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Side-by-side financial comparison of Cloudflare, Inc. (NET) 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 $614.5M, roughly 1.1× Cloudflare, Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -2.0%, a 2.4% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 18.1%). Cloudflare, Inc. produced more free cash flow last quarter ($105.2M vs $44.0M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 11.2%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs ZG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $654.0M |
| Net Profit | $-12.1M | $3.0M |
| Gross Margin | 73.6% | 72.8% |
| Operating Margin | -8.0% | -1.7% |
| Net Margin | -2.0% | 0.5% |
| Revenue YoY | 33.6% | 18.1% |
| Net Profit YoY | 6.0% | 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 | $614.5M | $654.0M | ||
| Q3 25 | $562.0M | $676.0M | ||
| Q2 25 | $512.3M | $655.0M | ||
| Q1 25 | $479.1M | $598.0M | ||
| Q4 24 | $459.9M | $554.0M | ||
| Q3 24 | $430.1M | $581.0M | ||
| Q2 24 | $401.0M | $572.0M | ||
| Q1 24 | $378.6M | $529.0M |
| Q4 25 | $-12.1M | $3.0M | ||
| Q3 25 | $-1.3M | $10.0M | ||
| Q2 25 | $-50.4M | $2.0M | ||
| Q1 25 | $-38.5M | $8.0M | ||
| Q4 24 | $-12.8M | $-52.0M | ||
| Q3 24 | $-15.3M | $-20.0M | ||
| Q2 24 | $-15.1M | $-17.0M | ||
| Q1 24 | $-35.5M | $-23.0M |
| Q4 25 | 73.6% | 72.8% | ||
| Q3 25 | 74.0% | 72.6% | ||
| Q2 25 | 74.9% | 74.7% | ||
| Q1 25 | 75.9% | 76.8% | ||
| Q4 24 | 76.4% | 75.8% | ||
| Q3 24 | 77.7% | 75.9% | ||
| Q2 24 | 77.8% | 77.3% | ||
| Q1 24 | 77.5% | 76.7% |
| Q4 25 | -8.0% | -1.7% | ||
| Q3 25 | -6.7% | -0.4% | ||
| Q2 25 | -13.1% | -1.7% | ||
| Q1 25 | -11.1% | -1.5% | ||
| Q4 24 | -7.5% | -12.5% | ||
| Q3 24 | -7.2% | -7.7% | ||
| Q2 24 | -8.7% | -6.6% | ||
| Q1 24 | -14.4% | -8.5% |
| Q4 25 | -2.0% | 0.5% | ||
| Q3 25 | -0.2% | 1.5% | ||
| Q2 25 | -9.8% | 0.3% | ||
| Q1 25 | -8.0% | 1.3% | ||
| Q4 24 | -2.8% | -9.4% | ||
| Q3 24 | -3.6% | -3.4% | ||
| Q2 24 | -3.8% | -3.0% | ||
| Q1 24 | -9.4% | -4.3% |
| Q4 25 | $-0.03 | $0.01 | ||
| Q3 25 | $0.00 | $0.04 | ||
| Q2 25 | $-0.15 | $0.01 | ||
| Q1 25 | $-0.11 | $0.03 | ||
| Q4 24 | $-0.05 | $-0.23 | ||
| Q3 24 | $-0.04 | $-0.08 | ||
| Q2 24 | $-0.04 | $-0.07 | ||
| Q1 24 | $-0.10 | $-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 | $943.5M | $768.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $4.9B |
| Total Assets | $6.0B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $768.0M | ||
| Q3 25 | $1.1B | $874.0M | ||
| Q2 25 | $1.5B | $587.0M | ||
| Q1 25 | $204.5M | $914.0M | ||
| Q4 24 | $147.7M | $1.1B | ||
| Q3 24 | $182.9M | $1.1B | ||
| Q2 24 | $157.0M | $1.2B | ||
| Q1 24 | $254.4M | $1.4B |
| Q4 25 | $1.5B | $4.9B | ||
| Q3 25 | $1.3B | $5.0B | ||
| Q2 25 | $1.2B | $4.7B | ||
| Q1 25 | $1.4B | $4.8B | ||
| Q4 24 | $1.0B | $4.8B | ||
| Q3 24 | $973.1M | $4.7B | ||
| Q2 24 | $881.5M | $4.5B | ||
| Q1 24 | $797.2M | $4.7B |
| Q4 25 | $6.0B | $5.7B | ||
| Q3 25 | $5.8B | $5.7B | ||
| Q2 25 | $5.6B | $5.4B | ||
| Q1 25 | $3.7B | $5.7B | ||
| Q4 24 | $3.3B | $5.8B | ||
| Q3 24 | $3.1B | $6.2B | ||
| Q2 24 | $2.9B | $6.6B | ||
| Q1 24 | $2.8B | $6.8B |
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 | $190.4M | $72.0M |
| Free Cash FlowOCF − Capex | $105.2M | $44.0M |
| FCF MarginFCF / Revenue | 17.1% | 6.7% |
| Capex IntensityCapex / Revenue | 13.9% | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $72.0M | ||
| Q3 25 | $167.1M | $105.0M | ||
| Q2 25 | $99.8M | $87.0M | ||
| Q1 25 | $145.8M | $104.0M | ||
| Q4 24 | $127.3M | $122.0M | ||
| Q3 24 | $104.7M | $171.0M | ||
| Q2 24 | $74.8M | $55.0M | ||
| Q1 24 | $73.6M | $80.0M |
| Q4 25 | $105.2M | $44.0M | ||
| Q3 25 | $82.5M | $73.0M | ||
| Q2 25 | $39.9M | $50.0M | ||
| Q1 25 | $59.9M | $68.0M | ||
| Q4 24 | $54.2M | $88.0M | ||
| Q3 24 | $54.5M | $138.0M | ||
| Q2 24 | $45.2M | $18.0M | ||
| Q1 24 | $41.5M | $41.0M |
| Q4 25 | 17.1% | 6.7% | ||
| Q3 25 | 14.7% | 10.8% | ||
| Q2 25 | 7.8% | 7.6% | ||
| Q1 25 | 12.5% | 11.4% | ||
| Q4 24 | 11.8% | 15.9% | ||
| Q3 24 | 12.7% | 23.8% | ||
| Q2 24 | 11.3% | 3.1% | ||
| Q1 24 | 11.0% | 7.8% |
| Q4 25 | 13.9% | 4.3% | ||
| Q3 25 | 15.1% | 4.7% | ||
| Q2 25 | 11.7% | 5.6% | ||
| Q1 25 | 17.9% | 6.0% | ||
| Q4 24 | 15.9% | 6.1% | ||
| Q3 24 | 11.7% | 5.7% | ||
| Q2 24 | 7.4% | 6.5% | ||
| Q1 24 | 8.5% | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | — | 10.50× | ||
| Q2 25 | — | 43.50× | ||
| Q1 25 | — | 13.00× | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | — | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
