olivLaw · US equity research
Zoom Communications, Inc. ZM
Services-Computer Programming, Data Processing, Etc. · SIC 7370 · Vertical: Services-Computer Programming, Data Processing, Etc. (SIC 7370)
Zoom Communications is a cloud platform for communications, collaboration and contact centres, with built-in AI features (Zoom AI Companion). The company reports modest revenue growth, of 4.9% in the second quarter of fiscal 2027, while its Enterprise segment keeps accelerating, which makes its trajectory worth watching in an uncertain economic climate.
At the close of 04 Nov 2026, Zoom Communications, Inc. (ZM) stock was 91.84 USD (+0.00% on the day), with P/E 8.5 on diluted EPS of 10.80 USD over the last 12 months, beta 0.95, 52-week range 72.72–111.88 USD. Latest reported quarter (Q2 2027): revenue of 1.3 bn USD (+4.9% YoY), net income of 1.5 bn USD (+330.1% YoY), diluted EPS 5.15 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 42.4
- weak (30–45)
- Bollinger (20, 2)
- 91.48 – 101.18
- in the lower half of the band · %B 0.04 · band width 10.1%
- SMA 50 / 200
- 94.81 / 92.28
- mixed trend
- MACD (12, 26, 9)
- -0.35 / 0.35
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −1.9% | −1.1% | −0.8 pp | — |
| 3 months | −8.7% | −0.5% | −8.3 pp | — |
| 6 months | −12.6% | +4.4% | −17.0 pp | — |
| Year to date | +6.4% | +12.3% | −5.9 pp | — |
| 1 year | +9.6% | +13.5% | −4.0 pp | −15.2% |
| 3 years | +45.8% | +76.4% | −30.6 pp | +5.6% |
| 5 years | −65.3% | +63.7% | −129.0 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2027 · 31 Jul 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 | Q4 '26 | Q1 '27 | Q2 '27 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.2 bn | 1.3 bn |
| Cost of revenue | 283.9 m | 287.4 m | 278.4 m | 273.2 m | 271.8 m | 295.7 m | 274.3 m | 291.7 m |
| Gross profit | 893.7 m | 896.8 m | 896.3 m | 944.1 m | 958.1 m | 951.3 m | 964.7 m | 985.5 m |
| Research & development | 223.0 m | 217.1 m | 205.4 m | 206.4 m | 210.1 m | 222.9 m | 227.9 m | 242.5 m |
| Operating income | 182.8 m | 225.1 m | 241.6 m | 321.7 m | 310.4 m | 249.9 m | 310.5 m | 314.3 m |
| Depreciation & amortisation | 32.3 m ≈ | 34.6 m | 35.3 m | 32.2 m ≈ | 32.4 m ≈ | 33.0 m | 32.8 m | 32.3 m ≈ |
| Pre-tax income | 280.4 m | 450.3 m | 315.8 m | 448.2 m | 794.7 m | 863.6 m | 531.6 m | 2.0 bn |
| Income tax | 73.4 m | 82.5 m | 61.2 m | 89.6 m | 181.8 m | 189.6 m | 105.9 m | 452.5 m |
| Net income | 207.1 m | 367.9 m | 254.6 m | 358.6 m | 612.9 m | 674.1 m | 425.7 m | 1.5 bn |
| Diluted EPS | 0.66 | 1.16 ≈ | 0.81 | 1.16 | 2.01 | 2.22 ≈ | 1.42 | 5.15 |
| Operating cash flow | 483.2 m ≈ | 424.6 m | 489.3 m | 515.9 m ≈ | 629.3 m ≈ | 354.5 m | 521.6 m | 494.8 m ≈ |
| Capex | 25.5 m ≈ | 8.3 m | 25.9 m | 8.0 m ≈ | 15.0 m ≈ | 16.1 m | 21.1 m | 22.4 m ≈ |
| Share repurchases | 301.6 m ≈ | 354.6 m | 418.0 m | 465.3 m ≈ | 413.7 m ≈ | 323.7 m | 361.7 m | 360.5 m ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 0 percentile of its own 29-quarter history (min 8.9, median 36.6, max 4,775.5; quarters with earnings only).
