ $706M ▲ $4.992B ▲
Q2-2025 $1.158B ▼ $5.416B ▼ $670M ▼ $4.746B ▼
Q1-2025 $1.603B ▼ $5.746B ▼ $992M ▲ $4.754B ▼
Q4-2024 $1.858B ▼ $5.829B ▼ $981M ▼ $4.848B ▲
Q3-2024 $2.173B $6.159B $1.503B $4.656B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $10M ▲ $105M ▲ $19M ▼ $163M ▲ $287M ▲ $65M ▼
Q2-2025 $2M ▼ $87M ▼ $77M ▲ $-490M ▼ $-326M ▼ $158M ▲
Q1-2025 $8M ▲ $104M ▼ $-52M ▼ $-219M ▲ $-167M ▼ $-40M ▼
Q4-2024 $-52M ▼ $122M ▼ $274M ▼ $-386M ▲ $10M ▲ $81M ▼
Q3-2024 $-20M $171M $328M $-607M $-108M $152M

Revenue by Products

Product Q3-2024Q4-2024Q1-2025Q2-2025
Rental Revenue
Rental Revenue
 $120.00M ▲$230.00M ▲$130.00M ▼$160.00M ▲
Residential Revenue
Residential Revenue
 $410.00M ▲$800.00M ▲$420.00M ▼$430.00M ▲
Sales Revenue
Sales Revenue
 $0 ▲$0 ▲$460.00M ▲$480.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Zillow’s revenue profile has completely changed over the past five years. The huge spike and subsequent drop around 2021 reflects its entry into, and exit from, the home‑flipping business. Since stepping away from that capital‑intensive activity, revenue has been smaller but far more stable, and has started to grow again in the last couple of years. Gross profit has remained relatively steady across the whole period, which suggests the core online marketplace and advertising businesses were solid even while the overall revenue mix was shifting. Operating results are still slightly in the red, and net income has shown small but persistent losses, though these losses have been narrowing. On a cash‑earnings basis (before non‑cash charges), the business has generally been profitable, which points to an economic model that works, but is still absorbing investment costs and restructuring from the strategy shift.

Balance Sheet

Balance Sheet The balance sheet shows a company that has de‑risked and simplified itself. Total assets are much lower than during the home‑flipping period, mainly because Zillow no longer holds large home inventories. Cash remains substantial, giving the company a comfortable financial cushion and flexibility to keep investing through real‑estate cycles. Debt has been brought down meaningfully over time, reducing financial risk and interest obligations. Shareholders’ equity has stayed healthy and even edged up, indicating that the cumulative losses have not seriously eroded the company’s capital base. Overall, the balance sheet looks conservative and supports a more asset‑light, platform‑focused strategy.

Cash Flow

Cash Flow Cash flow highlights the impact of Zillow’s strategic pivot even more clearly. During the home‑flipping phase, operating cash flow swung sharply negative as the company spent heavily on buying homes, then swung sharply positive as it unwound those positions and exited the business. Since then, operating cash flow has normalized to a pattern of steady, positive inflows. Free cash flow has been positive in most years and is now driven mainly by the online marketplace, rental, and adjacent services rather than property trading. Capital spending is modest, consistent with an internet platform that relies more on technology and data than on physical assets. In practical terms, Zillow is now generating cash from operations and not relying on borrowing or asset sales to fund its growth strategy.

Competitive Edge

Competitive Edge Zillow is one of the best‑known names in online real estate in the U.S., with very strong brand recognition. For many consumers, “Zillow” is the default place to start when looking to buy, sell, or rent a home. That visibility feeds a powerful network effect: more listings attract more users, which attracts more agents and landlords, which in turn improves the breadth and freshness of the listings. Its main online rivals include other portals and brokerages like Redfin, Opendoor (in a different model), and various regional platforms. Unlike a full‑service brokerage, Zillow positions itself as a broad marketplace and advertising platform, working with many agents rather than competing directly with them. This makes it a central “traffic hub” for the industry. The depth of its listing data, user traffic, and long‑running Zestimate feature create a moat that is not easy to replicate, though the company still faces ongoing competition for consumer attention and for advertising budgets from agents and lenders.

Innovation and R&D

Innovation and R&D Zillow has been consistently leaning on technology to differentiate itself. The Zestimate algorithm is its flagship innovation, using large amounts of data and machine learning to estimate home values at scale. Over time, the company has layered on 3D tours, interactive floor plans, and more personalized search features, all aimed at making the digital home‑shopping experience more immersive and efficient. More recently, Zillow has been integrating artificial intelligence into recommendations, virtual staging, and conversational search tools, including connections to large language models. On the rental side, features like reusable applications and clearer total cost displays reduce friction for both renters and landlords. Strategically, the big push is toward a “housing super app” that ties together search, agents, mortgages, and closing services into one connected workflow. Executing this vision will require ongoing investment and careful design, but if successful, it could deepen user engagement and capture a larger slice of transaction‑related revenue.

Summary

Zillow today is a much more focused, platform‑driven business than it was at the height of its home‑flipping experiment. The income statement shows a shift from volatile, transaction‑heavy revenue toward steadier, service‑based income with improving, though not yet fully profitable, bottom‑line performance. The balance sheet and cash flows both indicate a cleaner, lower‑risk structure: less debt, fewer hard assets, and recurring cash generation from its core operations. Strategically, Zillow’s strength lies in its brand, audience scale, and data, all of which support a defensible position in U.S. online real estate. Its innovation efforts in AI, user experience, and integrated transaction services are aimed at deepening that moat and expanding its role from search tool to end‑to‑end transaction platform. The key tensions to watch are whether the company can turn its strong traffic and product roadmap into consistent, durable profitability while navigating competition, changing real‑estate market conditions, and the execution risks of its “super app” ambition.

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