2025-05-21-Jefferies-Zoom（ZM）_2026财年第一季度回顾表现稳健；新产品采用指标令人鼓舞_12页_814kb

Zoom (ZM) Equity Research Summary

Key Ratings & Prices:

• Rating: BUY
• Target Price: $82.27 (Current)
• One-Year Target: $100.00 (+22% upside)

Company Update & FQ1 (Primarily Enterprise Focus):

• FQ1 total revenue modestly beat consensus (+1%) with solid revenue growth in Enterprise.
• Overall operating margin improved significantly (+130 bps) driving a 9% increase in EPS (+6% YoY).
• Management raised the FY26 revenue guidance due to price increases, primarily in Online.
• Enterprise revenue growth (+5.9% YoY) outpaced expectations as new products gain traction, premium customer NRR remains strong (98%).
• Online churn rate stabilized at a low level (2.8%) but revenue growth for the segment moderated slightly year-over-year.

Forward Guidance & Financial Projections:

• Stronger than expected Q2 guidance released.
• FQ2 revenue and earnings guidance remains slightly below initial expectations due to temporary guidance method factors.
• New FY guidance indicates confidence in revenue growth, positioning for a continued FY, with a focus on manageable operational leverage.
• Equity Research financial models support a target that factors in cash usage for buybacks contributing positively to shareholder returns.

New Products & Trends:

• Shows encouraging signs from newer products driving Enterprise momentum, including Zoom Contact Center, Zoom Phone, and Workvivo.
• Increased Zoom AI Companion usage observed.

Economic & Investment Outlook:

• Thesis: Reiteration of Buy rating highlights efficiency, market leadership, and strong enterprise customer base. Expectations of continued incremental growth from AI and bundled offerings.
• Outlook: Year-over-year revenue expected to moderate due to achieving winning goals. Suggests flat-to-positive guidance is likely adequate and good for enterprise growth.

Company Background:

• Zoom provides a communication technology platform including video communication, messaging, and contact centers.

Disclaimer:

• This summary retains essential elements from the analyst reports but omits details from longer fiscal records, balance sheets, exhibits, investment thesis sections, or risk acknowledgements provided in the original document.