Slides
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© 2026 Zoom Communications, Inc. Investor Session October 2026
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© 2026 Zoom Communications, Inc. Agenda ● Finance & strategy 1:00 - 1:30 pm ● Elevate the core with AI 1:30 - 1:50 pm ● Accelerate line-of-business solutions: CX 1:50 - 2:10 pm ● Drive new AI revenue streams 2:10 - 2:30 pm ● Executive Q&A 2:30 - 3:15 pm
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© 2026 Zoom Communications, Inc. Use of non-GAAP financial measures In addition to the financials presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation includes the following non-GAAP financial metrics: Revenue in Constant Currency, non-GAAP gross profit, non-GAAP gross margin, non-GAAP R&D expense, non-GAAP S&M expense, non-GAAP G&A expense, non-GAAP income from operations, non-GAAP operating margin, non-GAAP net income per share or EPS, free cash flow, free cash flow margin and free cash flow conversion. Non-GAAP financial metrics have limitations as analytical tools and you should not consider them in isolation or as a substitute for or superior to the most directly comparable financial measures prepared in accordance with U.S. GAAP. There are a number of limitations related to the use of non-GAAP financial metrics versus their nearest GAAP equivalents. Zoom uses these non-GAAP financial measures internally in analyzing its financial results and believes that use of these non-GAAP financial measures is useful to investors as an additional tool to evaluate ongoing operating results and trends and in comparing Zoomʼs financial results with other companies in its industry. Other companies, including companies in our industry, may calculate non-GAAP metrics differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial metrics as tools for comparison. We urge you to review the reconciliation of Zoom's non-GAAP financial metrics to the most directly comparable GAAP financial measures, and not to rely on any single financial measure to evaluate our business. See the Appendix for reconciliation between each non-GAAP financial metric and the most comparable GAAP measure. A reconciliation of target non-GAAP measures to corresponding GAAP measures is not available on a forward-looking basis without unreasonable effort due to the uncertainty of expenses that may be incurred in the future, although it is important to note that these factors could be material to Zoom's results computed in accordance with GAAP.
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© 2026 Zoom Communications, Inc. Safe Harbor Statement This presentation and the accompanying oral presentation contain express and implied “forward-looking statementsˮ within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding Zoom's financial outlook for the third quarter of fiscal year 2027 and full fiscal year 2027; Zoom's expectations regarding financial and business trends, as well as impacts from macroeconomic developments; Zoom's market position, stock repurchase program, opportunities, go-to-market initiatives, growth strategy and business aspirations; and product initiatives, including future product and feature releases, and the expected benefits of such initiatives, pace of development, adoption, or performance of our AI capabilities. In some cases, you can identify forward-looking statements by terms such as “anticipate,ˮ “believe,ˮ “estimate,ˮ “expect,ˮ “intend,ˮ “may,ˮ “might,ˮ “plan,ˮ “project,ˮ “will,ˮ “would,ˮ “should,ˮ “could,ˮ “can,ˮ “predict,ˮ “potential,ˮ “target,ˮ “explore,ˮ “continue,ˮ or the negative of these terms, and similar expressions intended to identify forward-looking statements. By their nature, these statements are subject to numerous uncertainties and risks, including factors beyond our control, that could cause actual results, performance or achievement to differ materially and adversely from those anticipated or implied in the statements, including: declines in new customers, renewals or upgrades, or decline in demand for our platform, difficulties in evaluating our prospects and future results of operations given our continuing growth in scale, complexity and scope, competition from other providers of communications platforms, the effect of macroeconomic conditions on our business, including tariffs and trade tensions, inflationary pressures and market volatility, lengthening sales cycles with large organizations, delays or outages in services from our co-located data centers, failures in internet infrastructure or interference with broadband access, compromised security measures, including ours and those of the third parties upon which we rely, and global security concerns and their potential impact on regional and global economies and supply chains. Additional risks and uncertainties that could cause actual outcomes and results to differ materially from those contemplated by the forward-looking statements are included under the caption “Risk Factorsˮ and elsewhere in our most recent filings with the Securities and Exchange Commission (the “SECˮ), including our quarterly report on Form 10Q for the fiscal quarter ended July 31, 2026. Forward-looking statements speak only as of the date the statements are made and are based on information available to Zoom at the time those statements are made and/or management's good faith belief as of that time with respect to future events. Zoom assumes no obligation to update forward-looking statements to reflect events or circumstances after the date they were made, except as required by law.
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© 2026 Zoom Communications, Inc. Finance & strategy Michelle Chang CFO Zoom Communications, Inc.
