Company profile
SEC EDGAR ↗- Industry
- Services-Computer Programming, Data Processing, Etc.
- Listed
- Nasdaq: ZM
- Incorporated
- DE
- Headquarters
- San Jose, CA
- Fiscal year end
- Jan 31
Financials
FY2026- Revenue
- $4.87B
- Net income
- $1.90B
- Total assets
- $12.0B
Latest full fiscal year from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Cannibalization Choice · Decision Forks
Zoom's Stock Fell About 85%. Its Revenue Kept Rising. The Company Is Splitting in Two
The stock fell ~85% from its $568 peak, so everyone assumes Zoom is fading. But revenue hit a new high every year — $4.67B in FY2025. The real story is a company quietly bifurcating, racing to grow its enterprise half before its consumer half bleeds out.
8 min
The Cannibalization Choice · Decision Forks
Zoom Sells Necessity as Nerve: The Core Meetings Business Managed Barely 3% Growth
Eric Yuan calls Zoom's pivot a plan to 'disrupt itself.' But the core meetings business went from $4.10B to $4.67B in three years—barely 3% growth. That's not a brave cannibalization. It's a company that ran out of room and is now selling necessity as nerve.
7 min
The Bet · Decision Forks
Zoom's 326% Pandemic Surge Was Demand Pulled Forward — and the Math Came Due
Zoom's revenue surged 326% to $2.65B in a single fiscal year and its stock ran from ~$89 to ~$559. Then it gave nearly all of it back. The windfall wasn't a strategic masterstroke - it was demand pulled forward, and the math was always going to come due.
7 min
The Inflection · Decision Forks
Zoom Got the Whole World in a Quarter. It Couldn't Keep the Part That Mattered.
Zoom's famous '10 million to 300 million users' jump was a retracted statistic - it counted the same person twice. The real story is what the spike couldn't buy: by FY2024 revenue growth had collapsed to about 3%.
7 min
The Moat Anatomy · Moat & Competition
Zoom Had a Brilliant Product and a Borrowed Moat. Then the Bill Came Due.
Zoom went from 326% revenue growth to 3.1% in three fiscal years. The collapse wasn't a failure - it was a confession: what looked like a structural moat was product velocity all along, and velocity isn't a wall.
8 min
The Pricing Play · Business Model
55% of Zoom's Biggest Customers Started Free — the Tier Was an Enterprise Sales Engine
The story is that a free product went viral in a pandemic. The truth is colder: 55% of Zoom's biggest customers started for free, and the engine was profitable before COVID ever hit. Then the pandemic flooded the funnel with people who would never pay - and broke the math.
7 min