Zoom Communications Inc. (ZM)财务
NASDAQ · Technology · Software - Application · 员工7,438人 · CEO Eric S. Yuan
- 股价
- $95.50 -2.21%
- 市值
- $279亿
- 企业价值
- $270亿
- 最近财报
- Q2 '27 2026-08-26提交
- 下次财报
- 2026-11-23 EPS预期 $1.49
营收(TTM)$49.9亿+5.0% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)23.7%+3.3 百分点 对比去年同期营业利润 $11.9亿
净利润(TTM)$32.6亿+174.0% 对比去年同期税后,含营业外收益
自由现金流(TTM)$19.3亿+4.4% 对比去年同期资本支出 $7460万
稀释EPS(TTM)$10.78+184.1% 对比去年同期最近4个季度之和
净现金$71.9亿-6.9% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $279亿 EV $270亿
- 营收
- $49.9亿 过去12个月
- 营收增速
- +5% FY2027年一致预期
- 净利润率
- 65.2% 净利润 / 营收,TTM
- P/E
- 8.7× 预期 15.5×(FY2027)
- P/S
- 5.6× 股价 / 营收,TTM
- EV / EBITDA
- 6.2× TTM
- 自由现金流
- $19.3亿 过去12个月
- 净利润
- $32.6亿 过去12个月
- 营收预期
- $50.9亿 FY2027年一致预期
- 盈利
- 2026-11-23 营收预期 $12.8亿
- 股息
- – 无股息
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-08-25):营收超预期0.8%,EPS 超预期4.7%营收$12.8亿,预期$12.7亿(+0.8%);EPS $1.55,预期$1.48(+4.7%)。
- 营收增长平稳:同比4.9%Q2 '27营收$12.8亿,此前四个季度的平均值为5.0%。
- 营业利润率23.7%(TTM),较去年同期+3.3 百分点营收增长5.0%,营业利润增长22.0%。
- 税前利润的71.7%来自营业外收益税前利润$41.8亿,营业利润$11.9亿(TTM)。股权投资收益等一次性项目推高了净利润和EPS,营业利润更能反映业务本身。
- 资本支出占营收的1.5%(去年为1.4%)最近4个季度投入$7460万(同比+9.3%)。自由现金流$19.3亿,相当于净利润的59.2%。
- 股东回报$14.6亿 = 自由现金流的75.8%回购$14.6亿(去年为$15.4亿),股息$0,股权激励$7.29亿(TTM)。
- 稀释股数一年内减少2.7%Q2 '27稀释股数3亿,一年前为3.08亿。
- 净现金 $71.9亿现金 + 短期投资 $72.5亿,含租赁债务 $6030万;一年前净现金 $77.2亿。
上一季度:Q2 '27
截至2026-07-31的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q2 '27 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $12.8亿 | $12.2亿 | +4.9% |
| 毛利率 | 77.2% | 77.6% | -0.4 百分点 |
| 营业利润 | $3.14亿 | $3.22亿 | -2.3% |
| 营业利润率 | 24.6% | 26.4% | -1.8 百分点 |
| 净利润 | $15.4亿 | $3.59亿 | +330.1% |
| 稀释EPS | $5.14 | $1.16 | +343.1% |
| 经营现金流 | $4.95亿 | $5.16亿 | -4.1% |
| 资本支出 | $2240万 | $847万 | +164.0% |
| 自由现金流 | $4.72亿 | $5.07亿 | -6.9% |
| R&D | $2.42亿 | $2.06亿 | +17.5% |
| 股权激励费用 | $1.8亿 | $1.89亿 | -4.7% |
实际 vs 一致预期
2026-08-25| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $12.8亿 | $12.7亿 | +0.8% |
| EPS(一致预期口径) | $1.55 | $1.48 | +4.7% |
来自2026-08-25发布的Q2 '27财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Reportable Segment | $12.8亿 | – | 100.0% | – | – |
按地区划分的营收
占总额比例| 分部 | Q2 '27 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Americas | $9.23亿 | – | 72.3% | – | – | |
| EMEA | $1.99亿 | – | 15.6% | – | – | |
| Asia Pacific | $1.55亿 | – | 12.1% | – | – |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $20亿
- 资本支出
- -$7460万
- 股票回购
- -$14.6亿
- 股息
- $0
- 收购
- -$3.68亿
- 债务净发行
- $0
- 股权激励费用
- $7.29亿
- 自由现金流
- $19.3亿
- 股东回报 / FCF
- 75.8%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 8.7× | 63.8× | 14.6× – 214.3× |
| EV / EBITDA | 6.2× | 30.1× | 10.4× – 64.1× |
| EV / 营收 | 5.4× | 6.1× | 4.0× – 10.9× |
| 股价 / FCF | 14.5× | 18.5× | 13.2× – 31.3× |
| 股价 / 净资产 | 2.5× | 3.9× | 2.4× – 7.9× |
| FCF收益率 | 6.9% | 6.0% | 3.2% – 7.6% |
| 投入资本回报率 | 8.0% | 8.0% | 1.6% – 17.7% |
| 净资产收益率 | 32.3% | 12.8% | 1.7% – 23.8% |
分析师
一致目标价 $118.71 (+24.3%)
区间 $104.00 – $133.00 · 评级 Hold
强烈买入0
买入20
持有26
卖出3
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $50.9亿 | +4.6% | $6.15 | -0.5% | 15.5× | 16 |
| FY2028 | $53.2亿 | +4.4% | $6.36 | +3.4% | 15.0× | 16 |
| FY2029 | $55.6亿 | +4.5% | $6.76 | +6.4% | 14.1× | 6 |
