Zillow (ZG) Operating Expenses (2014 - 2026)

On a trailing twelve-month basis, Zillow's Operating Expenses was $2.04 billion through Jun 30, 2026, up 4.8% year-over-year; for FY2025, it was $1.95 billion, up 2.3% from FY2024.

• Operating Expenses has now increased for five consecutive years, with a five-year compound annual growth rate of 9.1% (FY2020 to FY2025).
• In earlier years, Operating Expenses was $1.91 billion in FY2024 (+6.2%), $1.79 billion in FY2023 (+6.5%), $1.68 billion in FY2022 (+7.3%) and $1.57 billion in FY2021 (+24.6%).
• The Q2 2026 figure marks the highest quarterly Operating Expenses since Q1 2020.
• Compared with a year earlier, Operating Expenses was higher in seven of the last eight quarters, with growth averaging 5.4%.
• The best year-over-year quarter for Operating Expenses over five years was Q4 2021 (growth of 299.8%); the worst was Q2 2022 (a decline of 15.5%).
• Per Business Quant data, ZG's Operating Expenses in the three quarters before Q2 2026 was $483 million (Q1 2026), $487 million (Q4 2025) and $494 million (Q3 2025).