Zillow Group, Inc (ZG) Income Statement
ZG 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZG revenue and net income
Where ZG's revenue goes
2025Each bar shows an amount and its share of revenue. ZG kept 0.9% of revenue as net income.
ZG profit margins
ZG growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +15.5% | +9.7% | +9.7% | +14.9% |
| Gross profit | +12.1% | +6.4% | +6.9% | +12.6% |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | +17.1% | −0.6% | +35.4% | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ZG quarterly EPS vs estimates
Zillow beat the analyst EPS estimate in 6 of the last 8 quarters. Next report: November 4, 2026 (estimate $0.25).
ZG income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $2.58B | $2.24B | $1.95B | $1.96B | $2.13B | $1.62B | $2.74B | $1.33B | $1.08B | $846.6M |
| Cost of revenue | $668.0M | $527.0M | $421.0M | $367.0M | $323.0M | $255.0M | $1.43B | $153.6M | $85.2M | $71.6M |
| Gross profit | $1.92B | $1.71B | $1.52B | $1.59B | $1.81B | $1.37B | $1.31B | $1.18B | $991.6M | $775.0M |
| Research & development | $607.0M | $585.0M | $560.0M | $498.0M | $421.0M | $349.0M | $477.3M | $410.8M | $320.0M | $273.1M |
| Sales, general & admin | $1.34B | $1.31B | $1.21B | $1.16B | $1.13B | $809.0M | $1.08B | $814.8M | $659.0M | $694.6M |
| Total operating expenses | $1.95B | $1.91B | $1.79B | $1.68B | $1.57B | $1.21B | $1.56B | $1.23B | $979.0M | $967.7M |
| Operating income | −$32.0M | −$197.0M | −$270.0M | −$93.0M | $239.0M | $161.0M | −$246.8M | −$129.0M | −$161.9M | −$192.9M |
| Interest income | — | — | — | — | — | — | $101.8M | $41.3M | $27.5M | $7.4M |
| Interest expense | $18.0M | $36.0M | $36.0M | $35.0M | $128.0M | $155.2M | $101.8M | $41.3M | $27.5M | $7.4M |
| Income before taxes | $25.0M | −$107.0M | −$154.0M | −$85.0M | $101.0M | −$3.0M | −$309.6M | −$151.0M | −$184.0M | −$220.3M |
| Income taxes | $2.0M | $5.0M | $4.0M | $3.0M | −$1.0M | −$8.0M | −$4.3M | −$31.1M | −$89.6M | $130,000 |
| Net income | $23.0M | −$112.0M | −$158.0M | −$101.0M | −$528.0M | −$162.0M | −$305.4M | −$119.9M | −$94.4M | −$220.4M |
| EBITDA | $336.0M | $179.0M | $104.0M | $130.0M | $382.0M | $320.4M | −$97.2M | −$10.3M | −$46.3M | −$112.3M |
| EPS (diluted) | $1.64 | $1.40 | $1.29 | $1.67 | −$0.73 | $0.36 | −$0.54 | $0.39 | $0.53 | $0.19 |
| Gross margin | 74.1% | 76.4% | 78.4% | 81.3% | 84.8% | 84.3% | 47.8% | 88.5% | 92.1% | 91.5% |
| Operating margin | −1.2% | −8.8% | −13.9% | −4.7% | 11.2% | 9.9% | −9.0% | −9.7% | −15.0% | −22.8% |
| Net margin | 0.9% | −5.0% | −8.1% | −5.2% | −24.8% | −10.0% | −11.1% | −9.0% | −8.8% | −26.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $772.0M | $708.0M | $654.0M | $676.0M | $655.0M | $598.0M | $554.0M | $581.0M | $572.0M | $529.0M | $474.0M | $496.0M |
| Cost of revenue | $210.0M | $189.0M | $178.0M | $185.0M | $166.0M | $139.0M | $134.0M | $140.0M | $130.0M | $123.0M | $115.0M | $110.0M |
| Gross profit | $562.0M | $519.0M | $476.0M | $491.0M | $489.0M | $459.0M | $420.0M | $441.0M | $442.0M | $406.0M | $359.0M | $386.0M |
| Research & development | $156.0M | $150.0M | $154.0M | $151.0M | $153.0M | $149.0M | $149.0M | $145.0M | $144.0M | $147.0M | $141.0M | $142.0M |
