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Zillow Group, Inc. (Z) stock

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NASDAQ: Z Nasdaq Real Estate Services Next results ~November 4, 2026

B Fundamentals grade

Zillow Group, Inc. is a US-listed company in the real estate services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$23

Valuation models combined (2)

Base case. Range ~$13–$32. Weighted average of 2 models (forward price-to-earnings vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Zillow Group, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 12 selling0 purchases and 100 sales by directors and officers, last 12 monthsInsider trades
  • Funds193 adding, 295 cuttingOf 67 active managers that changed their stake, 31 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zillow Group files

Where Zillow stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.81bn, up 17.7% on a year earlier, faster than 16.8% a quarter earlier. That growth ranks 2 of 10 among the business services, nec companies we cover. Free-cash-flow margin fell to 9.2% from 14.4% a year earlier. Operating margin widened to 0.4% from -5.6%. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $25.58 a share, against a share price of $31.79.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Zillow Group, Inc.'s trailing-twelve-month revenue grew 17.7% year on year, with a free-cash-flow margin of 9.2%. Where it stands out: gross margin of 72.9% ranks 1 of 10 real estate services companies we cover. Where it lags: stock pay as % of revenue of 12.9% ranks 20 of 21 real estate services companies we cover.

Current signal Gross margin compressing: TTM gross margin fell to 72.9%, down 2.9pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 17.7% over the last 12 months, against a median of 8.1% for real estate services companies we cover.
  • Margins widening. Operating margin is up 6.0 points on a year ago.
  • Net cash. Cash exceeds long-term debt by $0.6bn.

Things to watch

  • High earnings multiple. The shares trade at 144 times the last 12 months' earnings, so expectations are demanding.
  • Volatile shares. Over the past year the shares showed annualised volatility of 50% and a beta of 1.1 against the S&P 500.
  • Insiders selling. 12 insiders sold $15M of stock over the past 365 days and none bought (62% under pre-set trading plans).
  • Gross margin slipping. Gross margin is down 2.9 points on a year ago.
  • Below peers: stock pay as % of revenue. Stock pay as % of revenue of 12.9% ranks 20 of 21 real estate services companies we cover (median 1.0%).
  • Short interest rising. Shares sold short rose 19% in a month to 9.3% of tradable shares.

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$0.52 against an average estimate of $0.45: beat by 14.8%
Revenue
$772m, up 17.9% on a year earlier
Share reaction
-7.9% in the first session after the results on August 5, 2026, against -0.4% for the S&P 500
Next report
November 4, 2026; average EPS estimate $0.60

Zillow Group's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+4.5%
  • 1 week-0.9%
  • 1 month+18.0%
  • This year-52.6%
  • 1 year-56.9%
  • 5 years-50.6%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2.8B
Operating margin
0.4%
Net margin
2.0%
EPS (TTM, diluted)
$0.23

Growth

Revenue growth
+17.7%
Change in growth rate
+0.8 pts
Share count change
+0.0%

Cash

Free cash flow (TTM)
$258M
FCF margin
9.2%
Stock pay % of revenue
12.9%

Earnings

Last results
August 5, 2026

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Agreement

    Zillow settles securities class action for $212.5 million

    Zillow Group, Inc. said it entered a settlement agreement to resolve the Jaeger securities class action. The company will pay $212.5 million in cash within 20 business days of preliminary court approval. Approximately $48 million is expected to come from insurance proceeds. The settlement covers stock purchases between August 5, 2021, and November 2, 2021.

    SEC 8-KRead source ↗
  2. Leadership
  3. Announcement
  4. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zillow Group, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Zillow Group, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10%: the 10-year Treasury yield (4.9%) plus a beta of 1.12 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$5.3 ~$4.2–$5.9 Left out: out of range vs price (0.16x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$32 ~$32–$44 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$0.7 ~$0.1–$1.6 Left out: out of range vs price (0.02x)
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.8 ~$4.8–$11 Left out: out of range vs price (0.06x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$13 ~$11–$16 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$23 ~$13–$32 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zillow Group, Inc. with Real Estate Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$23.48$36.47$40.92$31.58$45.94$129.80$63.85$32.21$57.86$74.05$68.22$32.34
Market value$4.0bn$6.6bn$7.6bn$6.3bn$9.5bn$30.0bn$16.7bn$7.8bn$13.5bn$17.3bn$17.3bn$7.9bn
+ Net debt (− = net cash)$862000$124m$33m$198m$1.1bn$581m−$883m$231m$208m−$519m−$404m−$572m
Enterprise value$4.0bn$6.7bn$7.7bn$6.4bn$10.6bn$30.6bn$15.8bn$8.0bn$13.7bn$16.8bn$16.9bn$7.3bn
Multiples
Price / sales 6.2x7.8x7.1x4.7x3.5x18.5x7.8x4.0x6.9x7.8x6.7x2.8x
Price / earnings ——————————n/m143.5x
Price / free cash flow ——39.8x——88.9x—1.8x61.7x60.8x73.8x30.6x
EV / EBITDA —————139.2x42.9x125.5x—n/m73.6x26.7x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

