Analyst Consensus ?
ConsensusHold47 ratings
Bullish1940.4%
Neutral2553.2%
Bearish36.4%
1 unmapped firm rating excluded from the percentages.
Zoom Communications, Inc. · ZM · FY2026 Q4 · Calendar Q1 2026
Zoom pairs AI expansion with maintained guidance and execution risks
Zoom's current thesis is that AI-led product expansion, enterprise cross-selling and channel execution can sustain growth, but the case depends on converting adoption into monetization without giving back margin through investment, discounting or competitive credits.
Reported After market closeNASDAQTechnology
$27.51B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.44
Consensus $1.49
EPS surprise
-3.4%
Reported versus consensus
Reported revenue
$1.25B
Consensus $1.23B
Revenue surprise
+1.0%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-11.6%
Event window
SPY move
-0.6%
Same window
Abnormal move
-11.0%
Stock minus SPY
Volume
4.0×
Versus trailing sessions
Subsequent drift
+5.0%
Up to 20 sessions
ZMSPY benchmark
Ask FN2 about ZM FY2026 Q4
Transcript, numbers and history already loaded
Why did ZM fall 11.6% after missing EPS estimates in FY2026 Q4?What changed in ZM's guidance and outlook in FY2026 Q4?Give me the bull and bear case for ZM after FY2026 Q4 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior quarter, management continued to emphasize AI-first product expansion and enterprise growth, while the current analysis added maintained guidance, FY2027 targets, high double-digit ARR growth in Phone and Contact Center, and larger competitive takeouts with customer credits.
Guidance delta
Management maintained guidance and outlined FY2027 targets of more than $5 billion in revenue and approximately 40.5% non-GAAP operating margin.
Key takeaways
- Revenue growth outperformed expectations, with Q4 revenue up 5.3% and above the high end of guidance.
- Management emphasized AI monetization across AI Companion, Zoom Contact Center and Zoom Phone.
- Enterprise represented 61% of revenue, while net dollar expansion was near 98%.
- Large competitive displacements and high double-digit ARR growth supported the growth narrative.
- The key debate is whether AI adoption and new product pricing can offset investment, competition and credit-related margin pressure.
Management priorities
- Roll out AI Companion 3.0 and ZVA 3.0 enhancements.
- Expand Custom AI Companion in education, healthcare and enterprise.
- Scale Zoom Revenue Accelerator and BrightHire into new verticals.
- Invest in channel enablement, system integrators and international data centers.
- Continue the AI-first product roadmap and AI-powered workflows.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$92.72Current
$55Low
$114.44Average
$295High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 2, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Rosenblatt | Buy | Buy | Maintain | Aug 26, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 26, 2026 |
| Needham | Buy | Buy | Maintain | Aug 26, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 26, 2026 |
| Keybanc | Sector Weight | Maintain | Aug 26, 2026 | |
| Jefferies | Buy | Buy | Maintain | Aug 26, 2026 |
| Citizens | Market Perform | Market Perform | Maintain | Aug 26, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Aug 26, 2026 |
| BTIG | Buy | Buy | Maintain | Aug 26, 2026 |
| UBS | Neutral | Neutral | Maintain | Aug 20, 2026 |
