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Zoom Communications Inc. (ZM) perpetual futures
ZM perpetual futures on 16 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade ZMUSDT.
Zoom Communications, Inc. provides a platform for communication and collaboration, operating in the Americas, Asia Pacific, and EMEA, headquartered in San Jose, California.
$98.42+1.0%NASDAQ open
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TradingView symbol NASDAQ:ZM
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Trading data
Perpetual market activity
16/16 live markets
Trading data
Perpetual market activity
Venues
16
Live markets
16/16
24h volume
$7.2MCoverage: 13/16 marketsExchange-reported volume: $11.2M
Open interest
$2.9MCoverage: 13/16 markets
Best liquidity
$1.3M
Bitunix
Tightest spread
+10.2 bps
Bitunix
Highest volume
$4.4M
Deepcoin
Settlement mix
USDT · 14/16
Perp/spot vol.
0.02x
Spot volume $470.4M
OI / float
+0.01%
Float $25.9B
Spot performance
1D-0.39%
5D+10.77%
1M-0.25%
6M-5.11%
YTD+13.22%
1Y+15.35%
Venue matrix
16 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Hyperliquid HIP-3 | Trade | xyz:ZM | Trading | $98.35 | +5.5% APR +0.00063% every 1h | +18.1 bps | $273.3K | $364.5K | $541.8K | USDC | 10x | |
 Gate.io | Trade | ZM/USDT | Trading | $98.43 | 0.0% APR 0.000% every 8h | +42.7 bps | $53.7K | $197.3K | $88.5K | USDT | 20x | |
 MEXC | Trade | ZM/USDT | Trading | $98.42 | 0.0% APR 0.000% every 8h | +13.2 bps | $70.4K | $151K | $1.4M | USDT | 50x | |
 Bitunix | Trade | ZM/USDT | Trading | $98.42 | +3.0% APR +0.00271% every 8h | +10.2 bps | $1.3M | $126.9K | $9.3K | USDT | 20x | |
 OKX | Trade | ZM/USDT | Trading | $98.46 | 0.0% APR 0.000% every 8h | +16.2 bps | $12.9K | $120K | $113.9K | USDT | 20x | |
 Bybit | Trade | ZM/USDT | Trading | $98.47 | 0.0% APR 0.000% every 8h | +27.4 bps | $17K | $90.9K | $68.2K | USDT | 25x | |
 Bitget | Trade | ZM/USDT | Trading | $98.37 | 0.0% APR 0.000% every 8h | +10.2 bps | $219.8K | $20.4K | $22.8K | USDT | 20x | |
 Crypto.com Exchange | Trade | ZM/USD | Trading | $98.22 | +259.0% APR +0.030% every 1h | +22.4 bps | $5.5K | $7.8K | $12K | USD | 50x | |
 HTX | Trade | ZM/USDT | Trading | $98.38 | 0.0% APR 0.000% every 8h | +37.7 bps | $19.6K | $6.5K | $5.6K | USDT | - | |
 Aster | Trade | ZMUSDT | Trading | $98.43 | 0.0% APR 0.000% every 8h | +25.4 bps | $19.9K | $272.5 | $6.8K | USDT | - | |
 Deepcoin | Trade | ZM/USDT | Trading | $98.43 | - | +10.2 bps | $51.1K | $4.4M | - | USDT | 25x | |
 XT.com | Trade | ZM/USDT | Trading | $98.43 | +11.5% APR +0.010% every 8h | +10.2 bps | $62.4K | $931.9K | - | USDT | 20x | |
 BingX | Trade | ZM-USDT | Trading | $98.41 | +5.5% APR +0.00500% every 8h | +12.3 bps | $382.7K15 min | $763.7K | - | USDT | - | |
 KuCoin | Trade | ZM/USDT | Trading | $98.20 | -29.2% APR -0.027% every 8h | +13.2 bps | $26.3K | $1.7M⚠ | $191.4K | USDT | 20x | |
 Binance | Trade | ZM/USDT | Trading | $98.42 | 0.0% APR 0.000% every 8h | +12.2 bps | $367.5K | $1.7M⚠ | $298.7K | USDT | - | |
 LBank | Trade | ZM/USDT | Trading | $98.43 | 0.0% APR 0.000% every 8h | +10.2 bps | $255.6K | $594.5K⚠ | $126.1K | USDT | 50x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| ZMBbStocks | $97.68 | -0.75% | $1.1M | $429k | BNB Smart Chain (BEP20) |
| ZMxxStocks | $98.11 | -0.31% | $9k | $193k | Ethereum · BNB Smart Chain (BEP20) · Solana · Arbitrum |
| ZMRobinhood | $96.41 | -2.04% | $6k | $32k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | ZM/USDG ↗ | $96.41 | $6k | $18k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 13 of 16 venues absorb $10k · Typical cost: +17.0 bps – +30.9 bps
Too thin: KuCoin, Aster, Crypto.com Exchange
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
ZMTightest spread
ZMHighest volume
ZMFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2026-11-23
Revenue est. $1.28B · Updated 18m ago
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
NASDAQ
Extended-hours reference
Bid89.71
Ask98.5
Volume444,807
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 20276.15$5.1B+5%16
