Zoom
Our mission to deliver happiness, grounded in our core value of care, is fundamental to everything we do at Zoom.
10-K, Feb 27, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Business
How does Zoom make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, $39 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $4.9B
- Gross profit: $3.7B
- Operating income: $1.1B
- Net income: $1.9B
- Free cash flow: $1.9B
Where do customers sit?
72.1% of revenue is from Americas.
Source and method
Revenue by region, latest annual report.
10-K · 0001585521-26-000030 · XBRL revenue by region · one level, shares add up to 100.0% · derived
Calculated: share = region revenue ÷ total revenue.
In the company’s words ›
“Our platform bridges work both inside and outside the organization by integrating AI capabilities across employee collaboration and customer-facing workflows, enabling seamless communication, collaboration, and engagement through Zoom Workplace and Zoom Business Services.”
“Zoom Workplace with AI Companion brings together Zoom’s core communication and productivity tools—including Zoom Meetings, Zoom Phone, Zoom Team Chat, Zoom Docs, and Zoom Whiteboard—to support collaboration across organizations of varying sizes.”
“Zoom’s Business Services for sales, marketing, and customer experience teams, including Zoom Contact Center, Zoom Revenue Accelerator, and Zoom Events, support customer engagement across the the customer lifecycle.”
Item 1 · Business · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +4%
“Revenue for the fiscal year ended January 31, 2026 increased by $203.3 million, or 4.4%, compared to the fiscal year ended January 31, 2025.”
Item 7 · MD&A · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Number check (revenue): stated $203M matches the stored change ($203M, ±10%)
Revenue: $4.9B FY2026 · +4.4% vs FY2025 · KPIs
Position (in the company’s words)
“We selectively pursue acquisitions in high-growth markets where we can credibly establish leadership, targeting opportunities aligned with our long-term strategic objectives that offer differentiated synergies and demonstrated product-market fit.”
Item 1 · Business · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
R&D investment
“Research and development expense for the fiscal year ended January 31, 2026, decreased by $7.5 million, or 0.9%, compared to the fiscal year ended January 31, 2025.”
Item 7 · MD&A · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Number check (R&D expense): stated $7.5M matches the stored change ($7.5M, ±10%)
R&D expense: $845M FY2026 · −0.9% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 4.4% to $4.9B.
Revenue grew 4.9% YoY to $1.3B.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 9.7%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
23.1% operating margin, up from 17.4%.
77.0% gross margin, up from 75.8%.
Operating income grew 38% to $1.1B.
Net income grew 88% to $1.9B.
R&D fell 0.9% to $845M.
SG&A fell 4.8% to $1.8B.
EPS diluted grew 93% to $6.18.
24.6% operating margin, down from 26.4%.
77.2% gross margin, down from 77.6%.
Operating income fell 2.3% YoY to $314M.
Net income grew 330% YoY to $1.5B.
R&D grew 17% YoY to $242M.
SG&A grew 3.1% YoY to $429M.
EPS diluted grew 344% YoY to $5.15.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $40 of every $100 as free cash.
Operating cash flow grew 2.2% to $2.0B.
Capex fell 52% to $65.0M.
Buybacks grew 48% to $1.6B.
Stock-based compensation fell 18% to $761M.
Free cash flow fell 7.0% YoY to $472M.
Operating cash flow fell 4.1% YoY to $495M.
Capex grew 181% YoY to $22.4M.
Buybacks fell 23% YoY to $361M.
Stock-based compensation fell 4.7% YoY to $180M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
Cash: $1.3B; debt not reported.
Total assets grew 8.8% to $12.0B.
Equity grew 9.8% to $9.8B.
Cash fell 22% YoY to $932M.
Total assets grew 23% YoY to $13.6B.
Equity grew 26% YoY to $11.3B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Zoom depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Zoom annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Zoom
Zoom holds stakes in
No stake in a covered company found in SEC filings.
Others name Zoom
1 partner mention (e.g. Veeva) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 70 risk factors, one per theme.
Competition
“We operate in competitive markets, and we must continue to compete effectively.”
Item 1A · Risk Factors · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Security, defects and outages
“Interruptions, delays, or outages in service from our co-located data centers or cloud hosting services and a variety of other factors, would impair, and in the past have impaired, the delivery of our services, require us to issue credits or pay penalties, and harm our business.”
Item 1A · Risk Factors · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Users and engagement
“Our business depends on our ability to attract new customers, retain and upsell additional products and new product categories to existing customers, and upgrade free users to our paid offerings. Any decline in new customers, renewals, or upgrades would harm our business.”
Item 1A · Risk Factors · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Key people
“If we were to lose the services of our Chief Executive Officer or other members of our senior management team, we may not be able to execute our business strategy.”
Item 1A · Risk Factors · 10-K · 0001585521-26-000030 · filed Feb 27, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
Vanguard Capital Management LLC holds 5.19%.
Vanguard Capital Management LLC5.19%
13G · as of Mar 31, 2026 · filed Apr 30, 2026
Yuan Eric S.7.4% (then)
13G/A · as of Dec 31, 2023 · filed Feb 14, 2024 · older than 18 months, current position unknown
BlackRock, Inc.6.7% (then)
13G/A · as of Dec 31, 2024 · filed Feb 5, 2025 · older than 18 months, current position unknown
Shing Li Ka5.5% (then)
13G · as of Mar 17, 2022 · filed Mar 22, 2022 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
12 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.8.9%
18.0M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC6.5%
13.1M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.7%
11.5M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Jpmorgan Chase & Co4.2%
8.6M shares · 13F filed Aug 12, 2026 · share of 13F-reported
Norges Bank3.9%
8.0M shares · 13F filed Aug 12, 2026 · share of 13F-reported
870 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding. 2 large filings with inconsistent reported value per share left out.
Insiders, last 12 months (Form 4, open market)
0 purchases · 167 sales · $80.9M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 31 SEC metrics, FY2017–FY2026
Income statement 11
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | not reported | |||||||||
| D&A | not reported | |||||||||
| G&A | not reported | |||||||||
| Gross profit | not reported | |||||||||
| Income taxes | not reported | |||||||||
| Net income | not reported | |||||||||
| Operating income | not reported | |||||||||
| Research and development | not reported | |||||||||
| Revenue | not reported | |||||||||
| SG&A calc. | not reported | |||||||||
| Sales & marketing | not reported | |||||||||
Balance sheet 8
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | not reported | |||||||||
| Current liabilities | not reported | not reported | ||||||||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total assets | not reported | not reported | ||||||||
| Total debt calc. | not reported | not reported | not reported | not reported | not reported | not reported | not reported | not reported | ||
| Total liabilities & equity | not reported | not reported | ||||||||
Cash flow 5
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | ||||||
| Capex | not reported | |||||||||
| Free cash flow calc. | not reported | |||||||||
| Operating cash flow | not reported | |||||||||
| Stock-based compensation | not reported | |||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | not reported | |||||||||
| EPS diluted | not reported | |||||||||
| Wtd. shares basic | not reported | |||||||||
| Wtd. shares diluted | not reported | |||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) calc. | not reported | |||||||||
| Pretax income | not reported | |||||||||
| Total liabilities | not reported | not reported | ||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values