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Internet content & information · Communication Services · Fiscal year ends Dec 31
Zillow reported revenue of $2.6B in the fiscal year ended Dec 2025, up 15.5% from the year before. Operating income was −$34M, an operating margin of −1.3%, and net income was $23M. Operating cash flow of $368M less capital expenditure of $133M left free cash flow of $235M.
Ranks among the 19 internet content & information companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 2,132 | 1,958 | 1,945 | 2,236 | 2,583 |
| Cost of revenue | 323 | 367 | 421 | 527 | 668 |
| Gross profit | 1,809 | 1,591 | 1,524 | 1,709 | 1,915 |
| Research & development | 421 | 498 | 560 | 585 | 607 |
| Selling, general & admin | 1,129 | 1,162 | 1,211 | 1,314 | 1,340 |
| Operating income | 239 | −93.0 | −270 | −197 | −34.0 |
| Interest expense | 128 | 35.0 | 36.0 | 36.0 | 18.0 |
| Pre-tax income | 101 | −85.0 | −154 | −107 | 25.0 |
| Income tax | −1.0 | 3.0 | 4.0 | 5.0 | 2.0 |
| Net income | −528 | −101 | −158 | −112 | 23.0 |
| Diluted EPS | −2.02 | −0.42 | −0.68 | −0.48 | 0.09 |
| Diluted shares | 262 | 242 | 234 | 234 | 254 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,315 | 1,466 | 1,492 | 1,082 | 768 |
| Receivables | 77.0 | 72.0 | 96.0 | 104 | 149 |
| Current assets | 7,680 | 3,603 | 3,149 | 2,334 | 2,122 |
| Net PP&E | 215 | 271 | 328 | 360 | 350 |
| Goodwill | 2,374 | 2,374 | 2,817 | 2,823 | 2,823 |
| Total assets | 10,695 | 6,563 | 6,652 | 5,829 | 5,685 |
| Payables | 11.0 | 20.0 | 28.0 | 30.0 | 36.0 |
| Deferred revenue | 51.0 | 44.0 | 52.0 | 62.0 | 69.0 |
| Current liabilities | 3,882 | 270 | 971 | 831 | 679 |
| Long-term debt | 1,319 | 1,697 | 1,700 | 563 | – |
| Total liabilities | 5,354 | 2,081 | 2,126 | 981 | 801 |
| Shareholders' equity | 5,341 | 4,482 | 4,526 | 4,848 | 4,884 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −3,177 | 4,504 | 354 | 428 | 368 |
| Capital expenditure | 74.0 | 115 | 135 | 143 | 133 |
| Free cash flow | −3,251 | 4,389 | 219 | 285 | 235 |
| Depreciation & amortisation | 130 | 157 | 187 | 240 | 264 |
| Stock-based compensation | 312 | 451 | 451 | 448 | 390 |
| Acquisitions | 497 | 4.0 | 433 | 7.0 | 0.0 |
| Share buybacks | 302 | 947 | 424 | 301 | 670 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −8.2% | −0.7% | 15.0% | 15.5% |
| Operating income growth (YoY) | – | −138.9% | – | – | – |
| Gross margin | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating margin | 11.2% | −4.7% | −13.9% | −8.8% | −1.3% |
| Net margin | −24.8% | −5.2% | −8.1% | −5.0% | 0.9% |
| Return on equityBlank when equity is negative | −9.9% | −2.3% | −3.5% | −2.3% | 0.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 3.5% | −1.5% | −4.8% | −3.9% | −0.7% |
| Free cash flow margin | −152.5% | 224.2% | 11.3% | 12.7% | 9.1% |
| Cash conversion (CFO ÷ net income) | 6.02x | −44.6x | −2.24x | −3.82x | 16.0x |
| Receivable days | 13 | 13 | 18 | 17 | 21 |
| Payable days | 12 | 20 | 24 | 21 | 20 |
| Interest cover | 1.87x | −2.66x | −7.50x | −5.47x | −1.89x |
| Debt ÷ equity | 0.25x | 0.38x | 0.38x | 0.12x | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −996 | 231 | 208 | −519 | – |
| Current ratio | 1.98x | 13.3x | 3.24x | 2.81x | 3.13x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.