FY 20286.36$5.3B+4%15
FY 20296.76$5.6B+4%6
FY 20307.35$5.9B+6%2
FY 20316.62$5.9B+1%4
Q2 20271.53$1.3B+4%3
Source: FMP · Consensus
Company events
62026-11-23Earnings · After market closeActual - / Estimate 1.49-
2026-08-25Earnings · After market closeActual 1.55 / Estimate 1.48Beat
2026-05-21EarningsActual 1.55 / Estimate 1.42Beat
2026-02-25EarningsActual 1.44 / Estimate 1.49Miss
2025-11-24EarningsActual 1.52 / Estimate 1.44Beat
2025-08-21EarningsActual 1.53 / Estimate 1.38Beat
Peer comparison
Similar listed perpsRevenue mix
Latest annualReportable SegmentProduct$4.9B
AmericasGeographic$3.5B
EMEAGeographic$769.9M
Asia PacificGeographic$590.7M
Analysts
Price targets in USD| Consensus rating | Hold |
|---|---|
| Average 12-month price target | $118.71 |
| 12-month target range (low – high) | $104 – $133 |
| Ratings in the provider's consensus | 49 |
Price targets as of 2026-11-13
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 2 | 17 | 10 | 0 | 1 |
| Oct 2026 | 2 | 17 | 11 | 0 | 1 |
| Sep 2026 | 2 | 16 | 11 | 0 | 1 |
| Aug 2026 | 2 | 16 | 13 | 0 | 1 |
| Jul 2026 | 3 | 15 | 13 | 0 | 1 |
| Jun 2026 | 3 | 15 | 13 | 0 | 1 |
| May 2026 | 2 | 15 | 13 | 1 | 1 |
| Apr 2026 | 3 | 15 | 12 | 1 | 1 |
| Mar 2026 | 3 | 15 | 11 | 1 | 1 |
| Feb 2026 | 3 | 15 | 13 | 1 | 1 |
| Jan 2026 | 3 | 14 | 15 | 1 | 1 |
| Dec 2025 | 3 | 13 | 15 | 1 | 1 |
Ownership
Institutional · 2026-Q2Free float90%262.7M shares
Shares outstanding291.8M shares
Institutional69.2%945 investors
Investor count change+62
Reference market activity
ZM-PERPDay range (Nov 12)$93.61$99.58
52 week$70.7$114.74
Spot volume4.8M
Average volume-
Price performance
111D-0.4%
5D+10.8%
1M-0.2%
3M-7.1%
6M-5.1%
YTD+13.2%
1Y+15.3%
3Y+58.8%
5Y-61.7%
10Y+57.6%
MAX+57.6%
Insider activity
FY2026 Q4Acquisitions6 transactions117,114 shares
Dispositions45 transactions282,333 shares
Purchases0Ratio 0.13
Sales32
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Zoom director Subotovsky Santiago sold 2,637 Class A shares in three open-market trades on Nov 5, 2026 at $88.98-$90.84, leaving 113,875 shares owned.
Zoom CEO Eric Yuan converted 24,200 Class B shares into 12,100 Class A shares and sold 24,200 Class A shares at $89.85-$95.71.
Director Subotovsky Santiago sold 1,442 Class A common shares of Zoom Communications at $100.1391 on Oct 28, 2026, leaving 116,512 shares owned.
Zoom Communications director Herbert Raymond McMaster reported an open-market sale (S) of 1,500 Class A common shares at $101.25 on 2026-10-21, leaving 6,979 shares owned.
Zoom director Santiago Subotovsky sold 4,383 Class A shares in 8 open-market trades on Oct 15, 21 and 22, 2026, at prices from $93.65 to $101.19. He held 118,350 shares after the largest sale reported on Oct 21.
Filings
71 · Latest SEC filings2026-11-094Insider transaction report (Form 4)
Zoom director Subotovsky Santiago sold 2,637 Class A shares in three open-market trades on Nov 5, 2026 at $88.98-$90.84, leaving 113,875 shares owned.
2026-11-054Insider transaction report (Form 4)
Zoom CEO Eric Yuan converted 24,200 Class B shares into 12,100 Class A shares and sold 24,200 Class A shares at $89.85-$95.71.
2026-10-304Insider transaction report (Form 4)
Director Subotovsky Santiago sold 1,442 Class A common shares of Zoom Communications at $100.1391 on Oct 28, 2026, leaving 116,512 shares owned.
2026-10-234Insider transaction report (Form 4)
Zoom director Santiago Subotovsky sold 4,383 Class A shares in 8 open-market trades on Oct 15, 21 and 22, 2026, at prices from $93.65 to $101.19. He held 118,350 shares after the largest sale reported on Oct 21.
2026-10-234Insider transaction report (Form 4)
Zoom CFO Michelle Chang sold 10,156 Class A common shares on the open market on Oct 21, 2026 at $101.9314 each, leaving 30,282 shares owned.
2026-10-234Insider transaction report (Form 4)
Zoom Communications director Herbert Raymond McMaster reported an open-market sale (S) of 1,500 Class A common shares at $101.25 on 2026-10-21, leaving 6,979 shares owned.
