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ZM customer relationships

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ZM customers relationship map

Zoom (ZM) customer relationships: an investor briefing

Zoom Video Communications sells cloud communications and collaboration software primarily on a subscription basis to a global mix of customers — from individual users and SMBs to very large enterprise accounts — and captures incremental revenue through professional services and add‑ons such as Zoom Phone and Zoom Contact Center. Enterprise customers drive the majority of revenue, while international reach (APAC/EMEA) and embedded integrations (Microsoft Teams, ServiceNow, Oracle) extend stickiness and cross‑sell opportunities. For a concise portfolio view and sourcing, visit https://nullexposure.com/.

What investors need to know about Zoom’s operating model

Zoom’s revenue model is subscription-first, with subscription revenue recognized ratably over contract terms; professional services are disclosed as generally immaterial. The company reports that enterprise customers represented roughly 59% of revenue in FY2025, implying concentration toward larger organizations and predictable recurring cash flow. Zoom’s commercial posture is platform‑oriented: the company sells access to an integrated communications stack and then deepens relationships through integrations and partnerships that embed Zoom inside customers’ workflows (for example, Microsoft Teams or Oracle Service). International expansion is material: APAC and EMEA are explicit revenue geographies, and native PSTN connectivity for Zoom Phone spans dozens of countries. These characteristics combine into a business that is subscriptioned, enterprise‑weighted, globally distributed, and reliant on ecosystem partners for distribution and integration.

  • Revenue mix signal: subscription ledger with services immaterial but strategically useful.
  • Concentration signal: enterprise revenue majority; no single customer >10% of revenue (FY2025 SEC filing).
  • Maturity and retention: a large portion of Online MRR comes from customers with multi‑quarter tenures, supporting predictable renewal patterns.

If you want to drill into relationship evidence and document citations, check the source hub at https://nullexposure.com/.

Customer catalogue — concise, sourced summaries

Below is a compact, line‑by‑line run through each customer relationship mentioned in the available materials; each item is a one‑ to two‑sentence plain‑English statement with source attribution.

