Zoom Communications (ZM) Earnings: Q2 Fiscal 2027 Results and Next Report Date

The quarter ended July 31, 2026 and Zoom Communications published the results on August 25, 2026. Revenue and diluted EPS are shown against Q2 fiscal 2026, the same quarter a year earlier, which takes seasonal swings out of the comparison. Zoom Communications reports EPS two ways: GAAP, under the accounting rules every US filer follows, and non-GAAP, which leaves out items the company considers outside its operating results. The release reconciles the two, and when they diverge, the reconciliation says why.

• Zoom's fiscal year ends January 31, so Q2 fiscal 2027 is the quarter ended July 31, 2026.
• GAAP net income of $1,542.4 million includes $1,614.2 million of net gains on strategic investments, mainly a $1,612.7 million unrealized gain on Zoom's investment in Anthropic. Non-GAAP figures exclude these gains.

Source: Zoom Q2 fiscal 2027 results, August 25, 2026. Also in the Form 10-Q for the quarter ended July 31, 2026. Figures as reported; checked against the release on November 10, 2026.

How Zoom Communications splits revenue in its own release, under its own labels, for Q2 fiscal 2027 against Q2 fiscal 2026. Indented lines are parts of the line above them.

• Zoom Communications's Enterprise revenue was $788 million in Q2 fiscal 2027, up 8% from $731 million in Q2 fiscal 2026, 62% of total revenue.
• Zoom Communications's Online revenue was $490 million in Q2 fiscal 2027, up 1% from $487 million in Q2 fiscal 2026, 38% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

From the earnings release

In its Q2 fiscal 2027 release, Zoom Communications said:

“Third Quarter Fiscal Year 2027: Total revenue is expected to be between $1.275 billion and $1.280 billion and revenue in constant currency is expected to be between $1.275 billion and $1.280 billion.”

“Non-GAAP diluted EPS is expected to be between $1.46 and $1.48 with approximately 301 million weighted average shares outstanding.”

“Full Fiscal Year 2027: Total revenue is expected to be between $5.085 billion and $5.095 billion and revenue in constant currency is expected to be between $5.071 billion and $5.081 billion.”

“Non-GAAP diluted EPS is expected to be between $6.08 and $6.12 with approximately 301 million weighted average shares outstanding.”

Source: Zoom Q2 FY27 release, Aug 25, 2026.

This is the company's own guidance as of Aug 25, 2026, quoted as given. Walnut does not make forecasts of its own. Analyst estimates for the coming quarters are on the ZM forecast page.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenue and diluted EPS, each as first reported in that quarter's release. GAAP EPS swings with gains on strategic investments, which Zoom's non-GAAP EPS excludes.

Zoom Communications's next report is scheduled for November 23, 2026. This page will show Q2 fiscal 2027 until those results are out and have been checked against the release.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q2 fiscal 2027 (this page), reported Aug 25, 2026

Zoom Communications splits revenue by customer type. Enterprise revenue, from business units engaged by its direct sales team, resellers or strategic partners, was $787.5 million of the $1,277.2 million total in Q2 fiscal 2027, up 7.8%, which Zoom called its strongest growth rate in three years. Online revenue, from customers who subscribe through its website, was $489.7 million, up 0.6%. (Zoom Q2 FY27 release, Aug 25, 2026; Zoom Form 10-Q, Q2 FY27, Aug 26, 2026)

Revenue rose $60.0 million, or 4.9%, and 4.7% in constant currency. Of the Enterprise growth, 42.3% came from new customers and 57.7% from existing ones. The trailing 12-month net dollar expansion rate for Enterprise customers was 99%, up from 98%, and Zoom had 4,625 customers contributing more than $100,000 of trailing 12-month revenue, against 4,274 a year earlier. (Zoom Form 10-Q, Q2 FY27, Aug 26, 2026; Zoom Q2 FY27 release, Aug 25, 2026)

The Americas, by customer billing address, accounted for $923.5 million of revenue, or 72.3%. EMEA was 15.6% and APAC 12.1%. (Zoom Form 10-Q, Q2 FY27, Aug 26, 2026)

Gross margin slipped to 77.2% from 77.6% because third-party hosting costs rose $24.4 million, driven by higher platform usage including AI-related consumption from new products. Remaining performance obligations were $4,535.9 million at July 31, 2026, and Zoom expects to recognize 57% of them over the next 12 months. (Zoom Form 10-Q, Q2 FY27, Aug 26, 2026)

Zoom Communications' GAAP diluted EPS of $5.15 in Q2 fiscal 2027 was more than three times its non-GAAP EPS of $1.55, because GAAP net income included $1,614.2 million of net gains on strategic investments. The 10-Q attributes almost all of it to a $1,612.7 million unrealized gain on Zoom's preferred stock in Anthropic, based partly on Anthropic's financing round announced on May 28, 2026. That stake was carried at $3,134.5 million at July 31, 2026. (Zoom Q2 FY27 release, Aug 25, 2026; Zoom Form 10-Q, Q2 FY27, Aug 26, 2026)

Zoom's non-GAAP measures exclude stock-based compensation and related payroll taxes ($186.7 million in the quarter), gains on strategic investments, acquisition-related expenses and litigation settlements, along with the tax effects of those adjustments. The year-ago quarter included an $18.0 million favorable reversal of an SEC investigation accrual. GAAP operating margin was 24.6% and non-GAAP operating margin 40.0%. (Zoom Q2 FY27 release, Aug 25, 2026; Zoom Form 10-Q, Q2 FY27, Aug 26, 2026)

Zoom repurchased and retired 3,740,213 shares for $351.9 million in the quarter, and $1.3 billion of its authorization remained at July 31, 2026. Diluted weighted average shares fell to 299,746,342 from 308,224,372. The effective tax rate was 22.7%, against 20.0%. (Zoom Form 10-Q, Q2 FY27, Aug 26, 2026; Zoom Q2 FY27 release, Aug 25, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Zoom Communications gives quarterly and full-year guidance in its release. For Q3 fiscal 2027 it guided total revenue of $1.275 billion to $1.280 billion and non-GAAP diluted EPS of $1.46 to $1.48 on about 301 million shares. For fiscal 2027 it guided revenue of $5.085 billion to $5.095 billion, non-GAAP diluted EPS of $6.08 to $6.12 and free cash flow of $1.780 billion to $1.820 billion. (Zoom Q2 FY27 release, Aug 25, 2026)

Zoom said its EPS and share count guidance does not include the impact of about $1.3 billion of share repurchase authorization remaining at July 31, 2026. (Zoom Q2 FY27 release, Aug 25, 2026)

A consensus figure is the average of the models published by the analysts who cover Zoom Communications, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Zoom Communications's own release and filings put weight on for Q2 fiscal 2027, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning ZM is on is ZM a buy or a sell?, what analysts expect next is on the ZM forecast, and what the company does is on the Zoom Communications (ZM) stock page.

Every number on this page can be traced to a document Zoom Communications published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.