Zillow (Z) financial statements
Zillow reported revenue of $2.6B in fiscal 2025, up 13.2% a year over 9 years.
Net income was $23M and the operating margin -1.3%, against -22.8% in 2016.
Free cash flow was $235M, and the company returned $670M in net buybacks.
The diluted share count rose 41% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zillow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $847M | $1.1B | $1.3B | $2.7B | $1.6B | $2.1B | $2.0B | $1.9B | $2.2B | $2.6B |
| Cost of revenue | $69M | $85M | $154M | $1.5B | $255M | $323M | $367M | $421M | $527M | $668M |
| Gross profit | $777M | $992M | $1.2B | $1.2B | $1.4B | $1.8B | $1.6B | $1.5B | $1.7B | $1.9B |
| Research and development | $256M | $320M | $411M | $351M | $324M | $421M | $498M | $560M | $585M | $607M |
| Selling, general and admin | $714M | $659M | $815M | $1.1B | $859M | $1.1B | $1.2B | $1.2B | $1.3B | $1.3B |
| Operating income | -$193M | -$162M | -$129M | -$247M | $109M | $239M | -$93M | -$270M | -$197M | -$34M |
| Interest expense | $7M | $28M | $41M | $102M | $138M | $128M | $35M | $36M | $36M | $18M |
| Pre-tax income | -$220M | -$184M | -$151M | -$310M | -$3M | $101M | -$85M | -$154M | -$107M | $25M |
| Income tax | $130,000 | -$90M | -$31M | -$4M | -$8M | -$1M | $3M | $4M | $5M | $2M |
| Net income | -$220M | -$94M | -$120M | -$305M | -$162M | -$528M | -$101M | -$158M | -$112M | $23M |
| EPS (diluted) | -$1.22 | -$0.51 | -$0.61 | -$1.48 | -$0.70 | -$2.02 | -$0.42 | -$0.68 | -$0.48 | $0.09 |
| Diluted shares | 180M | 186M | 198M | 206M | 231M | 262M | 242M | 234M | 234M | 254M |
| Gross margin | 91.8% | 92.1% | 88.5% | 43.7% | 84.3% | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating margin | -22.8% | -15.0% | -9.7% | -9.0% | 6.7% | 11.2% | -4.7% | -13.9% | -8.8% | -1.3% |
| Net margin | -26.0% | -8.8% | -9.0% | -11.1% | -10.0% | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% |
Balance sheet
Fiscal years, from Zillow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $508M | $763M | $1.6B | $2.5B | $4.0B | $2.8B | $3.4B | $2.8B | $1.9B | $1.3B |
| Receivables | $41M | $54M | $66M | $67M | $70M | $77M | $72M | $96M | $104M | $149M |
| Total current assets | $583M | $842M | $1.9B | $3.5B | $5.0B | $7.7B | $3.6B | $3.1B | $2.3B | $2.1B |
| Property, plant and equipment | $98M | $112M | $135M | $170M | $196M | $215M | $271M | $328M | $360M | $350M |
| Goodwill | $1.9B | $1.9B | $2.0B | $2.0B | $2.0B | $2.4B | $2.4B | $2.8B | $2.8B | $2.8B |
| Total assets | $3.1B | $3.2B | $4.3B | $6.1B | $7.5B | $10.7B | $6.6B | $6.7B | $5.8B | $5.7B |
| Total current liabilities | $97M | $118M | $287M | $921M | $909M | $3.9B | $270M | $971M | $831M | $679M |
| Long-term debt | $367M | $385M | $699M | $1.5B | $1.6B | $1.3B | — | — | — | — |
| Total liabilities | $616M | $570M | $1.0B | $2.7B | $2.7B | $5.4B | $2.1B | $2.1B | $981M | $801M |
| Shareholders' equity | $2.5B | $2.7B | $3.3B | $3.4B | $4.7B | $5.3B | $4.5B | $4.5B | $4.8B | $4.9B |
| Net debt | $124M | $33M | $48M | $402M | -$90M | -$996M | -$1.5B | -$1.5B | -$1.1B | -$768M |
Cash flow
Fiscal years, from Zillow's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $9M | $258M | $4M | -$612M | $423M | -$3.2B | $4.5B | $354M | $428M | $368M |
| Capital spending | $62M | $67M | $66M | $67M | $85M | $74M | $115M | $135M | $143M | $133M |
| Free cash flow | -$53M | $191M | -$62M | -$679M | $338M | -$3.3B | $4.4B | $219M | $285M | $235M |
| Stock-based compensation | $107M | $114M | $149M | $199M | $197M | $312M | $451M | $451M | $448M | $390M |
| Share buybacks (net) | — | — | — | $0 | $0 | -$302M | -$947M | -$424M | -$301M | -$670M |
| Free cash flow margin | -6.3% | 17.8% | -4.7% | -24.8% | 20.8% | -152.5% | 224.2% | 11.3% | 12.7% | 9.1% |
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Open Z in InvestinglyQuestions
What was Zillow's revenue in 2025?
$2.6B in fiscal 2025, from its 10-K filing.
How much free cash flow does Zillow generate?
$235M in fiscal 2025 (operating cash flow minus capital spending).
From Zillow's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.