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Where the tokens are
Standardised from the company’s filings, newest period first, labelled with the company’s own fiscal calendar. A line the company does not report is left off rather than shown as zero; margins and free cash flow are worked out here, and only where every input is present.
| Line item | Q2 FY262026-06-30 | Q1 FY262026-03-31 | Q4 FY252025-12-31 | Q3 FY252025-09-30 | Q2 FY252025-06-30 | Q1 FY252025-03-31 | Q4 FY242024-12-31 | Q3 FY242024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $772.00M | $708.00M | $654.00M | $676.00M | $655.00M | $598.00M | $554.00M | $581.00M |
| Cost of revenue | $210.00M | $189.00M | $178.00M | $185.00M | $166.00M | $139.00M | $134.00M | $140.00M |
| Gross profit | $562.00M | $519.00M | $476.00M | $491.00M | $489.00M | $459.00M | $420.00M | $441.00M |
| Gross margin | 72.8% | 73.3% | 72.8% | 72.6% | 74.7% | 76.8% | 75.8% | 75.9% |
| Research and development | $156.00M | $150.00M | $154.00M | $151.00M | $153.00M | $149.00M | $149.00M | $145.00M |
| Selling, general and administrative | $380.00M | $333.00M | $333.00M | $341.00M | $347.00M | $319.00M | $340.00M | $340.00M |
| Operating expenses | $572.00M | $483.00M | $487.00M | $494.00M | $500.00M | $468.00M | $489.00M | $486.00M |
| Operating income | −$10.00M | $36.00M | −$11.00M | −$3.00M | −$11.00M | −$9.00M | −$69.00M | −$45.00M |
| Operating margin | -1.3% | 5.1% | -1.7% | -0.4% | -1.7% | -1.5% | -12.5% | -7.7% |
| EBITDA | $85.00M | $107.00M | $59.00M | $72.00M | $51.00M | $61.00M | −$2.00M | $24.00M |
| Interest expense | −$6.00M | −$4.00M | −$5.00M | −$3.00M | −$5.00M | −$5.00M | −$8.00M | −$9.00M |
| Income before taxes | −$3.00M | $48.00M | $3.00M | $12.00M | $2.00M | $8.00M | −$51.00M | −$20.00M |
| Income taxes | $1.00M | $2.00M | $0 | $2.00M | $0 | $0 | $1.00M | — |
| Net income | −$4.00M | $46.00M | $3.00M | $10.00M | $2.00M | $8.00M | −$52.00M | −$20.00M |
| Net margin | -0.5% | 6.5% | 0.5% | 1.5% | 0.3% | 1.3% | -9.4% | -3.4% |
| EPS, basic | −$0.02 | $0.19 | $0.01 | $0.04 | $0.01 | $0.03 | −$0.22 | −$0.08 |
| EPS, diluted | −$0.02 | $0.19 | $0.01 | $0.04 | $0.01 | $0.03 | −$0.22 | −$0.08 |
| Diluted shares | 227.90M | 239.64M | 252.37M | 256.24M | 251.67M | 256.19M | 235.64M | 232.52M |
Figures describe Zillow shares, not any token. As of Aug 5, 2026, from Massive's standardised financials. The company reports these figures; a token's issuer holds the shares and reports nothing of its own here.