Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $847M | $1.08B | $1.33B | $2.74B | $1.62B | $2.13B | $1.96B | $1.95B | $2.24B | $2.58B |
| Revenue growth | — | 27.2% | 23.8% | 105.7% | -40.8% | 31.3% | -8.2% | -0.7% | 15.0% | 15.5% |
| Gross profit | — | — | — | $1.20B | $1.37B | $1.81B | $1.59B | $1.52B | $1.71B | $1.92B |
| Gross margin | — | — | — | 43.7% | 84.3% | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% |
| Operating income | -$193M | -$162M | -$129M | -$247M | $109M | $239M | -$93.0M | -$270M | -$197M | -$34.0M |
| Operating margin | -22.8% | -15.0% | -9.7% | -9.0% | 6.7% | 11.2% | -4.7% | -13.9% | -8.8% | -1.3% |
| Net income | -$220M | -$94.4M | -$120M | -$305M | -$162M | -$528M | -$101M | -$158M | -$112M | $23.0M |
| Net margin | -26.0% | -8.8% | -9.0% | -11.1% | -10.0% | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% |
| EPS (diluted) | -$1.22 | -$0.51 | -$0.61 | -$1.48 | -$0.70 | -$2.02 | -$0.42 | -$0.68 | -$0.48 | $0.09 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.64M | $258M | $3.85M | -$612M | $423M | -$3.18B | $4.50B | $354M | $428M | $368M |
| Capital expenditures | $62.1M | $66.7M | $66.1M | $67.0M | $85.0M | $74.0M | $115M | $135M | $143M | $133M |
| Free cash flow | -$53.4M | $191M | -$62.2M | -$679M | $338M | -$3.25B | $4.39B | $219M | $285M | $235M |
| Share buybacks | — | — | — | $0.00 | $0.00 | $302M | $947M | $424M | $301M | $670M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $244M | $352M | $651M | $1.14B | $1.70B | $2.31B | $1.47B | $1.49B | $1.08B | $768M |
| Total assets | $3.15B | $3.23B | $4.29B | $6.13B | $7.49B | $10.7B | $6.56B | $6.65B | $5.83B | $5.68B |
| Total liabilities | $616M | $570M | $1.02B | $2.70B | $2.74B | $5.35B | $2.08B | $2.13B | $981M | $801M |
| Long-term debt | $367M | $385M | $699M | $1.54B | $1.61B | $1.32B | — | — | — | — |
| Shareholders' equity | $2.53B | $2.66B | $3.27B | $3.44B | $4.74B | $5.34B | $4.48B | $4.53B | $4.85B | $4.88B |
| Retained earnings | -$497M | -$592M | -$672M | -$977M | -$1.14B | -$1.67B | -$1.61B | -$1.77B | -$1.88B | -$1.86B |
| Shares (wtd avg diluted) | — | — | — | 206M | 231M | 262M | 242M | 234M | 234M | 254M |
Every figure is extracted from ZILLOW GROUP, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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