ZILLOW GROUP, INC.
Cash Flow Statement
| Line Item | Jun 2026 | Mar 2026 | Dec 2025 | Sep 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sep 2024 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $-4.0M | $46.0M | $3.0M | $10.0M | $2.0M | $8.0M | $-52.0M | $-20.0M |
| Depreciation & Amortization | $65.0M | $65.0M | $65.0M | $67.0M | $67.0M | $65.0M | $62.0M | $63.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $21.0M | $21.0M | $25.0M | $22.0M | $22.0M | $20.0M | $19.0M | $20.0M |
| Stock-Based Compensation | $88.0M | $81.0M | $95.0M | $99.0M | $99.0M | $97.0M | $119.0M | $108.0M |
| Net Cash from Operating Activities | $11.0M | $200.0M | $72.0M | $105.0M | $87.0M | $104.0M | $122.0M | $171.0M |
| Investing Activities | ||||||||
| Capital Expenditures | $36.0M | $34.0M | $28.0M | $32.0M | $37.0M | $36.0M | $34.0M | $33.0M |
| Business Acquisitions | — | — | — | — | — | — | — | — |
| Net Cash from Investing Activities | $-51.0M | $376.0M | $-50.0M | $19.0M | $77.0M | $-52.0M | $274.0M | $328.0M |
| Financing Activities | ||||||||
| Dividends Paid | — | — | — | — | — | — | — | — |
| Stock Repurchases | $200.0M | $626.0M | $232.0M | $38.0M | $150.0M | $250.0M | $0 | $0 |
| Net Cash from Financing Activities | $-65.0M | $-666.0M | $-128.0M | $163.0M | $-490.0M | $-219.0M | $-386.0M | $-607.0M |
| Net Change in Cash | $-105.0M | $-90.0M | $-106.0M | $287.0M | $-326.0M | $-167.0M | $10.0M | $-108.0M |
| Free Cash Flow | $-25.0M | $166.0M | $44.0M | $73.0M | $50.0M | $68.0M | $88.0M | $138.0M |