Zscaler, Inc. (ZS) financials
NASDAQ · Technology · Software - Infrastructure · 8,700 employees · CEO Jagtar Singh Chaudhry
- Price
- $237.83 -4.03%
- Market cap
- $38.8B
- Enterprise value
- $39.7B
- Last report
- Q4 '26 filed 2026-09-03
- Next report
- 2026-11-24 EPS est. $1.16
Revenue (TTM)$3.35B+25.4% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)-4.0%+0.6 pp vs a year agoOperating income -$133M
Net income (TTM)-$63.2M-52.3% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$852M+17.3% vs a year agoCapex $277M
Diluted EPS (TTM)-$0.39-46.7% vs a year agoSum of the last 4 quarters
Net cash$1.62B-8.9% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $38.8B EV $39.7B
- Revenue
- $3.35B Trailing 12 months
- Revenue growth
- +17% FY2027 consensus
- Profit margin
- -1.9% Net income / revenue, TTM
- P/E
- -609.8× Forward 48.7× (FY2027)
- P/S
- 11.6× Price / sales, TTM
- EV / EBITDA
- 212.8× TTM
- Free cash flow
- $852M Trailing 12 months
- Net income
- -$63.2M Trailing 12 months
- Revenue estimate
- $3.93B FY2027 consensus
- Earnings
- 2026-11-24 Revenue est. $938M
- Dividend
- – No dividend
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-09-03): revenue beat by 2.4%, EPS beat by 9.2%Revenue $898M vs $877M expected (+2.4%); EPS $1.19 vs $1.09 (+9.2%).
- Revenue growth steady: 24.9% year on yearQ4 '26 revenue $898M, against an average of 24.5% over the four quarters before.
- Operating margin -4.0% (TTM), +0.6 pp on a year agoOperating income grew -7.9% while revenue grew 25.4%.
- Capex 8.3% of revenue (a year ago 9.2%)$277M invested in the last 4 quarters (+12.8% on a year earlier). Free cash flow $852M.
- Diluted share count up 2.4% in a year160M diluted shares in Q4 '26, 156M a year earlier.
- Net cash $1.62BCash + short-term investments $3.47B, debt incl. leases $1.86B; a year ago net cash $1.78B.
Last quarter: Q4 '26
Quarter ended 2026-07-31. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $898M | $719M | +24.9% |
| Gross margin | 76.7% | 76.1% | +0.6 pp |
| Operating income | -$15.5M | -$32.2M | +52.0% |
| Operating margin | -1.7% | -4.5% | +2.8 pp |
| Net income | -$3.37M | -$17.6M | +80.8% |
| Diluted EPS | -$0.02 | -$0.11 | +81.8% |
| Operating cash flow | $279M | $251M | +11.4% |
| Capex | $215M | $78.7M | +173.6% |
| Free cash flow | $64M | $172M | -62.7% |
| R&D | $241M | $178M | +36.0% |
| Stock-based compensation | $212M | $173M | +22.6% |
Reported vs consensus
2026-09-03| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $898M | $877M | +2.4% |
| EPS (as estimated) | $1.19 | $1.09 | +9.2% |
From the report of 2026-09-03 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Reportable Segment | $1.69B | – | 100.0% | – | – |
Revenue by region
share of total| Segment | Q4 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| United States | $45.9M | +54.1% | 49.1% | $165M | – | |
| EMEA | $38.3M | +39.8% | 40.9% | $135M | – | |
| Asia Pacific | $7.82M | +63.3% | 8.4% | $26.9M | – | |
| Other | $1.54M | +17.5% | 1.6% | $5.98M | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $1.13B
- Capex
- -$277M
- Buybacks
- $0
- Dividends
- $0
- Acquisitions
- -$918M
- Net debt issued
- $0
- Stock-based compensation
- $822M
- Free cash flow
- $852M
- Returned to shareholders / FCF
- -0.0%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | -609.8× | – | – |