Fiscal years
| Fiscal year | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 330.5 m | 622.7 m | 2.7 bn | 4.1 bn | 4.4 bn | 4.5 bn | 4.7 bn | 4.9 bn |
| Revenue YoY | +118.2% | +88.4% | +325.8% | +54.6% | +7.1% | +3.1% | +3.1% | +4.4% |
| Net income | 7.6 m | 25.3 m | 672.3 m | 1.4 bn | 103.7 m | 637.5 m | 1.0 bn | 1.9 bn |
| Net income YoY | unavailable | +233.7% | +2,556.9% | +104.6% | −92.5% | +514.7% | +58.5% | +88.1% |
| Diluted EPS | 0.00 | 0.09 | 2.25 | 4.50 | 0.34 | 2.07 | 3.21 | 6.18 |
| Diluted EPS YoY | unavailable | unavailable | +2,400.0% | +100.0% | −92.4% | +508.8% | +55.1% | +92.5% |
| net % | 2.3% | 4.1% | 25.4% | 33.6% | 2.4% | 14.1% | 21.7% | 39.0% |
| Free cash flow | 22.9 m | 113.8 m | 1.4 bn | 1.5 bn | 1.2 bn | 1.5 bn | 1.8 bn | 1.9 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2026 · 31 Jan 2026
- Cash
- 1.3 bn USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 9.8 bn USD
- Total assets
- 12.0 bn USD
- Debt / equity
- unavailable
- Current ratio
- 4.33x
- ROE
- 20.3%
- ROA
- 16.6%
- FCF margin
- 39.5%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 2.7 bn | 4.1 bn | 4.4 bn | 4.5 bn | 4.7 bn | 4.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Cost of revenue | 822.0 m | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Gross profit | 1.8 bn | 3.0 bn | 3.3 bn | 3.4 bn | 3.5 bn | 3.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Research & development | 164.1 m | 363.0 m | 774.1 m | 803.2 m | 852.4 m | 844.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Operating income | 659.8 m | 1.1 bn | 245.4 m | 525.3 m | 813.3 m | 1.1 bn | SEC (XBRL)· 27 Feb 2026verified |
| Depreciation & amortisation | 28.9 m | 48.2 m | 82.3 m | 104.5 m | 122.6 m | 132.8 m | SEC (XBRL)· 27 Feb 2026verified |
| EBITDA | 688.7 m ≈ | 1.1 bn ≈ | 327.8 m ≈ | 629.7 m ≈ | 935.9 m ≈ | 1.3 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Pre-tax income | 678.0 m | 1.1 bn | 249.3 m | 832.3 m | 1.3 bn | 2.4 bn | SEC (XBRL)· 27 Feb 2026verified |
| Income tax | 5.7 m | -274.0 m | 145.6 m | 194.9 m | 305.3 m | 522.1 m | SEC (XBRL)· 27 Feb 2026verified |
| Net income | 672.3 m | 1.4 bn | 103.7 m | 637.5 m | 1.0 bn | 1.9 bn | SEC (XBRL)· 27 Feb 2026verified |
| Diluted EPS | 2.25 | 4.50 | 0.34 | 2.07 | 3.21 | 6.18 | SEC (XBRL)· 27 Feb 2026verified |
| Weighted average diluted shares | 298.1 m | 305.8 m | 304.2 m | 308.5 m | 315.1 m | 307.3 m | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 2.2 bn | 1.1 bn | 1.1 bn | 1.6 bn | 1.3 bn | 1.3 bn | SEC (XBRL)· 27 Feb 2026verified |
| Receivables | 294.7 m | 419.7 m | 557.4 m | 536.1 m | 495.2 m | 497.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current assets | 4.8 bn | 6.2 bn | 6.4 bn | 7.9 bn | 8.7 bn | 8.7 bn | SEC (XBRL)· 27 Feb 2026verified |
| Property, plant & equipment, net | 149.9 m | 222.4 m | 252.8 m | 293.7 m | 330.5 m | 264.5 m | SEC (XBRL)· 27 Feb 2026verified |
