Q2 estimates show revenue near $1.20B and normalized EPS of $1.38, with FY2026 revenue projected at $4.81B and EPS at $5.61, implying about 3% YoY revenue growth and essentially flat EPS versus FY25. AI Companion adoption rose 40% QoQ and is being monetized through custom enterprise SKUs, with focus on revenue conversion beyond the free tier. Contact Center and Virtual Agent customers grew 65% YoY and bolstered upsell activity. Zoom Phone is delivering mid-teens revenue growth aided by Microsoft Teams integration. Workvivo customers grew 106% YoY, 90% new to the platform. Enterprise deal cycles remain elongated and deferred revenue is up 5% YoY, supporting a cautious outlook.
Estimates Snapshot Revenue (Q2 FY26): $1.20B EPS (Q2 FY26, Normalized): $1.38 FY2026 Revenue: $4.81B FY2026 EPS: $5.61 These imply ~3% YoY revenue growth and essentially flat EPS vs. FY25. Key Areas to Watch AI Companion Adoption and Monetization Users up 40% QoQ; now monetized via custom SKUs with enterprise-grade features. Investors will look for signs of revenue contribution beyond the free-tier adoption.
Zoom Contact Center & Virtual Agent Customer count up 65% YoY in Q1; largest upsell deal landed. Management emphasized better together messaging bundling comms and CCaaS as a differentiator. Zoom Phone Growth & Teams Integration Mid-teens revenue growth; strengthened by Microsoft Teams integration and channel sales expansion. Seen as a key market share opportunity given 150M+ phone seats still on-prem. Workvivo & Employee Experience Customer count +106% YoY, with 90% new to Zoom. Acts as a new entry funnel into broader platform adoption.
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