Zillow Group, Inc (Z) Cash Flow Statement
Where Z’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $368.0M −14.0% vs 2024
- Capital expenditures
- $133.0M 5.1% of revenue
- Free cash flow
- $235.0M 9.1% margin
- Returned to shareholders
- $670.0M 285% of free cash flow
- Change in cash
- −$312.0M cash at year-end $773.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
Z operating cash flow, capex and free cash flow
Z cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $8.6M2016 | $368.0M2025 | +51.7%/yr | |
| Capital expenditures | $71.7M2016 | $133.0M2025 | +7.1%/yr | |
| Free cash flow | −$63.1M2016 | $235.0M2025 | — | |
| Free cash flow margin | −7.5%2016 | 9.1%2025 | +16.5 pts | |
| Stock-based compensation | $106.9M2016 | $390.0M2025 | +15.5%/yr | |
| Dividends paid | $02016 | $72.0M2023 | — | |
| Share buybacks (net) | $616,0002016 | $670.0M2025 | +117.5%/yr | |
| Capex / revenue | 8.5%2016 | 5.1%2025 | −3.3 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
Z cash flow by activity
Z net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
Z cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $23.0M | −$112.0M | −$158.0M | −$101.0M | −$527.8M | −$162.1M | −$305.4M | −$119.9M | −$94.4M | −$220.4M |
| Depreciation & amortization | $293.0M | $250.0M | $243.0M | $180.0M | $152.5M | $134.4M | $110.6M | $99.4M | $110.2M | $100.6M |
| Stock-based compensation | $390.0M | $448.0M | $451.0M | $451.0M | $311.7M | $197.6M | $198.9M | $149.1M | $113.6M | $106.9M |
| Change in working capital | −$337.0M | −$175.0M | −$165.0M | $3.89B | −$3.75B | $42.9M | −$703.1M | −$233.5M | $5.9M | −$8.9M |
| Other non-cash items | −$1.0M | $17.0M | −$17.0M | $83.0M | $640.4M | $211.5M | $86.8M | $108.7M | $123.0M | $30.5M |
| Cash from operating activities | $368.0M | $428.0M | $354.0M | $4.50B | −$3.18B | $424.2M | −$612.2M | $3.9M | $258.2M | $8.6M |
| Investing activities | ||||||||||
| Capital expenditures | −$133.0M | −$143.0M | −$165.0M | −$140.0M | −$104.4M | −$108.5M | −$86.6M | −$78.5M | −$78.6M | −$71.7M |
| Investments (net) | $261.0M | $395.0M | −$71.0M | −$1.53B | $1.69B | −$940.0M | −$369.4M | −$489.0M | −$157.8M | $17.2M |
| Acquisitions & other investing | −$134.0M | $143.0M | $261.0M | $140.0M | −$497.3M | $10.0M | $0 | −$55.1M | −$11.0M | −$11.2M |
| Cash from investing activities | −$6.0M | $395.0M | $25.0M | −$1.53B | $1.09B | −$1.04B | −$456.1M | −$622.6M | −$247.4M | −$65.7M |
| Financing activities | ||||||||||
| Dividends paid | — | — | −$72.0M | −$1.19B | −$4.88B | — | −$65.5M | — | $0 | $0 |
| Share repurchases & issuance (net) | −$670.0M | −$301.0M | −$424.0M | −$947.0M | −$302.3M | $855.5M | −$3,000 | −$70,000 | −$365,000 | −$616,000 |
| Net borrowing (repayment) | −$200.0M | −$1.14B | $0 | −$3.36B | $2.98B | $28.2M | $1.57B | $451.8M | $481.2M | $40.9M |
| Shares issued | $0 | $0 | $0 | $0 | $544.6M | $411.5M | $0 | $360.3M | $0 | $0 |
| Other financing | $196.0M | $212.0M | $144.0M | $1.16B | $4.81B | −$132.9M | $128.3M | $118.1M | −$383.1M | $31.2M |
| Cash from financing activities | −$674.0M | −$1.23B | −$352.0M | −$4.34B | $3.15B | $1.16B | $1.64B | $930.1M | $97.7M | $71.5M |
| Summary | ||||||||||
| Net change in cash | −$312.0M | −$410.0M | $27.0M | −$1.37B | $1.06B | $548.0M | $567.5M | $311.3M | $108.5M | $14.5M |
| Cash at end of period | $773.0M | $1.08B | $1.50B | $1.47B | $2.84B | $1.78B | $1.23B | $663.4M | $352.1M | $243.6M |
| Free cash flow | $235.0M | $285.0M | $189.0M | $4.36B | −$3.28B | $315.7M | −$698.8M | −$74.7M | $179.6M | −$63.1M |
| Free cash flow margin | 9.1% | 12.7% | 9.7% | 222.9% | −153.9% | 19.4% | −25.5% | −5.6% | 16.7% | −7.5% |
| Capex / revenue | 5.1% | 6.4% | 8.5% | 7.2% | 4.9% | 6.7% | 3.2% | 5.9% | 7.3% | 8.5% |
| Operating cash flow / net income | 16.00 | — | — | — | — | — | — | — | — | — |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$4.0M | $46.0M | $3.0M | $10.0M | $2.0M | $8.0M | −$52.0M | −$20.0M | −$17.0M | −$23.0M | −$73.0M | −$28.0M |
