Zoom Communications (ZM)

Market Price (8/4/2026): $97.84 | Market Cap: $28.8 BilSector: Information Technology | Industry: Application Software

Zoom Communications (ZM)

Market Price (8/4/2026): $97.84
Market Cap: $28.8 Bil
Sector: Information Technology
Industry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

Attractive yield
Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 6.8%

Cash is significant % of market cap
Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%

Attractive cash flow generation
CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 2.0 Bil

Stock buyback support
Stock Buyback 3Y Total is 3.1 Bil

Low stock price volatility
Vol 12M is 44%

Megatrend and thematic drivers
Megatrends include Cloud Computing, Digital Health & Telemedicine, and Future of Work. Themes include Software as a Service (SaaS), Show more.

Weak multi-year price returns
3Y Excs Rtn is -32%

Significant share based compensation
SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%

Key risks
ZM key risks include [1] eroding customer retention due to intense competition from bundled tech giants, Show more.

0	Attractive yield Total YieldTotal Yield = Earnings Yield + Dividend Yield, Earnings Yield = Net Income / Market Cap Dividend Yield = Total Dividends / Market Cap is 7.2%, FCF Yield is 6.8%
1	Cash is significant % of market cap Net D/ENet Debt/Equity. Debt net of cash. Negative indicates net cash. Equity is taken as the Market Capitalization is -26%
2	Attractive cash flow generation CFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 41%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 40%, CFO LTM is 2.0 Bil
3	Stock buyback support Stock Buyback 3Y Total is 3.1 Bil
4	Low stock price volatility Vol 12M is 44%
5	Megatrend and thematic drivers Megatrends include Cloud Computing, Digital Health & Telemedicine, and Future of Work. Themes include Software as a Service (SaaS), Show more.
6	Weak multi-year price returns 3Y Excs Rtn is -32%
7	Significant share based compensation SBC/Rev LTMShare Based Compensation / Revenue (Sales), Last Twelve Months (LTM) is 15%
8	Key risks ZM key risks include [1] eroding customer retention due to intense competition from bundled tech giants, Show more.

ZM in ETFs

Weight = ZM's share of each fund

VTI0.03%

ITOT0.04%

IWB0.04%

VTV0.08%

VO0.21%

IGV0.91%

COWZ0.55%

VLUE0.38%

+16 more covered ETFs

Valuation & Metrics

FYE: 1/31	Forward FYE		Now	Historical (CYE & TTM)
	2028	2027	8/4/26	2025	2024	2023
Share Price			$97.84	$86.29	$81.61	$71.91
Mkt Cap ($ Bil)			28.8	25.8	25.1	21.8
+ Debt ($ Bil)			0.1	0.0	0.1	0.1
- Cash ($ Bil)			7.7	7.9	7.7	6.5
TEV ($ Bil)			21.1	25.8	25.2	21.9
Valuation Ratios
P/S	5.4	5.7	5.8	5.4	5.4	4.8
P/EBIT	21.1	22.0	24.2	23.5	33.2	95.9
P/E	14.7	14.8	13.9	16.2	26.7	92.7
P/FCF	—	—	14.7	12.9	14.5	16.5
Sector Ratios (* = sector average)
P/S *			3.6	3.3	3.4	3.0
P/EBIT *			4.5	2.7	0.3	-0.2
P/E *			0.5	-0.1	-0.1	-0.3
P/FCF *			10.9	12.8	13.6	13.8

FYE: 1/31	Forward FYE		Now
	2028	2027	8/4/26
Share Price			$97.84
Mkt Cap ($ Bil)			28.8
+ Debt ($ Bil)			0.1
- Cash ($ Bil)			7.7
TEV ($ Bil)			21.1
Valuation Ratios
P/S	5.4	5.7	5.8
P/EBIT	21.1	22.0	24.2
P/E	14.7	14.8	13.9
P/FCF	—	—	14.7
Sector Ratios (* = sector average)
P/S *			3.6
P/EBIT *			4.5
P/E *			0.5
P/FCF *			10.9

FYE: 1/31	ZM [1]	S&P 500 [2]
REVENUE GROWTH
LTM Revenue [3]	$4.9 Bil	—
FY 2027 Sales	$5.1 Bil	—
FY 2028 Sales	$5.3 Bil	—
FY 2027 Sales Growth	3.2%	—
FY 2028 Sales Growth	4.0%	13.0%
EARNINGS
LTM Net Income (GAAP) [3]	$2.1 Bil	—
FY 2027 Net Income (Non-GAAP)	$1.9 Bil	—
FY 2028 Net Income (Non-GAAP)	$2.0 Bil	—
FY 2028 Net Income Growth	0.6%	19.6%
FY 2027 EPS (Non-GAAP)	$6.04	—
FY 2028 EPS (Non-GAAP)	$6.28	—
FY 2028 EPS Growth	4.0%	—
VALUATION
FY 2027 P/S	5.7	1.8
FY 2028 P/S	5.4	—
FY 2027 P/E	14.8	8.3
FY 2028 P/E	14.7	—

[1] ZM forward figures are analyst consensus for the next two fiscal years (fiscal year end 1/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
[2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
[3] LTM = reported trailing-twelve-month actuals (GAAP).

	ZM	S&P 500
REVENUE GROWTH	POOR
Rev LTM ($ Bil)	4.9
Rev Chg Q	5.5%	9.1%
Rev Chg LTM	5.0%	7.8%
Rev Chg 3Y Avg	3.7%	5.8%
PROFITABILITY	VERY GOOD
Op Inc LTM ($ Bil)	1.2
CFO LTM ($ Bil)	2.0
Net Inc LTM ($ Bil)	2.1
Op Mgn LTM	24.2%	18.4%
CFO/Rev LTM	41.0%	21.6%
Net Inc Mgn	42.0%	12.9%
VALUATION	LOW
P/S	5.8	3.4
P/CFO	14.3	15.7
P/FCF	14.7	20.3
P/E	13.9	23.9
STABILITY	VERY GOOD
Debt/Equity	0.00	0.20
Cash/Assets	0.63	0.07

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Metric	Value	Date	Source
Enterprise Customers	220400	2272024	Link
Customers Contributing More Than $100,000 in Trailing 12-Month Revenue	4274	9092025	Link
Daily Active Users	300 million	6052025	Link
Zoom Phone Paid User Seats	7 million	9092025	Link
Market Share in Global Video Conferencing	55.91%	6052025	Link
Trailing 12-Month Net Dollar Expansion Rate for Enterprise Customers	98%	2262025	Link
Daily Meeting Participants	350 million	12312020	Link
Annual Meeting Minutes	3.3 trillion	6052025	Link

Price Chart

No Events

Why The Stock Moved

Qualitative Assessment

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Updated on 8/1/2026

Zoom Communications (ZM) stock has remained largely at the same level since 4/30/2026 because of the following key factors:

1. Moderate Revenue Growth and Conservative Outlook.

Despite exceeding its own guidance with fiscal Q1 2027 revenue of $1,239.0 million, representing a 5.5% year-over-year increase (fiscal Q1 2027 ended April 30, 2026, with results reported on May 21, 2026), Zoom's updated full fiscal year 2027 revenue guidance of $5.08 billion to $5.09 billion indicates a more moderate year-over-year growth rate of approximately 4.4% at the midpoint. This tempered outlook, suggesting a continued maturation of its growth trajectory, likely curbed significant upward momentum in the stock.

2. Balancing Enterprise Momentum with Stabilizing Online Segment.

Zoom demonstrated solid performance in its Enterprise segment during fiscal Q1 2027, with revenue growing 7.2% year over year to $755.7 million, and the trailing 12-month net dollar expansion rate for Enterprise customers increasing to 99%. However, growth in the Online segment was lower at 2.8% year over year, accompanied by an average monthly churn of 3.0%. The mixed performance, characterized by strong enterprise adoption but ongoing stability challenges in the online sector, contributed to the stock remaining largely level.

3. Strategic AI Investments and Product Expansion Yet to Fully Materialize.

The company is actively pursuing growth through strategic investments in artificial intelligence and an expanded product portfolio, highlighted by a 184% year-over-year increase in AI Companion paid users and My Notes reaching 1.5 million licensed users within four months of its launch in fiscal Q1 2027. While these innovations are promising for long-term growth, the market appears to be awaiting more substantial evidence of accelerated and widespread revenue generation from these newer initiatives before significantly re-rating the stock.

4. Notable Insider Selling Activity.

During the period, there was significant insider selling activity. For instance, CEO Eric Yuan sold 57,824 Class A shares over July 13–14, 2026, totaling approximately $5.29 million, under a Rule 10b5-1 trading plan. Such substantial insider selling, even when pre-planned, can be perceived by investors as a signal that the company's leadership does not anticipate strong near-term stock appreciation, thereby contributing to the stock's constrained movement.

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Stock Movement Drivers

Fundamental Drivers

The 1.1% change in ZM stock from 4/30/2026 to 8/3/2026 was primarily driven by a 7.6% change in the company's Net Income Margin (%).

(LTM values as of)	4302026	8032026	Change
Stock Price ($)	97.15	98.25	1.1%
Change Contribution By:
Total Revenues ($ Mil)	4,869	4,933	1.3%
Net Income Margin (%)	39.0%	42.0%	7.6%
P/E Multiple	15.2	14.0	-7.9%
Shares Outstanding (Mil)	297	294	0.7%
Cumulative Contribution			1.1%

LTM = Last Twelve Months as of date shown

Market Drivers

4/30/2026 to 8/3/2026

	Return	Correlation
ZM	1.1%
Market (SPY)	5.4%	11.6%
Sector (XLK)	11.6%	7.4%

Fundamental Drivers

The 6.7% change in ZM stock from 1/31/2026 to 8/3/2026 was primarily driven by a 26.6% change in the company's Net Income Margin (%).

(LTM values as of)	1312026	8032026	Change
Stock Price ($)	92.10	98.25	6.7%
Change Contribution By:
Total Revenues ($ Mil)	4,806	4,933	2.6%
Net Income Margin (%)	33.2%	42.0%	26.6%
P/E Multiple	17.3	14.0	-19.1%
Shares Outstanding (Mil)	299	294	1.4%
Cumulative Contribution			6.7%

LTM = Last Twelve Months as of date shown

Market Drivers

1/31/2026 to 8/3/2026

	Return	Correlation
ZM	6.7%
Market (SPY)	9.8%	22.2%
Sector (XLK)	23.9%	19.3%

Fundamental Drivers

The 32.7% change in ZM stock from 7/31/2025 to 8/3/2026 was primarily driven by a 88.2% change in the company's Net Income Margin (%).

(LTM values as of)	7312025	8032026	Change
Stock Price ($)	74.05	98.25	32.7%
Change Contribution By:
Total Revenues ($ Mil)	4,699	4,933	5.0%
Net Income Margin (%)	22.3%	42.0%	88.2%
P/E Multiple	21.5	14.0	-35.1%
Shares Outstanding (Mil)	305	294	3.6%
Cumulative Contribution			32.7%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2025 to 8/3/2026

	Return	Correlation
ZM	32.7%
Market (SPY)	20.9%	27.2%
Sector (XLK)	36.1%	21.7%

Fundamental Drivers

The 33.9% change in ZM stock from 7/31/2023 to 8/3/2026 was primarily driven by a 33694.9% change in the company's Net Income Margin (%).

