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% quarter-over-quarter from 25.24% in Q4 2025.
Zoom Communications (ZM) Operating Margin (2018 - 2026) Analysis & Trends
Zoom Communications (ZM) has 9 years of Operating Margin data on file, last reported at 20.04% in Q1 2026.
- Operating Margin for Q1 2026 came in at 20.04%, up 103.0% year-over-year; the trailing twelve-month figure through Jan 2026 was 23.08% (up 565.0% YoY), and the FY2026 annual result was 23.08%, up 565.0% from the prior year.
- Operating Margin eased to 20.04% in Q1 2026 per ZM's latest filing, from 25.24% in the prior quarter.
- Over five years, Operating Margin peaked at 26.43% in Q3 2025 and troughed at 11.62% in Q1 2023.
- A 5-year average of 14.97% and a median of 17.41% in 2024 frame the typical range for Operating Margin.
- The sharpest annual moves came in 2023 and 2024: Operating Margin tumbled 3512 bps in 2023, then soared 2632 bps in 2024.
- A 5-year view of Operating Margin shows it stood at 6.04% in 2022, then soared by 147 bps to 14.9% in 2023, then rose by 4 bps to 15.53% in 2024, then surged by 63 bps to 25.24% in 2025, then slipped 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 | 238.14 Bn | 220.17 Bn | 8.16 Bn | 28.69% |
| 2 | Full Truck Alliance | 166.83 Bn | 164.28 Bn | - | - |
| 3 | Uber Technologies | 150.36 Bn | 149.32 Bn | 11.88 Bn | 14.56% |
| 4 | Shopify | 147.75 Bn | 142.01 Bn | 1.55 Bn | 12.05% |
| 5 | Salesforce | 140.39 Bn | 128.55 Bn | 8.56 Bn | 21.08% |
| 6 | Cadence Design Systems | 105.73 Bn | 104.32 Bn | 1.26 Bn | 29.26% |
| 7 | ServiceNow | 105.42 Bn | 100.24 Bn | 2.83 Bn | 13.34% |
| 8 | Automatic Data Processing | 89.57 Bn | 86.34 Bn | 2.87 Bn | -22.99% |
| 9 | Adobe | 85.05 Bn | 78.16 Bn | 5.90 Bn | 33.82% |
| 10 | Zoom Communications | 27.67 Bn | 19.85 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% |