53 /100

Moderate moat

How hard Zillow Group's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 8 / 20

    Cash operating profit has been a median 7.3% of total assets over 6 years.

  • Pricing power 19 / 20

    Gross margin has been a median 78.3%, moving by 3.2 percentage points (standard deviation) across 6 years.

  • Durability 10 / 20

    Operating margin has been a median -7.4%; its worst year was -14.1%.

  • Cash conversion 13 / 20

    Free cash flow was positive in 8 of 10 years, at a median 9.8% of revenue.

  • Discipline 8 / 20

    The diluted share count fell 4.0% over five years; stock-based pay has been a median 12.1% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (58 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $755m and EPS of $0.60 (range $0.50 to $0.71) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $2.21 +35% $2.9bn +14%
Next $2.76 +25% $3.3bn +12%

Next year's EPS estimate has moved −8.1% in 90 days, across 6 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is −3.6% on 90 days ago. In the last 30 days, 2 analysts raised Zillow Group, Inc.'s forecast and 4 cut it.

Consensus EPS forecast Zillow Group, Inc., last 90 days
$2.20 $2.40 $2.60 $2.80 $3.00 $3.20 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $2.30 Current fiscal year, 60 days ago: $2.22 Current fiscal year, 30 days ago: $2.22 Current fiscal year, 7 days ago: $2.22 Current fiscal year, Now: $2.21 $2.21 Next fiscal year, 90 days ago: $3.01 Next fiscal year, 60 days ago: $2.79 Next fiscal year, 30 days ago: $2.79 Next fiscal year, 7 days ago: $2.77 Next fiscal year, Now: $2.76 $2.76

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $2.30$3.01
60 days ago $2.22$2.79
30 days ago $2.22$2.79
7 days ago $2.22$2.77
Now $2.21$2.76

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.45 $0.52 +14.8%
Mar 2026 $0.46 $0.53 +15.5%
Dec 2025 $0.41 $0.39 −5.6%
Sept 2025 $0.44 $0.44 −0.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 5, 2026

No numeric guidance in Zillow Group, Inc.'s latest earnings release (filed August 5, 2026). Some companies give their outlook only on the earnings call.

Analyst recommendations

7 analysts, Oct 2026
Buy229%
Hold571%
Sell00%

Monthly trend

  1. Oct 20261157
  2. Sep 20261157
  3. Aug 20261157
  4. Jul 20261157

Counts of recommendations published by analysts covering Zillow Group, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
9.3%
of tradable shares
Days to cover
3.01
at average volume
Short interest, 1 month
+19%
to October 15, 2026
Held by institutions
96%
of shares
Held by insiders
5.5%
of shares
Employees
7,232
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −56.9%

$74.98 on October 31, 2025 to $32.34

ThenNowEffect
Revenue (last 12 months) $2.4bn $2.8bn +17.7%
P/S multiple 7.7x 2.8x −63.3%
Share count 244m 244m 0.0%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years −14.2%

$37.69 on November 3, 2023 to $32.34

ThenNowEffect
Revenue (last 12 months) $1.9bn $2.8bn +48.4%
P/S multiple 4.6x 2.8x −39.0%
Share count 231m 244m −5.2%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
Z−51%−50%+80%+28%−8%−53%
Industry peers (median)+47%−51%+25%+8%−6%−31%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
Z50%42%58%42%33%46%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
Z−74%−59%−38%−33%−32%−61%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 87% from February 16, 2021 to October 14, 2022. Getting back needed a 641% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$27.13 – $76.01
From 52-week high
−57.5%
vs 50-day average
+3.7%
vs 200-day average
−16.6%
Volatility (1 year)
50%
Beta vs S&P 500
1.09

