ZM

MKT CAP:$27B

Zoom Communications, Inc.

Market Cap

$27B

Technology·Software - Application·🇺🇸 United States·NASDAQ

Technology·Software App·🇺🇸·NASDAQ

Stock Price

$92.66+$9.34 (+11.20%)

Apr 24, 2026

Company Details

Zoom Communications, Inc. engages in the provision of a communications and collaboration platform. It operates through the following geographical segments: Americas, Asia Pacific, and Europe, Middle East, and Africa. The company was founded...

CEO

Eric S. Yuan

IPO Date

Apr 18, 2019

Website

www.zoom.com

Key Metrics TTM

Revenue

$4.9B

+4.4% YoY

Net Income

$1.9B

EPS (Diluted)

$6.19

Free Cash Flow

$1.9B

Revenue / Share

$16.06

Gross Margin

77.0%

Operating Margin

23.1%

Net Margin

39.0%

FCF Margin

39.5%

P/S

5.6x

P/E

14.4x

Earnings Reports

FY 2026

Feb 27, 2026

$4.9B+4.4%EPS $6.18

Q4 2026

Feb 27, 2026

$1.2B+5.3%EPS $2.22

Q3 2026

Nov 25, 2025

$1.2B+4.4%EPS $2.00

Q2 2026

Aug 22, 2025

$1.2B+4.7%EPS $1.16

Q1 2026

May 23, 2025

$1.2B+2.9%EPS $0.81

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 23	$1.1B	$812M	$187M
Q2 23	$1.1B	$826M	$122M
Q3 23	$1.1B	$831M	$67M
Q4 23	$1.1B	$823M	-$130M
Q1 24	$1.1B	$841M	$10M
Q2 24	$1.1B	$872M	$178M
Q3 24	$1.1B	$866M	$169M
Q4 24	$1.1B	$870M	$169M
Q1 25	$1.1B	$868M	$203M
Q2 25	$1.2B	$877M	$202M
Q3 25	$1.2B	$894M	$183M
Q4 25	$1.2B	$897M	$225M
Q1 26	$1.2B	$896M	$242M
Q2 26	$1.2B	$944M	$322M
Q3 26	$1.2B	$958M	$310M
Q4 26	$1.2B	$951M	$250M

Valuation

Quarter	P/S	P/E
Q1 23	7.4x	24.8x
Q2 23	7.3x	31.4x
Q3 23	5.6x	35.0x
Q4 23	4.9x	207.6x
Q1 24	4.2x	3356.0x
Q2 24	5.0x	156.6x
Q3 24	4.0x	77.4x
Q4 24	4.7x	33.1x
Q1 25	4.3x	23.3x
Q2 25	4.1x	21.3x
Q3 25	4.9x	24.1x
Q4 25	5.6x	26.0x
Q1 26	4.9x	22.1x
Q2 26	4.8x	19.1x
Q3 26	5.4x	16.3x
Q4 26	5.8x	14.8x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$526M	$498M
Q2 23	$257M	$229M
Q3 23	$295M	$265M
Q4 23	$212M	$183M
Q1 24	$418M	$397M
Q2 24	$336M	$289M
Q3 24	$493M	$453M
Q4 24	$351M	$333M
Q1 25	$588M	$570M
Q2 25	$449M	$365M
Q3 25	$483M	$458M
Q4 25	$425M	$416M
Q1 26	$489M	$463M
Q2 26	$516M	$507M
Q3 26	$629M	$614M
Q4 26	$355M	$338M

