Zscaler (ZS) Financials

$284.47 -2.19 (-0.76%)

As of 11:04 AM Eastern

Annual Income Statements for Zscaler

This table shows Zscaler's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-36	-45	-40	-29	-115	-262	-390	-202	-58	-41
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41
Total Pre-Tax Income	-27	-35	-32	-28	-113	-257	-384	-183	-29	-18
Total Operating Income	-27	-35	-35	-35	-114	-208	-327	-235	-121	-128
Total Gross Profit	60	98	152	243	336	523	849	1,254	1,691	2,055
Total Revenue	80	126	190	303	431	673	1,091	1,617	2,168	2,673
Operating Revenue	80	126	190	303	431	673	1,091	1,617	2,168	2,673
Total Cost of Revenue	20	27	38	60	96	150	242	363	477	618
Operating Cost of Revenue	20	27	38	60	96	150	242	363	477	618
Total Operating Expenses	87	133	187	278	449	731	1,176	1,489	1,812	2,183
Selling, General & Admin Expense	9.40	21	31	47	74	97	152	179	212	252
Marketing Expense	57	79	116	170	278	459	735	959	1,100	1,259
Research & Development Expense	21	34	39	62	98	175	289	351	500	672
Total Other Income / (Expense), net	-0.13	0.49	2.32	7.40	1.23	-49	-56	52	92	110
Interest Expense	-0.29	-0.60	0.00	0.00	5.03	53	57	6.54	13	9.52
Interest & Investment Income	-	-	2.24	7.73	6.48	2.81	4.59	60	109	125
Other Income / (Expense), net	-0.42	-0.11	0.08	-0.33	-0.22	1.19	-4.21	-1.86	-3.75	-5.67
Income Tax Expense	0.47	0.88	1.34	0.74	2.39	4.85	6.65	20	28	23
Basic Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)
Weighted Average Basic Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	135.65M	140.90M	144.94M	149.59M	154.40M
Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)
Weighted Average Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	135.65M	140.90M	144.94M	149.59M	154.40M
Weighted Average Basic & Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	138.74M	143.05M	147.17M	152.49M	158.30M

This table shows Zscaler's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13	-18
Consolidated Net Income / (Loss)	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13	-18
Net Income / (Loss) Continuing Operations	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13	-18
Total Pre-Tax Income	-54	-39	-26	-24	-21	21	-5.10	-4.41	-17	4.56	-1.90
Total Operating Income	-65	-56	-45	-46	-45	-3.01	-27	-31	-40	-25	-32
Total Gross Profit	300	323	352	385	408	435	463	486	499	522	547
Total Revenue	388	419	455	497	525	553	593	628	648	678	719
Operating Revenue	388	419	455	497	525	553	593	628	648	678	719
Total Cost of Revenue	88	96	103	111	117	118	130	141	148	156	172
Operating Cost of Revenue	88	96	103	111	117	118	130	141	148	156	172
Total Operating Expenses	365	379	397	431	453	438	490	517	540	547	579
Selling, General & Admin Expense	44	43	46	51	55	50	56	57	61	63	71
Marketing Expense	236	236	253	267	276	262	294	306	308	315	331
Research & Development Expense	86	93	96	114	122	125	139	154	171	170	178
Total Other Income / (Expense), net	11	16	19	22	25	24	22	26	24	30	30
Interest Expense	1.33	1.38	2.49	3.16	3.61	2.76	3.60	3.14	2.34	1.97	2.07
Interest & Investment Income	13	19	21	26	28	28	27	30	31	31	33
Other Income / (Expense), net	0.14	-0.81	-0.33	-1.21	0.17	-0.93	-1.78	-0.65	-4.94	0.68	-0.76
Income Tax Expense	3.69	6.69	4.65	9.00	7.96	1.74	9.77	7.64	-8.81	8.69	16
Basic Earnings per Share	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)
Weighted Average Basic Shares Outstanding	144.51M	145.35M	144.94M	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M
Diluted Earnings per Share	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)
Weighted Average Diluted Shares Outstanding	144.51M	145.35M	144.94M	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M
Weighted Average Basic & Diluted Shares Outstanding	145.12M	145.89M	147.17M	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M

This table details how cash moves in and out of Zscaler's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Net Change in Cash & Equivalents	9.00	-4.70	48	-58	63	134	737	249	161	966
Net Cash From Operating Activities	-12	-6.02	17	58	79	202	322	462	780	972
Net Cash From Continuing Operating Activities	-12	-6.02	17	58	79	202	322	462	780	972
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41
Depreciation Expense	4.87	6.84	7.99	10	18	30	40	56	66	104
Amortization Expense	5.52	8.47	13	17	33	111	139	107	130	172
Non-Cash Adjustments To Reconcile Net Income	-9.94	-12	-23	47	128	280	434	476	580	725
Changes in Operating Assets and Liabilities, net	15	26	53	12	15	43	98	26	61	13
