ZoomInfo Technologies (NASDAQ:ZI) reported fourth-quarter and full-year 2025 results that management said came in above the high end of its guidance ranges, driven by continued traction in its upmarket customer base, expanding adoption of its Copilot offering, and growth in its operations/data-as-a-service business.
Quarterly and full-year performance
Founder and CEO Henry Schuck said the company delivered “record quarterly revenue” in the fourth quarter, with revenue of $319 million, up 3% year-over-year. ZoomInfo posted adjusted operating income of $123 million, representing a 38% margin, which Schuck said returned the company to “Rule of 40 performance.”
Upmarket shift and customer metrics
Management repeatedly emphasized progress in shifting the business upmarket. Schuck said upmarket revenue grew 6% year-over-year in what he described as the company’s seasonally largest upmarket quarter. O’Brien said ZoomInfo has shifted four points of business upmarket over the past year and exited 2025 with 74% of the business “now upmarket,” adding that the company now expects to reach an 80% upmarket mix exiting 2027, “several years ahead” of its initial timeline.
The company reported 1,921 customers with more than $100,000 in ACV, marking its seventh consecutive quarter of adding logos to that cohort, according to Schuck. Management said customers with more than $100,000 in ACV now represent more than 50% of total company ACV. Schuck also said ZoomInfo has a record number of million-dollar-plus customers, with a double-digit year-over-year increase in logos within that cohort in the quarter and a larger increase in ACV for those customers.
On retention, O’Brien said net revenue retention was 90% in the quarter. In response to questions, he noted upmarket net retention “is still at 100%,” while downmarket remained pressured but “a little bit above where it was in the first half of the year.” He added that the company believes the public NRR metric improved in the quarter but “didn’t round.”
Product strategy: Copilot, operations, and AI-driven workflows
Schuck said Copilot continued to scale, and the company was seeing renewal uplift as customers renewed “at higher rates” on the Copilot platform. Management said Copilot accounted for over 20% of total ACV after more than doubling in 2025. In the Q&A, O’Brien clarified that Copilot is at 20% of total company ACV, but for the SalesOS base, penetration is “closer to 30%+.” He said the company is on schedule and “a little bit ahead of schedule” relative to a migration plan laid out in 2024, with the migration expected to continue over “the next two years or so.”
ZoomInfo also pointed to momentum in its operations business, which Schuck said grew more than 20% year-over-year in the quarter. He said operations ACV is “nearly a fifth” of total ACV. Schuck tied this to demand for “actionable, high-quality data” as a foundation for AI use cases, noting that the company added over 10 million contacts and expanded coverage across six European markets.
Schuck outlined a broader platform roadmap focused on orchestration and execution for go-to-market teams, including GTM Studio and GTM Workspace. He described GTM Studio as an orchestration layer for unifying CRM data, warehouse data, and ZoomInfo intelligence, and said early traction included a use case at Monday.com’s enterprise demand generation team. Schuck also described integrations that allow ZoomInfo data to be accessed in other environments, including an integration of its data “directly into Claude through MCP Server technology,” and deeper integrations with Salesforce, HubSpot, and Microsoft Dynamics.
In response to investor questions about monetization of AI connectivity, Schuck said the company’s guidance for 2026 does not include a tailwind from “the expanding surface area” where its data plugs into customer-built applications. He described monetization as a consumption-based model, similar to the company’s data-as-a-service and operations offerings, where customers are charged based on data consumption.
Capital return, balance sheet, and 2026 outlook
ZoomInfo said it returned more than $400 million to shareholders in 2025 through share repurchases. O’Brien said the company repurchased 40.5 million shares during the year at an average price of $10.06 for an aggregate $407 million, representing 12% of total shares outstanding. In the fourth quarter, ZoomInfo repurchased 7.7 million shares at an average price of $10.26 for $79 million.
Schuck announced an additional $1 billion authorization for share repurchases, which he said represented roughly 50% of the company’s market capitalization, and said ZoomInfo has retired nearly 25% of its shares since the start of 2023. O’Brien added that, with the new authorization, the company has board authorization to repurchase “more than 50% of the company’s outstanding shares” at the current stock price.
On the balance sheet, O’Brien said the company ended the quarter with $180 million in cash, cash equivalents, and investments and carried $1.3 billion in gross debt, with a net leverage ratio of 2.4x trailing 12-month adjusted EBITDA. He also noted interest rate swap contracts tied to its first lien term loan matured on Jan. 30, 2026, and said the company expects interest expense on outstanding debt to increase because the term loan bears a variable rate based on SOFR.
For guidance, ZoomInfo projected first-quarter 2026 GAAP revenue of $306 million to $309 million and adjusted operating income of $105 million to $108 million, with non-GAAP net income of $0.25 to $0.27 per share. For full-year 2026, ZoomInfo guided to GAAP revenue of $1.247 billion to $1.267 billion, which O’Brien said implies 1% annual growth at the midpoint, and adjusted operating income of $456 million to $466 million, a 37% margin at the midpoint.
In response to questions about the apparent disconnect between product momentum and the 2026 revenue outlook, O’Brien said guidance conservatively assumes upmarket growth “stays where it is or decelerates” and that downmarket “gets worse.” He also said the company included no revenue contribution from GTM Studio and other new products in its 2026 revenue guidance while including associated costs in profitability and cash flow guidance.
Management also addressed SEO and AI-driven search changes, saying the negative impact “stepped down modestly” but has not returned to prior levels, and that ZoomInfo has begun executing a strategy to improve top-of-funnel demand impacted by changes in AI and SEO.
About ZoomInfo Technologies (NASDAQ:ZI)
ZoomInfo Technologies Inc is a cloud-based software company specializing in business-to-business (B2B) intelligence and go-to-market solutions. Its platform aggregates firmographic, demographic, technographic and intent data to help sales, marketing and recruiting professionals identify, engage and close on high-value prospects. Subscribers gain access to a proprietary database of company and contact information, enabling targeted outreach and data enrichment across various workflows.
Founded in 2007 and headquartered in Vancouver, Washington, ZoomInfo has expanded its capabilities through both internal development and strategic acquisitions.
