Zscaler, Inc.

ZS

Zscaler, Inc.

Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Zscaler, Inc.

R40: 32 · Q4 FY2026 $32.05B
$199.42
About

Zscaler, Inc. provides a cloud-native zero-trust security platform that sits between users and applications. Products include Zscaler Internet Access, Zscaler Private Access, digital-experience monitoring, and related data-protection and workload-security services, delivered as a multi-tenant cloud subscription.

History ↓ Leadership ↓

News

Coverage

See all news → ZS feed

Open ZS Rule of 40 details
Median 45.4 Above 40 0–40 Below 0
73
Q1
46
Q2
40
Q3
45
FY2025 Q4
78
Q1
47
Q2
41
Q3
32
FY2026 Q4 40 0 Mix
ANALYST RATINGS
Buy $245
Consensus as of Sep 3, 2026
ZS
Guggenheim Buy $214
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2026-06-01
BMO Capital Markets Outperform $178
Reiterated
2026-05-27
Evercore ISI In-line $155
Downgrade
2026-05-27
B. Riley Securities Buy $225
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2026-05-18
Morgan Stanley Equal-Weight $155
Downgrade
2026-04-22

See all 19 ratings →

Forward model

Where the revenue goes next

ZS FORWARD MODEL $232.34 +17%
Revenue

Latest: $898M (Q4 FY2026)

Period Value
Q2 FY2023 $388M
Q3 FY2023 $419M
Q4 FY2023 $455M
Q1 FY2024 $497M
Q2 FY2024 $525M
Q3 FY2024 $553M
Q4 FY2024 $593M
Q1 FY2025 $628M
Q2 FY2025 $648M
Q3 FY2025 $678M
Q4 FY2025 $719M
Q1 FY2026 $788M
Q2 FY2026 $816M
Q3 FY2026 $850M
Q4 FY2026 $898M
EPS

Latest: −$0.02 (Q4 FY2026)

Period Value
Q2 FY2023 −$0.40
Q3 FY2023 −$0.32
Q4 FY2023 −$0.21
Q1 FY2024 −$0.23
Q2 FY2024 −$0.19
Q3 FY2024 $0.12
Q4 FY2024 −$0.10
Q1 FY2025 −$0.08
Q2 FY2025 −$0.05
Q3 FY2025 −$0.03
Q4 FY2025 −$0.11
Q1 FY2026 −$0.07
Q2 FY2026 −$0.21
Q3 FY2026 −$0.09
Q4 FY2026 −$0.02
P/E Ratio

Latest: n/m (Q4 FY2026)

Period Value
Q1 FY2024 n/m
Q2 FY2024 n/m
Q3 FY2024 n/m
Q4 FY2024 n/m
Q1 FY2025 n/m
Q2 FY2025 n/m
Q3 FY2025 n/m
Q4 FY2025 n/m
Q1 FY2026 n/m
Q2 FY2026 n/m
Q3 FY2026 n/m
Q4 FY2026 n/m
Free Cash Flow

Latest: $61M (Q4 FY2026)

Period Value
Q2 FY2023 $63M
Q3 FY2023 $74M
Q4 FY2023 $101M
Q1 FY2024 $225M
Q2 FY2024 $101M
Q3 FY2024 $123M
Q4 FY2024 $136M
Q1 FY2025 $292M
Q2 FY2025 $143M
Q3 FY2025 $119M
Q4 FY2025 $172M
Q1 FY2026 $413M
Q2 FY2026 $169M
Q3 FY2026 $136M
Q4 FY2026 $61M
Shares

Latest: 162M (Q4 FY2026)

Period Value
Q2 FY2023 145M
Q3 FY2023 145M
Q4 FY2023 146M
Q1 FY2024 148M
Q2 FY2024 149M
Q3 FY2024 154M
Q4 FY2024 151M
Q1 FY2025 153M
Q2 FY2025 154M
Q3 FY2025 155M
Q4 FY2025 156M
Q1 FY2026 159M
Q2 FY2026 160M
Q3 FY2026 161M
Q4 FY2026 162M
Cumulative FCF

Latest: $2.33B (Q4 FY2026)

Period Value
Q2 FY2023 $63M
Q3 FY2023 $137M
Q4 FY2023 $238M
Q1 FY2024 $463M
Q2 FY2024 $564M
Q3 FY2024 $687M
Q4 FY2024 $823M
Q1 FY2025 $1.11B
Q2 FY2025 $1.26B
Q3 FY2025 $1.38B
Q4 FY2025 $1.55B
Q1 FY2026 $1.96B
Q2 FY2026 $2.13B
Q3 FY2026 $2.27B
Q4 FY2026 $2.33B
Earnings coverage

Latest earnings

See all ZS earnings → Investor relations →

Background

Company History

Exchange
NASDAQ
IPO Date
Mar 16, 2018
Shares Outstanding
160.7M
2007
Company Founded

Jay Chaudhry founds Zscaler in San Jose in September 2007, his fifth security company, on the premise that security should be delivered from a cloud that sits between users and applications rather than from appliances at the network edge.

2018
IPO on Nasdaq

Zscaler sells 12,000,000 shares at $16.00 in its initial public offering, listing on the Nasdaq Global Select Market under the ticker ZS on 16 March 2018.

2023
ARR Passes $2 Billion

Closing fiscal 2023 with revenue of $1.617 billion, up 48%, the company reports that it has doubled annual recurring revenue in less than two years to pass the $2 billion mark.

2025
Red Canary Acquired and the Notes Refinanced

Zscaler completes its acquisition of managed-detection-and-response firm Red Canary on 1 August 2025, and in July 2025 issues $1.725 billion of convertible senior notes due 2028 while repaying the $1.15 billion 2025 notes in cash. Fiscal 2025 closes with ARR above $3 billion for the first time.

2026
The Agentic-AI Pivot

ARR reaches $3,525 million in the April quarter and non-GAAP operating margin sets a record 23%. Zscaler announces its intent to acquire Symmetry Systems for access-graph technology governing AI-agent communication, and joins Anthropic's Project Glasswing, embedding a frontier model in its own secure software development lifecycle.

Leadership

Key Players

Jay Chaudhry
Chairman, CEO & Founder
Jay Chaudhry
Co-founded Zscaler in September 2007 and has been chief executive and chairman ever since, after founding and selling four earlier security companies. He and his affiliates held roughly 41.4% of the shares outstanding at the FY2025 10-K, making him both the operator and by far the largest owner. His argument has not changed in eighteen years: the firewall-and-VPN perimeter is the wrong architecture, and security belongs in a cloud that brokers every connection.

The CEO view — 4 podcasts, interviews & articles →

Kevin Rubin
Chief Financial Officer
CFO since June 2025, arriving after a year as CFO of BetterUp and eight years as CFO of Alteryx, where he also served as interim CEO in early 2024. He took the job in the quarter Zscaler refinanced its convertible notes, issuing $1.725 billion of 2028 notes and repaying the $1.15 billion 2025 notes.
Adam Geller
Chief Product Officer
Chief Product Officer since September 2024, responsible for the Zero Trust Exchange roadmap and the agentic-AI security portfolio - AI Guardrails, AI Broker, Endpoint AI Security and the AI Access Graph.
Mike Rich
Chief Revenue Officer & President of Global Sales
Chief Revenue Officer and President of Global Sales since November 2023, hired after the Chief Operating Officer who had led sales resigned in February 2024. He owns the go-to-market that has to keep net new ARR growing while the base passes $3.5 billion.
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Institutional

Funds we follow holding ZS

By latest reported 13F position value. Market value at quarter-end, not cost basis.