Net Cash From Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683	-427
Net Cash From Continuing Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683	-427
Purchase of Property, Plant & Equipment	-6.25	-8.17	-15	-29	-52	-58	-91	-129	-195	-246
Acquisitions	-	0.00	0.00	-13	-40	-41	-25	-16	-375	-0.83
Purchase of Investments	0.00	0.00	-163	-335	-1,258	-819	-845	-1,067	-1,293	-1,281
Sale and/or Maturity of Investments	-	0.00	0.43	215	311	808	1,335	952	1,179	1,101
Net Cash From Financing Activities	28	9.50	208	46	1,022	42	41	46	64	421
Net Cash From Continuing Financing Activities	28	9.50	208	46	1,022	42	41	46	64	421
Repayment of Debt	-	-	-	-	0.00	0.00	-0.01	-0.00	-0.04	-1,174
Issuance of Debt	0.83	1.86	5.35	1.91	1,131	-	-	0.00	0.00	1,725
Issuance of Common Equity	0.78	4.70	206	16	15	26	35	42	52	64
Other Financing Activities, net	0.99	2.97	4.99	30	-124	16	6.69	3.73	12	-194
Cash Interest Paid	-	-	-	0.00	0.00	1.46	1.44	1.44	1.44	1.44
Cash Income Taxes Paid	0.32	0.39	0.87	1.77	2.53	4.14	5.61	15	23	23

This table details how cash moves in and out of Zscaler's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Net Change in Cash & Equivalents	172	18	-13	100	77	-179	164	131	205	232	398
Net Cash From Operating Activities	89	108	136	261	142	173	204	331	179	211	251
Net Cash From Continuing Operating Activities	89	108	136	261	142	173	204	331	179	211	251
Net Income / (Loss) Continuing Operations	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13	-18
Consolidated Net Income / (Loss)	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13	-18
Depreciation Expense	13	15	16	14	15	18	19	21	24	28	30
Amortization Expense	26	27	28	31	29	33	37	39	40	44	48
Non-Cash Adjustments To Reconcile Net Income	118	116	131	140	153	127	161	173	189	175	188
Changes in Operating Assets and Liabilities, net	-10	-3.31	-8.61	109	-26	-23	1.10	109	-66	-32	2.06
Net Cash From Investing Activities	70	-91	-180	-163	-86	-360	-74	-202	0.52	22	-248
Net Cash From Continuing Investing Activities	70	-91	-180	-163	-86	-360	-74	-202	0.52	22	-248
Purchase of Property, Plant & Equipment	-27	-35	-35	-36	-41	-50	-67	-39	-36	-92	-79
Purchase of Investments	-304	-227	-325	-376	-388	-242	-287	-431	-299	-158	-394
Sale and/or Maturity of Investments	401	186	179	254	343	290	293	269	336	271	225
Net Cash From Financing Activities	13	1.09	31	1.26	21	7.44	35	0.89	25	-0.40	395
Net Cash From Continuing Financing Activities	13	1.09	31	1.26	21	7.44	35	0.89	25	-0.40	395
Issuance of Common Equity	-	-	31	-	-	-	34	-	-	-	41
Other Financing Activities, net	1.12	1.09	0.54	1.26	2.59	7.44	0.96	0.89	2.57	-0.40	-197
Cash Interest Paid	-	-	0.72	-	-	-	0.72	-	-	-	0.72
Cash Income Taxes Paid	0.01	3.57	8.36	5.29	6.22	7.92	3.69	9.40	7.50	0.93	5.50

This table presents Zscaler's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Total Assets	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420
Total Current Assets	143	387	496	1,582	1,848	2,257	2,890	3,397	4,894
Cash & Equivalents	88	136	78	142	276	1,013	1,262	1,423	2,389
Short-Term Investments	0.00	163	286	1,229	1,227	718	838	987	1,183
Accounts Receivable	39	62	93	148	257	400	583	737	992
Prepaid Expenses	5.41	11	17	31	31	39	92	102	149
Other Current Assets	10	16	21	32	57	86	116	149	181
Plant, Property, & Equipment, net	13	20	41	76	109	161	242	383	543
Total Noncurrent Assets	27	41	67	176	301	415	476	925	982
Goodwill	-	0.00	7.48	30	59	79	89	417	418
Intangible Assets	-	0.00	8.71	24	32	32	26	64	47
Other Noncurrent Operating Assets	27	41	51	122	210	305	361	444	517
Total Liabilities & Shareholders' Equity	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420
Total Liabilities	133	208	296	1,349	1,729	2,259	2,883	3,431	4,621
Total Current Liabilities	120	183	262	424	720	1,134	1,536	3,113	2,430
Short-Term Debt	-	-	-	-	-	-	0.00	1,142	0.00
Accounts Payable	3.76	4.90	6.21	5.23	13	26	18	23	47
Accrued Expenses	12	14	13	16	23	46	65	92	94
Current Deferred Revenue	85	141	221	337	571	924	1,281	1,644	2,054
Current Employee Benefit Liabilities	12	23	22	49	94	112	137	161	182
Other Current Liabilities	7.97	-	0.00	16	20	26	34	51	52
Total Noncurrent Liabilities	13	25	34	925	1,009	1,125	1,347	318	2,191
Long-Term Debt	-	-	0.00	862	914	969	1,134	0.00	1,701
Noncurrent Deferred Revenue	11	23	30	33	59	97	159	251	414
Other Noncurrent Operating Liabilities	1.46	1.36	3.84	31	36	59	55	67	77
