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Zscaler, Inc. (ZS) stock

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NASDAQ: ZS Nasdaq Systems Software Next results ~November 24, 2026

C Fundamentals grade

Zscaler, founded in 2007, is a cybersecurity company whose main product is the Zero Trust Exchange, a cloud-native platform that connects users, devices, workloads and AI agents to applications and data according to identity and business policy rather than network location. The platform is grouped into four areas: Zero Trust SASE, which includes Zscaler Internet Access, Zscaler Private Access, a Zero Trust Browser and the Zscaler Digital Experience monitoring tool; Security for AI; Data Security; and Agentic Security Operations.

Customers are enterprises and government agencies of all sizes, spanning industries from automotive and airlines to finance, healthcare and the public sector. It has roughly 11,000 customers, including over half of the Fortune 500. It sells mainly through subscriptions for users, additional products and premium bundles, largely via channel partners such as telecoms providers, system integrators and resellers.

The service runs across more than 200 public data centres and reaches over 185 countries, processing more than 750 billion transactions each day. Its technology is covered by over 950 issued and pending patents.

Based on Zscaler, Inc.'s 10-K filed September 3, 2026.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$140

Cash-flow model

Base case. Range ~$100–$190 across our lower- and higher-growth cases (15%–25% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 37% below it.

Price used: $223.79, November 2, 2026

Zscaler, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 74 sales by directors and officers, last 12 monthsInsider trades
  • Funds407 adding, 374 cuttingOf 70 active managers that changed their stake, 40 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Zscaler files

Where Zscaler stands after its latest 10-K

Revenue for the twelve months to July 2026 was $3.35bn, up 25.4% on a year earlier, faster than 24.6% a quarter earlier. That growth ranks 4 of 21 among the software and IT services companies we cover. Free-cash-flow margin fell to 25.4% from 30.2% a year earlier. The diluted share count is up 3.8% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 3 financial-health checks. Our cash-flow model value is $31.28 a share, against a share price of $215. At that price, our model says the market is pricing in about 58.6% a year of cash-flow growth for five years, faster than the 37.9% a year revenue growth it has delivered.

Source: 10-K filed September 3, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 24, 2026 (estimated)

Zscaler, Inc.'s trailing-twelve-month revenue grew 25.4% year on year, with a free-cash-flow margin of 25.4%. Where it lags: days sales outstanding of 125 days ranks 27 of 29 systems software companies we cover.

Our discounted-cash-flow model values the business at ~$140 per share in the base case (~$100–$190 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 5.5% while net income fell 52.3%: a 58pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 25.4% over the last 12 months, against a median of 16.9% for systems software companies we cover.
  • Strong cash generation. 25.4% of revenue turned into free cash flow, against a median of 17.3% for systems software companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $223.79 is 37% above our value per share of $140.
  • Loss-making. Operating margin is -4.0%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 24.5% of revenue, against a median of 8.5% for systems software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 3.8% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 68% and a beta of 1.0 against the S&P 500.
  • Insiders selling. 8 insiders sold $22M of stock over the past 365 days and none bought (57% under pre-set trading plans).

Latest results: FY2026 Q4

Filed September 3, 2026
Earnings per share
$1.19 against an average estimate of $1.09: beat by 9.2%
Revenue
$898m, up 24.9% on a year earlier
Share reaction
-1.7% in the first session after the results on September 3, 2026, against +0.7% for the S&P 500
Guidance given
revenue $935m to $939m (first quarter of fiscal 2027); non-GAAP gross margin 80% (first quarter of fiscal 2027)
Next report
November 24, 2026; average EPS estimate $1.16

Zscaler's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-5.9%
  • 1 week-14.1%
  • 1 month+13.8%
  • This year-0.5%
  • 1 year-32.4%
  • 5 years-31.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$3.4B
Operating margin
-4.0%
Net margin
-1.9%
EPS (TTM, diluted)
$-0.39

Growth

Revenue growth
+25.4%
Change in growth rate
+0.8 pts
Share count change
+3.8%

Cash

Free cash flow (TTM)
$852M
FCF margin
25.4%
Stock pay % of revenue
24.5%

Earnings

Last results
September 3, 2026
Next results (est.)
November 24, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Insider trade
  2. Announcement
  3. Leadership
  4. Results
  5. Guidance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Zscaler, Inc. valuation models and calculator

What the price is pricing in

The share price implies about 58.0% a year of cash-flow growth for five years.That is faster than the 37.9% a year revenue growth Zscaler has delivered.

