What is Zillow Group, Inc.'s net debt?

Zillow Group, Inc. (ZG) reported net debt of -$589M in Q1 2026.

How has Zillow Group, Inc.'s net debt changed year-over-year?

Zillow Group, Inc.'s net debt decreased by 413.3% year-over-year, from $188M to -$589M.

What is the long-term trend for Zillow Group, Inc.'s net debt?

Over 5 years (2020 to 2025), Zillow Group, Inc.'s net debt has grown at a -1.7% compound annual growth rate (CAGR), from $740.77M to -$680M.

What does net debt mean?

Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.

Zillow Group, Inc. ZG Net debt

Discontinued — last reported Q1 '26

Net debt at other companies

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Armstrong World IndustriesAWI

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LAD

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0.4×0.0×

Albertsons CompaniesACI

4.1×+0.4×

Pilgrim's Pride CorporationPPC

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ESABESAB

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Other financials

Income statement

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Revenue$708.0M+18.4%

Gross profit$519.0M+13.1%

Operating income$36.0M+500%

Net income$46.0M+475%

EPS (diluted)$0.19+533%

Balance sheet

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Cash & equivalents$683.0M-25.6%

Total debt$94.0M-91.5%

Total equity$4.4B-7.3%

Total assets$5.2B-9.0%

Cash flow

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Operating cash flow$200.0M+92.3%

CapEx$34.0M-5.6%

Free cash flow$166.0M+144%

Valuation

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Market cap$7.43B-38.8%

Enterprise value$6.84B-43.1%

P/E121.9×—

P/S2.8×-2.5×

Profitability

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Gross margin73.3%-3.1pp

Operating margin0.4%+0.2pp

Net margin2.3%+1.4pp

FCF margin12.4%-1.2pp

Returns & leverage

See full

Return on equity1.3%+0.9pp

Debt / equity0×-0.2×

Current ratio2.3×-0.2×

Where this comes from

Calculated from Zillow Group, Inc.’s reported figures.

$94.0Mtotal debt−$683.0Mcash and equivalents=-$589M

The official record: Zillow Group, Inc.’s 10-Q, filed May 6, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Zillow Group, Inc.'s net debt?: Zillow Group, Inc. (ZG) reported net debt of -$589M in Q1 2026.
How has Zillow Group, Inc.'s net debt changed year-over-year?: Zillow Group, Inc.'s net debt decreased by 413.3% year-over-year, from $188M to -$589M.
What is the long-term trend for Zillow Group, Inc.'s net debt?: Over 5 years (2020 to 2025), Zillow Group, Inc.'s net debt has grown at a -1.7% compound annual growth rate (CAGR), from $740.77M to -$680M.
What does net debt mean?: Total debt minus cash and equivalents at the quarter end. The debt that would remain if the company used all its cash to pay down borrowings.