ZILLOW GROUP, INC.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $23.0M | $-112.0M | $-158.0M | $-101.0M | $-528.0M | $-162.0M | $-305.4M | $-119.9M |
| Depreciation & Amortization | $264.0M | $240.0M | $187.0M | $157.0M | $130.0M | $111.0M | $87.5M | $99.4M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $89.0M | $77.0M | $53.0M | $58.0M | — | — | — | $79.3M |
| Stock-Based Compensation | $390.0M | $448.0M | $451.0M | $451.0M | $312.0M | $197.0M | $198.9M | $149.1M |
| Net Cash from Operating Activities | $368.0M | $428.0M | $354.0M | $4.50B | $-3.18B | $423.0M | $-612.2M | $3.9M |
| Investing Activities | ||||||||
| Capital Expenditures | $133.0M | $143.0M | $135.0M | $115.0M | $74.0M | $85.0M | $67.0M | $66.1M |
| Business Acquisitions | $0 | $7.0M | $433.0M | $4.0M | $497.0M | $0 | $0 | $55.1M |
| Net Cash from Investing Activities | $-6.0M | $395.0M | $25.0M | $-1.53B | $1.09B | $-1.04B | $-456.1M | $-622.6M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $670.0M | $301.0M | $424.0M | $947.0M | $302.0M | $0 | $0 | — |
| Net Cash from Financing Activities | $-674.0M | $-1.23B | $-352.0M | $-4.34B | $3.15B | $1.16B | $1.64B | $930.1M |
| Net Change in Cash | $-312.0M | $-410.0M | $27.0M | $-1.37B | $1.06B | $548.0M | $567.5M | $311.3M |
| Free Cash Flow | $235.0M | $285.0M | $219.0M | $4.39B | $-3.25B | $338.0M | $-679.2M | $-62.2M |