  • Priced in58.0%
  • Last 12 months25.4%
  • 3 years a year27.5%
  • 5 years a year37.9%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($223.41, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$140
Price used
$223.41close November 3, 2026
Implied change
▼ 37%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Zscaler, Inc.'s free cash flow after stock-based pay with after-tax interest added back ($128M, FY2026 Q4 TTM), growing 18% and 18.7% in the next two years (forecasts, guidance and its record), then back to 20% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$100–~$190 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Zscaler, Inc.'s free cash flow after stock-based pay ( $128M, FY2026 Q4 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Zscaler, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 10.3%: the 10-year Treasury yield (4.9%) plus a beta of 1.19 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$140 ~$100–$190 Primary model, counts double
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$7.4 ~$3.4–$11 Left out: out of range vs price (0.03x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$92 ~$66–$190 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$120 ~$92–$140 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Zscaler, Inc. with Systems Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −24%
  • Revenue growth 5 points higher ▲ +31%
  • Free-cash-flow margin 1 point lower ▼ −4%
  • Last year's free-cash-flow margin change, if it persists ▼ −16%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $7$11$16$23$32$44
8.5% $4$7$11$16$22$31
10% $2$5$8$11$16$23

Valuation multiples over time Market data may be delayed

At fiscal year end 201820192020202120222023202420252026
Share price$35.31$84.27$129.85$235.91$155.06$160.38$179.35$285.56$151.20
Market value$4.5bn$10.4bn$16.8bn$32.0bn$21.8bn$23.2bn$26.8bn$44.1bn$24.2bn
+ Net debt (− = net cash)−$136m−$78m$1.0bn$874m$137m−$112m−$273m−$688m$768m
Enterprise value$4.4bn$10.3bn$17.8bn$32.9bn$22.0bn$23.1bn$26.6bn$43.4bn$25.0bn
Multiples
Price / sales 23.7x34.4x38.9x47.5x20.0x14.4x12.4x16.5x7.2x
Price / earnings —————————
Price / free cash flow n/mn/mn/mn/m86.5x63.7x42.2x54.6x28.4x
EV / EBITDA ————————n/m

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

50 /100

Moderate moat

How hard Zscaler's competitive advantage looks for rivals to wear away, judged from 9 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 13 / 20

    Cash operating profit has been a median 10.5% of total assets over 8 years.

  • Pricing power 12 / 20

    Gross margin has been a median 77.7%, moving by 30.9 percentage points (standard deviation) across 9 years.

  • Durability 10 / 20

    Operating margin has been a median -11.7%; its worst year was -30.9%.

  • Cash conversion 19 / 20

    Free cash flow was positive in 8 of 9 years, at a median 22.9% of revenue.

  • Discipline 1 / 20

    The diluted share count rose 18.1% over five years; stock-based pay has been a median 24.7% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (55 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 24, 2026, after the close. Analysts expect revenue of $938m and EPS of $1.16 (range $1.15 to $1.20) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $4.91 +17% $3.9bn +17%
Next $5.62 +15% $4.6bn +17%

Next year's EPS estimate has moved +3.3% in 90 days, across 43 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.8% on 90 days ago. In the last 30 days, 2 analysts raised Zscaler, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Zscaler, Inc., last 90 days
$4.50 $5.00 $5.50 $6.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $4.60 Current fiscal year, 60 days ago: $4.60 Current fiscal year, 30 days ago: $4.91 Current fiscal year, 7 days ago: $4.91 Current fiscal year, Now: $4.91 $4.91 Next fiscal year, 90 days ago: $5.44 Next fiscal year, 60 days ago: $5.42 Next fiscal year, 30 days ago: $5.60 Next fiscal year, 7 days ago: $5.62 Next fiscal year, Now: $5.62 $5.62

