Jul 2026 (Q2 FY27) — Aug 25, 2026
Zoom Q2 FY27 — Enterprise Revenue Accelerates, AI Monetization Drives Growth
Read the full callZoom (ZM) earnings
- Jul 2026
- Jul 2026 (Q2 FY27)
- Jan 2026
Zoom earnings: last reported Tue, 25 Aug 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 1,277 | +4.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | 24.6 | −1.8 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | 1,542 | +330.1% YoY | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 23 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY27 deferred revenue growth guidance | up 2% to 3% year-over-year | Apr 2026 | Deferred revenue at the end of Q2 grew 6% year-over-year to $1.56 billion, above the high end of our previously provided range of 2% to 3%. | Achieved |
| FY27 full-year free cash flow guidance | $1.7 billion to $1.74 billion | Jan 2026 | We are also pleased to raise our free cash flow outlook for the full year, which we now expect to be in the range of $1.78 billion to $1.82 billion. | Revised Up |
| FY27 buybacks to at least offset annual dilution | leverage buybacks to at a minimum offset dilution on a yearly basis | Jan 2026 | across our $4.7 billion share repurchase plan, we've repurchased a total of 44.2 million shares for $3.4 billion. | On Track |
1 of Zoom Communications, Inc.'s 45 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 42 more targets are in the full ledger.
Claimed
- Total revenue grew 4.9% year-over-year to $1.28 billion, exceeding the high end of guidance by $7 million.
- Enterprise revenue grew 7.8% year-over-year, its strongest rate in 3 years, now representing 62% of total revenue.
- Remaining Performance Obligations (RPO) increased 14% year-over-year to approximately $4.5 billion, driven by 25% non-current RPO growth.
- Non-GAAP diluted net income per share increased to $1.55, $0.08 above the high end of guidance.
- Workvivo surpassed $100 million in ARR, marking one of its largest ever deals, and launched AI-native Workvivo HQ.
Qualified
- Non-GAAP gross margin in Q2 was 79.1%, a decrease from 79.8% in Q2 of last year, partially due to AI usage spike.
- Non-GAAP operating margin for Q2 was 40%, down from 41.3% in Q2 of last year.
- Full-year revenue outlook assumes flat online growth, tempered from previous expectations, due to top-of-funnel dynamics.
Price
$97.59 +3.61% · +$3.4
Performance +22.0% 1Y
1Y: $80.01 on 17 Oct 2025 → $97.59. High $111.88 (2 Jun 2026), low $72.72 (2 Mar 2026).
- Previous close
- $94.19
- 52-week range
- $72.72 – $111.88
- One year
- +19.14%
Overview
- Symbol
- ZM
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
21 of 22 judged targets kept · 23 open · verdicts reflect calls analysed to Jul 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Q2 FY27 deferred revenue growth guidance | up 2% to 3% year-over-year | Apr 2026 | Deferred revenue at the end of Q2 grew 6% year-over-year to $1.56 billion, above the high end of our previously provided range of 2% to 3%. | Achieved |
| FY27 full-year free cash flow guidance | $1.7 billion to $1.74 billion | Jan 2026 | We are also pleased to raise our free cash flow outlook for the full year, which we now expect to be in the range of $1.78 billion to $1.82 billion. | Revised Up |
| FY27 buybacks to at least offset annual dilution | leverage buybacks to at a minimum offset dilution on a yearly basis | Jan 2026 | across our $4.7 billion share repurchase plan, we've repurchased a total of 44.2 million shares for $3.4 billion. | On Track |
Claimed
- Total revenue grew 4.9% year-over-year to $1.28 billion, exceeding the high end of guidance by $7 million.
- Enterprise revenue grew 7.8% year-over-year, its strongest rate in 3 years, now representing 62% of total revenue.
- Remaining Performance Obligations (RPO) increased 14% year-over-year to approximately $4.5 billion, driven by 25% non-current RPO growth.
- Non-GAAP diluted net income per share increased to $1.55, $0.08 above the high end of guidance.
- Workvivo surpassed $100 million in ARR, marking one of its largest ever deals, and launched AI-native Workvivo HQ.
Qualified
- Non-GAAP gross margin in Q2 was 79.1%, a decrease from 79.8% in Q2 of last year, partially due to AI usage spike.
- Non-GAAP operating margin for Q2 was 40%, down from 41.3% in Q2 of last year.
