On this page of StockholderLetter.com we present the latest annual shareholder letter from Zoom Video Communications, Inc. — ticker symbol ZM. Reading current and past ZM letters to shareholders can bring important insights into the investment thesis.

 •  4/30/2026 Letter Continued (Full PDF)
 •  5/5/2023 ZM Stockholder Letter
 •  5/2/2024 ZM Stockholder Letter
 •  5/1/2025 ZM Stockholder Letter
 •  More "Information Technology Services" Category Stockholder Letters
 •  ZM Benford's Law Stock Score = 85

ZM Shareholder/Stockholder Letter Transcript:

Annual Report
Fiscal 2026

Fellow Shareholders,
We are at a pivotal moment in
human history. AI is rapidly
transforming how we work and
interact, and Zoom is uniquely
positioned as the system of action
at
the
center
of
this
transformation.
We
capture
human interactions in the moment and convert them
to action in the form of automated workflows,
decisions, and outcomes. This new AI value takes us
beyond communications into the higher-value
execution layer, increasing our share of customer
workflows, driving multi-product adoption, and creating
new monetization opportunities across our platform.
Our success moving into the execution layer is driven
by progress across our key priorities:
1. Elevating Workplace with AI,
2. Driving growth of new AI products, and
3. Scaling AI-first Customer Experience.
These priorities guide us as we drive top-line growth,
increase customer lifetime value with higher product
adoption, expand relevance across enterprise
workflows, monetize AI at scale, and, most
importantly, deliver enduring value to our customers.
Elevating Workplace with AI
Zoom Workplace is where our AI system of action
comes to life. Spanning the full work lifecycle     from
meetings and calls to chat, docs, and whiteboard     it
turns everyday collaboration into completed outcomes
and reduces manual work with its strong set of deeply
embedded AI features.
AI Companion MAUs more than tripled during FY26,
extending beyond meeting summaries into Side Panel
queries, call summaries, smart compose, Zoom Docs,
and more. AI Companion 3.0, released in December,
further layers in web portal access, personal AI
note-taking and workflow automation, giving users
more tools to turn meetings from one-off events into
engines of ongoing work. Powered by our federated AI
architecture, customers can use Zoom's models
alongside trusted third-party models, offering them
flexibility, quality, and cost savings that provide
advantages over closed systems. Evolving AI
Companion from a productivity tool into a workflow
engine, is part of our strategy to directly and indirectly
monetize AI through premium capabilities, deeper
enterprise integrations,
dependency.
and
greater
platform
Zoom Phone surpassed 10 million seats in early Q3,
more than doubling in three years, with ARR growing
in mid-teens each quarter of FY26. We   re pleased to
see AI usage deepening, with Phone MAUs using AI
features increasing nearly 35% sequentially in Q4;
and growing strength in industries like healthcare,
financial services, and retail. In Q4, we landed a
Fortune 10 customer for 140,000 seats, displacing
Cisco; secured two major U.S. financial institutions,
displacing both Teams and Cisco; and expanded a
leading global bank to 150,000 total seats.
Importantly, Phone continues to serve as a strategic
entry point for broader platform adoption, including
Contact Center, Virtual Agent, and Revenue
Accelerator.
Workvivo saw 58% growth in the number of customers
with over $100,000 ARR across FY26, demonstrating
durable organic momentum even as our Meta
transition partnership ended midyear. The continued
success of Workvivo exemplifies our disciplined
approach to M&A     identifying category-leading
products that fit naturally into our global distribution
and product suite, and integrating them thoughtfully to
accelerate growth. In FY26, Workvivo launched new
AI products and features, powered by Zoom AI, to
deepen our value for users and provide differentiated
analytical tools to HR leaders.
Driving Growth of New AI Products
We are reimagining the relationship between human
conversation and AI action by delivering new AI value
in scenarios where we have a clear competitive
advantage and direct path to monetization, both
horizontally and in targeted verticals.
Last April, we released Custom AI Companion, our
premium paid AI add-on for Workplace. As millions of
customers experience AI Companion's value, CAIC
offers them a natural path to achieve even more with
Zoom AI     enabling deeper customization, agent
automation, AI search, and third-party integrations
tailored to their unique workflows     and drives AI
monetization within Workplace, moving Zoom up the
value stack. We   re seeing scaled adoption with
several Fortune 200 companies, including Oracle and
Salesforce, and wall-to-wall wins across tech,
education, and other sectors.
(continued on back cover)

4/30/2026 Letter Continued (Full PDF)

 

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