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $4.60$5.44
60 days ago $4.60$5.42
30 days ago $4.91$5.60
7 days ago $4.91$5.62
Now $4.91$5.62

Earnings against estimates

Quarter toEstimateActualSurprise
Jul 2026 $1.09 $1.19 +9.2%
Apr 2026 $1.01 $1.08 +7.1%
Jan 2026 $0.90 $1.01 +12.6%
Oct 2025 $0.86 $0.96 +11.4%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, September 3, 2026
  • Revenue full year fiscal 2027 $3.908bn to $3.938bn
    “Revenue of approximately $3.908 billion to $3.938 billion, growth of 16.6% to 17.5%.” source
  • Revenue first quarter of fiscal 2027 $935m to $939m
    “Revenue of $935 million to $939 million, approximately 19% year-over-year growth.” source
  • Non-GAAP net income per share full year fiscal 2027 $4.86 to $4.90 Non-GAAP
    “Non-GAAP net income per share of $4.86 to $4.90, assuming approximately 173 million fully diluted shares outstanding and a non-GAAP tax rate of 21%.” source
  • Non-GAAP net income per share first quarter of fiscal 2027 $1.15 to $1.16 Non-GAAP
    “Non-GAAP net income per share of approximat ely $1.15 to $1.16, assuming approximately 170 million fully diluted shares outstanding and a non-GAAP tax rate of 21%.” source
  • Non-GAAP gross margin full year fiscal 2027 about 80% Non-GAAP
    “Non-GAAP gross margin of approximately 80%” source
  • Non-GAAP gross margin first quarter of fiscal 2027 about 80% Non-GAAP
    “Non-GAAP gross margin of approximately 80%” source
Show 5 more items
  • Non-GAAP operating margin first quarter of fiscal 2027 about 23% Non-GAAP
    “Non-GAAP income from operations of $215 million to $217 million, approximately 25% to 26% year-over-year growth, representing a 23% operating margin.” source
  • ARR full year fiscal 2027 $4.396bn to $4.426bn
    “ARR of $4.396 billion to $4.426 billion, growth of approximately 16.6% to 17.4%.” source
  • Non-GAAP income from operations full year fiscal 2027 $924m to $932m Non-GAAP
    “Non-GAAP income from operations of $924 million to $932 million, growth of approximately 21%.” source
  • Free cash flow margin full year fiscal 2027 23% to 23.5% Non-GAAP
    “Free cash flow margin of approximately 23.0 to 23.5%.” source
  • Non-GAAP income from operations first quarter of fiscal 2027 $215m to $217m Non-GAAP
    “Non-GAAP income from operations of $215 million to $217 million, approximately 25% to 26% year-over-year growth, representing a 23% operating margin.” source

How earlier guidance turned out

  • Revenue, full year of fiscal 2026 guided $3.3295bn to $3.3325bn Above range: $3.352523bn
  • Revenue, fourth quarter of fiscal 2026 guided $875m to $878m Above range: $898m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows Zscaler, Inc.'s revenue by +18.0% next year and +18.7% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+17.4%, weight 58%) , management guidance (+17.2%, weight 18%) and the company's own record (+20.0%, weight 24%) . How the weights are set.

