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ZscalerZS

Legal name
Zscaler, Inc.
Sector
Technology
Industry
Services-Computer Programming Services
Exchange
Nasdaq

Stock Price $ZS

Latest filings

You are here#59 of 88 in Technology by market cap

Filing record · 2018–202610-K910-Q258-K62

ZS filed 9 annual reports (10-K), 25 quarterly reports (10-Q) and 62 current reports (8-K) between 2018 and 2026.

  1. Leadership change8-K · May ’20May ’20
  2. Leadership change8-K · Jan ’22Jan ’22
  3. FY2025 annual report10-K · Sep ’25Sep ’25

01—Key figures

Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026
Source: 10-KFY2026

Revenue Trend

Year-over-year comparison from 10-K annual reports

  11. $3.35B
YoY changeLargest recent move+62.1%in FY22Latest +25.4%

Latest bar from 10-KFY2026Click a bar to open its SEC filing

View full history →
All ZS Financial Metrics57 metrics

Income Statement17

Balance Sheet23

Cash Flow13

Per Share4

02—Overview

Zscaler Financial Overview 2022–2026

Updated Nov 4, 2026

Zscaler's market value roughly halved in a year while its revenue grew 25%. The stock closed FY2025 at $285.56a with a $45.2 billion market cap, then ended FY2026 at $143.77 and $23.4 billion. The core thesis: the business keeps compounding and throws off cash, but the market is no longer paying up for growth that is decelerating and costing more to buy.

The long-term arc is vivid. Revenue climbed from $1,090.9 million in FY2022 to $3,352.5 millionb in FY2026, while the net loss shrank from $390.3 million to $63.2 million. Annual recurring revenue reached $3,771 million, up from $3,015 million a year earlier, and the company counts about 11,000 customers. Growth has cooled from 56% in FY2022 to 25%, and guidance points to roughly 17% in FY2027.

The cash engine is real. FY2026 free cash flow was $779.1 millionc, a 23% margin, down from 27% in FY2025. Non-GAAP operating margin hit 23%. Cash and short-term investments stood at $3,474.2 million against $1,725.0 million of convertible notes due 2028.

The costs are also real. Stock-based compensation was $821.9 million, R&D rose to $903.4 milliond, and acquisitions absorbed $918.1 million in cash. GAAP operating margin remained negative at (4)%. With EPS of -$0.39 at FY2026 close, no earnings multiple exists. Investors were pricing cash flow and ARR, not profits.

Recent Developments (Q3 and Q4 2026)

The sharpest development was Q4 2026 cash conversion. Free cash flow fell to $60.8 millione from $171.9 million, as capex and internal-use software rose to $218.5 million. Revenue reached $898.2 million, and non-GAAP operating margin set a record 24%. Excluding Red Canary, ARR growth slowed from 21% in Q3 2026 to 20% in Q4 2026. On September 1, 2026, Zscaler announced a 3% headcount cut with $30.0 million to $33.0 million of charges. Ross Tackett replaces Mike Rich as CRO on October 1, 2026.

Bull case: FY2027 guidance was reaffirmed at the October 2026 Investor Day, with non-GAAP gross margin near 80% and a $10 billion ARR target. Bear case: growth is slowing, sales leadership is changing, and the stock closed at $177.80 ($29.0B market cap) as of September 2, 2026 with negative earnings, so no P/E applies.

What to watch: Q1 2027 revenue against the $935 million to $939 million guide; free cash flow recovery toward 23.0% to 23.5%