| Goodwill | 24.3 m | 27.6 m | 122.6 m | 307.3 m | 307.3 m | 400.4 m | SEC (XBRL)· 27 Feb 2026verified |
| Intangibles (excl. goodwill) | 8.0 m | 3.0 m | 31.4 m | 46.9 m | 33.4 m | 46.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Total assets | 5.3 bn | 7.6 bn | 8.1 bn | 9.9 bn | 11.0 bn | 12.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Accounts payable | 8.7 m | 7.8 m | 14.4 m | 10.2 m | 8.3 m | 6.3 m | SEC (XBRL)· 27 Feb 2026verified |
| Current liabilities | 1.3 bn | 1.6 bn | 1.7 bn | 1.8 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Total liabilities | 1.4 bn | 1.8 bn | 1.9 bn | 1.9 bn | 2.1 bn | 2.2 bn | SEC (XBRL)· 27 Feb 2026verified |
| Equity | 3.9 bn † | 5.8 bn † | 6.2 bn † | 8.0 bn † | 8.9 bn † | 9.8 bn † | SEC (XBRL)· 27 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 1.5 bn | 1.6 bn | 1.3 bn | 1.6 bn | 1.9 bn | 2.0 bn | SEC (XBRL)· 27 Feb 2026verified |
| Capex | 80.0 m | 132.6 m | 103.8 m | 127.0 m | 136.6 m | 65.0 m | SEC (XBRL)· 27 Feb 2026verified |
| Free cash flow | 1.4 bn ≈ | 1.5 bn ≈ | 1.2 bn ≈ | 1.5 bn ≈ | 1.8 bn ≈ | 1.9 bn ≈ | SEC (XBRL)· 27 Feb 2026derived |
| Investing cash flow | -1.6 bn | -2.9 bn | -318.3 m | -1.2 bn | -1.1 bn | -278.9 m | SEC (XBRL)· 27 Feb 2026verified |
| Financing cash flow | 2.1 bn | 34.1 m | -936.9 m | 60.2 m | -1.0 bn | -1.8 bn | SEC (XBRL)· 27 Feb 2026verified |
| Share repurchases | 0 | 0 | 1.0 bn | 0 | 1.1 bn | 1.6 bn | SEC (XBRL)· 27 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 59.6% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
60% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 77.3% | 93 (on a fixed band) | 18% |
| EBIT margin · Quality | 23.7% | 76 (vs peers) | 14% |
| FCF margin · Quality | 38.6% | 100 (on a fixed band) | 14% |
| Revenue CAGR 3Y · Growth | 3.5% | 14 (on a fixed band) | 29% |
| Revenue growth (YoY) · Growth | 4.4% | 38 (vs peers) | 14% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.8x | 100 (on a fixed band) | 11% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth22/100 · 2/2 factors with a value
- Quality90/100 · 3/3 factors with a value
- Returns· partialunavailable · 0/1 factors with a value
- Valuation· partialunavailable · 0/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Zoom Communications, Inc. (ZM). Latest full fiscal year: 2026; data up to 2026-07-31.
Figures computed from the financial statements: revenue 4.9 bn USD in 2026; YoY growth 4.4%; net margin 65.2%; ROE 32.1%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 59.6% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Gross margin: 77.3%
- EBIT margin: 23.7%
- FCF margin: 38.6%
- Current ratio: 3.8x
What contradicts it
- Revenue CAGR 3Y: 3.5%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales, FCF yield, Shareholder yield (distributions).