2026-10-134Insider transaction report (Form 4)
Zoom CEO Yuan Eric S. exercised 46,823 restricted stock units into 46,823 Class A shares and had 23,824 shares withheld for taxes at $85.68.
2026-10-134Insider transaction report (Form 4)
Director Herbert Raymond McMaster sold 3,000 Class A common shares of Zoom Communications on 2026-10-08 at $94.7067 per share, leaving 8,479 shares held.
2026-10-134Insider transaction report (Form 4)
Zoom Communications CAO Kimberly McGarry reported an M-Exempt exercise converting 3,121 restricted stock units at $0.00, leaving 34,337 RSUs owned after the 2026-10-09 transaction.
2026-10-134Insider transaction report (Form 4)
Zoom CFO Michelle Chang exercised 22,218 restricted stock units into 22,218 Class A shares, had 8,743 shares withheld for tax at $94.67, and sold 8,489 Class A shares at $98.67-$99.84.
2026-10-134Insider transaction report (Form 4)
Zoom officer Sankarlingam Velchamy exercised 20,752 options (M) into Class A shares, had 10,559 shares withheld for tax (F) at $94.67, and sold 7,645 shares (S) at $98.63–$99.54.
2026-10-074Insider transaction report (Form 4)
Zoom Communications director Santiago Subotovsky sold 2,637 Class A common shares on Oct 5, 2026, in two open-market trades at prices from $93.7191 to $94.2375, leaving 121,786 shares owned.
2026-10-074Insider transaction report (Form 4)
Zoom CEO Eric Yuan converted 24,200 Class B shares into 12,100 Class A shares and sold 24,200 Class A shares at $93.72-$94.59.
2026-09-114Insider transaction report (Form 4)
Zoom officer Sankarlingam Velchamy exercised 2,807 RSUs into 7,031 Class A shares (M-Exempt), had 3,579 shares withheld for tax (F-InKind at $96.44), and sold 2,590 shares (S-Sale) at $95.7585-$96.372 on Sept 9-10, 2026.
2026-09-104Insider transaction report (Form 4)
Zoom Communications director Subotovsky Santiago sold 2,637 Class A common shares on Sept 8, 2026 at $96.48-$96.95, leaving 124,423 shares held.
2026-09-034Insider transaction report (Form 4)
Zoom CEO Eric Yuan converted 24,200 Class B shares into 12,100 Class A shares (C-Conversion) and sold 24,200 Class A shares (S-Sale) at $95.27-$96.53, per a Form 4 filed 2026-09-03.
2026-09-024Insider transaction report (Form 4)
Director Epstein Jeff received a grant of 2,233 restricted stock units (RSUs) from Zoom Communications Inc. on August 31, 2026.
2026-09-023Initial insider ownership statement (Form 3)
Jeff Epstein reported a Form 3 with one transaction of 0 shares at $0.00, indicating no shares acquired or disposed.
2026-08-144Insider transaction report (Form 4)
On July 15, 2026, Velchamy Sankarlingam, President of Engineering & Product at Zoom, sold 7,644 Class A common shares at $91.9792 each, reducing his holdings to 148,403 shares.
2026-08-074Insider transaction report (Form 4)
Zoom CEO Eric Yuan converted 24,200 Class B shares into 24,200 Class A shares (two conversions) and sold 24,200 Class A shares in seven open-market sales at $98.864–$102.2466.
2026-08-064Insider transaction report (Form 4)
Zoom Communications director Santiago Subotovsky sold 7,911 Class A shares in 6 open-market sales on Aug 4, 2026, at $97.23-$102.195, leaving 127,060 shares owned.
2026-07-164Insider transaction report (Form 4)
Herbert Raymond McMaster, a Zoom director, sold 5 shares of Class A common stock at $88.83 on 2026-07-14, leaving 11,479 shares owned afterward.
2026-07-154Insider transaction report (Form 4)
Zoom CEO Eric Yuan converted 24,200 Class B shares into 24,200 Class A shares and sold 57,824 Class A shares at $89.493-$92.53, leaving 22,998 Class A shares.
2026-07-134Insider transaction report (Form 4)
Chief Financial Officer Michelle Chang converted 22,217 RSUs into common stock, with 8,743 shares withheld for taxes and 8,489 shares sold on the open market.
2026-07-134Insider transaction report (Form 4)
Zoom CAO Kimberly McGarry had 12,486 RSUs convert into 12,486 Class A shares; 5,532 shares were then withheld to cover taxes at $87.40 each. No open-market purchase or sale occurred.
2026-07-134Insider transaction report (Form 4)
Sankarlingam Velchamy converted 20,751 RSUs into 20,751 Class A shares, then had 10,559 shares withheld to cover taxes at $87.40 per share.
2026-07-104Insider transaction report (Form 4)
On July 8-9, CEO Eric S. Yuan converted 76,995 RSUs into 115,277 Class A shares (split across two events), and 58,655 shares were withheld for taxes at $85.68-$87.40.
