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Side-by-side financial comparison of BILL Holdings, Inc. (BILL) and ZILLOW GROUP, INC. (ZG). Click either name above to swap in a different company.
ZILLOW GROUP, INC. is the larger business by last-quarter revenue ($654.0M vs $414.7M, roughly 1.6× BILL Holdings, Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -0.6%, a 1.1% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 14.4%). BILL Holdings, Inc. produced more free cash flow last quarter ($103.8M vs $44.0M). Over the past eight quarters, BILL Holdings, Inc.'s revenue compounded faster (13.3% CAGR vs 11.2%).
BILL Holdings, Inc. is an American company based in San Jose, California, that provides automated, cloud-based software for financial operations for small businesses in the United States. A white-labeled, end-to-end payments automation platform, Bill.com Connect is offered to financial institutions as part of their single sign-on online business banking ecosystem.
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.
BILL vs ZG — Head-to-Head
Income Statement — Q2 FY2026 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $414.7M | $654.0M |
| Net Profit | $-2.6M | $3.0M |
| Gross Margin | 79.8% | 72.8% |
| Operating Margin | -4.4% | -1.7% |
| Net Margin | -0.6% | 0.5% |
| Revenue YoY | 14.4% | 18.1% |
| Net Profit YoY | -107.7% | 105.8% |
| EPS (diluted) | $-0.03 | $0.01 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $414.7M | $654.0M | ||
| Q3 25 | $395.7M | $676.0M | ||
| Q2 25 | $383.3M | $655.0M | ||
| Q1 25 | $358.2M | $598.0M | ||
| Q4 24 | $362.6M | $554.0M | ||
| Q3 24 | $358.4M | $581.0M | ||
| Q2 24 | $343.7M | $572.0M | ||
| Q1 24 | $323.0M | $529.0M |
| Q4 25 | $-2.6M | $3.0M | ||
| Q3 25 | $-3.0M | $10.0M | ||
| Q2 25 | $-7.1M | $2.0M | ||
| Q1 25 | $-11.6M | $8.0M | ||
| Q4 24 | $33.5M | $-52.0M | ||
| Q3 24 | $8.9M | $-20.0M | ||
| Q2 24 | $7.6M | $-17.0M | ||
| Q1 24 | $31.8M | $-23.0M |
| Q4 25 | 79.8% | 72.8% | ||
| Q3 25 | 80.5% | 72.6% | ||
| Q2 25 | 80.8% | 74.7% | ||
| Q1 25 | 81.2% | 76.8% | ||
| Q4 24 | 81.6% | 75.8% | ||
| Q3 24 | 82.0% | 75.9% | ||
| Q2 24 | 81.0% | 77.3% | ||
| Q1 24 | 83.0% | 76.7% |
| Q4 25 | -4.4% | -1.7% | ||
| Q3 25 | -5.2% | -0.4% | ||
| Q2 25 | -5.8% | -1.7% | ||
| Q1 25 | -8.1% | -1.5% | ||
| Q4 24 | -6.0% | -12.5% | ||
| Q3 24 | -2.1% | -7.7% | ||
| Q2 24 | -6.5% | -6.6% | ||
| Q1 24 | -8.6% | -8.5% |
| Q4 25 | -0.6% | 0.5% | ||
| Q3 25 | -0.7% | 1.5% | ||
| Q2 25 | -1.8% | 0.3% | ||
| Q1 25 | -3.2% | 1.3% | ||
| Q4 24 | 9.3% | -9.4% | ||
| Q3 24 | 2.5% | -3.4% | ||
| Q2 24 | 2.2% | -3.0% | ||
| Q1 24 | 9.8% | -4.3% |
| Q4 25 | $-0.03 | $0.01 | ||
| Q3 25 | $-0.03 | $0.04 | ||
| Q2 25 | $0.02 | $0.01 | ||
| Q1 25 | $-0.11 | $0.03 | ||
| Q4 24 | $-0.06 | $-0.23 | ||
| Q3 24 | $0.08 | $-0.08 | ||
| Q2 24 | $0.37 | $-0.07 | ||
| Q1 24 | $0.00 | $-0.10 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $1.1B | $768.0M |
| Total DebtLower is stronger | $1.8B | — |
