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Zoom Communications, Inc. (ZM) stock

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NASDAQ: ZM Nasdaq Application Software Next results ~November 23, 2026

B Fundamentals grade

Zoom Communications provides a cloud-based platform for communication and collaboration. Its Zoom Workplace suite combines Zoom Meetings (video, voice, chat and content sharing), the Zoom Phone cloud phone system, Zoom Team Chat, Zoom Docs and Zoom Whiteboard. A separate set of Business Services addresses customer-facing teams through Zoom Contact Center, Zoom Revenue Accelerator and Zoom Events, while the Workvivo platform covers employee communication and engagement. Running across these products is Zoom AI Companion, an assistant launched in September 2023 that draws on several large language models, including those from OpenAI, Anthropic and NVIDIA.

Customers range from individuals to large enterprises in industries such as education, finance, government, health care, manufacturing and retail, and no single customer accounted for more than a tenth of revenue in the year to 31 January 2026. The company sells paid subscriptions, steering free users towards upgrades via direct sales teams, online self-service, resellers and partners; Workvivo is offered as a monthly subscription with optional paid add-ons.

Products are grouped into AI, Zoom Workplace, Business Services, Employee Experience and a developer ecosystem, the last offering more than 3,100 apps through the Zoom App Marketplace. Zoom sells to customers across the world, with Zoom Phone providing native telephone connectivity in more than 45 countries and territories.

Based on Zoom Communications, Inc.'s 10-K filed February 27, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$100

Cash-flow model

Base case. Range ~$81–$130 across our lower- and higher-growth cases (-0.6%–9.4% a year).

Price vs value

Modestly undervalued

The price is inside our value range, 9% below our base value.

Price used: $91.98, November 2, 2026

Zoom Communications, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 6 selling0 purchases and 191 sales by directors and officers, last 12 monthsInsider trades
  • Funds460 adding, 369 cuttingOf 78 active managers that changed their stake, 41 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zoom Communications files

Where Zoom Communications stands after its latest 10-Q

Revenue for the twelve months to July 2026 was $4.99bn, up 5.0% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin held at 38.6%. Operating margin widened to 23.7% from 20.4%. The diluted share count is down 3.5% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $68.00 a share, against a share price of $97.85. At that price, our model says the market is pricing in about 11.0% a year of cash-flow growth for five years, faster than the 4.0% a year revenue growth it has delivered.

Source: 10-Q filed August 26, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 23, 2026 (estimated)

Zoom Communications, Inc.'s trailing-twelve-month revenue grew 5.0% year on year, with a free-cash-flow margin of 38.6%. Where it stands out: net margin of 65.2% ranks 1 of 185 application software companies we cover.

Our discounted-cash-flow model values the business at ~$100 per share in the base case (~$81–$130 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Net margin expanding: TTM net margin reached 65.2%, up 40.2pp year over year.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 3.3 points on a year ago.
  • Strong cash generation. 38.6% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Shrinking share count. Diluted shares fell 3.5% in a year, so each share owns more of the business.
  • Net cash. Cash exceeds long-term debt by $0.9bn.

Things to watch

  • Insiders selling. 6 insiders sold $97M of stock over the past 365 days and none bought (100% under pre-set trading plans).
  • Weak cash conversion. Free cash flow was 59% of net income over the last 12 months.

Latest results: FY2027 Q2

Filed August 26, 2026
Earnings per share
$1.55 against an average estimate of $1.48: beat by 5.0%
Revenue
$1.28bn, up 4.9% on a year earlier
Share reaction
-10.5% in the first session after the results on August 25, 2026, against +0.3% for the S&P 500
Guidance given
total revenue $1.28bn to $1.28bn (Third Quarter Fiscal Year 2027); revenue in constant currency $1.28bn to $1.28bn (Third Quarter Fiscal Year 2027)
Next report
November 23, 2026; average EPS estimate $1.49