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-151	240	309	485	529	573	725	1,274	1,799
Total Preferred & Common Equity	-151	240	309	485	529	573	725	1,274	1,799
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-151	240	309	485	529	573	725	1,274	1,799
Common Stock	19	439	533	824	1,131	1,591	1,817	2,427	2,981
Retained Earnings	-162	-196	-224	-340	-602	-992	-1,090	-1,148	-1,190
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.12	0.27	0.46	-0.65	-26	-1.58	-4.79	8.08

This table presents Zscaler's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/30/2022	10/31/2022	1/31/2023	4/30/2023	10/31/2023	1/31/2024	4/30/2024	10/31/2024	1/31/2025	4/30/2025
Total Assets	2,525	2,836	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340
Total Current Assets	2,047	2,233	2,416	2,527	2,892	3,143	2,970	3,394	3,665	3,915
Cash & Equivalents	595	1,085	1,257	1,275	1,362	1,439	1,259	1,554	1,759	1,991
Short-Term Investments	1,063	740	648	693	963	1,021	981	1,154	1,122	1,015
Accounts Receivable	272	269	359	376	367	480	506	425	514	616
Prepaid Expenses	41	50	56	79	81	78	89	109	115	128
Other Current Assets	76	90	96	104	119	126	135	152	156	166
Plant, Property, & Equipment, net	142	183	200	223	266	294	331	409	422	499
Total Noncurrent Assets	336	419	423	451	478	497	898	906	918	925
Goodwill	60	79	79	89	92	92	417	417	418	418
Intangible Assets	27	29	27	29	26	23	69	60	56	51
Other Noncurrent Operating Assets	249	311	318	333	360	382	412	430	445	456
Total Liabilities & Shareholders' Equity	2,525	2,836	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340
Total Liabilities	1,993	2,404	2,511	2,599	2,828	2,975	3,106	3,280	3,399	3,535
Total Current Liabilities	913	1,111	1,204	1,289	1,474	1,584	1,701	2,964	3,049	3,168
Short-Term Debt	-	-	-	-	-	-	-	1,146	1,148	1,149
Accounts Payable	15	30	34	25	23	17	28	25	25	55
Accrued Expenses	43	60	44	51	71	68	83	83	91	85
Current Deferred Revenue	732	913	1,000	1,059	1,245	1,316	1,377	1,533	1,596	1,678
Current Employee Benefit Liabilities	103	80	97	123	98	137	163	126	140	155
Other Current Liabilities	20	29	29	31	38	45	51	50	50	47
Total Noncurrent Liabilities	1,080	1,293	1,307	1,310	1,354	1,391	1,404	317	350	366
Noncurrent Deferred Revenue	87	93	112	116	155	186	200	251	283	307
Other Noncurrent Operating Liabilities	39	61	55	53	65	65	66	66	67	59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Total Preferred & Common Equity	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Preferred Stock	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Common Stock	1,450	1,425	1,547	1,661	1,949	2,114	2,242	2,593	2,798	2,961
Retained Earnings	-894	-956	-1,014	-1,060	-1,124	-1,152	-1,133	-1,160	-1,168	-1,172
Accumulated Other Comprehensive Income / (Loss)	-24	-38	-5.04	-0.10	-18	-3.01	-16	-4.49	-22	16

This table displays calculated financial ratios and metrics derived from Zscaler's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024	7/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%
EBITDA Growth	0.00%	-17.75%	32.67%	82.39%	-703.52%	-4.38%	-130.28%	51.53%	196.00%	100.48%
EBIT Growth	0.00%	-29.06%	1.81%	-6.35%	-220.35%	-80.97%	-60.50%	28.69%	47.05%	-7.11%
NOPAT Growth	0.00%	-30.66%	1.28%	-2.53%	-222.70%	-82.36%	-57.56%	28.34%	48.22%	-5.75%
Net Income Growth	0.00%	-29.24%	5.12%	29.67%	-301.73%	-127.62%	-48.94%	48.16%	71.48%	28.12%
EPS Growth	0.00%	-13.24%	59.09%	126.98%	-286.96%	-116.85%	-43.52%	49.46%	72.14%	30.77%
Operating Cash Flow Growth	0.00%	49.49%	387.54%	235.28%	36.69%	154.72%	59.33%	43.62%	68.67%	24.70%
Free Cash Flow Firm Growth	0.00%	0.00%	-129.99%	-114.52%	-314.82%	2.01%	8.70%	-12.69%	-195.38%	96.76%
Invested Capital Growth	0.00%	0.00%	-52.85%	7.60%	56.98%	-149.16%	-214.98%	-27.25%	102.79%	-1,177.03%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	21.94%	10.16%	11.83%	12.47%	9.25%	6.79%	4.96%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	19.83%	-68.85%	-4.19%	-4.92%	32.04%	67.06%	14.40%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.80%	-47.87%	-11.87%	-5.15%	13.98%	11.42%	-3.29%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-0.04%	-47.99%	-12.15%	-4.85%	13.93%	12.66%	-4.30%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	11.11%	-62.49%	-13.65%	-4.45%	24.87%	21.49%	-6.96%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-966.67%	-61.82%	-12.21%	-3.75%	25.93%	22.00%	-8.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	1,734.28%	11.54%	21.09%	6.93%	22.16%	7.64%	9.49%	5.08%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-75.85%	13.79%	5.82%	17.33%	-5.80%	75.26%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	30.44%	57.31%	-1.49%	-10.28%	-6.48%	173.29%	-39.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.94%	78.15%	80.08%	160.59%	77.80%	77.67%	77.79%	77.56%	77.99%	76.87%
