Zillow Group, Inc (ZG) Balance Sheet

NASDAQ: ZGAssets, liabilities, debt and equity over 10 years.

ZG balance sheet, 2025

December 31, 2025 · U.S. dollars

$5.68B assets = $801.0M liabilities + $4.88B equity

Both columns are drawn to the same scale: what ZG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

ZG financial health

Current ratio3.13

Comfortable · current assets cover current liabilities 3.13×

Debt / equity0.11

Low leverage · $0.11 of debt for each $1 of equity

Equity / assets85.9%

Equity-funded · of assets funded by shareholders

Cash / debt241.6%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles54.6%

Mostly intangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

ZG balance sheet trends, 2016–2025

Zillow Group, Inc balance sheet trends
Metric	Then	Latest	Change
Total assets	$3.15B2016	$5.68B2025	+6.8%/yr
Total liabilities	$616.1M2016	$801.0M2025	+3.0%/yr
Shareholders’ equity	$2.53B2016	$4.88B2025	+7.6%/yr
Cash & short-term investments	$506.5M2016	$1.29B2025	+11.0%/yr
Total debt	$367.4M2016	$536.0M2025	+4.3%/yr
Net cash (debt)	$139.1M2016	$759.0M2025	+$619.9M
Working capital	$484.6M2016	$1.44B2025	+$958.4M
Book value per share	$14.062016	$16.652019	+5.8%/yr
Current ratio	5.982016	3.132025	−2.86
Debt / equity	0.152016	0.112025	−0.04
Shares outstanding	180.1M2016	206.4M2019	+4.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

ZG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

ZG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

ZG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

ZG balance sheet

Zillow Group, Inc annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	$1.29B	$1.86B	$2.81B	$3.36B	$2.83B	$3.92B	$2.42B	$1.55B	$762.5M	$506.5M
Cash & equivalents	$773.0M	$1.08B	$1.50B	$1.47B	$2.31B	$1.70B	$1.14B	$651.1M	$352.1M	$243.6M
Short-term investments	$527.0M	$776.0M	$1.32B	$1.90B	$514.0M	$2.22B	$1.28B	$903.9M	$410.4M	$262.9M
Receivables	$176.0M	$104.0M	$96.0M	$72.0M	$77.0M	$69.9M	$67.0M	$66.1M	$54.4M	$40.5M
Inventory	$0	$0	−$3.0M	$43.0M	$3.91B	$491.3M	$836.6M	$162.8M	$1	$0
Other current assets	$651.0M	$372.0M	$243.0M	$126.0M	$861.3M	$482.4M	$184.3M	$108.9M	$24.6M	$34.8M
Total current assets	$2.12B	$2.33B	$3.15B	$3.60B	$7.68B	$4.96B	$3.51B	$1.89B	$841.5M	$581.8M
Property, plant & equipment (net)	$406.0M	$419.0M	$401.0M	$397.0M	$345.0M	$384.1M	$382.6M	$135.2M	$112.3M	$98.3M
Goodwill & intangible assets	$3.10B	$3.03B	$3.06B	$2.53B	$2.55B	$2.08B	$2.18B	$2.20B	$2.25B	$2.45B
Long-term investments	$0	$0	$0	$0	$0	$0	$10.0M	$10.0M	$20.0M	$10.0M
Other non-current assets	$55.0M	$46.0M	$44.0M	$35.0M	$120.0M	$57.9M	$53.7M	$52.4M	$5.9M	$8.6M
Total assets	$5.68B	$5.83B	$6.65B	$6.56B	$10.70B	$7.49B	$6.13B	$4.29B	$3.23B	$3.15B
Liabilities
Accounts payable	$36.0M	$30.0M	$28.0M	$20.0M	$11.0M	$19.0M	$8.3M	$7.5M	$3.6M	$4.3M
Short-term debt	$378.0M	$577.0M	$737.0M	$68.0M	$137.0M	$698.5M	$749.2M	$149.7M	$385.4M	$367.4M
Deferred revenue	$69.0M	$62.0M	$52.0M	$44.0M	$51.0M	$49.0M	$39.7M	$35.8M	$34.3M	$30.5M
Total current liabilities	$679.0M	$831.0M	$971.0M	$270.0M	$3.88B	$908.6M	$920.5M	$287.5M	$118.4M	$97.2M
Long-term debt	$0	$0	$1.00B	$1.66B	$1.32B	$1.61B	$1.54B	$699.0M	$385.4M	$367.4M
Lease obligations	$93.0M	$97.0M	$132.0M	$170.0M	$171.5M	$236.0M	$238.0M	—	—	—
Other long-term liabilities	$122.0M	$150.0M	$155.0M	$151.0M	$152.8M	$222.6M	$232.6M	$37.4M	$65.9M	$151.4M
Total liabilities	$801.0M	$981.0M	$2.13B	$2.08B	$5.35B	$2.74B	$2.70B	$1.02B	$569.7M	$616.1M
Shareholders' equity
Common stock & paid-in capital	—	—	—	—	$25,000	$24,000	$21,000	$21,000	$20,000	$18,000
Retained earnings (deficit)	−$1.86B	−$1.88B	−$1.77B	−$1.61B	−$1.67B	−$1.14B	−$977.1M	−$671.8M	−$592.2M	−$497.0M
Treasury stock	—	—	—	—	—	—	—	—	$0	$0
Accumulated other comprehensive income	$2.0M	−$3.0M	−$5.0M	−$15.0M	$7.0M	$164,000	$340,000	−$905,000	−$1.1M	−$242,000
Minority interest	—	—	—	—	—	—	—	—	$0	$0
Total shareholders' equity	$4.88B	$4.85B	$4.53B	$4.48B	$5.34B	$4.74B	$3.44B	$3.27B	$2.66B	$2.53B
Key figures
Total debt	$536.0M	$660.0M	$1.83B	$1.87B	$1.60B	$2.52B	$2.51B	$848.7M	$385.4M	$367.4M
Net cash (debt)	$759.0M	$1.20B	$981.0M	$1.50B	$1.23B	$1.40B	−$90.8M	$706.2M	$377.1M	$139.1M
Working capital	$1.44B	$1.50B	$2.18B	$3.33B	$3.80B	$4.06B	$2.59B	$1.61B	$723.1M	$484.6M
Tangible book value	$1.78B	$1.82B	$1.47B	$1.95B	$2.79B	$2.66B	$1.26B	$1.07B	$410.0M	$82.6M
Book value per share	—	—	—	—	—	—	$16.65	$16.51	$14.27	$14.06
Shares outstanding	—	—	—	—	—	—	206.4M	197.9M	186.5M	180.1M
Current ratio	3.13	2.81	3.24	13.34	1.98	5.46	3.81	6.58	7.11	5.98
Quick ratio	2.17	2.36	3.00	12.72	0.75	4.39	2.70	5.64	6.90	5.63
Debt / equity	0.11	0.14	0.40	0.42	0.30	0.53	0.73	0.26	0.14	0.15
Equity / assets	85.9%	83.2%	68.0%	68.3%	49.9%	63.3%	56.0%	76.1%	82.4%	80.4%

