Zillow Group, Inc. Class C

ZNASDAQCommunication Services● Active

$35.02

$-0.04(-0.11%)

Market Cap$8.4B

P/E Ratio—

52W High$93.88

52W Low$34.16

Avg Volume4.0M

Open$35.11

Beta1.94

Free Cash Flow Financials Revenue

Zillow Group, Inc. Class C (Z) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

Z · free cash flow · updated Jun 8, 2026

Core FCF metrics

Z · FCF · TTM · margin & CAGR

Free cash flow was $235.0M for FY2025 (fiscal year ending 2025-12-31), down 17.5% year-over-year The FCF margin was 9.1%. Five-year CAGR stands at -5.7%.

FY2025 Free Cash Flow$235.0M▼ -17.5% YoY

Trailing 12M (TTM)$431.0Mtrailing 4 quarters sum

FCF Margin9.1%$235.0M ÷ revenue

3-Year CAGR-62.2%FY2022 → FY2025

5-Year CAGR-5.7%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

Z · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$368.0M(133M)$235.0M▼ 17.5%9.1%

FY2024$428.0M(143M)$285.0M▲ +50.8%12.8%

FY2023$354.0M(165M)$189.0M▼ 95.7%9.7%

FY2022$4.50B(140M)$4.36B▲ +233.0%222.9%

FY2021−$3.18B(105M)−$3.28B▼ 1139.7%-153.9%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

Z · P/FCF · FCF yield · FCF per share

Zillow Group, Inc. Class C (Z) trades at a FCF yield of 3.93% and a price-to-free-cash-flow ratio of 19.7x. FCF per share stands at $1.78, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

3.93%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$1.78

TTM FCF ÷ Shares Outstanding

Price / FCF

x19.7

Share Price ÷ FCF per Share

EV / FCF (TTM)

x24.7

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-12-31

Cash flow statement summary

Z · cash flow statement · operating / investing / financing

For FY2025, Zillow Group, Inc. Class C generated $368.0M in operating cash flow and spent 133M in capital expenditures, yielding $235.0M in free cash flow.

Operating Activities

+$368.0M

Cash from core business operations

2025-12-31

Investing Activities

−$6.0M

CapEx, acquisitions & investments

2025-12-31

Financing Activities

−$674.0M

Buybacks, dividends & debt

2025-12-31

FCF FormulaOperating CF ($368.0M) − |CapEx| (133M) = FCF ($235.0M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Communication Services)

Z vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Zillow Group, Inc. Class CYOU

$235.0M-17.5%9.1%

About Free Cash Flow & Methodology

Zillow Group, Inc. Class C (Z) reported free cash flow of $235.0M for FY2025 (fiscal year ending 2025-12-31), down 17.5% year-over-year. The FCF margin was 9.1%.

Based on available data, Zillow Group, Inc. Class C has maintained positive free cash flow for at least 10 fiscal year(s). FCF peaked at $4.36B in FY2022. The 5-year CAGR stands at -5.7%.

Zillow Group, Inc. Class C's FCF yield is 3.93% and price-to-FCF ratio is 19.7x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

Z free cash flow · 8 questions

Zillow Group, Inc. Class C free cash flow was $235.0M for FY2025, down 17.5% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $431.0M.

Z free cash flowZ FCFZ FCF 2025Z free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Zillow Group, Inc. Class C · Zillow Group, Inc. Class C SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026