Zoom Communications' figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-3.7%
  • 1 week-6.2%
  • 1 month-1.0%
  • This year+6.6%
  • 1 year+5.4%
  • 5 years-67.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$5B
Operating margin
23.7%
Net margin
65.2%
EPS (TTM, diluted)
$10.78

Growth

Revenue growth
+5.0%
Change in growth rate
+0.1 pts
Share count change
−3.5%

Cash

Free cash flow (TTM)
$1.9B
FCF margin
38.6%
Stock pay % of revenue
14.6%

Earnings

Last results
August 25, 2026
Next results (est.)
November 23, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Insider trade
  3. Leadership
  4. Results
  5. Guidance
  6. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zoom Communications, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 4.8% a year of cash-flow growth for five years.That is close to the 4.0% a year revenue growth Zoom Communications has delivered.

  • Priced in4.8%
  • Last 12 months5.0%
  • 3 years a year3.8%
  • 5 years a year4.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($90.33, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$100
Price used
$90.33close November 3, 2026
Implied change
▲ +11%
Uncertainty
Low

How we got here: a discounted-cash-flow model of Zoom Communications, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($1B, FY2027 Q2 TTM), growing 4.3% and 4.4% in the next two years (forecasts, guidance and its record), then back to 4.4% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$81–~$130 ; that spread sets a 15% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Zoom Communications, Inc.'s free cash flow after stock-based pay ( $1B, FY2027 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Zoom Communications, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 9.6%: the 10-year Treasury yield (4.9%) plus a beta of 1.03 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$100 ~$81–$130 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$88 ~$72–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. ~$79 ~$54–$120 Included
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$72 ~$63–$85 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$88 ~$72–$100 4 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zoom Communications, Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −21%
  • Revenue growth 5 points higher ▲ +27%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −1%
  • Discount rate 1 point higher ▼ −12%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $73$91$114$145$185$236
8.5% $62$74$91$113$142$178
10% $55$65$78$94$116$144

Valuation multiples over time Market data may be delayed

At fiscal year end 2020202120222023202420252026Now
Share price$76.30$372.07$154.28$75.00$64.61$86.94$92.10$91.98
Market value$19.4bn$110.9bn$47.2bn$22.8bn$19.9bn$27.4bn$28.3bn$27.8bn
+ Net debt (− = net cash)−$283m−$2.2bn−$1.1bn−$1.1bn−$1.6bn−$1.3bn−$1.3bn−$932m
Enterprise value$19.1bn$108.7bn$46.1bn$21.7bn$18.4bn$26.0bn$27.0bn$26.9bn
Multiples
Price / sales 31.2x41.8x11.5x5.2x4.4x5.9x5.8x5.6x
Price / earnings n/m165.0x34.3xn/m31.3x27.1x14.9x8.5x
Price / free cash flow 170.5x79.7x32.0x19.2x13.5x15.1x14.7x14.4x
EV / EBITDA n/m157.8x41.5x66.3x29.2x27.8x21.5x20.5x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

58 /100

Moderate moat

How hard Zoom Communications's competitive advantage looks for rivals to wear away, judged from 8 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Cash operating profit has been a median 17.0% of total assets over 7 years.

  • Pricing power 19 / 20

    Gross margin has been a median 75.7%, moving by 2.7 percentage points (standard deviation) across 8 years.

  • Durability 7 / 20

    Operating margin has been a median 18.1%; its worst year was 1.8%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 8 of 8 years, at a median 38.0% of revenue.

  • Discipline 7 / 20

    The diluted share count fell 0.3% over five years; stock-based pay has been a median 15.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (73 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 23, 2026, after the close. Analysts expect revenue of $1.3bn and EPS of $1.49 (range $1.47 to $1.59) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $6.14 +4% $5.1bn +5%
Next $6.34 +3% $5.3bn +4%

Next year's EPS estimate has moved +0.7% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +1.0% on 90 days ago. In the last 30 days, 19 analysts raised Zoom Communications, Inc.'s forecast and 3 cut it.