EBITDA Margin	-21.00%	-15.80%	-7.03%	-5.19%	-14.66%	-9.80%	-13.93%	-4.55%	3.26%	5.30%
Operating Margin	-33.42%	-27.90%	-18.21%	-11.66%	-26.42%	-30.87%	-30.01%	-14.51%	-5.60%	-4.81%
EBIT Margin	-33.94%	-27.98%	-18.16%	-23.54%	-26.48%	-30.70%	-30.40%	-14.63%	-5.78%	-5.02%
Profit (Net Income) Margin	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%
Tax Burden Percent	101.74%	102.54%	104.14%	205.32%	102.12%	101.89%	101.73%	110.83%	197.43%	226.77%
Interest Burden Percent	98.94%	98.30%	93.53%	156.62%	98.73%	124.47%	115.68%	77.20%	23.34%	13.64%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-71.15%	-23.20%	-20.89%	-29.02%	-51.70%	-70.82%	-31.17%	-5.77%	-2.70%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4,948.95%	0.00%
Operating Return on Assets (OROA)	0.00%	-19.23%	-10.95%	-13.55%	-9.37%	-10.10%	-13.03%	-7.34%	-3.01%	-2.41%
Return on Assets (ROA)	0.00%	-19.39%	-10.67%	-5.45%	-9.45%	-12.81%	-15.33%	-6.28%	-1.39%	-0.75%
Return on Common Equity (ROCE)	0.00%	215.80%	-7.13%	-20.89%	-29.02%	-51.70%	-70.82%	-31.17%	-5.77%	-2.70%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.46%	-14.01%	-9.29%	-23.74%	-49.54%	-68.08%	-27.90%	-4.53%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-164	-85	-90
NOPAT Margin	-23.39%	-19.53%	-12.74%	-8.16%	-18.50%	-21.61%	-21.01%	-10.16%	-3.92%	-3.36%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.80%	-4.87%	-2.30%	-8.09%	-21.23%	-23.83%	-4.41%	2.45%	3.09%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-2.57%
Cost of Revenue to Revenue	25.06%	21.85%	19.92%	39.41%	22.20%	22.33%	22.21%	22.44%	22.01%	23.13%
SG&A Expenses to Revenue	11.70%	16.32%	16.37%	30.77%	17.07%	14.34%	13.91%	10.98%	9.78%	9.42%
R&D to Revenue	26.07%	26.70%	20.71%	40.93%	22.70%	25.95%	26.50%	21.63%	23.06%	25.16%
Operating Expenses to Revenue	108.36%	106.05%	98.29%	183.91%	104.23%	108.54%	107.80%	92.07%	83.59%	81.68%
Earnings before Interest and Taxes (EBIT)	-27	-35	-35	-36	-114	-207	-332	-236	-125	-134
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-20	-13	-7.87	-63	-66	-152	-74	71	142
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	17.58	34.32	34.96	61.10	38.37	32.27	21.28	24.71
Price to Tangible Book Value (P/TBV)	0.00	0.00	17.58	36.22	39.35	73.82	47.52	38.35	34.17	33.32
Price to Revenue (P/Rev)	2.39	1.53	22.21	34.97	39.30	48.01	20.16	14.47	12.51	16.63
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,843.70	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	2.43	20.64	33.76	38.12	47.14	19.46	13.87	11.92	15.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	365.53	300.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	226.77	349.37	207.25	157.04	65.96	48.52	33.14	43.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	1.78	1.73	1.69	1.56	0.90	0.95
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	1.78	1.73	1.69	1.56	0.00	0.95
Financial Leverage	0.00	-1.77	-1.33	-2.42	-1.10	-1.08	-1.23	-1.33	-1.12	-1.02
Leverage Ratio	0.00	3.67	2.17	1.92	3.07	4.04	4.62	4.96	4.16	3.62
Compound Leverage Factor	0.00	3.61	2.03	3.00	3.03	5.02	5.34	3.83	0.97	0.49
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	63.99%	63.33%	62.82%	61.00%	47.27%	48.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	47.27%	0.00%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	63.99%	63.33%	62.82%	61.00%	0.00%	48.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	403.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-303.28%	100.00%	200.00%	36.01%	36.67%	37.18%	39.00%	52.73%	51.41%
Debt to EBITDA	0.00	0.00	0.00	0.00	-13.63	-13.85	-6.38	-15.40	16.16	12.00
Net Debt to EBITDA	0.00	0.00	0.00	0.00	8.05	8.93	5.02	13.12	-17.93	-13.21
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-13.63	-13.85	-6.38	-15.40	0.00	12.00
Debt to NOPAT	0.00	0.00	0.00	0.00	-10.80	-6.28	-4.23	-6.91	-13.43	-18.91
Net Debt to NOPAT	0.00	0.00	0.00	0.00	6.38	4.05	3.33	5.88	14.90	20.81
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-10.80	-6.28	-4.23	-6.91	0.00	-18.91
Altman Z-Score	0.00	-0.17	12.31	43.13	8.07	11.44	5.83	5.13	4.84	6.32