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
7 up, 5 down
typical move ±7.4%
After a week
6 up, 6 down
typical move ±8.9%
After a month
6 up, 6 down
typical move ±13.6%
Results releasedNext dayS&P 500 next day5 days21 days
August 5, 2026 −7.9% −0.4% −8.3% −2.6%
May 6, 2026 +0.3% +1.1% −11.5% −19.5%
February 10, 2026 −15.9% −0.3% −17.1% −24.0%
October 30, 2025 +4.8% −0.8% +1.1% +2.8%
August 6, 2025 +2.6% +0.7% +2.8% +6.5%
May 7, 2025 +1.1% +1.1% +1.6% +4.6%
February 11, 2025 −11.1% −0.2% −9.3% −22.3%
November 6, 2024 +15.7% +3.3% +18.9% +30.9%
August 7, 2024 +16.5% +1.6% +26.4% +25.7%
May 1, 2024 −6.4% +0.6% −2.2% −3.8%
February 13, 2024 +4.7% −0.5% −3.1% −0.6%
November 1, 2023 −2.1% +3.0% +4.2% +19.6%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Zillow Group, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Zillow Group, Inc.
$1.5B $2B $2.5B $3B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $1.9B Revenue (TTM), FY23 Q4: $1.9B Revenue (TTM), FY24 Q1: $2B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2.2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.6B Revenue (TTM), FY26 Q1: $2.7B Revenue (TTM), FY26 Q2: $2.8B $2.8B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $1.9B
FY23 Q4 $1.9B
FY24 Q1 $2B
FY24 Q2 $2.1B
FY24 Q3 $2.2B
FY24 Q4 $2.2B
FY25 Q1 $2.3B
FY25 Q2 $2.4B
FY25 Q3 $2.5B
FY25 Q4 $2.6B
FY26 Q1 $2.7B
FY26 Q2 $2.8B
Revenue growth, TTM YoY Zillow Group, Inc.
-10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -7.4% Revenue growth, TTM YoY, FY23 Q4: -0.7% Revenue growth, TTM YoY, FY24 Q1: 6.0% Revenue growth, TTM YoY, FY24 Q2: 9.4% Revenue growth, TTM YoY, FY24 Q3: 13.1% Revenue growth, TTM YoY, FY24 Q4: 15.0% Revenue growth, TTM YoY, FY25 Q1: 15.0% Revenue growth, TTM YoY, FY25 Q2: 15.3% Revenue growth, TTM YoY, FY25 Q3: 15.2% Revenue growth, TTM YoY, FY25 Q4: 15.5% Revenue growth, TTM YoY, FY26 Q1: 16.8% Revenue growth, TTM YoY, FY26 Q2: 17.7% 17.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -7.4%
FY23 Q4 -0.7%
FY24 Q1 6.0%
FY24 Q2 9.4%
FY24 Q3 13.1%
FY24 Q4 15.0%
FY25 Q1 15.0%
FY25 Q2 15.3%
FY25 Q3 15.2%
FY25 Q4 15.5%
FY26 Q1 16.8%
FY26 Q2 17.7%
Operating margin (TTM) Zillow Group, Inc.
-15% -10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -13.0% Operating margin (TTM), FY23 Q4: -13.9% Operating margin (TTM), FY24 Q1: -13.5% Operating margin (TTM), FY24 Q2: -11.6% Operating margin (TTM), FY24 Q3: -10.8% Operating margin (TTM), FY24 Q4: -8.8% Operating margin (TTM), FY25 Q1: -7.0% Operating margin (TTM), FY25 Q2: -5.6% Operating margin (TTM), FY25 Q3: -3.7% Operating margin (TTM), FY25 Q4: -1.3% Operating margin (TTM), FY26 Q1: 0.4% Operating margin (TTM), FY26 Q2: 0.4% 0.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -13.0%
FY23 Q4 -13.9%
FY24 Q1 -13.5%
FY24 Q2 -11.6%
FY24 Q3 -10.8%
FY24 Q4 -8.8%
FY25 Q1 -7.0%
FY25 Q2 -5.6%
FY25 Q3 -3.7%
FY25 Q4 -1.3%
