$3.13 billion is the current carrying value of Zoom Communications' (ZM) stake in Anthropic, a position the San Jose, California company first opened in early 2023. A single quarter (Q2 FY2026) generated a $1.61 billion unrealized gain on that holding, and Zoom added roughly $301 million to the position across the six months through July. Outside Anthropic, the company holds $140.2 million in equity securities of other private AI companies. Zoom's platform spans video meetings, cloud telephony, team chat, and productivity tools, with a market cap of roughly $29.4 billion.
| Investment | Amount | Label |
|---|---|---|
| Anthropic stake, current value | $3.13B | Reported |
| Q2 FY2026 unrealized gain | $1.61B | Reported |
| Added to Anthropic position, 6 months through July | ~$301M | Reported |
| Other private AI equity | $140.2M | Reported |
Q2 FY2027 operating results
Zoom reported Q2 FY2027 results on Aug. 25. Revenue of $1.28 billion beat the Street's $1.27 billion estimate, growing 4.9% YOY. The mix shift carries more signal: enterprise revenue climbed 7.8% YOY to $787.5 million while online revenue grew 0.6% YOY, a spread of 720 basis points. Customers generating more than $100,000 in trailing-12-month revenue grew 8.2% YOY; enterprise net dollar expansion held at 99%.
Zoom Virtual Agent customers jumped 256% YOY. The company reported double-digit ARR growth across its AI-first Customer Experience portfolio. Non-GAAP operating margin reached 40%, and non-GAAP EPS of $1.55 cleared the $1.50 consensus by $0.05, up 1.3% YOY. ZM trades at 16.33 times forward adjusted earnings, below both the sector average and its own five-year multiple. Shares are up 21.8% over the prior 52 weeks, 14.1% YTD, and 7.6% over the past month.
Guidance and analyst positioning
Management expects Q3 FY2027 revenue of $1.275 billion to $1.280 billion, non-GAAP income from operations of $510 million to $515 million, and non-GAAP EPS of $1.46 to $1.48. Full-year FY2027 guidance calls for revenue of $5.085 billion to $5.095 billion, non-GAAP income from operations of $2.065 billion to $2.075 billion, and non-GAAP EPS of $6.08 to $6.12.
Analysts carry a different EPS setup: Q3 FY2027 consensus sits at $1.02 (projected 14.6% YOY growth), full-year FY2027 at $4.25 (projected 28% YOY growth), FY2028 at $4.49 (projected 5.7% growth). Of 27 analysts covering ZM, 12 rate it Strong Buy, 3 Moderate Buy, and 12 Hold, for an aggregate Moderate Buy. The average price target is $117.95, implying 19.8% upside. Peter Levine of Evercore ISI holds the Street-high at $135, implying 37.2% from current levels; Matt Bullock of Bank of America Securities and Catharine Trebnick of Rosenblatt Securities each place $130 Buy targets on the stock.