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Q4: 2026-02-25 Earnings Summary
EPS of $1.44 misses by $0.05
| Revenue of $1.25B (5.31% Y/Y) beats by $13.22M
Zoom Communications, Inc. (ZM) Morgan Stanley Technology, Media & Telecom Conference 2026 March 2, 2026 3:20 PM EST
Company Participants
Michelle Chang – Chief Financial Officer
Conference Call Participants
Josh Baer – Morgan Stanley, Research Division
Presentation
Josh Baer
Morgan Stanley, Research Division
All right. Let’s get started. Before we get started, some disclosures. Important disclosures, please see the Morgan Stanley research disclosure website at www.morganstanley.com/researchdisclosures. If you have any questions, please reach out to your Morgan Stanley sales representative. My name is Josh Baer, software analyst at Morgan Stanley. And we are thrilled to have Michelle Chang, CFO of Zoom here today. Thank you so much for joining us.
Michelle Chang
Chief Financial Officer
My total pleasure.
Question-and-Answer Session
Josh Baer
Morgan Stanley, Research Division
Awesome. Maybe Michelle to set the stage, Zoom closed out the year growing enterprise revenue, 7% in Q4, now represents over 60% of the business, when you look at that improved growth trajectory, could you unpack what were the key changes that really bent that growth curve for you?
Michelle Chang
Chief Financial Officer
Yes. So maybe for those that don’t follow Zoom as closely, we’ve had growth that at an overall level was 3% and 3%, and then we finished last year at 4.4%. So an inflection of 130 basis points. And enterprise, to your question is sort of the headliner of that. And there’d really be kind of 4 things that I would call out.
First is product diversification. We’ve moved a lot as a company from just being a median company to a much more portfolio. So clearly, and I’m sure we’ll get into more conversations there, that’s one of them.
Second one is AI monetization. It’s very clear that AI monetization is inflecting our growth rates. So that’s tremendous to see. The third
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