FY26 Q1 0.4%
FY26 Q2 0.4%
FCF margin (TTM) Zillow Group, Inc.
6% 8% 10% 12% 14% 16% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 11.7% FCF margin (TTM), FY23 Q4: 11.3% FCF margin (TTM), FY24 Q1: 9.9% FCF margin (TTM), FY24 Q2: 7.3% FCF margin (TTM), FY24 Q3: 11.5% FCF margin (TTM), FY24 Q4: 12.7% FCF margin (TTM), FY25 Q1: 13.5% FCF margin (TTM), FY25 Q2: 14.4% FCF margin (TTM), FY25 Q3: 11.2% FCF margin (TTM), FY25 Q4: 9.1% FCF margin (TTM), FY26 Q1: 12.4% FCF margin (TTM), FY26 Q2: 9.2% 9.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 11.7%
FY23 Q4 11.3%
FY24 Q1 9.9%
FY24 Q2 7.3%
FY24 Q3 11.5%
FY24 Q4 12.7%
FY25 Q1 13.5%
FY25 Q2 14.4%
FY25 Q3 11.2%
FY25 Q4 9.1%
FY26 Q1 12.4%
FY26 Q2 9.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 198 326 645 847 1,077 1,334 2,743 1,624 2,132 1,958 1,945 2,236 2,583 2,810
Gross profit 179 296 585 777 992 1,180 1,199 1,369 1,809 1,591 1,524 1,709 1,915 2,048
EBITDA 6 −9 −74 −92 −52 −30 −160 220 369 64 −83 43 230 274
Operating income −17 −45 −150 −193 −162 −129 −247 109 239 −93 −270 −197 −34 12
Net income −12 −44 −149 −220 −94 −120 −305 −162 −528 −101 −158 −112 23 55
Diluted EPS −$0.12 −$0.36 −$0.88 −$1.22 −$0.51 −$0.61 −$1.48 −$0.70 −$2.02 −$0.42 −$0.68 −$0.48 $0.09 $0.23
Growth (year on year)
Revenue — +65.0% +97.8% +31.3% +27.2% +23.8% +105.7% −40.8% +31.3% −8.2% −0.7% +15.0% +15.5% +17.7%
EBITDA — −243.9% — — — — — — +67.7% −82.7% −229.7% — — +122.8%
Operating income — — — — — — — — +119.3% −138.9% — — — —
Margins
Gross margin 90.5% 91.0% 90.7% 91.8% 92.1% 88.5% 43.7% 84.3% 84.8% 81.3% 78.4% 76.4% 74.1% 72.9%
EBITDA margin 3.2% −2.8% −11.5% −10.9% −4.8% −2.2% −5.8% 13.5% 17.3% 3.3% −4.3% 1.9% 8.9% 9.8%
Operating margin −8.6% −13.7% −23.2% −22.8% −15.0% −9.7% −9.0% 6.7% 11.2% −4.7% −13.9% −8.8% −1.3% 0.4%
Net margin −6.3% −13.4% −23.1% −26.0% −8.8% −9.0% −11.1% −10.0% −24.8% −5.2% −8.1% −5.0% 0.9% 2.0%
Free-cash-flow margin 4.7% 4.3% −4.7% −6.3% 17.8% −4.7% −24.8% 20.8% −152.5% 224.2% 11.3% 12.7% 9.1% 9.2%
Cash flow
Cash from operations 31 46 23 9 258 4 −612 423 −3,177 4,504 354 428 368 388
Capital spending 22 32 53 62 67 66 67 85 74 115 135 143 133 130
Free cash flow 9 14 −30 −53 191 −62 −679 338 −3,251 4,389 219 285 235 258
Stock-based pay 23 34 105 107 114 149 199 197 312 451 451 448 390 363
Free cash flow after stock pay −14 −20 −135 −160 78 −211 −878 141 −3,563 3,938 −232 −163 −155 −105
Balance sheet
Cash 202 126 229 244 352 651 1,141 1,703 2,315 1,466 1,492 1,082 768 572
Total debt 0 — 230 367 385 849 2,275 2,284 1,432 1,697 1,700 563 364 —
Net debt (negative = net cash) −202 −126 1 124 33 198 1,134 581 −883 231 208 −519 −404 −572
Diluted shares 108m 120m 170m 180m 186m 198m 206m 231m 262m 242m 234m 234m 254m 244m
Returned to shareholders
Buybacks — — — — — — 0 0 302 947 424 301 670 1,096
Total returned — — — — — — 0 0 302 947 424 301 670 1,096

