Filing Flows › Zillow Group (ZG) › Q4 2025
Zillow Group (ZG) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Zillow Group (ZG) reported revenue of $654M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and -3% from the quarter before. Operating margin was -1.7%, net earnings $3.0M (0.5% of revenue).
Zillow Group, Q4 2025: revenue $654M (+18% year over year), operating margin -1.7%, net earnings $3.0M, operating cash flow $72.0M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $654M | -3% | +18% |
| Operating profit | −$11.0M | — | — |
| Net earnings | $3.0M | -70% | — |
| Operating cash flow | $72.0M | -31% | -41% |
| Free cash flow | $44.0M | -40% | -50% |
What changed
Revenue was $654.0M in Q4 2025, up 18% year over year and down 3% from the previous quarter. Residential was the largest line at 64% of revenue.
Gross margin was 72.8%, down 3.0 points from a year earlier. Operating costs exceeded revenue by $11.0M, an operating margin of -1.7%. Operating expenses fell 0% while revenue rose 18%. Net earnings were $3.0M. The effective tax rate was 0.0%. Non-operating items added $14.0M, 467% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $72.0M (down 41% year over year), 2400% of net earnings. Non-cash charges added back $65.0M of depreciation and amortization and $95.0M of share-based compensation. Working capital and other items used $91.0M. Capital expenditures of $28.0M left free cash flow of $44.0M.
Questions
What was Zillow Group's revenue in the fourth quarter 2025?
Zillow Group (ZG) reported revenue of $654M for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and -3% from the quarter before.
Was Zillow Group profitable in the fourth quarter 2025?
Operating loss was $11.0M (-1.7% of revenue) and net earnings $3.0M.
Source: Zillow Group 10-K on SEC EDGAR.