ZillowZRevenue: is the business selling more than it used to?
$2.6B+16% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Revenue reached $2.6B in 2025, compounding +10% a year since 2022 and the pace is picking up. The trailing twelve months are already running at $2.8B, ahead of the last full year.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZNet income: how much of that revenue becomes profit?
$23MFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Net income was $23M in 2025, against $-112M the year before. Trailing twelve-month profit stands at $55M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZHow fast is it growing, year by year?
+15.5%revenue growth, FY 2025
→Revenue grew +16% in 2025 against a five-year average of +11%.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZRevenue per share: is your slice growing as fast as the company?
$10.16revenue per share, FY 2025
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Revenue per share reached $10.16 in 2025, compounding +8% a year against +10% for Z as a whole. Dilution absorbed about 1.7 points of that growth. Free cash flow per share stands at $0.92.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZFree cash flow: what is left in real cash after everything?
$235M−18% YoYFY 2025
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→Free cash flow was $235M in 2025, compounding -62% a year since 2022. The trailing twelve months stand at $258M.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZWhere does each dollar of revenue actually go?
→Of $2.6B in 2025 sales, $23M reaches net profit - 1 cents on the dollar. The largest single deduction is running the company ($1.9B).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZHow much of every sales dollar ends up as free cash?
◌ 2026 = trailing twelve months to the latest filed quarter, not a full fiscal year
→9 cents of every sales dollar became free cash in 2025, down 215 points since 2022.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZWhat does staying competitive cost, per dollar of sales?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→The biggest claim on each sales dollar is research and development, at 23% of revenue (stock compensation 15%, capital spending 5%).
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZMargins: of every $1 of sales, how much survives each cost layer?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→Operating margin widened 3 points to -1% since 2022. After everything, 1 cents of each sales dollar reaches net profit.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZWhat does it earn on the money it uses?
◌ 2026 = trailing twelve months to the latest filed quarter (2026-06-30), not a full fiscal year
→ROE of 1% sits well above ROCE of -1%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZWhat has the market paid for Z over time?
159.8xP/E today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→At 2.8x sales, the market is paying 53% less than Z's own 7-year median of 5.9x. Pessimism is priced in - the question is whether it is deserved.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZWhat cash return does the business throw off per dollar of market value?
3.3%FCF yield today
◌ 2026 = at the latest close (2026-09-04), over the trailing twelve months; earlier years are annual averages
→Every dollar of market value currently buys 3.3% of annual free cash flow, more than its 7-year median of 2.0% - the cash is cheaper than usual.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZCould it handle its debt if things went wrong?
◌ 2026 = the latest balance sheet (2026-06-30), not a fiscal year-end
→Debt isn't clearly tagged in Z's filings, so treat the balance sheet with extra care rather than assuming zero.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZIs the company's own capital growing?
→The company's own capital shrank from $4.5B in 2023 to $4.3B (-5%). Buybacks or losses are drawing the buffer down - the distinction matters.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZHow much goes back, and how much leaks out as stock comp?
→Shareholders received $670M in buybacks in 2025. Stock compensation issued $390M of new shares in the same year, offsetting 58% of that.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZHow fast is your ownership being diluted - or concentrated?
→The share count grew 8.6% in 2025, averaging 1.7% a year over three years. Your slice of the company shrinks by that much each year unless earnings grow faster.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZDoes Z earn more on its capital than that capital costs?
→Z's return on capital is negative at -0.7% in 2025. The capital in the business is not yet earning anything back.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZZ has issued or retired shares - did shareholders end up better off?
→Z issued +23% more shares from 2019 to 2025 and revenue per share still fell -24%. On this measure the new shares have not paid for themselves.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30
ZillowZAre the people running it buying or selling?
→Insiders sold $4M on the open market and bought nothing. Many sales are pre-scheduled diversification rather than a view on the price. A further 14 filings were grants, option exercises or tax withholding, which say nothing either way.
Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30