Consensus EPS forecast Zoom Communications, Inc., last 90 days
$6.00 $6.10 $6.20 $6.30 $6.40 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $6.08 Current fiscal year, 60 days ago: $6.14 Current fiscal year, 30 days ago: $6.14 Current fiscal year, 7 days ago: $6.14 Current fiscal year, Now: $6.14 $6.14 Next fiscal year, 90 days ago: $6.30 Next fiscal year, 60 days ago: $6.34 Next fiscal year, 30 days ago: $6.34 Next fiscal year, 7 days ago: $6.34 Next fiscal year, Now: $6.34 $6.34

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $6.08$6.30
60 days ago $6.14$6.34
30 days ago $6.14$6.34
7 days ago $6.14$6.34
Now $6.14$6.34

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.48 $1.55 +5.0%
Apr 2026 $1.42 $1.55 +9.5%
Jan 2026 $1.49 $1.44 −3.1%
Oct 2025 $1.44 $1.52 +5.8%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 25, 2026
  • Total revenue Full Fiscal Year 2027 $5.085bn to $5.095bn
    “Total revenue is expected to be between $5.085 billion and $5.095 billion and revenue in constant currency is expected to be between $5.071 billion and $5.081 billion.” source
  • Revenue in constant currency Full Fiscal Year 2027 $5.071bn to $5.081bn Non-GAAP
    “Total revenue is expected to be between $5.085 billion and $5.095 billion and revenue in constant currency is expected to be between $5.071 billion and $5.081 billion.” source
  • Total revenue Third Quarter Fiscal Year 2027 $1.275bn to $1.28bn
    “Third Quarter Fiscal Year 2027: Total revenue is expected to be between $1.275 billion and $1.280 billion and revenue in constant currency is expected to be between $1.275 billion and $1.280 billion.” source
  • Revenue in constant currency Third Quarter Fiscal Year 2027 $1.275bn to $1.28bn Non-GAAP
    “Third Quarter Fiscal Year 2027: Total revenue is expected to be between $1.275 billion and $1.280 billion and revenue in constant currency is expected to be between $1.275 billion and $1.280 billion.” source
  • Non-GAAP diluted EPS Full Fiscal Year 2027 $6.08 to $6.12 Non-GAAP
    “Non-GAAP diluted EPS is expected to be between $6.08 and $6.12 with approximately 301 million weighted average shares outstanding.” source
  • Non-GAAP diluted EPS Third Quarter Fiscal Year 2027 $1.46 to $1.48 Non-GAAP
    “Non-GAAP diluted EPS is expected to be between $1.46 and $1.48 with approximately 301 million weighted average shares outstanding.” source
Show 3 more items
  • Non-GAAP income from operations Full Fiscal Year 2027 $2.065bn to $2.075bn Non-GAAP
    “Non-GAAP income from operations is expected to be between $2.065 billion and $2.075 billion.” source
  • Full fiscal year free cash flow Full Fiscal Year 2027 $1.78bn to $1.82bn
    “Full fiscal year free cash flow is expected to be between $1.780 billion and $1.820 billion.” source
  • Non-GAAP income from operations Third Quarter Fiscal Year 2027 $510m to $515m Non-GAAP
    “Non-GAAP income from operations is expected to be between $510.0 million and $515.0 million.” source

How earlier guidance turned out

  • Total revenue, Second Quarter Fiscal Year 2027 guided $1.265bn to $1.27bn Above range: $1.277217bn

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Zoom Communications, Inc.'s revenue by +4.3% next year and +4.4% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.3%, weight 57%) , management guidance (+4.2%, weight 18%) and the company's own record (+4.4%, weight 24%) . How the weights are set.