| EV / EBITDA | 212.8× | 311.0× 3 of 5 years | 134.8× – 411.2× |
| EV / Sales | 11.8× | 14.1× | 7.5× – 19.9× |
| Price / FCF | 45.5× | 59.6× | 28.4× – 93.5× |
| Price / Book | 14.7× | 24.9× | 9.3× – 37.7× |
| FCF yield | 2.2% | 2.0% | 1.1% – 3.5% |
| Return on invested capital | -2.7% | -7.9% | -19.0% – -2.7% |
| Return on equity | -2.8% | -21.0% | -68.1% – -2.3% |
Analysts
Consensus target $222.58 (-6.4%)
range $150.00 – $298.00 · rating Buy
Strong buy0
Buy44
Hold10
Sell1
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $3.93B | +17.1% | $4.88 | +1,350.9% | 48.7× | 26 |
| FY2028 | $4.57B | +16.3% | $5.60 | +14.8% | 42.5× | 25 |
| FY2029 | $5.31B | +16.2% | $6.55 | +17.0% | 36.3× | 7 |
| FY2030 | $6.18B | +16.5% | $7.43 | +13.4% | 32.0× | 2 |
| FY2031 | $7.15B | +15.6% | $11.17 | +50.3% | 21.3× | 6 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 271 figures Zscaler, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| – | – | – | -$77K | – | – | |
| – | – | – | 0.4% | – | – | |
| – | – | – | -$3.23M | – | – | |
| – | – | – | $3.66M | – | – | |
| Accounts Payable, Current | $48M | $46.9M | +2.3% | $48M | $46.9M | +2.3% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $1.15B | $992M | +15.8% | $1.15B | $992M | +15.8% |
| Accretion (Amortization) of Discounts and Premiums, Investments | $87K | $2.06M | -95.8% | $4.66M | $15.9M | -70.8% |
| Accrued Bonuses, Current | $69.3M | $51.6M | +34.4% | $69.3M | $51.6M | +34.4% |
| Accrued Employee Benefits, Current | $8.02M | $9.41M | -14.8% | $8.02M | $9.41M | -14.8% |
| Accrued Salaries, Current | $61.7M | $61.4M | +0.6% | $61.7M | $61.4M | +0.6% |
| Accrued Sales Commission, Current | $95.6M | $59.4M | +60.8% | $95.6M | $59.4M | +60.8% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $542M | $372M | +45.9% | $542M | $372M | +45.9% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$23.5M | $8.08M | -391.4% | -$23.5M | $8.08M | -391.4% |
| Additional Paid in Capital | $3.87B | $2.98B | +30.0% | $3.87B | $2.98B | +30.0% |
| Advertising Expense | – | – | – | $29.5M | $29.9M | -1.3% |
| Amortization of Debt Issuance Costs | – | – | – | $3.91M2024-07-31 | $3.89M | +0.5% |
| Amortization of Debt Issuance Costs and Discounts | $2.05M | $1.35M | +51.9% | $8.17M | $4.29M | +90.2% |
| Amortization of Intangible Assets | $12.3M | $4.08M | +201.0% | $43.5M | $16.8M | +158.4% |
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1.35M | -4.97M | +127.1% | 16.2M | 14.3M | +13.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $213M | $176M | +21.2% | $830M | $684M | +21.5% |
| Assets | $7.87B | $6.42B | +22.5% | $7.87B | $6.42B | +22.5% |
| Assets, Current | $5.03B | $4.89B | +2.8% | $5.03B | $4.89B | +2.8% |
| Capitalized Computer Software, Accumulated Amortization | $61.6M2025-07-31 | $36.3M | +69.7% | $61.6M2025-07-31 | $36.3M | +69.7% |
| Capitalized Computer Software, Gross | $125M2025-07-31 | $76.9M | +61.9% | $125M2025-07-31 | $76.9M | +61.9% |
| Capitalized Contract Cost, Amortization | $54M | $44.8M | +20.5% | $204M | $166M | +22.5% |
| Capitalized Contract Cost, Net | $618M | $510M | +21.3% | $618M | $510M | +21.3% |
| Capitalized Contract Cost, Net, Current | $216M | $181M | +19.2% | $216M | $181M | +19.2% |
| Capitalized Contract Cost, Net, Noncurrent | $402M | $329M | +22.4% | $402M | $329M | +22.4% |