(LTM values as of)	7312023	8032026	Change
Stock Price ($)	73.35	98.25	33.9%
Change Contribution By:
Total Revenues ($ Mil)	4,425	4,933	11.5%
Net Income Margin (%)	0.1%	42.0%	33694.9%
P/E Multiple	3,941.8	14.0	-99.6%
Shares Outstanding (Mil)	295	294	0.3%
Cumulative Contribution			33.9%

LTM = Last Twelve Months as of date shown

Market Drivers

7/31/2023 to 8/3/2026

	Return	Correlation
ZM	33.9%
Market (SPY)	71.4%	37.7%
Sector (XLK)	103.4%	32.4%

Return vs. Risk

Price Returns Compared

	2021	2022	2023	2024	2025	2026	Total [1]
Returns
ZM Return	-45%	-63%	6%	13%	6%	11%	-72%
Peers Return	25%	-44%	44%	20%	15%	25%	77%
S&P 500 Return	27%	-19%	24%	23%	16%	9%	99%
Monthly Win Rates [3]
ZM Win Rate	42%	25%	50%	58%	67%	62%
Peers Win Rate	65%	25%	57%	60%	55%	40%
S&P 500 Win Rate	75%	42%	67%	75%	67%	38%
Max Drawdowns [4]
ZM Max Drawdown	-59%	-65%	-30%	-23%	-25%	-26%
Peers Max Drawdown	-21%	-50%	-22%	-22%	-29%	-27%
S&P 500 Max Drawdown	-5%	-25%	-10%	-8%	-19%	-9%

[1] Cumulative total returns since the beginning of 2021
[2] Peers: MSFT, CSCO, GOOGL, RNG, CRM. See ZM Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/3/2026 (YTD)

Event	ZM	S&P 500
2025 US Tariff Shock
% Loss	-21.7%	-18.8%
% Gain to Breakeven	27.7%	23.1%
Time to Breakeven	154 days	79 days
Summer-Fall 2023 Five Percent Yield Shock
% Loss	-14.5%	-9.5%
% Gain to Breakeven	16.9%	10.5%
Time to Breakeven	35 days	24 days
2023 SVB Regional Banking Crisis
% Loss	-20.5%	-6.7%
% Gain to Breakeven	25.7%	7.1%
Time to Breakeven	552 days	31 days

Compare to MSFT, CSCO, GOOGL, RNG, CRM

In The Past

Zoom Communications's stock fell -21.7% during the 2025 US Tariff Shock. Such a loss loss requires a 27.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

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Event	ZM	S&P 500
2025 US Tariff Shock
% Loss	-21.7%	-18.8%
% Gain to Breakeven	27.7%	23.1%
Time to Breakeven	154 days	79 days
2023 SVB Regional Banking Crisis
% Loss	-20.5%	-6.7%
% Gain to Breakeven	25.7%	7.1%
Time to Breakeven	552 days	31 days

Compare to MSFT, CSCO, GOOGL, RNG, CRM

In The Past

Zoom Communications's stock fell -21.7% during the 2025 US Tariff Shock. Such a loss loss requires a 27.7% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About Zoom Communications (ZM)

Business Description Analogies Products Customers Suppliers Management Key Risks Emerging Threats Market Size Revenue Drivers Capital Allocation

Zoom Video Communications, Inc. (ZM) is a leading provider of a unified communications platform, primarily known for its high-definition video conferencing solutions. The company enables seamless communication and collaboration across various devices, including mobile, desktop, and conference room systems, integrating video, voice, chat, and content sharing functionalities into a single platform.

Beyond its widely recognized Zoom Meetings, the company offers a comprehensive suite of products and services. These include Zoom Phone, an enterprise cloud phone system; Zoom Chat for instant messaging; Zoom Rooms for software-based conference room systems; and Zoom Events and Webinars for hosting virtual events and presentations. Zoom also provides a Developer Platform for integrations, a hardware-as-a-service offering, and an omnichannel Zoom Contact Center solution, expanding its reach into business communication infrastructure.

Zoom serves a broad and diverse customer base globally, catering to individuals, small businesses, and large enterprises across numerous sectors. Its primary markets include education, entertainment/media, finance, government, healthcare, manufacturing, retail/consumer products, and various other industries, demonstrating its platform's versatility and widespread adoption for both internal and external communication needs.

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Here are 1-3 brief analogies to describe Zoom Communications (ZM):

The Netflix for virtual meetings.
Like Microsoft Teams or Google Meet, but built around a world-class video conferencing experience.

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Zoom Meetings: A platform offering HD video, voice, chat, and content sharing across various devices.
Zoom Phone: An enterprise-grade cloud-based phone system.
Zoom Chat: A messaging service enabling users to share messages, images, and content across devices.
Zoom Rooms: A software-based conference room system for video collaboration.
Zoom Hardware-as-a-Service: A service providing access to video communication technology using third-party equipment.
Zoom Conference Room Connector: A gateway enabling SIP/H.323 endpoints to join Zoom meetings.
Zoom Events: A platform for managing and hosting both internal and external virtual events.
OnZoom: A prosumer-focused virtual event platform and marketplace for creating, hosting, and monetizing online events.
Zoom Webinars: A service for delivering video presentations to large audiences from various devices.
Zoom Developer Platform: A platform that enables developers to build apps and integrate Zoom's video-based communication solutions.
Zoom App Marketplace: A marketplace for developers to publish their apps and third-party integrations for Zoom.
Zoom Contact Center: An omnichannel contact center solution for customer service.

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Zoom Communications (symbol: ZM) primarily sells its unified communications platform and related services to other companies and organizations.

The provided background information does not list the names of specific major customer companies. However, it identifies the following categories of industries that Zoom serves, which represent its major customer segments:

Education
Entertainment/Media
Enterprise Infrastructure
Finance
Government
Healthcare
Manufacturing
Non-profit/Not-for-profit and Social Impact
Retail/Consumer Products
Software/Internet Industries

While Zoom also serves individuals and prosumers, its primary customer base for its broader suite of offerings, including Zoom Phone, Zoom Rooms, and Zoom Contact Center, is found within these diverse organizational categories.

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Oracle (ORCL)
Amazon.com (AMZN)
HP Inc. (HPQ)

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Eric S. Yuan, Founder & Chief Executive Officer

Eric S. Yuan founded Zoom in 2011. Before establishing Zoom, he served as Corporate Vice President of Engineering at Cisco. He was also a founding engineer and Vice President of Engineering at Webex, where he expanded his team from 10 to over 800 engineers and contributed to revenue growth from $0 to over $800M. Yuan departed Cisco to found Zoom after his proposal for a new smartphone-friendly video conferencing system was turned down. He initially funded Zoom by borrowing from friends and family due to a lack of investor interest. Zoom's initial public offering in 2019 was recognized as one of the highest-performing tech IPOs.

Michelle Chang, Chief Financial Officer

Michelle Chang was appointed Chief Financial Officer of Zoom, with her role effective starting October 7, 2024. Prior to joining Zoom, she held the position of Corporate Vice President and CFO of Microsoft's Commercial Sales & Partner Organization. Her extensive tenure at Microsoft included various other finance leadership roles, such as Corporate Vice President and CFO of Modern Workplace (including Office and Teams) and Cyber Security. Chang began her career as an Audit & Consulting Senior at Arthur Andersen.

Velchamy Sankarlingam, President of Product and Engineering

Velchamy Sankarlingam joined Zoom in 2020 and is responsible for leading the company's Product, Engineering, DevOps, Digital Transformation, and Support functions. Before his time at Zoom, he was the Senior Vice President of Cloud Services Development and Operations at VMware, where he managed an R&D business unit, oversaw all infrastructure (including one of the largest private clouds), and facilitated VMware's transition to a SaaS model. Earlier in his career, he served as Vice President of Engineering and Operations at Cisco, specifically for Webex. He also held Vice President positions at Webex and Presenter.com, both of which were acquired by Cisco and Webex respectively. His career also includes experience at Andersen Consulting (now Accenture), IBM, Network Computing Devices, and Standard Microsystems.

Aparna Bawa, Chief Operating Officer

Aparna Bawa serves as Zoom's Chief Operating Officer, a role she has held since May 2020, following her tenure as Chief Legal Officer. Prior to joining Zoom in 2018, she was Senior Vice President and General Counsel for Magento Commerce, which was acquired by Adobe in 2018. Earlier, as Vice President and General Counsel for Nimble Storage, she played a key role in the company's initial public offering in 2013 and its subsequent sale to Hewlett Packard Enterprise in 2017. Bawa also led legal and corporate development functions for Inphi Corp. Her background includes experience as an investment banker at Lehman Brothers and Deutsche Bank, where she managed numerous IPO and M&A transactions for technology sector clients. She began her career as a corporate and securities attorney at Wilson Sonsini Goodrich & Rosati.

Abhisht Arora, Chief Strategy Officer

Abhisht Arora joined Zoom in 2021 as Chief Strategy Officer, where he is responsible for driving key growth initiatives, monetization strategies, corporate development, and strategic planning. Before his role at Zoom, he was Vice President of Product at Microsoft Teams. Arora's career at Microsoft spanned over 20 years, during which he held senior business and product leadership positions across various divisions, including Xbox, Bing, Windows, Office, and Surface. He is credited with product innovations such as the creation of Xbox Game Pass and significantly boosting usage and revenue growth for Bing and Xbox Live.

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The key risks to Zoom Communications (ZM) are:

Intense Competition and Market Saturation

Zoom operates in a highly competitive market against established players such as Microsoft (Teams), Google (Meet), and Cisco (Webex), which often bundle their video conferencing services with other products. This competition can lead to lower pricing, eroded market share, and increased customer acquisition costs. The market for video communications has also experienced saturation following its rapid growth during the pandemic, which could limit Zoom's future growth opportunities and make customer acquisition and retention more challenging.
Rapid Technological Changes and AI-Related Challenges

The fast-paced evolution of technology in the communications sector, including the rise of new AI-driven solutions, poses a continuous threat to Zoom's relevance. Zoom must consistently innovate and adapt its platform to maintain its customer base and market share. Furthermore, the company's use of generative artificial intelligence (AI) in its products and services introduces new operational challenges, potential legal liabilities, reputational concerns, and competitive and regulatory risks that could adversely affect its business.
Security, Privacy, and Regulatory Concerns

Zoom has faced significant scrutiny and investigations concerning its user privacy policies, encryption methods, and overall data security practices. Past incidents like "Zoombombing" and concerns about data breaches have raised questions about trust. While Zoom has implemented enhanced security measures and encryption protocols to address these issues, the company remains susceptible to data breaches and must continue to comply with evolving regulatory and privacy requirements across various regions to avoid potential harm to its business and legal liability.

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The increasing ubiquity and feature maturation of unified communication platforms bundled within larger enterprise software ecosystems, notably Microsoft Teams (as part of Microsoft 365) and Google Meet (as part of Google Workspace). These comprehensive offerings increasingly provide comparable video conferencing, chat, and telephony services, diminishing the perceived need for standalone subscriptions to specialized communication platforms like Zoom for many businesses already paying for these broader suites.