Analyst recommendations

47 analysts, Nov 2026
Buy3677%
Hold1123%
Sell00%

Monthly trend

  1. Nov 20267291147
  2. Oct 20267291046
  3. Sep 2026829946

Counts of recommendations published by analysts covering Zscaler, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
5.6%
of tradable shares
Days to cover
1.92
at average volume
Short interest, 1 month
−8%
to October 15, 2026
Held by institutions
53%
of shares
Held by insiders
34.7%
of shares
Employees
8,700
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months −32.4%

$331.14 on October 31, 2025 to $223.79

ThenNowEffect
Revenue (last 12 months) $2.7bn $3.4bn +25.4%
P/S multiple 19.1x 10.7x −44.1%
Share count 154m 160m −3.6%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

Last 3 years +36.2%

$164.37 on November 3, 2023 to $223.79

ThenNowEffect
Revenue (last 12 months) $1.6bn $3.4bn +107.3%
P/S multiple 14.7x 10.7x −27.4%
Share count 145m 160m −9.5%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
ZS+61%−65%+98%−19%+25%−1%
Industry peers (median)+21%−40%+29%+23%−1%+26%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
ZS67%33%67%50%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
ZS−29%−67%−39%−39%−33%−49%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since March 16, 2018: 76% from November 19, 2021 to May 2, 2023. Getting back needed a 324% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$118.05 – $336.27
From 52-week high
−33.4%
vs 50-day average
+9.1%
vs 200-day average
+34.1%
Volatility (1 year)
68%
Beta vs S&P 500
1.00

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±8.3%
After a week
6 up, 6 down
typical move ±9.5%
After a month
5 up, 7 down
typical move ±16.6%
Results releasedNext dayS&P 500 next day5 days21 days
September 3, 2026 −1.7% +0.7% −4.7% +16.8%
May 26, 2026 −30.7% +0.6% −21.0% −32.1%
February 26, 2026 −5.6% −1.0% +4.0% −14.5%
November 25, 2025 −10.1% +1.6% −13.1% −17.8%
September 2, 2025 −2.3% −0.2% +1.9% +9.9%
May 29, 2025 +8.7% +0.3% +18.6% +23.8%
March 5, 2025 +4.3% −0.7% +2.0% −0.8%
December 2, 2024 −3.8% +0.2% −0.2% −12.1%
September 3, 2024 −21.4% −2.3% −22.0% −15.1%
May 30, 2024 +3.4% +0.2% +8.9% +20.8%
February 29, 2024 −7.6% +1.3% −15.2% −19.0%
November 27, 2023 +0.4% −0.1% +2.7% +16.5%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Zscaler, Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Includes results

A results date falls inside these options’ life. Implied volatility is meant to be higher for that, so we do not call it rich.

  • Implied is 1.17× the last 60 days’ realised volatility .
  • Why: an earnings date falls inside the option's life, so implied volatility is expected to be high.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

ZS Zscaler, Inc. Grade C $226.05

Own 100 shares, sell the $260 call expiring December 4, 2026 (32 days) for $9.00 a share — $900 per contract.

Previous session · Bid $9.00, ask $11.45, quoted Mon 2 Nov, 17:41 New York time with ZS at $226.05. Option prices move with the shares: check the live chain at your broker before trading.

  • If ZS ends below $260: you keep your shares and the $900 — 4.0% extra on the position, 45.4% a year at that pace.
  • If it ends above $260: your shares are sold at $260, a total return of 19.0% including the premium — at or above our value of ~$140.
$4.3k $0 −$4.3k Break-even $217.05 Price $226.05 ← Our value ~$140
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$900
Annualised
45.4%
Break-even
$217.05
Max gain
$4,295.5
Chance of selling
~33%

Results are expected around November 24, 2026, before this option expires: the share price can jump on results, and the premium partly reflects that.

Collar

Own the shares, buy the $225 put and sell the $250 call, both expiring November 27, 2026 (25 days).