| Sales, general & admin | $380.0M | $333.0M | $333.0M | $341.0M | $347.0M | $319.0M | $340.0M | $340.0M | $336.0M | $298.0M | $311.0M | $295.0M |
| Total operating expenses | $572.0M | $483.0M | $487.0M | $494.0M | $500.0M | $468.0M | $489.0M | $486.0M | $480.0M | $451.0M | $464.0M | $439.0M |
| Operating income | −$10.0M | $36.0M | −$11.0M | −$3.0M | −$11.0M | −$9.0M | −$69.0M | −$45.0M | −$38.0M | −$45.0M | −$105.0M | −$53.0M |
| Interest expense | $6.0M | $4.0M | $5.0M | $3.0M | $5.0M | $5.0M | $8.0M | $9.0M | $10.0M | $9.0M | $9.0M | $9.0M |
| Income before taxes | −$3.0M | $48.0M | $3.0M | $12.0M | $2.0M | $8.0M | −$51.0M | −$20.0M | −$15.0M | −$21.0M | −$70.0M | −$28.0M |
| Income taxes | $1.0M | $2.0M | — | $2.0M | — | — | $1.0M | −$63.0M | $2.0M | $2.0M | $3.0M | $43.0M |
| 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 |
| EBITDA | $64.0M | $117.0M | $80.0M | $90.0M | $76.0M | $80.0M | $26.0M | $54.0M | $61.0M | $52.0M | $14.0M | $36.0M |
| EPS (diluted) | $0.20 | $0.53 | $0.39 | $0.44 | $0.40 | $0.41 | $0.27 | $0.35 | $0.39 | $0.39 | $0.20 | $0.33 |
| Gross margin | 72.8% | 73.3% | 72.8% | 72.6% | 74.7% | 76.8% | 75.8% | 75.9% | 77.3% | 76.7% | 75.7% | 77.8% |
| Operating margin | −1.3% | 5.1% | −1.7% | −0.4% | −1.7% | −1.5% | −12.5% | −7.7% | −6.6% | −8.5% | −22.2% | −10.7% |
| Net margin | −0.5% | 6.5% | 0.5% | 1.5% | 0.3% | 1.3% | −9.4% | −3.4% | −3.0% | −4.3% | −15.4% | −5.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZG's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZG financial results
In fiscal year 2025 (ended December 31, 2025), Zillow reported revenue of $2.6 billion, up 15.5% from the year before. It had net income of $23.0 million, a net profit margin of 0.9%. Diluted earnings per share came to $1.64. Over five years revenue grew at an average rate of 9.7% a year.
See the ZG stock overview for the latest quote and news, or the ZG chart for price history and technical indicators.
ZG income statement FAQ
What is Zillow's annual revenue?
Zillow reported total revenue of $2.6 billion for fiscal year 2025, which ended on December 31, 2025. That was up 15.5% from $2.2 billion the previous year.
Is Zillow profitable?
Yes. Zillow reported net income of $23.0 million in fiscal 2025, a net profit margin of 0.9%; its operating margin was −1.2%.
What is Zillow's gross margin?
Zillow's gross margin was 74.1% in fiscal 2025: for every $100 of revenue, Zillow kept $74 after the direct cost of its products and services.
How much does Zillow spend on research and development?
Zillow spent $607.0 million on research and development in fiscal 2025, 23.5% of revenue.
How fast is Zillow growing?
Revenue grew 9.7% a year on average over the last five fiscal years, from $1.6 billion to $2.6 billion.
What are Zillow's earnings per share?
Zillow earned $1.64 per diluted share in fiscal 2025, compared with $1.40 a year earlier.
When will Zillow report its next earnings?
Zillow is expected to report results for the quarter ending September 30, 2026 on November 4, 2026 after the market closes.
When does Zillow's fiscal year end?
Zillow's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.