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Zoom Communications (symbol: ZM) operates within several large addressable markets for its main products and services:

Unified Communications Platform (encompassing Zoom Meetings, Zoom Phone, Zoom Chat, Zoom Rooms): The global unified communications market was valued at approximately USD 136.11 billion in 2023 and is projected to reach around USD 417.86 billion by 2030, growing at a compound annual growth rate (CAGR) of 17.4% from 2024 to 2030. Other estimates place the global market at USD 146.2 billion in 2024, expected to reach USD 530.5 billion by 2033, with a CAGR of 14.63% from 2025-2033. North America accounted for 26.0% of the global unified communications market in 2023.
Zoom Phone (Cloud Phone System): The global cloud telephony service market is projected to reach US$ 26.8 billion in 2026 and US$ 48.4 billion by 2033, exhibiting a CAGR of 8.8% between 2026 and 2033. Another estimate indicates the global cloud telephony service market size reached USD 23.9 billion in 2024 and is expected to reach USD 47.8 billion by 2033, with a CAGR of 7.99% during 2025-2033. North America leads this market, holding approximately 41% of the global market share.
Zoom Events, OnZoom, and Zoom Webinars (Virtual Events): The global virtual events industry market was valued at $392.10 billion in 2023 and is estimated to reach $1,388.4 billion by 2035, growing at a CAGR of 11.2% from 2024 to 2035. Other reports show the global virtual events market at USD 98.07 billion in 2024, projected to reach USD 297.16 billion by 2030, with a CAGR of 20.3% from 2025 to 2030. North America held the major share of the market in 2023 and accounted for 39.8% of the global virtual events market in 2024.
Zoom Contact Center: The global contact center software market was valued at USD 40.9 billion in 2024 and is projected to reach USD 152.4 billion by 2033, exhibiting a CAGR of 15.7% from 2025-2033. Another source indicates the global contact center software market size was worth around USD 46.18 billion in 2024 and is predicted to grow to around USD 399.41 billion by 2034, with a CAGR of roughly 21.8% between 2025 and 2034. North America dominates this market, holding over 35.7% in 2024.

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Zoom Communications (ZM) is poised for future revenue growth over the next 2-3 years, driven by several strategic initiatives and product expansions.

Expansion and Monetization of AI-powered Solutions: Zoom is heavily investing in and expecting revenue growth from its AI-powered features, particularly the AI Companion. The strategy includes selling AI Companion as a standalone product to basic users and as an add-on for enterprise customers. This focus on AI is central to Zoom's evolution into an "AI-powered system of action for modern work" and is expected to open new revenue streams.
Growth in Enterprise Customers and Upselling within Existing Accounts: A significant driver of revenue growth for Zoom is the continued acquisition of new enterprise customers and the expansion of services within its existing large client base. The company has seen consistent year-over-year growth in the number of customers contributing more than $100,000 in trailing 12-month revenue, which now constitutes a substantial portion of its total revenue. This focus on the up-market enterprise segment demonstrates a strategy to increase average customer spending.
Increased Adoption and Performance of Zoom Phone and Zoom Contact Center: Zoom Phone and Zoom Contact Center (ZCC) are identified as key emerging growth businesses with strong performance. These products are driving competitive displacements and are crucial components of Zoom's broader unified communications platform, contributing significantly to future revenue acceleration.
Platform Diversification and Ecosystem Expansion: Beyond its core video conferencing, Zoom is transforming into a comprehensive work platform encompassing products like Zoom Team Chat, Zoom Events, and Zoom Docs. This strategic shift aims to integrate various communication and collaboration tools into an "AI-first work platform," enhancing its ecosystem and creating opportunities for revenue growth through a broader suite of offerings and integrations.

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Share Repurchases

Zoom Video Communications announced an equity buyback plan on February 26, 2024. Under this program, as of January 31, 2026, the company repurchased 36,312,622 shares for a total of $2,700 million.
In November 2025, Zoom's Board authorized an additional $1.0 billion for share repurchases, supplementing the $310.4 million remaining authorization as of October 31, 2025.
As of January 31, 2026, Zoom had $1.0 billion remaining in its authorized share repurchase program.

Outbound Investments

In May 2023, Zoom Ventures made a strategic investment of $51 million in the AI startup Anthropic.
As of March 2026, analysts estimate Zoom's stake in Anthropic could be valued as high as $4.4 billion.
In 2021, Zoom acquired assets from Liminal to enhance its virtual event capabilities and also acquired Kites GmbH for real-time Machine Translation solutions.

Capital Expenditures

Zoom's capital expenditures averaged $116 million annually for the fiscal years ending January 2021 to 2025.
Capital expenditures peaked at $136.6 million in the fiscal year ending January 2025.
For fiscal year 2027, the company forecasts normalized capital expenditures to be $785 million, with a primary focus on investing in AI and expanding offerings in areas like contact center and employee experience solutions.

Interactive Breakdown

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Better Bets vs. Zoom Communications (ZM)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

CRM (10.0% | 3.8x)

Salesforce

ADBE (11.0% | 4.0x)

Adobe

INTU (14.2% | 4.2x)

Intuit

WDAY (15.1% | 4.3x)

Workday

TEAM (22.7% | 4.4x)

Atlassian

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

ORCL (10.6% | 18.2x)

Oracle

CRM (10.0% | 17.2x)

Salesforce

ADBE (11.0% | 11.1x)

Adobe

INTU (14.2% | 15.3x)

Intuit

FICO (17.7% | 19.0x)

Fair Isaac

Higher Rev Chg LTM (Value for ZM: 5.0%)

PLTR (67.7%)

Palantir Technologies

APP (66.4%)

AppLovin

SHOP (31.8%)

Shopify

ORCL (17.4%)

Oracle

CRM (11.0%)

Salesforce

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

PLTR (39.6%)

Palantir Technologies

APP (37.0%)

AppLovin

SHOP (28.0%)

Shopify

ORCL (10.6%)

Oracle

CRM (10.0%)

Salesforce

Higher Op Mgn LTM (Value for ZM: 24.2%)

APP (77.1%)

AppLovin

PLTR (38.1%)

Palantir Technologies

ADBE (36.1%)

Adobe

ORCL (33.3%)

Oracle

CDNS (30.8%)

Cadence Design Systems

Higher CFO/Rev LTM (Value for ZM: 41.0%)

APP (71.9%)

AppLovin

PLTR (52.1%)

Palantir Technologies

ORCL (47.5%)

Oracle

FICO (41.8%)

Fair Isaac

ADBE (41.6%)

Adobe

Higher FCF/Rev LTM (Value for ZM: 39.7%)

APP (71.9%)

AppLovin

PLTR (51.5%)

Palantir Technologies

YOU (46.4%)

Clear Secure

ADBE (40.8%)

Adobe

FICO (40.1%)

Fair Isaac

Higher Total Yield (Value for ZM: 7.2%)

PD (21.3%)

PagerDuty

EGAN (20.0%)

eGain

OTEX (12.1%)

Open Text

PTC (7.6%)

PTC

BLKB (7.6%)

Blackbaud

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

DELL (12.9% | 2.1x)

Dell Technologies

IBM (4.5% | 3.1x)

International Business Machines

CRM (10.0% | 3.8x)

Salesforce

QCOM (4.8% | 3.6x)

Qualcomm

ACN (4.8% | 1.4x)

Accenture

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

MSFT (16.1% | 23.3x)

Microsoft

MU (80.9% | 15.8x)

Micron Technology

ORCL (10.6% | 18.2x)

Oracle

IBM (4.5% | 16.8x)

International Business Machines

CRM (10.0% | 17.2x)

Salesforce

Higher Rev Chg LTM (Value for ZM: 5.0%)

MU (167.0%)

Micron Technology

NVDA (70.7%)

NVIDIA

AVGO (32.3%)

Broadcom

MSFT (17.8%)

Microsoft

AAPL (14.2%)

Apple

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

NVDA (121.7%)

NVIDIA

MU (80.9%)

Micron Technology

AVGO (29.3%)

Broadcom

MSFT (16.1%)

Microsoft

AAPL (6.9%)

Apple

Higher Op Mgn LTM (Value for ZM: 24.2%)

MU (65.7%)

Micron Technology

NVDA (64.0%)

NVIDIA

MSFT (46.8%)

Microsoft

AVGO (44.1%)

Broadcom

AAPL (33.2%)

Apple

Higher CFO/Rev LTM (Value for ZM: 41.0%)

MU (57.0%)

Micron Technology

MSFT (55.1%)

Microsoft

NVDA (49.6%)

NVIDIA

ORCL (47.5%)

Oracle

AVGO (44.6%)

Broadcom

Higher FCF/Rev LTM (Value for ZM: 39.7%)

APP (71.9%)

AppLovin

ANET (54.4%)

Arista Networks

PLTR (51.5%)

Palantir Technologies

NVDA (47.0%)

NVIDIA

AVGO (43.4%)

Broadcom

Higher Total Yield (Value for ZM: 7.2%)

ACN (11.6%)

Accenture

CTSH (11.0%)

Cognizant Technology Solutions

QCOM (8.2%)

Qualcomm

IBM (8.0%)

International Business Machines

ROP (7.3%)

Roper Technologies

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

AMZN (13.0% | 3.9x)

Amazon.com

BRK-B (15.3% | 2.6x)

Berkshire Hathaway

JPM (11.4% | 5.1x)

JPMorgan Chase

WMT (5.3% | 1.2x)

Walmart

BAC (6.5% | 3.7x)

Bank of America

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

META (23.8% | 17.3x)

Meta Platforms

V (11.8% | 23.6x)

Visa

JNJ (6.0% | 23.3x)

Johnson & Johnson

MA (14.2% | 24.0x)

Mastercard

UNH (10.2% | 20.0x)

UnitedHealth

Higher Rev Chg LTM (Value for ZM: 5.0%)

META (27.7%)

Meta Platforms

GOOGL (20.1%)

Alphabet

AMZN (15.8%)

Amazon.com

TSLA (11.8%)

Tesla

PM (8.9%)

Philip Morris International

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

META (23.8%)

Meta Platforms

GOOGL (15.5%)

Alphabet

BRK-B (15.3%)

Berkshire Hathaway

AMZN (13.0%)

Amazon.com

PM (8.7%)

Philip Morris International

Higher Op Mgn LTM (Value for ZM: 24.2%)

V (65.6%)

Visa

LLY (47.3%)

Eli Lilly

META (38.1%)

Meta Platforms

PM (37.7%)

Philip Morris International

GOOGL (33.1%)

Alphabet

Higher CFO/Rev LTM (Value for ZM: 41.0%)

BAC (78.2%)

Bank of America

META (57.1%)

Meta Platforms

V (50.8%)

Visa

MA (49.7%)

Mastercard

GOOGL (41.6%)

Alphabet

Higher FCF/Rev LTM (Value for ZM: 39.7%)

RY (102.5%)

Royal Bank of Canada

BAC (78.2%)

Bank of America

V (47.2%)

Visa

CBC (45.7%)

Central Bancompany

MA (45.5%)

Mastercard

Higher Total Yield (Value for ZM: 7.2%)

BAC (9.7%)

Bank of America

JPM (7.9%)

JPMorgan Chase

PG (7.9%)

Procter & Gamble

GS (7.6%)

Goldman Sachs

MS (7.5%)

Morgan Stanley

Best Bets in Information Technology

What You Pay

P/EBIT (Value for ZM: 24.3x)

APP (28.6x)

AppLovin

VRSN (23.0x)

VeriSign

NVDA (26.4x)

NVIDIA

QLYS (23.9x)

Qualys

IDCC (20.6x)

InterDigital

ADEA (15.7x)

Adeia

YOU (26.0x)

Clear Secure

GEN (8.2x)

Gen Digital

ADBE (10.8x)

Adobe

FICO (18.9x)

Fair Isaac

P/E (Value for ZM: 14.0x)

APP (34.6x)

AppLovin

VRSN (31.9x)

VeriSign

NVDA (31.4x)

NVIDIA

QLYS (27.4x)

Qualys

IDCC (26.4x)

InterDigital

ADEA (24.9x)

Adeia

YOU (44.8x)

Clear Secure

GEN (17.5x)

Gen Digital

ADBE (14.0x)

Adobe

FICO (29.1x)

Fair Isaac

What You Get

Rev Chg 3Y Avg (Value for ZM: 3.7%)

