Zoom Video Communications Revenue in 2024

Zoom Video Communications reported $4.5B in revenue for fiscal year 2024. This represents a growth of 3.1% compared to the 2023 figure of $4.4B.

Revenue grew from $2.65 billion in fiscal 2021 to $4.53 billion in fiscal 2024, a 71 percent increase over three years, but the growth rate has compressed significantly from the pandemic peak. The plateau at approximately $4.4-4.5 billion since fiscal 2023 reflects the normalization of remote work patterns and the competitive pressure from Microsoft Teams, which is bundled into enterprise Microsoft 365 subscriptions. Net income of $182 million on $4.53 billion in fiscal 2024 implies a net margin of approximately 4 percent on a GAAP basis — compressed by stock-based compensation and restructuring charges. Non-GAAP operating margins are substantially higher, typically in the 37-39 percent range, reflecting the software economics of a platform that serves hundreds of millions of users on infrastructure that doesn't scale linearly with user count. The $19 billion market capitalization against $4.53 billion in revenue implies a price-to-sales multiple of approximately 4.2 — compressed from the 40-plus multiples of 2020-2021 but still pricing in the durability of the enterprise customer base and the optionality of the platform expansion into Phone, Rooms, and Contact Center. With 7,400 employees, Zoom generates approximately $612,000 in revenue per employee — a productivity ratio consistent with an enterprise SaaS company, though the multiple reversion from pandemic highs suggests the market is evaluating Zoom primarily on its competitive position against bundled alternatives rather than on its historical growth trajectory.