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Zoom Communications (ZM) earnings and revenue breakdown

Latest: Q2 FY27 · 10-Q filed Aug 26, 2026 · Zoom Communications (ZM) Q2 FY27 earnings results →

Q2 FY27 Revenue up 5% year over year to $1.3B · 121¢ of every $1 of revenue kept as net profit · operating margin 24.6%

Zoom Communications made $1.3B in Q2 FY27 (+5% Y/Y). Operating margin 24.6%, net earnings $1.5B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 26, 2026.

Revenue$1.3B
Year over year+5%
Operating margin24.6%
Net earnings$1.5B
Operating cash flow$495M

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Zoom Communications Q2 FY27 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Zoom Communications Q2 FY27 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $1.3B in Q2 FY27, up 5% year over year and up 3% from the previous quarter.

Gross margin was 77.2%, down 0.4 points from Q2 FY26. Operating profit was $0.31B, a 24.6% margin (down 1.8 points year over year). Operating profit fell $0.01B even though revenue rose $0.06B versus Q2 FY26, so costs grew faster than sales. Operating expenses grew 8% against revenue growth of 5%. The fastest-growing cost line was General & admin (+28%). Net earnings were $1.5B, up 330% year over year. The effective tax rate was 22.7%. Non-operating items added $1.7B, 84% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $0.49B (down 4% year over year), 32% of net earnings. Non-cash charges added back $0.03B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items used $1.3B. After purchases of property and equipment ($0.02B), free cash flow as the company reports it was $0.47B.

Quarterly history

Zoom Communications revenue by quarterZoom Communications revenue by quarter$1.2BQ4 FY25$1.2BQ1 FY26$1.2BQ2 FY26$1.2BQ3 FY26$1.2BQ4 FY26$1.2BQ1 FY27$1.3BQ2 FY27
Zoom Communications net earnings by quarterZoom Communications net earnings by quarter$368MQ4 FY25$255MQ1 FY26$359MQ2 FY26$613MQ3 FY26$674MQ4 FY26$426MQ1 FY27$1.5BQ2 FY27
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q2 FY2710-QAug 26, 2026$1.3B+5%24.6%$1.5B$495M
Q1 FY2710-QMay 22, 2026$1.2B+6%25.1%$426M$522M
Q4 FY2610-KFeb 27, 2026$1.2B+5%20.0%$674M$355M
Q3 FY2610-QNov 25, 2025$1.2B+4%25.2%$613M$629M
Q2 FY2610-QAug 22, 2025$1.2B+5%26.4%$359M$516M
Q1 FY2610-QMay 23, 2025$1.2B+3%20.6%$255M$489M
Q4 FY2510-KFeb 28, 2025$1.2B+3%19.0%$368M$425M

Charts

Zoom Communications: revenue growth, year over year and quarter over quarterZoom Communications: revenue growth, year over year and quarter over quarterY/YQ/Q+3%Q4 FY25+3%-1%Q1 FY26+5%+4%Q2 FY26+4%+1%Q3 FY26+5%+1%Q4 FY26+6%-1%Q1 FY27+5%+3%Q2 FY27
Latest (Q2 FY27): Y/Y +5%, Q/Q +3%.
Zoom Communications: where the cash came from (+) and went (−), TTM to Q2 FY27Zoom Communications: where the cash came from (+) and went (−), TTM to Q2 FY27Operating cash flow$2.0BBuybacks−$1.5BAcquisitions−$368MCash drawn (+) / kept (−)$260MTaxes on employees’ shares−$232MOther investing−$204MCapital spending−$74.6MOther financing$73.9MShares issued$2.7MExchange rates$2.2M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Zoom Communications: profit against cash, quarter by quarterZoom Communications: profit against cash, quarter by quarterNet incomeOperating cash flow$207M$483MQ3 FY25$368M$425MQ4 FY25$255M$489MQ1 FY26$359M$516MQ2 FY26$613M$629MQ3 FY26$674M$355MQ4 FY26$426M$522MQ1 FY27$1.5B$495MQ2 FY27
Latest (Q2 FY27): Net income $1.5B, Operating cash flow $495M.
Zoom Communications: diluted shares by fiscal yearZoom Communications: diluted shares by fiscal year298MFY21306MFY22304MFY23309MFY24315MFY25307MFY26
+3.1% since FY21: more shares outstanding (issuance, stock pay).
Zoom Communications in its industry: growth against margin (51 companies, SIC 7370)Zoom Communications in its industry: growth against margin (51 companies, SIC 7370)revenue growth, year over year →↑ operating marginmedian +9%median -1%GOOGLMETASPCXFLUTAPPSNAPPINSNIQMTCHSABRTTDRXTFDSTBLATRIPPPLITEMDOCNCSQRTEADEVERBMBLDVMGNIGRNDZIPDSPHSTMNXDRPUBMHCATRUMBLNDCDLXSSTCEVAYYAIPODCIPMGOAIDJTCSAIIPDNCNETTWAVTRSOMITIRMXIGITSBBLRZM (+5%, 25%)
Services-Computer Programming, Data Processing, Etc.; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Zoom Communications

