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Nasdaq · Technology

Zscaler, Inc. (ZS)

As-reported financials and SEC filings for Zscaler, Inc. The latest annual period is FY2025. The latest reported quarter is Q3 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Zscaler, Inc.

Zscaler, Inc. provides cloud-native cybersecurity solutions designed to secure users, devices, applications, and workloads through a Zero Trust Exchange platform. Its main products include Zscaler Internet Access, which secures access to external applications and internet destinations, and Zscaler Private Access, which provides secure access to internal applications. The company serves large enterprises and government agencies across various industries worldwide, helping them protect data and accelerate digital transformation.

Snapshot

Revenue
$2.67B
Revenue growth (YoY)
23.3%
Net income
$-41.5M
Diluted EPS
$-0.27
Gross margin
76.9%
Operating margin
-4.8%
Net margin
-1.6%
FCF margin
30.2%
ROE
-2.3%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$28.84B
Long-term debt / equity
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended July 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Zscaler

  • Revenue grew 23.3% to $2.7B in FY2025, slower than the 34.1% the year before.
  • Operating margin is -4.8% in FY2025, +26.1 pp against -30.9% in FY2021.
  • Most recent quarter Q3 FY2026: revenue $850M, up 25.4% from Q3 FY2025.
  • Free cash flow was $808M in FY2025, 30.2% of revenue.
  • Net loss narrowed to $41M in FY2025, from $58M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Zscaler’s fundamentals sit among the 625 Technology companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin76.9%
85th percentile of 509
Operating margin-4.8%
32nd percentile of 563
Net margin-1.6%
40th percentile of 577
FCF margin30.2%
90th percentile of 544
Revenue growth (YoY)+23.3%
77th percentile of 616
ROE-2.3%
38th percentile of 540
Short interest2.74d
43rd percentile of 622

Zscaler’s FCF margin of 30.2% ranks in the 90th percentile of the 544 Technology companies reporting it. Zscaler’s gross margin of 76.9% ranks in the 85th percentile of the 509 Technology companies reporting it.

No reported insider purchases (code P) in the last 90 days; 23 insider sales totaling $2.7M. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 2 of the superinvestors we track (plus 6 quant / multi-strat books), based on each investor’s most recent 13F; periods vary by investor (newest: Q2 2026).

Conviction investors
2
+6 quant / multi-strat
Initiated / added
5
1 new, 4 added
Reduced / exited
4
3 trimmed, 1 exited
Combined position
$535.7M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$192.4M1.4MAdded
Millennium ManagementquantQ2 2026$159.5M1.1MAdded
Citadel AdvisorsquantQ2 2026$142.4M1.0MAdded
D. E. ShawquantQ2 2026$36.3M257.0KAdded
Bridgewater AssociatesQ2 2026$2.4M16.9KNew
Gotham Asset ManagementQ2 2026$1.8M12.8KReduced
Renaissance TechnologiesquantQ2 2026$550,4853.9KReduced
Two Sigma InvestmentsquantQ2 2026$414,9812.9KReduced

No longer held by: Tiger Global Management (as of Q2 2026)

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
23
$2.7M
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-25
filed 2026-08-26
RUBIN KEVINChief Financial OfficerSell291$172.53$50K
2026-08-25
filed 2026-08-26
RUBIN KEVINChief Financial OfficerSell92$173.53$16K
2026-08-25
filed 2026-08-26
RUBIN KEVINChief Financial OfficerSell66$175.78$12K
2026-08-25
filed 2026-08-26
RUBIN KEVINChief Financial OfficerSell48$174.54$8K
2026-08-25
filed 2026-08-26
RUBIN KEVINChief Financial OfficerSell6$176.49$1K
2026-07-27
filed 2026-07-28
RUBIN KEVINChief Financial OfficerSell142$148.81$21K
2026-07-27
filed 2026-07-28
RUBIN KEVINChief Financial OfficerSell118$147.74$17K
2026-07-27
filed 2026-07-28
RUBIN KEVINChief Financial OfficerSell96$146.75$14K
2026-07-27
filed 2026-07-28
RUBIN KEVINChief Financial OfficerSell75$145.71$11K
2026-07-27
filed 2026-07-28
RUBIN KEVINChief Financial OfficerSell72$144.74$10K
2026-07-06
filed 2026-07-07
Schlossman RobertChief Legal OfficerSell122$150.00$18K
2026-06-25
filed 2026-06-26
RUBIN KEVINChief Financial OfficerSell1.7K$124.07$210K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
6.2M
settled 2026-08-14
Change vs prior
-16.0%
vs previous settlement
Days to cover
2.74
at avg daily volume
Avg daily volume
2.3M
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-146.2M-16.0%2.74
2026-07-317.4M-7.8%3.63
2026-07-158.0M-2.8%2.84
2026-06-308.3M-30.2%1.93
2026-06-1511.9M-1.6%2.22
2026-05-2912.1M+8.4%1.23
2026-05-1511.1M+9.4%3.66
2026-04-3010.2M-3.2%4.28

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$2.67B$2.17B$1.62B$1.09B$673.1M
Gross profit$2.05B$1.69B$1.25B$848.7M$522.8M
Operating income$-128.5M$-121.5M$-234.6M$-327.4M$-207.8M
Net income$-41.5M$-57.7M$-202.3M$-390.3M$-262.0M
Diluted EPS$-0.27$-0.39$-1.40$-2.77$-1.93

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

 FY2025FY2024FY2023FY2022FY2021
Cash and equivalents$2.39B$1.42B$1.26B$1.01B$275.9M
Current assets$4.89B$3.40B$2.89B$2.26B$1.85B
Total assets$6.42B$4.70B$3.61B$2.83B$2.26B
Current liabilities$2.43B$3.11B$1.54B$1.13B$720.2M
Long-term debt$1.14B$1.13B$968.7M$913.5M
Total liabilities$4.62B$3.43B$2.88B$2.26B$1.73B
Total equity$1.80B$1.27B$725.1M$573.3M$528.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$972.5M$779.8M$462.3M$321.9M$202.0M
Capital expenditure$164.3M$144.6M$97.2M$69.3M$48.2M
Free cash flow$808.2M$635.3M$365.1M$252.6M$153.9M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q3 FY2026$850.5M25.4%$-13.9M$-0.09
Q2 FY2026$815.8M25.9%$-34.3M$-0.21
Q1 FY2026$788.1M25.5%$-11.6M$-0.07
Q4 FY2025$719.2M21.3%$-17.6M$-0.11
Q3 FY2025$678.0M22.6%$-4.1M$-0.03
Q2 FY2025$647.9M23.4%$-7.7M$-0.05
Q1 FY2025$628.0M26.4%$-12.1M$-0.08
Q4 FY2024$592.9M30.3%$-14.9M$-0.10

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorTechnology
SIC industryServices-Computer Programming Services
Latest annual periodFY2025 (ended July 31, 2025)
Latest reported quarterQ3 FY2026 (ended April 30, 2026)
Oldest indexed filing2017
SEC CIK1713683

Selected SEC filings

10-K2025-09-11
View on EDGAR →
10-K2024-09-12
View on EDGAR →
10-Q2026-05-26
View on EDGAR →
10-Q2026-02-26
View on EDGAR →
10-Q2025-11-25
View on EDGAR →
10-Q2025-05-29
View on EDGAR →
8-K2026-05-26
View on EDGAR →
8-K2026-04-16
View on EDGAR →

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All Technology companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.