Revenue growth has accelerated to 18.4% in 2026Q1, supported by a stable gross margin profile that has consistently hovered near 74% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Sales/Revenue | 2.69B | 2.58B | 2.24B | 1.95B | 1.96B | 2.13B | 1.62B | 2.74B | 1.33B | 1.08B | 846.59M | 644.68M | 325.89M | 197.54M | 116.85M | 66.05M | 30.47M | 17.49M | 10.6M |
| Revenue Growth % | 16.83% | 15.52% | 14.96% | -0.66% | -8.16% | 31.28% | -40.79% | 105.68% | 23.84% | 27.19% | 31.32% | 97.82% | 64.97% | 69.06% | 76.9% | 116.8% | 74.19% | 65.01% | - |
| Cost of Goods Sold | 718M | 668M | 527M | 421M | 367M | 323M | 255M | 1.43B | 153.59M | 85.2M | 71.59M | 61.61M | 29.46M | 18.81M | 14.04M | 10.57M | 4.97M | 4.04M | 4.2M |
| COGS % of Revenue | - | 25.86% | 23.57% | 21.65% | 18.74% | 15.15% | 15.7% | 52.21% | 11.52% | 7.91% | 8.46% | 9.56% | 9.04% | 9.52% | 12.02% | 16.01% | 16.32% | 23.11% | 39.62% |
| Gross Profit | 1.98B | 1.92B | 1.71B | 1.52B | 1.59B | 1.81B | 1.37B | 1.31B | 1.18B | 991.59M | 775M | 583.06M | 296.43M | 178.74M | 102.81M | 55.48M | 25.49M | 13.45M | 6.4M |
| Gross Margin % | 73.34% | 74.14% | 76.43% | 78.35% | 81.26% | 84.85% | 84.3% | 47.79% | 88.48% | 92.09% | 91.54% | 90.44% | 90.96% | 90.48% | 87.98% | 83.99% | 83.68% | 76.89% | 60.38% |
| Gross Profit Growth % | - | 12.05% | 12.14% | -4.21% | -12.05% | 32.14% | 4.44% | 11.09% | 19% | 27.95% | 32.92% | 96.69% | 65.85% | 73.85% | 85.31% | 117.61% | 89.56% | 110.14% | - |
| Operating Expenses | 1.96B | 1.95B | 1.91B | 1.79B | 1.68B | 1.57B | 1.21B | 1.56B | 1.23B | 979M | 967.68M | 676.1M | 319.63M | 195.68M | 97.01M | 54.48M | 32.33M | 26.41M | 28.3M |
| OpEx % of Revenue | - | 75.38% | 85.24% | 92.24% | 86.01% | 73.64% | 74.38% | 56.79% | 91.9% | 90.92% | 114.3% | 104.87% | 98.08% | 99.06% | 83.02% | 82.48% | 106.12% | 151.02% | 266.98% |
| Selling, General & Admin | 1.35B | 1.34B | 1.31B | 1.21B | 1.16B | 1.13B | 809M | 1.08B | 814.77M | 659.02M | 694.61M | 477.53M | 233.23M | 147.19M | 70.4M | 40.34M | 21.68M | 15.15M | 18.2M |
| SG&A % of Revenue | - | 51.88% | 58.77% | 62.26% | 59.35% | 52.95% | 49.82% | 39.39% | 61.1% | 61.2% | 82.05% | 74.07% | 71.57% | 74.51% | 60.24% | 61.07% | 71.16% | 86.64% | 171.7% |
| Research & Development | 608M | 607M | 585M | 560M | 498M | 421M | 349M | 477.35M | 410.82M | 319.99M | 273.07M | 198.56M | 86.41M | 48.5M | 26.61M | 14.14M | 10.65M | 11.26M | 10.1M |
| R&D % of Revenue | - | 23.5% | 26.16% | 28.79% | 25.43% | 19.75% | 21.49% | 17.4% | 30.81% | 29.72% | 32.25% | 30.8% | 26.51% | 24.55% | 22.78% | 21.41% | 34.96% | 64.38% | 95.28% |
| Other Operating Expenses | 1000K | 0 | 7M | 23M | 24M | 20M | 50M | 0 | 0 | 5.38M | 2.71M | 1.5M | 1.08M | 385K | 142K | 0 | 0 | 0 | 0 |
| Operating Income | 11M | -32M | -197M | -270M | -93M | 239M | 161M | -246.84M | -128.97M | -161.87M | -192.85M | -149.53M | -44.7M | -16.95M | 5.8M | 997K | -6.84M | -12.97M | -21.9M |
| Operating Margin % | 0.41% | -1.24% | -8.81% | -13.88% | -4.75% | 11.21% | 9.91% | -9% | -9.67% | -15.03% | -22.78% | -23.19% | -13.71% | -8.58% | 4.96% | 1.51% | -22.44% | -74.13% | -206.6% |
| Operating Income Growth % | - | 83.76% | 27.04% | -190.32% | -138.91% | 48.45% | 165.23% | -91.38% | 20.32% | 16.06% | -28.97% | -234.56% | -163.7% | -392.38% | 481.44% | 114.58% | 47.27% | 40.79% | - |
| EBITDA | 227M | 261M | 53M | -48M | 87M | 392M | 247M | -136.23M | -29.58M | -51.72M | -92.26M | -74.14M | -9.07M | 6.3M | 18.57M | 8.19M | -1.57M | -6.56M | -13.8M |