Noncontrolling Interest Sharing Ratio	0.00%	403.28%	69.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.19	2.12	3.79	3.73	2.57	1.99	1.88	1.09	2.01
Quick Ratio	0.00	1.05	1.97	3.50	3.58	2.44	1.88	1.75	1.01	1.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	14	-4.08	-27	-112	-109	-100	-113	-333	-11
Operating Cash Flow to CapEx	-190.75%	-73.64%	114.09%	404.62%	153.10%	346.57%	355.39%	359.17%	400.13%	395.69%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-22.23	-2.05	-1.77	-17.22	-25.34	-1.13
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	15.78	3.79	5.69	70.68	59.39	102.13
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	5.47	2.69	4.09	51.00	44.54	76.32
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.69	0.60	1.15	0.35	0.33	0.43	0.50	0.52	0.48
Accounts Receivable Turnover	0.00	3.22	3.78	7.82	3.58	3.33	3.32	3.29	3.29	3.09
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	9.57	11.56	9.96	7.39	7.30	8.10	8.02	6.93	5.77
Accounts Payable Turnover	0.00	7.30	8.75	21.50	16.74	16.91	12.52	16.26	22.83	17.61
Days Sales Outstanding (DSO)	0.00	113.38	96.60	186.76	101.95	109.73	109.88	110.88	111.06	118.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	50.00	41.72	67.92	21.81	21.59	29.15	22.45	15.98	20.73
Cash Conversion Cycle (CCC)	0.00	63.39	54.88	118.84	80.14	88.14	80.73	88.43	95.07	97.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-38	-58	-56	-24	-60	-189	-241	6.72	-72
Invested Capital Turnover	0.00	-6.59	-3.94	-9.19	-10.75	-15.98	-8.75	-7.52	-18.51	-81.39
Increase / (Decrease) in Invested Capital	0.00	-38	-20	2.22	32	-36	-129	-52	248	-79
Enterprise Value (EV)	0.00	305	3,925	10,225	16,439	31,728	21,235	22,432	25,841	42,589
Market Capitalization	192	192	4,223	10,590	16,948	32,317	21,997	23,398	27,109	44,460
Book Value per Share	$0.00	($5.17)	$2.01	$2.46	$3.71	$3.86	$4.04	$4.97	$8.43	$11.56
Tangible Book Value per Share	$0.00	($5.17)	$2.01	$2.33	$3.30	$3.20	$3.26	$4.18	$5.25	$8.57
Total Capital	0.00	50	240	309	1,346	1,442	1,542	1,859	2,416	3,500
Total Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	1,142	1,701
Total Long-Term Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	0.00	1,701
Net Debt	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267	-1,872
Capital Expenditures (CapEx)	6.25	8.17	15	29	52	58	91	129	195	246
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-66	-94	-131	-213	-374	-609	-746	-984	-1,108
Debt-free Net Working Capital (DFNWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	1,426	2,465
Net Working Capital (NWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	284	2,465
Net Nonoperating Expense (NNE)	8.65	11	9.41	3.94	35	117	161	38	-27	-48
Net Nonoperating Obligations (NNO)	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267	-1,872
Total Depreciation and Amortization (D&A)	10	15	21	28	51	141	180	163	196	276
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-52.12%	-49.54%	-43.10%	-49.32%	-55.63%	-55.84%	-46.12%	-45.38%	-41.44%
Debt-free Net Working Capital to Revenue	0.00%	17.86%	107.44%	154.63%	268.48%	167.60%	102.86%	83.77%	65.78%	92.20%
Net Working Capital to Revenue	0.00%	17.86%	107.44%	154.63%	268.48%	167.60%	102.86%	83.77%	13.09%	92.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)
Adjusted Weighted Average Basic Shares Outstanding	26.52M	29.22M	119.77M	127.45M	132.91M	135.65M	140.90M	144.94M	149.59M	154.40M
Adjusted Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)
Adjusted Weighted Average Diluted Shares Outstanding	26.52M	29.22M	119.77M	127.45M	132.91M	135.65M	140.90M	144.94M	149.59M	154.40M
Adjusted Basic & Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	138.74M	143.05M	147.17M	152.49M	158.30M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-159	-85	-90
Normalized NOPAT Margin	-23.39%	-19.53%	-12.74%	-16.33%	-18.50%	-21.61%	-21.01%	-9.83%	-3.92%	-3.36%
Pre Tax Income Margin	-33.58%	-27.51%	-16.99%	-18.43%	-26.14%	-38.21%	-35.16%	-11.29%	-1.35%	-0.68%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-22.72	-3.87	-5.86	-36.15	-9.54	-14.09
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-15.87	-2.73	-4.05	-25.11	-6.48	-9.44
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-33.03	-4.96	-7.46	-55.83	-24.38	-39.90
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-26.18	-3.82	-5.65	-44.79	-21.32	-35.25
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.09%	-24.21%	-12.70%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Zscaler's official financial filings.