| FY2030 | $58.9亿 | +5.9% | $7.35 | +8.6% | 13.0× | 2 |
| FY2031 | $59.5亿 | +1.0% | $6.62 | -9.9% | 14.4× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Zoom Communications, Inc.在近期10-Q / 10-K文件中标记的全部251项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1440万 | $1160万 | +23.6% | $627万 | $835万 | -24.9% |
| Accounts Receivable, after Allowance for Credit Loss | $5.33亿 | $5.17亿 | +3.1% | $4.97亿 | $4.95亿 | +0.4% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.33亿 | $5.17亿 | +3.1% | $4.97亿 | $4.95亿 | +0.4% |
| Accounts Receivable, after Allowance for Credit Loss, Noncurrent | $200万 | $1320万 | -84.8% | $238万 | $1930万 | -87.7% |
| Accounts Receivable, Allowance for Credit Loss | $1390万 | $1800万 | -22.9% | $1440万 | $1730万 | -16.7% |
| Accounts Receivable, Allowance for Credit Loss, Current | $1840万 | $2290万 | -19.5% | $1830万 | $2210万 | -16.9% |
| Accounts Receivable, Allowance for Credit Loss, Writeoff | $302万 | $399万 | -24.4% | $1980万 | $3090万 | -35.8% |
| Accounts Receivable, before Allowance for Credit Loss | $5.51亿 | $5.4亿 | +2.2% | $5.16亿 | $5.17亿 | -0.3% |
| Accounts Receivable, Credit Loss Expense (Reversal) | $230万 | $427万 | -46.1% | $1740万 | $2000万 | -13.3% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $496万 | $879万 | -43.5% | $2890万 | $7160万 | -59.6% |
| Accrual for Taxes Other than Income Taxes | $8210万2026-01-31 | $8330万 | -1.4% | $8210万 | $8330万 | -1.4% |
| Accrual for Taxes Other than Income Taxes, Current | $4060万 | $3960万 | +2.6% | $4190万 | $4180万 | +0.4% |
| Accrued Employee Benefits, Current | $1.7亿 | $1.36亿 | +24.9% | $2.06亿 | $1.93亿 | +6.9% |
| Accrued Income Taxes, Current | $5000万 | $2110万 | +137.3% | $1890万 | $1880万 | +0.7% |
| Accrued Income Taxes, Noncurrent | $6950万 | $5410万 | +28.4% | $6280万 | $4940万 | +26.9% |
| Accrued Liabilities, Current | $1.8亿 | $1.72亿 | +4.6% | $1.92亿 | $2亿 | -4.0% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $4.31亿 | $3.75亿 | +15.2% | $3.89亿 | $3.28亿 | +18.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$3100万 | -$47.7万 | -6,400.0% | $854万 | $499万 | +71.2% |
| Additional Paid in Capital, Common Stock | $36.7亿 | $45.4亿 | -19.2% | $41亿 | $51.3亿 | -20.1% |
| Advertising Expense | – | – | – | $5690万 | $5080万 | +12.0% |
| Alternative Investment | $36.6亿 | $4.34亿 | +742.8% | $14.5亿 | $4.52亿 | +220.4% |
| Amortization of Acquisition Costs | $5560万 | $7000万 | -20.5% | $2.83亿 | $2.82亿 | +0.5% |
| Amortization of Intangible Assets | – | – | – | $1390万 | $1350万 | +3.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $1.84亿 | $1.89亿 | -3.1% | $7.61亿 | $9.38亿 | -18.9% |
| Assets | $136亿 | $110亿 | +23.0% | $120亿 | $110亿 | +8.8% |
| Assets, Current | $81.2亿 | $86.6亿 | -6.3% | $86.6亿 | $86.8亿 | -0.2% |
| Assets, Fair Value Disclosure | $73.1亿2026-04-30 | – | – | $73.1亿 | $73.5亿 | -0.5% |
| Capital Expenditures Incurred but Not yet Paid | – | – | – | $1520万 | $2040万 | -25.4% |
| Capitalized Computer Software, Additions | – | – | – | $1000万 | $1490万 | -32.9% |
| Capitalized Contract Cost, Amortization | – | – | – | $2.83亿 | $2.82亿 | +0.5% |
| Capitalized Contract Cost, Net | $3.24亿2026-01-31 | $3.12亿 | +4.0% | $3.24亿 | $3.12亿 | +4.0% |
