Slide 1: Zoom Communications Q3 FY26 Earnings
Zoom Communications Q3 FY26 Earnings November 24, 2025 © 2025 Zoom Communications, Inc.
Slide 2: Use of non-GAAP financial measures
In addition to the financials presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes the following non-GAAP metrics: Revenue in Constant Currency, non-GAAP gross profit, non-GAAP gross Use of margin, non-GAAP R&D expense, non-GAAP S&M expense,
Slide 3: Safe Harbor Statement
This presentation and the accompanying oral presentation contain express and implied “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom's financial outlook for the fourth quarter of fiscal year 2026 and full fi
Slide 4: Elevating Workplace with AI
Elevating Workplace with AI ● Introduced Zoom AI Companion 3.0, turning conversations into action ● Millions of MAUs, continues to grow 4x YoY Zoom Phone Zoom Team Chat Workvivo ● 10 million paid seats ● ARR up mid-teens YoY ● MAUs grew 20% YoY ● 1,225 Total Customers, up 70% YoY Q3 wins:
Slide 5: Driving growth of new AI products
Driving growth of new AI products Custom AI Companion Ground your conversations with company knowledge Turn AI meeting summaries into personalized content Use AI to automate processes for you, across your applications Zoom agreed to acquire BrightHire, adding AI-powered hiring lifecycle capabilities
Slide 6: Scaling AI-first Customer Experience
Scaling AI-first Customer Experience Q3 full CX (ZCC + ZVA) wins: ● ZCX ARR up high double digits YoY (includes ZCC & ZVA ● 9/10 top ZCX deals involved paid AI ● Named in the 2025 Gartner® Magic Quadrant™ for CCaaS © 2025 Zoom Communications, Inc.
Slide 7: Revenue progress continues; Online churn at all-time low
Revenue progress continues; Online churn at all-time low Total Revenue1 Enterprise Revenue (in millions) (in millions) 6.1% 4.4% Online Average Monthly Churn2 © 2025 Zoom Communications, Inc. For endnote descriptions, see final slide
Slide 8: Continued growth in the up-market and internationally
Continued growth in the up-market and internationally # of Customers Contributing >$100k Revenue by Region2 in TTM Revenue (in millions) YoY Growth APAC 9% 4% EMEA 3% 98% TTM Net Dollar Expansion Rate for Enterprise Customers1 Americas 5% © 2025 Zoom Communications, Inc. For endnote descriptions, se
Slide 9: Improving profitability in Q3 FY26
Improving profitability in Q3 FY26 GAAP Non-GAAP1 Yr/Yr Yr/Yr Results Results Revenue $1,230 million 4% $1,230 million 4% Gross Profit 77.9% 201 bps 80.0% 117 bps As a % of Revenue R&D Expense 17.1% 185 bps) 11.1% 12 bps S&M Expense 27.9% 284 bps) 22.6% 97 bps G&A Expense 7.7% 311 bps) 5.1%
Slide 10: Growth in Deferred Revenue and RPO
Growth in Deferred Revenue and RPO Total RPO1 YoY Growth Current2 & Non-Current RPO YoY Growth (in millions) (in millions) Total RPO Total RPO 8% 8% 40% 39% Unbilled Non-Current RPO 9% 10% 60% 61% Deferred Revenue Current RPO 5% 6% © 2025 Zoom Communications, Inc. For endnote descriptions, see final
Slide 11: Strong Cash Flow, ~$7.9B cash balance, continued share buyback in Q3
Strong Cash Flow, ~$7.9B cash balance1, continued execution of share buyback in Q3 Share Repurchases Under pre-existing $2.7B authorization Operating Cash Flow $629M OCF Margin 51.2% 10 pts y/y Free Cash Flow2 $614M 5.1M 32.5M FCF Margin 50.0% 11 pts y/y Shares repurchased in Q3 Shares repurchased
Slide 12: Q4 & raised fiscal year 2026 outlook
Q4 & raised fiscal year 2026 outlook Outlook1 Q4 FY26 FY26 Revenue $1,230 $1,235 million $4,852 $4,857 million Revenue $1,224 $1,229 million $4,844 $4,849 million Constant Currency) Non-GAAP Operating $477 $482 million $1,955 $1,960 million Income Weighted Average Share 305 million 308 m
Slide 13: © 2025 Zoom Communications, Inc.
© 2025 Zoom Communications, Inc.
Slide 14: Thank you
Thank you © 2025 Zoom Communications, Inc.
Slide 15: Appendix
Appendix © 2025 Zoom Communications, Inc.
Slide 16: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in Thousands) Q3 FY25 Q3 FY26 Q1Q3 FY25 Q1Q3 FY26 Gross Profit Total Revenue $1,177,541 $1,229,835 $3,481,295 $3,621,777 GAAP Gross Profit $893,660 $958,065 $2,639,023 $2,798,440 (+) Stock-based compensation expense and related payroll taxes $33,230 $25,116 $102,
Slide 17: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in Thousands except EPS Q3 FY25 Q3 FY26 Q1Q3 FY25 Q1Q3 FY26 Income from Operations Total Revenue $1,177,541 $1,229,835 $3,481,295 $3,621,777 GAAP Income from operations $182,840 $310,414 $588,232 $873,741 (+) Stock-based compensation expense and related payroll
Slide 18: GAAP to Non-GAAP Reconciliation
GAAP to Non-GAAP Reconciliation $ in Thousands) Q3 FY25 Q3 FY26 Q1Q3 FY25 Q1Q3 FY26 Free Cash Flow Cash Flow from Operations $483,217 $629,326 $1,520,742 $1,634,527 (-) Purchases of PPE $25,484 $15,009 $128,226 $48,885 Free Cash Flow $457,733 $614,317 $1,392,516 $1,585,642 Operating Cash
Slide 19: Historic Metrics
Historic Metrics $ in millions) Q4 FY24 Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Revenue $1,146.5 $1,141.2 $1,162.5 $1,177.5 $1,184.1 $1,174.7 $1,217.2 $1,229.8 Y/Y growth 2.6% 3.2% 2.1% 3.6% 3.3% 2.9% 4.7% 4.4% GAAP Income (loss) from operations $168.5 $203.0 $202.4 $182.8 $225.1 $2
Slide 20: Endnotes
Endnotes Revenue progress continues; Online churn at all-time low Improving profitability in Q3 FY26 1. Not drawn to scale. Zoom defines revenue in constant currency as GAAP revenue adjusted for 1. See appendix for a reconciliation of non-GAAP to GAAP financial measures. revenue reported in currencie