| Quarter | Call date | Disclosure | Financial quality | Kept | Missed | |
|---|---|---|---|---|---|---|
| Q2'27 | August 25, 2026 | 7/12 | 3 medium, 3 low flags | 0 | 0 | Call sheet → |
| Q1'27 | May 21, 2026 | 8/12 | 3 medium, 3 low flags | 6 | 0 | Call sheet → |
| Q4'26 | February 26, 2026 | 10/12 | 1 high, 4 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q1'26 | May 21, 2025 | 9/12 | 4 medium, 4 low flags | 3 | 1 | Call sheet → |
| Q4'25 | February 24, 2025 | 8/12 | 1 high, 3 medium, 3 low flags | 5 | 1 | Call sheet → |
| Q3'25 | 2024-11-25 | 9/12 | 4 medium, 2 low flags | 5 | 0 | Call sheet → |
| Q2'25 | 2024-08-21 | 9/12 | 1 high, 2 medium, 4 low flags | 4 | 1 | Call sheet → |
| Marked | Status | Promise |
|---|---|---|
| Q1'27 | Delivered | Phone to maintain mid-teens growth Confirmed continued mid-teens ARR growth, consistent with guidance |
| Q1'27 | Exceeded | Buybacks to 'at minimum' offset dilution $1B additional authorization suggests much more aggressive capital returns |
| Q1'27 | Exceeded | Contact center high double-digit growth to continue Actually accelerated in Q1 per Michelle, though no specific numbers given |
| Q1'27 | Delivered | AI monetization to inflect total revenue growth Revenue accelerated +20 bps, though FX helped and sustainability unclear |
| Q1'27 | Delivered | Enterprise to drive revenue growth acceleration Enterprise grew 7.2% vs 7.1% prior quarter, modest acceleration as promised |
| Q1'27 | Exceeded | Deferred revenue to be up 1-2% YoY in Q1 Delivered +5% due to fewer grace periods needed, beat high end significantly |
| Q4'26 | Missed | Strong free cash flow and margin improvements Free cash flow margins dropped 600 bps quarter-over-quarter, significant miss |
| Q4'26 | Delivered | BrightHire acquisition to close in Q4 Closed mid-Q4 as planned, sub-$100M investment |
| Q4'26 | Delivered | Custom AI Companion scaling with enterprise wins Named Oracle and Salesforce as new customers, showing concrete progress |
| Q4'26 | Delivered | Zoom Phone reaching 10M paid seats milestone Milestone reached early in Q3 as committed, now maintaining mid-teens ARR growth |
| Q4'26 | Exceeded | Continued ZCX ARR growth in high double digits Not only continued but accelerated in Q4 driven by AI monetization |
| Q4'26 | Delivered | AI Companion 3.0 launch advancing system of action AI Companion 3.0 launched as promised, with MAU growth tripling year-over-year |
| Q1'26 | Delivered | Continue refinement of discounting practices driving deferred revenue Deferred revenue up 5% YoY, though growth rate decelerated from 7% |
| Q1'26 | Missed | Return online business to growth while guide was flat to slight decline Still guiding online flat to down for FY26, no progress on return to growth |
| Q1'26 | Exceeded | We expect to see acceleration in Contact Center similar to Phone growth trajectory Contact Center at 65% customer growth, Phone at mid-teens - they're beating Phone's trajectory |
| Q1'26 | Pending | Zoom Virtual Agent will soon expand reasoning abilities to handle complex tasks Still saying 'will soon' - no timeline given for delivery |
| Q1'26 | Pending | Custom AI Companion will personalize AI to fit customer needs, connect with existing data Features exist but they're only discussing 'trial customers' not actual implementations |
| Q1'26 | Delivered | In April, we're launching Custom AI Companion add-on to automate workplace tasks They launched it but admitted 'only weeks in market' with just trial enthusiasm, no revenue |
| Q4'25 | Delivered | Continued investment in AI while maintaining profitability Operating margin improved 81bps YoY despite AI investment |
| Q4'25 | Exceeded | Free cash flow towards high end of $1.58-1.62B range Delivered $1.8B, well above range |
| Q4'25 | Missed | Gross margin approximately 79% for full FY25 Q4 was 78.8%, likely came in slightly below |
| Q4'25 | Exceeded | WorkVIVO growth acceleration from Meta partnership Growth accelerated from 79% to 89% YoY |
| Q4'25 | Exceeded | Contact Center continued momentum with large deals Delivered largest ARR deal in history (15K+ agents) |
| Q4'25 | Pending | Custom AI Companion add-on in first half of next year Narrowed to April launch, but timeline met |
| Q4'25 | Delivered | AI Companion 2.0 launch at Zoomtopia with advanced capabilities Delivered with memory, reasoning, orchestration features as promised |
| Q3'25 | Exceeded | Free cash flow in $1.58-1.62B range for full year Raised guidance to 'towards high end' of range |
| Q3'25 | Pending | Net dollar expansion would start reaccelerating middle of next year Still at 98%, no progress yet toward promised reacceleration |
| Q3'25 | Delivered | AI Companion adoption would accelerate significantly 59% QoQ growth in monthly active users |
| Q3'25 | Exceeded | Contact Center would continue strong growth momentum Delivered largest Contact Center deal ever at 20,000+ seats |
| Q3'25 | Delivered | Gross margin around 79% for full year FY2025 Maintained 79% guidance despite AI investment pressure |
| Q3'25 | Delivered | Revenue growth would trough in Q2 and show improvement in Q3 Growth improved from 2% to 4% YoY as promised |
| Q2'25 | Delivered | AI Companion adoption scaling significantly Grew from 700K to 1.2M accounts enabled, clear momentum |
| Q2'25 | Delivered | Contact Center gaining momentum with larger deals 117 large deals in Q2 vs ~90 in Q1, all top 10 wins were competitive displacements |
| Q2'25 | Exceeded | Free cash flow toward high end of $1.44-1.48B range Guidance raised to $1.58-1.62B based on H1 performance |
| Q2'25 | Pending | Gross margin approximately 79% for full year Q2 at 78.6%, tracking toward target but AI investment pressure continues |
| Q2'25 | Missed | Net dollar expansion rate will start to reaccelerate NDR remained at 98%, no improvement. Now pushed timeline to 'middle of next year' |
| Q2'25 | Delivered | Q2 would be the low point from a year-over-year growth perspective Q2 came in at 2% YoY growth, Q3 guided to 2.3% - technically delivered but barely |
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