# Zillow Group, Inc. (Z)

> Source: Nexqual · https://nexqual.com/Z · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Zillow Group, Inc. (Z), nexqual.com/Z" · informational, not investment advice.

**Price:** USD 33.98 (+8.53% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 31.31 · day 31.01–34.59 · 52w 26.67–79.4 · market cap $7.64B · NMS

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $2.81B, net income $55.0M (2.0% margin), free cash flow $258M (SEC filings).
- Valuation: P/E 138.9x (avg 753.7x at the last 1 fiscal year-ends).
- 1 of 80 tracked superinvestors hold Z (13F, Q2 2026): 0 new, 0 added, 0 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 19 Form 4 filings, $2.9M; 9 not under a Rule 10b5-1 plan ($881K); 2 by opportunistic insiders (0 outside 10b5-1 plans), 14 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.57 on a 1–5 scale) (7 analysts), mean target USD 41.17 (range 34–62).
- Total return with dividends: 1Y -56.5% vs S&P 500 +14.9%; 5Y -63.1% vs S&P 500 +80.3%.
- Next earnings: 2026-11-04, EPS estimate USD 0.6, revenue estimate $755M.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $2.13B | $1.96B | $1.95B | $2.24B | $2.58B | $2.81B |
| Gross profit | $1.81B | $1.59B | $1.52B | $1.71B | $1.92B | — |
| Operating income | $239M | -$93.0M | -$270M | -$197M | -$34.0M | $12.0M |
| Net income | -$528M | -$101M | -$158M | -$112M | $23.0M | $55.0M |
| EPS (diluted) | -$2.02 | -$0.42 | -$0.68 | -$0.48 | $0.09 | — |
| Free cash flow | -$3.25B | $4.39B | $219M | $285M | $235M | $258M |
| Gross margin | 84.8% | 81.3% | 78.4% | 76.4% | 74.1% | — |
| Operating margin | 11.2% | -4.7% | -13.9% | -8.8% | -1.3% | 0.4% |
| Net margin | -24.8% | -5.2% | -8.1% | -5.0% | 0.9% | 2.0% |
| Revenue growth | +31.3% | -8.2% | -0.7% | +15.0% | +15.5% | — |
| Cash + short-term investments | $2.83B | $3.36B | $2.81B | $1.86B | $1.29B | — |
| Total debt | $1.43B | $1.70B | $1.70B | $563M | — | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 138.9x · P/S 2.7x · P/FCF 29.6x · P/B 1.8x · FCF yield 3.38% · Earnings yield 0.72% · Buyback yield (TTM) 14.34%
P/E at fiscal year-ends: Dec 2025 753.7x.

## Superinvestors (SEC 13F-HR, Q2 2026)
1 of 80 tracked investors hold Z. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Kahn Brothers | Kahn Brothers Group | 4.00% | $22.6M | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
10 of 19 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-09-03 | Blachford Erik C | Director | 792 | $28K | 2.3% | Yes (adopted March 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-03 | Cormier Thielke Claire | Director | 1,187 | $42K | 33.3% | Yes (adopted May 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-08-13…2026-08-17 | Hofmann Jeremy | COO & CFO | 9,171 | $314K | 13.4% | Yes (adopted November 19, 2025) | Routine (sold in Aug & Nov each year 2023–2025) |
| 2026-08-13…2026-08-17 | Wacksman Jeremy | Chief Executive Officer | 15,125 | $517K | 9.8% | Yes (adopted February 20, 2026) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-13…2026-08-14 | Spaulding Dan | Chief People Officer | 5,135 | $179K | 10.3% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-13 | Beitel David A. | Chief Technology Officer | 1,798 | $62K | 1.3% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-13 | Rock Jennifer | Chief Accounting Officer | 990 | $34K | 1.7% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-08-13 | Samuelson Errol G | Chief Industry Dev. Officer | 3,154 | $108K | 2.4% | No | Routine (sold in Feb & Mar & May & Aug & Nov each year 2023–2025) |
| 2026-08-11 | Cormier Thielke Claire | Director | 1,187 | $39K | 25% | Yes (adopted May 12, 2026) | Too little history (no open-market trades in 2023) |
| 2026-06-08 | Blachford Erik C | Director | 791 | $28K | 2.2% | Yes (adopted March 4, 2026) | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-22 | Wacksman Jeremy | Chief Executive Officer | 9,072 | $331K | 5.6% | Yes (adopted February 20, 2026) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14…2026-05-18 | Spaulding Dan | Chief People Officer | 5,134 | $193K | 9.4% | Yes (adopted August 30, 2024) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14…2026-05-18 | Hofmann Jeremy | Chief Financial Officer | 9,172 | $345K | 11.8% | Yes (adopted November 19, 2025) | Routine (sold in Aug & Nov each year 2023–2025; this trade is outside those months) |
| 2026-05-14…2026-05-15 | Owens Bradley D. | General Counsel | 5,610 | $210K | 7.9% | Yes (adopted August 19, 2025) | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14 | Wacksman Jeremy | Chief Executive Officer | 6,051 | $229K | 3.6% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14 | Choo Jun | Chief Operating Officer | 1,228 | $47K | 1.1% | No | Too little history (no open-market trades in 2023) |
| 2026-05-14 | Beitel David A. | Chief Technology Officer | 1,879 | $71K | 1.4% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14 | Rock Jennifer | Chief Accounting Officer | 1,034 | $39K | 1.7% | No | Routine (sold in Feb & May & Aug & Nov each year 2023–2025) |
| 2026-05-14 | Samuelson Errol G | Chief Industry Dev. Officer | 2,939 | $112K | 2.1% | No | Routine (sold in Feb & Mar & May & Aug & Nov each year 2023–2025) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.57 on a 1–5 scale), 7 analysts; mean target USD 41.17 (low 34, high 62).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-16 | Needham | Reiterated | Hold |  |
| 2026-10-13 | Morgan Stanley | Target lowered | Equal-Weight | $60 → $35 |
| 2026-08-11 | JP Morgan | Target lowered | Overweight | $76 → $62 |
| 2026-08-07 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $37 → $34 |
| 2026-07-14 | Jefferies | Target lowered | Buy | $75 → $60 |
| 2026-07-13 | Keefe, Bruyette & Woods | Target lowered | Market Perform | $50 → $37 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -56.5% | -63.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -56.6% | -18.1% |
| Volatility (annualized) | 50.7% | 53.3% |
| Max drawdown | -65.2% (Oct 2025→Sep 2026) | -74.0% (Oct 2021→Oct 2022) |

