Zoom Communications, Inc. provides subscription-based communications and collaboration software, including meetings, phone, contact centers, employee engagement and AI-assisted workflows. It reports one operating segment; Enterprise and Online describe customer channels, not separate businesses.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Jan 31, 20240001585521-24-000030 | Mar 4, 2024 | 10-K | Open 10-Ksec.gov |
| Jan 31, 20250001585521-25-000042 | Feb 28, 2025 | 10-K | Open 10-Ksec.gov |
| Jan 31, 20260001585521-26-000030 | Feb 27, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Zoom's subscription business is growing modestly while its reported earnings increasingly reflect factors beyond customer demand. Fiscal 2026 revenue reached $4.869 billion, with better operating profitability and substantial cash generation, although lower stock compensation and investment revaluations materially helped earnings. After the February 27, 2026 annual filing, Enterprise growth continued, but July-quarter operating income declined as AI-related hosting and development spending increased. A large unrealized Anthropic gain—not subscription revenue—drove the latest net-income surge. Cash and marketable securities remain substantial, while repurchases, acquisitions and private AI investments consume capital. The central question is whether broader products and AI adoption can produce durable paid expansion: existing-Enterprise cohort expansion remains below 100%, and product-level returns are not disclosed. The remaining EDNY investigation also carries an unquantified potential loss.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-07-31 · EX-99.1 · 2026-08-25
Zoom earns primarily recurring subscription revenue from collaboration, telephony, customer service and employee workflows. Free offerings support customer acquisition; direct sales and partners serve Enterprise customers, while Online customers subscribe through the website. Monthly, annual and multiyear contracts are generally recognized ratably, so revenue, billings and cash collections need not move together. Product families are not separately reported segments, and their individual profitability is unavailable.
AI broadens the offering but introduces a monetization trade-off. Some features accompany eligible paid subscriptions without an additional charge; standalone and customized offerings provide additional charging routes. Management expects better retention and expansion, but adoption statistics do not establish incremental revenue or returns. Zoom also depends on outside model providers and cloud infrastructure, while Phone carries third-party telephone-network costs.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-07-31
Fiscal years end January 31. Across fiscal 2024–2026, revenue increased from $4.527 billion to $4.665 billion and $4.869 billion. Enterprise expansion drove growth while Online moved from contraction to flat revenue and then modest growth. GAAP operating income increased from $525.3 million to $813.3 million and $1.124 billion. Lower stock compensation, the disappearance of restructuring charges and changing legal expenses materially improved those comparisons; they were not solely evidence of stronger demand.
Fiscal 2026 Enterprise revenue grew 6.5%, but trailing-12-month net dollar expansion remained 98%. These are different measures: recognized revenue includes new customers, whereas expansion averages recurring-revenue changes within existing cohorts. Fiscal 2026 net income of $1.900 billion also included $969.8 million of strategic-investment gains, predominantly unrealized revaluations. It therefore substantially exceeded operating income for reasons unrelated to subscription operating profit.
Sources: 10-K · 2024-01-31 · 10-K · 2025-01-31 · 10-K · 2026-01-31
Fiscal 2026 operating cash flow was $1.989 billion. Company-defined non-GAAP free cash flow reached $1.924 billion, helped by lower capital expenditure; it deducts property-and-equipment purchases, not acquisitions, strategic investments or buybacks. Stock compensation is added back in operating cash flow but remains an economic compensation and dilution cost. Fiscal 2026 repurchase cash payments, including excise taxes, were $1.621 billion, with another $247.8 million paid for employee equity-settlement taxes.
By July 31, 2026, cash and equivalents were $932.0 million and marketable securities were $6.318 billion, separate from private strategic investments. First-half operating cash flow of $1.016 billion coexisted with $441.1 million of strategic-investment purchases, $248.7 million of net acquisition spending and $722.2 million of repurchase cash payments including excise taxes. These uses explain why positive operating cash generation did not preserve the opening liquidity balance.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-07-31
The April 2026 quarter produced $1.239 billion of revenue and $310.5 million of operating income. In the July quarter, revenue reached $1.277 billion, up a reported 4.9%, but operating income fell to $314.3 million from $321.7 million a year earlier. Higher AI-related hosting and R&D spending, together with the absence of a prior-year SEC-accrual reversal, outweighed operating offsets. Both quarters benefited from slower recognition of capitalized sales commissions.
July-quarter net income nevertheless reached $1.542 billion, principally because of an unrealized Anthropic valuation gain. Non-GAAP net income instead declined, while non-GAAP EPS increased because its share denominator fell. August 25 guidance called for fiscal 2027 revenue of $5.085–$5.095 billion and free cash flow of $1.780–$1.820 billion. Those forecasts remain conditional, not completed annual results.
Sources: 10-Q · 2026-04-30 · 10-Q · 2026-07-31 · EX-99.1 · 2026-08-25
Bundled competitors, discounting and cautious enterprise budgets constrain pricing and expansion. AI supplier costs can rise before monetization is established; security, privacy, telecommunications and cross-border restrictions can increase costs or impair delivery. The SEC and NDCA investigations have closed, but EDNY remained open in the latest substantive filing, with no reasonably estimable loss range. That uncertainty is not a zero-loss finding. Dual-class voting also gives the founder substantially greater voting influence than economic ownership.
Sources: 10-K · 2026-01-31 · 10-Q · 2026-07-31
USD 4.868769 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 4.868769 bn | 4.4% |
| 2025 | USD 4.665433 bn | 3.1% |
| 2024 | USD 4.527224 bn | — |
Consolidated revenue recognized under U.S. GAAP.
Sources: 10-K · 2026-01-31
USD 1.900148 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.900148 bn | 88.1% |
| 2025 | USD 1.010238 bn | 58.5% |
| 2024 | USD 637.462 m | — |
Consolidated GAAP net income, including strategic-investment gains and income taxes.
Sources: 10-K · 2026-01-31
USD 1.989048 bn
FY2026 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2026 | USD 1.989048 bn | 2.2% |
| 2025 | USD 1.945308 bn | 21.7% |
| 2024 | USD 1.598836 bn | — |
GAAP consolidated operating cash flow.
Sources: 10-K · 2026-01-31
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