2026-07-064Insider transaction report (Form 4)
Director Santiago Subotovsky sold 2,637 shares of Class A Common Stock in 3 open-market transactions at prices between $88.60 and $90.62. After these sales, he owned 138,554 shares.
2026-06-164Insider transaction report (Form 4)
Zoom CFO Michelle Chang sold 327 shares of Class A Common Stock at $93.83 on 2026-06-15, leaving 30,467 shares owned afterward.
2026-06-124Insider transaction report (Form 4)
Director Michael J. Fenger converted 3,583 RSUs into 3,583 Class A shares, and was awarded 3,012 new RSUs as compensation; no shares were purchased or sold.
2026-06-124Insider transaction report (Form 4)
Director Cindy L. Hoots converted 3,583 RSUs into 3,583 Class A shares, and separately received a new award of 3,012 RSUs as compensation.
2026-06-124Insider transaction report (Form 4)
Director Jonathan Chadwick converted 3,583 RSUs into 3,583 Class A shares, and was separately awarded 3,012 new RSUs as compensation.
2026-06-124Insider transaction report (Form 4)
Director Subotovsky Santiago converted 3,583 RSUs into Class A common stock and received an award of 3,012 RSUs.
2026-06-124Insider transaction report (Form 4)
Director McDermott converted 3,583 RSUs into common stock, and received an award of 3,012 RSUs.
2026-06-124Insider transaction report (Form 4)
Director McMaster converted 3,583 RSUs into Class A common stock and received an award of 3,012 RSUs on June 10-11, 2026.
2026-06-124Insider transaction report (Form 4)
Director Daniel Scheinman converted 3,583 RSUs into 3,583 Class A shares, and separately received a new award of 3,012 RSUs as compensation.
2026-06-114Insider transaction report (Form 4)
On June 9, 2026, Velchamy exercised RSUs into 7,030 Class A shares, with 3,578 sold to cover taxes at $101.15, leaving 145,423 shares owned.
2026-06-044Insider transaction report (Form 4)
Zoom CEO Yuan Eric S. converted 24,200 Class B shares into 12,100 Class A shares across two dates, then sold 24,200 Class A shares in 10 open-market trades at $106.2036-$113.2569.
2026-05-064Insider transaction report (Form 4)
CEO Eric Yuan converted 12,100 Class B shares into 12,100 Class A shares and sold all 24,200 Class A shares at prices between $103.9962 and $109.0723.
2026-05-054Insider transaction report (Form 4)
Director Subotovsky Santiago sold 7,917 Class A common shares of Zoom Communications in 8 open-market transactions from May 1-4, 2026, at prices ranging $100.71-$107.35.
2026-04-214Insider transaction report (Form 4)
Chief Operating Officer Bawa Aparna sold 12,886 Class A common shares of Zoom Communications Inc. on April 17, 2026, at prices ranging from $87.57 to $88.33, reducing her holdings.
2026-04-204Insider transaction report (Form 4)
Director Subotovsky Santiago sold 5,031 shares of Zoom Communications (ZM) Class A Common Stock in 8 open-market transactions on 2026-04-16, at prices ranging from $86.55 to $89.41.
2026-04-174Insider transaction report (Form 4)
On Apr 15, 2026, President of Engineering & Product Velchamy sold 7,645 Class A common shares at prices between $83.80 and $86.18, reducing his holdings to 141,971 shares.
2026-04-154Insider transaction report (Form 4)
CEO Eric Yuan converted 85,196 Class B shares into Class A and sold all 85,196 Class A shares on the open market between Apr 13-14, 2026, at prices ranging from $79.95 to $84.30.
2026-04-134Insider transaction report (Form 4)
Chief Financial Officer Chang Michelle converted 22,217 restricted stock units into Class A common stock, with 8,743 shares withheld for taxes and 8,489 shares sold on the open market.
2026-04-134Insider transaction report (Form 4)
On April 9, 2026, the reporting person converted 25,597 RSUs (including performance-vesting RSUs) into Class A common stock, and 13,025 shares were withheld to cover taxes at $83.23 per share.
2026-04-134Insider transaction report (Form 4)
CEO Eric S. Yuan received an award of 561,588 restricted stock units.
2026-04-104Insider transaction report (Form 4)
COO Aparna Bawa converted 26,237 RSU/PSU shares into Class A common stock, then 13,351 shares were withheld for taxes at $83-$84. No open-market sales.
2026-04-104Insider transaction report (Form 4)
CEO Eric Yuan converted restricted stock units into 74,914 Class A shares; 38,118 shares were withheld for taxes, and 6,460 performance RSUs vested.
Transcripts
Earnings callsFY2027 Q12026-05-21
Earnings calls
AI summary
positiveZoom achieved $1.24 billion in Q1 FY2027 revenue, growing 5.5% year-over-year and beating guidance by $14 million, driven by strong AI Companion adoption (184% MAU growth) and diversified enterprise deals across Workplace, Phone, and Contact Center. The company raised full-year revenue guidance to $5.08-5.09 billion and increased EPS guidance to $5.96-6.00. Enterprise revenue grew 7.2%, with major wins in government, healthcare, and financial services showcasing Zoom's positioning as an AI-first system of action.