Capital Expenditures

Quarter	CapEx
Q1 23	$28M
Q2 23	$28M
Q3 23	$30M
Q4 23	$29M
Q1 24	$22M
Q2 24	$47M
Q3 24	$40M
Q4 24	$19M
Q1 25	$19M
Q2 25	$84M
Q3 25	$25M
Q4 25	$8M
Q1 26	$26M
Q2 26	$8M
Q3 26	$15M
Q4 26	$16M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+12.3%	+21.5%
Q2 23	+7.6%	+34.5%
Q3 23	+4.9%	+36.3%
Q4 23	+4.3%	+52.2%
Q1 24	+2.9%	+23.6%
Q2 24	+3.6%	-1.7%
Q3 24	+3.2%	-6.6%
Q4 24	+2.6%	-21.6%
Q1 25	+3.2%	-14.4%
Q2 25	+2.1%	-0.1%
Q3 25	+3.6%	+2.8%
Q4 25	+3.3%	-1.9%
Q1 26	+2.9%	-0.5%
Q2 26	+4.7%	-6.7%
Q3 26	+4.4%	-7.6%
Q4 26	+5.3%	+4.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$209M	19.5%
Q2 23	$256M	23.2%
Q3 23	$303M	27.5%
Q4 23	$518M	46.3%
Q1 24	$282M	25.5%
Q2 24	$262M	23.0%
Q3 24	$259M	22.8%
Q4 24	$254M	22.2%
Q1 25	$229M	20.1%
Q2 25	$238M	20.5%
Q3 25	$241M	20.5%
Q4 25	$223M	18.8%
Q1 26	$202M	17.2%
Q2 26	$189M	15.5%
Q3 26	$185M	15.1%
Q4 26	$185M	14.9%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 23	$144M	$118M	$363M
Q2 23	$173M	$131M	$400M
Q3 23	$196M	$141M	$428M
Q4 23	$261M	$186M	$506M
Q1 24	$209M	$200M	$423M
Q2 24	$192M	$129M	$373M
Q3 24	$197M	$125M	$374M
Q4 24	$205M	$125M	$371M
Q1 25	$206M	$111M	$348M
Q2 25	$207M	$110M	$359M
Q3 25	$223M	$126M	$362M
Q4 25	$217M	$96M	$359M
Q1 26	$205M	$102M	$347M
Q2 26	$206M	$77M	$339M
Q3 26	$210M	$95M	$343M
Q4 26	$223M	$119M	$360M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q1 23	12.3%	18.8%	31.1
Q2 23	7.6%	13.0%	20.6
Q3 23	4.9%	8.0%	12.9
Q4 23	4.3%	-9.4%	-5.1
Q1 24	2.9%	3.1%	6.0
Q2 24	3.6%	17.9%	21.5
Q3 24	3.2%	17.3%	20.4
Q4 24	2.6%	17.1%	19.6
Q1 25	3.2%	20.1%	23.4
Q2 25	2.1%	19.9%	22.0
Q3 25	3.6%	18.3%	21.9
Q4 25	3.3%	21.9%	25.2
Q1 26	2.9%	23.6%	26.5
Q2 26	4.7%	29.1%	33.8
Q3 26	4.4%	27.9%	32.3
Q4 26	5.3%	71.9%	77.2

Rule of 40

Revenue Segments

Quarter	Reportable Segment
Q1 26	$1.2B

Revenue by Geography

Quarter	Americas	Asia Pacific	Emea
Q1 23	$728M	$149M	$197M
Q2 23	$763M	$149M	$187M
Q3 23	$774M	$146M	$182M
Q4 23	$790M	$146M	$182M
Q1 24	$785M	$141M	$180M
Q2 24	$808M	$145M	$185M
Q3 24	$814M	$144M	$178M
Q4 24	$822M	$142M	$183M
Q1 25	$819M	$138M	$184M
Q2 25	$836M	$142M	$184M
Q3 25	$846M	$144M	$187M
Q4 25	$851M	$146M	$187M
Q1 26	$848M	$142M	$185M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$1.4B	$4.3B	$5.7B
Q2 23	$937M	$4.6B	$5.5B
Q3 23	$1.1B	$4.1B	$5.2B
Q4 23	$1.1B	$4.3B	$5.4B
Q1 24	$1.0B	$4.6B	$5.6B
Q2 24	$1.4B	$4.6B	$6.0B
Q3 24	$1.5B	$5.0B	$6.5B
Q4 24	$1.6B	$5.4B	$7.0B
Q1 25	$1.9B	$5.5B	$7.4B
Q2 25	$1.5B	$6.0B	$7.5B
Q3 25	$1.3B	$6.4B	$7.7B
Q4 25	$1.3B	$6.4B	$7.8B
Q1 26	$1.2B	$6.6B	$7.8B
Q2 26	$1.2B	$6.6B	$7.8B
Q3 26	$1.2B	$6.7B	$8.0B
Q4 26	$1.3B	$6.5B	$7.8B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 23	307M	+0.2%	+0.4%
Q2 23	307M	+0.2%	+0.4%
Q3 23	302M	-1.7%	-1.3%
Q4 23	293M	-3.0%	-4.3%
Q1 24	304M	+3.8%	-0.8%
Q2 24	306M	+0.6%	-0.4%
Q3 24	310M	+1.5%	+2.8%
Q4 24	313M	+1.0%	+7.0%
Q1 25	315M	+0.6%	+3.7%
Q2 25	314M	-0.4%	+2.6%
Q3 25	314M	+0.1%	+1.2%
Q4 25	317M	+0.8%	+1.0%
Q1 26	313M	-1.2%	-0.8%
Q2 26	308M	-1.5%	-1.8%
Q3 26	309M	+0.2%	-1.7%
Q4 26	303M	-1.8%	-4.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 23	$158.2K	7K
Q2 23	$162.0K	7K
Q3 23	$162.4K	7K
Q4 23	$131.8K	8K
Q1 24	$130.3K	8K
Q2 24	$134.2K	8K
Q3 24	$134.0K	8K
Q4 24	$154.5K	7K
Q1 25	$153.8K	7K
Q2 25	$156.7K	7K
Q3 25	$158.7K	7K
Q4 25	$159.8K	7K
Q1 26	$158.5K	7K
Q2 26	$164.2K	7K
Q3 26	$165.9K	7K
Q4 26	$167.7K	7K

Revenue / Employee