Zscaler, Inc. · 2026 Q4
ReportsSep 3, 2026
SlotAfter Market Close
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 |
|---|---|---|---|
| 2025 Q1 | — | -$0.08 | — |
| 2025 Q2 | — | -$0.05 | — |
| 2025 Q3 | — | -$0.03 | — |
| 2025 Q4 | — | -$0.11 | — |
| 2026 Q1 | — | -$0.07 | — |
| 2026 Q2 | — | -$0.21 | — |
| 2026 Q3 | — | -$0.09 | — |
| 2026 Q4 | $1.09 | no quarterly figure | — |
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 → 2026 Q4 release page View ZS stock page