| HSBC | Buy | Buy | Maintain | Jun 2, 2026 |
| Citigroup | Buy | Buy | Maintain | May 26, 2026 |
| Wells Fargo | Equal Weight | Equal Weight | Maintain | May 22, 2026 |
| Piper Sandler | Neutral | Neutral | Maintain | May 22, 2026 |
| Mizuho | Outperform | Outperform | Maintain | May 22, 2026 |
| Benchmark | Buy | Buy | Maintain | May 22, 2026 |
| Baird | Outperform | Outperform | Maintain | May 19, 2026 |
| Bernstein | Market Perform | Market Perform | Maintain | Feb 26, 2026 |
| Wedbush | Outperform | Outperform | Maintain | Nov 25, 2025 |
| JP Morgan | Neutral | Neutral | Maintain | Nov 25, 2025 |
| Stifel | Hold | Hold | Maintain | Sep 18, 2025 |
| JMP Securities | Market Perform | Market Perform | Maintain | Sep 18, 2025 |
| B of A Securities | Neutral | Neutral | Maintain | May 22, 2025 |
| Scotiabank | Sector Perform | Sector Perform | Maintain | May 16, 2025 |
| Barclays | Equal Weight | Equal Weight | Maintain | Feb 26, 2025 |
| Citizens Capital Markets | Market Perform | Market Perform | Maintain | Feb 25, 2025 |
| Goldman Sachs | Neutral | Neutral | Maintain | Nov 26, 2024 |
| Evercore ISI Group | Outperform | In Line | Upgrade | Nov 26, 2024 |
| Deutsche Bank | Hold | Hold | Maintain | Aug 23, 2024 |
| Exane BNP Paribas | Underperform | Neutral | Downgrade | Jan 18, 2024 |
| MoffettNathanson | Market Perform | Underperform | Upgrade | May 23, 2023 |
| Credit Suisse | Neutral | Neutral | Maintain | May 23, 2023 |
| MKM Partners | Neutral | Buy | Downgrade | Jan 23, 2023 |
| Argus Research | Hold | Buy | Downgrade | Aug 26, 2022 |
| Wolfe Research | Peer Perform | Outperform | Downgrade | Mar 2, 2022 |
| CICC | Outperform | Outperform | Maintain | Feb 14, 2022 |
| Daiwa Capital | Underperform | Sell | Maintain | Nov 30, 2021 |
| FBN Securities | Outperform | Outperform | Maintain | Sep 1, 2020 |
| Bank of America | Buy | Buy | Maintain | Sep 1, 2020 |
| Guggenheim | Buy | Buy | Maintain | Jun 4, 2020 |
| DA Davidson | Buy | Neutral | Upgrade | Jun 3, 2020 |
| Stephens & Co. | Equal Weight | Overweight | Downgrade | Mar 5, 2020 |
| PiperJaffray | Neutral | Neutral | Maintain | Dec 10, 2019 |
| Oppenheimer | Perform | Perform | Maintain | May 24, 2019 |
| William Blair | Outperform | Outperform | Maintain | May 20, 2019 |
| Stifel Nicolaus | Hold | Hold | Maintain | May 13, 2019 |
| Piper Jaffray | Overweight | Overweight | Maintain | May 13, 2019 |
| Summit Insights Group | Sell | Sell | Maintain | Apr 22, 2019 |
Named analyst price targets
Upside is calculated against the persisted current price $92.72. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Bernstein | Peter Weed | $108 | $100.92 | +16.5% | Aug 26, 2026 |
| Morgan Stanley | Analyst unavailable | $107 | $100.92 | +15.4% | Aug 26, 2026 |
| Jefferies | Samad Samana | $116 | $100.92 | +25.1% | Aug 26, 2026 |
| UBS | Analyst unavailable | $115 | $107.47 | +24.0% | Aug 20, 2026 |
| HSBC | Analyst unavailable | $133 | $111.62 | +43.4% | Jun 2, 2026 |
| Morgan Stanley | Josh Baer | $105 | $108.3 | +13.2% | May 22, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $104 | $96.75 | +12.2% | May 22, 2026 |
| Rosenblatt Securities | Catharine Trebnick | $130 | $96.75 | +40.2% | May 22, 2026 |
| Piper Sandler | Analyst unavailable | $107 | $96.75 | +15.4% | May 22, 2026 |
| Needham | Joshua Reilly | $130 | $96.75 | +40.2% | May 22, 2026 |