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $5.3bn
Short-term assets $1.7bnLonger-term assets $3.6bn
What it owes, and who funded it · $5.3bn
Short-term liabilities $906mLonger-term liabilities $91mShareholders' equity $4.3bn
  • Short-term assets cover short-term liabilities $1.7bn of assets due within a year against $906m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $1.7bn short-term assets against $91m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of $12m against $18m of interest.

From Zillow Group, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$1.1B
Returned to shareholders
425%
of free cash flow
Buybacks, last 3 fiscal years
$1.4B
Diluted share count
+0.0%
year over year
Total shareholder yield
14.9%
dividends 0.0% + buybacks 14.9% of market value
R&D spending
21.7%
of revenue
Days sales outstanding
23 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in real estate services
Last 12 months unless stated Z OPEN NMRK CSGP AGNT IHS Median
Revenue, last 12 months $2.8bn $3.3bn $3.6bn $3.7bn $5.0bn $1.6bn $2.2bn
Revenue growth, last 12 months 17.7% −37.2% 20.8% 20.2% 8.1% 3.6% 6.7%
Revenue growth, 3-year average 14.1% −34.0% 14.9% 15.4% 5.4% — 13.0%
Revenue growth, latest quarter 17.9% −43.7% 17.0% 14.1% 10.7% — 12.7%
Gross margin 72.9% 8.6% — 78.3% 8.1% 55.4% 18.5%
Operating margin 0.4% −16.0% 7.7% 5.8% −0.3% 51.9% 0.8%
Operating margin, 3-year average −5.6% −9.4% 6.1% 1.5% −0.4% — −2.7%
Net margin 2.0% −46.7% 4.1% 4.9% −0.3% 9.1% 1.8%
Cash from operations / revenue 13.8% −14.1% 23.5% 16.8% 2.1% 59.2% 1.8%
Free-cash-flow margin 9.2% −14.6% 22.1% 11.5% 1.9% 45.4% 1.5%
Free-cash-flow margin, 3-year average 10.3% −11.6% 7.9% 2.9% 2.9% — 2.9%
Stock pay / revenue 12.9% 11.4% 0.0% 4.2% 0.3% 1.8% 0.9%
Change in share count 0.0% 23.1% — −0.9% 4.9% 0.6% 1.6%

Median of all 22 companies we cover in real estate services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

22 real estate services companies
Measure Company Peer median Rank
Revenue growth Growth 17.7% 8.1% 5 of 22
Change in growth rate Growth +0.8pp -0.2pp 9 of 22
Gross margin Profitability 72.9% 21.4% 1 of 10
Operating margin Profitability 0.4% 1.2% 12 of 22
Net margin Profitability 2.0% 1.8% 9 of 21
Free-cash-flow margin Cash generation 9.2% 1.2% 5 of 19
Stock pay as % of revenue Cash generation 12.9% 1.0% 20 of 21
Change in share count Balance sheet 0.0% 1.8% 6 of 20
Days sales outstanding Balance sheet 23 days 22 days 9 of 15

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Sales Revenue $1.9B 73.7% ▲ 9.4%
Residential Revenue $1.7B 89.5% ▲ 6.9%
Mortgage Revenue $199M 10.5% ▲ 37.2%
Rental Revenue $630M 24.4% ▲ 39.1%
Display Advertising and Other Revenue $50M 1.9% ▲ 13.6%

From Zillow Group, Inc.'s 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$5.4B
Institutions reporting
415
Shares held vs prior quarter
▼ 3.4%
Positions opened / closed
61 / 130