APP (37.0%)

AppLovin

VRSN (5.3%)

VeriSign

NVDA (121.7%)

NVIDIA

QLYS (10.6%)

Qualys

IDCC (15.6%)

InterDigital

ADEA (4.4%)

Adeia

YOU (25.6%)

Clear Secure

GEN (15.1%)

Gen Digital

ADBE (11.0%)

Adobe

FICO (17.7%)

Fair Isaac

Rev Chg LTM (Value for ZM: 5.0%)

APP (66.4%)

AppLovin

VRSN (6.9%)

VeriSign

NVDA (70.7%)

NVIDIA

QLYS (10.2%)

Qualys

IDCC (-11.7%)

InterDigital

ADEA (21.1%)

Adeia

YOU (17.4%)

Clear Secure

GEN (27.1%)

Gen Digital

ADBE (11.5%)

Adobe

FICO (24.1%)

Fair Isaac

Rev Chg Q (Value for ZM: 5.5%)

APP (59.0%)

AppLovin

VRSN (6.0%)

VeriSign

NVDA (85.2%)

NVIDIA

QLYS (9.8%)

Qualys

IDCC (-13.4%)

InterDigital

ADEA (19.5%)

Adeia

YOU (19.7%)

Clear Secure

GEN (27.0%)

Gen Digital

ADBE (12.7%)

Adobe

FICO (25.7%)

Fair Isaac

FCF/Rev 3Y Avg (Value for ZM: 37.3%)

APP (64.1%)

AppLovin

VRSN (58.5%)

VeriSign

NVDA (48.3%)

NVIDIA

QLYS (42.9%)

Qualys

IDCC (42.5%)

InterDigital

ADEA (40.3%)

Adeia

YOU (39.2%)

Clear Secure

GEN (38.3%)

Gen Digital

ADBE (37.9%)

Adobe

FICO (37.4%)

Fair Isaac

[1] Choosing top 10 best bets from each sector quarterly is an alpha producing strategy vs sector benchmark
[2] Historical annualized return of 24%, alpha of 2.9%, and sharpe of 1.04

Latest Trefis Analyses

	Title	Date
0	DASHBOARDS
1	Is Zoom Communications Stock Poised for a Rally?	07/09/2026
2	Zoom Communications Stock Plummets 17% With 7-Day Losing Streak	06/12/2026
3	6-Day Sell-Off Sends Zoom Communications Stock Down 16%	06/11/2026
4	Zoom Communications Stock In Shambles: Down 13% With 5-Day Losing Streak	06/10/2026
5	Zoom Communications Earnings Notes	05/20/2026
6	Zoom Communications Stock Surges 20%, With A 6-Day Winning Spree	05/06/2026
7	Zoom Communications Stock Rockets 17% With 5-Day Winning Streak	05/05/2026
8	How To Earn 9.9% Yield While Waiting to Buy ZM 30% Cheaper	03/27/2026
9	Zoom Communications vs Adobe: Which Stock Could Rally?	03/11/2026
10	How Does Zoom Communications Stock Compare With Peers?	01/27/2026
11	ARTICLES
12	Why ZM Stock Hands You So Much Cash Right Now	07/16/2026
13	The Market Marked ZM Down. The Numbers Push Back	07/09/2026
14	Zoom Communications Stock 7-Day Losing Spree: Stock Falls -17%	06/12/2026
15	Zoom Communications Stock Slides -16% With A 6-Day Losing Spree	06/11/2026
16	Is Zoom Stock A Buy After The Anthropic IPO Hype?	06/02/2026

	Title
0	DASHBOARDS
1	Is Zoom Communications Stock Poised for a Rally?
2	Zoom Communications Stock Plummets 17% With 7-Day Losing Streak
3	6-Day Sell-Off Sends Zoom Communications Stock Down 16%
4	Zoom Communications Stock In Shambles: Down 13% With 5-Day Losing Streak
5	Zoom Communications Earnings Notes
6	Zoom Communications Stock Surges 20%, With A 6-Day Winning Spree
7	Zoom Communications Stock Rockets 17% With 5-Day Winning Streak
8	How To Earn 9.9% Yield While Waiting to Buy ZM 30% Cheaper
9	Zoom Communications vs Adobe: Which Stock Could Rally?
10	How Does Zoom Communications Stock Compare With Peers?
11	ARTICLES
12	Why ZM Stock Hands You So Much Cash Right Now
13	The Market Marked ZM Down. The Numbers Push Back
14	Zoom Communications Stock 7-Day Losing Spree: Stock Falls -17%
15	Zoom Communications Stock Slides -16% With A 6-Day Losing Spree
16	Is Zoom Stock A Buy After The Anthropic IPO Hype?

Trade Ideas

Select ideas related to ZM.

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Recent Active Movers

Top Gainers

Ticker	Company	Category	1D Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	5.7%	-9.2%
URA	Global X Uranium ETF	Equity	4.5%	-4.5%
MAGS	Roundhill Magnificent Seven ETF	Equity	3.7%	3.7%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	3.4%	-4.5%
ARKX	ARK Space & Defense Innovation ETF	Equity	3.2%	-9.5%
ARKK	ARK Innovation ETF	Equity	3.2%	-4.4%
AGIX	KraneShares Artificial Intelligence ETF	Equity	3.1%	20.2%
ARKQ	ARK Autonomous Technology & Robotics ETF	Equity	3.1%	3.5%
IGV	iShares Expanded Tech-Software Sector...	Equity	3.0%	-7.8%
MISL	First Trust Indxx Aerospace & Defense...	Equity	3.0%	3.6%

Top Losers

Ticker	Company	Category	1D Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	-5.5%	76.6%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	-1.9%	29.2%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	-1.8%	30.2%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	-1.8%	38.6%
PALL	ETFS Physical Palladium Shares	Commodity	-1.7%	-21.5%
PPLT	ETFS Physical Platinum Shares	Commodity	-1.3%	-20.8%
XLE	State Street Energy Select Sector SPD...	Equity	-1.3%	32.4%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	-1.2%	27.9%
COMT	iShares GSCI Commodity Dynamic Roll S...	Commodity	-1.1%	29.7%
BCI	abrdn Bloomberg All Commodity Strateg...	Commodity	-1.0%	21.4%

Top Gainers

Ticker	Company	Category	1W Rtn	YTD Rtn
MAGS	Roundhill Magnificent Seven ETF	Equity	8.5%	3.7%
IGV	iShares Expanded Tech-Software Sector...	Equity	7.2%	-7.8%
XLY	State Street Consumer Discretionary S...	Equity	6.6%	-0.8%
KWEB	KraneShares CSI China Internet ETF	Equity	6.4%	-15.6%
BOTZ	Global X Funds Global X Robotics & Ar...	Equity	4.6%	-0.8%
IVW	iShares S&P 500 Growth ETF	Equity	4.5%	12.2%
SPYG	State Street SPDR Portfolio S&P 500 G...	Equity	4.5%	12.3%
VUG	Vanguard Growth ETF	Equity	4.4%	7.3%
MGK	Vanguard Mega Cap Growth ETF	Equity	4.4%	7.1%
AGIX	KraneShares Artificial Intelligence ETF	Equity	4.3%	20.2%

Top Losers

Ticker	Company	Category	1W Rtn	YTD Rtn
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	-4.1%	-37.1%
XLU	State Street Utilities Select Sector ...	Equity	-2.9%	4.6%
EDV	Vanguard World Funds Extended Duratio...	Bond	-2.8%	-5.8%
PALL	ETFS Physical Palladium Shares	Commodity	-2.5%	-21.5%
ASHR	Xtrackers Harvest CSI 300 China A-Sha...	Equity	-2.4%	3.3%
USRT	iShares Core U.S. REIT ETF	Real Estate	-2.2%	19.7%
XBI	State Street SPDR S&P Biotech ETF	Equity	-2.2%	20.8%
USO	United States Oil Fund LP	Commodity	-2.1%	76.6%
SCHH	Schwab U.S. REIT ETF	Real Estate	-1.9%	16.9%
TLT	iShares 20+ Year Treasury Bond ETF	Bond	-1.9%	-3.6%

Top Gainers

Ticker	Company	Category	1M Rtn	YTD Rtn
USO	United States Oil Fund LP	Commodity	17.4%	76.6%
KWEB	KraneShares CSI China Internet ETF	Equity	15.0%	-15.6%
FXI	iShares China Large-Cap ETF	Equity	14.3%	-4.8%
XOP	State Street SPDR S&P Oil & Gas Explo...	Equity	12.7%	38.6%
XLE	State Street Energy Select Sector SPD...	Equity	10.5%	32.4%
ETHA	iShares Ethereum Trust ETF	Cryptocurrency	9.7%	-37.1%
FXN	First Trust Energy AlphaDEX Fund	Equity	8.9%	33.7%
PDBC	Invesco Optimum Yield Diversified Com...	Commodity	8.7%	30.2%
DBC	Invesco DB Commodity Index Tracking Fund	Commodity	8.7%	29.2%
HGER	Harbor Commodity All-Weather Strategy...	Commodity	7.1%	27.9%

Top Losers

Ticker	Company	Category	1M Rtn	YTD Rtn
NASA	Tema Space Innovators ETF	Equity	-21.7%	-9.2%
UNG	United States Natural Gas Fund LP	Commodity	-12.7%	-17.5%
EWY	iShares MSCI South Korea ETF	Equity	-11.0%	64.8%
SOXX	iShares Semiconductor ETF	Equity	-10.4%	68.7%
ARKK	ARK Innovation ETF	Equity	-9.5%	-4.4%
SOXQ	Invesco PHLX Semiconductor ETF	Equity	-9.4%	61.5%
LIT	Global X Lithium & Battery Tech ETF	Equity	-9.3%	7.0%
ICLN	iShares Global Clean Energy ETF	Equity	-8.5%	9.5%
XOVR	EntrepreneurShares Series Trust ERSha...	Equity	-8.4%	-4.5%
XBI	State Street SPDR S&P Biotech ETF	Equity	-8.2%	20.8%

Peer Comparisons

Peers to compare with:

Financials

	ZM	MSFT	CSCO	GOOGL	RNG	CRM	Median
Name	Zoom Com.	Microsoft	Cisco Sy.	Alphabet	RingCent.	Salesfor.
Mkt Price	98.25	487.65	115.86	373.51	57.30	185.95	150.91
Mkt Cap	28.9	3,621.3	457.9	4,538.5	4.8	161.4	309.6
Rev LTM	4,933	331,839	60,746	445,867	2,584	42,829	51,788
Op Inc LTM	1,193	155,237	14,408	147,628	174	9,366	11,887
FCF LTM	1,961	66,987	11,788	53,273	576	14,661	13,224
FCF 3Y Avg	1,769	70,890	12,334	60,263	472	12,881	12,607
CFO LTM	2,021	182,935	13,025	185,675	671	15,221	14,123
CFO 3Y Avg	1,879	145,882	13,277	141,481	557	13,511	13,394