  • Mitel — Management cited Mitel as a significant partner for on‑premises telephony integrations on the 2026 Q1 earnings call (2026 Q1 earnings call).
  • Boston Celtics — Management said the 2024 NBA champion Boston Celtics “doubled down” on Zoom in Q1, signaling sports/media client engagement (2026 Q1 earnings call).
  • BAYADA Home Health Care — BAYADA expanded Zoom use from ~100 weekly meetings pre‑2014 to roughly 2,000 weekly Zoom meetings by 2018, per an SEC filing (SEC filing, FY2019).
  • Veeva Systems (VEEV) — Revenue from services to Veeva was disclosed at $0.3m, $1.4m and $1.3m for FY2017‑2019 in Zoom’s prospectus (SEC filing, FY2019).
  • Uber Technologies (UBER) — Uber deployed Zoom company‑wide in 2014 according to Zoom’s SEC disclosure (SEC filing, FY2019).
  • Oracle / Oracle America, Inc. (ORCL) — Oracle integrated Zoom Contact Center into its global service operations under a strategic collaboration announced in FY2025 press coverage (media reports, FY2025).
  • European Challenge Tour — Zoom agreed to deliver virtual press conferences and a Zoom Media Centre for the Tour as part of a multi‑year partnership (European Tour press release, FY2021).
  • Alameda Health System — Alameda reported rapidly standing up telehealth to serve ~150,000 patients using Zoom during the pandemic (Zoom blog, Zoomtopia 2020 recap).
  • Teach for India — Zoom helped bridge low‑bandwidth mobile access for students, cited in Zoom’s 2020 education blog (Zoom blog, FY2020).
  • Quinnipiac University — Quinnipiac uses Zoom Phone, Team Chat, and Webinars for core campus communications and events (Zoom education blog, FY2020).
  • VMware (VMW) — Listed in Zoom’s enterprise infrastructure partners in an SEC filing (SEC filing, FY2019).
  • Wells Fargo Bank, N.A. (WFC) — Cited among finance customers in Zoom’s FY2019 customer list (SEC filing, FY2019).
  • European Tour — Named Official Unified Communications Partner; Zoom to provide live sport and media experiences (European Tour press release, FY2021).
  • Legends Tour — Included in the European Tour multi‑year agreement to provide media services at events (European Tour press release, FY2021).
  • SpaceX — Internal ban on Zoom usage in March 2020 was reported as a security reaction to known vulnerabilities (news coverage, FY2024 retrospective).
  • Williams‑Sonoma Inc. (WSM) — Listed as a retail/consumer reference customer in Zoom’s FY2019 prospectus (SEC filing, FY2019).
  • Google / GOOGL — Google temporarily banned Zoom on corporate laptops in April 2020 amid security concerns, as reported in press retrospectives (news coverage, FY2024).
  • WW (formerly Weight Watchers) — WW was named as an OnZoom content partner for public beta events (Zoom press release, FY2020).
  • Splunk (SPLK) — Referenced among software and internet enterprise customers in the FY2019 filing (SEC filing, FY2019).
  • ServiceNow (NOW) — Zoom announced integrations with ServiceNow on the 2026 Q1 earnings call (2026 Q1 earnings call).
  • RCAT — Red Cat planned and conducted an investor webinar using Zoom (press release, FY2026).
  • Major League Baseball (MLB) — Zoom became the Official Unified Communications Platform for MLB, powering elements of broadcasts and game operations (media report, FY2023).
  • VST ECS Phils. Inc. — Appointed distribution partner for Zoom in the Philippines per backendnews (FY2023 report).
  • Meta / Meta Platforms (META) — Management linked Workvivo customer growth partly to Meta migration opportunities on the 2026 Q1 call (2026 Q1 earnings call).
  • Ituran Location Control Ltd. (ITRN) — Use of Zoom for investor calls was documented in company notices (press release, FY2026).
  • F5 Networks (FFIV) — Listed as part of enterprise infrastructure partners in FY2019 SEC materials (SEC filing, FY2019).
  • Raymond James (RJF) — Publicly rolling out Zoom’s AI Companion meeting summaries firm‑wide, referenced on the 2026 Q1 call (2026 Q1 earnings call).
  • Arizona State University — Used Zoom to pivot to remote learning and reported high student satisfaction during the pandemic (Zoom blog, FY2020).
  • Ally Financial (ALLY) — Cited as a panelist explaining enterprise adoption of Zoom during Zoomtopia 2020 (Zoom blog, FY2020).
  • Capital One Services, LLC (COF) — Listed among finance customers leveraging Zoom during the pandemic (Zoom blog, FY2020).
  • Citi (C) — Cited as relying on Zoom for customer service and remote work during COVID (Zoom blog, FY2020).
  • Discovery Communications, LLC — Included as an entertainment/media reference customer in FY2019 filing (SEC filing, FY2019).
  • Yale School of Music — Highlighted uses for High‑Fidelity Music Mode to improve lessons (Zoomtopia blog, FY2020).
  • Stanford Graduate School of Business — Referenced for virtual collaboration use cases like Breakout Rooms (Zoomtopia blog, FY2020).