Analyst recommendations

30 analysts, Nov 2026
Buy1963%
Hold1033%
Sell13%

Monthly trend

  1. Nov 2026171030
  2. Oct 2026161130
  3. Sep 2026161130

Counts of recommendations published by analysts covering Zoom Communications, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
2.4%
of tradable shares
Days to cover
2.11
at average volume
Short interest, 1 month
−12%
to October 15, 2026
Held by institutions
79%
of shares
Held by insiders
0.2%
of shares
Employees
7,438
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +5.4%

$87.23 on October 31, 2025 to $91.98

ThenNowEffect
Revenue (last 12 months) $4.8bn $5.0bn +5.0%
Net margin 25.0% 65.2% +160.8%
P/E multiple 23.0x 8.5x −62.9%
Share count 313m 302m +3.6%

Biggest factor: p/e multiple.

Last 3 years +46.0%

$62.99 on November 3, 2023 to $91.98

ThenNowEffect
Revenue (last 12 months) $4.5bn $5.0bn +11.9%
Net margin 3.2% 65.2% +1953.3%
P/E multiple 134.8x 8.5x −93.7%
Share count 303m 302m +0.4%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ZM−46%−63%+6%+14%+6%+7%
Industry peers (median)−7%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZM42%25%50%58%67%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZM−59%−65%−30%−23%−25%−26%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since April 18, 2019: 90% from October 19, 2020 to August 12, 2024. Getting back needed a 927% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$72.72 – $111.88
From 52-week high
−17.8%
vs 50-day average
−3.4%
vs 200-day average
−0.2%
Volatility (1 year)
45%
Beta vs S&P 500
1.07

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±7.9%
After a week
6 up, 6 down
typical move ±8.1%
After a month
5 up, 7 down
typical move ±9.5%
Results releasedNext dayS&P 500 next day5 days21 days
August 25, 2026 −10.5% +0.3% −9.5% −13.8%
May 21, 2026 +6.3% +0.6% +2.2% −13.1%
February 25, 2026 −13.7% +0.3% −10.8% −9.4%
November 24, 2025 +9.8% +2.4% +7.5% +11.6%
August 21, 2025 +14.3% +1.1% +12.0% +15.8%
May 21, 2025 −1.2% −1.6% −3.8% −7.0%
February 24, 2025 −10.0% −1.0% −9.9% −5.3%
November 25, 2024 −2.9% +0.9% −3.8% −0.5%
August 21, 2024 +15.1% −0.4% +19.6% +14.2%
May 20, 2024 −0.5% +0.4% −3.3% −9.1%
February 26, 2024 +7.5% −0.2% +10.0% +4.7%
November 20, 2023 +2.8% +0.6% +5.3% +9.0%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Zoom Communications, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.31× the last 60 days’ realised volatility .
  • Calls are priced 3 points richer than puts (25-delta): demand for upside is high, which favours selling calls over puts.
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ZM Zoom Communications, Inc. Grade B $92.25

Own 100 shares, sell the $105 call expiring December 18, 2026 (46 days) for $2.46 a share — $246 per contract.

Previous session · Bid $2.46, ask $2.92, quoted Mon 2 Nov, 17:41 New York time with ZM at $92.25. Option prices move with the shares: check the live chain at your broker before trading.

  • If ZM ends below $105: you keep your shares and the $246 — 2.7% extra on the position, 21.2% a year at that pace.
  • If it ends above $105: your shares are sold at $105, a total return of 16.5% including the premium — at or above our value of ~$100.
$1.5k $0 −$1.8k Break-even $89.79 Price $92.25 Our value $100
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$246
Annualised
21.2%
Break-even
$89.79
Max gain
$1,520.99
Chance of selling
~29%

