Zoom Communications (ZM) Operating Margin (2018 - 2026)
Zoom Communications (ZM) reported Operating Margin of 20.04% for Q1 2026, up 103.0% year-over-year from 9.87% in Q1 2025, and down 20.6% on a QoQ basis from 25.24% in Q4 2025.
Zoom Communications (ZM) has 9 years of Operating Margin data on file, last reported at 20.04% in Q1 2026.
- Quarterly Operating Margin rose 103.0% year-over-year to 20.04% in Q1 2026, while the trailing twelve-month figure through Jan 2026 was 23.08% (up 565.0% YoY) and the FY2026 annual result came in at 23.08%, up 565.0% from the prior year.
- Operating Margin declined 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.
- The 5-year median for Operating Margin is 17.41% (2024), against an average of 14.97%.
- The widest annual swing landed in 2023, when Operating Margin sank 3512 bps; it then jumped 2632 bps in 2024.
- Tracing ZM's Operating Margin over 5 years: stood at 6.04% in 2022, then jumped by 147 bps to 14.9% in 2023, then grew by 4 bps to 15.53% in 2024, then soared by 63 bps to 25.24% in 2025, then retreated by 21 bps to 20.04% in 2026.
- Per Business Quant, the three latest ZM Operating Margin figures stand at 20.04% (Q1 2026), 25.24% (Q4 2025), and 26.43% (Q3 2025).
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Sap Se | 253.17 Bn | 235.20 Bn | 8.16 Bn | 28.69% |
| 2 | Salesforce | 171.07 Bn | 161.50 Bn | 8.69 Bn | 16.69% |
| 3 | Uber Technologies | 147.39 Bn | 146.35 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 134.25 Bn | 128.50 Bn | 1.55 Bn | 12.05% |
| 5 | ServiceNow | 105.72 Bn | 100.54 Bn | 2.83 Bn | 13.34% |
| 6 | Cadence Design Systems | 101.64 Bn | 100.23 Bn | 1.26 Bn | 29.26% |
| 7 | Adobe | 100.35 Bn | 93.46 Bn | 5.73 Bn | 37.79% |
| 8 | Automatic Data Processing | 90.91 Bn | 87.68 Bn | 2.87 Bn | -22.99% |
| 9 | Intuit | 88.30 Bn | 81.52 Bn | 6.77 Bn | 46.97% |
| 10 | Zoom Communications | 31.75 Bn | 23.93 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% |
| Jan 31, 2021 | 29.02% |
| Oct 31, 2020 | 24.74% |
| Jul 31, 2020 | 28.35% |
| Apr 30, 2020 | 7.13% |
| Jan 31, 2020 | 5.61% |
| Oct 31, 2019 | -1.01% |
| Jul 31, 2019 | 1.55% |
| Apr 30, 2019 | 1.28% |
| Jan 31, 2019 | 5.19% |
| Oct 31, 2018 | -1.18% |
| Jul 31, 2018 | 4.59% |
| Apr 30, 2018 | -2.80% |