ZS

MKT CAP:$22B

Zscaler, Inc.

Market Cap

$22B

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

Technology·Software Infra·🇺🇸·NASDAQ

Stock Price

$132.97-$87.60 (-39.72%)

Apr 23, 2026

Company Details

Zscaler, Inc. operates as a cloud security company worldwide. The company provides Zscaler Internet Access solution that provides users, servers, operational technology, Internet of Things device secure access to externally managed applicat...

CEO

Jagtar Singh Chaudhry

IPO Date

Mar 16, 2018

Website

www.zscaler.com

Key Metrics TTM

Revenue

$3.0B

+23.9% YoY

Net Income

-$68M

EPS (Diluted)

-$0.42

Free Cash Flow

$944M

Revenue / Share

$18.79

Gross Margin

76.6%

Operating Margin

-4.8%

Net Margin

-2.3%

FCF Margin

31.4%

P/S

7.2x

P/E

—

Earnings Reports

Q2 2026

Feb 26, 2026

$816M+25.9%EPS -$0.21

Q1 2026

Nov 25, 2025

$788M+25.5%EPS -$0.07

FY 2025

Sep 11, 2025

$2.7B+23.3%EPS -$0.27

Q4 2025

Sep 11, 2025

$719M+21.3%EPS -$0.11

Q3 2025

May 29, 2025

$678M+22.6%EPS -$0.03

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 22	$287M	$223M	-$87M
Q4 22	$318M	$249M	-$83M
Q1 23	$356M	$279M	-$64M
Q2 23	$388M	$300M	-$61M
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 22	22.4x	—
Q4 22	19.9x	—
Q1 23	17.9x	—
Q2 23	16.1x	—
Q3 23	14.7x	—
Q4 23	13.5x	—
Q1 24	12.4x	—
Q2 24	11.5x	—
Q3 24	10.7x	—
Q4 24	10.0x	—
Q1 25	9.5x	—
Q2 25	9.0x	—
Q3 25	8.5x	—
Q4 25	8.1x	—
Q1 26	7.7x	—
Q2 26	7.2x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 22	$77M	$44M
Q4 22	$103M	$75M
Q1 23	$128M	$96M
Q2 23	$89M	$63M
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

Quarter	CapEx
Q3 22	$33M
Q4 22	$28M
Q1 23	$33M
Q2 23	$27M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 22	+62.6%	+69.5%
Q4 22	+61.4%	+51.5%
Q1 23	+54.2%	+37.7%
Q2 23	+51.7%	+32.1%
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 22	$106M	36.9%
Q4 22	$115M	36.1%
Q1 23	$105M	29.6%
Q2 23	$110M	28.3%
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 22	$76M	—	—	$233M
Q4 22	$78M	—	—	$254M
Q1 23	$74M	—	—	$269M
Q2 23	$85M	—	—	$276M
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

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q3 22	62.6%	-17.7%	44.9
Q4 22	61.4%	-12.9%	48.5
Q1 23	54.2%	-11.4%	42.8
Q2 23	51.7%	-7.4%	44.3
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

Rule of 40

Revenue Segments

Quarter	Reportable Segment
Q2 26	$816M

Revenue by Geography

Quarter

War Chest

Quarter	Cash	Short-term Investments	Total
Q3 22	$595M	$1.1B	$1.7B
Q4 22	$1.0B	$718M	$1.7B
Q1 23	$1.1B	$740M	$1.8B
Q2 23	$1.3B	$648M	$1.9B
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

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 22	141M	+0.6%	+3.7%
Q4 22	142M	+0.7%	+3.3%
Q1 23	143M	+0.8%	+3.0%
Q2 23	145M	+0.7%	+2.8%
Q3 23	145M	+0.6%	+2.8%
Q4 23	146M	+0.7%	+2.9%
Q1 24	148M	+0.8%	+2.9%
Q2 24	149M	+0.9%	+3.1%
Q3 24	154M	+3.4%	+6.0%
Q4 24	151M	-1.7%	+3.5%
Q1 25	153M	+0.7%	+3.3%
Q2 25	154M	+0.7%	+3.2%
Q3 25	155M	+0.8%	+0.5%
Q4 25	156M	+1.0%	+3.3%
Q1 26	159M	+1.3%	+4.0%
Q2 26	160M	+0.7%	+3.9%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 22	$91.0K	3K
Q4 22	$63.9K	5K
Q1 23	$71.5K	5K
Q2 23	$77.9K	5K
Q3 23	$84.2K	5K
Q4 23	$76.3K	6K
Q1 24	$83.3K	6K
Q2 24	$88.1K	6K
Q3 24	$92.8K	6K
Q4 24	$80.7K	7K
Q1 25	$85.5K	7K
Q2 25	$88.2K	7K
Q3 25	$92.3K	7K
Q4 25	$90.8K	8K
Q1 26	$99.5K	8K
Q2 26	$103.0K	8K

Revenue / Employee