The earnings call presented a generally positive view of Zoom's recent performance, marked by strong revenue growth, particularly in the Enterprise segment and significant advancements in AI adoption. However, the flat performance in the Online business and conservative future revenue growth estimates tempered the enthusiasm. Overall, the highlights significantly outweigh the lowlights.

Company Guidance

During Zoom's Q2 FY '26 earnings call, significant guidance was provided regarding both the company's current performance and future outlook. Zoom reported a 4.7% year-over-year revenue growth, achieving $1.217 billion, with the Enterprise segment showing a 7% growth. The company anticipates Q3 revenue between $1.21 billion and $1.215 billion and for the full year FY '26, it has raised revenue guidance to $4.825 billion to $4.835 billion, marking a 3.5% year-over-year growth at the midpoint. In terms of profitability, Zoom achieved a non-GAAP operating margin of 41.3% in Q2 and expects a full-year operating margin of 39.5%. Additionally, free cash flow is projected to range between $1.74 billion and $1.78 billion for FY '26. The company highlighted its strategic focus on AI-powered solutions, noting a 4x increase in AI Companion monthly active users year-over-year, and significant customer adoption, including a deployment to nearly 60,000 employees at a Fortune 200 company. Zoom continues to see strong growth in its Contact Center solutions, with AI advancements driving high double-digit growth and a notable increase in customers with over $100,000 ARR. The company also emphasized its ongoing innovation and leadership in the UCaaS space, recognized by several industry awards, and its strategic partnerships to enhance market reach.

Strong Revenue Growth

Zoom's total revenue grew 4.7% year-over-year to $1.217 billion, marking the fastest growth in 11 quarters. This was $17 million above the high end of their guidance.

Enterprise Business Strength

The Enterprise segment grew 7% year-over-year and now represents 60% of total revenue. The number of customers contributing more than $100,000 annually grew by 9%.

AI Adoption and Innovation

AI Companion monthly active users increased over 4x year-over-year. A Fortune 200 U.S. tech company deployed Zoom Custom AI Companion for nearly 60,000 employees.

Zoom Phone and Contact Center Growth

Zoom Phone achieved mid-teens ARR growth, and the number of Zoom Contact Center customers with over $100,000 ARR grew 94% year-over-year.

Free Cash Flow Increase

Free cash flow grew 39% year-over-year to $508 million, representing a free cash flow margin of 41.7%.

Zoom Video Communications (ZM) Earnings, Revenues Date & History

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ZM Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Nov 24, 2025	2026 (Q3)	1.44 / -	1.38	―	―	―
Aug 21, 2025	2026 (Q2)	1.38 / 1.53	1.39	10.07% (+0.14)
May 21, 2025	2026 (Q1)	1.31 / 1.43	1.35	5.93% (+0.08)
Feb 24, 2025	2025 (Q4)	1.30 / 1.41	1.42	-0.70% (-0.01)
Nov 25, 2024	2025 (Q3)	1.31 / 1.38	1.29	6.98% (+0.09)
Aug 21, 2024	2025 (Q2)	1.22 / 1.39	1.34	3.73% (+0.05)
May 20, 2024	2025 (Q1)	1.19 / 1.35	1.16	16.38% (+0.19)
Feb 26, 2024	2024 (Q4)	1.15 / 1.42	1.22	16.39% (+0.20)
Nov 20, 2023	2024 (Q3)	1.09 / 1.29	1.07	20.56% (+0.22)
Aug 21, 2023	2024 (Q2)	1.06 / 1.34	1.05	27.62% (+0.29)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

ZM Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 21, 2025	$73.17	$82.47	+12.71%
May 21, 2025	$82.27	$82.07	-0.24%
Feb 24, 2025	$81.10	$74.22	-8.48%
Nov 25, 2024	$89.03	$83.41	-6.31%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.