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Side-by-side financial comparison of Fidelity National Financial, Inc. (FNF) 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 $544.0M, roughly 1.2× Fidelity National Financial, Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -21.5%, a 22.0% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs 10.3%). Over the past eight quarters, Fidelity National Financial, Inc.'s revenue compounded faster (13.7% CAGR vs 11.2%).
Fidelity National Financial, Inc., is an American provider of title insurance and settlement services to the real estate and mortgage industries. A Fortune 500 company, Fidelity National Financial generated approximately $8.469 billion in annual revenue in 2019 from its title and real estate-related operations. The company was the first instance of an attorney licensed by a Native American Tribe being certified as "authorized house counsel" in the state of Florida.
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.
FNF vs ZG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $544.0M | $654.0M |
| Net Profit | $-117.0M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | 82.9% | -1.7% |
| Net Margin | -21.5% | 0.5% |
| Revenue YoY | 10.3% | 18.1% |
| Net Profit YoY | -126.0% | 105.8% |
| EPS (diluted) | $-0.44 | $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 | $544.0M | $654.0M | ||
| Q3 25 | $553.0M | $676.0M | ||
| Q2 25 | $547.0M | $655.0M | ||
| Q1 25 | $455.0M | $598.0M | ||
| Q4 24 | $493.0M | $554.0M | ||
| Q3 24 | $506.0M | $581.0M | ||
| Q2 24 | $504.0M | $572.0M | ||
| Q1 24 | $421.0M | $529.0M |
| Q4 25 | $-117.0M | $3.0M | ||
| Q3 25 | $358.0M | $10.0M | ||
| Q2 25 | $278.0M | $2.0M | ||
| Q1 25 | $83.0M | $8.0M | ||
| Q4 24 | $450.0M | $-52.0M | ||
| Q3 24 | $266.0M | $-20.0M | ||
| Q2 24 | $306.0M | $-17.0M | ||
| Q1 24 | $248.0M | $-23.0M |
| Q4 25 | — | 72.8% | ||
| Q3 25 | — | 72.6% | ||
| Q2 25 | — | 74.7% | ||
| Q1 25 | — | 76.8% | ||
| Q4 24 | — | 75.8% | ||
| Q3 24 | — | 75.9% | ||
| Q2 24 | — | 77.3% | ||
| Q1 24 | — | 76.7% |
| Q4 25 | 82.9% | -1.7% | ||
| Q3 25 | 81.9% | -0.4% | ||
| Q2 25 | 69.8% | -1.7% | ||
| Q1 25 | 24.4% | -1.5% | ||
| Q4 24 | — | -12.5% | ||
| Q3 24 | 61.9% | -7.7% | ||
| Q2 24 | 90.9% | -6.6% | ||
| Q1 24 | 78.6% | -8.5% |
| Q4 25 | -21.5% | 0.5% | ||
| Q3 25 | 64.7% | 1.5% | ||
| Q2 25 | 50.8% | 0.3% | ||
| Q1 25 | 18.2% | 1.3% | ||
| Q4 24 | 91.3% | -9.4% | ||
| Q3 24 | 52.6% | -3.4% | ||
| Q2 24 | 60.7% | -3.0% | ||
| Q1 24 | 58.9% | -4.3% |
| Q4 25 | $-0.44 | $0.01 | ||
| Q3 25 | $1.33 | $0.04 | ||
| Q2 25 | $1.02 | $0.01 | ||
| Q1 25 | $0.30 | $0.03 | ||
| Q4 24 | $1.65 | $-0.23 | ||
| Q3 24 | $0.97 | $-0.08 | ||
| Q2 24 | $1.12 | $-0.07 | ||
| Q1 24 | $0.91 | $-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 | $2.6B | $768.0M |
| Total DebtLower is stronger | $4.4B | — |
| Stockholders' EquityBook value | $7.4B | $4.9B |
