ZS (Zscaler, Inc.) Stock Financials & Earnings | Market Cap Arena

ZS (Zscaler, Inc.) Stock Financials & Earnings | Market Cap Arena

ZSZscaler, Inc.

Mkt Cap$26B

Technology·Software - Infrastructure·🇺🇸 United States·NASDAQ

Revenue (TTM)$3.0B

Net Income (TTM)-$68M

EPS (TTM)-$0.42

Free Cash Flow (TTM)$944M

Gross Margin76.6%

Op. Margin-4.8%

Net Margin-2.3%

FCF Margin31.4%

P/S Ratio (TTM)8.5x

P/E Ratio (TTM)—

YoY Rev Growth+23.9%

Employees—

Earnings Reports

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q3 23	$419M	$323M	-$48M
Q4 23	$455M	$352M	-$42M
Q1 24	$497M	$385M	-$47M
Q2 24	$525M	$407M	-$47M
Q3 24	$553M	$434M	-$4M
Q4 24	$593M	$462M	-$26M
Q1 25	$628M	$486M	-$32M
Q2 25	$648M	$499M	-$37M
Q3 25	$678M	$522M	-$22M
Q4 25	$719M	$548M	-$32M
Q1 26	$788M	$603M	-$36M
Q2 26	$816M	$624M	-$52M

Valuation

Quarter	P/S	P/E
Q3 23	17.3x	—
Q4 23	15.8x	—
Q1 24	14.5x	—
Q2 24	13.5x	—
Q3 24	12.6x	—
Q4 24	11.8x	—
Q1 25	11.1x	—
Q2 25	10.5x	—
Q3 25	10.0x	—
Q4 25	9.6x	—
Q1 26	9.0x	—
Q2 26	8.5x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 23	$108M	$74M
Q4 23	$136M	$101M
Q1 24	$261M	$225M
Q2 24	$142M	$101M
Q3 24	$173M	$123M
Q4 24	$204M	$136M
Q1 25	$331M	$292M
Q2 25	$179M	$143M
Q3 25	$211M	$119M
Q4 25	$251M	$172M
Q1 26	$448M	$413M
Q2 26	$204M	$239M

Capital Expenditures

CapEx

Quarter	CapEx
Q3 23	$35M
Q4 23	$35M
Q1 24	$36M
Q2 24	$41M
Q3 24	$50M
Q4 24	$67M
Q1 25	$39M
Q2 25	$36M
Q3 25	$92M
Q4 25	$79M
Q1 26	$35M
Q2 26	$35M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 23	+46.0%	+25.1%
Q4 23	+43.1%	+24.1%
Q1 24	+39.7%	+29.4%
Q2 24	+35.4%	+27.5%
Q3 24	+32.1%	+19.4%
Q4 24	+30.3%	+24.5%
Q1 25	+26.4%	+21.4%
Q2 25	+23.4%	+19.7%
Q3 25	+22.6%	+25.6%
Q4 25	+21.3%	+21.5%
Q1 26	+25.5%	+25.0%
Q2 26	+25.9%	+26.7%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 23	$108M	25.7%
Q4 23	$122M	26.8%
Q1 24	$129M	26.0%
Q2 24	$140M	26.7%
Q3 24	$113M	20.5%
Q4 24	$145M	24.4%
Q1 25	$157M	25.0%
Q2 25	$172M	26.6%
Q3 25	$159M	23.5%
Q4 25	$173M	24.0%
Q1 26	$189M	23.9%
Q2 26	$217M	26.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M	SG&A
Q3 23	$92M	—	—	$279M
Q4 23	$96M	—	—	$298M
Q1 24	$114M	—	—	$318M
Q2 24	$122M	—	—	$332M
Q3 24	$125M	—	—	$314M
Q4 24	$139M	—	—	$349M
Q1 25	$154M	—	—	$363M
Q2 25	$171M	—	—	$366M
Q3 25	$169M	—	—	$375M
Q4 25	$178M	$71M	$331M	—
Q1 26	$200M	$66M	$374M	—
Q2 26	$229M	$78M	$369M	—

Rule of 40

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 23	46.0%	-2.9%	43.1
Q4 23	43.1%	1.0%	44.1
Q1 24	39.7%	1.1%	40.8
Q2 24	35.4%	0.3%	35.8
Q3 24	32.1%	8.0%	40.1
Q4 24	30.3%	3.9%	34.2
Q1 25	26.4%	3.9%	30.3
Q2 25	23.4%	2.2%	25.6
Q3 25	22.6%	5.8%	28.3
Q4 25	21.3%	4.8%	26.1
Q1 26	25.5%	4.4%	30.0
Q2 26	25.9%	3.6%	29.5

Revenue Segments

Quarter	Reportable Segment
Q2 26	$816M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 23	$1.3B	$693M	$2.0B
Q4 23	$1.3B	$838M	$2.1B
Q1 24	$1.4B	$963M	$2.3B
Q2 24	$1.4B	$1.0B	$2.5B
Q3 24	$1.3B	$981M	$2.2B
Q4 24	$1.4B	$987M	$2.4B
Q1 25	$1.6B	$1.2B	$2.7B
Q2 25	$1.8B	$1.1B	$2.9B
Q3 25	$2.0B	$1.0B	$3.0B
Q4 25	$2.4B	$1.2B	$3.6B
Q1 26	$1.3B	$2.0B	$3.3B
Q2 26	$1.2B	$2.3B	$3.5B

Shares Outstanding

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q3 23	145M	+0.6%
Q4 23	146M	+0.7%
Q1 24	148M	+0.8%
Q2 24	149M	+0.9%
Q3 24	154M	+3.4%
Q4 24	151M	-1.7%
Q1 25	153M	+0.7%
Q2 25	154M	+0.7%
Q3 25	155M	+0.8%
Q4 25	156M	+1.0%
Q1 26	159M	+1.3%
Q2 26	160M	+0.7%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 15	—	—
FY 16	—	—
FY 17	—	—
FY 18	$181K	1K
FY 19	$205K	1K
FY 20	$213K	2K
FY 21	$213K	3K
FY 22	$219K	5K
FY 23	$271K	6K
FY 24	$295K	7K
FY 25	$337K	8K