Analyst Consensus ?
ConsensusHold47 ratings
Bullish2042.5%
Neutral2451.1%
Bearish36.4%
1 unmapped firm rating excluded from the percentages.
Zoom Communications, Inc. · ZM · FY2027 Q2 · Calendar Q3 2026
Zoom raises outlook as enterprise growth and AI adoption accelerate
The current analysis supports a constructive but qualified view: resilient enterprise demand, broader AI adoption, larger multi-product contracts, and raised guidance strengthen Zoom's growth trajectory, while margin, competition, churn, and spending risks remain material.
Why did ZM fall 7.0% after beating EPS estimates in FY2027 Q2?
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Reported After market closeNASDAQTechnology
$26.03B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$1.55
Consensus $1.48
EPS surprise
+4.7%
Reported versus consensus
Reported revenue
$1.28B
Consensus $1.27B
Revenue surprise
+0.8%
Reported versus consensus
Market reaction
event-close to next-session close
Stock move
-7.0%
Event window
SPY move
+0.0%
Same window
Abnormal move
-7.0%
Stock minus SPY
Volume
2.3×
Versus trailing sessions
Subsequent drift
-5.4%
Up to 20 sessions
ZMSPY benchmark
Ask FN2 about ZM FY2027 Q2
Choose a question to continue your research
Why did ZM fall 7.0% after beating EPS estimates in FY2027 Q2?What changed in ZM's guidance and outlook in FY2027 Q2?Give me the bull and bear case for ZM after FY2027 Q2 earnings.
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Transcript intelligence
What changed
Compared with the prior quarter, enterprise growth strengthened, RPO growth became a more prominent signal, AI capabilities broadened across the platform, and management paired a full-year guidance raise with lower capex guidance.
Guidance delta
Management raised full-year revenue and EPS guidance and lowered capex guidance, supporting a higher free-cash-flow outlook.
Key takeaways
- Enterprise revenue grew 7.8% year over year, the strongest rate in three years.
- AI features are embedded across Workplace, Phone, and Contact Center, with ZoomMate and Workvivo HQ extending the portfolio.
- RPO increased 14% year over year to $4.5 billion, reflecting larger, longer-term multi-product contracts.
- Management cited a record number of seven-figure ARR deals, many with AI components.
- White-label churn, AI compute costs, competition, and enterprise-spending uncertainty remain risks.
Management priorities
- Expand ZoomMate and AI productivity tools across Workplace.
- Deepen Workvivo HQ and employee-experience integration.
- Integrate Common Room with Zoom Revenue Accelerator.
- Develop consumption-based and outcome-based AI pricing.
- Continue cross-platform integration with Microsoft Teams and Google Workspace.
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Try FN2 freeEarnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$97.17Current
$55Low
$114.96Average
$295High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 11, 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 |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Oct 22, 2026 |