| BTIG | Allan Verkhovski | $125 | $96.75 | +34.8% | May 22, 2026 |
| Wolfe Research | Alex Zukin | $125 | $96.75 | +34.8% | May 22, 2026 |
| Jefferies | Analyst unavailable | $118 | $96.75 | +27.3% | May 22, 2026 |
| RBC Capital | Rishi Jaluria | $130 | $96.75 | +40.2% | May 22, 2026 |
| Robert W. Baird | Analyst unavailable | $105 | $98.87 | +13.2% | May 19, 2026 |
| Cantor Fitzgerald | Thomas Blakey | $87 | $74.17 | -6.2% | Feb 26, 2026 |
| Wolfe Research | Analyst unavailable | $115 | $90.83 | +24.0% | Feb 5, 2026 |
| Wedbush | Daniel Ives | $110 | $94.88 | +18.6% | Jan 27, 2026 |
| Piper Sandler | Analyst unavailable | $91 | $83.32 | -1.9% | Jan 5, 2026 |
| BTIG | Allan Verkhovski | $105 | $87.91 | +13.2% | Dec 16, 2025 |
| Stifel Nicolaus | Analyst unavailable | $110 | $78.98 | +18.6% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $78.6 | -0.8% | Nov 25, 2025 |
| Bernstein | Peter Weed | $90 | $78.6 | -2.9% | Nov 25, 2025 |
| Jefferies | Analyst unavailable | $105 | $78.6 | +13.2% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $85 | $81.91 | -8.3% | Oct 21, 2025 |
| UBS | Analyst unavailable | $85 | $80.01 | -8.3% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $90 | $82.5 | -2.9% | Sep 30, 2025 |
| Robert W. Baird | William Power | $95 | $82.47 | +2.5% | Aug 22, 2025 |
| RBC Capital | Analyst unavailable | $100 | $82.47 | +7.9% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $80 | $82.47 | -13.7% | Aug 22, 2025 |
| KeyBanc | Analyst unavailable | $69 | $82.47 | -25.6% | Aug 22, 2025 |
| Needham | Joshua Reilly | $100 | $82.07 | +7.9% | May 22, 2025 |
| Scotiabank | Allan Verkhovski | $85 | $84.62 | -8.3% | May 16, 2025 |
| Morgan Stanley | Meta Marshall | $79 | $71.2 | -14.8% | Apr 16, 2025 |
| Morgan Stanley | Meta Marshall | $96 | $82.05 | +3.5% | Dec 18, 2024 |
| Wedbush | Daniel Ives | $85 | $68.93 | -8.3% | Oct 17, 2024 |
| Citigroup | Tyler Radke | $69 | $69.96 | -25.6% | Aug 23, 2024 |
| Robert W. Baird | William Power | $77 | $60.23 | -17.0% | Aug 22, 2024 |
| Bank of America Securities | Michael Funk | $75 | $60.23 | -19.1% | Aug 22, 2024 |
| Wells Fargo | Michael Turrin | $55 | $58.31 | -40.7% | Jun 21, 2024 |
| Morgan Stanley | Meta Marshall | $68 | $57.94 | -26.7% | Jun 14, 2024 |
| Deutsche Bank | Matthew Niknam | $71 | $63.86 | -23.4% | May 22, 2024 |
| Loop Capital Markets | Michael Funk | $78 | $63.5 | -15.9% | May 21, 2024 |
| Piper Sandler | James Fish | $72 | $64.76 | -22.3% | May 21, 2024 |
| Stifel Nicolaus | Parker Lane | $65 | $64.1 | -29.9% | May 21, 2024 |
| Robert W. Baird | William Power | $84 | $64.09 | -9.4% | May 21, 2024 |
| Rosenblatt Securities | Catharine Trebnick | $78 | $64.09 | -15.9% | May 21, 2024 |
| Wells Fargo | Phil Winslow | $60 | $64.09 | -35.3% | May 21, 2024 |
| Jefferies | Samad Samana | $70 | $66.53 | -24.5% | Mar 19, 2024 |
| Goldman Sachs | Kash Rangan | $73 | $67.15 | -21.3% | Feb 27, 2024 |
| BNP Paribas | Stefan Slowinski | $60 | $63.83 | -35.3% | Feb 26, 2024 |
| Goldman Sachs | Kash Rangan | $70 | $65.57 | -24.5% | Nov 21, 2023 |
| Wedbush | Taz Koujalgi | $80 | $66 | -13.7% | Nov 20, 2023 |
| Stifel Nicolaus | Parker Lane | $70 | $65.83 | -24.5% | Oct 4, 2023 |
| Rosenblatt Securities | Catharine Trebnick | $75 | $65.57 | -19.1% | Aug 22, 2023 |
| RBC Capital | Rishi Jaluria | $95 | $66 | +2.5% | May 23, 2023 |
| Bernstein | Peter Weed | $92 | $75.17 | -0.8% | Feb 28, 2023 |