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© 2026 Zoom Communications, Inc. Section 1: Our Vision & Priorities
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© 2026 Zoom Communications, Inc. Zoom’s System of Action CompletionContext Where work begins One unified context layer Work moves to completion Customer & sales conversations, team discussions & employee engagement, events & webinars Powered by Zoom AI + Ecosystem Federated AI • AI Services APIs • MCP servers • Connectors & APIs Marketplace • 3P apps & AI tools Zoom Products & Solutions Contact Center • Revenue Accelerator • Workvivo • Webinars & Events • BrightHire Virtual Agents • Chat • Meetings • Phone • Rooms Customer & buyer intelligence, shared conversation knowledge, status, dependencies, decisions, commitments Actions across systems, documents, presentations & analysis Conversation
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© 2026 Zoom Communications, Inc. Customers can access the Zoom experience, Zoom AI and their high-fidelity Zoom data through APIs to automate their existing environment and workflows Zoom works across ecosystems (Google, Microsoft, Slack, etc) while its embedded AI executes across models and workflows with built-in security & controls. Collaboration, CX, revenue, events, phone, recruiting, and employee experience connect through a Unified Context Layer. The platform can carry understanding beyond the interaction into follow-up, workflow, and resolution. Zoom sits inside the moment work happens, capturing high-fidelity context, and data across employee and customer interactions. Zoom’s structural advantage in the AI world Breadth on one foundation Ecosystem openness & trust Conversation-native context Completed business outcomes Deployment flexibility
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© 2026 Zoom Communications, Inc. Zoom’s path to growth Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services Clear strategic priorities
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© 2026 Zoom Communications, Inc. Zoomtopia 2026: Announcements overview Nothing discussed gets lost, scattered or siloed ● Agentic search with dynamic context ● Follow the meeting ● Enriched notes ● My Notes hardware integrations Works wherever AI works, no app required ● Headless Zoom + MCP ● Search & Ask APIs ● AI assistant connections Customer history, carried forward ● Agentic Case Management ● Virtual Agent Kiosk ● Customer Profiles SYSTEM OF ACTION: Buyer signals and event data become pipeline ● Content Studio for Events ● Agentic Event Setup ● AI Analytics for Events CONVERSATION CONTEXT COMPLETION Unified Context Layer Zoom, Everywhere AI Works Customer Experience, Reimagined Revenue & Events Intelligence Platform Innovations ● Live Meeting AI Agent ● Voice Translator ● High-quality screen sharing ● Touch up my Voice ● Pose Correction Core Meeting Experience, Elevated
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© 2026 Zoom Communications, Inc. Section 2: Progress
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© 2026 Zoom Communications, Inc. Growth accelerating with strong fundamentals Expected to surpass $5B Best-in-class margins1 above 40% Buyback reducing share count2 Note: Charts not drawn to scale 1 See appendix for a reconciliation of GAAP to Non-GAAP financial measures 2 Total Shares Outstanding as of end of period 3 Share Buyback is cash paid for repurchases of common stock, excluding excise taxes Revenue Growth Acceleration Profitability Strength Capital Return Progress +4.4% +3.1% 300M 292M 308M 301M 40.4% 40.7% 39.4%39.2% +5.2% H1 FY27 3
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© 2026 Zoom Communications, Inc. 5 drivers of Enterprise acceleration: 1. Up-market expansion 2. Product diversification 3. Elevate the core with AI 4. Accelerate line-of-business solutions 5. Drive new AI revenue streams Enterprise accelerating off durable drivers +5.2% +6.5% +7.5% Implied Guide1 58% 59% 60% 62% 1 FY27 Enterprise revenue is implied from the mid-point of total revenue guidance and commentary that Online revenue growth would be flat for FY27 given in Zoom’s Q2 FY27 earnings call. % of Total Revenue Accelerating & expected to surpass $3B Enterprise Revenue Business Priorities
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© 2026 Zoom Communications, Inc. Driver 1: Up-market expansion Enterprise Customer Average Contract Length (ARR weighted) 20 30 Months +7.1% +8.7% +8.2% Growing # of >$100k & >$1M TTM revenue customers Enterprise customers are signing longer term contracts
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© 2026 Zoom Communications, Inc. Driver 2: Product diversification Emerging Scaling Established ● ZoomMate ● Common Room / ZRA ● BrightHire Rooms Note: Circles and distances between them are illustrative and not drawn to scale. 1 Zoom CX includes Zoom Contact Center suite, Zoom Virtual Agent, and CX Insights. Workvivo ● Surpassed $100M ARR ● Growing in the 20s Zoom CX ● Zoom CX1 ARR growing high double digits Phone ● ARR growing teens ● >10M licenses Events ● 9M webinars annually Diverse products at various maturity levels drive durability in growth Meetings ● Progress in churn
