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Side-by-side financial comparison of Walker & Dunlop, Inc. (WD) 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 $340.0M, roughly 1.9× Walker & Dunlop, Inc.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -12.9%, a 13.4% gap on every dollar of revenue. On growth, ZILLOW GROUP, INC. posted the faster year-over-year revenue change (18.1% vs -0.4%). ZILLOW GROUP, INC. produced more free cash flow last quarter ($44.0M vs $-680.1M). Over the past eight quarters, Walker & Dunlop, Inc.'s revenue compounded faster (22.1% CAGR vs 11.2%).
Walker & Dunlop, Inc. is one of the largest commercial real estate finance and advisory services firms in the United States and internationally.
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.
WD vs ZG — Head-to-Head
Income Statement — Q4 FY2025 vs Q4 FY2025
| Metric | | |
|---|---|---|
| Revenue | $340.0M | $654.0M |
| Net Profit | $-13.9M | $3.0M |
| Gross Margin | — | 72.8% |
| Operating Margin | -17.2% | -1.7% |
| Net Margin | -12.9% | 0.5% |
| Revenue YoY | -0.4% | 18.1% |
| Net Profit YoY | -131.0% | 105.8% |
| EPS (diluted) | $-0.41 | $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 | $340.0M | $654.0M | ||
| Q3 25 | $337.7M | $676.0M | ||
| Q2 25 | $319.2M | $655.0M | ||
| Q1 25 | $237.4M | $598.0M | ||
| Q4 24 | $341.5M | $554.0M | ||
| Q3 24 | $292.3M | $581.0M | ||
| Q2 24 | $270.7M | $572.0M | ||
| Q1 24 | $228.1M | $529.0M |
| Q4 25 | $-13.9M | $3.0M | ||
| Q3 25 | $33.5M | $10.0M | ||
| Q2 25 | $34.0M | $2.0M | ||
| Q1 25 | $2.8M | $8.0M | ||
| Q4 24 | $44.8M | $-52.0M | ||
| Q3 24 | $28.8M | $-20.0M | ||
| Q2 24 | $22.7M | $-17.0M | ||
| Q1 24 | $11.9M | $-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 | -17.2% | -1.7% | ||
| Q3 25 | 13.6% | -0.4% | ||
| Q2 25 | 14.5% | -1.7% | ||
| Q1 25 | 2.2% | -1.5% | ||
| Q4 24 | 15.3% | -12.5% | ||
| Q3 24 | 12.8% | -7.7% | ||
| Q2 24 | 10.4% | -6.6% | ||
| Q1 24 | 6.0% | -8.5% |
| Q4 25 | -12.9% | 0.5% | ||
| Q3 25 | 9.9% | 1.5% | ||
| Q2 25 | 10.6% | 0.3% | ||
| Q1 25 | 1.2% | 1.3% | ||
| Q4 24 | 13.1% | -9.4% | ||
| Q3 24 | 9.9% | -3.4% | ||
| Q2 24 | 8.4% | -3.0% | ||
| Q1 24 | 5.2% | -4.3% |
| Q4 25 | $-0.41 | $0.01 | ||
| Q3 25 | $0.98 | $0.04 | ||
| Q2 25 | $0.99 | $0.01 | ||
| Q1 25 | $0.08 | $0.03 | ||
| Q4 24 | $1.32 | $-0.23 | ||
| Q3 24 | $0.85 | $-0.08 | ||
| Q2 24 | $0.67 | $-0.07 | ||
| Q1 24 | $0.35 | $-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 | $299.3M | $768.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.7B | $4.9B |
| Total Assets | $5.1B | $5.7B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $299.3M | $768.0M | ||
| Q3 25 | $274.8M | $874.0M | ||
| Q2 25 | $233.7M | $587.0M | ||
| Q1 25 | $181.0M | $914.0M | ||
| Q4 24 | $279.3M | $1.1B | ||
| Q3 24 | $179.8M | $1.1B | ||
| Q2 24 | $208.1M | $1.2B | ||
| Q1 24 | $216.5M | $1.4B |
| Q4 25 | $1.7B | $4.9B | ||
| Q3 25 | $1.8B | $5.0B | ||
| Q2 25 | $1.8B | $4.7B | ||
| Q1 25 | $1.7B | $4.8B | ||
| Q4 24 | $1.7B | $4.8B | ||
| Q3 24 | $1.7B | $4.7B | ||
| Q2 24 | $1.7B | $4.5B | ||
| Q1 24 | $1.7B | $4.7B |
| Q4 25 | $5.1B | $5.7B | ||
| Q3 25 | $5.8B | $5.7B | ||
| Q2 25 | $4.7B | $5.4B | ||
| Q1 25 | $4.5B | $5.7B | ||
| Q4 24 | $4.4B | $5.8B | ||
| Q3 24 | $4.6B | $6.2B | ||
| Q2 24 | $4.2B | $6.6B | ||
| Q1 24 | $3.8B | $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 | $-664.3M | $72.0M |
| Free Cash FlowOCF − Capex | $-680.1M | $44.0M |
| FCF MarginFCF / Revenue | -200.0% | 6.7% |
| Capex IntensityCapex / Revenue | 4.6% | 4.3% |
| Cash ConversionOCF / Net Profit | — | 24.00× |
| TTM Free Cash FlowTrailing 4 quarters | $-2.2B | $235.0M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-664.3M | $72.0M | ||
| Q3 25 | $-948.1M | $105.0M | ||
| Q2 25 | $-238.5M | $87.0M | ||
| Q1 25 | $-281.1M | $104.0M | ||
| Q4 24 | $129.4M | $122.0M | ||
| Q3 24 | $-202.0M | $171.0M | ||
| Q2 24 | $-237.8M | $55.0M | ||
| Q1 24 | $38.4M | $80.0M |
| Q4 25 | $-680.1M | $44.0M | ||
| Q3 25 | $-950.4M | $73.0M | ||
| Q2 25 | $-241.0M | $50.0M | ||
| Q1 25 | $-284.7M | $68.0M | ||
| Q4 24 | $116.4M | $88.0M | ||
| Q3 24 | $-204.0M | $138.0M | ||
| Q2 24 | $-241.7M | $18.0M | ||
| Q1 24 | $35.2M | $41.0M |
| Q4 25 | -200.0% | 6.7% | ||
| Q3 25 | -281.5% | 10.8% | ||
| Q2 25 | -75.5% | 7.6% | ||
| Q1 25 | -120.0% | 11.4% | ||
| Q4 24 | 34.1% | 15.9% | ||
| Q3 24 | -69.8% | 23.8% | ||
| Q2 24 | -89.3% | 3.1% | ||
| Q1 24 | 15.4% | 7.8% |
| Q4 25 | 4.6% | 4.3% | ||
| Q3 25 | 0.7% | 4.7% | ||
| Q2 25 | 0.8% | 5.6% | ||
| Q1 25 | 1.5% | 6.0% | ||
| Q4 24 | 3.8% | 6.1% | ||
| Q3 24 | 0.7% | 5.7% | ||
| Q2 24 | 1.4% | 6.5% | ||
| Q1 24 | 1.4% | 7.4% |
| Q4 25 | — | 24.00× | ||
| Q3 25 | -28.34× | 10.50× | ||
| Q2 25 | -7.02× | 43.50× | ||
| Q1 25 | -102.07× | 13.00× | ||
| Q4 24 | 2.89× | — | ||
| Q3 24 | -7.01× | — | ||
| Q2 24 | -10.49× | — | ||
| Q1 24 | 3.24× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
WD
Segment breakdown not available.
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