  • Net cost of $11.80 a share ($1,180 per contract of 100 shares).
  • Worst case at expiry: -5.7%, if the shares fall below $225 (-0.5% from today).
  • Best case at expiry: +5.4%, if the shares rise above $250 (+10.6%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $140: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Zscaler, Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Zscaler, Inc.
$1.5B $2B $2.5B $3B $3.5B FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue (TTM), FY24 Q1: $1.8B Revenue (TTM), FY24 Q2: $1.9B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $2.2B Revenue (TTM), FY25 Q1: $2.3B Revenue (TTM), FY25 Q2: $2.4B Revenue (TTM), FY25 Q3: $2.5B Revenue (TTM), FY25 Q4: $2.7B Revenue (TTM), FY26 Q1: $2.8B Revenue (TTM), FY26 Q2: $3B Revenue (TTM), FY26 Q3: $3.2B Revenue (TTM), FY26 Q4: $3.4B $3.4B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY24 Q1 $1.8B
FY24 Q2 $1.9B
FY24 Q3 $2B
FY24 Q4 $2.2B
FY25 Q1 $2.3B
FY25 Q2 $2.4B
FY25 Q3 $2.5B
FY25 Q4 $2.7B
FY26 Q1 $2.8B
FY26 Q2 $3B
FY26 Q3 $3.2B
FY26 Q4 $3.4B
Revenue growth, TTM YoY Zscaler, Inc.
20% 30% 40% 50% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Revenue growth, TTM YoY, FY24 Q1: 44.6% Revenue growth, TTM YoY, FY24 Q2: 40.6% Revenue growth, TTM YoY, FY24 Q3: 37.2% Revenue growth, TTM YoY, FY24 Q4: 34.1% Revenue growth, TTM YoY, FY25 Q1: 30.8% Revenue growth, TTM YoY, FY25 Q2: 27.8% Revenue growth, TTM YoY, FY25 Q3: 25.5% Revenue growth, TTM YoY, FY25 Q4: 23.3% Revenue growth, TTM YoY, FY26 Q1: 23.2% Revenue growth, TTM YoY, FY26 Q2: 23.9% Revenue growth, TTM YoY, FY26 Q3: 24.6% Revenue growth, TTM YoY, FY26 Q4: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY24 Q1 44.6%
FY24 Q2 40.6%
FY24 Q3 37.2%
FY24 Q4 34.1%
FY25 Q1 30.8%
FY25 Q2 27.8%
FY25 Q3 25.5%
FY25 Q4 23.3%
FY26 Q1 23.2%
FY26 Q2 23.9%
FY26 Q3 24.6%
FY26 Q4 25.4%
Operating margin (TTM) Zscaler, Inc.
-15% -10% -5% 0% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 Operating margin (TTM), FY24 Q1: -12.0% Operating margin (TTM), FY24 Q2: -10.1% Operating margin (TTM), FY24 Q3: -6.9% Operating margin (TTM), FY24 Q4: -5.6% Operating margin (TTM), FY25 Q1: -4.6% Operating margin (TTM), FY25 Q2: -4.2% Operating margin (TTM), FY25 Q3: -4.8% Operating margin (TTM), FY25 Q4: -4.8% Operating margin (TTM), FY26 Q1: -4.7% Operating margin (TTM), FY26 Q2: -4.9% Operating margin (TTM), FY26 Q3: -4.7% Operating margin (TTM), FY26 Q4: -4.0% -4.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY24 Q1 -12.0%
FY24 Q2 -10.1%
FY24 Q3 -6.9%
FY24 Q4 -5.6%
FY25 Q1 -4.6%
FY25 Q2 -4.2%
FY25 Q3 -4.8%
