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How ZILLOW GROUP, INC. makes its money

Start with a dollar of revenue and follow what the filing says remains.

revenueBranching filed flows with values and percentages directly labeled. Missing filing concepts are omitted rather than estimated.Revenue$2.6B · 100%Cost of revenue$668M · 26%Gross profit$1.9B · 74%Operating income−$34M · −1%Income before tax$25M · 1%Income tax$2M · 0%Net income$23M · 1%As of 2025-12-31 · 1 SEC filing sourceBuy Like Buffett · buylikebuffett.com

Honest partial: the filing did not provide a normalized tag for Research and development, Selling, general and administrative; those components are omitted, not plugged.

Table alternative
Filed lineValue% of revenueSource
$2.6B100%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
Cost of revenue$668M26%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
$1.9B74%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
−$34M−1%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
Income before tax$25M1%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
Income tax$2M0%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
$23M1%
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
Source:
  • 10-K · FY 2025Filing detailsAccession 0001617640-26-000015 · filed Feb 11, 2026
· event Dec 31, 2025 · retrieved Oct 20, 2026 · annual-row source set
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