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Driver 3: Elevate the core with AI Multi-product adoption lowers churn with room to expand Zoom Phone Zoom Rooms Zoom Webinars & Events Enterprise account penetration rates: 1 As of Q1 FY27 (only 4 months after launch). 2 This metric compares the full churn rates (cancel rates) of Enterprise Customers who have adopted AI (AI MAUs represent at least 10% of total Workplace licenses) versus those that have not in Q2 FY27. 3 Products include Zoom Meetings, Webinars & Events, Rooms, Phone, and Zoom Contact Center. 4 Represents the average quarterly ARR dollar churn rate of Enterprise customers with 3+ Zoom products relative to those with 1–2 products from Q2 FY24 through Q2 FY27. My Notes MAUs1 Lower churn rate among AI-adopted customers2 Enterprise Customers Buying 3+ Products3 (% of Enterprise ARR) +13.4% Lower $ churn rate compared w/ 1-2 products4 +12.0% +12.6% 1.5M 70% 29% 27% 17% 43% AI transforming core value
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© 2026 Zoom Communications, Inc. Driver 4: Accelerate line-of-business solutions: customer experience Total ZCX ARR: High-2-digit YoY growth >$100M ARR ZCX AI1 growing ~2x total ZCX 90% were w/ new Zoom customers Winning on its own + pulling through +ZCC EliteZCC +122% Average realized uplift +ZVAZCC +41% Average realized uplift 1 AI products include ZCC Elite, Zoom Virtual Agent, Quality Management, and CX Insights. Graph not drawn to scale. 2 Average realized uplift considers the total ZCX ARR after purchasing ZCC Elite or ZVA against the total ZCX ARR before the expansion. The uplift incorporates seat churn that can occur when adding AI-enhanced features. ZCX AI ARR: ~60% of total Mid-100s YoY growth 70% bought with Zoom Phone AI drives expansion2 AI is powering the growth of Zoom CX of top 100 ZCX deals in H1 FY27: Enterprise account penetration2% With major opportunity for attach to core
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Driver 4: Accelerate line-of-business solutions: sales & HR Sales ZRA Common Room HR BrightHire Workvivo ● $3.5B+ recruiting SaaS spend ($30B+ recruiting total spend)2 ● Virtual interviews are a key piece of the Zoom base Opportunity Momentum3 Customer Value ● 3M+ interviews on BrightHire in TTM ● BrightHire customers up 76% YoY ● $20B+ GTM SaaS spend1 ● Sales calls are a large part of Zoom base ● AI-driven efficiency & outcomes in hiring ● Fraud risk reduction with proprietary signals ● Strengthen lead generation w/ revenue intelligence ● Boost win rates, productivity, outlooks w/ live end-to-end revenue orchestration 1 Source: IDC Semiannual 2H25 Software Tracker. 2025 Worldwide sales force productivity and performance software revenue. 2 Source: Zoom estimate of annual recruiting software spend. 3 Momentum metrics reflect Q2 FY27. 4 IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of technology and suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. The Capabilities score measures supplier product, go-to-market and business execution in the short-term. The Strategy score measures alignment of supplier strategies with customer requirements in a 3-5- year timeframe. Supplier market share is represented by the size of the icons. Source: Unified Revenue Orchestration Platforms 2026 Vendor Assessment (Doc #US54121526, September 2026). ©2026 IDC. ● ZRA customers up 41% YoY ● Zoom named a Leader, IDC Marketscape Worldwide Unified Revenue Orchestration Platforms4 ● Released: Engage & Forecast
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1 Gartner, Magic Quadrant for Enterprise AI Assistants, Max Goss, Jason Wong, Olga Martí, Justin Tung, and Cory Decker, 2 September 2026. Gartner does not endorse any vendor, product or service depicted in its research publications, and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose. GARTNER is a registered trademark and service mark of Gartner, Inc. and/or its affiliates in the U.S. and internationally, and MAGIC QUADRANT is a registered trademark of Gartner, Inc. and/or its affiliates and is used herein with permission. All rights reserved 2 ZoomMate customer wins include Custom AI Companion wins. +ZoomMateWorkplace Pro ~120% ● Zoom recognized in 2026 Gartner MQ for Enterprise AI Assistants1 ● Customer wins2: Oracle, Salesforce, Raymond James, ● Demand - Search (Enterprise), out-of-box solutions (Online) Opportunity Momentum Customer Value Large core base with growing AI usage provides funnel ● Enterprise search ● Agentic orchestration ● AI creation in productivity suite Drives productivity, cost savings, and business value Price uplift (standard AI tokens) Driver 5: Drive new AI revenue streams: ZoomMate New AI revenue streams also include My Notes, AI Productivity Suite, AI Services