FY25 Q4 -4.8%
FY26 Q1 -4.7%
FY26 Q2 -4.9%
FY26 Q3 -4.7%
FY26 Q4 -4.0%
FCF margin (TTM) Zscaler, Inc.
24% 26% 28% 30% 32% 34% FY24 Q1 FY24 Q4 FY25 Q3 FY26 Q4 FCF margin (TTM), FY24 Q1: 28.1% FCF margin (TTM), FY24 Q2: 28.2% FCF margin (TTM), FY24 Q3: 29.1% FCF margin (TTM), FY24 Q4: 29.3% FCF margin (TTM), FY25 Q1: 31.2% FCF margin (TTM), FY25 Q2: 31.8% FCF margin (TTM), FY25 Q3: 30.3% FCF margin (TTM), FY25 Q4: 30.2% FCF margin (TTM), FY26 Q1: 32.6% FCF margin (TTM), FY26 Q2: 31.5% FCF margin (TTM), FY26 Q3: 30.4% FCF margin (TTM), FY26 Q4: 25.4% 25.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY24 Q1 28.1%
FY24 Q2 28.2%
FY24 Q3 29.1%
FY24 Q4 29.3%
FY25 Q1 31.2%
FY25 Q2 31.8%
FY25 Q3 30.3%
FY25 Q4 30.2%
FY26 Q1 32.6%
FY26 Q2 31.5%
FY26 Q3 30.4%
FY26 Q4 25.4%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2016 Jul 2016 2017 Jul 2017 2018 Jul 2018 2019 Jul 2019 2020 Jul 2020 2021 Jul 2021 2022 Jul 2022 2023 Jul 2023 2024 Jul 2024 2025 Jul 2025 2026 Jul 2026
Income
Revenue 80 126 190 303 431 673 1,091 1,617 2,168 2,673 3,353
Gross profit 60 98 152 243 336 523 849 1,254 1,691 2,055 2,575
EBITDA — — — — — — — — −55 −24 15
Operating income −27 −35 −35 −35 −114 −208 −327 −235 −121 −128 −133
Net income −27 −35 −34 −29 −115 −262 −390 −202 −58 −41 −63
Diluted EPS −$0.68 −$0.77 −$0.32 −$0.23 −$0.89 −$1.93 −$2.77 −$1.40 −$0.39 −$0.27 −$0.39
Growth (year on year)
Revenue — +56.5% +51.3% +59.2% +42.4% +56.1% +62.1% +48.2% +34.1% +23.3% +25.4%
Margins
Gross margin 74.9% 78.1% 80.1% 80.3% 77.8% 77.7% 77.8% 77.6% 78.0% 76.9% 76.8%
EBITDA margin — — — — — — — — −2.5% −0.9% 0.5%
Operating margin −33.4% −27.9% −18.2% −11.7% −26.4% −30.9% −30.0% −14.5% −5.6% −4.8% −4.0%
Net margin −34.2% −28.2% −17.7% −9.5% −26.7% −38.9% −35.8% −12.5% −2.7% −1.6% −1.9%
Free-cash-flow margin −21.6% −11.0% 2.1% 10.7% 8.4% 22.9% 23.2% 22.6% 29.3% 30.2% 25.4%
Cash flow
Cash from operations −12 −6 17 58 79 202 322 462 780 972 1,130
Capital spending 5 8 13 26 43 48 69 97 145 164 277
Free cash flow −17 −14 4 33 36 154 253 365 635 808 852
Stock-based pay 4 10 11 46 121 259 410 445 528 661 822
Free cash flow after stock pay −21 −24 −7 −14 −85 −105 −157 −80 108 147 30
Balance sheet
Cash 93 88 136 78 142 276 1,013 1,262 1,423 2,389 928
Total debt 0 0 0 0 1,150 1,150 1,150 1,150 1,150 1,701 1,696
Net debt (negative = net cash) −93 −88 −136 −78 1,008 874 137 −112 −273 −688 768
Diluted shares 53m 58m 128m 124m 129m 136m 141m 145m 150m 154m 160m
Returned to shareholders
Buybacks 0 0 4 0 0 0 — — — — —
Total returned 0 0 4 0 0 0 — — — — —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