| UBS | Neutral | Neutral | Maintain | Oct 21, 2026 |
| Rosenblatt | Buy | Buy | Maintain | Oct 21, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Oct 21, 2026 |
| Oppenheimer | Outperform | Perform | Upgrade | Oct 21, 2026 |
| Cantor Fitzgerald | Neutral | Neutral | Maintain | Oct 21, 2026 |
| BTIG | Buy | Buy | Maintain | Oct 21, 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 |
| 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 |
| 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 $97.16. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| UBS | Taylor McGinnis | $112 | $97.46 | +15.3% | Oct 21, 2026 |
| Oppenheimer | Ittai Kidron | $130 | $97.46 | +33.8% | Oct 21, 2026 |
| Bernstein | Peter Weed | $108 | $100.92 | +11.2% | Aug 26, 2026 |
| Morgan Stanley | Analyst unavailable | $107 | $100.92 | +10.1% | Aug 26, 2026 |
| Jefferies | Samad Samana | $116 | $100.92 | +19.4% | Aug 26, 2026 |
| UBS | Analyst unavailable | $115 | $107.47 | +18.4% | Aug 20, 2026 |
| HSBC | Analyst unavailable | $133 | $111.62 | +36.9% | Jun 2, 2026 |
| Morgan Stanley | Josh Baer | $105 | $108.3 | +8.1% | May 22, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $104 | $96.75 | +7.0% | May 22, 2026 |
| Rosenblatt Securities | Catharine Trebnick | $130 | $96.75 | +33.8% | May 22, 2026 |
| Piper Sandler | Analyst unavailable | $107 | $96.75 | +10.1% | May 22, 2026 |
| Needham | Joshua Reilly | $130 | $96.75 | +33.8% | May 22, 2026 |
| BTIG | Allan Verkhovski | $125 | $96.75 | +28.6% | May 22, 2026 |
| Wolfe Research | Alex Zukin | $125 | $96.75 | +28.6% | May 22, 2026 |
| Jefferies | Analyst unavailable | $118 | $96.75 | +21.4% | May 22, 2026 |
| RBC Capital | Rishi Jaluria | $130 | $96.75 | +33.8% | May 22, 2026 |
| Robert W. Baird | Analyst unavailable | $105 | $98.87 | +8.1% | May 19, 2026 |
| Cantor Fitzgerald | Thomas Blakey | $87 | $74.17 | -10.5% | Feb 26, 2026 |
| Wolfe Research | Analyst unavailable | $115 | $90.83 | +18.4% | Feb 5, 2026 |
| Wedbush | Daniel Ives | $110 | $94.88 | +13.2% | Jan 27, 2026 |
| Piper Sandler | Analyst unavailable | $91 | $83.32 | -6.3% | Jan 5, 2026 |
| BTIG | Allan Verkhovski | $105 | $87.91 | +8.1% | Dec 16, 2025 |
| Stifel Nicolaus | Analyst unavailable | $110 | $78.98 | +13.2% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $92 | $78.6 | -5.3% | Nov 25, 2025 |
| Bernstein | Peter Weed | $90 | $78.6 | -7.4% | Nov 25, 2025 |
| Jefferies | Analyst unavailable | $105 | $78.6 | +8.1% | Nov 25, 2025 |
| Morgan Stanley | Analyst unavailable | $85 | $81.91 | -12.5% | Oct 21, 2025 |
| UBS | Analyst unavailable | $85 | $80.01 | -12.5% | Oct 20, 2025 |
| Wells Fargo | Analyst unavailable | $90 | $82.5 | -7.4% | Sep 30, 2025 |
| Robert W. Baird | William Power | $95 | $82.47 | -2.2% | Aug 22, 2025 |
| RBC Capital | Analyst unavailable | $100 | $82.47 | +2.9% | Aug 22, 2025 |
| Stifel Nicolaus | Analyst unavailable | $80 | $82.47 | -17.7% | Aug 22, 2025 |
| KeyBanc | Analyst unavailable | $69 | $82.47 | -29.0% | Aug 22, 2025 |