Top buyers and sellers, Q2 2026: 193 institutions bought and 295 sold ; the biggest buyer was Qube Research & Technologies Ltd (+3.5M shares) and the biggest seller Tiger Global Management LLC (−7.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Caledonia (Private) Investments Pty Ltd $760M 24.1M 14.1% ▼ 6.9%
Independent Franchise Partners LLP $514M 16.3M 9.6% ▲ 23.5%
Capital World Investors $449M 14.2M 8.4% ▲ 0.3%
Vanguard Portfolio Management LLC $420M 13.3M 7.8% ▼ 4.9%
Blackrock, Inc. $257M 8.2M 4.8% ▼ 18.5%
Vanguard Capital Management LLC $237M 7.5M 4.4% 0.0%
Qube Research & Technologies Ltd $119M 3.8M 2.2% ▲ 1664.9%
State Of Wisconsin Investment Board $112M 3.5M 2.1% ▲ 71.5%
Ninety One Uk Ltd $109M 3.5M 2.0% ▼ 11.0%
Geode Capital Management, LLC $107M 3.4M 2.0% ▼ 1.6%
Technology Crossover Management Ix, Ltd. $96.1M 3.0M 1.8% 0.0%
State Street Corp $93.2M 3.0M 1.7% ▼ 23.7%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zillow Group, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $14.6M 100 trades by 12 insiders · 62% under pre-set plans
Net ▼ $14.6M net selling
Insider Date Trade Shares Price Value
Cormier Thielke Claire Director September 3, 2026 Sell pre-set plan 1,187 $35.71 $42,388
Blachford Erik C Director September 3, 2026 Sell pre-set plan 792 $35.71 $28,282
Wacksman Jeremy Chief Executive Officer August 17, 2026 Sell pre-set plan 9,339 $34.18 $319,207
Hofmann Jeremy COO & CFO August 17, 2026 Sell pre-set plan 5,661 $34.18 $193,493
Spaulding Dan Chief People Officer August 14, 2026 Sell 3,169 $35.37 $112,088
Wacksman Jeremy Chief Executive Officer August 13, 2026 Sell pre-set plan 5,786 $34.24 $198,113
Hofmann Jeremy COO & CFO August 13, 2026 Sell pre-set plan 3,510 $34.24 $120,182
Spaulding Dan Chief People Officer August 13, 2026 Sell 1,966 $34.24 $67,316
Samuelson Errol G Chief Industry Dev. Officer August 13, 2026 Sell 3,154 $34.24 $107,993
Rock Jennifer Chief Accounting Officer August 13, 2026 Sell 990 $34.24 $33,898
Beitel David A. Chief Technology Officer August 13, 2026 Sell 1,798 $34.24 $61,564
Cormier Thielke Claire Director August 11, 2026 Sell pre-set plan 1,187 $33.09 $39,278

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 29 trades and filings

No trades in Zillow Group, Inc. disclosed in the last 12 months; 29 earlier trades on record.

  • Daniel S. Goldman(D-NY 10):Purchase, $15,001 - $50,000, traded March 6, 2023, filed April 17, 2023
  • Chris Jacobs(R-NY 27):Sale (full), $1,001 - $15,000, traded April 11, 2022, filed May 19, 2022
  • James R. Langevin(D-RI 2):Sale (full) (option), $1,001 - $15,000, traded February 18, 2022, filed March 4, 2022

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around October 29, 2026 estimated from the company's past filing pattern, not announced

  • August 5, 2026
  • May 6, 2026
  • February 10, 2026
  • October 30, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Zillow Group, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zillow Group, Inc. in brief

What does Zillow Group, Inc. do?
Zillow Group, Inc. is a US-listed company in the real estate services industry. Its financial year ends in December.
What is Zillow Group, Inc.'s stock ticker?
Zillow Group, Inc. trades under the ticker Z on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zillow Group, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zillow Group, Inc. reported revenue of $2.8B, 17.7% higher than a year earlier, according to its SEC filings.
What is Zillow Group, Inc.'s free cash flow?
Zillow Group, Inc.'s free-cash-flow margin is 9.2% of revenue over the trailing twelve months, ranking 5 of the 19 real estate services companies we cover.
Who are Zillow Group, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Caledonia (Private) Investments Pty Ltd, Independent Franchise Partners LLP and Capital World Investors. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Zillow Group, Inc. buying back stock, and does it pay a dividend?
Zillow Group, Inc. spent $1.1B on share repurchases over the trailing twelve months, and its diluted share count still rose 0.0% over the year.
What is Zillow Group, Inc.'s market cap?
On November 2, 2026, Zillow Group, Inc.'s market capitalisation was about $7.9B, with a price-to-earnings ratio of 143.5 and net debt of -$572M. Market figures come from third-party market data and may be delayed.
Who are Zillow Group, Inc.'s competitors?
In our Real Estate Services peer group, the companies closest to Zillow Group, Inc. are Opendoor Technologies Inc., Newmark Group, Inc., CoStar Group, Agnt, Inc. and IHS Holding Ltd. The side-by-side comparison below sets their revenue, margins and growth against Zillow Group, Inc.'s.
Are insiders buying or selling Zillow Group, Inc. stock?
Over the last 12 months, Zillow Group, Inc.'s directors and officers reported 0 open-market purchases and 100 sales on Form 4. The insider trading page charts every trade.
When is Zillow Group, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zillow Group, Inc. announces its own schedule.