Zoom Communications (ZM) Operating Margin (2018 - 2026)
Zoom Communications (ZM) posted quarterly Operating Margin of 20.04% for Q1 2026, up 103.0% year-over-year from 9.87% in Q1 2025, and down 20.6% quarter-over-quarter from 25.24% in Q4 2025.
Zoom Communications (ZM) Operating Margin (2018 - 2026) Analysis & Trends
Zoom Communications (ZM) has reported Operating Margin for 9 consecutive years, with 20.04% the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Margin rose 103.0% year-over-year to 20.04%; the TTM figure through Jan 2026 stood at 23.08% (up 565.0% YoY), while the FY2026 annual figure was 23.08%, up 565.0% from the prior year.
- Operating Margin retreated to 20.04% in Q1 2026 per ZM's latest filing, from 25.24% in the prior quarter.
- Across five years, Operating Margin topped out at 26.43% in Q3 2025 and bottomed at 11.62% in Q1 2023.
- Historically, Operating Margin has averaged 14.97% across 5 years, with a median of 17.41% in 2024.
- Annual changes were most pronounced in 2023 — Operating Margin tumbled 3512 bps — and 2024, when it soared 2632 bps.
- Zoom Communications' Operating Margin stood at 6.04% in 2022, then jumped by 147 bps to 14.9% in 2023, then gained by 4 bps to 15.53% in 2024, then soared by 63 bps to 25.24% in 2025, then dropped by 21 bps to 20.04% in 2026.
- Business Quant data shows ZM's Operating Margin at 20.04% in Q1 2026, 25.24% in Q4 2025, and 26.43% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 255.48 Bn | 234.41 Bn | 16.51 Bn | 27.70% |
| 2 | Shopify | 198.95 Bn | 194.00 Bn | 1.71 Bn | 13.62% |
| 3 | Salesforce | 160.70 Bn | 148.86 Bn | 8.56 Bn | 21.08% |
| 4 | Uber Technologies | 154.94 Bn | 149.73 Bn | 6.38 Bn | 13.32% |
| 5 | ServiceNow | 128.25 Bn | 123.58 Bn | 2.82 Bn | 4.06% |
| 6 | Snowflake | 114.00 Bn | 111.05 Bn | 926.45 Mn | -23.45% |
| 7 | Automatic Data Processing | 108.58 Bn | 104.35 Bn | 2.51 Bn | -33.33% |
| 8 | Adobe | 105.34 Bn | 99.72 Bn | 5.90 Bn | 33.82% |
| 9 | Intuit | 94.55 Bn | 87.77 Bn | 7.24 Bn | 46.97% |
| 10 | Zoom Communications | 31.31 Bn | 23.50 Bn | 951.29 Mn | 20.04% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 20.04% |
| Oct 31, 2025 | 25.24% |
| Jul 31, 2025 | 26.43% |
| Apr 30, 2025 | 20.57% |
| Jan 31, 2025 | 19.01% |
| Oct 31, 2024 | 15.53% |
| Jul 31, 2024 | 17.41% |
| Apr 30, 2024 | 17.79% |
| Jan 31, 2024 | 14.70% |
| Oct 31, 2023 | 14.90% |
| Jul 31, 2023 | 15.60% |
| Apr 30, 2023 | 0.88% |
| Jan 31, 2023 | -11.62% |
| Oct 31, 2022 | 6.04% |
| Jul 31, 2022 | 11.07% |
| Apr 30, 2022 | 17.42% |
| Jan 31, 2022 | 23.50% |
| Oct 31, 2021 | 27.68% |
| Jul 31, 2021 | 28.84% |
| Apr 30, 2021 | 23.67% |