| Wedbush | Analyst unavailable | $80 | $73.22 | -13.7% | Dec 15, 2022 |
| RBC Capital | Rishi Jaluria | $110 | $77.15 | +18.6% | Nov 22, 2022 |
| Morgan Stanley | Meta Marshall | $130 | $97.44 | +40.2% | Aug 23, 2022 |
| Citigroup | Analyst unavailable | $76 | $97.44 | -18.0% | Aug 23, 2022 |
| MKM Partners | Catharine Trebnick | $125 | $97.44 | +34.8% | Aug 23, 2022 |
| Mizuho Securities | Siti Panigrahi | $120 | $97.44 | +29.4% | Aug 23, 2022 |
| Stifel Nicolaus | J. Parker Lane | $90 | $97.44 | -2.9% | Aug 23, 2022 |
| Wells Fargo | Michael Turrin | $95 | $97.44 | +2.5% | Aug 23, 2022 |
| Citigroup | Tyler Radke | $91 | $105.31 | -1.9% | Aug 16, 2022 |
| MKM Partners | Catharine Trebnick | $135 | $112.93 | +45.6% | Aug 5, 2022 |
| Piper Sandler | James Fish | $115 | $101.01 | +24.0% | Jul 14, 2022 |
| RBC Capital | Rishi Jaluria | $150 | $107 | +61.8% | May 26, 2022 |
| Wells Fargo | Michael Turrin | $105 | $94.34 | +13.2% | May 24, 2022 |
| Guggenheim | Michael Morris | $250 | $94.34 | +169.6% | May 24, 2022 |
| Barclays | Ryan MacWilliams | $90 | $89.74 | -2.9% | May 22, 2022 |
| UBS | Karl Keirstead | $100 | $89.74 | +7.9% | May 21, 2022 |
| Citigroup | Tyler Radke | $118 | $90.94 | +27.3% | May 17, 2022 |
| Morgan Stanley | Meta Marshall | $140 | $94.84 | +51.0% | May 16, 2022 |
| Piper Sandler | James Fish | $96 | $93 | +3.5% | May 13, 2022 |
| Benchmark Co. | Matthew Harrigan | $124 | $111.29 | +33.7% | Mar 17, 2022 |
| Wolfe Research | Alex Zukin | $100 | $121.61 | +7.9% | Mar 2, 2022 |
| Evercore ISI | Peter Levine | $145 | $122.78 | +56.4% | Mar 1, 2022 |
| Piper Sandler | James Fish | $157 | $122.78 | +69.3% | Mar 1, 2022 |
| Goldman Sachs | Kash Rangan | $171 | $122.78 | +84.4% | Mar 1, 2022 |
| Guggenheim | Nandan Amladi | $160 | $122.78 | +72.6% | Mar 1, 2022 |
| RBC Capital | Rishi Jaluria | $200 | $122.78 | +115.7% | Mar 1, 2022 |
| BTIG | Matthew VanVliet | $180 | $122.78 | +94.1% | Mar 1, 2022 |
| J.P. Morgan | Sterling Auty | $295 | $122.78 | +218.2% | Mar 1, 2022 |
| Deutsche Bank | Matthew Niknam | $155 | $122.78 | +67.2% | Mar 1, 2022 |
| Bank of America Securities | Bradley Sills | $200 | $122.78 | +115.7% | Mar 1, 2022 |
| Mizuho Securities | Siti Panigrahi | $190 | $132.6 | +104.9% | Feb 28, 2022 |
| UBS | Karl Keirstead | $130 | $126.97 | +40.2% | Feb 24, 2022 |
| Morgan Stanley | Meta Marshall | $165 | $126.61 | +78.0% | Feb 22, 2022 |
| KeyBanc | Steve Enders | $253 | $159.72 | +172.9% | Jan 14, 2022 |
| Daiwa | Stephen Bersey | $207 | $211.41 | +123.3% | Nov 30, 2021 |
Track every rating change on ZM the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationZoom Communications, Inc. provides a robust platform for enhancing communication and fostering collaboration. The company's global reach is organized into three primary operational regions: the Americas, the Asia Pacific, and Europe, the Middle East, and Africa (EMEA). Eric S. Yuan founded the enterprise in 2011, and its corporate headquarters are situated in San Jose, California.
Historical context
All ZM earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the ZM recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-02T14:26:08.299226+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-02T14:26:08.296205+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-02. For educational purposes only; not investment advice.