Z

MKT CAP:$11B

Zillow Group, Inc. Class C

Market Cap

$11B

Communication Services·Internet Content & Information·🇺🇸 United States·NASDAQ

Communication·Internet·🇺🇸·NASDAQ

Stock Price

$44.61-$21.31 (-32.32%)

Apr 24, 2026

Company Details

Zillow Group, Inc., a digital real estate company, operates real estate brands on mobile applications and Websites in the United States. The company operates through three segments: Homes; Internet, Media & Technology; and Mortgages. The Ho...

CEO

Jeremy Wacksman

IPO Date

Aug 3, 2015

Website

www.zillowgroup.com

Key Metrics TTM

Revenue

$2.6B

+15.5% YoY

Net Income

$23M

EPS (Diluted)

$0.09

Free Cash Flow

$227M

Revenue / Share

$10.23

Gross Margin

74.1%

Operating Margin

-1.3%

Net Margin

0.9%

FCF Margin

8.8%

P/S

4.3x

P/E

480.5x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 11, 2026

$2.6B+15.5%EPS $0.09

Q4 2025

Feb 11, 2026

$654M+18.1%EPS $0.01

Q3 2025

Oct 30, 2025

$676M+16.4%EPS $0.04

Q2 2025

Aug 6, 2025

$655M+14.5%EPS $0.01

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$536M	$444M	$36M
Q2 22	$504M	$407M	$5M
Q3 22	$483M	$394M	-$51M
Q4 22	$435M	$346M	-$73M
Q1 23	$469M	$377M	-$45M
Q2 23	$506M	$402M	-$67M
Q3 23	$496M	$386M	-$53M
Q4 23	$474M	$359M	-$105M
Q1 24	$529M	$406M	-$45M
Q2 24	$572M	$442M	-$38M
Q3 24	$581M	$441M	-$45M
Q4 24	$554M	$420M	-$69M
Q1 25	$598M	$459M	-$9M
Q2 25	$655M	$489M	-$11M
Q3 25	$676M	$491M	-$3M
Q4 25	$654M	$476M	-$11M

Valuation

Quarter	P/S	P/E
Q1 22	4.6x	—
Q2 22	3.9x	—
Q3 22	3.4x	—
Q4 22	4.6x	—
Q1 23	5.5x	—
Q2 23	6.4x	—
Q3 23	5.6x	—
Q4 23	6.7x	—
Q1 24	5.6x	—
Q2 24	5.1x	—
Q3 24	7.0x	—
Q4 24	7.9x	—
Q1 25	7.2x	—
Q2 25	7.1x	—
Q3 25	7.8x	—
Q4 25	6.6x	736.0x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$3.4B	$3.4B
Q2 22	$863M	$830M
Q3 22	$165M	$132M
Q4 22	$84M	$48M
Q1 23	$93M	$53M
Q2 23	$100M	$56M
Q3 23	$75M	$34M
Q4 23	$86M	$46M
Q1 24	$80M	$34M
Q2 24	$55M	$11M
Q3 24	$171M	$152M
Q4 24	$122M	$81M
Q1 25	$104M	-$40M
Q2 25	$87M	$158M
Q3 25	$105M	$65M
Q4 25	$72M	$44M