Growth & Margins

	ZM	MSFT	CSCO	GOOGL	RNG	CRM	Median
Name	Zoom Com.	Microsoft	Cisco Sy.	Alphabet	RingCent.	Salesfor.
Rev Chg LTM	5.0%	17.8%	9.2%	20.1%	5.2%	11.0%	10.1%
Rev Chg 3Y Avg	3.7%	16.1%	3.5%	15.5%	7.1%	10.0%	8.5%
Rev Chg Q	5.5%	17.7%	12.0%	24.2%	5.9%	13.3%	12.6%
QoQ Delta Rev Chg LTM	1.3%	4.3%	2.9%	5.5%	1.4%	3.1%	3.0%
Op Inc Chg LTM	40.0%	20.8%	19.0%	21.6%	162.1%	18.2%	21.2%
Op Inc Chg 3Y Avg	337.9%	20.6%	0.8%	25.6%	124.7%	53.7%	39.7%
Op Mgn LTM	24.2%	46.8%	23.7%	33.1%	6.7%	21.9%	23.9%
Op Mgn 3Y Avg	19.4%	45.7%	24.0%	31.9%	1.5%	20.3%	22.1%
QoQ Delta Op Mgn LTM	1.1%	-0.0%	0.5%	0.4%	0.4%	0.4%	0.4%
CFO/Rev LTM	41.0%	55.1%	21.4%	41.6%	26.0%	35.5%	38.3%
CFO/Rev 3Y Avg	39.7%	50.6%	23.2%	36.5%	22.6%	34.5%	35.5%
FCF/Rev LTM	39.7%	20.2%	19.4%	11.9%	22.3%	34.2%	21.2%
FCF/Rev 3Y Avg	37.3%	25.3%	21.6%	16.1%	19.1%	32.9%	23.4%

Valuation

	ZM	MSFT	CSCO	GOOGL	RNG	CRM	Median
Name	Zoom Com.	Microsoft	Cisco Sy.	Alphabet	RingCent.	Salesfor.
Mkt Cap	28.9	3,621.3	457.9	4,538.5	4.8	161.4	309.6
P/S	5.9	10.9	7.5	10.2	1.9	3.8	6.7
P/Op Inc	24.3	23.3	31.8	30.7	27.7	17.2	26.0
P/EBIT	24.3	21.4	29.5	15.1	26.4	16.2	22.8
P/E	14.0	27.1	38.3	18.6	43.7	20.1	23.6
P/CFO	14.3	19.8	35.2	24.4	7.2	10.6	17.1
Total Yield	7.2%	4.4%	4.0%	5.6%	2.6%	5.9%	5.0%
Dividend Yield	0.0%	0.7%	1.4%	0.2%	0.3%	1.0%	0.5%
FCF Yield 3Y Avg	8.0%	2.2%	4.5%	2.4%	16.7%	6.7%	5.6%
D/E	0.0	0.0	0.1	0.0	0.2	0.3	0.0
Net D/E	-0.3	-0.0	0.0	-0.0	0.2	0.2	0.0

Returns

	ZM	MSFT	CSCO	GOOGL	RNG	CRM	Median
Name	Zoom Com.	Microsoft	Cisco Sy.	Alphabet	RingCent.	Salesfor.
1M Rtn	12.7%	24.9%	3.2%	3.8%	43.2%	11.9%	12.3%
3M Rtn	-7.9%	18.2%	25.5%	-2.5%	21.5%	0.5%	9.3%
6M Rtn	5.8%	15.7%	45.0%	8.8%	117.5%	-11.3%	12.3%
12M Rtn	38.4%	-6.2%	76.2%	98.1%	143.3%	-25.2%	57.3%
3Y Rtn	42.3%	52.3%	138.3%	194.1%	48.8%	-11.8%	50.5%
1M Excs Rtn	11.2%	23.3%	1.6%	2.2%	41.6%	10.4%	10.8%
3M Excs Rtn	-10.1%	12.8%	21.5%	-8.2%	22.2%	-3.7%	4.5%
6M Excs Rtn	-2.9%	4.3%	39.8%	1.1%	112.6%	-21.5%	2.7%
12M Excs Rtn	12.8%	-27.8%	53.8%	75.3%	105.6%	-47.3%	33.3%
3Y Excs Rtn	-31.8%	-16.6%	69.1%	123.7%	-20.6%	-83.5%	-18.6%

Comparison Analyses

	Title
0	Zoom Communications vs. Cadence Design Systems: With Return Forecast Of 51%, Cadence Design Systems Is A Better Bet
1	Zoom Communications vs. AppLovin: With Return Forecast Of 9.9%, Zoom Communications Is A Better Bet
2	Zoom Communications vs. CrowdStrike: With Return Forecast Of 37%, CrowdStrike Is A Better Bet
3	Zoom Communications vs. RingCentral: With Return Forecast Of 34%, RingCentral Is A Better Bet
4	Zoom Communications vs. Cisco Systems: With Return Forecast Of 10%, Zoom Communications Is A Better Bet
5	Zoom Communications vs. Microsoft: With Return Forecast Of 30%, Microsoft Is A Better Bet
6	Zoom Communications vs. Alphabet: With Return Forecast Of 28%, Alphabet Is A Better Bet
7	Zoom Communications vs. Fair Isaac: With Return Forecast Of 14%, Fair Isaac Is A Better Bet
8	Zoom Communications vs. Digital Realty Trust: Both Seem Similar Bets
9	Zoom Communications vs. Warner Music: Both Seem Similar Bets

FDIC Bank Data

Bank Capital

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Bank Deposits

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Bank Assets

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Bank Loans

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FDA Approved Drugs Data

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Financials

Annual
Quarterly

$ Mil \| FY: 1/31	LTM	2026	2025	2024	2023	2022	2021
Period End	4/30/2026	1/31/2026	1/31/2025	1/31/2024	1/31/2023	1/31/2022	1/31/2021
Filing Date	5/22/2026	2/27/2026	2/28/2025	3/4/2024	3/3/2023	3/7/2022	3/18/2021
Key Financials
Total Revenue	4,933	4,869	4,665	4,527	4,393	4,100	2,651
Gross Profit	3,818	3,750	3,536	3,449	3,293	3,045	1,829
EBITDA	1,323	1,256	936	630	328	1,112	689
Operating Income	1,193	1,124	813	525	245	1,064	660
Net Income	2,071	1,900	1,010	637	104	1,376	672
EPS	6.96	6.32	3.28	2.12	0.35	4.64	2.37
Growth Rates
Total Revenue Growth	5.0%	4.4%	3.1%	3.1%	7.1%	54.6%	325.8%
EBITDA Growth	34.5%	34.2%	48.6%	92.1%	-70.5%	61.4%	2263.0%
Operating Income Growth	40.0%	38.2%	54.8%	114.0%	-76.9%	61.2%	5097.3%
Net Income Growth	97.5%	88.1%	58.5%	514.7%	-92.5%	104.6%	2556.9%
Margins
Gross Margin	77.4%	77.0%	75.8%	76.2%	74.9%	74.3%	69.0%
EBITDA Margin	26.8%	25.8%	20.1%	13.9%	7.5%	27.1%	26.0%
Operating Income Margin	24.2%	23.1%	17.4%	11.6%	5.6%	25.9%	24.9%
Net Income Margin	42.0%	39.0%	21.7%	14.1%	2.4%	33.6%	25.4%
Cash & Debt
Total Cash	7,721	7,817	7,792	6,962	5,413	5,419	4,245
Total Debt	60	58	64	73	96	106	106
Net Debt / (Cash)	-7,661	-7,758	-7,727	-6,890	-5,316	-5,314	-4,139
Cash Flows & CapEx
Net Cash from Operations	2,021	1,989	1,945	1,599	1,290	1,605	1,471
Total CapEx	-61	-65	-137	-127	-115	-146	-86
Free Cash from Operations	1,961	1,924	1,809	1,472	1,175	1,460	1,385
Returns to Shareholders
Dividends	0	-0	-0	-0	-0	-0	-0
Share Repurchases	1,564	1,621	1,094	-0	1,000	-0	-0

$ Mil \| FY: 1/31	2027Q1	2026Q4	2026Q3	2026Q2	2026Q1	2025Q4	2025Q3	2025Q2	2025Q1	2024Q4	2024Q3	2024Q2
Period End	4/30/2026	1/31/2026	10/31/2025	7/31/2025	4/30/2025	1/31/2025	10/31/2024	7/31/2024	4/30/2024	1/31/2024	10/31/2023	7/31/2023
Filing Date	5/22/2026	2/27/2026	11/25/2025	8/22/2025	5/23/2025	2/28/2025	11/26/2024	8/23/2024	5/22/2024	3/4/2024	11/21/2023	8/23/2023
Key Financials Quarterly
Total Revenue	1,239	1,247	1,230	1,217	1,175	1,184	1,178	1,163	1,141	1,146	1,137	1,139
Ebitda	343	283	343	354	277	260	215	231	230	196	196	204
Operating Income	310	250	310	322	242	225	183	202	203	169	169	178
Net Income	426	674	613	359	255	368	207	219	216	299	141	182
EPS	1.45	2.27	2.05	1.19	0.84	1.20	0.67	0.71	0.70	0.98	0.47	0.61
Key Financials TTM
Total Revenue TTM	4,933	4,869	4,806	4,754	4,699	4,665	4,628	4,587	4,563	4,527	4,499	4,464
Ebitda TTM	1,323	1,256	1,233	1,106	983	936	872	853	826	630	328	220
Operating Income TTM	1,193	1,124	1,099	971	852	813	757	743	719	525	227	124
Net Income TTM	2,071	1,900	1,594	1,188	1,049	1,010	941	875	838	637	235	142
Growth Rates Quarterly
Total Revenue Growth	5.5%	5.3%	4.4%	4.7%	2.9%	3.3%	3.6%	2.1%	3.2%	2.6%	3.2%	3.6%
EBITDA Growth	24.0%	8.9%	59.3%	52.9%	20.6%	32.6%	9.6%	13.6%	579.2%	285.6%	122.5%	42.9%
Operating Income Growth	28.5%	11.0%	69.8%	59.0%	19.0%	33.5%	7.9%	13.9%	1984.0%	229.8%	154.7%	45.9%
Net Income Growth	67.2%	83.2%	196.0%	63.7%	17.7%	23.1%	46.6%	20.4%	1300.6%	387.2%	192.0%	297.8%
Margins Quarterly
EBITDA Margin	27.7%	22.7%	27.9%	29.1%	23.6%	21.9%	18.3%	19.9%	20.1%	17.1%	17.3%	17.9%
Operating Income Margin	25.1%	20.0%	25.2%	26.4%	20.6%	19.0%	15.5%	17.4%	17.8%	14.7%	14.9%	15.6%
Net Income Margin	34.4%	54.1%	49.8%	29.5%	21.7%	31.1%	17.6%	18.8%	19.0%	26.1%	12.4%	16.0%
Cash & Debt
Total Cash	7,721	7,817	7,943	7,779	7,793	7,792	7,702	7,520	7,374	6,962	6,494	6,029
Total Debt	60	58	48	54	61	64	67	64	68	73	79	86
Net Debt / (Cash)	-7,661	-7,758	-7,895	-7,724	-7,731	-7,727	-7,635	-7,456	-7,306	-6,890	-6,415	-5,943
Cash Flows Quarterly
FCF from Operations	522	355	629	516	489	425	483	449	588	351	493	336
Cash Flows TTM
FCF from Operations TTM	2,021	1,989	2,059	1,913	1,846	1,945	1,872	1,882	1,769	1,599	1,459	1,261
Returns to Shareholders Quarterly
Dividends	0	0	0	0	0	0	0	0	0	0	0	0
Share Repurchases	362	324	414	465	418	355	302	288	150	-0	-0	-0
Return on Invested Capital (ROIC) Quarterly
ROIC	-	-	-	-	-	-	-	-	-	-	-	-
Return on Invested Capital (ROIC) TTM
ROIC TTM	-	-	-	-	-	-	-	-	-	-	-	-

Segment Financials

Revenue by Segment

$ Mil	2026	2025	2024	2023	2022
Single Segment	4,869	4,665	4,527	4,393	4,100
Total	4,869	4,665	4,527	4,393	4,100