Results are expected around November 23, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Zoom Communications, Inc. in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Zoom Communications, Inc.
$4.4B $4.6B $4.8B $5B FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue (TTM), FY24 Q3: $4.5B Revenue (TTM), FY24 Q4: $4.5B Revenue (TTM), FY25 Q1: $4.6B Revenue (TTM), FY25 Q2: $4.6B Revenue (TTM), FY25 Q3: $4.6B Revenue (TTM), FY25 Q4: $4.7B Revenue (TTM), FY26 Q1: $4.7B Revenue (TTM), FY26 Q2: $4.8B Revenue (TTM), FY26 Q3: $4.8B Revenue (TTM), FY26 Q4: $4.9B Revenue (TTM), FY27 Q1: $4.9B Revenue (TTM), FY27 Q2: $5B $5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q3 $4.5B
FY24 Q4 $4.5B
FY25 Q1 $4.6B
FY25 Q2 $4.6B
FY25 Q3 $4.6B
FY25 Q4 $4.7B
FY26 Q1 $4.7B
FY26 Q2 $4.8B
FY26 Q3 $4.8B
FY26 Q4 $4.9B
FY27 Q1 $4.9B
FY27 Q2 $5B
Revenue growth, TTM YoY Zoom Communications, Inc.
2% 3% 4% 5% 6% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Revenue growth, TTM YoY, FY24 Q3: 3.5% Revenue growth, TTM YoY, FY24 Q4: 3.1% Revenue growth, TTM YoY, FY25 Q1: 3.1% Revenue growth, TTM YoY, FY25 Q2: 2.8% Revenue growth, TTM YoY, FY25 Q3: 2.9% Revenue growth, TTM YoY, FY25 Q4: 3.1% Revenue growth, TTM YoY, FY26 Q1: 3.0% Revenue growth, TTM YoY, FY26 Q2: 3.6% Revenue growth, TTM YoY, FY26 Q3: 3.8% Revenue growth, TTM YoY, FY26 Q4: 4.4% Revenue growth, TTM YoY, FY27 Q1: 5.0% Revenue growth, TTM YoY, FY27 Q2: 5.0% 5.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q3 3.5%
FY24 Q4 3.1%
FY25 Q1 3.1%
FY25 Q2 2.8%
FY25 Q3 2.9%
FY25 Q4 3.1%
FY26 Q1 3.0%
FY26 Q2 3.6%
FY26 Q3 3.8%
FY26 Q4 4.4%
FY27 Q1 5.0%
FY27 Q2 5.0%
Operating margin (TTM) Zoom Communications, Inc.
0% 10% 20% 30% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 Operating margin (TTM), FY24 Q3: 5.0% Operating margin (TTM), FY24 Q4: 11.6% Operating margin (TTM), FY25 Q1: 15.7% Operating margin (TTM), FY25 Q2: 16.2% Operating margin (TTM), FY25 Q3: 16.4% Operating margin (TTM), FY25 Q4: 17.4% Operating margin (TTM), FY26 Q1: 18.1% Operating margin (TTM), FY26 Q2: 20.4% Operating margin (TTM), FY26 Q3: 22.9% Operating margin (TTM), FY26 Q4: 23.1% Operating margin (TTM), FY27 Q1: 24.2% Operating margin (TTM), FY27 Q2: 23.7% 23.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q3 5.0%
FY24 Q4 11.6%
FY25 Q1 15.7%
FY25 Q2 16.2%
FY25 Q3 16.4%
FY25 Q4 17.4%
FY26 Q1 18.1%
FY26 Q2 20.4%
FY26 Q3 22.9%
FY26 Q4 23.1%
FY27 Q1 24.2%
FY27 Q2 23.7%
FCF margin (TTM) Zoom Communications, Inc.