Capital Expenditures

Quarter	CapEx
Q1 22	$38M
Q2 22	$33M
Q3 22	$33M
Q4 22	$36M
Q1 23	$40M
Q2 23	$44M
Q3 23	$41M
Q4 23	$40M
Q1 24	$46M
Q2 24	$44M
Q3 24	$19M
Q4 24	$41M
Q1 25	$144M
Q2 25	$71M
Q3 25	$40M
Q4 25	$28M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	-32.1%	-28.5%
Q2 22	-58.6%	-55.8%
Q3 22	-12.2%	+7.9%
Q4 22	-18.7%	+1.0%
Q1 23	-12.5%	+2.8%
Q2 23	+0.4%	+14.8%
Q3 23	+2.7%	+2.8%
Q4 23	+9.0%	+14.0%
Q1 24	+12.8%	+11.7%
Q2 24	+13.0%	+6.5%
Q3 24	+17.1%	+14.0%
Q4 24	+16.9%	+7.6%
Q1 25	+13.0%	+5.7%
Q2 25	+14.5%	+9.2%
Q3 25	+16.4%	+8.5%
Q4 25	+18.1%	+6.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$91M	17.0%
Q2 22	$102M	20.2%
Q3 22	$148M	30.6%
Q4 22	$110M	25.3%
Q1 23	$103M	22.0%
Q2 23	$130M	25.7%
Q3 23	$109M	22.0%
Q4 23	$109M	23.0%
Q1 24	$108M	20.4%
Q2 24	$113M	19.8%
Q3 24	$108M	18.6%
Q4 24	$119M	21.5%
Q1 25	$97M	16.2%
Q2 25	$99M	15.1%
Q3 25	$99M	14.6%
Q4 25	$95M	14.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$108M	$112M	$174M
Q2 22	$119M	$120M	$163M
Q3 22	$142M	$138M	$165M
Q4 22	$129M	$128M	$162M
Q1 23	$137M	$123M	$156M
Q2 23	$140M	$153M	$173M
Q3 23	$142M	$131M	$164M
Q4 23	$141M	$146M	$165M
Q1 24	$147M	$132M	$166M
Q2 24	$144M	$131M	$205M
Q3 24	$145M	$123M	$217M
Q4 24	$149M	$138M	$202M
Q1 25	$149M	$121M	$198M
Q2 25	$153M	$121M	$226M
Q3 25	$151M	$127M	$214M
Q4 25	$154M	$128M	$205M

Revenue Segments

Quarter	Homes Segment	Internet, Media & Technology	Mortgages Segment
Q3 22	$5M	$457M	$26M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$2.6B	$1.0B	$3.6B
Q2 22	$2.2B	$1.4B	$3.5B
Q3 22	$2.0B	$1.5B	$3.5B
Q4 22	$1.5B	$1.9B	$3.4B
Q1 23	$1.4B	$2.0B	$3.4B
Q2 23	$1.6B	$1.7B	$3.3B
Q3 23	$1.8B	$1.4B	$3.3B
Q4 23	$1.5B	$1.3B	$2.8B
Q1 24	$1.4B	$1.5B	$2.9B
Q2 24	$1.2B	$1.4B	$2.6B
Q3 24	$1.1B	$1.1B	$2.2B
Q4 24	$1.1B	$776M	$1.9B
Q1 25	$914M	$689M	$1.6B
Q2 25	$587M	$571M	$1.2B
Q3 25	$874M	$515M	$1.4B
Q4 25	$773M	$527M	$1.3B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	252M	-0.8%	+0.2%
Q2 22	245M	-2.7%	-5.5%
Q3 22	240M	-2.1%	-9.4%
Q4 22	236M	-1.6%	-7.0%
Q1 23	234M	-0.8%	-7.0%
Q2 23	234M	-0.3%	-4.7%
Q3 23	233M	-0.1%	-2.8%
Q4 23	233M	-0.1%	-1.4%
Q1 24	235M	+0.7%	+0.1%
Q2 24	233M	-0.5%	-0.1%
Q3 24	233M	-0.4%	-0.3%
Q4 24	236M	+1.6%	+1.4%
Q1 25	256M	+8.4%	+9.2%
Q2 25	241M	-5.9%	+3.3%
Q3 25	256M	+6.3%	+10.2%
Q4 25	252M	-1.5%	+6.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$67.0K	8K
Q2 22	$63.0K	8K
Q3 22	$60.3K	8K
Q4 22	$76.0K	6K
Q1 23	$81.9K	6K
Q2 23	$88.4K	6K
Q3 23	$86.7K	6K
Q4 23	$82.8K	6K
Q1 24	$92.4K	6K
Q2 24	$99.9K	6K
Q3 24	$101.5K	6K
Q4 24	$80.8K	7K
Q1 25	$87.2K	7K
Q2 25	$95.5K	7K
Q3 25	$98.6K	7K
Q4 25	$92.5K	7K

Revenue / Employee