Net Income by Segment

$ Mil	2026	2025
Single Segment	1,900	1,010
Total	1,900	1,010

Price Behavior

Price Behavior

Market Price	$98.25
Market Cap ($ Bil)	28.9
First Trading Date	04/18/2019
Distance from 52W High	-12.2%
	50 Days	200 Days
DMA Price	$92.63	$88.03
DMA Trend	up	down
Distance from DMA	6.1%	11.6%
	3M	1YR
Volatility	49.1%	43.6%
Downside Capture	127.35	112.40
Upside Capture	64.31	123.16
Correlation (SPY)	9.5%	26.9%

ZM Betas & Captures as of 7/31/2026

	1M	2M	3M	6M	1Y	3Y
Beta	0.24	0.60	0.38	0.73	0.91	0.86
Up Beta	-2.00	-1.42	-1.75	-0.22	0.48	0.69
Down Beta	-0.14	0.54	0.45	0.24	0.55	0.84
Up Capture	190%	109%	84%	121%	137%	84%
Bmk +ve Days	11	22	35	67	138	427
Stock +ve Days	12	19	29	64	130	377
Down Capture	19%	131%	108%	122%	110%	101%
Bmk -ve Days	11	21	28	59	114	326
Stock -ve Days	10	24	34	62	122	372

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively

Based On 1-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZM
ZM	32.8%	43.7%	0.77	-
Sector ETF (XLK)	36.2%	25.6%	1.17	21.7%
Equity (SPY)	21.0%	12.9%	1.20	27.2%
Gold (GLD)	22.8%	28.1%	0.72	0.9%
Commodities (DBC)	28.8%	19.7%	1.16	2.5%
Real Estate (VNQ)	15.5%	13.8%	0.80	4.8%
Bitcoin (BTCUSD)	-45.9%	43.1%	-1.30	14.5%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 5-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZM
ZM	-23.4%	44.6%	-0.46	-
Sector ETF (XLK)	19.1%	25.7%	0.66	46.8%
Equity (SPY)	12.9%	17.2%	0.58	48.6%
Gold (GLD)	17.2%	18.5%	0.75	4.8%
Commodities (DBC)	8.4%	19.5%	0.32	4.2%
Real Estate (VNQ)	2.5%	18.9%	0.03	33.3%
Bitcoin (BTCUSD)	11.0%	53.1%	0.39	25.7%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Based On 10-Year Data

	Annualized Return	Annualized Volatility	Sharpe Ratio	Correlation with ZM
ZM	4.8%	54.3%	0.33	-
Sector ETF (XLK)	24.0%	24.9%	0.88	32.4%
Equity (SPY)	15.1%	17.9%	0.72	25.8%
Gold (GLD)	11.4%	16.1%	0.58	7.7%
Commodities (DBC)	7.1%	18.0%	0.31	4.0%
Real Estate (VNQ)	4.8%	20.7%	0.20	12.4%
Bitcoin (BTCUSD)	58.0%	66.2%	0.98	14.0%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date	7152026
Short Interest: Shares Quantity	7.1 Mil
Short Interest: % Change Since 6302026	-0.3%
Average Daily Volume	3.2 Mil
Days-to-Cover Short Interest	2.2 days
Basic Shares Quantity	294.4 Mil
Short % of Basic Shares	2.4%

Returns Analyses

	Title
0	Zoom Communications Stock Jump Looks Great, But How Secure Is That Gain?
1	Zoom Communications Stock Return Comparison
2	[10/7/2021] Zoom Video Communications (ZM) Stock Price Forecast: AI Forecasts ZM Stock Price To Be Around $268 In A Month (Up 4.8%)
3	Zoom Communications Total Shareholder Return (TSR): -51.4% in 2023 and -0.6% 3-yr returns (above peer average)

Earnings Returns History

Updated 7/28/2026

Expand for More

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/21/2026	9.2%	5.0%	-10.7%
2/25/2026	-11.6%	-8.7%	-7.2%
11/24/2025	9.8%	9.0%	9.8%
8/21/2025	12.7%	10.5%	14.2%
5/21/2025	-0.2%	-2.8%	-6.1%
2/24/2025	-8.5%	-8.4%	-3.7%
8/21/2024	13.0%	17.4%	12.1%
5/20/2024	-0.4%	-3.2%	-9.0%
...
SUMMARY STATS
# Positive	8	10	9
# Negative	15	13	14
Median Positive	9.5%	8.4%	12.1%
Median Negative	-8.1%	-12.1%	-9.8%
Max Positive	40.8%	20.3%	44.6%
Max Negative	-16.7%	-24.1%	-26.1%

Collapse to Preview

	Forward Returns
Earnings Date	1D Returns	5D Returns	21D Returns
5/21/2026	9.2%	5.0%	-10.7%
2/25/2026	-11.6%	-8.7%	-7.2%
11/24/2025	9.8%	9.0%	9.8%
8/21/2025	12.7%	10.5%	14.2%
5/21/2025	-0.2%	-2.8%	-6.1%
2/24/2025	-8.5%	-8.4%	-3.7%
8/21/2024	13.0%	17.4%	12.1%
5/20/2024	-0.4%	-3.2%	-9.0%
2/26/2024	8.0%	10.4%	5.1%
11/20/2023	-0.1%	2.3%	5.8%
8/21/2023	-2.1%	0.4%	2.3%
5/22/2023	-8.1%	-8.0%	-5.5%
2/27/2023	1.2%	-3.2%	-7.0%
11/21/2022	-3.9%	-12.1%	-12.9%
8/22/2022	-16.5%	-16.9%	-22.1%
5/23/2022	5.6%	20.3%	31.7%
2/28/2022	-7.4%	-18.6%	-4.8%
11/22/2021	-14.7%	-12.7%	-20.3%
8/30/2021	-16.7%	-13.7%	-25.9%
6/1/2021	-0.2%	4.1%	18.1%
3/1/2021	-9.0%	-24.1%	-23.5%
11/30/2020	-15.1%	-14.7%	-26.1%
8/31/2020	40.8%	7.9%	44.6%
SUMMARY STATS
# Positive	8	10	9
# Negative	15	13	14
Median Positive	9.5%	8.4%	12.1%
Median Negative	-8.1%	-12.1%	-9.8%
Max Positive	40.8%	20.3%	44.6%
Max Negative	-16.7%	-24.1%	-26.1%

SEC Filings

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Report Date	Filing Date	Filing
04/30/2026	05/22/2026	10-Q
01/31/2026	02/27/2026	10-K
10/31/2025	11/25/2025	10-Q
07/31/2025	08/22/2025	10-Q
04/30/2025	05/23/2025	10-Q
01/31/2025	02/28/2025	10-K
10/31/2024	11/26/2024	10-Q
07/31/2024	08/23/2024	10-Q
04/30/2024	05/22/2024	10-Q
01/31/2024	03/04/2024	10-K
10/31/2023	11/21/2023	10-Q
07/31/2023	08/23/2023	10-Q
04/30/2023	05/25/2023	10-Q
01/31/2023	03/03/2023	10-K
10/31/2022	11/23/2022	10-Q
07/31/2022	08/24/2022	10-Q

Collapse to Preview

Report Date	Filing Date	Filing
04/30/2026	05/22/2026	10-Q
01/31/2026	02/27/2026	10-K
10/31/2025	11/25/2025	10-Q
07/31/2025	08/22/2025	10-Q
04/30/2025	05/23/2025	10-Q
01/31/2025	02/28/2025	10-K
10/31/2024	11/26/2024	10-Q
07/31/2024	08/23/2024	10-Q
04/30/2024	05/22/2024	10-Q
01/31/2024	03/04/2024	10-K
10/31/2023	11/21/2023	10-Q
07/31/2023	08/23/2023	10-Q
04/30/2023	05/25/2023	10-Q
01/31/2023	03/03/2023	10-K
10/31/2022	11/23/2022	10-Q
07/31/2022	08/24/2022	10-Q
04/30/2022	05/25/2022	10-Q
01/31/2022	03/07/2022	10-K
10/31/2021	11/23/2021	10-Q
07/31/2021	08/31/2021	10-Q
04/30/2021	06/02/2021	10-Q
01/31/2021	03/18/2021	10-K
10/31/2020	12/04/2020	10-Q
07/31/2020	09/03/2020	10-Q
04/30/2020	06/05/2020	10-Q
01/31/2020	03/20/2020	10-K
10/31/2019	12/09/2019	10-Q
07/31/2019	09/13/2019	10-Q

Recent Forward Guidance

Updated 7/27/2026

Latest: Q1 2027 Earnings Reported 5/21/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q2 2027 Revenue	1.26 Bil	1.27 Bil	1.27 Bil	3.7%		Higher New	Guidance: 1.22 Bil for Q1 2027
Q2 2027 Non-GAAP Income from Operations	508.00 Mil	510.50 Mil	513.00 Mil	4.3%		Higher New	Guidance: 489.50 Mil for Q1 2027
Q2 2027 Non-GAAP Diluted EPS	1.45	1.46	1.47	3.6%		Higher New	Guidance: 1.41 for Q1 2027
2027 Revenue	5.08 Bil	5.08 Bil	5.09 Bil	0.3%		Raised	Guidance: 5.07 Bil for 2027
2027 Non-GAAP Income from Operations	2.06 Bil	2.07 Bil	2.08 Bil	0.7%		Raised	Guidance: 2.06 Bil for 2027
2027 Non-GAAP Diluted EPS	5.96	5.98	6	3.3%		Raised	Guidance: 5.79 for 2027
2027 Free Cash Flow	1.70 Bil	1.72 Bil	1.74 Bil	0.0%		Affirmed	Guidance: 1.72 Bil for 2027

Prior: Q4 2026 Earnings Reported 2/25/2026

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q1 2027 Revenue	1.22 Bil	1.22 Bil	1.23 Bil
Q1 2027 Non-GAAP Income from Operations	487.00 Mil	489.50 Mil	492.00 Mil
Q1 2027 Non-GAAP Diluted EPS	1.4	1.41	1.42
2027 Revenue	5.07 Bil	5.07 Bil	5.08 Bil	4.4%		Higher New	Guidance: 4.85 Bil for 2026
2027 Non-GAAP Income from Operations	2.05 Bil	2.06 Bil	2.06 Bil
2027 Non-GAAP Diluted EPS	5.77	5.79	5.81	-2.9%		Lower New	Guidance: 5.96 for 2026
2027 Free Cash Flow	1.70 Bil	1.72 Bil	1.74 Bil	-8.0%		Lower New	Guidance: 1.87 Bil for 2026

Q3 2026 Earnings Reported 11/24/2025

Forward Guidance				Guidance Change
Metric	Low	Mid	High	% Chg	% Delta	Change	Prior
Q4 2026 Revenue	1.23 Bil	1.23 Bil	1.24 Bil	1.6%		Higher New	Guidance: 1.21 Bil for Q3 2026
Q4 2026 Non-GAAP Diluted EPS	1.48	1.49	1.49	3.8%		Higher New	Guidance: 1.43 for Q3 2026
2026 Revenue	4.85 Bil	4.85 Bil	4.86 Bil	0.5%		Raised	Guidance: 4.83 Bil for 2026
2026 Non-GAAP Diluted EPS	5.95	5.96	5.97	2.3%		Raised	Guidance: 5.83 for 2026
2026 Free Cash Flow	1.86 Bil	1.87 Bil	1.88 Bil	6.2%		Raised	Guidance: 1.76 Bil for 2026