25% 30% 35% 40% 45% FY24 Q3 FY25 Q2 FY26 Q1 FY27 Q2 FCF margin (TTM), FY24 Q3: 29.4% FCF margin (TTM), FY24 Q4: 32.5% FCF margin (TTM), FY25 Q1: 36.0% FCF margin (TTM), FY25 Q2: 37.5% FCF margin (TTM), FY25 Q3: 37.3% FCF margin (TTM), FY25 Q4: 38.8% FCF margin (TTM), FY26 Q1: 36.2% FCF margin (TTM), FY26 Q2: 38.8% FCF margin (TTM), FY26 Q3: 41.7% FCF margin (TTM), FY26 Q4: 39.5% FCF margin (TTM), FY27 Q1: 39.8% FCF margin (TTM), FY27 Q2: 38.6% 38.6%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q3 29.4%
FY24 Q4 32.5%
FY25 Q1 36.0%
FY25 Q2 37.5%
FY25 Q3 37.3%
FY25 Q4 38.8%
FY26 Q1 36.2%
FY26 Q2 38.8%
FY26 Q3 41.7%
FY26 Q4 39.5%
FY27 Q1 39.8%
FY27 Q2 38.6%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Jan 2018 2019 Jan 2019 2020 Jan 2020 2021 Jan 2021 2022 Jan 2022 2023 Jan 2023 2024 Jan 2024 2025 Jan 2025 2026 Jan 2026 LTM Jul 2026
Income
Revenue 151 331 623 2,651 4,100 4,393 4,527 4,665 4,869 4,993
Gross profit 121 270 507 1,829 3,045 3,293 3,449 3,536 3,750 3,860
EBITDA −2 13 29 689 1,112 328 630 936 1,256 1,307
Operating income −5 6 13 660 1,064 245 525 813 1,124 1,185
Net income −4 8 25 672 1,376 104 637 1,010 1,900 3,255
Diluted EPS −$0.11 $0.00 $0.09 $2.25 $4.50 $0.34 $2.07 $3.21 $6.18 $10.78
Growth (year on year)
Revenue — +118.2% +88.4% +325.8% +54.6% +7.1% +3.1% +3.1% +4.4% +5.0%
EBITDA — — +121.2% +>999% +61.4% −70.5% +92.1% +48.6% +34.2% +19.0%
Operating income — — — +>999% +61.2% −76.9% +114.0% +54.8% +38.2% +22.0%
Net income — — +233.7% +>999% +104.6% −92.5% +514.7% +58.5% +88.1% +174.0%
Diluted EPS — — — +>999% +100.0% −92.4% +508.8% +55.1% +92.5% +183.9%
Margins
Gross margin 79.7% 81.5% 81.5% 69.0% 74.3% 74.9% 76.2% 75.8% 77.0% 77.3%
EBITDA margin −1.4% 4.0% 4.7% 26.0% 27.1% 7.5% 13.9% 20.1% 25.8% 26.2%
Operating margin −3.2% 1.9% 2.0% 24.9% 25.9% 5.6% 11.6% 17.4% 23.1% 23.7%
Net margin −2.5% 2.3% 4.1% 25.4% 33.6% 2.4% 14.1% 21.7% 39.0% 65.2%
Free-cash-flow margin 6.4% 6.9% 18.3% 52.5% 35.9% 27.0% 32.5% 38.8% 39.5% 38.6%
Cash flow
Cash from operations 19 51 152 1,471 1,605 1,290 1,599 1,945 1,989 2,000
Capital spending 10 28 38 80 133 104 127 137 65 75
Free cash flow 10 23 114 1,391 1,473 1,186 1,472 1,809 1,924 1,926
Stock-based pay 10 9 73 276 477 1,286 1,057 931 761 729
Free cash flow after stock pay −1 14 41 1,115 995 −99 415 877 1,163 1,196
Balance sheet
Cash 36 64 283 2,240 1,063 1,087 1,558 1,349 1,273 932
Total debt — — — — — — — — — 0
Net debt (negative = net cash) −36 −64 −283 −2,240 −1,063 −1,087 −1,558 −1,349 −1,273 −932
Diluted shares 78m 116m 254m 298m 306m 304m 309m 315m 307m 302m
Returned to shareholders
Buybacks — — — 0 0 1,000 0 1,094 1,621 1,460
Total returned — — — 0 0 1,000 0 1,094 1,621 1,460

