Cash flow is strong, but customer churn remains flat. Like the share repurchases

Zoom Video Communications
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44Zoom Q2’26 Earnings Highlights
🔹 Revenue: $1.217B (Est. $1.20B) 🟢; UP +4.7% YoY
🔹 Adj EPS: $1.53 (Est. $1.38) 🟢; UP +10% YoY
FY26 Guide:
🔹 Revenue: $4.825–$4.835B (Est. $4.808B) 🟢
🔹 Adj EPS: $5.81–$5.84 (Est. $5.61) 🟢
🔹 Free Cash Flow: $1.74–$1.78B
Q3’26 Guide:
🔹 Revenue: $1.21–$1.215B (Est. $1.211B) 🟡
🔹 Q3’26 Non-GAAP EPS: $1.42–$1.44 (Est. $1.39) 🟢
Other Q2 Metrics:
🔹 Enterprise Revenue: $730.7M; UP +7.0% YoY
🔹 Online Revenue: $486.6M; UP +1.4% YoY
🔹 Adj Operating Margin: 41.3% (vs 24.9% LY); +640 bps YoY
🔹 Net Income (Non-GAAP): $471.3M; UP +8% YoY
🔹 Free Cash Flow: $508M; UP +39% YoY
Customer Metrics:
🔹 Customers >$100K TTM Revenue: 4,274; UP +8.7% YoY
🔹 Enterprise Net Dollar Expansion Rate: 98%
🔹 Online Monthly Churn: 2.9% (flat YoY)
🔹 74.9% of Online MRR from customers with ≥16 months continual service (+50 bps YoY)
Capital & Liquidity:
🔹 Share Repurchases: 6.0M shares in Q2; 27.4M under current plan
🔹 Cash & Investments: $7.8B (as of Jul 31, 2025)
CEO Commentary:
🔸 “AI is transforming the way we work together, and Zoom is at the forefront—helping people get more done, reduce costs, and deliver better experiences.” — CEO Eric Yuan
🔸 “We achieved our highest YoY revenue growth in 11 quarters, with GAAP operating margin expanding by 9 points.”
🔸 “Given our strong results, we are raising our full-year outlook for revenue, non-GAAP operating income, and free cash flow.”
Zoom class action lawsuit in the USA
Today my broker wrote to me that it is about $ZM (-3,48 %) a class action lawsuit in the USA with a link for further information (www.ZoomSecuritiesSettlement.com).
Now my school English is not exactly sufficient for this "legal English". Even Google Translation is of little help to me.
Can anyone give me information on what this is about?
Does it make sense for me as a "small shareholder" to join?
V
I have understood the deadlines, what I would have to submit when participating and that I am the "aggrieved party". But how have I been harmed?
Thank you in advance!


Was the pandemic a bad time to start investing? (Market review & €100,000 portfolio performance update)
It is April 2020, and I am a young and hopeful student who has been studying the theory of financial education for several years and decide to take advantage of the supposedly unique opportunity of the "crash" to finally enter the stock market despite limited capital.
Theoretically, the idea was that it should be easy to get in during a difficult market phase, as all assets should be cheap due to the uncertainty. At least cheaper than they were before. When markets fall, multiples fall too. So even if you don't get everything right or even get a lot wrong, from a purely mathematical point of view you should still be better off than someone who got in in 2018 or 2019. So far, this logic is actually conclusive.
But the pandemic crash was not a normal crash. And I actually find it far too interesting not to talk about it.
In my experience, there is still a lot of talk today about the new markets in 2001 and the real estate bubble in 2008. However, the exciting market phase of the pandemic has hardly been looked back on at all. This may also be due to the fact that we don't feel we can look back at it yet, as we can still feel the effects and have barely really overcome them. However, it is now slowly becoming apparent that a new era has dawned on the market, which is primarily about tariffs, trade deficits and currencies.
But what makes the pandemic a bad time to start?
If you look back at the charts of some securities (and for the sake of clarity, I would like to refer mainly to equities here), you can see several things.