  • MDB Capital Holdings (MDBH) — Hosted multiple investor webinars via Zoom (company notices, FY2024–FY2026).
  • Bell Canada (BCE) — Management called out a new partnership with Bell Canada on the 2026 Q1 earnings call (2026 Q1 earnings call).
  • JIRA (Atlassian / TEAM) — Announced integrations with Jira on the 2026 Q1 earnings call (2026 Q1 earnings call).
  • Microsoft Teams / Microsoft (MSFT) — Zoom Phone integration with Microsoft Teams has seen significant adoption, per management commentary (2026 Q1 earnings call).
  • Justworks (JW) — Listed as a Zoom collaboration reference on corporate sites (news/profile pages, FY2025).
  • Axon (AXON) — Hosted earnings and events via Zoom (media notice, FY2026).
  • Facebook (reported as Meta) — Cited in press reporting as part of privacy discussions tied to platform data sharing (news coverage, FY2021).
  • Google / LinkedIn — Mentioned in press coverage about data sharing and privacy with large platforms (news coverage, FY2021).
  • ScanSource (SCSC) — Channel commentary referenced Zoom on the CX side alongside other vendors (industry coverage, FY2026).
  • Life360 (LIF) — Held investor calls as Zoom audio webinars (press release, FY2026).
  • Takeda (TAK) — Used Zoom for webcasts with simultaneous interpretation (press release, FY2025).
  • Workvivo — Cited as a major win cited in FY26 guidance commentary and highlighted for >100% YoY customer growth (trading commentary, FY2026).
  • Digit Mobile Inc. (DMI) — Three‑year reseller agreement and amendment disclosed in FY2015–2016 with immaterial revenue (SEC filing, FY2019).
  • Underwriting and banking partners (Morgan Stanley, J.P. Morgan, Goldman Sachs, Credit Suisse, Merrill Lynch/BofA, RBC, Wells Fargo Securities, JMP, KeyBanc, Piper Jaffray, Stifel, William Blair) — Named as underwriters in Zoom’s prospectus and underwriting agreements (SEC filing, FY2019).
  • National Australia Bank — Included in a representative finance customer list in Zoom’s FY2019 disclosure (SEC filing, FY2019).
  • Western Union (WU) — Listed among finance customers in FY2019 materials (SEC filing, FY2019).
  • Dell USA L.P. (DELL) — Named among enterprise infrastructure partners in SEC disclosures (SEC filing, FY2019).
  • Hitachi Vantara, Workday — Listed in enterprise infrastructure details within the FY2019 filing (SEC filing, FY2019).
  • Southern Glazer’s, Diageo (DEO), Gap (GPS), Williams‑Sonoma (WSM), Nu Skin (NUS) — Referenced across retail/consumer and events examples in FY2019 and Zoom blog materials (SEC filing, FY2019; Zoom blog, FY2020).
  • Caesars Enterprise Services, Condé Nast, Pandora, United Talent Agency — Included as entertainment/media references in SEC filing (SEC filing, FY2019).
  • Monte Vista Christian School, UCSB, Gaucho Creative, Elevations Credit Union, Harvard Business School, Nu Skin, Nu Skin auditoria deployments — Education and institutional examples cited in Zoom marketing and event recaps (Zoom blogs, FY2020).
  • Gaucho Creative, Gaucho student initiatives — University use cases described in Zoom education content (Zoom blog, FY2020).
  • ABVC, APGB, SCSC, FFIV, FFIV/FFIV duplicates listed across filings and news — Various mentions across press and SEC documents indicating broad exposure to financial, channel and infrastructure partners (SEC filing and industry press, FY2019–FY2026).

Strategic takeaways and risk signals

  • Durable recurring revenue: Zoom’s subscription model and high share of enterprise revenue produce predictable, annuitized cash flow. (Company disclosures.)
  • Platform stickiness via integrations: Integrations with Microsoft Teams, ServiceNow, Jira and Oracle increase switching costs and create multi‑product adoption paths (2026 Q1 call; FY2025 press).
  • Global distribution and channel complexity: APAC/EMEA revenues and local distributors (e.g., VST ECS Phils.) expand reach but introduce regulatory and partner execution risk (FY2025 geography disclosures).
  • Customer concentration vs. breadth: No single customer >10% of revenue, yet enterprise customers account for the majority of revenue, concentrating revenue exposure in the enterprise segment (SEC filing FY2025).
  • Security and reputation events: Historical corporate bans and security scrutiny (Google, SpaceX) illustrate reputational risk that can affect enterprise purchasing cycles (press coverage, FY2020–FY2024).

For institutional subscribers seeking a deeper evidence pack, our portal consolidates the filings and call transcripts used above — explore further at https://nullexposure.com/.

Disclaimer: This note synthesizes public disclosures and press coverage for investor analysis and should be used alongside regulatory filings and primary transcripts.

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