Zillow Group Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Net Income	-32	-112	-158	-101	-528	-162
Depreciation & Amortization	105	102	112	113	117	110
Other Amortization	186	171	136	123	182	164
Asset Writedown & Restructuring Costs	2	6	16	-	57	72
Loss (Gain) From Sale of Investments	-11	-27	-35	-18	9	5
Stock-Based Compensation	414	448	451	451	312	197
Other Operating Activities	-5	15	-3	45	428	-4
Change in Accounts Receivable	-40	-8	-24	82	-82	-7
Change in Inventory	-	-	-	3,904	-3,827	345
Change in Accounts Payable	-15	2	6	3	5	13
Change in Unearned Revenue	10	8	1	-7	1	9
Change in Other Net Operating Assets	-196	-177	-148	-91	149	-319
Operating Cash Flow	418	428	354	4,504	-3,177	423
Operating Cash Flow Growth	6.63%	20.90%	-92.14%	-	-	-
Capital Expenditures	-139	-143	-135	-115	-74	-85
Cash Acquisitions	-7	-7	-433	-4	-497	-
Sale (Purchase) of Intangibles	-130	-28	-30	-25	-31	-24
Investment in Securities	594	573	623	-1,389	1,690	-929
Investing Cash Flow	318	395	25	-1,533	1,088	-1,038
Short-Term Debt Issued	-	52	56	-	3,618	628
Long-Term Debt Issued	-	-	-	-	1,138	553
Total Debt Issued	124	52	56	-	4,756	1,181
Short-Term Debt Repaid	-	-	-	-2,282	-1,977	-679
Long-Term Debt Repaid	-	-1,196	-56	-1,158	-1	-195
Total Debt Repaid	-918	-1,196	-56	-3,440	-1,978	-874
Net Debt Issued (Repaid)	-794	-1,144	-	-3,440	2,778	307
Issuance of Common Stock	292	212	72	46	672	856
Repurchase of Common Stock	-438	-301	-424	-947	-302	-
Other Financing Activities	8	-	-	-	-	-
Financing Cash Flow	-932	-1,233	-352	-4,341	3,148	1,163
Net Cash Flow	-196	-410	27	-1,370	1,059	548
Free Cash Flow	279	285	219	4,389	-3,251	338
Free Cash Flow Growth	12.05%	30.14%	-95.01%	-	-	-
Free Cash Flow Margin	11.24%	12.75%	11.26%	224.16%	-152.49%	20.81%
Free Cash Flow Per Share	1.16	1.22	0.94	18.12	-12.42	1.46
Cash Interest Paid	35	35	28	50	109	51
Cash Income Tax Paid	6	6	6	6	-	-
Levered Free Cash Flow	161.63	292.75	294.13	1,533	280.4	448.05
Unlevered Free Cash Flow	173.75	311.25	311.63	1,529	256.4	432.3
Change in Working Capital	-241	-175	-165	3,891	-3,754	41

Source: S&P Global Market Intelligence. Standard template. Financial Sources.