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 2 checks passed · July 31, 2026
What it owns · $13.6bn
Short-term assets $8.1bnLonger-term assets $5.5bn
What it owes, and who funded it · $13.6bn
Short-term liabilities $2.1bnLonger-term liabilities $160mShareholders' equity $11.3bn
  • Short-term assets cover short-term liabilities $8.1bn of assets due within a year against $2.1bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $8.1bn short-term assets against $160m of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Interest not separately reported. Not assessable.

From Zoom Communications, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2027 Q2 TTM
Buybacks (TTM)
$1.5B
Returned to shareholders
76%
of free cash flow
Buybacks, last 3 fiscal years
$2.7B
Diluted share count
−3.5%
year over year
Total shareholder yield
5.3%
dividends 0.0% + buybacks 5.3% of market value
R&D spending
18.1%
of revenue
Days sales outstanding
39 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated ZM SNOW CDNS DDOG SSNC TEAM Median
Revenue, last 12 months $5.0bn $5.4bn $6.1bn $4.0bn $6.6bn $6.6bn $482m
Revenue growth, last 12 months 5.0% 32.0% 17.6% 31.5% 8.6% 26.0% 12.0%
Revenue growth, 3-year average 3.8% 30.5% 16.1% 27.9% 6.8% 23.0% 11.1%
Revenue growth, latest quarter 4.9% 35.1% 22.0% 35.6% 10.3% 27.6% 11.9%
Gross margin 77.3% 67.0% — 79.5% 48.1% 84.8% 69.2%
Operating margin 23.7% −22.8% 28.9% 0.4% 23.6% 0.2% 1.1%
Operating margin, 3-year average 20.1% −32.9% 28.6% 0.6% 23.2% −1.7% −0.8%
Net margin 65.2% −20.1% 22.5% 4.5% 13.2% −0.8% 2.1%
Cash from operations / revenue 40.1% 23.1% 32.1% 31.0% 27.7% 20.6% 18.2%
Free-cash-flow margin 38.6% 22.0% 28.8% 29.8% 26.7% 20.1% 15.0%
Free-cash-flow margin, 3-year average 38.3% 22.2% 26.3% 30.1% 23.3% 26.6% 16.2%
Stock pay / revenue 14.6% 30.2% 8.9% 20.7% 4.1% 24.4% 9.3%
Change in share count −3.5% 2.9% 0.3% 1.7% −2.1% −0.6% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 5.0% 12.0% 129 of 184
Change in growth rate Growth +0.1pp +0.2pp 96 of 184
Gross margin Profitability 77.3% 69.8% 47 of 160
Operating margin Profitability 23.7% 1.1% 23 of 181
Net margin Profitability 65.2% 2.1% 1 of 185
Free-cash-flow margin Cash generation 38.6% 15.2% 9 of 180
Stock pay as % of revenue Cash generation 14.6% 9.3% 128 of 177
Change in share count Balance sheet -3.5% 1.7% 28 of 163
Days sales outstanding Balance sheet 39 days 57 days 47 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to January 31, 2026
Geography
Region Revenue Share YoY
Americas $3.5B 72.1% ▲ 4.7%
EMEA $770M 15.8% ▲ 3.7%
Asia Pacific $591M 12.1% ▲ 3.4%

From Zoom Communications, Inc.'s 10-K filed February 27, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$17.5B
Institutions reporting
861
Shares held vs prior quarter
▲ 3.3%
Positions opened / closed
131 / 86