Key takeaways
- Q1 revenue grew 5.5% to $1.24 billion, exceeding guidance high end; AI Companion paid MAUs grew 184% YoY with My Notes surpassing 1.5M monthly active users
- Enterprise revenue grew 7.2% with customers with $100K+ ARR increasing to 33% of revenue; noncurrent RPO grew 19% YoY reflecting larger, longer-term multiproduct deals
- AI monetization expanding across custom AI Companion, ZVA receptionist, Zoom AI Services, and CX Insights; 9 of top 10 ZCX deals included paid AI, with ZCX growing at high double-digit rates
- Company raised FY2027 revenue guidance to $5.08-5.09 billion (4.4% growth) and EPS guidance to $5.96-6.00; authorized additional $1 billion share repurchase
Financial highlights
- Q1 total revenue $1.24 billion, up 5.5% YoY; enterprise revenue grew 7.2% YoY to 61% of total revenue
- Non-GAAP operating margin expanded 130 basis points to 41.1%; non-GAAP diluted EPS $1.55, up $0.12 YoY
- Deferred revenue grew 5% YoY to $1.49 billion; RPO increased 11% YoY to $4.3 billion with noncurrent RPO up 19%
- Operating cash flow $522 million (up 7% YoY); free cash flow $500 million (up 8% YoY); balance sheet cash $7.7 billion
Guidance
- Q2 FY2027: revenue $1.265-1.27 billion (4.1% growth at midpoint); non-GAAP operating income $508-513 million (40.3% margin at midpoint); EPS $1.45-1.47
- FY2027 full year: revenue $5.08-5.09 billion (4.4% growth at midpoint); non-GAAP operating income $2.065-2.075 billion (40.7% margin); EPS $5.96-6.00
- Free cash flow FY2027 expected $1.7-1.74 billion; Q2 deferred revenue expected up 2-3% YoY
Q&A themes
- AI Companion adoption and custom AI Companion conversion drivers: customers value workflow automation, agentic retrieval, and ability to turn conversations into completed actions across integrated systems
- Contact Center momentum and competitive positioning: 8 of top 10 ZCX deals involved legacy displacement; Zoom differentiates through UC-CX integration, AI-first approach, and flexible consumption-based pricing models for ZVA
- Enterprise NRR inflection trending upward driven by AI monetization, product diversification, moving upmarket, and churn reduction; strong customer demand for system of action positioning
- Build versus buy approach: company investing 26% of revenue in R&D and building core AI capabilities (speech recognition, workflow orchestration, agentic platforms) while remaining open to strategic acquisitions; customers appreciate co-innovation model
Risks
- Online segment showed slight churn uptick to 3% from 2.8% YoY; company expects online business to grow only slightly in FY2027 with Q2-Q4 deceleration
- Guidance implies deceleration in growth rate in second half of FY2027; company noted potential quarter-to-quarter variability in deferred revenue based on grace periods and deal structures for competitive displacements
- Customer awareness of Zoom's system of action capabilities and AI features identified as limitation requiring increased go-to-market focus; competition from Salesforce and legacy contact center providers continues
FY2026 Q42026-02-26
Earnings calls
AI summary
positiveZoom delivered FY2026 revenue growth of 4.4%, up 130 basis points year-over-year, with Q4 revenue of $1.25 billion growing 5.3%. Enterprise revenue grew 6.5% and now represents 61% of total revenue. The company is monetizing AI across multiple products, particularly Contact Center (high double-digit ARR growth), Phone (mid-teens ARR growth), and new AI products like Zoom Virtual Agent, with all top 10 Contact Center deals including paid AI capabilities.