Metric	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025
Period end date	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	51.66%	46.02%	43.06%	39.70%	35.45%	32.09%	30.30%	26.42%	23.41%	22.57%	21.31%
EBITDA Growth	36.83%	65.77%	97.80%	92.65%	96.83%	414.54%	3,628.90%	1,333.84%	2,511.66%	2.06%	64.63%
EBIT Growth	23.21%	36.17%	46.12%	32.42%	30.43%	93.03%	35.98%	33.74%	0.46%	-527.77%	-14.86%
NOPAT Growth	22.27%	35.63%	46.02%	33.33%	30.32%	92.92%	39.51%	33.42%	11.70%	931.87%	-19.64%
Net Income Growth	42.79%	54.59%	68.59%	50.88%	50.45%	141.53%	51.50%	64.01%	72.87%	-121.57%	-18.15%
EPS Growth	43.66%	55.56%	71.01%	52.08%	52.50%	137.50%	55.00%	65.22%	73.68%	-125.00%	-22.22%
Operating Cash Flow Growth	85.41%	40.43%	31.80%	103.03%	58.77%	59.87%	49.74%	27.04%	26.30%	21.72%	23.11%
Free Cash Flow Firm Growth	79.22%	-70.01%	-71.45%	23.61%	86.30%	-1,513.87%	-1,406.00%	-380.18%	-385.66%	129.82%	121.22%
Invested Capital Growth	-67.32%	-31.78%	-27.25%	-50.75%	-52.41%	95.95%	102.79%	65.12%	65.17%	-464.38%	-1,177.03%
Revenue Q/Q Growth	9.01%	8.05%	8.65%	9.16%	5.70%	5.37%	7.17%	5.92%	3.18%	4.65%	6.08%
EBITDA Q/Q Growth	20.51%	42.83%	94.69%	-204.60%	65.79%	5,780.61%	-40.39%	6.50%	-33.12%	140.40%	-3.85%
EBIT Q/Q Growth	6.94%	13.12%	20.64%	-5.32%	4.20%	91.30%	-629.26%	-9.00%	-43.93%	45.13%	-33.44%
NOPAT Q/Q Growth	5.57%	14.55%	20.08%	-3.38%	1.30%	91.32%	-583.15%	-13.79%	-30.89%	181.76%	-198.25%
Net Income Q/Q Growth	15.71%	19.85%	33.38%	-9.16%	14.97%	167.17%	-177.80%	19.00%	35.91%	46.60%	-326.13%
EPS Q/Q Growth	16.67%	20.00%	37.50%	-15.00%	17.39%	163.16%	-175.00%	11.11%	37.50%	40.00%	-266.67%
Operating Cash Flow Q/Q Growth	-30.34%	21.22%	25.32%	91.86%	-45.53%	22.06%	17.38%	62.77%	-45.85%	17.64%	18.72%
Free Cash Flow Firm Q/Q Growth	-36.87%	-68.49%	31.24%	373.50%	-4.86%	-339.14%	-21.22%	-1.58%	3.00%	124.96%	-13.74%
Invested Capital Q/Q Growth	7.01%	4.18%	-6.48%	-58.89%	5.99%	97.45%	173.29%	-2,086.51%	6.12%	58.71%	-39.86%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.40%	77.11%	77.43%	77.57%	77.68%	78.61%	78.04%	77.47%	77.08%	77.00%	76.05%
EBITDA Margin	-6.64%	-3.51%	-0.17%	-0.48%	-0.16%	8.37%	4.65%	4.68%	3.03%	6.97%	6.32%
Operating Margin	-16.83%	-13.31%	-9.79%	-9.27%	-8.66%	-0.54%	-4.55%	-4.88%	-6.20%	-3.75%	-4.48%
EBIT Margin	-16.80%	-13.50%	-9.86%	-9.52%	-8.63%	-0.71%	-4.85%	-4.99%	-6.96%	-3.65%	-4.59%
Profit (Net Income) Margin	-14.82%	-10.99%	-6.74%	-6.74%	-5.42%	3.46%	-2.51%	-1.92%	-1.19%	-0.61%	-2.44%
Tax Burden Percent	106.87%	116.98%	117.86%	136.74%	138.84%	91.65%	291.50%	273.02%	46.71%	-90.40%	923.70%
Interest Burden Percent	82.59%	69.60%	57.99%	51.80%	45.28%	-529.59%	17.76%	14.09%	36.69%	-18.45%	5.77%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	8.35%	0.00%	0.00%	0.00%	190.40%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-60.80%	-47.55%	-31.17%	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4,948.95%	0.00%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-8.29%	-6.98%	-4.95%	-5.17%	-4.69%	-0.39%	-2.53%	-2.75%	-3.77%	-1.95%	-2.21%
Return on Assets (ROA)	-7.32%	-5.68%	-3.38%	-3.66%	-2.95%	1.90%	-1.31%	-1.06%	-0.65%	-0.32%	-1.17%
Return on Common Equity (ROCE)	-60.80%	-47.55%	-31.17%	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%
Return on Equity Simple (ROE_SIMPLE)	-61.41%	-44.79%	0.00%	-20.76%	-14.46%	-6.72%	0.00%	-2.54%	-0.97%	-2.15%	0.00%
Net Operating Profit after Tax (NOPAT)	-46	-39	-31	-32	-32	-2.76	-19	-21	-28	23	-23
NOPAT Margin	-11.78%	-9.32%	-6.85%	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	3.39%	-3.14%
