Zoom Communications Inc (ZM US) Buy: 2QFY27 preview

研报英文原文证据摘录

Zoom Communications Inc (ZM US) Buy: 2QFY27 preview

Equities ● Software

7 July 2026

Investment thesis

We view Zoom as a high quality, cash generative communications platform that is repositing

from a mature video meetings business into a broader enterprise workflow and AI

communications platform. The investment case is not simply about how Meetings can return to

strong growth, but that Zoom can defend its large installed base while expanding wallet share

through Phone, Contact Center, WorkVivo and paid AI companion. We believe the shift towards

Enterprise is materially a better business than its legacy video conferencing business, with

deeper enterprise penetration, higher ARPU potential, stronger retention, and a clearer route for

sustainable growth over the mid-term. Furthermore, Zoom offers strong profitability (among

software peers), strong net cash balance sheet, and a meaningful share buyback program.

We expect Zoom to remain in a mature, durable growth phase over FY27-FY30. Our

forecasts assume total revenue will grow in the grow at mid-single digit over the mid-term.

We view this as a measured improvement from the low-single digit growth period in FY24-FY26,

backed by AI-led product expansion and continued momentum in CX and Phone, but not a

step-change given the larger revenue base. Furthermore, the company’s Online segment

remains stable but is structurally unlikely to drive a meaningful reacceleration.

In terms of profitability, we expect Zoom to maintain an attractive margin profile with non-GAAP

gross margin of 79.9% in FY27e improve gradually to c80.0% in the outer years, reflecting a

favourable mix shift toward higher-margin enterprise products. We forecast non-GAAP

operating margin will expand from 41.3% in FY27e to 41.9% in FY30e, assuming disciplined