| Capitalized Contract Cost, Net, Current | $1.39亿 | $1.77亿 | -21.7% | $1.09亿 | $1.88亿 | -42.2% |
| Capitalized Contract Cost, Net, Noncurrent | $2.64亿 | $1.24亿 | +112.7% | $2.16亿 | $1.23亿 | +74.6% |
| Cash and Cash Equivalents, at Carrying Value | $9.32亿 | $12亿 | -22.2% | $12.7亿 | $13.5亿 | -5.7% |
| Cash and Cash Equivalents, Fair Value Disclosure | $4.74亿2026-04-30 | – | – | $7.63亿 | $8.67亿 | -11.9% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $9.49亿 | $12.1亿 | -21.5% | $12.8亿 | $13.6亿 | -5.7% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | $1770万 | -$3820万 | +146.3% | -$7760万 | -$2.04亿 | +61.9% |
| Common Stock, Capital Shares Reserved for Future Issuance | 1.11亿2026-01-31 | 1.03亿 | +6.9% | 1.11亿 | 1.03亿 | +6.9% |
| Common Stock, Par or Stated Value Per Share | $0.00 | $0.00 | 0.0% | $0.00 | $0.00 | 0.0% |
| Common Stock, Value, Issued | $29.2万 | $29.9万 | -2.3% | $29.5万 | $30.5万 | -3.3% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | $15.2亿 | $3.43亿 | +343.1% | $19亿 | $10.1亿 | +87.7% |
| Contract with Customer, Asset, after Allowance for Credit Loss, Current | $8840万 | $8520万 | +3.8% | $8490万 | $1.19亿 | -28.4% |
| Contract with Customer, Liability, Current | $15.5亿 | $14.7亿 | +5.8% | $14.1亿 | $13.4亿 | +5.6% |
| Contract with Customer, Liability, Noncurrent | $1270万 | $1420万 | -10.5% | $1320万 | $1730万 | -23.6% |
| Contract with Customer, Liability, Revenue Recognized | $6.81亿 | $6.45亿 | +5.6% | $13.4亿 | $12.5亿 | +6.9% |
| Cost of Goods and Services Sold | $2.92亿 | $2.73亿 | +6.8% | $11.2亿 | $11.3亿 | -0.9% |
| Current Federal Tax Expense (Benefit) | – | – | – | $3.43亿 | $3.24亿 | +5.9% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2250万 | $2010万 | +12.0% |
| Current Income Tax Expense (Benefit) | – | – | – | $4.17亿 | $3.96亿 | +5.4% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $5200万 | $5220万 | -0.3% |
| Debt Securities, Available-for-sale | $63.2亿 | $65.8亿 | -4.0% | $65.4亿 | $64.4亿 | +1.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $3.1万 | $584万 | -99.5% | $1210万 | $1220万 | -0.3% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $4180万 | $712万 | +487.4% | $156万 | $631万 | -75.3% |
| Debt Securities, Available-for-sale, Amortized Cost | $63.6亿 | $65.8亿 | -3.4% | $65.3亿 | $64.4亿 | +1.5% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, Less than 12 Months | $4180万 | $710万 | +488.7% | $150万 | $620万 | -75.8% |
| Debt Securities, Available-for-sale, Current | $63.2亿 | $65.8亿 | -4.0% | $65.4亿 | $64.4亿 | +1.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $47.5亿 | $30.9亿 | +53.7% | $33.8亿 | $29.1亿 | +16.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $15.6亿 | $34.9亿 | -55.1% | $31.7亿 | $35.3亿 | -10.3% |
| Debt Securities, Available-for-sale, Noncurrent | $399万 | – | – | $397万 | $445万 | -10.8% |
| Debt Securities, Available-for-sale, Realized Gain (Loss) | $0 | $0 | – | $0 | $0 | – |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标和预期均根据公司文件标准化。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 10-Q 2026-07-31, 10-Q 2026-04-30, 10-K 2026-01-31, 10-Q 2025-10-31, 10-Q 2025-07-31, 10-Q 2025-04-30, 10-K 2025-01-31, 10-Q 2024-10-31, 10-Q 2024-07-31
数据截至 2026-11-02