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Online Average Monthly Churn Online ARR from 16+ months Customers Online Revenue Growth Products Online stabilization continues 76%73% 2.9%3.2% flat-4% 1 Online Average Monthly Churn and Online Customers >16 Months Tenure figures for FY24 represent the end of Q2 FY24 (i.e. FY24 mid-point). 2 Online revenue growth was said to be “flat” for FY27 in the Q&A session of Zoom’s Q2 FY27 earnings call. For the Online Average Monthly Churn and Online ARR from 16+ mos Customers metrics, FY27 refers to the end of Q2 FY27. 3 This metric compares the full churn rates (cancel rates) of Online Customers with active My Notes usage versus those without in Q2 FY27. FY241 FY272 Expansion to: My Notes/ZoomMate & ZVA Receptionist/Phone Predominantly Meetings, with Webinars >50% reduction in churn rate associated w/ adoption of My Notes3
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© 2026 Zoom Communications, Inc. Gross margins remain strong as AI usage scales Increasingly utilizing Zoom models & driving efficiencies Non-GAAP1 Gross Margin 1 See appendix for a reconciliation of GAAP to Non-GAAP financial measures. Commentary ● Driving AI monetization ● Ability to still drive efficiency with infrastructure optimizations ● Federated approach driving increasing leverage of ZM models for core features ● Utilizing 3P LLMs (incl open source) for new products Third-Party AI Models (tokens) Zoom AI Models (tokens)
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© 2026 Zoom Communications, Inc. Strong operating margins as we invest in innovation ● Investments driving 3 company priorities ● AI increasing developer productivity Non-GAAP1 R&D Expense Non-GAAP S&M Expense Non-GAAP G&A Expense SBC Expense2 +3.2 pts -3.5 pts -1.4 pts -8.9 pts ● Tapering of top up grants (fully phase out in FY27) ● Transition to cash-based bonus 1 See appendix for a reconciliation of GAAP to Non-GAAP financial measures. All percentages are a % of revenue. 2 SBC includes stock-based compensation expense and related payroll taxes ● Investments in channel offset by optimizations ● H1 temporal ~2 pt benefit from amortization change ● AI driving productivity ● Economies of scale
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© 2026 Zoom Communications, Inc. Strength in free cash flow generation & conversion Tailwinds Business growth & interest income Headwinds Higher capex Tailwinds Business growth & cash operations improvements Headwinds Interest income & cash bonus Tailwinds Business growth Headwinds Interest income, cash bonus & higher capex FCF Conversion %1 1 Zoom defines free cash flow (“FCF”) as net cash provided by operating activities less purchases of property and equipment. FCF Conversion % is defined as free cash flow divided by non-GAAP income from operations. FCF and non-GAAP income from operations are non-GAAP measures. See appendix for a reconciliation of GAAP to non-GAAP financial measures.
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© 2026 Zoom Communications, Inc. Strong progress in capital allocation and return to shareholders % FCF deployed1 73% 27% 85% 121% $837M $471M $1,570M $2,332M $1,538M $1,452M $438M$574M Commentary ● Buyback committed to reduce share count in FY27 and beyond ● M&A aligned to priorities, with focus on small to medium ● Strategic investments drive partnerships & strong return 1 % FCF deployed is measured as cash paid for repurchases of common stock, excluding excise taxes (“Share Buybacks”), purchases of strategic investments (“Strategic Investments”), and cash paid for acquisition, net of cash acquired (“M&A”) divided by Free Cash Flow.
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© 2026 Zoom Communications, Inc. Section 3: Looking forward
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© 2026 Zoom Communications, Inc. FY26 FY30 target Assumptions Revenue growth 4.4% 6-8% Enterprise growth in double digits; stable macro conditions. Non-GAAP1 gross margin 80% ~80% Optimizations and scale economies, offset by increased AI usage. S&M as a % of revenue 23% 22-24% Efficiencies funding continued investments in channel. R&D as a % of revenue 11% 12-13% Continued investments in innovation driving 3 company priorities. G&A as a % of revenue 5% 4-5% AI driving productivity and scale efficiencies. Non-GAAP operating margin 40% ~40% Growth acceleration while holding strong profitability. GAAP operating margin 23% 28-30% Not inclusive of one-off items. SBC at 10-12%. Continued revenue acceleration, strong profitability 1 See appendix for a reconciliation of GAAP to Non-GAAP financial measures
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© 2026 Zoom Communications, Inc. Why invest in Zoom? Durable Enterprise growth with platform momentum AI advantage built on conversation & context with ambitious System-of-Action vision Top-line acceleration with strong margins Robust cash generation & progress on capital return
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© 2026 Zoom Communications, Inc. Business leaders will further speak to our 3 priorities Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services Graeme GeddesChief Sales Officer Chris MorrisseyGM, Zoom CX Russell DickerChief Product Officer
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© 2026 Zoom Communications, Inc. Elevate the core with AI Graeme Geddes Chief Sales Officer Zoom Communications, Inc.