Insider Activity

Updated 7/15/2026

Expand for More

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	7152026	90.65	12,100	1,096,901	2,084,838	Form
2	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	7152026	91.68	45,724	4,192,159	2,108,549	Form
3	Chang, Michelle	Chief Financial Officer	Direct	Sell	7132026	90.80	8,489	770,820	3,219,119	Form
4	Subotovsky, Santiago		Direct	Sell	7062026	90.15	2,637	237,724	12,490,552	Form
5	Chang, Michelle	Chief Financial Officer	Direct	Sell	6162026	93.83	327	30,682	2,858,719	Form

Collapse to Preview

#	Owner	Title	Holding	Action	Filing Date	Price	Shares	Transacted Value	Value of Held Shares	Form
1	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	7152026	90.65	12,100	1,096,901	2,084,838	Form
2	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	7152026	91.68	45,724	4,192,159	2,108,549	Form
3	Chang, Michelle	Chief Financial Officer	Direct	Sell	7132026	90.80	8,489	770,820	3,219,119	Form
4	Subotovsky, Santiago		Direct	Sell	7062026	90.15	2,637	237,724	12,490,552	Form
5	Chang, Michelle	Chief Financial Officer	Direct	Sell	6162026	93.83	327	30,682	2,858,719	Form
6	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	6042026	106.50	12,100			Form
7	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	6042026	111.61	12,100			Form
8	Subotovsky, Santiago		Direct	Sell	6032026	109.78	5,274	578,998	15,107,072	Form
9	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	5062026	108.23	12,100			Form
10	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	5062026	106.60	12,100			Form
11	Subotovsky, Santiago		Direct	Sell	5052026	106.58	5,274	562,097	15,228,200	Form
12	Subotovsky, Santiago		Direct	Sell	5052026	102.85	2,643	271,844	15,238,494	Form
13	Subotovsky, Santiago		Direct	Sell	4202026	87.32	2,643	230,776	13,167,156	Form
14	Subotovsky, Santiago		see footnote	Sell	4202026	87.32	2,388			Form
15	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	4172026	85.44	7,645	653,191	12,130,035	Form
16	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	4152026	82.23	15,273	1,255,887	3,025,707	Form
17	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	4152026	81.22	69,923	5,678,836	2,988,408	Form
18	Chang, Michelle	Chief Financial Officer	Direct	Sell	4132026	81.32	8,489	690,331	2,477,595	Form
19	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	3112026	78.24	2,590	202,642	10,722,323	Form
20	Subotovsky, Santiago		Direct	Sell	3062026	77.42	2,475	191,619	11,879,755	Form
21	Subotovsky, Santiago		Direct	Sell	2092026	90.39	2,475	223,716	14,093,383	Form
22	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	2042026	89.31	12,100			Form
23	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	2042026	93.01	12,100			Form
24	Bawa, Aparna	Chief Operating Officer	See footnote	Sell	1212026	81.37	12,137	987,553	160,944	Form
25	Chang, Michelle	Chief Financial Officer	Direct	Sell	1132026	86.54	8,417	728,424	2,205,262	Form
26	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	1132026	86.55	7,568	654,997	11,786,305	Form
27	Subotovsky, Santiago		Direct	Sell	1072026	86.01	2,475	212,877	12,490,437	Form
28	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12172025	87.29	73,378			Form
29	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12172025	87.05	73,378			Form
30	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	12112025	87.84	2,595	227,945	11,740,607	Form
31	Subotovsky, Santiago		Direct	Sell	12082025	86.05	2,475	212,985	12,709,713	Form
32	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	84.62	0			Form
33	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	85.66	0			Form
34	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	86.08	0			Form
35	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	85.03	0			Form
36	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	85.97	0			Form
37	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	12042025	86.71	0			Form
38	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	11192025	81.27	73,378			Form
39	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	11192025	82.73	73,378			Form
40	Subotovsky, Santiago		Direct	Sell	11062025	84.15	2,475	208,262	12,636,145	Form
41	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	11052025	84.16	73,378			Form
42	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	11052025	86.15	73,378			Form
43	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	10242025	82.85	73,378			Form
44	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	10242025	82.65	73,383			Form
45	Bawa, Aparna	Chief Operating Officer	See footnote	Sell	10202025	79.77	10,528	839,860	157,793	Form
46	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	10152025	79.76	33,692			Form
47	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	10142025	82.00	7,660	628,121	10,889,201	Form
48	Chang, Michelle	Chief Financial Officer	Direct	Sell	10142025	82.00	33,956	2,784,318	1,684,153	Form
49	Subotovsky, Santiago		Direct	Sell	10082025	80.78	2,475	199,929	12,330,486	Form
50	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	9112025	85.09	2,595	220,809	11,082,292	Form
51	Subotovsky, Santiago		Direct	Sell	9092025	83.40	2,475	206,424	12,937,519	Form
52	Subotovsky, Santiago		Direct	Sell	8272025	79.65	2,475	197,142	12,552,905	Form
53	McMaster, Herbert Raymond		Direct	Sell	8262025	83.00	2,000	166,000	655,783	Form
54	McMaster, Herbert Raymond		Direct	Sell	8262025	80.00	1,000	80,000	792,080	Form
55	Chadwick, Jonathan		Direct	Sell	7162025	74.86	25,000	1,871,442	439,789	Form
56	Bawa, Aparna	Chief Operating Officer	See footnote	Sell	7162025	74.78	10,528	787,329	147,923	Form
57	Yuan, Eric S	Chief Executive Officer	See footnote	Sell	7162025	74.79	33,691			Form
58	McMaster, Herbert Raymond		Direct	Sell	7162025	75.00	500	37,500	817,575	Form
59	Sankarlingam, Velchamy	Pres. of Engineering & Product	Direct	Sell	7102025	77.50	7,661	593,728	10,026,718	Form
60	Subotovsky, Santiago		Direct	Sell	7072025	77.17	2,475	190,996	12,133,841	Form

Investor Activity (13F)

Updated Aug 4, 2026

13F holdings as of Mar 31, 2026 (Q1 2026)

Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Comprehensive Financial Management LLC	$94.2 Mil	3.1%	38	Hold	13F
Oribel Capital Management, LP	$15.2 Mil	2.3%	41	New	13F
Benchstone Capital Management LP	$18.3 Mil	2.1%	38	New	13F
Nishkama Capital, LLC	$12.7 Mil	1.8%	39	New	13F
Mudita Advisors LLP	$6.3 Mil	1.3%	28	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Benchstone Capital Management LP	$18.3 Mil	2.1%	38	New	13F
Oribel Capital Management, LP	$15.2 Mil	2.3%	41	New	13F
Nishkama Capital, LLC	$12.7 Mil	1.8%	39	New	13F
Mudita Advisors LLP	$6.3 Mil	1.3%	28	New	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Evergreen Quality Fund GP, Ltd.	$88.8 Mil	1.8%	42	Exited	13F

Active Manager	Value	% of Portfolio	Total Positions	QoQ	Filing
Comprehensive Financial Management LLC	$94.2 Mil	3.1%	38	Hold	13F
Benchstone Capital Management LP	$18.3 Mil	2.1%	38	New	13F
Oribel Capital Management, LP	$15.2 Mil	2.3%	41	New	13F
Nishkama Capital, LLC	$12.7 Mil	1.8%	39	New	13F
Mudita Advisors LLP	$6.3 Mil	1.3%	28	New	13F

ZM Trade Sentinel

Stock Conviction

Constructive

CONVICTION RATIONALE

Zoom's revenue growth is re-accelerating, driven by enterprise platform deals. Forward-looking bookings grew 11% year-over-year, outpacing current revenue. While the existing enterprise customer base shows slight contraction, new long-term contracts are growing at 19%. This suggests a successful pivot, though intense competition remains the primary risk.

STOCK ARCHETYPE

B2B/B2C SaaS

Number of Paid Subscribers x Average Subscription Price Gross margin expansion through cost optimization and operating leverage achieved by upselling the existing customer base to higher-margin software products with minimal incremental sales and marketing expense.

Looking for high-conviction positions with a better risk/reward profile? See what's currently in the Trefis High Quality Portfolio.

INVESTMENT THESIS

Can the AI Platform Pivot Reignite Growth?

Evidence suggests a turnaround is taking hold as Zoom transitions from a single app to a multi-product enterprise platform.

Mechanism: New products like Phone and Contact Center are layered onto the customer base, driving larger, long-term deals, reflected in 19% growth in noncurrent contracted revenue.

Supporting Evidence:

Remaining Performance Obligation (future contracted revenue) growth accelerated to 11% year-over-year.
Enterprise segment revenue grew 7.2% and now comprises 61% of the total.
Enterprise net dollar expansion rate improved to 99% in the latest quarter.
The company raised its full-year revenue guidance for fiscal 2027.

PRIMARY RISK

Overwhelmed by Bundled Competition

Primary competitor Microsoft leverages its massive scale and distribution to bundle competing products, potentially marginalizing Zoom and capping its growth in the enterprise market.

Mechanism: A decline in the enterprise net dollar expansion rate would signal that competitive pressure is causing customer churn and downgrades.

Supporting Evidence:

Microsoft's revenue is 64.5 times larger than Zoom's.
Microsoft's R&D spending of $34.4 billion dwarfs Zoom's $867.4 million.
Microsoft's competing AI product has already secured over 20 million paid seats.
Zoom's enterprise net dollar expansion rate of 99% indicates a slight net revenue contraction from existing customers.

Key KPI Watchlist

KPI	Status	Rationale
Enterprise Net Dollar Expansion Rate	99% for the first quarter of fiscal year 2027 - Turning around	The metric's improvement to 99% signals stabilization and a potential turnaround. However, this value indicates that on a trailing-twelve-month basis, revenue from existing enterprise customers experienced a slight net contraction, as churn and downgrades were not fully offset by upsells and expansion.
Remaining Performance Obligation (RPO) Growth	11% year-over-year for the first quarter of fiscal year 2027 - Accelerating	The acceleration in RPO growth is a positive forward-looking indicator of future revenue. Management stated this was driven by a 19% increase in noncurrent RPO, reflecting success in signing larger, longer-term platform deals with customers.
Customers with >$100,000 in TTM Revenue Growth	8% year-over-year (Q1 FY2027)	Indicates the company's success in landing and expanding with large enterprise customers, a key part of its growth strategy.
AI Companion Paid Monthly Active Users (MAUs) Growth	184% year-over-year (Q1 FY2027)	Shows the adoption rate of Zoom's integrated AI assistant among its paid user base, which is central to its strategy of becoming an 'AI-first' platform and a key driver for future monetization.

Core Investment Debate

New Bookings vs. Existing Base

BULL VIEW

Accelerating new business, with future revenue commitments up 11%, signals a successful platform strategy that will soon pull the whole company's growth rate higher.

CORE TENSION

Can accelerating new long-term contracts (19% noncurrent RPO growth) overcome the slight net contraction within the existing enterprise base (99% net expansion)?

PREVAILING SENTIMENT

CAUTIOUSLY BULLISH

The latest evidence favors the bulls, as the acceleration in forward-looking RPO is a leading indicator of future growth, while the net expansion rate is a lagging one.

BEAR VIEW

The 99% net expansion rate in the core enterprise base shows churn is still a problem, and new business is just backfilling losses against a much larger competitor.

