ZILLOW GROUP, INC.
Income Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.58B | $2.24B | $1.95B | $1.96B | $2.13B | $1.62B | $2.74B | $1.33B |
| Cost of Revenue | $668.0M | $527.0M | $421.0M | $367.0M | $323.0M | $255.0M | $1.54B | $153.6M |
| Gross Profit | $1.92B | $1.71B | $1.52B | $1.59B | $1.81B | $1.37B | $1.20B | $1.18B |
| Gross Margin | 74.1% | 76.4% | 78.4% | 81.3% | 84.8% | 84.3% | 43.7% | 88.5% |
| Operating Expenses | ||||||||
| Research & Development | $607.0M | $585.0M | $560.0M | $498.0M | $421.0M | $324.0M | $350.9M | $410.8M |
| SG&A Expense | $497.0M | $524.0M | $553.0M | $498.0M | $414.0M | $324.0M | $366.0M | $262.2M |
| Operating Income | $-34.0M | $-197.0M | $-270.0M | $-93.0M | $239.0M | $109.0M | $-247.5M | $-129.0M |
| Operating Margin | -1.3% | -8.8% | -13.9% | -4.7% | 11.2% | 6.7% | -9.0% | -9.7% |
| Interest Expense | $18.0M | $36.0M | $36.0M | $35.0M | $128.0M | $138.0M | $101.8M | $41.3M |
| Pretax Income | $25.0M | $-107.0M | $-154.0M | $-85.0M | $101.0M | $-3.0M | $-309.6M | $-151.0M |
| Income Tax Expense | $2.0M | $5.0M | $4.0M | $3.0M | $-1.0M | $-8.0M | $-4.3M | $-31.1M |
| Net Income | $23.0M | $-112.0M | $-158.0M | $-101.0M | $-528.0M | $-162.0M | $-305.4M | $-119.9M |
| Net Margin | 0.9% | -5.0% | -8.1% | -5.2% | -24.8% | -10.0% | -11.1% | -9.0% |
| EPS (Basic) | $0.09 | $-0.48 | $-0.68 | $-0.42 | $-2.11 | $-0.72 | $-1.48 | $-0.61 |
| EPS (Diluted) | $0.09 | $-0.48 | $-0.68 | $-0.42 | $-2.02 | $-0.70 | $-1.48 | $-0.61 |
| Shares Outstanding (Basic) | 241.9M | 234.1M | 233.6M | 242.2M | 249.9M | 223.8M | 206.4M | — |
| Shares Outstanding (Diluted) | 254.1M | 234.1M | 233.6M | 242.2M | 261.8M | 231.4M | 206.4M | — |
| Dividends Per Share | — | — | — | — | — | — | — | — |