Key takeaways
- FY2026 revenue grew 4.4% to $5.065B+ (guided), driven by 130 basis point acceleration with Enterprise revenue up 6.5%
- Contact Center ARR accelerating in high double digits with 4 of top 10 deals including Zoom Virtual Agent; Phone ARR growing mid-teens with competitive wins against Cisco
- AI monetization progressing through Custom AI Companion, Zoom Virtual Agent, Zoom Revenue Accelerator, and BrightHire acquisition; AI Companion 3.0 users tripled year-over-year
- Enterprise customers contributing $100K+ ARR grew 9% YoY to represent 33% of total revenue; net dollar expansion rate holding at 98%
- FY2027 guidance of $5.065B-$5.075B revenue (4.1% growth) and non-GAAP operating margin of 40.5% at midpoint, with free cash flow expected at $1.7B-$1.74B
Financial highlights
- Q4 FY2026 total revenue $1.25B (+5.3% YoY); full year FY2026 revenue growth 4.4% with 130 bps acceleration over FY2025
- Non-GAAP gross margin 79.8% in Q4 (+100 bps YoY), non-GAAP operating margin 39.3%; FY2026 non-GAAP operating margin 40.4% (+100 bps YoY)
- Deferred revenue grew 5% YoY to $1.42B; RPO increased over 10% YoY to $4.2B with 57% expected to be recognized in next 12 months
- Q4 free cash flow of $338M; FY2026 free cash flow grew 6.4% to $1.9B; repurchased 3.8M shares for $324M in Q4
Guidance
- Q1 FY2027 revenue guidance $1.22B-$1.225B (4.1% YoY growth); non-GAAP operating margin 40% at midpoint
- FY2027 revenue guided to $5.065B-$5.075B (4.1% YoY growth); non-GAAP operating margin 40.5% including 180 bps tailwind from amortization change offset by 70 bps SBC-to-cash compensation shift
- FY2027 free cash flow expected $1.7B-$1.74B including ~$75M incremental CapEx for U.S. data center refresh and ~$50M interest income headwind
- Q1 deferred revenue expected up 1-2% YoY reflecting larger competitive takeout deals with transition credits; Online business expected to show slight growth similar to FY2026
Q&A themes
- AI monetization expected to accelerate in FY2027 through Custom AI Companion adoption at enterprise scale, Zoom Virtual Agent in Contact Center deals (4 of top 10), and new products like BrightHire and Zoom Revenue Accelerator (50% YoY customer growth)
- Technology moat includes mission-critical reliability, security, complex C++ codebase difficult to replicate with AI tools, and deep customer relationships; leadership not concerned about disintermediation by AI model providers
- Net dollar expansion at 98% expected to rebound long-term driven by Phone mid-teens growth, Contact Center high double-digit growth, and AI monetization onset; near-term pressure from white label churn and Contact Center/Workvivo bringing new customers
- International expansion accelerating through Contact Center, Phone, and Workvivo rollout combined with channel investments; SMB opportunity in AI-powered solutions represents upside to Online guidance which assumes flat growth similar to FY2026
Risks
- Deferred revenue growth guidance of 1-2% in Q1 reflects headwind from larger competitive takeout deals providing customer transition credits; Company noted this is intentional and reflects strong deal quality but creates near-term billing pressure
- Enterprise revenue growth expected to decelerate modestly from Q4 7.1% exit rate in FY2027 due to net dollar expansion at 98% and white label churn; rebound in NDE guidance not provided with timing uncertain
- Interest income headwind of approximately $50M expected in FY2027 due to lower yields in declining rate environment, and operating margin guidance includes 70 bps pressure from shift from stock-based compensation to cash-based bonus compensation
FY2026 Q32025-11-24
Earnings calls
AI summary
positiveZoom delivered revenue of $1.23B in Q3 FY26, beating guidance by $15M on 4.4% YoY growth, with enterprise revenue up 6.1%. The company raised FY26 full-year revenue guidance to $4.852-4.857B and increased non-GAAP EPS guidance to $5.95-5.97. Strong profitability gains, with non-GAAP operating margin at 41.2% (up 234 bps YoY), free cash flow at $614M (50% margin), and AI monetization emerging across the product portfolio.
Key takeaways
- AI Companion adoption surged 4x YoY; Custom AI Companion achieved multiple Fortune 200 wins including Oracle and Salesforce partnerships
- Zoom Phone exceeded 10M paid seats with mid-teens ARR growth; Contact Center delivered high double-digit ARR growth and 60%+ customer growth with 9 of top 10 deals including paid AI
- Enterprise net dollar retention stabilized at 98%; customers contributing >$100K ARR grew 9% YoY to 32% of revenue; online churn fell to all-time low of 2.7%
- Free cash flow margin expanded 11 points YoY to 50%; company announced additional $1B share repurchase authorization; channel partners now drive 9 of 10 contact center deals and over 50% of large phone deals
Financial highlights
- Q3 total revenue $1.23B (+4.4% YoY), beat guidance by $15M; enterprise revenue 60% of total, up 6.1% YoY
- Non-GAAP operating income $507M (+11% YoY), beat guidance by $37M; operating margin 41.2% (+234 bps YoY)
- Non-GAAP diluted EPS $1.52, beat guidance by $0.08 and increased $0.14 YoY; deferred revenue $1.44B (+5% YoY); RPO $4.0B (+8% YoY)
- Operating cash flow $629M (+30% YoY); free cash flow $614M (+34% YoY) with 50% margin; cash and equivalents $7.9B; repurchased 5.1M shares for $414M in Q3
Guidance
- Q4 FY26: revenue $1.23-1.235B (~4.1% growth); non-GAAP operating income $477-482M (38.9% margin); non-GAAP EPS $1.48-1.49
- FY26 full year: revenue $4.852-4.857B (4.1% growth at midpoint); non-GAAP operating income $1.955-1.96B (40.3% margin); non-GAAP EPS $5.95-5.97
- FY26 free cash flow guidance $1.86-1.88B (~3.4% YoY growth); Q4 deferred revenue expected up 4-5% YoY
Q&A themes
- AI monetization across entire product portfolio: Custom AI Companion new SKU launching next month; Virtual Agent consumption-based pricing model in development; AI usage up 4x YoY with monetization expanding horizontally and vertically
- Channel partner success driving contact center growth: 9 of 10 largest contact center deals channel-driven; partners helping with go-to-market globally; 30% pipe growth and 50%+ of large phone deals from partners
- M&A strategy remains disciplined with small to medium-sized acquisitions: BrightHire acquisition targets remote hiring ($3B TAM); strategic focus on mission-critical business workflows leveraging core AI and collaboration technology
- Enterprise net dollar retention stabilization and growth path: NDR holding steady at 98% after six quarters; new products (Contact Center, WorkVivo, Custom AI) bring in new customers; mid-market identified as sweet spot for adoption
Risks
- Net dollar expansion below 100% at 98%, though stabilizing; company targeting inflection but not providing guidance on timing
- Online revenue shows signs of stabilization but remains under pressure with reported all-time low 2.7% churn; full-year online guidance only slightly increased
- Free cash flow improvements include one-time DSO benefits from collections process optimization; sustained growth in free cash flow margins may not continue at same pace
FY2026 Q22025-08-21
Earnings calls
AI summary
positiveZoom reported better-than-expected Q2 results with revenue growth accelerating to 4.7% YoY on strong AI Companion adoption (4x MAU growth YoY) and Contact Center momentum (94% YoY growth in $100K+ ARR customers). The company raised full-year FY2026 guidance to $4.825-$4.835B revenue (3.5% growth) and $5.81-$5.84 non-GAAP EPS, reflecting confidence in Enterprise expansion and AI monetization.