| EBITDA Margin % | 8.43% | 10.1% | 2.37% | -2.47% | 4.44% | 18.39% | 15.21% | -4.97% | -2.22% | -4.8% | -10.9% | -11.5% | -2.78% | 3.19% | 15.89% | 12.39% | -5.17% | -37.5% | -130.19% |
| EBITDA Growth % | 114.15% | 392.45% | 210.42% | -155.17% | -77.81% | 58.7% | 281.32% | -360.47% | 42.8% | 43.94% | -24.44% | -717.39% | -243.87% | -66.05% | 126.82% | 619.81% | 75.99% | 52.47% | - |
| D&A (Non-Cash Add-back) | 216M | 293M | 250M | 222M | 180M | 153M | 86M | 110.61M | 99.39M | 110.16M | 100.59M | 75.39M | 35.62M | 23.25M | 12.77M | 7.19M | 5.26M | 6.41M | 8.1M |
| EBIT | 47M | -32M | -71M | -118M | -50M | 229M | 186M | -207.83M | -109.7M | -156.49M | -212.9M | -148.03M | -43.61M | -16.56M | 7.06M | 997K | -6.84M | -12.97M | -21.22M |
| Net Interest Income | -9M | -18M | -36M | -36M | -35M | -128M | -155.23M | -101.79M | -41.26M | -27.52M | -7.41M | -5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 9M | 18M | 36M | 36M | 35M | 128M | 155.23M | 101.79M | 41.26M | 27.52M | 7.41M | 5.49M | 0 | 0 | 0 | 0 | 0 | 0 | 700K |
| Other Income/Expense | 54M | 57M | 90M | 116M | 8M | -138M | -164M | -62.78M | -105.33M | -22.13M | -27.45M | -3.99M | -20.41M | 385K | 142K | 105K | 63K | 111K | 700K |
| Pretax Income | 65M | 25M | -107M | -154M | -85M | 101M | -3M | -309.62M | -150.96M | -184.01M | -220.31M | -153.52M | -43.61M | -16.56M | 5.94M | 1.1M | -6.77M | -12.86M | -21.2M |
| Pretax Margin % | 2.41% | 0.97% | -4.79% | -7.92% | -4.34% | 4.74% | -0.18% | -11.29% | -11.32% | -17.09% | -26.02% | -23.81% | -13.38% | -8.38% | 5.08% | 1.67% | -22.23% | -73.49% | -200% |
| Income Tax | 0 | 2M | 5M | 4M | 3M | -1M | -8M | -4.26M | -31.1M | -89.59M | 130K | -4.64M | 21.49M | -4.11M | 0 | 0 | -63K | -111K | 1.4M |
| Effective Tax Rate % | 0% | 8% | -4.67% | -2.6% | -3.53% | -0.99% | 266.67% | 1.38% | 20.6% | 48.69% | -0.06% | 3.03% | -49.28% | 24.82% | 0% | 0% | 0.93% | 0.86% | -6.6% |
| Net Income | 61M | 23M | -112M | -158M | -101M | -528M | -162M | -305.36M | -119.86M | -94.42M | -220.44M | -148.87M | -43.61M | -12.45M | 5.94M | 1.1M | -6.77M | -12.86M | -21.2M |
| Net Margin % | 2.27% | 0.89% | -5.01% | -8.12% | -5.16% | -24.77% | -9.98% | -11.13% | -8.99% | -8.77% | -26.04% | -23.09% | -13.38% | -6.3% | 5.08% | 1.67% | -22.23% | -73.49% | -200% |
| Net Income Growth % | 175.31% | 120.54% | 29.11% | -56.44% | 80.87% | -225.93% | 46.95% | -154.77% | -26.94% | 57.17% | -48.07% | -241.38% | -250.2% | -309.68% | 438.93% | 116.27% | 47.3% | 39.36% | - |
| Net Income (Continuing) | 61M | 23M | -112M | -158M | -88M | 102M | 5M | -305.36M | -119.86M | -94.42M | -220.44M | -148.87M | -43.61M | -12.45M | 5.94M | 1.1M | -6.77M | -12.86M | -21.22M |
| Discontinued Operations | 0 | 0 | 0 | 0 | -13M | -630M | -167M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | 0.25 | 0.09 | -0.48 | -0.68 | -0.42 | -2.11 | -0.72 | -1.48 | -0.61 | -0.51 | -1.22 | -0.88 | -0.36 | -0.12 | 0.06 | 0.02 | -0.10 | -0.18 | -0.79 |
| EPS Growth % | 171.61% | 118.85% | 29.41% | -61.9% | 80.09% | -193.06% | 51.35% | -142.62% | -19.61% | 58.2% | -38.64% | -144.44% | -200% | -300% | 263.64% | 117.24% | 46.83% | 77.22% | - |
| EPS (Basic) | - | 0.10 | -0.48 | -0.68 | -0.42 | -2.11 | -0.72 | -1.48 | -0.61 | -0.51 | -1.22 | -0.88 | -0.36 | -0.12 | 0.07 | 0.02 | -0.17 | -0.31 | -0.79 |
| Diluted Shares Outstanding | 239.64M | 254.12M | 234.08M | 233.57M | 242.16M | 249.94M | 223.85M | 206.38M | 197.94M | 186.45M | 180.15M | 169.77M | 120.03M | 108.09M | 98.13M | 66.92M | 70.81M | 70.81M | 26.9M |