Next 6 months: Risks and Catalysts

Timeline	Event & Metric To Watch
9/1/2026	Competitive Pressure From Bundled Suites Watch: Peer earnings reports from Salesforce, RingCentral, and Cisco for commentary on market share and pricing in collaboration software.
9/1/2026	Salesforce Earnings Report Watch: Peer Salesforce (CRM) is scheduled to report its quarterly earnings.
11/2/2026	RingCentral Earnings Report Watch: Peer RingCentral (RNG) is scheduled to report its quarterly earnings.
11/10/2026	Cisco Systems Earnings Report Watch: Peer Cisco Systems (CSCO) is scheduled to report its quarterly earnings.
11/23/2026	Failure Of AI Monetization Strategy Watch: Adoption metrics and revenue contribution from new paid AI products (Custom AI Companion, ZRA, ZVA) in the Q2 earnings report.
11/23/2026	Next Quarterly Earnings Report Watch: The company is scheduled to report its next quarterly earnings.
No set date	Negative DOJ Investigation Development Watch: News or company filings regarding the EDNY or NDCA investigations, including potential charges, settlements, or fines.
coming in August	New Revenue Accelerator Launch Watch: The company plans to launch Zoom Revenue Accelerator Essentials, a new offering for conversation intelligence and sales coaching.

Key Events in Last 6 Months

Date	Event	Stock Impact
2026-07-02	Common Room Acquisition Announced Details: Zoom announced a definitive agreement to acquire Common Room, an AI-native Go-to-Market intelligence platform, to enhance its AI revenue platform with buyer intelligence.	-5.7% $90.13 -> $84.96
2026-06-01	ZoomMate AI Teammate Launched Details: The company launched ZoomMate, an agentic AI work surface designed to turn workplace conversations into executed tasks, with integrations for Salesforce, Jira, and others.	+10.1% $101.59 -> $111.88
2026-05-21	Strong Q1 Earnings and Outlook Details: The company reported Q1 FY27 results, beating expectations and raising full-year guidance. The board also authorized an additional $1.0 billion for stock repurchases.	+6.3% $99.42 -> $105.64
2026-04-15	New Chief Product Officer Appointed Details: The company appointed Russell Dicker as Chief Product Officer to advance its AI-first product strategy and workflow automation.	+5.2% $82.40 -> $86.68
2026-03-10	AI Office Suite Announced Details: Press reports in March indicated the company introduced an AI-powered office suite and announced that AI avatars for meetings would arrive later that month.	-1.3% $77.06 -> $76.05
2026-02-26	Negative Reaction to Q4 Earnings Details: The company reported Q4 FY26 earnings on February 26, 2026. The two-day stock reaction around the earnings call was -13.0%.	-13.4% $85.43 -> $73.94

Risk Management

Position Sizing

2% - 4%

REDUCED POSITION

Sizing is volatility-based: ZM trades at roughly 46% annualized options-implied volatility versus about 15% for the S&P 500 (3.1x the market), around the 86th percentile of its own trailing year. A 2% - 4% position keeps a single-name swing of that size within a diversified portfolio's risk budget.

Diversification Alternatives

MSFT - Microsoft

Diversified Scale Play

Microsoft offers exposure to the same collaboration trend but within a vastly larger and more diversified portfolio of enterprise software, cloud infrastructure, and consumer technology.

Core Thesis: Investing in the dominant platform that leverages its distribution power to bundle communication tools and capture the market.

CSCO - Cisco Systems

Legacy Incumbent Value

Cisco provides a more mature, value-oriented exposure to enterprise networking and security, with deep, long-standing customer relationships that provide a stable revenue base.

Core Thesis: Investing in the established incumbent that is defending its large enterprise footprint in communications and collaboration.

How Is The Market Pricing ZM?

Zoom is no longer just a video meeting app; it's an AI-powered enterprise software company using its massive communication footprint as a data source to automate workflows and customer service.

Having saturated the video conferencing market, Zoom is now executing a platform strategy centered on AI. It is leveraging its core communications products (Meetings, Phone) as a beachhead to sell higher-value, stickier enterprise solutions like Contact Center and custom AI agents. The core investment thesis is that Zoom can successfully transition from a single-product phenomenon into a multi-product 'system of action' that unifies internal and external business communications, driving durable growth in the enterprise segment.

What will confirm the thesis

Sustained acceleration in Enterprise revenue growth, an inflection of the Net Dollar Expansion Rate improved to 99%, and specific disclosures on revenue from new AI products like Custom AI Companion and Zoom Virtual Agent.

What will damage the thesis

Stagnation or decline in Enterprise growth, failure to gain traction with Zoom Phone or Contact Center against entrenched competitors, or evidence that AI features are not translating into competitive wins or monetization.

Noise: Real but irrelevant to thesis

Fluctuations in the Online business churn or minor stock price reactions to competitor product announcements.

Repricing Catalyst

The primary catalyst is the successful monetization of its AI product suite, particularly in the high-growth Customer Experience (CX) market, and demonstrating that these new products can re-accelerate overall revenue growth.

What ZM Makes & Who Pays

TTM figures based on fiscal year 2026 filings (the latest reported segment data)

ZM Evolution: Price Return by Era

· Hyper-Growth and Pandemic Boom

Zoom became a household name and a critical business tool, experiencing unprecedented growth as its video conferencing platform facilitated remote work and communication. This era was characterized by massive user acquisition, including a large base of free users.

· Post-Pandemic Platform Transition

As growth rates normalized, Zoom shifted its focus from a single product to building a comprehensive platform. This involved expanding into adjacent markets like cloud telephony (Zoom Phone), contact centers (ZCX), and team chat, aiming to become a unified communications provider.

FY2026 - Present · The AI-First System of Action

+15%

Beginning in fiscal year 2026, the company pivoted its strategy to be 'AI-first,' integrating its AI Companion across the entire platform. The focus is now on transforming communications into a 'system of action' that automates workflows and provides business intelligence, with a clear strategy to monetize these new AI capabilities.

Market Appears To Be Cautiously Supportive

Price structure trend is constructive with some caveats. The regime is supportive but not with full conviction. Relative to SPY: Lagging the market on the 63D window, but 'relative strength' is beginning to stabilize; watch for inflection. Volume and momentum show mild positive lean. The accumulation signals present but not yet dominant. Earnings history is neutral. The market reaction and subsequent drift do not give a clear directional signal.

① Structure

Structural pillar score (-4 to +4). Driven by trend regime, SMA cross events, proximity to 52W high, and relative strength vs SPY.

② Volume / Momentum

Volume/Momentum pillar score (-4 to +4). Driven by institutional footprint score, OBV divergence, and momentum character.

③ Catalyst

Catalyst pillar score (-4 to +4). Driven by earnings day reaction, 20D post-earnings drift, and post-earnings volume character.

Combined Score

3 / 12

1 Price Structure & Trend Uptrend Cooling · Golden Cross ▾

2 Momentum Mixed ▾

3 Relative Strength vs. SPY Recovering Relative Strength ▾

4 Institutional Footprint & Volume Neutral / Mixed ▾

5 Volatility Normal ▾

6 Key Price Levels Range · Vol Flat ▾

7 Earnings Reaction History Inconsistent ▾

8 How the Verdict Is Derived Three Pillars ▾

Pillar	Score
① Structure	+2
② Vol / Mom	+1
③ Catalyst	0

ℹ Bull Pillars: 2 · Bear Pillars: 0 · Combined Score: 3 → Market Appears To Be Cautiously Supportive

Zoom Communications — Investor Video Playlist

Products & Services

Zoom Voice Translator: Just Talk, We'll Handle the Rest

Zoom · 2026-07-23

Products & Services

Ask AI turns Zoom Events analytics into a story for leadership | Zoom Webinars Plus Demo

Zoom · 2026-07-06

Products & Services

Introducing Zoom Slides

Zoom · 2026-06-18

Products & Services

Introducing Recording Studio powered by Zoom Events

Zoom · 2026-06-09

Products & Services

How to Create Engaging AI-Powered Presentations in Zoom: A Complete Guide to ZoomSlides

Zoom · 2026-06-02

Products & Services

Zoom Revenue Accelerator: Introducing the New ZRA AI Toolkit

Zoom · 2026-05-18

Products & Services

What's New in Zoom Events: Simplified Event Builder & Reporting

Zoom · 2026-05-01

Products & Services

How Zoom Events Powers a Hybrid Event Production Studio

Zoom · 2026-03-19

Investor / Analyst

Zoom Webinars & Events: 2025 Product Recap and Innovation Highlights

Zoom · 2026-01-06

Industry Resources

Information Technology Resources

TechCrunch

Wired

CIO

MIT Technology Review

Gartner Insights

Ars Technica

Application Software Resources

Capterra

Software Advice

InfoWorld

External Quote Links

0	Y Finance	Barrons
1	TradingView	Morningstar
2	SeekingAlpha	ValueLine
3	Motley Fool	Robinhood
4	CNBC	Etrade
5	MarketWatch	Unusual Whales
6	YCharts	Perplexity Finance
7	FinViz

Prefer one of these to Trefis? Tell us why.

Core Cache Last Updated: 8/3/2026

Zoom Communications (ZM)

Market Price (8/4/2026): $97.84 | Market Cap: $28.8 BilSector: Information Technology | Industry: Application Software

Zoom Communications (ZM)

Market Price (8/4/2026): $97.84Market Cap: $28.8 BilSector: Information TechnologyIndustry: Application Software

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

ZM in ETFs

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

Stock Movement Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Fundamental Drivers

Market Drivers

Return vs. Risk

Price Returns Compared

How Low Can It Go

In The Past

Preserve Wealth

Asset Allocation

In The Past

Preserve Wealth

Asset Allocation

About Zoom Communications (ZM)

Intense Competition and Market Saturation

Rapid Technological Changes and AI-Related Challenges

Security, Privacy, and Regulatory Concerns

Share Repurchases

Outbound Investments

Capital Expenditures

Interactive Breakdown

Better Bets vs. Zoom Communications (ZM)

INDUSTRY: Application Software

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

Higher Rev Chg LTM (Value for ZM: 5.0%)

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

Higher Op Mgn LTM (Value for ZM: 24.2%)

Higher CFO/Rev LTM (Value for ZM: 41.0%)

Higher FCF/Rev LTM (Value for ZM: 39.7%)

Higher Total Yield (Value for ZM: 7.2%)

SECTOR: Information Technology

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

Higher Rev Chg LTM (Value for ZM: 5.0%)

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

Higher Op Mgn LTM (Value for ZM: 24.2%)

Higher CFO/Rev LTM (Value for ZM: 41.0%)

Higher FCF/Rev LTM (Value for ZM: 39.7%)

Higher Total Yield (Value for ZM: 7.2%)

All Other Sectors

Higher Rev Chg 3Y Avg | Lower P/S (Values for ZM: 3.7% | 5.9x)

Higher Rev Chg 3Y Avg | Lower P/Op Inc (Values for ZM: 3.7% | 24.3x)

Higher Rev Chg LTM (Value for ZM: 5.0%)

Higher Rev Chg 3Y Avg (Value for ZM: 3.7%)

Higher Op Mgn LTM (Value for ZM: 24.2%)

Higher CFO/Rev LTM (Value for ZM: 41.0%)

Higher FCF/Rev LTM (Value for ZM: 39.7%)

Higher Total Yield (Value for ZM: 7.2%)

Best Bets in Information Technology

P/EBIT (Value for ZM: 24.3x)

P/E (Value for ZM: 14.0x)

Rev Chg 3Y Avg (Value for ZM: 3.7%)

Rev Chg LTM (Value for ZM: 5.0%)

Rev Chg Q (Value for ZM: 5.5%)

FCF/Rev 3Y Avg (Value for ZM: 37.3%)

Latest Trefis Analyses

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Market Price (8/4/2026): $97.84
Market Cap: $28.8 Bil
Sector: Information Technology
Industry: Application Software