Reported Consolidated Results Condensed Consolidated Balance Sheets As of March 31, 2025, Zillow Group's total assets were $5.75 billion, a slight decrease from $5.83 billion at the end of 2024, primarily due to a reduction in cash and short-term investments, while total liabilities saw a minor increase to $992 million from $981 million, and total shareholders' equity decreased to $4.75 billion Balance Sheet Summary (in millions) | Account | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Current Assets | $2,154 | $2,334 | | Cash and cash equivalents | $914 | $1,082 | | Short-term investments | $689 | $776 | | Total Assets | $5,746 | $5,829 | | Total Current Liabilities | $875 | $831 | | Total Liabilities | $992 | $981 | | Total Shareholders' Equity | $4,754 | $4,848 | Condensed Consolidated Statements of Operations For the first quarter of 2025, Zillow Group reported a 13% year-over-year revenue increase to $598 million, achieved a significant turnaround in profitability with a net income of $8 million compared to a net loss of $23 million in 2024, and saw Adjusted EBITDA grow by 22% to $153 million Q1 2025 vs Q1 2024 Performance (in millions, except per share data) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Revenue | $598 | $529 | | Gross Profit | $459 | $406 | | Loss from Operations | $(9) | $(45) | | Net Income (Loss) | $8 | $(23) | | Diluted EPS | $0.03 | $(0.10) | | Adjusted EBITDA | $153 | $125 | - Total share-based compensation expense decreased to $97 million in Q1 2025 from $108 million in Q1 20243 Condensed Consolidated Statements of Cash Flows In Q1 2025, net cash provided by operating activities increased to $104 million from $80 million, but a net cash outflow of $219 million from financing activities, primarily due to $250 million in stock repurchases, resulted in a net decrease in cash, cash equivalents, and restricted cash of $167 million for the quarter Cash Flow Summary for Three Months Ended March 31 (in millions) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | Net cash provided by operating activities | $104 | $80 | | Net cash used in investing activities | $(52) | $(204) | | Net cash provided by (used in) financing activities | $(219) | $71 | | Net decrease in cash | $(167) | $(53) | - The company repurchased $250 million of its Class A common stock and Class C capital stock during Q1 2025, a significant increase from the $9 million repurchased in Q1 20245 - Cash used for purchases of intangible assets increased significantly to $108 million in Q1 2025 from $7 million in Q1 20245 Non-GAAP Financial Measures Reconciliation of Non-GAAP Net Income per Share Zillow provides a non-GAAP net income metric that excludes share-based compensation, impairment costs, and income taxes to facilitate period-over-period comparisons, with adjusted non-GAAP net income for Q1 2025 at $105 million, or $0.41 per diluted share, an increase from $93 million, or $0.36 per diluted share, in Q1 2024 Reconciliation of GAAP Net Income to Non-GAAP Net Income (in millions) | Description | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net income (loss), as reported (GAAP) | $8 | $(23) | | Share-based compensation | $97 | $108 | | Impairment costs | $— | $6 | | Income taxes | $— | $2 | | Net income, adjusted (Non-GAAP) | $105 | $93 | Non-GAAP Net Income Per Share | Per Share Data | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Basic | $0.43 | $0.40 | | Diluted | $0.41 | $0.36 | Key Operating Metrics User Engagement Metrics User engagement on Zillow's platforms grew in the first quarter of 2025 compared to the prior year, with total visits increasing by 2% to 2.35 billion and average monthly unique users rising by 5% to 227 million User Engagement for Three Months Ended March 31 (in millions) | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Visits | 2,354 | 2,316 | 2% | | Average monthly unique users | 227 | 217 | 5% | For Sale Revenue Metrics For the twelve months ending March 31, 2025, For Sale revenue increased by 12% to $1.77 billion, outpacing the 7% increase in Total Transaction Value (TTV) and improving revenue monetization with For Sale revenue per TTV rising from 9.7 to 10.2 basis points For Sale Revenue for Twelve Months Ended March 31 | Metric | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | For Sale revenue (in millions) | $1,773 | $1,585 | 12% | | Total transaction value (in trillions) | $1.7 | $1.6 | 7% | | For Sale revenue per TTV (in basis points) | 10.2 | 9.7 | 5% | Loan Origination Metrics Zillow Home Loans demonstrated significant growth in Q1 2025, with total loan origination volume rising 32% year-over-year to $796 million, primarily driven by a 32% increase in purchase loan origination volume which reached $791 million Loan Origination Volume for Three Months Ended March 31 (in millions) | Loan Type | 2025 | 2024 | % Change | | :--- | :--- | :--- | :--- | | Purchase loan origination volume | $791 | $601 | 32% | | Refinance loan origination volume | $5 | $4 | 25% | | Total loan origination volume | $796 | $605 | 32% |
Zillow Group(ZG) - 2025 Q1 - Quarterly Results