| Needham | Joshua Reilly | $100 | $82.07 | +2.9% | May 22, 2025 |
| Scotiabank | Allan Verkhovski | $85 | $84.62 | -12.5% | May 16, 2025 |
| Morgan Stanley | Meta Marshall | $79 | $71.2 | -18.7% | Apr 16, 2025 |
| Morgan Stanley | Meta Marshall | $96 | $82.05 | -1.2% | Dec 18, 2024 |
| Wedbush | Daniel Ives | $85 | $68.93 | -12.5% | Oct 17, 2024 |
| Citigroup | Tyler Radke | $69 | $69.96 | -29.0% | Aug 23, 2024 |
| Robert W. Baird | William Power | $77 | $60.23 | -20.8% | Aug 22, 2024 |
| Bank of America Securities | Michael Funk | $75 | $60.23 | -22.8% | Aug 22, 2024 |
| Wells Fargo | Michael Turrin | $55 | $58.31 | -43.4% | Jun 21, 2024 |
| Morgan Stanley | Meta Marshall | $68 | $57.94 | -30.0% | Jun 14, 2024 |
| Deutsche Bank | Matthew Niknam | $71 | $63.86 | -26.9% | May 22, 2024 |
| Loop Capital Markets | Michael Funk | $78 | $63.5 | -19.7% | May 21, 2024 |
| Piper Sandler | James Fish | $72 | $64.76 | -25.9% | May 21, 2024 |
| Stifel Nicolaus | Parker Lane | $65 | $64.1 | -33.1% | May 21, 2024 |
| Robert W. Baird | William Power | $84 | $64.09 | -13.5% | May 21, 2024 |
| Rosenblatt Securities | Catharine Trebnick | $78 | $64.09 | -19.7% | May 21, 2024 |
| Wells Fargo | Phil Winslow | $60 | $64.09 | -38.2% | May 21, 2024 |
| Jefferies | Samad Samana | $70 | $66.53 | -28.0% | Mar 19, 2024 |
| Goldman Sachs | Kash Rangan | $73 | $67.15 | -24.9% | Feb 27, 2024 |
| BNP Paribas | Stefan Slowinski | $60 | $63.83 | -38.2% | Feb 26, 2024 |
| Goldman Sachs | Kash Rangan | $70 | $65.57 | -28.0% | Nov 21, 2023 |
| Citigroup | Tyler Radke | $66 | $66 | -32.1% | Nov 20, 2023 |
| Stifel Nicolaus | Parker Lane | $70 | $65.83 | -28.0% | Oct 4, 2023 |
| Rosenblatt Securities | Catharine Trebnick | $75 | $65.57 | -22.8% | Aug 22, 2023 |
| RBC Capital | Rishi Jaluria | $95 | $66 | -2.2% | May 23, 2023 |
| Bernstein | Peter Weed | $92 | $75.17 | -5.3% | Feb 28, 2023 |
| Wedbush | Analyst unavailable | $80 | $73.22 | -17.7% | Dec 15, 2022 |
| Mizuho Securities | Siti Panigrahi | $100 | $77.15 | +2.9% | Nov 22, 2022 |
| Morgan Stanley | Meta Marshall | $130 | $97.44 | +33.8% | Aug 23, 2022 |
| Citigroup | Analyst unavailable | $76 | $97.44 | -21.8% | Aug 23, 2022 |
| MKM Partners | Catharine Trebnick | $125 | $97.44 | +28.6% | Aug 23, 2022 |
| Mizuho Securities | Siti Panigrahi | $120 | $97.44 | +23.5% | Aug 23, 2022 |
| Stifel Nicolaus | J. Parker Lane | $90 | $97.44 | -7.4% | Aug 23, 2022 |
| Wells Fargo | Michael Turrin | $95 | $97.44 | -2.2% | Aug 23, 2022 |
| Citigroup | Tyler Radke | $91 | $105.31 | -6.3% | Aug 16, 2022 |
| MKM Partners | Catharine Trebnick | $135 | $112.93 | +38.9% | Aug 5, 2022 |
| Piper Sandler | James Fish | $115 | $101.01 | +18.4% | Jul 14, 2022 |
| RBC Capital | Rishi Jaluria | $150 | $107 | +54.4% | May 26, 2022 |
| Wells Fargo | Michael Turrin | $105 | $94.34 | +8.1% | May 24, 2022 |
| Guggenheim | Michael Morris | $250 | $94.34 | +157.3% | May 24, 2022 |
| Barclays | Ryan MacWilliams | $90 | $89.74 | -7.4% | May 22, 2022 |
| UBS | Karl Keirstead | $100 | $89.74 | +2.9% | May 21, 2022 |