Top buyers and sellers, Q2 2026: 460 institutions bought and 369 sold ; the biggest buyer was D. E. Shaw & Co., Inc (+2.0M shares) and the biggest seller Citadel Advisors LLC (−3.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.6B 18.0M 8.9% ▲ 1.3%
Vanguard Portfolio Management LLC $1.1B 13.1M 6.5% ▼ 2.2%
Vanguard Capital Management LLC $996M 11.5M 5.7% ▲ 0.4%
Jpmorgan Chase & Co $737M 8.6M 4.2% ▼ 5.7%
Norges Bank $688M 8.0M 3.9% —
State Street Corp $653M 7.6M 3.7% ▼ 3.4%
FMR LLC $621M 7.2M 3.6% ▼ 6.0%
AQR Capital Management LLC $563M 6.5M 3.2% ▼ 21.9%
Geode Capital Management, LLC $534M 6.2M 3.1% ▲ 16.8%
Acadian Asset Management LLC $345M 4.0M 2.0% ▲ 1.7%
T. Rowe Price Investment Management, Inc. $324M 3.8M 1.9% ▼ 10.2%
Fil Ltd $303M 3.5M 1.7% ▲ 24.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zoom Communications, Inc.'s complete shareholder register. Values are as reported by the filers ; 6 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $96.7M 191 trades by 6 insiders · 100% under pre-set plans
Net ▼ $96.7M net selling
Insider Date Trade Shares Price Value
Subotovsky Santiago Director October 28, 2026 Sell pre-set plan 1,442 $100.14 $144,401
Subotovsky Santiago Director October 22, 2026 Sell pre-set plan 20 $100.43 $2,009
Chang Michelle Chief Financial Officer October 21, 2026 Sell pre-set plan 10,156 $101.93 $1M
Subotovsky Santiago Director October 21, 2026 Sell pre-set plan 376 $101.19 $38,047
Subotovsky Santiago Director October 21, 2026 Sell pre-set plan 3,436 $100.49 $345,289
Mcmaster Herbert Raymond Director October 21, 2026 Sell pre-set plan 1,500 $101.25 $151,875
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 166 $98.26 $16,311
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 88 $97.40 $8,571
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 280 $96.61 $27,051
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 84 $95.44 $8,017
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 64 $94.60 $6,054
Subotovsky Santiago Director October 15, 2026 Sell pre-set plan 35 $93.65 $3,278

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 21 trades and filings

No trades in Zoom Communications, Inc. disclosed in the last 12 months; 21 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded June 25, 2025, filed July 8, 2025
  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded June 6, 2025, filed July 8, 2025
  • Jefferson Shreve(R-IN 6):Sale (full), $15,001 - $50,000, traded May 12, 2025, filed June 22, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 23, 2026 estimated from the company's past filing pattern, not announced

  • August 25, 2026
  • May 21, 2026
  • February 25, 2026
  • November 24, 2025
  • August 21, 2025
  • May 21, 2025

Recent SEC filings

Data status

When each part of this page on Zoom Communications, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zoom Communications, Inc. in brief

What does Zoom Communications, Inc. do?
Zoom Communications, Inc. is a US-listed company in the application software industry. Its financial year ends in January.
What is Zoom Communications, Inc.'s stock ticker?
Zoom Communications, Inc. trades under the ticker ZM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zoom Communications, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zoom Communications, Inc. reported revenue of $5B, 5.0% higher than a year earlier, according to its SEC filings.
What is Zoom Communications, Inc.'s free cash flow?
Zoom Communications, Inc.'s free-cash-flow margin is 38.6% of revenue over the trailing twelve months, ranking 9 of the 180 application software companies we cover.
What is Zoom Communications, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zoom Communications, Inc.'s free cash flow after stock-based pay gives ~$100 per share in the base case, and ~$81–$130 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zoom Communications, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Zoom Communications, Inc. buying back stock, and does it pay a dividend?
Zoom Communications, Inc. spent $1.5B on share repurchases over the trailing twelve months, and its diluted share count fell 3.5% over the year.
What is Zoom Communications, Inc.'s market cap?
On November 2, 2026, Zoom Communications, Inc.'s market capitalisation was about $27.8B, with a price-to-earnings ratio of 8.5 and net debt of -$932M. Market figures come from third-party market data and may be delayed.
Who are Zoom Communications, Inc.'s competitors?
In our Application Software peer group, the companies closest to Zoom Communications, Inc. are Snowflake Inc., Cadence Design Systems Inc, Datadog, Inc., SS&C Technologies Holdings Inc and Atlassian Corp. The side-by-side comparison below sets their revenue, margins and growth against Zoom Communications, Inc.'s.
Are insiders buying or selling Zoom Communications, Inc. stock?
Over the last 12 months, Zoom Communications, Inc.'s directors and officers reported 0 open-market purchases and 191 sales on Form 4. The insider trading page charts every trade.
When is Zoom Communications, Inc.'s next earnings date?
Around November 23, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zoom Communications, Inc. announces its own schedule.