10q10k10q10k.net
ZILLOW GROUP, INC.

ZILLOW GROUP, INC.ZEarnings & Financial Report

Nasdaq

Zillow Group, Inc., or simply Zillow, is an American tech real-estate marketplace company that was founded in 2006 by co-executive chairmen Rich Barton and Lloyd Frink, former Microsoft executives and founders of Microsoft spin-off Expedia; Spencer Rascoff, a co-founder of Hotwire.com; David Beitel, Zillow's current chief technology officer; and Kristin Acker, Zillow's current technology leadership advisor.

Z Q4 2025 Key Financial Metrics

Revenue

$654.0M

Gross Profit

$476.0M

Operating Profit

$-11.0M

Net Profit

$3.0M

Gross Margin

72.8%

Operating Margin

-1.7%

Net Margin

0.5%

YoY Growth

18.1%

EPS

$0.01

Financial Flow

ZILLOW GROUP, INC. Q4 2025 Financial Summary

ZILLOW GROUP, INC. reported revenue of $654.0M for Q4 2025, with a net profit of $3.0M (0.5% margin). Cost of goods sold was $178.0M, operating expenses totaled $487.0M.

Key Financial Metrics

Total Revenue$654.0M
Net Profit$3.0M
Gross Margin72.8%
Operating Margin-1.7%
Report PeriodQ4 2025

ZILLOW GROUP, INC. Annual Revenue by Year

ZILLOW GROUP, INC. annual revenue history includes year-by-year totals (for example, 2025 revenue was $2.6B).

YearAnnual Revenue
2025$2.6B
2024$2.2B
2023$1.9B
2022$2.0B

Income Statement

Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Revenue$529.0M$572.0M$581.0M$554.0M$598.0M$655.0M$676.0M$654.0M
YoY Growth12.8%13.0%17.1%16.9%13.0%14.5%16.4%18.1%

Balance Sheet

Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Assets$6.82B$6.63B$6.16B$5.83B$5.75B$5.42B$5.70B$5.68B
Liabilities$2.16B$2.13B$1.50B$981.0M$992.0M$670.0M$706.0M$801.0M
Equity$4.67B$4.50B$4.66B$4.85B$4.75B$4.75B$4.99B$4.88B

Cash Flow

Q1 2024Q2 2024Q3 2024Q4 2024Q1 2025Q2 2025Q3 2025Q4 2025
Operating CF$80.0M$55.0M$171.0M$122.0M$104.0M$87.0M$105.0M$72.0M