실적분석 2026년 8월 25일

Zoom ($ZM) FY2027 Q2 Earnings Analysis — Revenue and Adjusted EPS Beat, Annual Guidance Raised, Yet Shares Weaken After-Hours

Earnings Scorecard

Revenue: $1.277 billion (+4.9% YoY, estimate $1.269 billion) ✅ Beat

EPS: $1.55 (adjusted diluted basis, estimate $1.48) ✅ Beat

Guidance: Updated — FY2027 adjusted diluted EPS $6.08–$6.12, Q3 revenue $1.275–$1.280 billion

Stock Reaction: After-hours -3.80% ($97.08) — as of 06:00 KST, Aug 26

Positives

Enterprise revenue +7.8%: $787.5 million, highest growth in three years

Adjusted EPS beat: $1.55 diluted vs. $1.48 estimate

Full-year guidance raised: Adjusted diluted EPS $6.08–$6.12

Enterprise customer revenue led overall growth, and customers contributing more than $100,000 annually rose 8.2% YoY. Management cited expanding adoption of AI-powered customer experience products and Virtual Agent.

Negatives

Online revenue stagnation: $489.7 million, up only +0.6% YoY

Net dollar expansion of 99%: Still below 100%, signaling weak net expansion among existing customers

Decline in free cash flow: $472.4 million, down from $508 million a year ago

Total revenue growth stuck in the mid-single digits remains a concern. GAAP operating income also fell versus the year-ago period, and the surge in net income is largely driven by a ~$1.61 billion gain from strategic investment mark-to-market.

What Management Said

Founder and CEO Eric Yuan emphasized disciplined execution against the company's three priorities and the resilience of the Enterprise business, noting that Enterprise revenue growth was the fastest in three years. The message: embed AI across collaboration, customer experience, recruiting, and employee experience workflows, and differentiate through an execution system that moves from conversation to completion.

Market Reaction and Key Things to Watch

Revenue and adjusted earnings beat estimates, but mid-single-digit growth and softness in online and net expansion appear to have fallen short of expectations.

Watch whether next quarter's revenue lands within the $1.275–$1.280 billion range provided.

Monitor whether net dollar expansion recovers above 100%.

Track whether online growth and free cash flow reaccelerate.