- Full-year revenue outlook assumes flat online growth, tempered from previous expectations, due to top-of-funnel dynamics.
The full ledger
Open Zoom Communications, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 45 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q1 FY27) — May 21, 2026
Zoom Q1 FY27 — Strong Enterprise Growth and AI Monetization Momentum
Read the full callJan 2026 (Q4 FY26) — Feb 25, 2026
Zoom Q4 FY26 — AI-driven Growth and Platform Expansion
Read the full callEvery analysed call
Zoom earnings calls (ZM)
Financials
What the filings say
Net profit, year on year: +330% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 1,178 | 1,184 | 1,175 | 1,217 | 1,230 | 1,247 | 1,239 | 1,277 |
| Operating profit | 183 | 225 | 242 | 322 | 310 | 250 | 310 | 314 |
| Operating margin | 15.5% | 19.0% | 20.6% | 26.4% | 25.2% | 20.0% | 25.1% | 24.6% |
| Profit before tax | 280 | 450 | 316 | 448 | 795 | 864 | 532 | 1,995 |
| Tax rate | 26.2% | 18.3% | 19.4% | 20.0% | 22.9% | 21.9% | 19.9% | 22.7% |
| Net profit | 207 | 368 | 255 | 359 | 613 | 674 | 426 | 1,542 |
| EPS ($ per share) | 0.67 | — | 0.84 | 1.19 | 2.05 | — | 1.45 | 5.27 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -25 | 0 | 672 | 2,048 | 2,152 | 2,789 | 3,800 | 5,700 |
| Total liabilities | 202 | 456 | 1,437 | 1,771 | 1,921 | 1,910 | 2,053 | 2,152 |
| Fixed assets | 37 | 57 | 150 | 222 | 253 | 294 | 330 | 265 |
| Total assets | 355 | 1,290 | 5,298 | 7,551 | 8,128 | 9,930 | 10,988 | 11,960 |
| Line item | Jan 2019 | Jan 2020 | Jan 2021 | Jan 2022 | Jan 2023 | Jan 2024 | Jan 2025 | Jan 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 51 | 152 | 1,471 | 1,605 | 1,290 | 1,599 | 1,945 | 1,989 |
| Cash from investing | -40 | -499 | -1,562 | -2,859 | -318 | -1,184 | -1,106 | -279 |
| Cash from financing | 18 | 616 | 2,050 | 34 | -937 | 60 | -1,028 | -1,805 |
| Net cash flow | 29 | 268 | 1,959 | -1,220 | 27 | 465 | -204 | -78 |
| Capital expenditure | -28 | -38 | -80 | -133 | -104 | -127 | -137 | -65 |
| Free cash flow | 23 | 114 | 1,391 | 1,473 | 1,186 | 1,472 | 1,809 | 1,924 |
ZM revenue by segment
| Segment | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | Q1 FY2027 | Q2 FY2027 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|
| Reportable | 100% | 100% | 100% | 100% | 100% | 100% | +4.9% |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ZM operating KPIs by quarter
| KPI | Jan 2026 Q4 FY26 | Apr 2026 Q1 FY27 | Jul 2026 Q2 FY27 | Change vs prior quarter |
|---|---|---|---|---|
| Average monthly churn rate Online | — | 3%In our online business, Q1 average monthly churn was 3% as compared to 2.8% in Q1 of FY '26.Source: earnings call transcript | 2.9%In our online business, Q2 average monthly churn was 2.9%, in line with Q2 of last year.Source: earnings call transcript | -0.1 pt |
| Remaining performance obligation (RPO) | ~$4.2BLooking at both our build and unbilled contracts, our RPO increased over 10% year-over-year to approximately $4.2 billion.Source: earnings call transcript | ~$4.3BLooking at both our billed and unbilled contracts, our RPO increased 11% year-over-year to approximately $4.3 billion, driven by noncurrent RPO growth of 19%.Source: earnings call transcript | ~$4.5BLooking at both our billed and unbilled contracts, our RPO increased 14% year-over-year to approximately $4.5 billion, driven by noncurrent RPO growth of 25%.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q2 FY2027 · share of revenue
- Americas 72%
- EMEA 16%
- Asia Pacific 12%
As ZM cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
262 filings between Oct 22, 2025 and Oct 13, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$107.03M
177 sales by 6 insiders
100% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 31
- Option exercise — converted options into shares
- 25
- Tax withheld — shares kept back by the company to cover tax
Also filed: 29 conversions.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Yuan Eric S. | — | $93.68M | Oct 6, 2026 |
| Subotovsky Santiago | — | $4.44M | Oct 5, 2026 |
| Sankarlingam Velchamy | — | $3.45M | Oct 12, 2026 |
| Chang Michelle | — | $3.06M | Oct 12, 2026 |
| Bawa Aparna | — | $2.12M | Apr 17, 2026 |