In the case of shares with a gravitas such as $BRK.B (+0,8 %) only a tiny corona dent can be seen on the long-term chart. From this you can see that it didn't really matter when you invested. However, the earlier the better. It was important to invest at all, but it was not necessary to wait for a specific point in time. However, this even applies to clear pandemic losers such as $BKNG (-0,64 %) and $EVD (-1,21 %) .
For some stocks like $AMZN (+0,2 %) and $MSFT (-0,71 %) the entry point during the actual crash was not ideal. There was an optimal entry point for both stocks recently, but this would not have been apparent until 2-3 years after the crash. Both stocks survived the pandemic almost unscathed, but were then affected by severe secondary factors that put the business under pressure.
Stocks like $TMO (-0,62 %) or $AFX (+1,73 %) were considered pandemic winners. You could have picked them up at the beginning of the crash ... or you could have left them alone and got them back 5 years later at exactly the same price as before the pandemic started.
And now the worst category: hype stocks. The absolute catastrophe happened to all those who were looking for opportunities where there were actually none. Whether investments in emerging markets or hopes for the future in $ZM (-3,48 %) and $FVRR (-2,48 %) - Money that was taken out of the broad market ended up largely concentrated in assets that will not reach their ATH for another 20 years. Anyone wanting to be in it for the long term found their Waterloo in the pandemic. Some companies such as $EUZ (-0,14 %) or $SRT (-0,12 %) may well be doing great things. But here the "crash" was simply the absolute worst entry opportunity of the entire decade.
Correction Edit: I only found a group of stocks that I really needed to buy in the crash and that was Big Oil. There were certainly other stocks that were a bit cheaper at the time. But for the most part, it was not essential to enter at the low point in order to make good returns. That is what made this market phase so difficult. The good stocks were NOT extremely cheap, but there were many bad stocks that were extremely expensive. For newcomers, such a situation is incredibly difficult to navigate.
I closed 2020 with +12% and 2021 with +8% only to get a -22% in 2022. So I didn't make any returns at all in the first 3 years and just paid a lesson.
I thought I would have been smart at least not to have entered in 2018/2019 when all shares were valued much higher on average. But I might have gained experience in these two years so that I would have had more guidance in 2020. Or I could have started in 2022/2023, when there were no more hype stocks and you could pour money into the market with a watering can and it almost always turned into a flower.
I recently saw the portfolio of a friend who restarted his portfolio in 2022. Almost the same portfolio size as mine. However, while I have made 7% p.a. since the start of my portfolio, he has an IZF of 15%. With a portfolio size of 100k, this means that I am sitting on €12,000 book profits and he on €33,000
Backtests are currently showing that my strategy has really put me to sleep and put me to sleep by ALL known and common indices over 5 years. The only consolation here is really the 3-year performance, where it is clear that I can keep up with the major indices and also leave a few big names behind me.
So on a positive note: I'm getting better.

Maybe your friend drives with more risk to get the 15%, but you might have more stability🧐
Comprehensive insurance is more expensive than third-party liability, but you're in a better position in the event of a claim. And no, I don't work for Check24😄
Zoom Q1 Earnings Highlights
🔹 Revenue: $1.1747B (Est. $1.166B) 🟢; +2.9% YoY
🔹 Adj EPS: $1.43 (Est. $1.31) 🟢; +6.0% YoY
FY Guidance:
🔹 Revenue: $4.800B–$4.810B (Est. $4.788B) 🟢
🔹 Adjusted EPS: $5.56–$5.59 (Est. $5.37) 🟢
🔹 Free Cash Flow: $1.68B–$1.72B
🔹 Shares Outstanding: ~312M
Q2 Guidance:
🔹 Revenue: $1.195B–$1.200B (Est. $1.192B) 🟢
🔹 Adjusted EPS: $1.36–$1.37 (Est. $1.34) 🟢
🔹 Shares Outstanding: ~310M
Segment Revenue:
🔹 Enterprise: $704.7M; +5.9% YoY
🔹 Online: $470.0M; -1.2% YoY
Cash & Capital Allocation:
🔹 Free Cash Flow: $463.4M; ↓ YoY from $569.7M
🔹 Net Cash from Ops: $489.3M; ↓ YoY from $588.2M
🔹 Total Cash & Investments: $7.8B
🔹 Share Repurchase: 5.6M shares (↑ from 4.3M in Q4)
Customer Metrics:
🔹 Customers >$100K TTM Revenue: 4,192; +8% YoY
🔹 Enterprise Net Dollar Expansion Rate: 98%
🔹 Online Churn: 2.8%; ↓ 40bps YoY
🔹 74.2% of Online MRR from customers with ≥16 months; ↑ 40bps YoY
🔸 CEO Eric Yuan Commentary:
"Zoom exceeded guidance in both revenue and profitability despite macro uncertainty. Our AI-first innovation is resonating with customers across CX, sales, and culture. We’re doubling down on execution and shareholder returns."
