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FY2025 Annual Report · Zoom
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Fellow Shareholders,
FY25 was a transformative year
for Zoom. As I reflect on the past
twelve
months, I am incredibly
proud
of
how
we evolved our
mission, refined our strategy, and
strengthened
our
value
proposition for our customers to
position
ourselves
for
long-term
success.
We
sharpened our focus as an AI-first open work platform,
while significantly expanding our capabilities across
communication
and
collaboration,
customer
experience,
and
employee
engagement.
Amid
ongoing macroeconomic pressures, we executed with
agility—dialing up innovation and delivering value to
both our customers and shareholders. On the Q4
earnings call, I shared these three key strategic
priorities:
●
Expand AI capabilities to drive customer value
●
Rapidly innovate within Zoom Workplace
●
Scale growth businesses such as Contact
Center and Workvivo
These priorities are guiding Zoom now and as we look
ahead, building upon the progress achieved in FY25.
Expanding AI capabilities to drive customer value
Since
its
release
in
September
2023,
Zoom
AI
Companion has rapidly become an indispensable part
of
our
platform,
driving
customer
value
and
competitive differentiation. At Zoomtopia in October
2024, we shared that more than four million accounts
have AI Companion enabled—and that number has
grown significantly since. More importantly, AI usage
is taking hold at an accelerated pace; in Q4 the
number of Monthly Active Users1 increased 68%
quarter over quarter, up from 59% in Q3. This trend
underscores
the
rising
demand
for
practical,
integrated AI solutions designed to boost productivity,
drive revenue, reduce costs, and enable people to
focus on their most important work.
Zoom was among the first to adopt a federated,
multi-model approach to AI, untethering from any one
technology.
This
flexible approach enables us to
dynamically select the most suitable model for each
task, delivering the highest quality for customers while
optimizing for cost efficiency. We were also early in
1 Monthly Active Users represents the number of
unique users using at least one feature of Zoom AI
Companion in the previous 28 days.
committing to developing our AI technology without
training on customer content, staying true to our
deeply-held belief that trust is paramount and the best
way to drive adoption of our products.
During our Zoomtopia conference in San Jose, we
showcased breakthrough innovation and unveiled AI
Companion
2.0,
marking
a
step
change
in
the
evolution of Zoom’s AI capabilities. This release built
upon the success of popular AI Companion features
like meeting summaries and in-meeting questions,
and leverages the deep contextual advantages of
Zoom’s
system
of
engagement
to
synthesize
information and take action on the user’s behalf. New
capabilities in memory, reasoning, orchestration, and
integrations with leading productivity suites represent
a
thoughtful
and
deliberate
evolution
from
a
task-specific assistant towards being truly agentic.
Our
innovation
engine
and
ambitious
roadmap
continue to expand Zoom’s total addressable market
and directly address customers’ pain points. The
Custom AI Companion, our first paid AI add-on in
Workplace, is designed to automate workplace tasks
through powerful, customizable agents. This allows
organizations to tailor AI to their unique needs by
connecting with their existing data and integrating
seamlessly with third-party tools to drive intelligent,
agentic actions. We also announced verticalized AI
solutions for Healthcare and Education, and Zoom
Workplace for Frontline—all on track to be generally
available in FY26. These purpose-built offerings are
natural extensions of our core collaboration suite and
are
designed
to
unlock
growth
in
industries
undergoing
rapid
transformation
driven
by
AI
automation.
Rapidly innovating within Zoom Workplace
Zoom Workplace continued to evolve in FY25, with AI
infused across Zoom Phone, Meetings, Team Chat,
Whiteboard and more. In Q1 we rolled out a refreshed
user
interface,
expanded
integrations,
and
new
workflow
automation
capabilities.
The
redesigned
interface streamlines the user experience, positioning
Team Chat as a centralized hub for asynchronous
communications—with intuitive access and seamless
interoperability across all Zoom collaboration tools. In
Q2 we took a major step forward in our platform vision
with the launch of Zoom Docs, a powerful AI-native
offering
that
extends
our
presence
across
more
touchpoints in the productivity lifecycle. Zoom Docs
enables users to transform information from across
(continued on back cover)

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the platform into a range of actionable, collaborative 
content. Adoption has been strong; in Q4 usage more 
than doubled quarter over quarter. We believe these 
advancements have made Zoom Workplace better 
than ever at helping teams working from anywhere get 
more of their best work done. 
 
