For the year ending 2025-12-31, ZG had -$312M decrease in cash & cash equivalents over the period. $235M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income (loss) | 23 | -112 | -158 | -101 |
| Depreciation and amortization | 264 | 240 | 187 | 157 |
| Share-based compensation | 390 | 448 | 451 | 451 |
| Amortization of right of use assets | 8 | 10 | 35 | 23 |
| Amortization of contract cost assets | 21 | 19 | 21 | 30 |
| Amortization of debt discount and debt issuance costs | - | 4 | 5 | 26 |
| Loss (gain) on extinguishment of debt | - | -1 | 1 | -21 |
| Impairment and restructuring costs | - | - | 16 | 0 |
| Amortization (accretion) of bond premium (discount) | - | - | -35 | - |
| Impairment costs | 2 | 6 | - | - |
| Inventory valuation adjustment | - | - | 0 | 9 |
| Accretion of bond discount | 9 | 27 | - | - |
| Other adjustments to reconcile net income (loss) to net cash provided by operating activities | 6 | 14 | -2 | -3 |
| Accounts receivable | 45 | 8 | 24 | -82 |
| Mortgage loans held for sale | 227 | 59 | 59 | -66 |
| Inventory | - | 0 | 0 | -3,904 |
| Prepaid expenses and other assets | 82 | 74 | 17 | -6 |
| Contract cost assets | 23 | 21 | 21 | 18 |
| Lease liabilities | -11 | -35 | -30 | -21 |
| Accounts payable | 6 | 2 | 6 | 3 |
| Accrued expenses and other current liabilities | 31 | 0 | -18 | -71 |
| Accrued compensation and benefits | 5 | 10 | -1 | -60 |
| Deferred revenue | 7 | 8 | 1 | -7 |
| Other long-term liabilities | 2 | 2 | -2 | 7 |
| Net cash provided by operating activities | 368 | 428 | 354 | 4,504 |
| Proceeds from maturities of investments | 411 | 1,042 | 1,287 | 802 |
| Proceeds from sales of investments | 61 | 237 | - | 0 |
| Purchases of investments | 211 | 706 | 664 | 2,191 |
| Purchases of property and equipment | 133 | 143 | 135 | 115 |
| Purchases of intangible assets | 134 | 28 | 30 | 25 |
| Proceeds from sale of equity investment | - | - | - | 0 |
| Cash paid for acquisitions, net | 0 | 7 | 433 | 4 |
| Net cash provided by (used in) investing activities | -6 | 395 | 25 | -1,533 |
| Proceeds from issuance of convertible senior notes, net of issuance costs | - | - | - | 0 |
| Proceeds from issuance of class c capital stock, net of issuance costs | - | - | 0 | 0 |
| Proceeds from issuance of term loan, net of issuance costs | - | - | 0 | 0 |
| Repayments of borrowings on credit facilities | - | 0 | 0 | 0 |
| Net borrowings on warehouse line of credit and repurchase agreements | 219 | 52 | 56 | -76 |
| Repurchases of class a common stock and class c capital stock | 670 | 301 | 424 | 947 |
| Settlement of convertible senior notes | 419 | 1,196 | 56 | 1,158 |
| Settlement of capped call transactions | 38 | - | - | - |
| Proceeds from exercise of stock options | 188 | 212 | 72 | 46 |
| Payment for contingent consideration liability, financing activities | 30 | - | - | - |
| Net cash used in financing activities | -674 | -1,233 | -352 | -4,341 |
| Net increase (decrease) in cash, cash equivalents and restricted cash during period | -312 | -410 | 27 | -1,370 |
| Cash and cash equivalents at beginning of period | 1,085 | 1,495 | 1,468 | 2,838 |
| Cash and cash equivalents at end of period | 773 | 1,085 | 1,495 | 1,468 |
ZILLOW GROUP, INC. (ZG)
ZILLOW GROUP, INC. (ZG)