Key takeaways
- AI Companion MAU grew 4x YoY with expanding use cases beyond meeting summaries into pre/post-meeting workflows, Phone summaries, and Docs integration
- Contact Center Elite achieved 94% YoY growth in customers with $100K+ ARR; 9 of top 10 deals displaced leading competitors with 7 involving cloud migrations
- Enterprise revenue grew 7% YoY, representing 60% of total revenue; customers with $100K+ ARR grew 9% YoY to 32% of revenue
- Zoom Phone sustained mid-teens ARR growth with major 7-figure Cisco displacement deal; Contact Center Elite and Virtual Agent 2.0 driving additional wallet expansion
Financial highlights
- Q2 revenue $1.217B (+4.7% YoY, +4.4% constant currency), $17M above guidance high-end
- Non-GAAP gross margin 79.8%, up 128 bps YoY; operating income $503M (+10.5% YoY), exceeding guidance by $38M
- Non-GAAP EPS $1.53, $0.16 above guidance; free cash flow $508M (+39% YoY), representing 41.7% margin
- Deferred revenue $1.48B (+5% YoY); RPO $4B (+5% YoY) with 61% expected to be recognized as revenue in next 12 months
Guidance
- Q3 revenue guidance $1.21-$1.215B (~3% YoY growth); non-GAAP EPS $1.42-$1.44
- FY2026 revenue raised to $4.825-$4.835B (3.5% YoY growth at midpoint); non-GAAP EPS raised to $5.81-$5.84
- FY2026 non-GAAP operating margin 39.5% at midpoint; free cash flow guidance $1.74-$1.78B
- Online segment guidance flat YoY for full year; $10-15M revenue benefit from monthly Pro price increase remains on track
Q&A themes
- AI Companion monetization occurring through Custom AI Companion for enterprise customers connecting company knowledge bases, integrations with ServiceNow/Salesforce/Workday, and custom summary templates
- Contact Center wins driven by modern AI-first architecture, fast innovation velocity, integration across platform (Phone, Rooms, Virtual Agent), and consistent customer experience versus fragmented vendor acquisitions
- Macro environment characterized as dynamic but durable with strong SMB demand, partial abatement of prior geo scrutiny in Q2, and Enterprise customers viewing AI as critical to business outcomes
- Future AI roadmap includes Zoom AI Companion 2.0 (agentic capabilities), upcoming 3.0 announcement at Zoomtopia (workflow automation, conversational interface), and ZVA 2.0 enhancements for contact center
Risks
- Macro environment remains dynamic; prior deal scrutiny in some geographies only partially abated in Q2, with caution warranted on H2 sustainability
- AI infrastructure costs and inferencing expenses growing with usage expansion; company offsetting through cost optimization and federated AI model deployment but long-term margin sustainability dependent on efficiency gains
- Contact Center and AI add-on products at early monetization stage; substantial funnel-to-revenue conversion uncertain and depends on execution of upcoming product innovations at Zoomtopia
FY2026 Q12025-05-21
Earnings calls
FY2025 Q42025-02-24
Earnings calls
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.Company data
Company intelligence
Updated: Nov 13, 2026, 01:33 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Technology
- Industry
- Software - Application
- Chief executive
- Eric S. Yuan
- Employees
- 7,438
- IPO date
- Apr 18, 2019
- Country
- US
- Exchange
- NASDAQ Global Select
Altman Z-scorei9.55
Piotroski scorei4/9
Overall ratingiS-
Owner earningsi$477.23M$1.59 per share
ESG risk ratingiBIndustry rank: 30/45
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 5/5
- Price to earningsi
- 3/5
- Price to booki
- 3/5
Company press releases
Zoom unveils AI-powered revenue OS to unify buyer intelligence, customer conversations, and revenue executionGlobeNewsWireZoom Got It Done: Company's New Ad Campaign Featuring Kate McKinnon Shows How Zoom Turns Conversations into Completed WorkGlobeNewsWireZoom Appoints Former Oracle CFO Jeff Epstein to Board of Directors; Jonathan Chadwick to RetireGlobeNewsWireZoom Study Reveals Inbox Anxiety Is the Hidden Cost of VacationGlobeNewsWireZoom Communications Reports Financial Results for the Second Quarter of Fiscal Year 2027GlobeNewsWireZoom to Release Financial Results for the Second Quarter of Fiscal Year 2027GlobeNewsWire
