ZS
Zscaler, Inc.
Quarterly revenue, EPS, free cash flow, valuation, and Rule of 40 scores for Zscaler, Inc.
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.
Coverage
ZS Q4 FY2026 earnings preview
Zscaler's cash guide implies a 4.7-6.6% free cash flow margin and a Rule of 40 score in the high 20s, its first below 40 in 15 quarters.
Zscaler Joins Coverage: Thirteen GAAP Losses in Fourteen Quarters and No P/E to Print.
Zscaler scored 41.4 on the Rule of 40 for April and 52.7 trailing, but its $0.48 trailing GAAP loss leaves no P/E.
Where the revenue goes next
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 |
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 |
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 |
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 |
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 |
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 |
Latest earnings
Company History
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.
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.
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.
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.
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.
Key Players
The CEO view — 4 podcasts, interviews & articles →
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Funds we follow holding ZS
By latest reported 13F position value. Market value at quarter-end, not cost basis.