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ZG

Zillow Group, Inc. Class A

ZG

Zillow Group, Inc. Class A • NASDAQ
$72.35 ▼ -0.23% (-0.17)
Market Cap $17.51 B
52w High $90.22
52w Low $56.63
Dividend Yield 0%
P/E -516.79
Volume 332.43K
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% ▲ $0.041 ▲ $90M ▲
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 ▼ $26M ▼
Q3-2024 $581M $486M $-20M -3.442% $-0.086 $54M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.389B ▲ $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 ▲ $73M ▲
Q2-2025 $2M ▼ $87M ▼ $77M ▲ $-490M ▼ $-326M ▼ $43M ▼
Q1-2025 $8M ▲ $104M ▼ $-52M ▼ $-219M ▲ $-167M ▼ $68M ▼
Q4-2024 $-52M ▼ $122M ▼ $274M ▼ $-386M ▲ $10M ▲ $81M ▼
Q3-2024 $-20M $171M $328M $-607M $-108M $131M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Rental Revenue
Rental Revenue
 $330.00M ▲$130.00M ▼$160.00M ▲$170.00M ▲
Residential Revenue
Residential Revenue
 $1.19Bn ▲$420.00M ▼$430.00M ▲$430.00M ▲
Sales Revenue
Sales Revenue
 $0 ▲$460.00M ▲$480.00M ▲$490.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has stabilized after the big reset from exiting the home‑flipping business, and recently started to grow again at a moderate pace. The core media and services model is now more visible in the numbers, with gross profit holding up fairly well. However, the company is still not consistently profitable: operating results have hovered around break-even with small losses, and bottom‑line net income has been negative every year in this five‑year window. Profitability has improved compared with the worst year of the restructuring, but the business is still in an investment mode where future upside depends on scaling new products and better cost discipline.

Balance Sheet

Balance Sheet The balance sheet looks relatively solid and de‑risked compared with a few years ago. Total assets are lower, reflecting the shift away from capital‑intensive home inventory, but debt has been reduced meaningfully, easing financial pressure. Equity has remained fairly stable, which suggests the company has absorbed past losses without severely weakening its capital base. Cash levels have come down from earlier peaks but still provide a reasonable cushion to keep investing in growth and weather housing‑market cycles, as long as losses remain contained.

Cash Flow

Cash Flow Cash flow has been volatile but is now more stable and healthier than during the home‑flipping period. The exit from that business created extreme swings in operating cash flow, first sharply negative, then unusually strong as inventory was unwound. More recently, operating cash flow has been consistently positive, and free cash flow has followed suit, helped by modest spending on physical assets. Overall, Zillow now looks like a more asset‑light, cash‑generative platform business, but on a modest scale; sustained, predictable free cash flow still depends on successfully growing its newer revenue streams.

Competitive Edge

Competitive Edge Zillow holds a very strong position in U.S. online real estate. Its brand is widely recognized, its site and apps attract a huge audience, and its home database and Zestimate tool are deeply embedded in consumer behavior. This creates a powerful network effect: consumers attract agents, and agent spend helps improve the experience for consumers. On top of that, Zillow has built a suite of software tools for agents and property managers that deepens its integration into the industry. That said, it faces serious competition from other portals, data providers, and large tech platforms that compete for advertising and lead‑generation budgets. The housing market’s cyclicality and regulatory complexity also remain ongoing external risks.

Innovation and R&D

Innovation and R&D The company is leaning heavily into innovation, especially around data and artificial intelligence. The Zestimate, rich home data, and personalized recommendations are core differentiators, and Zillow keeps refining them with more advanced machine‑learning models. It is also pushing immersive tools like 3D tours and interactive floor plans, and expanding a software stack for agents that covers scheduling, transaction management, customer follow‑up, and premium listing experiences. Strategically, Zillow is trying to assemble all of this into a “housing super app” that ties together search, touring, rentals, financing, and closing. This vision is ambitious and, if executed well, could deepen customer engagement and open new revenue streams. However, the strategy is complex, execution risk is high, and past missteps like the iBuying effort underline how costly it can be when large bets don’t work out as planned.

Summary

Zillow today is a leaner, more focused digital real‑estate platform than it was during its home‑flipping experiment. Revenue has resumed moderate growth, margins are improving but not yet strong enough to deliver consistent profits, and the balance sheet is in a healthier, less leveraged position with a meaningful cash cushion. The business model is increasingly asset‑light and capable of producing positive free cash flow, though still sensitive to housing cycles and advertising demand. Strategically, the company benefits from a powerful brand, heavy user traffic, and a deep data advantage, which it is trying to convert into a comprehensive real‑estate ecosystem for consumers, renters, agents, and lenders. Its innovation agenda—centered on AI, software tools, and an integrated “super app”—offers clear long‑term opportunity but also requires careful execution against capable competitors. Overall, Zillow looks positioned as a leading proptech platform with significant upside potential if its new services scale, balanced by ongoing profitability, execution, and macro‑housing risks.

NEWS

November 24, 2025 · 4:05 PM UTC

Zillow Group to present at UBS Global Technology and AI Conference 2025

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November 19, 2025 · 5:05 AM UTC

Esusu and Zillow launch CreditClimb to help renters nationwide build credit with every rent payment

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November 17, 2025 · 8:00 AM UTC

53% of U.S. homes lost value in the past year, the most since 2012

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November 6, 2025 · 4:00 PM UTC

Half of Anywhere Real Estate agents say they would consider leaving if Compass acquisition moves forward

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October 30, 2025 · 4:05 PM UTC

Zillow Group Reports Third-Quarter 2025 Financial Results

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