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services Turns live interaction into completed work.
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© 2026 Zoom Communications, Inc. WE’RE EVOLVING WITH CUSTOMER NEEDS The priorities changed. FIRST · REMOTE Someone can’t be there. Zoom connected the person who couldn’t be in the room. THEN · HYBRID Everyone is somewhere. Zoom brought people together, wherever they worked. NOW · CAPTURED Every conversation counts. Zoom captures every conversation, even when everyone is in the same room. MEETINGS · PHONE · WEBINAR
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© 2026 Zoom Communications, Inc. Zoom captures enterprise conversations at scale, every day. AI is only as good as the conversation feeding it. We are not inferring context from calendar entries or typed notes. We are in the conversation, at scale, every day. MEETINGS · PHONE · WEBINAR
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© 2026 Zoom Communications, Inc. CONTINUED INNOVATION Every word. Every speaker. Understood. In the age of AI, an accurate record of who said what is what AI understands and acts on. 01 · EVERY WORD Captured accurately Tuned for the names, products and jargon of real business. Zoom Scribe ASR Audio isolation 02 · EVERY SPEAKER Who said what Every line tied to the right person, even in a shared conference room. Speaker Diarization Smart name tags Smart Recognition Talk-time insights 03 · UNDERSTOOD By everyone Across languages, accents and abilities. Voice Translator Sign language Chat translation Touch up my voice TRUSTED AT EVERY STEP Deepfake detection Sensitivity labels Consent notices Retention controls Node On-Prem ZP transcription My Notes OCR Live Meet Coach MEETINGS · PHONE · WEBINAR
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© 2026 Zoom Communications, Inc. Continued Expansion Opportunities Share of our Enterprise accounts that run each product. Zoom Phone 29% today Webinars & Events 27% today AI is reshaping how enterprises select their core communications platform — giving us a unique opening to expand Phone and Webinars & Events across accounts we already own MEETINGS · PHONE · WEBINAR
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© 2026 Zoom Communications, Inc. The legacy phone base is in play. 02 · THE PROOF · A NATIONAL WEALTH MANAGER 100% of meetings and voice on Zoom, across 16,000 branches Vonage and Avaya displaced. Microsoft's E5 bundle turned down. 15,000 -> 38,000+ Phone users, 2024 to 2026 The base is moving, and Zoom Phone is where it lands. MEETINGS · PHONE · WEBINAR 01 · THE SHIFT Connecting calls Completing work BEFORE Briefs from CRM and past conversations DURING Real-time assist and live transcription AFTER Summaries and tasks, handed to ZoomMate 10M+ Zoom Phone seats, every one a conversation to take to completion
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© 2026 Zoom Communications, Inc. MEETINGS · PHONE · WEBINAR AI Receptionist is the digital front door of your business. 01 Answers 02 Captures 03 Books 04 Routes 05 Follows up WITH ZOOM PHONE An add-on to 10M+ seats STANDALONE Works with any phone system A major co-living operator is using AI Receptionist to run guest check-in, payments and support.
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© 2026 Zoom Communications, Inc. MEETINGS · PHONE · WEBINAR The webinar market is consolidating. Webinar Plus is where its customers land. 01 · THE MARKET ON24 - Acquired by Cvent, April 2026 GOLDCAST - Acquired by Cvent, late 2025 02 · OUR ANSWER · WEBINAR PLUS FOUR VENDORS ONE ZOOM WORKFLOW Production agency Webinar platform Repurposing tools Video host Production Studio Webinars & Events Content Studio Video Management Even inside some of our top competitors we see usage of Webinars & Events. The market is consolidating:
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© 2026 Zoom Communications, Inc. MEETINGS · PHONE · WEBINAR One of the world's largest technology companies is standardizing on Webinars & Events. 6 expansions in the last eight months 202 Webinars Plus licenses, from 500 to 5,000 seats 47 Events licenses, up to 10,000 attendees Video Management is now in pilot. Every event use case is moving to Zoom.
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© 2026 Zoom Communications, Inc. Webinar/Events is where video gets created. Now it's also where it lives. Create AI-driven webinar & event creation Manage Video Management Repurpos e AI Content Studio Learn AI Analytics VIDEO CONTENT THE FLYWHEEL Every event makes the next one better. Create it, manage it, repurpose it, learn from it, then scale it into programs. MEETINGS · PHONE · WEBINAR Scale AI Agents Coming Soon
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. Accelerate line-of-business solutions- CX Chris Morrissey General Manager, Zoom Customer Experience Zoom Communications, Inc.
