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Zillow Group cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$128M in Q3 2026 · $313M over twelve months

Operating cash flow$162M
Capital spending−$34.0M
Free cash flow+$128M
Cash conversion cycle-9 days

Analysis

In Q3 2026, Zillow Group generated $162M of operating cash flow and spent $34.0M on capital projects, leaving free cash flow of $128M. That is $55.0M more than in Q3 2025 ($73.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was $445M; the largest uses were buybacks ($1.1B), capital spending ($132M); besides operations, cash came from other investing ($367M), other financing ($91.0M); the cash balance fell by $271M.

Operating cash flow was $162M against net income of −$158M. The largest differences: accrued liabilities +$197M, stock-based pay +$86.0M, prepaid and other assets −$69.0M.

Its cash conversion cycle was -9 days (receivables 23 + inventory 0 − payables 32): suppliers fund its working capital.

Free cash flow

Zillow Group: free cash flow by quarterZillow Group: free cash flow by quarter$88.0MQ4 2024$68.0MQ1 2025$50.0MQ2 2025$73.0MQ3 2025$44.0MQ4 2025$166MQ1 2026−$25.0MQ2 2026$128MQ3 2026
Operating cash flow less capital spending.
Zillow Group: operating cash flow against capital spendingZillow Group: operating cash flow against capital spendingOperating cash flowCapital spending$122M$34.0MQ4 2024$104M$36.0MQ1 2025$87.0M$37.0MQ2 2025$105M$32.0MQ3 2025$72.0M$28.0MQ4 2025$200M$34.0MQ1 2026$11.0M$36.0MQ2 2026$162M$34.0MQ3 2026
Latest (Q3 2026): Operating cash flow $162M, Capital spending $34.0M.

Capital allocation, year by year

Zillow Group: where the cash came from (up) and went (down), by fiscal yearZillow Group: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow −$3.2BFY2021: Net borrowing $3.0BFY2021: Shares issued $672MFY2021: Capital spending −$74.0MFY2021: Acquisitions −$497MFY2021: Buybacks −$302M$3.6BFY2021FY2022: Operating cash flow $4.5BFY2022: Net borrowing −$4.4BFY2022: Shares issued $46.0MFY2022: Capital spending −$115MFY2022: Acquisitions −$4.0MFY2022: Buybacks −$947M$4.5BFY2022FY2023: Operating cash flow $354MFY2023: Shares issued $72.0MFY2023: Capital spending −$135MFY2023: Acquisitions −$433MFY2023: Buybacks −$424M$426MFY2023FY2024: Operating cash flow $428MFY2024: Shares issued $212MFY2024: Capital spending −$143MFY2024: Acquisitions −$7.0MFY2024: Buybacks −$301M$640MFY2024FY2025: Operating cash flow $368MFY2025: Shares issued $188MFY2025: Capital spending −$133MFY2025: Buybacks −$670M$556MFY2025
Over these 5 years operating cash flow totalled $2.5B; the largest uses were net borrowing ($4.4B) and operating cash flow ($3.2B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$707M
Debtnone
Net cash$707M

Zillow Group funds itself: free cash flow was $313M over the last twelve months, with $707M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Zillow Group: sources (+) and uses (−) of cash, Q3 2026Zillow Group: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$162MOther financing−$73.0MCapital spending−$34.0MCash drawn (+) / kept (−)−$30.0MBuybacks−$20.0MOther investing−$6.0MShares issued$1.0M
Zillow Group: sources (+) and uses (−) of cash, TTM to Q3 2026Zillow Group: sources (+) and uses (−) of cash, TTM to Q3 2026Buybacks−$1.1BOperating cash flow$445MOther investing$367MCash drawn (+) / kept (−)$271MCapital spending−$132MOther financing$91.0MShares issued$36.0M

From profit to cash

Zillow Group: net income to operating cash flow, Q3 2026Zillow Group: net income to operating cash flow, Q3 2026Net income−$158MDepreciation & amortization$64.0MStock-based pay$86.0MReceivables−$6.0MPayables$2.0MAccrued liabilities$197MEmployee-related liabilities−$11.0MDeferred revenue−$12.0MPrepaid and other assets−$69.0MOperating cash flow$162M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202623—32-9
Q2 202619—30-11
Q1 202619—25-6
Q4 202522—192
Q3 202521—23-2
Q2 202518—25-6
Q1 202516—21-5
Q4 202418—28-10

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$162M−$34.0M—−$20.0M$1.0M−$30.0M$128M
Q2 2026$11.0M−$36.0M—−$200M$5.0M$105M−$25.0M
Q1 2026$200M−$34.0M—−$626M$18.0M$90.0M$166M
Q4 2025$72.0M−$28.0M—−$232M$12.0M$106M$44.0M
Q3 2025$105M−$32.0M—−$38.0M$121M−$287M$73.0M
Q2 2025$87.0M−$37.0M—−$150M$22.0M$326M$50.0M
Q1 2025$104M−$36.0M—−$250M$33.0M$167M$68.0M
Q4 2024$122M−$34.0M−$7.0M—$116M−$10.0M$88.0M

Zillow Group: income statement and cash flow

Zillow Group, Q3 2026: revenue $724M (+7% year over year), operating margin -22.2%. The chart follows the revenue to costs, profit and cash.

Zillow Group: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.