## Peers (Internet Content & Information)
BZ (KANZHUN LIMITED - American Depo) USD 16.41 +0.92% · BILI (Bilibili Inc.) USD 13.47 -0.96% · MTCH (Match Group, Inc.) USD 45.92 -0.82% · SNAP (Snap Inc.) USD 6.35 +0.00% · PINS (Pinterest, Inc.) USD 22.93 -0.09% · TME (Tencent Music Entertainment Gro) USD 8.6 +1.90%

## More
Full page: https://nexqual.com/Z · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in Z's own 10-K filed 2026-02-11 (https://www.sec.gov/Archives/edgar/data/1617640/000161764026000015/z-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Amazon (AMZN) | "We store a significant amount of information about our customers, real estate partners, employees, and business on AWS and in the Cloud Services, and we rely on these third-party service providers to provide services on …" |
| Partner | Redfin | "Our listing syndication agreements with Realtor.com and Redfin, and strategic partnerships with AppFolio and Esusu, extend our reach and help us provide a more comprehensive marketplace for consumers, add value for prope…" |

Other companies that name Z in their own reports (relationship from Z's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | Rocket Companies, Inc. (RKT) | 10-K 2026-03-02 | "Zillow Partnership revenue — As part of the acquisition of Redfin, the Company has an arrangement with Zillow, Inc. and recognizes revenue from a Content License Agreement and Partnership Agreement, w…" |
| partner | Opendoor Technologies Inc. (OPEN) | 10-K 2026-02-19 | "On July 28, 2022, the Company entered into a warrant agreement with Zillow, Inc. ("Zillow") in connection with a partnership arrangement that allows for Zillow to purchase up to 6 million shares of co…" |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Sales Revenue | $549.0M | 71.1% | +13.9% |
| — Residential (part of Sales Revenue) | $465.0M | 60.2% | +7.1% |
| — Mortgages (part of Sales Revenue) | $84.0M | 10.9% | +75.0% |
| Rentals | $209.0M | 27.1% | +31.4% |
| Other | $14.0M | 1.8% | +0.0% |
| Total revenue | $772.0M | 100% | — |

## Company outlook (8-K filed 2026-08-05)

- "Complete financial results for the second quarter and outlook for the third quarter and the full year of 2026 can be found in the shareholder letter on the Investor Relations section of Zillow Group's website at https://investors.zillowgroup.com/investors/financials/quarterly-results/default.aspx. "Zillow delivered another quarter of strong results and consistent execution."
- "Forward-looking statements are made based on assumptions as of August 5, 2026, and although we believe the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee these results."
- "In making this determination, we considered the following factors: (1) the FTC Matter is the first legal proceeding of this nature brought against us, and we do not currently expect similar proceedings to recur;"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $0.60 | $0.67 | -10.3% | $755.0M | 7 |
| Next quarter (ends 2026-12-31) | $0.59 | $0.63 | -6.7% | $711.7M | 7 |
| Current fiscal year (ends 2026-12-31) | $2.21 | $2.30 | -3.6% | $2.95B | 6 |
| Next fiscal year (ends 2027-12-31) | $2.76 | $3.01 | -8.1% | $3.29B | 6 |