| Stockholders' EquityBook value | $3.8B | $4.9B |
| Total Assets | $10.1B | $5.7B |
| Debt / EquityLower = less leverage | 0.48× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.1B | $768.0M | ||
| Q3 25 | $1.1B | $874.0M | ||
| Q2 25 | $1.0B | $587.0M | ||
| Q1 25 | $1.0B | $914.0M | ||
| Q4 24 | $1.6B | $1.1B | ||
| Q3 24 | $853.5M | $1.1B | ||
| Q2 24 | $985.9M | $1.2B | ||
| Q1 24 | $952.5M | $1.4B |
| Q4 25 | $1.8B | — | ||
| Q3 25 | $1.9B | — | ||
| Q2 25 | $1.7B | — | ||
| Q1 25 | $1.7B | — | ||
| Q4 24 | $1.7B | — | ||
| Q3 24 | $914.8M | — | ||
| Q2 24 | $914.0M | — | ||
| Q1 24 | $1.1B | — |
| Q4 25 | $3.8B | $4.9B | ||
| Q3 25 | $3.9B | $5.0B | ||
| Q2 25 | $3.9B | $4.7B | ||
| Q1 25 | $3.9B | $4.8B | ||
| Q4 24 | $3.8B | $4.8B | ||
| Q3 24 | $4.0B | $4.7B | ||
| Q2 24 | $4.1B | $4.5B | ||
| Q1 24 | $4.1B | $4.7B |
| Q4 25 | $10.1B | $5.7B | ||
| Q3 25 | $10.2B | $5.7B | ||
| Q2 25 | $10.1B | $5.4B | ||
| Q1 25 | $9.6B | $5.7B | ||
| Q4 24 | $9.7B | $5.8B | ||
| Q3 24 | $9.0B | $6.2B | ||
| Q2 24 | $9.2B | $6.6B | ||
| Q1 24 | $9.1B | $6.8B |
| Q4 25 | 0.48× | — | ||
| Q3 25 | 0.48× | — | ||
| Q2 25 | 0.44× | — | ||
| Q1 25 | 0.43× | — | ||
| Q4 24 | 0.44× | — | ||
| Q3 24 | 0.23× | — | ||
| Q2 24 | 0.22× | — | ||
| Q1 24 | 0.28× | — |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $105.3M | $72.0M |
| Free Cash FlowOCF − Capex | $103.8M | $44.0M |
| FCF MarginFCF / Revenue | 25.0% | 6.7% |
| Capex IntensityCapex / Revenue | 0.4% | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | $378.8M | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $105.3M | $72.0M | ||
| Q3 25 | $96.9M | $105.0M | ||
| Q2 25 | $83.8M | $87.0M | ||
| Q1 25 | $99.5M | $104.0M | ||
| Q4 24 | $78.7M | $122.0M | ||
| Q3 24 | $88.6M | $171.0M | ||
| Q2 24 | $78.6M | $55.0M | ||
| Q1 24 | $66.8M | $80.0M |
| Q4 25 | $103.8M | $44.0M | ||
| Q3 25 | $95.6M | $73.0M | ||
| Q2 25 | $81.0M | $50.0M | ||
| Q1 25 | $98.4M | $68.0M | ||
| Q4 24 | $78.3M | $88.0M | ||
| Q3 24 | $88.6M | $138.0M | ||
| Q2 24 | $78.4M | $18.0M | ||
| Q1 24 | $66.8M | $41.0M |
| Q4 25 | 25.0% | 6.7% | ||
| Q3 25 | 24.1% | 10.8% | ||
| Q2 25 | 21.1% | 7.6% | ||
| Q1 25 | 27.5% | 11.4% | ||
| Q4 24 | 21.6% | 15.9% | ||
| Q3 24 | 24.7% | 23.8% | ||
| Q2 24 | 22.8% | 3.1% | ||
| Q1 24 | 20.7% | 7.8% |
| Q4 25 | 0.4% | 4.3% | ||
| Q3 25 | 0.3% | 4.7% | ||
| Q2 25 | 0.7% | 5.6% | ||
| Q1 25 | 0.3% | 6.0% | ||
| Q4 24 | 0.1% | 6.1% | ||
| Q3 24 | 0.0% | 5.7% | ||
| Q2 24 | 0.1% | 6.5% | ||
| Q1 24 | 0.0% | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | 2.35× | — | ||
| Q3 24 | 9.94× | — | ||
| Q2 24 | 10.35× | — | ||
| Q1 24 | 2.10× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
BILL
| Accounts Payable And Accounts Receivable Solutions | $185.9M | 45% |
| Spend And Expense Interchange Revenue | $166.5M | 40% |
| Interest On Funds Held For Customers | $39.5M | 10% |
| Embedded And Other Solutions | $22.8M | 5% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