Zoom is redefining modern work as a system of action, turning live collaboration into completed results. From entrepreneurs to global enterprises, customers choose Zoom to seamlessly collaborate, communicate, and drive outcomes across meetings, chat, phone, contact center, events, and more — all with the built-in assistance of Zoom AI Companion. Our mission to deliver happiness, grounded in our core value of care, is fundamental to everything we do at Zoom. Our platform bridges work both inside and outside the organization by integrating AI capabilities across employee collaboration and customer-facing workflows, enabling seamless communication, collaboration, and engagement through Zoom Workplace and Zoom Business Services.

In its own words, from its 10-K, filed Feb 27, 2026.

Zoom Communications against its Services-Computer Programming, Data Processing, Etc. peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +14%. Operating margin: 24.6% against the peers' median 19.1%.

CompanyQuarterRevenueY/YOp. margin
ZM Zoom CommunicationsQ2 FY27$1.3B+5%24.6%
GOOGL AlphabetQ3 2026$127.6B+25%31.8%
META Meta PlatformsQ3 2026$64.6B+26%20.1%
SPCX Space Exploration TechnologiesQ3 2026$14.6B+161%19.1%
FLUT Flutter EntertainmentQ3 2026$3.9B+2%-30.7%
APP AppLovinQ3 2026$2.2B+56%78.2%
SNAP SnapQ3 2026$1.7B+14%4.5%
PINS PinterestQ3 2026$1.2B+12%2.6%
NIQ NIQ Global IntelligenceQ2 2026$1.1B+8%5.8%

Source: Zoom Communications 10-Q on SEC EDGAR · CIK 1585521 · Services-Computer Programming, Data Processing, Etc.

Guidance and outlook

Zoom Communications Revenue: guidance against what was reportedZoom Communications Revenue: guidance against what was reportedguided rangereported (above / within / below)Q2 FY26$1.2BQ3 FY26$1.2BFY26$4.9BQ4 FY26$1.2BFY27Q1 FY27$1.2BQ2 FY27$1.3BQ3 FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.
Zoom Communications GAAP operating margin: guidance against what was reportedZoom Communications GAAP operating margin: guidance against what was reportedguided rangereported (above / within / below)FY2623.1%FY27
Met or beat 1 of 1 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns ZM and who is buying

Largest holders of ZM (13F)Largest holders of ZM (13F)Vanguard Group$2.3BBlackRock$1.6BVanguard Portfolio Management LLC$1.1BVanguard Capital Management LLC$996MState Street$653MFMR LLC$621MAQR Capital Management LLC$563MGeode Capital Management, LLC$534MAcadian Asset Management LLC$345MT. Rowe Price Investment Manageme…$324M
Funds' net buying of ZM by quarter (13F)Funds' net buying of ZM by quarter (13F)−$288M2024-09$115M2024-12−$323M2025-03$288M2025-06$726M2025-09$690M2025-12−$719M2026-03−$39.7M2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ZM

History

Every quarter: Q2 FY27 results · Q1 FY27 results · Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results

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中文版：Zoom（ZM）财报

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