Zoom (NASDAQ: ZM) reports earnings after the market closes today, with Wall Street looking for signs of steady enterprise traction in what’s become an increasingly saturated unified communications market. The company is expected to post EPS of $1.31 on $1.17 billion in revenue — both modestly lower than year-ago levels and roughly in line with recent trends. The broader setup: low expectations, high execution consistency, and a stock that’s moved mostly sideways in 2025.
Over the past year, Zoom has quietly posted four consecutive earnings beats, but those surprises haven’t sparked meaningful stock upside. That reflects investor skepticism that core revenue streams — especially the legacy online video product — can drive meaningful growth without significant margin trade-offs. While management has pushed into new verticals like Zoom Phone and Zoom Contact Center, adoption rates remain slow, and pricing pressure continues to weigh on visibility.
One area that could shift sentiment is AI. The company has touted AI Companion and other intelligent collaboration features, but these haven’t yet generated material monetization. That puts extra pressure on today’s earnings call to clarify go-to-market traction and attach rates for AI-enhanced services.
Zoom’s full-year FY26 EPS is forecast at $5.37, slightly below last year’s $5.54, which tells the story: this is a stable, cash-generating company still trying to find its next growth gear. With competitors like Microsoft Teams bundling aggressively, and RingCentral and Cisco investing in UCaaS integrations, Zoom’s positioning is increasingly a margin defense game — not a top-line expansion story.
Analysts will be focused on enterprise churn rates, gross margin mix, and any acceleration in RPO as potential green shoots. After several quarters of holding steady, the question for Zoom isn’t “will they deliver?” — it’s whether delivering is enough.
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