Zscaler, Inc. Q4 FY2026 Earnings Results vs. Expectations
ReportsSep 3, 2026
SlotAfter Market Close
Results are out
This quarter has reported. The consensus below is what we expected going in.
What the Street expects
EPS · NON-GAAP
$1.09
Guided $1.08-1.09
QoQ+0.9%
YoY+22.5%
Revenue
$877.1M
Guided $875-878M
QoQ+3.1%
YoY+21.9%
QoQ and YoY are what the consensus implies against the prior quarter and the prior year.
Also on the card
Consensus source
Zacks $1.09 on $877.1M (2 Sep 2026)
Company guidance
Q4 revenue $875-878M (+22%), non-GAAP operating income $206-208M, non-GAAP EPS $1.08-1.09 on ~168M shares (26 May 2026)
FY2026 guidance
ARR $3.740-3.749B (+24%), revenue $3,329.5-3,332.5M, non-GAAP EPS $4.10-4.11, free cash flow margin 22.8-23.3%
FY2027 early outlook
ARR and revenue growth of 16-17%, given on the Q3 call
Basis
Non-GAAP diluted EPS; GAAP was -$0.09 in Q3 FY2026 and -$0.11 a year ago
Prior quarter
Non-GAAP EPS $1.08, revenue $850.5M (+25%), ARR $3,525M (+25%), net new ARR $166M
What to watch
- Free cash flow against the implied $41–58 million, and the full-year margin against the guided 22.8–23.3%. If the quarter comes in far above the implied range, the May guide cut was conservatism.
- Capital expenditure as a percentage of revenue against 7.3% in April and 4.3% in January. This is the mechanism behind the cash guide, and the one that says whether the margin comes back.
- The fiscal 2027 guide against the 16–17% ARR and revenue growth outlook given in May. The largest single item on the call.
- ARR against the guided $3.740–3.749 billion, and the organic rate. Net new ARR of $215–224 million is implied; the July 2025 quarter did about $195 million.
- Calculated billings, which Zscaler reports at the fiscal year end— $1,202.3 million and +32% in the July 2025 quarter. It is the fourth quarter's own forward metric and it is not in the guide.
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| FY2025 Q1 | — | −$0.08 | — |
| FY2025 Q2 | — | −$0.05 | — |
| FY2025 Q3 | — | −$0.03 | — |
| FY2025 Q4 | — | −$0.11 | — |
| FY2026 Q1 | — | −$0.07 | — |
| FY2026 Q2 | — | −$0.21 | — |
| FY2026 Q3 | — | −$0.09 | — |
| FY2026 Q4 | $1.09 | $1.19 | +9% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Every quarter
Read the full preview → Q4 FY2026 release page View ZS stock page