| Total Assets | $109.0B | $5.7B |
| Debt / EquityLower = less leverage | 0.59× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.6B | $768.0M | ||
| Q3 25 | $3.5B | $874.0M | ||
| Q2 25 | $3.3B | $587.0M | ||
| Q1 25 | $4.5B | $914.0M | ||
| Q4 24 | $3.5B | $1.1B | ||
| Q3 24 | $5.0B | $1.1B | ||
| Q2 24 | $4.9B | $1.2B | ||
| Q1 24 | $3.5B | $1.4B |
| Q4 25 | $4.4B | — | ||
| Q3 25 | $4.4B | — | ||
| Q2 25 | $4.4B | — | ||
| Q1 25 | $4.4B | — | ||
| Q4 24 | $4.3B | — | ||
| Q3 24 | $4.2B | — | ||
| Q2 24 | $4.2B | — | ||
| Q1 24 | $3.9B | — |
| Q4 25 | $7.4B | $4.9B | ||
| Q3 25 | $8.4B | $5.0B | ||
| Q2 25 | $7.9B | $4.7B | ||
| Q1 25 | $7.9B | $4.8B | ||
| Q4 24 | $7.8B | $4.8B | ||
| Q3 24 | $8.1B | $4.7B | ||
| Q2 24 | $7.3B | $4.5B | ||
| Q1 24 | $7.1B | $4.7B |
| Q4 25 | $109.0B | $5.7B | ||
| Q3 25 | $106.6B | $5.7B | ||
| Q2 25 | $102.3B | $5.4B | ||
| Q1 25 | $98.2B | $5.7B | ||
| Q4 24 | $95.4B | $5.8B | ||
| Q3 24 | $94.7B | $6.2B | ||
| Q2 24 | $88.8B | $6.6B | ||
| Q1 24 | $84.5B | $6.8B |
| Q4 25 | 0.59× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.56× | — | ||
| Q1 25 | 0.56× | — | ||
| Q4 24 | 0.56× | — | ||
| Q3 24 | 0.52× | — | ||
| Q2 24 | 0.58× | — | ||
| Q1 24 | 0.55× | — |
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 | $1.5B | $72.0M |
| Free Cash FlowOCF − Capex | — | $44.0M |
| FCF MarginFCF / Revenue | — | 6.7% |
| Capex IntensityCapex / Revenue | — | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | — | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $1.5B | $72.0M | ||
| Q3 25 | $1.3B | $105.0M | ||
| Q2 25 | $1.9B | $87.0M | ||
| Q1 25 | $1.1B | $104.0M | ||
| Q4 24 | $1.5B | $122.0M | ||
| Q3 24 | $2.4B | $171.0M | ||
| Q2 24 | $1.4B | $55.0M | ||
| Q1 24 | $1.6B | $80.0M |
| Q4 25 | — | $44.0M | ||
| Q3 25 | — | $73.0M | ||
| Q2 25 | — | $50.0M | ||
| Q1 25 | — | $68.0M | ||
| Q4 24 | — | $88.0M | ||
| Q3 24 | — | $138.0M | ||
| Q2 24 | — | $18.0M | ||
| Q1 24 | — | $41.0M |
| Q4 25 | — | 6.7% | ||
| Q3 25 | — | 10.8% | ||
| Q2 25 | — | 7.6% | ||
| Q1 25 | — | 11.4% | ||
| Q4 24 | — | 15.9% | ||
| Q3 24 | — | 23.8% | ||
| Q2 24 | — | 3.1% | ||
| Q1 24 | — | 7.8% |
| Q4 25 | — | 4.3% | ||
| Q3 25 | — | 4.7% | ||
| Q2 25 | — | 5.6% | ||
| Q1 25 | — | 6.0% | ||
| Q4 24 | — | 6.1% | ||
| Q3 24 | — | 5.7% | ||
| Q2 24 | — | 6.5% | ||
| Q1 24 | — | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | 3.66× | 10.50× | ||
| Q2 25 | 6.82× | 43.50× | ||
| Q1 25 | 13.43× | 13.00× | ||
| Q4 24 | 3.32× | — | ||
| Q3 24 | 8.89× | — | ||
| Q2 24 | 4.45× | — | ||
| Q1 24 | 6.42× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FNF
| Escrow Fees | $241.0M | 44% |
| Other Title Related Fees And Income | $182.0M | 33% |
| Service Link Excluding Title Premiums Escrow Fees And Subservicing Fees | $87.0M | 16% |
| Insurance Contracts Home Warranty | $31.0M | 6% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
