Zoomtopia 2026: Putting a Number on Acceleration

We attended Zoomtopia in Los Angeles on October 20. Zoom introduced its first time-bound revenue target: 6-8% growth in FY30 on an organic basis, versus consensus of ~4% in FY28/FY29, driven by double-digit Enterprise growth (vs. consensus ~6%) while holding ~40% non-GAAP operating margin, superseding the prior 33-36% long-term target, with GAAP operating margin expanding to 28-30% from 23% in FY26A on lower SBC of 10-12% of revenue. New disclosures show monetization translating into higher customer spend: customers with 3+ products are now 70% of Enterprise ARR, up from 61% in Q2 FY24, and AI SKUs are ~60% of ZCX ARR growing in the mid-100s%, roughly 2x total ZCX growth. The Elite SKU carries a 122% realized uplift and Zoom Virtual Agent a 41% uplift, with ZVA engagements up more than 6x over six months. Reaching the 7% FY30 midpoint implies ~$400mm of Y/Y dollar growth in FY30, more than double the ~$175mm average posted over FY24-FY27e (range ~$130mm-$220mm), which we see as a relat