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Zoom

ZM Q2 2026 Earnings

Reported Aug 21, 2025 at 4:06 PM ET · SEC Source

Q2 26 EPS

$1.53

BEAT +11.02%

Est. $1.38

Q2 26 Revenue

$1.22B

BEAT +1.58%

Est. $1.20B

vs S&P Since Q2 26

+22.1%

BEATING MARKET

ZM +33.8% vs S&P +11.7%

Market Reaction

Did ZM Beat Earnings? Q2 2026 Results

Zoom delivered a convincing beat across both top and bottom lines in Q2 FY2026, with earnings per share of $1.53 clearing the $1.38 consensus estimate by 11.02% and revenue of $1.22 billion edging past expectations by 1.58% to mark the company's stro… Read more Zoom delivered a convincing beat across both top and bottom lines in Q2 FY2026, with earnings per share of $1.53 clearing the $1.38 consensus estimate by 11.02% and revenue of $1.22 billion edging past expectations by 1.58% to mark the company's strongest year-over-year revenue growth in 11 quarters at 4.7%. The standout driver behind the earnings outperformance was a dramatic expansion in operating leverage, with GAAP operating margin widening 9 percentage points year over year to 26.4% as stock-based compensation expense fell to $188.70 million from $237.95 million a year ago, while GAAP net income climbed 65.7% to $358.59 million. Enterprise revenue, which grew 7.0% to $730.70 million, carried much of the momentum, supported by an 8.7% increase in customers generating more than $100,000 in trailing 12-month revenue. Free cash flow surged to $507.97 million, reinforcing management's confidence in raising full-year FY2026 revenue guidance to a range of $4.83 billion to $4.83 billion, with non-GAAP EPS now expected between $5.81 and $5.84.

Key Takeaways

  • • Highest year-over-year revenue growth in 11 quarters at 4.7%
  • • Enterprise revenue growth of 7.0% year over year
  • • GAAP operating margin expanded 9 percentage points year over year to 26.4%
  • • Non-GAAP operating margin of 41.3% vs 39.2% year over year
  • • 4,274 customers contributing more than $100,000 in trailing 12-month revenue, up 8.7% year over year
  • • Stock-based compensation expense declined significantly to $188.7 million from $238.0 million
  • • Capital expenditures dropped to $8.0 million from $84.2 million year over year
24/7 Wall St

ZM YoY Financials

Q2 2026 vs Q2 2025, source: SEC Filings

24/7 Wall St

ZM Revenue by Segment

With YoY comparisons, source: SEC Filings

Q1 26 Q4 26

“AI is transforming the way we work together, and Zoom is at the forefront, driving innovation that helps people get more done, reduce costs, and deliver better experiences for customers and employees alike.”

— Eric S. Yuan, Q2 2026 Earnings Press Release

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