Scaling growth businesses 
Zoom Contact Center continued its rapid ascent in 
FY25. In Q3 Zoom surpassed 1,250 total Contact 
Center customers and closed our largest deal by 
seats sold to date with Agencia Tributaria, the Spanish 
equivalent of the IRS. We continued to build on that 
strong momentum in Q4, growing the number of 
Contact Center customers with over $100k in ARR by 
more than 100% year over year and landing our 
largest ARR deal yet with a prominent Fortune 100 
U.S. technology company. 
 
AI has been a key driver behind these wins, as shown 
by the growing traction of our higher-tier CX solutions. 
These  SKUs are powered by generative AI, delivering 
real-time assistance through features like AI Expert 
Assist, 
Quality 
Management, 
and 
Workforce 
Management. Meanwhile, we’ve boosted Zoom Virtual 
Agent with advanced reasoning capabilities, enabling 
it to handle complex conversations while maintaining 
context, further enhancing our differentiated value 
proposition for customers looking to future-proof their 
customer experience.  
 
Workvivo has emerged as a key growth driver, 
delivering record results and accelerating across all 
regions in the back half of FY25. In Q4 Workvivo 
customer count grew 89% year over year, and landed 
several seven-figure ARR deals with global brands 
like Delta and a Fortune 10 company, among others. 
Our 
exclusive migration partnership with Meta 
contributed to this strong momentum. By deeply 
integrating Workvivo into Zoom Workplace, we’re 
creating 
a 
seamless 
experience 
where 
communication, culture, and collaboration come 
together—a key advantage as companies look to 
boost engagement in flexible work environments and 
extend reach beyond knowledge workers to the 
frontline.  
 
Disciplined execution driving shareholder value 
Despite 
FX headwinds and pressures in key 
industries, 
FY25 total revenue grew 3% with 
Enterprise revenue growing 5%, both of which 
accelerated in the second half. In FY25 Online 
Average Monthly Churn reached a new low—a clear 
sign of how deeply our platform approach is 
resonating with customers.  
 
We’ve maintained a disciplined focus on driving 
top-line growth while improving operational efficiency.  
In FY25 operating cash flow rose 22% to over $1.9 
billion and we delivered a 5.8-point expansion in 
GAAP operating margin, driven by increased focus on 
prioritizing investments and controlling share-based 
compensation. We continue to invest in AI, drive 
ongoing 
data center efficiencies, and optimize 
go-to-market 
strategies, 
fueling 
innovation 
and 
positioning Zoom for sustainable long-term growth. 
 
As our cash flow continues to grow and our balance 
sheet remains robust, we are focused on ensuring our 
external capital deployment is just as efficient and 
value-driven as our internal investment strategies. In 
FY25 we authorized an incremental $1.2 billion share 
repurchase to supplement our existing $1.5 billion 
buyback 
program, 
demonstrating our continued 
confidence in Zoom’s long-term growth trajectory. Our 
strong cash flow generation allows us to invest in 
long-term value creation through targeted investments 
in innovation, ongoing buybacks and selective M&A 
opportunities. 
 
Reinforcing our values and looking ahead 
As I reflect on FY25 with gratitude, I’m incredibly 
proud of Zoom’s continued positive and meaningful 
impact on the global community. Amid ongoing 
macroeconomic uncertainty, we remain anchored in 
our enduring culture of delivering happiness to our 
customers and employees, and our core value of 
Care. I am confident that our AI-first platform strategy 
has significantly strengthened our position over the 
past year. Looking ahead, we see tremendous 
opportunity as customers seek modern, integrated 
solutions to drive productivity, engagement, and 
exceptional 
customer 
experiences. 
With 
second-to-none 
product 
innovation, 
a 
maturing 
go-to-market engine, and strong financial discipline, 
Zoom is well positioned as we execute on our key 
priorities and look to drive sustainable growth and 
value for shareholders. 
 
Looking Forward, 
 
Eric S. Yuan 
Zoom Founder, CEO, and Stockholder 
(continued from front cover)