| Cash and Cash Equivalents, at Carrying Value | $928M | $2.39B | -61.1% | $928M | $2.39B | -61.1% |
| Cash and Cash Equivalents, Fair Value Disclosure | $760M | $1.54B | -50.8% | $760M | $1.54B | -50.8% |
| Cash Equivalents, at Carrying Value | $760M | $1.54B | -50.8% | $760M | $1.54B | -50.8% |
| Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months | $5M2026-01-31 | -$18.7M | +126.7% | $6.9M | -$6.1M | +213.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $928M | $2.39B | -61.1% | $928M | $2.39B | -61.1% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$53.8M | $398M | -113.5% | -$1.46B | $966M | -251.2% |
| Common Stock, Capital Shares Reserved for Future Issuance | 62.4M | 57.2M | +9.2% | 62.4M | 57.2M | +9.2% |
| Common Stock, Par or Stated Value Per Share | $1.00 | $1.00 | 0.0% | $1.00 | $1.00 | 0.0% |
| Common Stock, Shares Authorized | 1B | 1B | 0.0% | 1B | 1B | 0.0% |
| Common Stock, Shares, Issued | 163M | 158M | +3.0% | 163M | 158M | +3.0% |
| Common Stock, Shares, Outstanding | 163M | 158M | +3.0% | 163M | 158M | +3.0% |
| Common Stock, Value, Issued | $163K | $159K | +2.5% | $163K | $159K | +2.5% |
| Comprehensive Income (Loss), Net of Tax, Attributable to Parent | -$19.2M | -$25.7M | +25.4% | -$94.8M | -$28.6M | -231.4% |
| Contract with Customer, Liability | $2.48B2026-04-30 | $1.99B | +24.8% | $2.47B2025-07-31 | $1.9B | +30.2% |
| Contract with Customer, Liability, Current | $2.48B | $2.05B | +20.7% | $2.48B | $2.05B | +20.7% |
| Contract with Customer, Liability, Noncurrent | $445M | $414M | +7.7% | $445M | $414M | +7.7% |
| Contract with Customer, Liability, Revenue Recognized | $277M | $211M | +31.2% | $2.05B | $1.64B | +25.0% |
| Convertible Notes Payable, Current | $02025-07-31 | $1.14B | -100.0% | $02025-07-31 | $1.14B | -100.0% |
| Convertible Notes Payable, Noncurrent | $1.7B | $1.7B | -0.3% | $1.7B | $1.7B | -0.3% |
| Cost of Revenue | $209M | $172M | +21.3% | $778M | $618M | +25.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $140K | -$331K | +142.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $61.9M | $32.7M | +89.1% |
| Current Income Tax Expense (Benefit) | – | – | – | $67M | $36.7M | +82.5% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $4.91M | $4.27M | +15.0% |
| Debt Instrument, Convertible, Number of Equity Instruments | – | – | – | 3,900,000 segment2025-07-31 | 7,600,000 segment | -48.7% |
| Debt Instrument, Convertible, Number of Equity Instruments | -3.7M2025-07-31 | 0 | – | 3.9M | 3.9M | 0.0% |
| Debt Issuance Costs Incurred During Noncash or Partial Noncash Transaction | – | – | – | $0 | $999K | -100.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $398K | $1.89M | -79.0% | $398K | $1.89M | -79.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $15.5M | $1.04M | +1,396.7% | $15.5M | $1.04M | +1,396.7% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $375M | $458M | -18.1% | $375M | $458M | -18.1% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer | $02026-04-30 | $0 | – | $02025-07-31 | $248M | -100.0% |
| Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $02026-04-30 | $0 | – | $02025-07-31 | $1.75M | -100.0% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-K 2026-07-31, 10-Q 2026-04-30, 10-Q 2026-01-31, 10-Q 2025-10-31, 10-K 2025-07-31, 10-Q 2025-04-30, 10-Q 2025-01-31, 10-Q 2024-10-31, 10-K 2024-07-31
Data as of 2026-11-02