4 of 7 checks passed · July 31, 2026
What it owns · $7.9bn
Short-term assets $5.0bnLonger-term assets $2.8bn
What it owes, and who funded it · $7.9bn
Short-term liabilities $3.0bnLonger-term liabilities $2.3bnShareholders' equity $2.6bn
  • Short-term assets cover short-term liabilities $5.0bn of assets due within a year against $3.0bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $5.0bn short-term assets against $2.3bn of longer-dated liabilities.
  • More cash than debt $928m of cash against $1.7bn of debt.
  • Debt below 40% of shareholders' equity Debt is 65% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 174% to 65% over five years.
  • A year's operating cash flow covers at least 20% of debt $1.1bn of operating cash flow against $1.7bn of debt.
  • Operating profit covers interest at least five times over Operating income of −$133m against $12m of interest.

From Zscaler, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+3.8%
year over year
R&D spending
26.9%
of revenue
Days sales outstanding
125 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in systems software
Last 12 months unless stated ZS PAGS OKTA NTNX CHKP PAYP Median
Revenue, last 12 months $3.4bn $3.7bn $3.1bn $2.9bn $2.7bn $2.5bn $1.1bn
Revenue growth, last 12 months 25.4% 4.3% 11.2% 12.4% 6.3% 28.8% 16.9%
Revenue growth, 3-year average 27.5% — 14.2% 15.3% 25.0% — 16.1%
Revenue growth, latest quarter 24.9% — 10.6% 15.9% — — 19.6%
Gross margin 76.8% 49.0% 78.1% 86.8% 86.7% — 69.6%
Operating margin −4.0% — 7.5% 9.6% 30.5% 21.0% 3.7%
Operating margin, 3-year average −4.8% — −0.1% 5.6% 40.7% — 4.0%
Net margin −1.9% 10.4% 9.6% 52.8% 38.8% 30.2% 2.4%
Cash from operations / revenue 33.7% 37.1% 32.1% 32.1% 44.0% 98.6% 16.6%
Free-cash-flow margin 25.4% 32.0% 31.9% 29.5% 43.0% 96.9% 15.0%
Free-cash-flow margin, 3-year average 28.3% 16.3% 29.3% 28.9% 52.0% — 18.8%
Stock pay / revenue 24.5% 0.5% 16.4% 12.5% 7.5% 0.5% 8.2%
Change in share count 3.8% −6.8% −1.4% −0.6% −3.1% 17.1% 2.7%

Median of all 37 companies we cover in systems software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

37 systems software companies
Measure Company Peer median Rank
Revenue growth Growth 25.4% 16.9% 11 of 37
Change in growth rate Growth +0.8pp -0.3pp 16 of 37
Gross margin Profitability 76.8% 70.4% 13 of 32
Operating margin Profitability -4.0% 3.8% 22 of 34
Net margin Profitability -1.9% 2.4% 22 of 37
Free-cash-flow margin Cash generation 25.4% 17.3% 12 of 34
Stock pay as % of revenue Cash generation 24.5% 8.5% 31 of 36
Long-term debt as % of assets Balance sheet 21.6% 4.3% 17 of 23
Change in share count Balance sheet 3.8% 3.1% 20 of 34
Days sales outstanding Balance sheet 125 days 72 days 27 of 29

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Who owns it

Funds buying and selling
Reported value
$11.7B
Institutions reporting
740
Shares held vs prior quarter
▼ 7.1%
Positions opened / closed
125 / 133