Versus the vertical median
Services-Computer Programming, Data Processing, Etc. (SIC 7370) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| GOOGLAlphabet Inc. | 3,552.1 bn | 15.1 | 44.3% | 50.0% | +15.1% | −10% / +118% |
| APPAppLovin Corporation | 90.0 bn | 18.3 | 210.1% | 65.9% | +70.0% | −55% / +625% |
| NBISNebius Group N.V. | 35.8 bn | 428.8 | 2.1% | 15.6% | +479.0% | +49% / unavailable |
| FDSFactset Research Systems Inc | 12.1 bn | 23.5 | 25.5% | 21.5% | +6.7% | +23% / −25% |
| DOCNDigitalOcean Holdings, Inc. | 9.9 bn | 281.3 | 5.1% | 3.1% | +15.5% | +89% / +184% |
| MTCHMatch Group, Inc. | 9.1 bn | 13.7 | — | 20.7% | +0.2% | +21% / +24% |
| SOGPSound Group Inc. | 8.8 bn | 350.3 | 70.4% | 7.1% | +59.4% | −21% / +265% |
| SIFYSify Technologies Ltd | 5.8 bn | — | -4.1% | -2.0% | +9.0% | +20% / +53% |
| WIXWix.com Ltd. | 4.4 bn | 91.5 | — | 2.5% | +13.2% | −16% / −21% |
| MGNIMagnite, Inc. | 3.3 bn | 19.9 | 20.4% | 23.6% | +6.9% | +55% / +182% |
| GRNDGrindr Inc. | 2.4 bn | 27.6 | 108.7% | 18.7% | +27.6% | +9% / +108% |
| DVDoubleVerify Holdings, Inc. | 2.1 bn | 34.0 | 5.8% | 8.2% | +13.9% | +29% / −59% |
| BZKanzhun Limited | 1.7 bn | 41.6 | 16.0% | 33.1% | +17.3% | −21% / +6% |
| WBWeibo Corporation | 1.6 bn | 3.8 | 12.1% | 25.6% | +0.1% | −35% / −36% |
| DJTTrump Media & Technology Group Corp. | 1.2 bn | — | -78.9% | -28,867.7% | +1.8% | −61% / −74% |
| TRIPTripadvisor, Inc. | 1.2 bn | 332.1 | 0.8% | 0.3% | +3.1% | −31% / −43% |
| SMWBSimilarweb Ltd. | 766.1 m | — | -129.6% | -11.7% | +13.1% | +13% / +75% |
| BMBLBumble Inc. | 718.8 m | — | -85.9% | -61.8% | −9.9% | +69% / −57% |
| RXTRackspace Technology, Inc. | 716.2 m | — | — | -5.9% | −1.9% | +165% / +123% |
| NEXNNexxen International Ltd. | 513.3 m | 22.2 | 5.0% | 6.9% | −0.2% | +41% / +151% |
| RZLVRezolve AI plc | 460.8 m | — | -98.7% | -216.7% | +2,224.2% | −55% / −87% |
| YALAYalla Group Limited | 413.9 m | 6.8 | 19.6% | 43.3% | +0.7% | −20% / −6% |
| ZIPZiprecruiter, Inc. | 321.9 m | 12.9 | — | 6.2% | −5.3% | −5% / −66% |
| BLNDBlend Labs, Inc. | 302.7 m | — | — | -3.3% | +6.8% | −59% / +1% |
| SSTSystem1, Inc. | 161.0 m | — | -581.6% | -50.7% | −22.6% | −53% / −88% |
1- and 3-year price returns: for ZM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
In brief
Zoom Communications is a cloud platform for communications, collaboration and contact centres, with built-in AI features (Zoom AI Companion). The company reports modest revenue growth, of 4.9% in the second quarter of fiscal 2027 3, while its Enterprise segment keeps accelerating, which makes its trajectory worth watching in an uncertain economic climate.
SWOT
Strengths
- A unified platform covering meetings, telephony, messaging and contact centre, with a freemium model that brings in new users at low acquisition cost 1. Recognised by analysts with leading positions in several categories 1.
- High operating profitability on non-GAAP measures and strong cash flows that support AI investment and share repurchases 13.
- Growing enterprise customers and a large base of customers on long subscriptions, which provides stable recurring revenue 13.
Weaknesses
Opportunities
- Agentic AI extended into contact centres, recruiting and sales could open new revenue categories 23.
- Cross-selling add-ons such as telephony and contact centre to existing customers could raise average account value 1.
- International growth, with translated captions in more than thirty languages, could widen the geographic market 1.
Threats
- Competition from large productivity suites that include communications could put pressure on prices 1.
- More cautious IT budgets and longer sales cycles could slow growth in the enterprise segment 2.
- Security or privacy incidents could damage customer trust, given the sensitivity of communications content 1.
Risks
- Slower renewals and upsellhigh
If customers reduce licence counts or choose rival vendors, revenue growth could remain weak 13.