Subsequent purchase Teamviewer
We have also struck at Teamviewer. The software company from Göppingen is hardly directly affected by the tariffs, but is nevertheless being punished on the stock market.
In a multiple comparison with other software groups, we believe that TeamViewer is fundamentally undervalued. We have therefore increased our position in the company and taken advantage of the current correction.
TeamViewer is the global market leader for remote desktop applications. However, contrary to what US analysts regularly confuse, it is not a direct competitor of $MSFT (-0,71 %) Teams or $ZM (-3,48 %)
TeamViewer is used more for the remote control of machines or cash register systems. The share of sales generated by large corporations is also growing year on year.
What do you think of the purchase?
$ZM (-3,48 %) | Zoom Communications Q3 Earnings Highlights
🔹 Non-GAAP EPS: $1.38 (Est. $1.31) 🟢
🔹 Total Revenue: $1.18B (Est. $1.16B) 🟢; UP +3.6% YoY
Q4 Guidance:
🔹 Revenue: $1.175B-$1.18B (Est. $1.17B) 🟡
🔹 Non-GAAP EPS: $1.29-$1.30 (Est. $1.28) 🟢
FY25 Guidance:
🔹 Revenue: $4.656B-$4.661B (Est. $4.66B) 🟡; Growth of +3.7% YoY
🔹 Non-GAAP EPS: $5.41-$5.43 (Est. $5.41) 🟡
🔹 Free Cash Flow: $1.58B-$1.62B
Other Key Q3 Metrics:
🔹 Enterprise Revenue: $698.9M; UP +5.8% YoY
🔹 Online Revenue: $478.7M; Flat YoY
🔹 Non-GAAP Operating Margin: 38.9%
🔹 Free Cash Flow: $457.7M; UP +1.0% YoY
🔹 Operating Cash Flow: $483.2M; DOWN -2.0% YoY
🔹 Gross Profit: $893.7M; UP +3.2% YoY
Customer Metrics
🔹 Customers Contributing >$100K in TTM Revenue: 3,995; UP +7.1% YoY
🔹 Enterprise Customers: 192,400
🔹 Trailing 12-Month Net Dollar Expansion Rate for Enterprise Customers: 98%
🔹 Online Monthly Average Churn: 2.7%; DOWN 30 bps YoY
🔹 Percentage of Online Monthly Recurring Revenue from Customers with Continual Service (16+ months): 74.1%; UP 90 bps YoY
Operational Highlights
🔸 Corporate name changed to Zoom Communications to reflect its broader vision.
🔸 Announced AI Companion 2.0 and paid AI add-ons, including industry-specific AI customization.
🔸 Secured a 20,000-seat Zoom Contact Center deal in EMEA.
🔸 Workvivo signed its largest deal with a Fortune 10 company.
🔸 Expanded stock repurchase authorization by $1.2B, bringing the total authorization to $2.0B.
CEO Commentary
🔸 Eric S. Yuan, Founder and CEO:
"In Q3, we were pleased to see revenue and enterprise revenue growth improve to approximately 4% and 6% YoY, respectively, and online monthly average churn reach an all-time low of 2.7%. Our investments in AI and integrated platforms are driving strong enterprise adoption and expansion."
Stock Repurchase Program
🔹 Repurchased 4.4M shares of common stock in Q3.
🔹 Authorization increased by $1.2B, bringing the total to $2.0B available for repurchase. 👀
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