03—Filings

Recent SEC Filings

  1. 8-KZscaler 8-K Report, Regulation FD Disclosure (Oct 6, 2026)Zscaler, Inc. (Nasdaq: ZS) filed a Form 8-K under Item 7.01 (Regulation FD Disclosure) on October 6, 2026, to announce its 2026 Investor Day, held that day in New York City with a presentation at 8:30 a.m. Eastern Time. Management, including CEO Jay Chaudhry, CFO Kevin Rubin, Chief Product Officer Adam Geller, Chief Revenue Officer Ross Tackett, and EVP of AI & Data Security Dhawal Sharma, was slated to discuss strategy, platform innovation, go-to-market priorities, and long-term growth drivers. The event was available as a live webcast with a replay on the investor relations website. The filing's press release (Exhibit 99.1) states that the company reaffirmed its first quarter and full fiscal 2027 guidance, previously provided on September 3, 2026. The reaffirmed guidance calls for first quarter fiscal 2027 revenue of $935 million to $939 million, approximately 19% year-over-year growth, and non-GAAP income from operations of $215 million to $217 million. For the full fiscal year, the company expects revenue of approximately $3.908 billion to $3.938 billion, ARR of $4.396 billion to $4.426 billion, non-GAAP income from operations of $924 million to $932 million, and a free cash flow margin of approximately 23.0% to 23.5%. The CEO tied the company's outlook to agentic AI and reiterated a $10 billion ARR target. The guidance was reaffirmed rather than revised, so the filing contains no change to prior expectations. The press release also notes that the company did not reconcile non-GAAP guidance to GAAP measures, citing items that cannot be reasonably predicted. The information in Exhibit 99.1 is furnished and not deemed filed under Section 18 of the Exchange Act.
  2. 8-KZscaler 8-K Report, Executive Changes (Sep 24, 2026)Zscaler, Inc. (NASDAQ: ZS) filed an 8-K on September 24, 2026 to report a senior leadership change in its revenue organization. The company is promoting Ross Tackett, its Head of Worldwide Sales, to Chief Revenue Officer effective October 1, 2026. He succeeds Mike Rich, who is stepping down as an officer effective the same date for personal reasons. Rich will remain with the company as a strategic advisor through December 31, 2026. Under the company's Change of Control and Severance Policy, the company expects Mr. Rich to receive certain severance benefits in connection with his departure. The filing references that policy as previously filed with an 8-K dated December 2, 2024. Tackett will lead global revenue operations, the sales organization, the strategic partner ecosystem, and go-to-market execution. The press release describes him as having been with the company for three years and having prior sales leadership roles at ServiceNow and Dell. The announcement is framed around the company's Zero Trust Exchange platform and its continued focus on enterprise modernization.
  3. 8-KZscaler 8-K Report, Financial Results (Sep 3, 2026)Zscaler, Inc. (ZS) reported fourth quarter and fiscal 2026 results for the period ended July 31, 2026, in a press release furnished as Exhibit 99.1. Revenue grew 25% year over year to $898.2 million in the fourth quarter and 25% to $3,353 million for the full year. Excluding the acquisition of Red Canary, which contributed ARR of $141 million, ARR grew 20% to $3,630 million, and net new ARR grew 17%. Fourth-quarter GAAP loss from operations narrowed to $15.5 million from $32.2 million a year earlier, while non-GAAP operating margin reached a record 24%. Free cash flow fell to $60.8 million from $171.9 million, reflecting capital expenditures and capitalized internal-use software of $218.5 million, compared with $78.7 million in the prior-year quarter. The company also announced on September 1, 2026 a restructuring plan to reduce worldwide headcount by approximately 3%, reallocating resources to support its AI and growth initiatives. Management expects aggregate non-recurring charges of approximately $30.0 million to $33.0 million, primarily employee severance and benefit costs, with most recognized in the first half of fiscal 2027. For fiscal 2027, Zscaler guided to revenue of approximately $3.908 billion to $3.938 billion, ARR of $4.396 billion to $4.426 billion, and non-GAAP income from operations of $924 million to $932 million, with free cash flow margin of approximately 23.0% to 23.5%. The company also adopted a long-term non-GAAP tax rate of 21%, down from 23%, applied prospectively, which supports its non-GAAP net income per share guidance of $4.86 to $4.90.
  4. 8-KZscaler 8-K Report, Financial Results (May 26, 2026)Zscaler, Inc. reported third-quarter fiscal 2026 results for the quarter ended April 30, 2026. Revenue grew 25% year-over-year to $850.5 million, and Annual Recurring Revenue (ARR) grew 25% to $3,525 million. Excluding the Red Canary acquisition, which contributed ARR of $127 million, ARR grew 21% to $3,398 million and net new ARR grew 14%. GAAP loss from operations was $29.6 million, compared to $25.4 million a year earlier, while non-GAAP income from operations was $195.8 million, or 23% of revenue. GAAP net loss widened to $13.9 million from $4.1 million, and non-GAAP net income per diluted share was $1.08, compared to $0.84. Operating cash flow was $198.0 million, compared to $211.1 million, and free cash flow was $136.0 million, compared to $119.5 million. The company raised its full-year fiscal 2026 guidance for ARR, revenue, non-GAAP income from operations and non-GAAP net income per share. Full-year ARR is now expected at $3.740 billion to $3.749 billion, revenue at approximately $3.3295 billion to $3.3325 billion, and non-GAAP net income per share at $4.10 to $4.11. The free cash flow margin outlook was lowered to approximately 22.8% to 23.3% from 26.5% to 27%, which the company attributes to capital expenditures in the high single-digits as a percent of revenue. Effective August 1, 2025, the company adopted a long-term projected non-GAAP tax rate of 21%, down from 23%, applied prospectively. This change affects the comparability of non-GAAP per-share results with prior periods. On the balance sheet, goodwill rose to $1,094.4 million from $417.7 million at fiscal year-end 2025, and acquired intangible assets rose to $191.7 million from $47.3 million. Cash and cash equivalents fell to $982.1 million from $2,389.0 million, while short-term investments increased to $2,557.0 million from $1,183.4 million. Nine-month payments for business acquisitions totaled $770.0 million. The filing also announces the intent to acquire Symmetry Systems and lists several partnerships and government certifications, including Provisional Authorization at Impact Level 5 for Zscaler Internet Access.
  5. 8-KZscaler 8-K Report, Executive Changes (Apr 16, 2026)Zscaler, Inc. (ZS) filed a Form 8-K on April 16, 2026 under Item 5.02 to report the departure of Raj Judge, its EVP of Corporate Strategy. Mr. Judge informed the Company of his resignation on April 15, 2026. He resigned as an officer of the Company effective April 15, 2026, and his departure from the company itself is effective July 31, 2026. In addition, Mr. Judge resigned as a member of the Board of Directors effective April 15, 2026. The filing states that his board resignation is not the result of any disagreements with the Company on any matter, including relating to its operations, policies or practices. In connection with his departure, the Company expects Mr. Judge to receive certain severance benefits under its Change of Control and Severance Policy, which was previously filed as an exhibit to a Form 8-K filed on December 2, 2024. The filing does not quantify these severance benefits.
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04—See also

Related Companies

Annual revenue over each company’s last eight fiscal years, each strip on its own scale from zero.