Net Nonoperating Expense Percent (NNEP)	-1.63%	-0.92%	0.06%	-0.13%	0.32%	2.27%	0.36%	0.68%	1.34%	-1.83%	0.32%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-1.52%	-	-	-	-1.02%	0.78%	-0.64%
Cost of Revenue to Revenue	22.60%	22.89%	22.57%	22.43%	22.32%	21.39%	21.96%	22.53%	22.92%	23.00%	23.95%
SG&A Expenses to Revenue	11.23%	10.38%	10.19%	10.21%	10.40%	9.12%	9.49%	9.05%	9.39%	9.31%	9.88%
R&D to Revenue	22.13%	22.12%	21.18%	22.86%	23.27%	22.59%	23.47%	24.56%	26.37%	25.04%	24.69%
Operating Expenses to Revenue	94.23%	90.42%	87.22%	86.85%	86.33%	79.15%	82.58%	82.36%	83.28%	80.74%	80.53%
Earnings before Interest and Taxes (EBIT)	-65	-57	-45	-47	-45	-3.94	-29	-31	-45	-25	-33
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-26	-15	-0.78	-2.38	-0.82	46	28	29	20	47	45
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	33.87	21.75	32.27	28.92	36.46	23.71	21.28	19.30	19.34	19.39	24.71
Price to Tangible Book Value (P/TBV)	42.29	27.06	38.35	33.87	41.42	42.69	34.17	28.96	27.41	26.20	33.32
Price to Revenue (P/Rev)	13.28	8.83	14.47	13.28	18.44	12.77	12.51	11.99	12.83	13.74	16.63
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	3,843.70	0.00	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	12.72	8.28	13.87	12.61	17.75	12.22	11.92	11.31	12.12	13.01	15.93
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	586.37	365.53	253.80	238.76	267.47	300.50
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	43.03	28.51	48.52	37.27	51.97	34.84	33.14	30.58	33.06	35.81	43.80
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.16	1.90	1.56	1.40	1.19	1.04	0.90	0.80	0.71	0.64	0.95
Long-Term Debt to Equity	2.16	1.90	1.56	1.40	1.19	1.04	0.00	0.00	0.00	0.00	0.95
Financial Leverage	-1.35	-1.35	-1.33	-1.51	-1.40	-1.14	-1.12	-1.23	-1.19	-1.02	-1.02
Leverage Ratio	5.11	5.05	4.96	5.22	4.69	4.37	4.16	3.73	3.48	3.29	3.62
Compound Leverage Factor	4.22	3.52	2.88	2.71	2.12	-23.13	0.74	0.53	1.28	-0.61	0.21
Debt to Total Capital	68.33%	65.49%	61.00%	58.41%	54.34%	51.00%	47.27%	44.51%	41.65%	38.89%	48.59%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	47.27%	44.51%	41.65%	38.89%	0.00%
Long-Term Debt to Total Capital	68.33%	65.49%	61.00%	58.41%	54.34%	51.00%	0.00%	0.00%	0.00%	0.00%	48.59%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	31.67%	34.51%	39.00%	41.59%	45.66%	49.00%	52.73%	55.49%	58.35%	61.11%	51.41%
Debt to EBITDA	-8.35	-10.53	-15.40	-25.99	-61.02	26.88	16.16	11.18	9.33	9.27	12.00
Net Debt to EBITDA	5.60	7.64	13.12	27.28	70.53	-26.05	-17.93	-15.24	-14.09	-14.99	-13.21
Long-Term Debt to EBITDA	-8.35	-10.53	-15.40	-25.99	-61.02	26.88	0.00	0.00	0.00	0.00	12.00
Debt to NOPAT	-5.37	-5.98	-6.91	-7.66	-8.50	-11.69	-13.43	-15.43	-16.27	-13.33	-18.91
Net Debt to NOPAT	3.60	4.34	5.88	8.04	9.82	11.32	14.90	21.04	24.56	21.54	20.81
Long-Term Debt to NOPAT	-5.37	-5.98	-6.91	-7.66	-8.50	-11.69	0.00	0.00	0.00	0.00	-18.91
Altman Z-Score	4.66	3.42	5.30	5.43	7.56	5.47	4.91	5.27	5.76	6.26	6.37
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.01	1.96	1.88	1.96	1.98	1.75	1.09	1.15	1.20	1.24	2.01
Quick Ratio	1.88	1.82	1.75	1.83	1.86	1.61	1.01	1.06	1.11	1.14	1.88
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	49	16	20	97	92	-220	-267	-271	-263	66	57
Operating Cash Flow to CapEx	335.60%	313.65%	392.48%	722.69%	344.15%	344.84%	302.74%	839.80%	498.36%	230.39%	318.50%
Free Cash Flow to Firm to Interest Expense	37.03	11.25	8.18	30.59	25.51	-79.55	-73.96	-86.15	-112.29	33.35	27.27
Operating Cash Flow to Interest Expense	67.13	78.43	54.51	82.56	39.41	62.74	56.48	105.42	76.71	107.37	120.83
Operating Cash Flow Less CapEx to Interest Expense	47.13	53.42	40.62	71.14	27.96	44.55	37.82	92.87	61.32	60.76	82.89