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work How conversation becomes action — for the customer. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. Four forces. One system of action. The future of customer experience is being shaped by four connected transformations - from convergence to compounding AI outcomes. Zoom CX is built natively for all four. CX converges with UC Customers want one platform for employees and customers. AI goes beyond self-service Virtual agents don’t just deflect calls. They reason, act and learn. From personalization to individualization AI makes tailored experiences possible at real scale. CX becomes a revenue driver Insights flow out of the contact center into product, sales, and strategy.
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IDC MarketScape Leader: Worldwide Agentic CCaaS Platforms 2026 Vendor Assessment The market sees the shift. We are leading it. Frost Radar Leader: Integrated Cloud Communications Platforms Very few vendors appear on both lists. That intersection is the convergence thesis, validated independently. IDC MarketScape vendor analysis model is designed to provide an overview of the competitive fitness of technology and suppliers in a given market. The research methodology utilizes a rigorous scoring methodology based on both qualitative and quantitative criteria that results in a single graphical illustration of each supplier’s position within a given market. The Capabilities score measures supplier product, go-to-market and business execution in the short-term. The Strategy score measures alignment of supplier strategies with customer requirements in a 3-5- year timeframe. Supplier market share is represented by the size of the icons. Source: IDC MarketScape: Worldwide Agentic Contact Center–as-a-Service Platforms 2026 Vendor Assessment (Doc #US54117326 August 2026). ©2026 IDC.
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© 2026 Zoom Communications, Inc. Fortune 500 retailer. Landed on Phone. Expanded to AI. One virtual agent. Eleven hundred stores. Localized to each one. PROOF · CONVERGENCE + AI EXPANSION LAND Zoom Phone 130k+ licenses Entered the account on voice. EXPAND ZVA, 1,100+ locations A single virtual agent, localized to every store. NOW Scaling on consumption Growing spend against the AI they already run. 1,100+ retail locations, one virtual agent 20% call deflection <8 months to deploy, zero onsite visits
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© 2026 Zoom Communications, Inc. NOT AN ANOMALY, A TREND Zoom Virtual Agent is accelerating and voice is leading More engagement means more context and better outcomes >6x in 6 months Within Virtual Agent, voice is scaling fastest, while chat remains the steady, high-volume backbone of the channel mix ZVA engagements, January through July 2026. ZVA Chat and Voice engagement volumes # of Engagements
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© 2026 Zoom Communications, Inc. FORCES 3 + 4 · WHAT'S LAUNCHING Key CX innovations Turn conversation data into continuous customer understanding CX INSIGHTS Transcript Intelligence CUSTOMER PROFILE Unified customer view November 2026 January 2027 Every conversation is intelligence Know your customer +122% average realized uplift with Elite — AI-enhanced CX expands value.
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© 2026 Zoom Communications, Inc. PROOF · ALL FOUR FORCES Automotive company consolidated five vendors into one 5 → 1 Five point solutions collapsed into a single Zoom platform in one motion. REPLACED NiCE CXOne 8x8 Cognigy Observe AI UCaaS · CCaaS · Quality Management · Virtual agent · Outbound dialer 400+ Elite licenses Fragmented tooling becomes a single accountable platform — with the customer relationship intact. CONVERGENCE ONE STACK AI EXPANSION BUILT IN INDIVIDUALIZATION AT SCALE REVENUE IMPACT ONE DEAL
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© 2026 Zoom Communications, Inc. Drive new AI revenue streams Russell Dicker Chief Product Officer Zoom Communications, Inc.
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. STATIC GENERAL DYNAMIC What's happening now CONNECTED SYSTEMS Salesforce · ServiceNow · Workday · Jira · Email & Calendar Unified Context Layer What's documented, plus what's happening now. My Notes Agentic Search CONVERSATION COMPLETION
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© 2026 Zoom Communications, Inc. Conversation Completion Zoom AI ZOOM WORKPLACE MY NOTES ZOOMMATE AI PRODUCTIVITY SUITE Unified Context RELATIONSHIPS | KNOWLEDGE | HISTORY My Notes: Proof That Context Matters >50% LOWER CHURN My Notes users vs. non-users 1.5M My Notes monthly active users Source: Q1 FY27 earnings
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© 2026 Zoom Communications, Inc. CUSTOMER PROOF ZoomMate: From Context to Completion THE REQUEST “Prep me for my sales call” CRM My Notes Zoom Chat THE OUTPUT Briefing drafted POWERED BY Search · Workflows · Agents FIRST ZOOMMATE DEAL IN APAC University of Newcastle Already on the full Zoom platform, added ZoomMate to extend collaboration and communication. One request, multiple systems, completed work.
