ZILLOW GROUP, INC.
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
View on SEC.govAbout this filing
A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
ZG$29.51-5.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(in millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Operating activities | |||
| Net income (loss) | $23 | $(112) | $(158) |
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||
| Depreciation and amortization | 264 | 240 | 187 |
| Share-based compensation | 390 | 448 | 451 |
| Amortization of right of use assets | 8 | 10 | 35 |
| Amortization of contract cost assets | 21 | 19 | 21 |
| Impairment costs | 2 | 6 | 16 |
| Accretion of bond discount | (9) | (27) | (35) |
| Other adjustments to reconcile net income (loss) to net cash provided by operating activities | 6 | 19 | 2 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (45) | (8) | (24) |
| Mortgage loans held for sale | (227) | (59) | (59) |
| Prepaid expenses and other assets | (82) | (74) | (17) |
| Contract cost assets | (23) | (21) | (21) |
| Lease liabilities | (11) | (35) | (30) |
| Accounts payable | 6 | 2 | 6 |
| Accrued expenses and other current liabilities | 31 | — | (18) |
| Accrued compensation and benefits | 5 | 10 | (1) |
| Deferred revenue | 7 | 8 | 1 |
| Other long-term liabilities | 2 | 2 | (2) |
| Net cash provided by operating activities | 368 | 428 | 354 |
| Investing activities | |||
| Proceeds from maturities of investments | 411 | 1,042 | 1,287 |
| Proceeds from sales of investments | 61 | 237 | — |
| Purchases of investments | (211) | (706) | (664) |
| Purchases of property and equipment | (133) | (143) | (135) |
| Purchases of intangible assets | (134) | (28) | (30) |
| Cash paid for acquisitions, net | — | (7) | (433) |
| Net cash provided by (used in) investing activities | (6) | 395 | 25 |
| Financing activities | |||
| Net borrowings on warehouse line of credit and repurchase agreements | 219 | 52 | 56 |
| Repurchases of Class A common stock and Class C capital stock | (670) | (301) | (424) |
| Settlement of convertible senior notes | (419) | (1,196) | (56) |
| Proceeds from settlement of capped call transactions | 38 | — | — |
| Proceeds from exercise of stock options | 188 | 212 | 72 |
| Payment of contingent consideration for acquisition | (30) | — | — |
| Net cash used in financing activities | (674) | (1,233) | (352) |
| Net increase (decrease) in cash, cash equivalents and restricted cash during period | (312) | (410) | 27 |
| Cash, cash equivalents and restricted cash at beginning of period | 1,085 | 1,495 | 1,468 |
| Cash, cash equivalents and restricted cash at end of period | $773 | $1,085 | $1,495 |
| Supplemental disclosures of cash flow information | |||
| Cash paid for interest | $18 | $35 | $28 |
| Cash paid for taxes | 3 | 6 | 6 |
| Noncash transactions: | |||
| Write-off of fully depreciated property and equipment | $145 | $85 | $63 |
| Write-off of fully amortized intangible assets | 64 | 24 | 5 |
| Capitalized share-based compensation | 62 | 72 | 73 |
| Initial fair value of contingent consideration recognized in connection with an acquisition | — | — | 81 |
| Value of Class C capital stock issued in connection with an acquisition | — | — | 20 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.