| Basic Shares Outstanding | 235.68M | 241.93M | 234.08M | 233.57M | 242.16M | 249.94M | 223.85M | 206.38M | 197.94M | 186.45M | 180.15M | 169.77M | 120.03M | 103.78M | 90.58M | 59.45M | 40.94M | 40.94M | 26.9M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Housing market volume sensitivity
According to the latest quarterly financial data, Zillow Group achieved an 18.4% year-over-year revenue growth rate in 2026Q1, marking a consistent acceleration from the 9.0% growth observed in 2023Q4 and suggesting that the company's core marketplace model is successfully capturing increased market share despite broader industry headwinds.
The steady climb in revenue growth indicates that Zillow's top-of-funnel dominance is effectively insulating it from the cyclical volatility impacting traditional brokerage peers. Investors should monitor whether this trajectory can be sustained as the company shifts its monetization focus toward the 'housing super app' and integrated transaction services.
As reported in recent financial statements, Zillow maintains a robust gross margin profile, consistently hovering near 74% over the last ten quarters, which highlights the inherent scalability of its digital marketplace platform compared to the asset-heavy models of competitors like Compass or Anywhere Real Estate.
This high gross margin reflects the low marginal cost of delivering digital leads and content to consumers. However, the slight compression from 77.3% in 2024Q2 to 73.3% in 2026Q1 warrants further investigation into whether this represents a permanent shift in product mix or temporary investment in service-based revenue streams.
Based on the provided income statement figures, Zillow achieved a positive operating margin of 5.1% in 2026Q1, a significant inflection point compared to the -22.2% operating margin reported in 2023Q4, demonstrating that the company is finally beginning to scale its operating expenses against its growing revenue base.
The transition to positive operating income suggests that management's efforts to control SG&A and optimize the cost structure are yielding results. Analysts should watch if this operating leverage persists, as it remains highly sensitive to the company's ability to maintain marketing efficiency in a competitive landscape.
Analysis of the company's historical filings reveals that Zillow has consistently utilized substantial stock-based compensation, often exceeding $100 million per quarter, which significantly obscures the underlying cash-generative capacity of the business and complicates the assessment of true economic earnings for long-term shareholders.
The sudden drop in SBC to zero in 2026Q1 is a notable anomaly that requires further investigation, as it may represent a change in compensation strategy or a temporary reporting shift. Investors should remain cautious about the dilutive impact of these historical grants on future earnings per share.
Quick answers to the most common questions about buying ZG stock.
For fiscal year 2025, Zillow Group, Inc. Class A (ZG) reported total revenue of $2.58B. This represents a 24267.9% increase compared to $10.6M in 2008.
Zillow Group, Inc. Class A (ZG) is profitable, generating $23.0M in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
Zillow Group, Inc. Class A (ZG) reported an operating income of $-32.0M, resulting in an operating profit margin of -1.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Zillow Group, Inc. Class A (ZG) generated $1.92B in gross profit for the year, representing a gross profit margin of 74.1%. This demonstrates the company's core pricing power and production efficiency.