| McMaster Herbert Raymond | — | $284.6K | Oct 8, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 13, 2026 | McGarry Kimberly J Chief Accounting Officer | Tax withheld | 8,692 | $848.0K |
| Oct 12, 2026 | Chang Michelle Chief Financial Officer | Sale 10b5-1 plan | 5,747 | $573.8K |
| Oct 12, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Sale 10b5-1 plan | 2,346 | $231.4K |
| Oct 12, 2026 | Chang Michelle Chief Financial Officer | Sale 10b5-1 plan | 2,742 | $270.6K |
| Oct 12, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Sale 10b5-1 plan | 5,299 | $527.5K |
| Oct 9, 2026 | Chang Michelle Chief Financial Officer | Tax withheld 10b5-1 plan | 8,743 | $827.7K |
| Oct 9, 2026 | Yuan Eric S. Chief Executive Officer | Tax withheld | 23,824 | $2.04M |
| Oct 9, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Option exercise 10b5-1 plan | 20,752 | $0 |
| Oct 9, 2026 | Yuan Eric S. Chief Executive Officer | Option exercise | 46,823 | $4.43M |
| Oct 9, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Tax withheld 10b5-1 plan | 10,559 | $999.6K |
| Oct 9, 2026 | Chang Michelle Chief Financial Officer | Option exercise 10b5-1 plan | 22,218 | $0 |
| Oct 9, 2026 | McGarry Kimberly J Chief Accounting Officer | Option exercise | 3,121 | $0 |
| Oct 9, 2026 | McGarry Kimberly J Chief Accounting Officer | Tax withheld | 1,383 | $130.9K |
| Oct 8, 2026 | McMaster Herbert Raymond Director | Sale 10b5-1 plan | 3,000 | $284.1K |
| Oct 6, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 11,896 | $1.12M |
| Oct 6, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Oct 6, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 204 | $19.3K |
| Oct 5, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 112 | $10.6K |
| Oct 5, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Oct 5, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 2,525 | $236.6K |
| Oct 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 588 | $55.4K |
| Oct 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 11,512 | $1.08M |
| Sep 10, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Sale 10b5-1 plan | 2,384 | $228.3K |
| Sep 10, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Sale 10b5-1 plan | 206 | $19.9K |
| Sep 9, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Tax withheld 10b5-1 plan | 3,579 | $345.2K |
| Sep 9, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Option exercise 10b5-1 plan | 7,031 | $0 |
| Sep 8, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 1,792 | $172.9K |
| Sep 8, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 845 | $81.9K |
| Sep 2, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Sep 2, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 1,771 | $171.0K |
| Sep 2, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 10,329 | $988.5K |
| Sep 1, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 10,727 | $1.02M |
| Sep 1, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 1,373 | $131.7K |
| Sep 1, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Aug 6, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 2,959 | $298.4K |
| Aug 6, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 8,786 | $878.9K |
| Aug 6, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 355 | $35.1K |
| Aug 6, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Aug 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 7,111 | $709.4K |
| Aug 5, 2026 | Yuan Eric S. Chief Executive Officer | Conversion 10b5-1 plan | 12,100 | $0 |
| Aug 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 68 | $7.0K |
| Aug 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 754 | $76.6K |
| Aug 5, 2026 | Yuan Eric S. Chief Executive Officer | Sale 10b5-1 plan | 4,167 | $419.2K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 40 | $3.9K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 72 | $7.1K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 20 | $2.0K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 4,863 | $494.8K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 2,660 | $268.2K |
| Aug 4, 2026 | Subotovsky Santiago Director | Sale 10b5-1 plan | 256 | $25.5K |
| Jul 15, 2026 | Sankarlingam Velchamy Pres. of Engineering & Product | Sale 10b5-1 plan | 7,644 | $703.1K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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