Zoom Communications (ZM)

Outperform Recap: Q1 FY27

Maintaining Outperform: The Upgrade Pays Off — Revenue Accelerates to 5.5%, Net Retention Inflects to 99%, Paid AI Users +184%, and the FY27 Guide Gets Raised

Outperform Recap: Q4 FY26

Upgrading to Outperform: The Street Sold a Tax-Line Miss While the Business Inflected — 5.3% Revenue Growth, Online Back to Growth for the First Time Since FY22, and AI Monetization Finally Showing Up

Hold Recap: Q3 FY26

Beat, Raise, and a Fresh $1B Buyback — But Still a 4% Grower at 98% Net Retention: Maintaining Hold as the Oracle and Salesforce AI Proof Points Begin to Land

Hold Recap: Q2 FY26

Fastest Revenue Growth in 11 Quarters — But It's Still 4.4%: Initiating Zoom at Hold on a Best-in-Class FCF Machine Waiting for AI to Bend the Curve