ZILLOW GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
ZG$31.28+3.0%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
(in millions, except share data, which are presented in thousands, and per share data)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Revenue: | |||
| For Sale revenue: | |||
| Residential | $1,704 | $1,594 | $1,452 |
| Mortgages | 199 | 145 | 96 |
| Total For Sale revenue | 1,903 | 1,739 | 1,548 |
| Rentals | 630 | 453 | 357 |
| Other | 50 | 44 | 40 |
| Total revenue | 2,583 | 2,236 | 1,945 |
| Cost of revenue | 668 | 527 | 421 |
| Gross profit | 1,915 | 1,709 | 1,524 |
| Operating expenses: | |||
| Sales and marketing | 843 | 790 | 658 |
| Technology and development | 607 | 585 | 560 |
| General and administrative | 497 | 524 | 553 |
| Impairment and restructuring costs | 2 | 6 | 19 |
| Acquisition-related costs | — | 1 | 4 |
| Total operating expenses | 1,949 | 1,906 | 1,794 |
| Loss from operations | (34) | (197) | (270) |
| Gain (loss) on extinguishment of debt | — | (1) | 1 |
| Other income, net | 77 | 127 | 151 |
| Interest expense | (18) | (36) | (36) |
| Income (loss) before income taxes | 25 | (107) | (154) |
| Income tax expense | (2) | (5) | (4) |
| Net income (loss) | $23 | $(112) | $(158) |
| Net income (loss) per share: | |||
| Basic | $0.09 | $(0.48) | $(0.68) |
| Diluted | $0.09 | $(0.48) | $(0.68) |
| Weighted-average shares outstanding: | |||
| Basic | 241,930 | 234,077 | 233,575 |
| Diluted | 254,117 | 234,077 | 233,575 |
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