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Side-by-side financial comparison of ZILLOW GROUP, INC. (ZG) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $654.0M, roughly 1.2× ZILLOW GROUP, INC.). ZILLOW GROUP, INC. runs the higher net margin — 0.5% vs -1.5%, a 1.9% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 18.1%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $44.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 11.2%).
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.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
ZG vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $654.0M | $788.1M |
| Net Profit | $3.0M | $-11.6M |
| Gross Margin | 72.8% | 76.6% |
| Operating Margin | -1.7% | -4.6% |
| Net Margin | 0.5% | -1.5% |
| Revenue YoY | 18.1% | 25.5% |
| Net Profit YoY | 105.8% | 3.6% |
| EPS (diluted) | $0.01 | $-0.07 |
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 | $654.0M | $788.1M | ||
| Q3 25 | $676.0M | $719.2M | ||
| Q2 25 | $655.0M | $678.0M | ||
| Q1 25 | $598.0M | $647.9M | ||
| Q4 24 | $554.0M | $628.0M | ||
| Q3 24 | $581.0M | $592.9M | ||
| Q2 24 | $572.0M | $553.2M | ||
| Q1 24 | $529.0M | $525.0M |
| Q4 25 | $3.0M | $-11.6M | ||
| Q3 25 | $10.0M | $-17.6M | ||
| Q2 25 | $2.0M | $-4.1M | ||
| Q1 25 | $8.0M | $-7.7M | ||
| Q4 24 | $-52.0M | $-12.1M | ||
| Q3 24 | $-20.0M | $-14.9M | ||
| Q2 24 | $-17.0M | $19.1M | ||
| Q1 24 | $-23.0M | $-28.5M |
| Q4 25 | 72.8% | 76.6% | ||
| Q3 25 | 72.6% | 76.1% | ||
| Q2 25 | 74.7% | 77.0% | ||
| Q1 25 | 76.8% | 77.1% | ||
| Q4 24 | 75.8% | 77.5% | ||
| Q3 24 | 75.9% | 78.0% | ||
| Q2 24 | 77.3% | 78.6% | ||
| Q1 24 | 76.7% | 77.7% |
| Q4 25 | -1.7% | -4.6% | ||
| Q3 25 | -0.4% | -4.5% | ||
| Q2 25 | -1.7% | -3.7% | ||
| Q1 25 | -1.5% | -6.2% | ||
| Q4 24 | -12.5% | -4.9% | ||
| Q3 24 | -7.7% | -4.5% | ||
| Q2 24 | -6.6% | -0.5% | ||
| Q1 24 | -8.5% | -8.7% |
| Q4 25 | 0.5% | -1.5% | ||
| Q3 25 | 1.5% | -2.4% | ||
| Q2 25 | 0.3% | -0.6% | ||
| Q1 25 | 1.3% | -1.2% | ||
| Q4 24 | -9.4% | -1.9% | ||
| Q3 24 | -3.4% | -2.5% | ||
| Q2 24 | -3.0% | 3.5% | ||
| Q1 24 | -4.3% | -5.4% |
| Q4 25 | $0.01 | $-0.07 | ||
| Q3 25 | $0.04 | $-0.11 | ||
| Q2 25 | $0.01 | $-0.03 | ||
| Q1 25 | $0.03 | $-0.05 | ||
| Q4 24 | $-0.23 | $-0.08 | ||
| Q3 24 | $-0.08 | $-0.09 | ||
| Q2 24 | $-0.07 | $0.12 | ||
| Q1 24 | $-0.10 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $768.0M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $4.9B | $2.0B |
| Total Assets | $5.7B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $768.0M | $1.3B | ||
| Q3 25 | $874.0M | $2.4B | ||
| Q2 25 | $587.0M | $2.0B | ||
| Q1 25 | $914.0M | $1.8B | ||
| Q4 24 | $1.1B | $1.6B | ||
| Q3 24 | $1.1B | $1.4B | ||
| Q2 24 | $1.2B | $1.3B | ||
| Q1 24 | $1.4B | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $4.9B | $2.0B | ||
| Q3 25 | $5.0B | $1.8B | ||
| Q2 25 | $4.7B | $1.8B | ||
| Q1 25 | $4.8B | $1.6B | ||
| Q4 24 | $4.8B | $1.4B | ||
| Q3 24 | $4.7B | $1.3B | ||
| Q2 24 | $4.5B | $1.1B | ||
| Q1 24 | $4.7B | $958.9M |
| Q4 25 | $5.7B | $6.5B | ||
| Q3 25 | $5.7B | $6.4B | ||
| Q2 25 | $5.4B | $5.3B | ||
| Q1 25 | $5.7B | $5.0B | ||
| Q4 24 | $5.8B | $4.7B | ||
| Q3 24 | $6.2B | $4.7B | ||
| Q2 24 | $6.6B | $4.2B | ||
| Q1 24 | $6.8B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
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 | $72.0M | $448.3M |
| Free Cash FlowOCF − Capex | $44.0M | $431.0M |
| FCF MarginFCF / Revenue | 6.7% | 54.7% |
| Capex IntensityCapex / Revenue | 4.3% | 2.2% |
| Cash ConversionOCF / Net Profit | 24.00× | — |
| TTM Free Cash FlowTrailing 4 quarters | $235.0M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $72.0M | $448.3M | ||
| Q3 25 | $105.0M | $250.6M | ||
| Q2 25 | $87.0M | $211.1M | ||
| Q1 25 | $104.0M | $179.4M | ||
| Q4 24 | $122.0M | $331.3M | ||
| Q3 24 | $171.0M | $203.6M | ||
| Q2 24 | $55.0M | $173.4M | ||
| Q1 24 | $80.0M | $142.1M |
| Q4 25 | $44.0M | $431.0M | ||
| Q3 25 | $73.0M | $190.6M | ||
| Q2 25 | $50.0M | $138.9M | ||
| Q1 25 | $68.0M | $164.4M | ||
| Q4 24 | $88.0M | $314.3M | ||
| Q3 24 | $138.0M | $154.2M | ||
| Q2 24 | $18.0M | $137.8M | ||
| Q1 24 | $41.0M | $111.2M |
| Q4 25 | 6.7% | 54.7% | ||
| Q3 25 | 10.8% | 26.5% | ||
| Q2 25 | 7.6% | 20.5% | ||
| Q1 25 | 11.4% | 25.4% | ||
| Q4 24 | 15.9% | 50.1% | ||
| Q3 24 | 23.8% | 26.0% | ||
| Q2 24 | 3.1% | 24.9% | ||
| Q1 24 | 7.8% | 21.2% |
| Q4 25 | 4.3% | 2.2% | ||
| Q3 25 | 4.7% | 8.3% | ||
| Q2 25 | 5.6% | 10.6% | ||
| Q1 25 | 6.0% | 2.3% | ||
| Q4 24 | 6.1% | 2.7% | ||
| Q3 24 | 5.7% | 8.3% | ||
| Q2 24 | 6.5% | 6.4% | ||
| Q1 24 | 7.4% | 5.9% |
| Q4 25 | 24.00× | — | ||
| Q3 25 | 10.50× | — | ||
| Q2 25 | 43.50× | — | ||
| Q1 25 | 13.00× | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
ZG
| Residential Revenue | $418.0M | 64% |
| Rental Revenue | $168.0M | 26% |
| Mortgage Revenue | $57.0M | 9% |
| Display Advertising And Other Revenue | $11.0M | 2% |
ZS
Segment breakdown not available.