| Depreciation & amortization | $74.0M | $65.0M | $72.0M | $69.0M | $69.0M | $67.0M | $64.0M | $56.0M | $66.0M | $64.0M | $70.0M | $55.0M |
| Stock-based compensation | $169.0M | $81.0M | $95.0M | $99.0M | $99.0M | $97.0M | $119.0M | $108.0M | $113.0M | $108.0M | $109.0M | $109.0M |
| Change in working capital | −$150.0M | $16.0M | −$105.0M | −$78.0M | −$84.0M | −$68.0M | −$11.0M | $12.0M | −$106.0M | −$70.0M | −$30.0M | −$60.0M |
| Other non-cash items | −$76.0M | −$10.0M | $7.0M | $5.0M | $1.0M | $0 | $2.0M | $15.0M | −$1.0M | $1.0M | $10.0M | −$1.0M |
| Cash from operating activities | $13.0M | $198.0M | $72.0M | $105.0M | $87.0M | $104.0M | $122.0M | $171.0M | $55.0M | $80.0M | $86.0M | $75.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −$36.0M | −$34.0M | −$28.0M | −$40.0M | −$71.0M | −$144.0M | −$41.0M | −$19.0M | −$44.0M | −$46.0M | −$40.0M | −$41.0M |
| Investments (net) | −$6.0M | $420.0M | −$11.0M | $19.0M | $77.0M | −$52.0M | $274.0M | $328.0M | −$3.0M | −$204.0M | −$314.0M | $255.0M |
| Acquisitions & other investing | −$9.0M | −$10.0M | −$11.0M | $40.0M | $71.0M | $144.0M | $41.0M | $19.0M | $44.0M | $46.0M | $40.0M | $41.0M |
| Cash from investing activities | −$51.0M | $376.0M | −$50.0M | $19.0M | $77.0M | −$52.0M | $274.0M | $328.0M | −$3.0M | −$204.0M | −$314.0M | $255.0M |
| Financing activities | ||||||||||||
| Dividends paid | — | — | — | — | — | — | — | — | — | — | −$16.0M | −$42.0M |
| Share repurchases & issuance (net) | −$200.0M | −$626.0M | −$232.0M | −$38.0M | −$150.0M | −$250.0M | $0 | $0 | −$292.0M | −$9.0M | −$88.0M | −$100.0M |
| Net borrowing (repayment) | $130.0M | −$29.0M | $92.0M | $42.0M | −$362.0M | $28.0M | −$502.0M | −$642.0M | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.0M | −$9.0M | $12.0M | $159.0M | $22.0M | $3.0M | $116.0M | $35.0M | −$19.0M | $80.0M | −$22.0M | $93.0M |
| Cash from financing activities | −$67.0M | −$664.0M | −$128.0M | $163.0M | −$490.0M | −$219.0M | −$386.0M | −$607.0M | −$311.0M | $71.0M | −$126.0M | −$49.0M |
| Summary | ||||||||||||
| Net change in cash | −$105.0M | −$90.0M | −$106.0M | $287.0M | −$326.0M | −$167.0M | $10.0M | −$108.0M | −$259.0M | −$53.0M | −$354.0M | $281.0M |
| Cash at end of period | $578.0M | $683.0M | $773.0M | $879.0M | $592.0M | $918.0M | $1.08B | $1.07B | $1.18B | $1.44B | $1.50B | $1.85B |
| Free cash flow | −$23.0M | $164.0M | $44.0M | $65.0M | $158.0M | −$40.0M | $81.0M | $152.0M | $11.0M | $34.0M | $46.0M | $34.0M |
| Free cash flow margin | −3.0% | 23.2% | 6.7% | 9.6% | 24.1% | −6.7% | 14.6% | 26.2% | 1.9% | 6.4% | 9.7% | 6.9% |
| Capex / revenue | 4.7% | 4.8% | 4.3% | 5.9% | 10.8% | 24.1% | 7.4% | 3.3% | 7.7% | 8.7% | 8.4% | 8.3% |
| Operating cash flow / net income | — | 4.30 | 24.00 | 10.50 | 43.50 | 13.00 | — | — | — | — | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
Z cash generation
In fiscal 2025 (ended December 31, 2025), Zillow generated $368.0 million of cash from operations (down 14.0%) and spent $133.0 million on capital expenditures, leaving free cash flow of $235.0 million, 9.1% of revenue. It returned $670.0 million to shareholders through dividends ($0) and net share buybacks ($670.0 million). Cash and equivalents fell by $312.0 million over the year.
Related: Z income statement, Z balance sheet. See the Z stock overview for the latest quote and news.
Z cash flow FAQ
What is Zillow's free cash flow?
Zillow's free cash flow was $235.0 million in fiscal 2025: $368.0 million of operating cash flow minus $133.0 million of capital expenditures It was $285.0 million a year earlier..
How much cash does Zillow generate from operations?
Zillow generated $368.0 million of cash from operating activities in fiscal 2025, 16.00 times its net income of $23.0 million.
How much does Zillow spend on capital expenditures?
Zillow spent $133.0 million on capital expenditures in fiscal 2025, 5.1% of revenue, compared with $143.0 million the year before.
How much stock does Zillow buy back?
Zillow spent $670.0 million on net share repurchases in fiscal 2025.