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© 2026 Zoom Communications, Inc. HQ Agent is the ZoomMate for the frontline. Over 80% of workers are frontline. HQ Agent brings them the same AI, on the phone they already carry. 01 · UPDATE Shared once. A policy change, a new process, a training requirement. 02 · REACH On every device. No email, laptop, or desk required. 03 · ASK HQ Agent answers. Questions about it, in plain language. 04 · ACT Done in the app. Acknowledged, scheduled or completed, with no other login. $100M+ Workvivo ARR, Q2 FY’27 ZoomMate serves the knowledge worker. HQ Agent serves the frontline. Same AI platform, same conversation layer, on a new surface: a new AI line on top of an installed base that already passed $100M.
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© 2026 Zoom Communications, Inc. A top U.S. insurer: 100,000 users on Workvivo. A field workforce that rarely sits in a meeting. Now every update reaches them, on mobile. BEFORE Hard to reach. Field teams spread across fragmented Microsoft tools and shadow IT. The hardest workforce to reach with an update or a compliance change. NOW 100,000 Workvivo users on Core, TV and Advanced Analytics $211K net-new MRR Updates go from 'did they see it?' to tracked acknowledgment. NEXT · OPPORTUNITY From feed to action. An HQ Agent attach: field teams ask policy questions and complete tasks in the same app, across a 100,000-user base. ACROSS WORKVIVO CUSTOMERS Woodie's engagement 57% to 88% · Bus Éireann engagement +55% · Zoom survey participation 89%
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© 2026 Zoom Communications, Inc. The same pattern wins new markets. HR BrightHire CONVERSATION Interviews CONTEXT Candidate insight COMPLETION Hiring decisions SALES Common Room + ZRA CONVERSATION Signals and calls CONTEXT Account intelligence COMPLETION Closed deals Own the conversation, structure the context, drive completion, in any function.
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© 2026 Zoom Communications, Inc. NOT JUST A TRANSCRIPT. A HIRING BRAIN. BrightHire: Why We Win in HR 27% fewer interviews per hire “AI is embedded into the operating model, not just layered onto an existing process.” CUSTOMER SPOTLIGHT: INCLUDED HEALTH 274 → 110 recruiter screening hours $1M+ saved vs. an outsourced agency 4.7/5 candidate experience, maintained
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© 2026 Zoom Communications, Inc. CONTEXT THAT COMPOUNDS + REAL-TIME INTERVENTION Common Room + ZRA: Why We Win in Sales Why Customers Choose Us 58% of wins cite product functionality How Fast We're Growing 41% ZRA paid customers up 41% year over year Enterprise Validation Trusted by industry leaders Zoom named a Leader in 2026 IDC MarketScape for Unified Revenue Orchestration Platforms
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© 2026 Zoom Communications, Inc. The System of Action for Modern Work Turns live interaction into completed work. Elevate the Core with AI Meetings, Phone, Events Accelerate Line-of-Business Solutions Customer Experience, Sales, HR Drive New AI Revenue Streams My Notes, ZoomMate, AI Productivity Suite, AI Services
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© 2026 Zoom Communications, Inc. Eric Yuan Founder & CEO Michelle Chang CFO Graeme Geddes Chief Sales Officer Russell Dicker Chief Product Officer Kim Storin Chief Marketing Officer Executive Q&A
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© 2026 Zoom Communications, Inc. Thank you!