| Citigroup | Tyler Radke | $118 | $90.94 | +21.4% | May 17, 2022 |
| Morgan Stanley | Meta Marshall | $140 | $94.84 | +44.1% | May 16, 2022 |
| Piper Sandler | James Fish | $96 | $93 | -1.2% | May 13, 2022 |
| Benchmark Co. | Matthew Harrigan | $124 | $111.29 | +27.6% | Mar 17, 2022 |
| Wolfe Research | Alex Zukin | $100 | $121.61 | +2.9% | Mar 2, 2022 |
| Evercore ISI | Peter Levine | $145 | $122.78 | +49.2% | Mar 1, 2022 |
| Piper Sandler | James Fish | $157 | $122.78 | +61.6% | Mar 1, 2022 |
| Goldman Sachs | Kash Rangan | $171 | $122.78 | +76.0% | Mar 1, 2022 |
| Guggenheim | Nandan Amladi | $160 | $122.78 | +64.7% | Mar 1, 2022 |
| RBC Capital | Rishi Jaluria | $200 | $122.78 | +105.8% | Mar 1, 2022 |
| BTIG | Matthew VanVliet | $180 | $122.78 | +85.3% | Mar 1, 2022 |
| J.P. Morgan | Sterling Auty | $295 | $122.78 | +203.6% | Mar 1, 2022 |
| Stifel Nicolaus | J. Parker Lane | $150 | $122.78 | +54.4% | Mar 1, 2022 |
| Bank of America Securities | Bradley Sills | $200 | $122.78 | +105.8% | Mar 1, 2022 |
| Mizuho Securities | Siti Panigrahi | $190 | $132.6 | +95.5% | Feb 28, 2022 |
| UBS | Karl Keirstead | $130 | $126.97 | +33.8% | Feb 24, 2022 |
| Morgan Stanley | Meta Marshall | $165 | $126.61 | +69.8% | Feb 22, 2022 |
| KeyBanc | Steve Enders | $253 | $159.72 | +160.4% | Jan 14, 2022 |
| Daiwa | Stephen Bersey | $207 | $211.41 | +113.0% | 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
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| CRWV CoreWeave, Inc. Class A Common Stock | FY2026 Q3 · Calendar Q4 2026 | 0.0% | -0.5% | CoreWeave Q3: 168% Revenue Growth, Higher FY2026 Guidance |
| KSPI Joint Stock Company Kaspi.kz | FY2026 Q3 · Calendar Q4 2026 | +0.6% | -2.4% | Kaspi.kz Lowers GMV Outlook as AI and Grocery Expand |
| TTWO Take-Two Interactive Software, Inc. | FY2027 Q2 · Calendar Q4 2026 | -69.9% | -3.5% | Take-Two holds its FY2027 outlook as GTA VI looms, despite a bookings shortfall |
Latest beats and misses
Who reports nextBeat on EPS
- VGFY2026 Q3 · November 10, 2026+92.7% EPS+1.7% move
- TDGFY2026 Q4 · November 10, 2026+1.9% EPS+0.5% move
- ONONFY2026 Q3 · November 10, 2026+39.9% EPS-7.5% move
- CRWVFY2026 Q3 · November 10, 20260.0% EPS-0.5% move
- OXYFY2026 Q3 · November 9, 2026+30.8% EPS+2.0% move
- MGREFY2026 Q3 · November 9, 2026+8.1% EPS+0.6% move
Missed on EPS
- EMBJFY2026 Q3 · November 10, 2026-49.4% EPS+7.0% move
- VODFY2027 Q2 · November 10, 2026-72.8% EPS-1.2% move
- SEFY2026 Q3 · November 10, 2026-5.1% EPS-1.5% move
- BAPFY2026 Q3 · November 9, 2026-2.6% EPS+3.3% move
- JBSFY2026 Q3 · November 9, 2026-28.6% EPS-5.5% move
- CIBFY2026 Q3 · November 9, 2026-10.1% EPS-4.0% 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 · 2026-08-26T15:21:52.501442+00:00
- FN2 earnings calendar · 2026-09-21T01:23:13.071796+00:00
- Polygon adjusted daily market bars · 2026-09-21T08:30:49.035950+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-21T08:30:49.033091+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 2026-09-21. For educational purposes only; not investment advice.