ZoomInfo Technologies Inc.

What they do

ZoomInfo sells subscriptions to an all-in-one AI go-to-market platform built in three layers: an Intelligence Layer of first- and third-party company and contact data, an Orchestration Layer that enriches and routes that data into CRM and other systems, and an Engagement Layer used for sales engagement, marketing, and recruiting outreach. Subscriptions generally run one to three years; 53% of customer contracts by annualized value are multi-year, and billing occurs at the start of annual, semi-annual, or quarterly periods with revenue recognized ratably.

Revenue drivers

• ZoomInfo Sales — Core paid product providing contact and account data plus sales workflows; sold by functionality, users, and records under management, and the primary source of the subscription revenue that makes up substantially all of company revenue.
• ZoomInfo Marketing and Operations — Paid products covering account-based marketing, advertising, chat/onsite conversion, and data orchestration into CRM systems; part of the multi-product core paid offering.
• ZoomInfo Talent — Recruiting and talent acquisition product with candidate sourcing, pipeline management, and outreach automation; offered with add-on options alongside other core products.
• ZoomInfo Copilot and GTM.AI — AI-assisted selling and the newer headless GTM context layer; positioned as expansion products layered on the existing data and platform subscriptions.

Recent performance

Q2 2026 GAAP revenue was $310.4 million, up 1.2% year-over-year, essentially flat versus Q1 2026 revenue of $310.2 million. GAAP operating loss was $622.0 million, including a $650.5 million goodwill impairment, while Adjusted operating income was $110.0 million (35% margin) and GAAP operating cash flow was $87.3 million with unlevered free cash flow of $107.3 million. Net revenue retention was 89%, and the company ended the quarter with 1,891 customers at $100,000 or greater ACV, down 9 sequentially and up 9 year-over-year. Full-year 2025 revenue was $1.25 billion with net income of $124.2 million and operating cash flow of $465.4 million.

Strategy

Management is repositioning ZoomInfo from a data provider toward a foundational GTM infrastructure platform, anchored by GTM.AI and native MCP integrations with Anthropic's Claude, OpenAI's Codex, Amazon Quick Suite, and Zapier. The company is pursuing cost reduction and operating leverage through a 2026 Restructuring Program approved on May 5, 2026. Capital allocation has expanded, with 6.3 million shares repurchased in Q2 2026 at an average price of $4.51 for $28.2 million, and $58.5 million of Senior Notes repurchased for $47.9 million in cash, producing an $11.0 million gain on extinguishment.

Risks

• Macro-driven demand weakness — The 10-K states that weaker economic conditions could lead customers to reduce spending on sales, marketing, and recruiting technology, delaying purchases, elongating sales cycles, and affecting renewals and attrition.
• Goodwill impairment — A sustained decrease in the stock price, industry considerations, and reduced planned revenues and earnings led to a $650.5 million goodwill impairment in Q2 2026.
• Soft net revenue retention and upmarket concentration — Net revenue retention was 89%, and 76% of ACV was Upmarket with upmarket ACV growing 3% year-over-year, so expansion within existing accounts is limited.
• Leverage and capital structure — Long-term debt was $1.26 billion against $828.7 million of shareholder equity and $147.6 million of cash at June 30, 2026, with total liabilities of $4.85 billion versus total assets of $5.68 billion.

Outlook

Management guided Q3 2026 GAAP revenue to $298–$301 million and full-year 2026 revenue to $1.207–$1.217 billion, lowered from a prior full-year range of $1.185–$1.205 billion. Full-year 2026 Adjusted operating income is guided to $446–$451 million and unlevered free cash flow to $403–$423 million. Q3 2026 Adjusted operating income is guided to $113–$115 million with Adjusted diluted EPS of $0.28–$0.29.