- Pricing pressure from competitorshigh
Rivals with broad bundles could force price cuts, affecting margins 1.
- Service interruptionsmedium
Failures at data centres or cloud providers could lead to credits, penalties and lost customers 1.
- AI-related risksmedium
The rapid pace of AI technology and dependence on external models could erode the competitive edge if it does not translate into revenue 12.
- Macroeconomic and currency volatilitylow
Currency swings and geopolitical uncertainty could weigh on demand and reported results 12.
Investment thesis
What would need to be true (bull case)
- If enterprise growth keeps accelerating and AI adoption lifts revenue per customer, total growth could exceed its current pace 3. Strong cash flow could fund further acquisitions and share repurchases 13.
- The unified platform and freemium model could keep bringing in new customers at low cost, and market share could grow in contact centres 13.
- The fiscal 2027 revenue guidance points to steady growth, which could show that the AI strategy is turning into financial results 3.
What to watch
- Trend in the net dollar expansion rate for Enterprise customersQ3 2027
- Revenue growth in the Online segment and its churn rateQ3 2027
- Adoption of new AI products and their effect on revenue per customer2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
The business
Zoom defines its platform as a system of action for modern work, combining meetings, messaging, telephony, contact centre, events and AI tools in one environment 1. Revenue comes mainly from subscriptions to Zoom Workplace and Zoom Business Services, with Pro, Business and Enterprise bundles plus vertical plans for education, healthcare and government 1. The company also keeps a large base of Online users who sign up through its website, which feeds new customers through its freemium model 1.
The stated strategy centres on three priorities: elevating Zoom Workplace with AI, driving growth of new AI products and scaling an AI-first customer experience 2. A land and expand model lets adoption move from the first department to the whole organisation, and Zoom Phone and Zoom Contact Center are sold as add-ons 1. The company has also acquired BrightHire and Common Room to extend recruiting and sales capabilities 13.
Operationally, Zoom says it uses a federated AI model that dynamically selects among several large language models, including its own, and that it does not use customer content to train these models 1. The infrastructure relies on co-located data centres and external cloud services, which gives flexibility but also creates operational dependencies the company discloses explicitly 1.
Market context
Zoom operates in unified communications as a service (UCaaS), cloud contact centres (CCaaS) and productivity suites, where it competes with large bundled vendors. The company describes this market as competitive and fast-changing, with continuous entry of new players and pricing pressure 1. Demand is price sensitive, and larger companies tend to cut IT budgets in periods of economic uncertainty 1.
The second-quarter fiscal 2027 release shows the enterprise market remains active, but sales cycles are longer and customers are more careful with spending 23. The company points to rising interest in budgets for digital transformation and AI solutions, which could support demand if the trend holds 1.
Trends
- AI adoption in collaborationtailwind
The AI Companion assistant and new agentic features are included in many paid plans, which could raise usage and retention if adoption continues 12. The company reports the launch of ZoomMate and an AI productivity suite, a sign of focus on monetising AI 2.
- Growth of AI-driven contact centresmixed
Zoom Contact Center and Zoom Virtual Agent are expanding in a segment where competitors already hold strong positions, and the number of Virtual Agent customers has risen sharply 3. Success here could reduce reliance on Online sales, though competition remains intense 13.
- Infrastructure and energy costsheadwind
Expanding data centre capacity and volatile energy prices could pressure margins, especially if AI demand grows quickly 12. The company mentions uneven cost pressures across regions 2.
Competitive position
Zoom competes with productivity suites that include communications, with legacy web meeting platforms, with traditional UCaaS and PBX vendors, with contact centre providers and with consumer platforms serving small businesses 1. Larger competitors benefit from brand recognition, bigger marketing budgets and distribution through hardware partners 1.
The company argues its advantages are ease of use, a lower total cost of ownership and an open platform with more than three thousand apps 1. Competitive pressure could force price cuts if basic features become sufficient for most customers 1.
- Google Workspace (Meet)GOOGL
Offers video conferencing inside the Google suite, competing directly for meetings and collaboration.
- RingCentralRNG
A cloud UCaaS and telephony provider competing for customers replacing legacy PBX systems.
