Zoom Communications, Inc. · NASDAQ:ZM

Zoom Communications — Q4 FY26 Earnings Presentation

22 slides from Zoom Communications's earnings presentation, Feb 25, 2026

1. Slide 1: Zoom Communications Q4 FY26 Earnings

   Zoom Communications Q4 FY26 Earnings February 25, 2026 © 2026 Zoom Communications, Inc.

2. 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,

3. 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 first quarter of fiscal year 2027 and full fis

4. Slide 4: The system of action for modern work

   The system of action for modern work Work with the World Contact Center | Virtual Agent | Revenue Accelerator Webinars & Events | Brighthire Preparation Conversation Action Completion CONTEXT & UNDERSTANDING POWERED BY ACTION POWERED BY Zoom AI Companion Zoom AI Companion + Ecosystem Work Inside the

5. Slide 5: Scaling AI-first customer experience

   Scaling AI-first customer experience ZCX Q4 Wins: ZVA ZVA + ZCC ZVA + ZCC Elite ZCX ARR grew high double digits YoY in Q4 Leading U.S. ● 10/10 top ZCX deals involved paid AI Retailer ● 4/10 involved ZVA Voice ● 7/10 were displacements of leading Major U.S. Insurance Co. CCaaS players © 2026 Zoom Comm

6. Slide 6: Driving growth of new AI products

   Driving growth of new AI products Vertical AI Horizontal AI Custom AI Companion # of ZRA customers grew 50% YoY Q4 wall-to-wall wins: Acquisition closed in Q4, adding conversational AI to recruiting and hiring © 2026 Zoom Communications, Inc.

7. Slide 7: Elevating Workplace with AI

   Elevating Workplace with AI Workplace/Phone Major Q4 wins & displacements: ● Launched AI Companion 3.0, advancing Zoom Workplace as a system of action Fortune 10 ● # of AIC MAUs grew 3x YoY 2 Major Financial Institutions Leading Global Bank ● # of Phone MAUs using AI grew 35% QoQ Zoom Phone ARR gr

8. Slide 8: Revenue acceleration in Q4; Online churn near all-time lows

   Revenue acceleration in Q4; Online churn near all-time lows Total Revenue1 Enterprise Revenue (in millions) (in millions) 5.3% 7.1% Online Average Monthly Churn2 © 2026 Zoom Communications, Inc. For endnote descriptions, see final slide

9. Slide 9: Strong growth in the up-market and internationally

   Strong growth in the up-market and internationally # of Customers Contributing >$100k Revenue by Region2 in TTM Revenue (in millions) YoY Growth APAC 9% 3% EMEA 5% 98% TTM Net Dollar Expansion Rate for Enterprise Customers1 Americas 6% © 2026 Zoom Communications, Inc. For endnote descriptions, see fi

10. Slide 10: Strong profitability in Q4 FY26

    Strong profitability in Q4 FY26 GAAP Non-GAAP1 Yr/Yr Yr/Yr Results Results Revenue $1,247 million 5.3% $1,247 million 5.3% Gross Profit 76.3% 55 bps 79.8% 98 bps As a % of Revenue R&D Expense 17.9% 46 bps 11.8% 59 bps S&M Expense 28.8% 148 bps) 23.4% 3 bps G&A Expense 9.5% 146 bps 5.3% 61 bp

11. Slide 11: 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 10% 10% 43% 41% Unbilled Non-Current RPO 13% 15% 57% 59% Deferred Revenue Current RPO 5% 7% © 2026 Zoom Communications, Inc. For endnote descriptions, see fin

12. Slide 12: Strong Cash Flow, ~$7.8B cash balance, continued buyback in Q4

    Strong Cash Flow, ~$7.8B cash balance1, continued buyback in Q4 Share Repurchases ($) Under $3.7B authorization Operating Cash Flow $355M OCF Margin 28.4% Free Cash Flow2 $338M FCF Margin 27.1% 36.3M # of shares repurchased since Q1 FY25 © 2026 Zoom Communications, Inc. For endnote descriptions, see

13. Slide 13: Full FY26 results demonstrate across-the-board progress driving value for shareholders

    Full FY26 results demonstrate across-the-board progress driving value for shareholders ● Total Revenue up 4.4%, +130 bps Accelerating Top-line ● Enterprise Revenue up 6.5%, +130 bps ● Non-GAAP Gross Margin1 of 79.7%, +80 bps Optimizing Margins ● Non-GAAP Operating Margin1 of 40.4%, +100 bps Growing

14. Slide 14: Guiding to surpass $5B in revenue & continued best-in-class profitability in FY27

    Guiding to surpass $5B in revenue & continued best-in-class profitability in FY27 Outlook1 Q1 FY27 FY27 Revenue $1,220  $1,225 million $5,065  $5,075 million Revenue $1,212  $1,217 million $5,054  $5,064 million Constant Currency) Non-GAAP Operating $487  $492 million $2,050  $2,060 million In

15. Slide 15: © 2026 Zoom Communications, Inc.

    © 2026 Zoom Communications, Inc.

16. Slide 16: Thank you

    Thank you © 2026 Zoom Communications, Inc.

17. Slide 17: Appendix

    Appendix © 2026 Zoom Communications, Inc.

18. Slide 18: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands) Q4 FY25 Q4 FY26 FY25 FY26 Gross Profit Total Revenue $1,184,138 $1,246,992 $4,665,433 $4,868,769 GAAP Gross Profit $896,783 $951,293 $3,535,806 $3,749,733 (+) Stock-based compensation expense and related payroll taxes $34,879 $24,094 $137,406 $107,780

19. Slide 19: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands except EPS Q4 FY25 Q4 FY26 FY25 FY26 Income from Operations Total Revenue $1,184,138 $1,246,992 $4,665,433 $4,868,769 GAAP income from operations $225,063 $249,892 $813,295 $1,123,633 (+) Stock-based compensation expense and related payroll taxes $232

20. Slide 20: GAAP to Non-GAAP Reconciliation

    GAAP to Non-GAAP Reconciliation $ in Thousands) Q4 FY25 Q4 FY26 FY25 FY26 Free Cash Flow Cash Flow from Operations $424,566 $354,521 $1,945,308 $1,989,048 (-) Purchases of PPE $8,334 $16,076 $136,560 $64,961 Free Cash Flow $416,232 $338,445 $1,808,748 $1,924,087 Operating Cash Flow Margin 3

21. Slide 21: Historic Metrics

    Historic Metrics $ in millions) Q1 FY25 Q2 FY25 Q3 FY25 Q4 FY25 Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Revenue $1,141.2 $1,162.5 $1,177.5 $1,184.1 $1,174.7 $1,217.2 $1,229.8 $1,247.0 Y/Y growth 3.2% 2.1% 3.6% 3.3% 2.9% 4.7% 4.4% 5.3% GAAP Income (loss) from operations $203.0 $202.4 $182.8 $225.1 $241.6 $3

22. Slide 22: Endnotes

    Endnotes Revenue acceleration in Q4; Online churn near all-time lows Strong profitability in Q4 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

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