Zillow Group, Inc quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	$682.0M	$783.0M	$1.29B	$1.39B	$1.16B	$1.60B	$1.86B	$2.17B	$2.63B	$2.92B	$2.81B	$3.27B
Cash & equivalents	$572.0M	$678.0M	$773.0M	$874.0M	$587.0M	$914.0M	$1.08B	$1.07B	$1.18B	$1.44B	$1.50B	$1.85B
Short-term investments	$110.0M	$105.0M	$527.0M	$515.0M	$571.0M	$689.0M	$776.0M	$1.10B	$1.45B	$1.48B	$1.32B	$1.42B
Receivables	$669.0M	$180.0M	$176.0M	$157.0M	$151.0M	$115.0M	$104.0M	$117.0M	$115.0M	$100.0M	$96.0M	$97.0M
Inventory	$0	$0	$0	$0	$0	$0	$0	$0	−$4.0M	−$5.0M	−$3.0M	$99.0M
Other current assets	$390.0M	$696.0M	$651.0M	$573.0M	$512.0M	$436.0M	$372.0M	$379.0M	$388.0M	$307.0M	$243.0M	$149.0M
Total current assets	$1.74B	$1.66B	$2.12B	$2.12B	$1.82B	$2.15B	$2.33B	$2.67B	$3.13B	$3.32B	$3.15B	$3.61B
Property, plant & equipment (net)	$415.0M	$411.0M	$406.0M	$93.4M	$99.0M	$421.0M	$419.0M	$417.0M	$419.0M	$409.0M	$401.0M	$427.0M
Goodwill & intangible assets	$3.11B	$3.10B	$3.10B	$3.43B	$3.44B	$3.12B	$3.03B	$3.03B	$3.35B	$3.34B	$3.06B	$2.58B
Long-term investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Other non-current assets	$36.0M	$61.0M	$55.0M	$54.0M	$52.0M	$51.0M	$46.0M	$44.0M	$0	$0	$44.0M	$39.0M
Total assets	$5.30B	$5.23B	$5.68B	$5.70B	$5.42B	$5.75B	$5.83B	$6.16B	$6.63B	$6.82B	$6.65B	$6.66B
Liabilities
Accounts payable	$72.0M	$68.0M	$36.0M	$38.0M	$56.0M	$35.0M	$30.0M	$53.0M	$39.0M	$34.0M	$28.0M	$28.0M
Short-term debt	$481.0M	$349.0M	$378.0M	$285.0M	$242.0M	$607.0M	$577.0M	$581.0M	$1.22B	$758.0M	$737.0M	$726.0M
Deferred revenue	$65.0M	$74.0M	$69.0M	$69.0M	$70.0M	$70.0M	$62.0M	$57.0M	$59.0M	$58.0M	$52.0M	$48.0M
Total current liabilities	$906.0M	$724.0M	$679.0M	$584.0M	$546.0M	$875.0M	$831.0M	$854.0M	$1.48B	$1.00B	$971.0M	$941.0M
Long-term debt	$0	$0	$0	$0	$0	$0	$0	$497.0M	$497.0M	$1.00B	$1.00B	$1.06B
Lease obligations	$93.0M	$94.0M	$93.0M	$95.0M	$98.0M	$95.0M	$97.0M	$101.0M	$105.0M	$119.0M	$132.0M	$147.0M
Other long-term liabilities	$91.0M	$94.0M	$122.0M	$122.0M	$124.0M	$117.0M	$150.0M	$152.0M	$152.0M	$156.0M	$155.0M	$129.0M
Total liabilities	$997.0M	$818.0M	$801.0M	$706.0M	$670.0M	$992.0M	$981.0M	$1.50B	$2.13B	$2.16B	$2.13B	$2.13B
Shareholders' equity
Retained earnings (deficit)	−$1.82B	−$1.81B	−$1.86B	−$1.86B	−$1.87B	−$1.87B	−$1.88B	−$1.83B	−$1.81B	−$1.79B	−$1.77B	−$1.70B
Accumulated other comprehensive income	−$1.0M	—	$2.0M	$2.0M	$1.0M	—	−$3.0M	$4.0M	−$11.0M	−$11.0M	−$5.0M	−$21.0M
Total shareholders' equity	$4.31B	$4.41B	$4.88B	$4.99B	$4.75B	$4.75B	$4.85B	$4.66B	$4.50B	$4.67B	$4.53B	$4.53B
Key figures
Total debt	$558.0M	$429.0M	$536.0M	$449.0M	$328.0M	$687.0M	$660.0M	$1.16B	$1.81B	$1.85B	$1.83B	$1.90B
Net cash (debt)	$124.0M	$354.0M	$759.0M	$940.0M	$830.0M	$916.0M	$1.20B	$1.01B	$821.0M	$1.07B	$981.0M	$1.36B
Working capital	$835.0M	$935.0M	$1.44B	$1.53B	$1.27B	$1.28B	$1.50B	$1.81B	$1.65B	$2.32B	$2.18B	$2.67B
Tangible book value	$1.20B	$1.31B	$1.78B	$1.56B	$1.30B	$1.63B	$1.82B	$1.63B	$1.15B	$1.32B	$1.47B	$1.95B
Current ratio	1.92	2.29	3.13	3.63	3.34	2.46	2.81	3.13	2.12	3.32	3.24	3.84
Quick ratio	1.49	1.33	2.17	2.65	2.40	1.96	2.36	2.68	1.86	3.02	3.00	3.57
Debt / equity	0.13	0.10	0.11	0.09	0.07	0.14	0.14	0.25	0.40	0.40	0.40	0.42
Equity / assets	81.2%	84.3%	85.9%	87.6%	87.6%	82.7%	83.2%	75.6%	67.9%	68.4%	68.0%	68.0%

Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed February 11, 2026); data from EODHD.

ZG financial position

At the end of fiscal 2025 (December 31, 2025), Zillow had total assets of $5.7 billion (down 2.5% from a year earlier), total liabilities of $801.0 million and shareholders' equity of $4.9 billion. It held $1.3 billion in cash and short-term investments against $536.0 million of debt, a net cash position of $759.0 million. Its current ratio was 3.13. In the latest quarter (ended June 30, 2026) total assets were $5.3 billion and equity $4.3 billion.

Related: ZG income statement, ZG cash flow statement, ZG key metrics. See the ZG stock overview for the latest quote and news.

ZG balance sheet FAQ

What are Zillow's total assets?

Zillow reported total assets of $5.7 billion at the end of fiscal 2025 (December 31, 2025), compared with $5.8 billion a year earlier.

How much debt does Zillow have?

Zillow had $536.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.11.

How much cash does Zillow have?

Zillow held $1.3 billion in cash and short-term investments at the end of fiscal 2025; with $536.0 million of debt that is net cash of $759.0 million.

What is Zillow's book value?

Zillow's shareholders' equity (book value) was $4.9 billion at the end of fiscal 2025.

What is Zillow's current ratio?

Zillow had current assets of $2.1 billion and current liabilities of $679.0 million, a current ratio of 3.13 (it can cover its short-term obligations).

How much goodwill does Zillow have?

Zillow carried $3.1 billion of goodwill and intangible assets, 54.6% of total assets, at the end of fiscal 2025.