- Five9FIVN
A cloud contact centre provider in direct competition with Zoom Contact Center offerings.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
- Ionuţ Daniel Coleaşă, CITR: „Avem o creştere a numărului de insolvenţe anul acesta de 12%, în primele 9 luni din 2026 versus 9 luni din 2025. Dacă facem un zoom in, în agricultură şi în sectorul construcţiilor este cea mai mare creştere. Anul acesta s-au văzut dificultăţile financiare din ultimii 3-4 ani de zile şi nu doar din 2026”Ziarul Financiar · 26 Oct 2026 · RO
- Zoom Versus The Hague: Anatomy of a Russian Sleight of HandKyiv Post · 24 Oct 2026 · EN
- Broadcast 4598 : Zoom : Dr . Rainer ZitelmannSurge — GDELT DOC · 23 Oct 2026 · RO
- Here are Wednesday's biggest analyst calls: Nvidia, SpaceX, Netflix, Zoom, Apple, Robinhood & moreCNBC — Top News · 21 Oct 2026 · EN
- Moscow court fines Zoom around $772,110TASS (RU, EN) · 07 Oct 2026 · EN
- Таганский суд Москвы оштрафовал Zoom на 66 млн рублейKommersant (RU) · 07 Oct 2026 · RU
- Zoom, Twitch, Google и еще пять компаний оштрафовали почти на ₽173 млнRBC News (RU business+politics) · 07 Oct 2026 · RU
- Zoom оштрафован почти на 66 млн рублейInterfax Russia (RU) · 07 Oct 2026 · RU
- The New Upgrade for Concert Fans in China: Rent More ZoomSixth Tone · 07 Oct 2026 · EN
- President Trump has his camera off for G7 leader zoomThe Hill · 02 Oct 2026 · EN
- macOS Users Targeted by Fake Zoom Installer Carrying CloudSyncD BackdoorSecurityWeek · 02 Oct 2026 · EN
- Physicists zoom into the birth of cosmic rainstorms with new CERN studyPhys.org · 14 Sept 2026 · EN
- Linux Zoom client proactively reading everything written to X11 clipboardHacker News · 12 Sept 2026 · EN
- Zoom Communications Bets on AI to Turn Meetings Into Revenue-Driving WorkflowsYahoo Finance — News · 11 Sept 2026 · EN
- Zoom Communications just gave investors a gift after a recent pullback, says Tony ZhangCNBC — Top News · 09 Sept 2026 · EN
- „Moldova Zoom” devine „Focus Moldova” și își consolidează demersurile de combatere a dezinformării - RFISurge — Google News · 09 Sept 2026 · RO
- Ukrainian Influencer Infiltrates Russian Zoom Meeting Covering Drones, Insults AttendeesKyiv Post · 31 Aug 2026 · EN
- A $3.13 Billion Reason to Buy Zoom Communications Stock NowYahoo Finance — News · 30 Aug 2026 · EN
- Zoom (ZM) Grew Enterprise Revenue 7.8% but Online Revenue Only 0.6%. Can AI Restore Broader Growth?Yahoo Finance — News · 28 Aug 2026 · EN
- Zoom Beat Every Estimate and Fell Anyway. Citizens Says That’s Exactly the PointYahoo Finance — News · 27 Aug 2026 · EN
SEC filings
- Current report02 Sept 2026Departure or appointment of officers · Regulation FD disclosure · Financial statements and exhibits
- Quarterly report26 Aug 2026
- Current report25 Aug 2026Results of operations · Financial statements and exhibits
- Current report28 Jul 2026Departure or appointment of officers
- Current report15 Jun 2026Shareholder vote
- Quarterly report22 May 2026
- Current report21 May 2026Results of operations · Financial statements and exhibits
- Proxy statement30 Apr 2026
- Current report02 Apr 2026Departure or appointment of officers
- Annual report27 Feb 2026
Sources
- [1] Form 10-K, fiscal year ended 2026-01-31 · SEC / Zoom Communications, Inc. · 27 Feb 2026
- [2] Form 10-Q, quarter ended 2026-07-31 · SEC / Zoom Communications, Inc. · 26 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Zoom Communications, Inc. · 25 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.