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© 2026 Zoom Communications, Inc. Appendix
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© 2026 Zoom Communications, Inc. Top international countries and industries Top 10 industries BY REVENUE (Q2 FY27) Top 10 international countries BY EXIT ARR FOR CUSTOMERS >$100K ARR (Q2 FY27)
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© 2026 Zoom Communications, Inc. ($ in Thousands) FY24 FY25 FY26 H1 FY27 Total Revenue $4,527,224 $4,665,433 $4,868,769 $2,516,223 R&D Expenses GAAP R&D $803,187 $852,415 $844,875 $470,423 (-) Stock-based compensation expense and related payroll taxes $(337,951) $(340,324) $(294,449) $(149,298) (-) Acquisition-related expense $(15,490) $(11,914) $(5,125) $(2,307) (-) Restructuring expenses $(19,629) - - - Non-GAAP R&D $430,117 $500,177 $545,301 $318,818 GAAP R&D as a % of Total Revenue 17.7% 18.3% 17.4% 18.7% Non-GAAP R&D as a % of Total Revenue 9.5% 10.7% 11.2% 12.7% S&M Expenses GAAP S&M $1,541,307 $1,427,384 $1,388,297 $660,571 (-) Stock-based compensation expense and related payroll taxes $(385,071) $(330,183) $(267,450) $(122,051) (-) Acquisition-related expenses $(6,950) $(6,907) $(7,415) $(6,199) (-) Restructuring expenses $(32,930) - - - Non-GAAP S&M $1,116,356 $1,090,294 $1,113,432 $532,321 GAAP S&M as a % of Total Revenue 34.0% 30.6% 28.5% 26.3% Non-GAAP S&M as a % of Total Revenue 24.7% 23.4% 22.9% 21.2% G&A Expenses GAAP G&A $579,650 $442,712 $392,928 $194,431 (-) Stock-based compensation expense and related payroll taxes $(198,311) $(158,818) $(127,491) $(58,582) (+) Litigation settlements, net $(52,500) $(16,250) $18,000 - (-) Acquisition-related expense $(17,944) $(15,492) $(6,939) $(5,831) (-) Restructuring expenses $(13,315) - - - (-) Charitable donation of common stock - - $(20,904) - Non-GAAP G&A $297,580 $252,152 $255,594 $130,018 GAAP G&A as a % of Total Revenue 12.8% 9.5% 8.1% 7.7% Non-GAAP G&A as a % of Total Revenue 6.6% 5.4% 5.2% 5.2% GAAP to Non-GAAP Reconciliation
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© 2026 Zoom Communications, Inc. ($ in Thousands) FY24 FY25 FY26 Free Cash Flow Cash Flow from Operations $1,598,836 $1,945,308 $1,989,048 (-) Purchases of PPE $(126,953) $(136,560) $(64,961) Free Cash Flow $1,471,883 $1,808,748 $1,924,087 FCF Conversion 83% 98% 98% ($ in Thousands) FY24 FY25 FY26 Income from Operations Total Revenue $4,527,224 $4,665,433 $4,868,769 GAAP Income from operations $525,279 $813,295 $1,123,633 (+) Stock-based compensation expense and related payroll taxes $1,076,212 $966,732 $797,170 (-) Litigation settlements, net $52,500 $16,250 $(18,000) (+) Acquisition-related expense $47,904 $41,618 $25,238 (+) Impairment of assets - - $18,245 (+) Charitable donation of common stock - - $20,904 (+) Restructuring expenses $72,993 - - Non-GAAP Income from operations $1,774,888 $1,837,895 $1,967,190 GAAP Operating Margin 11.6% 17.4% 23.1% Non-GAAP Operating Margin 39.2% 39.4% 40.4% GAAP to Non-GAAP Reconciliation
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© 2026 Zoom Communications, Inc. ($ in Thousands) Q1 FY26 Q2 FY26 Q3 FY26 Q4 FY26 Q1 FY27 Q2 FY27 Gross Profit Total Revenue $1,174,715 $1,217,227 $1,229,835 $1,246,992 $1,239,006 $1,277,217 GAAP Gross Profit $896,313 $944,062 $958,065 $951,293 $964,719 $985,495 (+) Stock-based compensation expense and related payroll taxes $31,988 $26,582 $25,116 $24,094 $23,603 $22,301 (+) Acquisition-related expense $1,783 $1,170 $1,191 $1,615 $1,886 $2,149 (+) Impairment of assets - - - $18,245 - - Non-GAAP Gross Profit $930,084 $971,814 $984,372 $995,247 $990,208 $1,009,945 GAAP Gross Margin 76.3% 77.6% 77.9% 76.3% 77.9% 77.2% Non-GAAP Gross Margin 79.2% 79.8% 80.0% 79.8% 79.9% 79.1% ($ in Thousands) TTM Q2 FY24 TTM Q2 FY25 TTM Q2 FY26 TTM Q2 FY27 Free Cash Flow Cash Flow from Operations $1,261,360 $1,881,903 $1,912,984 $2,000,208 (-) Purchases of PPE $(119,382) $(161,269) $(67,694) $(74,551) Free Cash Flow $1,141,978 $1,720,634 $1,845,290 $1,925,657 Repurchases of common stock, excluding excise taxes $574,056 $437,693 $1,537,584 $1,451,593 (+) Purchases of strategic investments $58,500 $33,027 $32,495 $511,824 (+) Cash paid for acquisition, net of cash acquired $204,918 - - $368,451 Capital Deployed $837,474 $470,720 $1,570,079 $2,331,868 Capital Deployed as a % of Free Cash Flow 73% 27% 85% 121% GAAP to Non-GAAP Reconciliation