Top buyers and sellers, Q2 2026: 407 institutions bought and 374 sold ; the biggest buyer was Jericho Capital Asset Management L.P (+1.4M shares) and the biggest seller Invesco Ltd (−4.2M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $1.4B 9.9M 11.9% ▲ 15.4%
Vanguard Portfolio Management LLC $875M 6.2M 7.5% ▲ 4.5%
Vanguard Capital Management LLC $666M 4.7M 5.7% ▲ 1.3%
First Trust Advisors LP $498M 3.5M 4.3% ▲ 0.3%
Goldman Sachs Group Inc $446M 3.2M 3.8% ▲ 8.1%
State Street Corp $352M 2.5M 3.0% ▲ 4.6%
Pictet Asset Management Holding SA $297M 2.1M 2.5% ▲ 9.6%
Geode Capital Management, LLC $294M 2.1M 2.5% ▲ 0.2%
UBS Am, A Distinct Business Unit Of UBS Asset Management Americas LLC $244M 1.7M 2.1% ▼ 11.9%
Victory Capital Management Inc $236M 1.7M 2.0% ▲ 7.7%
AQR Capital Management LLC $192M 1.4M 1.6% ▲ 34.2%
Jericho Capital Asset Management L.P. $192M 1.4M 1.6% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Zscaler, Inc.'s complete shareholder register. Values are as reported by the filers ; 3 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $22.5M 74 trades by 8 insiders · 57% under pre-set plans
Net ▼ $22.5M net selling
Insider Date Trade Shares Price Value
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 20 $261.27 $5,225
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 252 $260.35 $65,607
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 120 $259.73 $31,168
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 19 $258.62 $4,914
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 21 $257.48 $5,407
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 16 $256.31 $4,101
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 14 $255.32 $3,574
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 32 $254.34 $8,139
Rubin Kevin Chief Financial Officer October 26, 2026 Sell pre-set plan 20 $253.26 $5,065
Geller Adam Chief Product Officer October 12, 2026 Sell pre-set plan 1,042 $235.95 $245,860
Geller Adam Chief Product Officer October 9, 2026 Sell pre-set plan 2,083 $230.00 $479,091
Geller Adam Chief Product Officer October 9, 2026 Sell pre-set plan 21,875 $225.00 $4.9M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 4 trades and filings

No trades in Zscaler, Inc. disclosed in the last 12 months; 4 earlier trades on record.

  • Robert P. Bresnahan, Jr.(R-PA 8):Sale (full), $1,001 - $15,000, traded January 13, 2025, filed February 13, 2025
  • Daniel S. Goldman(D-NY 10):Sale (full), $15,001 - $50,000, traded April 10, 2023, filed May 19, 2023
  • Thomas R. Suozzi(D-NY 3):Sale (full), $15,001 - $50,000, traded January 6, 2021, filed September 23, 2021

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 24, 2026 estimated from the company's past filing pattern, not announced

  • September 3, 2026
  • May 26, 2026
  • February 26, 2026
  • November 25, 2025
  • September 2, 2025
  • May 29, 2025

Recent SEC filings

Data status

When each part of this page on Zscaler, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Zscaler, Inc. in brief

What does Zscaler, Inc. do?
Zscaler, Inc. is a US-listed company in the systems software industry. Its financial year ends in July.
What is Zscaler, Inc.'s stock ticker?
Zscaler, Inc. trades under the ticker ZS on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Zscaler, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Zscaler, Inc. reported revenue of $3.4B, 25.4% higher than a year earlier, according to its SEC filings.
What is Zscaler, Inc.'s free cash flow?
Zscaler, Inc.'s free-cash-flow margin is 25.4% of revenue over the trailing twelve months, ranking 12 of the 34 systems software companies we cover.
What is Zscaler, Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Zscaler, Inc.'s free cash flow after stock-based pay gives ~$140 per share in the base case, and ~$100–$190 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Zscaler, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Portfolio Management LLC and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Zscaler, Inc.'s market cap?
On July 31, 2026, Zscaler, Inc.'s market capitalisation was about $24.2B and net debt of $768M. Market figures come from third-party market data and may be delayed.
How much debt does Zscaler, Inc. have?
Zscaler, Inc.'s debt-to-equity ratio is 65.3%, from its latest balance sheet (174.4% five years earlier). The financial health section below sets out its other solvency checks.
Who are Zscaler, Inc.'s competitors?
In our Systems Software peer group, the companies closest to Zscaler, Inc. are Pagseguro Digital Ltd., Okta, Inc., Nutanix, Inc., Check Point Software Technologies LTD and Paypay Corp. The side-by-side comparison below sets their revenue, margins and growth against Zscaler, Inc.'s.
Are insiders buying or selling Zscaler, Inc. stock?
Over the last 12 months, Zscaler, Inc.'s directors and officers reported 0 open-market purchases and 74 sales on Form 4. The insider trading page charts every trade.
When is Zscaler, Inc.'s next earnings date?
Around November 24, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Zscaler, Inc. announces its own schedule.