Congressional disclosures
Senate
Charles Patrick RobertsPurchase · $15,001 - $50,000Disclosed: Dec 31, 2020Pat RobertsPurchase · $15,001 - $50,000Disclosed: Dec 31, 2020Charles Patrick RobertsSale (Full) · $15,001 - $50,000Disclosed: Dec 3, 2020Pat RobertsSale (Full) · $15,001 - $50,000Disclosed: Dec 3, 2020Charles Patrick RobertsPurchase · $15,001 - $50,000Disclosed: Sep 30, 2020
House
Robert P. BresnahanSale (Full) · $1,001 - $15,000Disclosed: Jul 9, 2025Robert P. BresnahanSale · $1,001 - $15,000Disclosed: Jul 9, 2025Rob BresnahanSale · $1,001 - $15,000Disclosed: Jul 9, 2025Robert P. BresnahanSale (Full) · $1,001 - $15,000Disclosed: Jul 9, 2025Robert P. BresnahanSale (Full) · $1,001 - $15,000Disclosed: Jul 9, 2025
Market cap history
$28.69B-11.3%Aug 2026 – Nov 2026
Latest: $28.69B · 2026-11-12High: $32.34B · 2026-08-13Low: $25.64B · 2026-09-28
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| VTI | 0.03% | 8M |
| AFTY | 2.39% | 5.5M |
| VO | 0.23% | 5.4M |
| VXF | 0.31% | 3.1M |
| VETS | 4.79% | 2.6M |
| VTV | 0.09% | 2.4M |
| VGT | 0.13% | 2.2M |
| SZNE | 4.09% | 2.1M |
| FDGRX | 0.19% | 1.9M |
| VOE | 0.4% | 1.6M |
| VFLO | 1.31% | 1.6M |
| FSMAX | 0.3% | 1.3M |
Analyst track record
How the analysts covering ZM have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 121 | 429 |
| Analysts | 33 | 48 |
| Buy / hold / sell | 73 / 46 / 2 | 165 / 241 / 23 |
| Upgrades / downgrades / initiations | 5 / 0 / 3 | 12 / 2 / 9 |
| Price targets hit / missed | 18 / 84 (18%) | 239 / 116 (67%) |
| Avg. return after a rating (TipRanks) | -9.9% | +12.4% |
| Best / worst call | +32.0% / -27.6% | +77.6% / -27.6% |
After buy calls on this stock: median 21-day move -0.1% vs S&P 500 -1.3% (n = 174)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Catharine TrebnickRosenblatt Securities83% hit rate on this stock · 12 targets measuredBuytarget $130Aug 26, 2026
- Matthew HarriganBenchmark Co.75% hit rate on this stock · 8 targets measuredBuytarget $125May 21, 2026
- Rishi JaluriaRBC Capital45% hit rate on this stock · 11 targets measuredBuytarget $130Oct 21, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Oct 21, 2026 | Ryan MacWilliamsWells FargoOct 21, 2026 | HoldMaintained | $105↗ | article ↗ |
| Oct 21, 2026 | Rishi JaluriaRBC CapitalOct 21, 2026 | BuyMaintained | $130↗ | article ↗ |
| Oct 21, 2026 | Elizabeth PorterMorgan StanleyOct 21, 2026 | HoldMaintained | $107↗ | article ↗ |
| Oct 21, 2026 | Taylor McGinnisUBSOct 21, 2026 | HoldReiterated | $112↗ | article ↗ |
| Oct 21, 2026 | Matt BullockBank of America SecuritiesOct 21, 2026 | BuyReiterated | $130↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 121 ratings
Frequently asked questions
Where can I trade ZM perpetual futures?
Zoom Communications Inc. (ZM) perpetual futures trade on 16 crypto venues, including Deepcoin, KuCoin, Binance. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade ZM around the clock?
Yes. Unlike the underlying stock, ZM perpetuals trade 24/7 — including weekends and outside regular market hours.
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Right now the ZM perp funding rate is 0.0% annualized (venue median), ranging from -29.2% to +259.0% across 16 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the ZM perp price compare to the Zoom Communications Inc. stock?
The venue-median ZM perp mark is $98.4 versus a reference stock price of $98.4, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a ZM perpetual future?
A ZM perpetual is a derivative that tracks the price of Zoom Communications Inc. with no expiry date. It lets you take long or short exposure to Zoom Communications Inc. on crypto venues, around the clock.
What is ZMUSDT perpetual?
ZMUSDT is the symbol most crypto exchanges use for the Zoom Communications Inc. perpetual settled in USDT (Tether). It tracks the ZM share price through an index, trades 24/7 with leverage and never expires.
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