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.49	0.52	0.50	0.54	0.54	0.55	0.52	0.55	0.54	0.53	0.48
Accounts Receivable Turnover	4.29	4.56	3.29	5.53	4.52	4.60	3.29	5.81	4.87	4.54	3.09
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.38	8.12	8.02	7.83	7.66	7.34	6.93	6.82	6.76	6.14	5.77
Accounts Payable Turnover	12.59	16.42	16.26	15.02	16.83	17.03	22.83	20.87	25.80	13.94	17.61
Days Sales Outstanding (DSO)	85.03	79.96	110.88	65.97	80.70	79.35	111.06	62.82	74.90	80.41	118.02
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	29.00	22.23	22.45	24.31	21.69	21.44	15.98	17.49	14.15	26.18	20.73
Cash Conversion Cycle (CCC)	56.03	57.72	88.43	41.67	59.01	57.92	95.07	45.34	60.75	54.23	97.29
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-236	-226	-241	-383	-360	-9.17	6.72	-134	-125	-52	-72
Invested Capital Turnover	-7.15	-7.44	-7.52	-5.52	-6.36	-17.24	-18.51	-8.90	-9.98	-83.58	-81.39
Increase / (Decrease) in Invested Capital	-95	-55	-52	-129	-124	217	248	249	235	-43	-79
Enterprise Value (EV)	17,141	12,248	22,432	22,164	33,639	24,814	25,841	26,007	29,352	33,137	42,589
Market Capitalization	17,905	13,075	23,398	23,354	34,958	25,916	27,109	27,569	31,085	34,994	44,460
Book Value per Share	$3.67	$4.14	$4.97	$5.49	$6.46	$7.29	$8.43	$9.37	$10.48	$11.67	$11.56
Tangible Book Value per Share	$2.94	$3.33	$4.18	$4.69	$5.69	$4.05	$5.25	$6.24	$7.39	$8.63	$8.57
Total Capital	1,669	1,742	1,859	1,942	2,100	2,231	2,416	2,574	2,755	2,954	3,500
Total Debt	1,141	1,141	1,134	1,134	1,141	1,138	1,142	1,146	1,148	1,149	1,701
Total Long-Term Debt	1,141	1,141	1,134	1,134	1,141	1,138	0.00	0.00	0.00	0.00	1,701
Net Debt	-765	-828	-966	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872
Capital Expenditures (CapEx)	27	35	35	36	41	50	67	39	36	92	79
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-693	-730	-746	-907	-901	-971	-984	-1,132	-1,116	-1,110	-1,108
Debt-free Net Working Capital (DFNWC)	1,212	1,238	1,354	1,417	1,559	1,269	1,426	1,576	1,764	1,896	2,465
Net Working Capital (NWC)	1,212	1,238	1,354	1,417	1,559	1,269	284	430	616	747	2,465
Net Nonoperating Expense (NNE)	12	7.02	-0.51	1.24	-3.35	-22	-3.99	-9.42	-20	27	-4.99
Net Nonoperating Obligations (NNO)	-765	-828	-966	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872
Total Depreciation and Amortization (D&A)	39	42	44	45	44	50	56	61	65	72	78
Debt-free, Cash-free Net Working Capital to Revenue	-51.43%	-49.34%	-46.12%	-51.60%	-47.53%	-47.85%	-45.38%	-49.24%	-46.10%	-43.57%	-41.44%
Debt-free Net Working Capital to Revenue	89.92%	83.66%	83.77%	80.61%	82.24%	62.50%	65.78%	68.55%	72.83%	74.44%	92.20%
Net Working Capital to Revenue	89.92%	83.66%	83.77%	80.61%	82.24%	62.50%	13.09%	18.71%	25.45%	29.33%	92.20%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)
Adjusted Weighted Average Basic Shares Outstanding	144.51M	145.35M	144.94M	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M
Adjusted Diluted Earnings per Share	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)
Adjusted Weighted Average Diluted Shares Outstanding	144.51M	145.35M	144.94M	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	145.12M	145.89M	147.17M	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M
Normalized Net Operating Profit after Tax (NOPAT)	-46	-35	-31	-32	-32	-2.76	-19	-21	-28	-18	-23
Normalized NOPAT Margin	-11.78%	-8.26%	-6.85%	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	-2.62%	-3.14%
Pre Tax Income Margin	-13.87%	-9.40%	-5.72%	-4.93%	-3.91%	3.77%	-0.86%	-0.70%	-2.55%	0.67%	-0.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-48.84	-40.89	-18.00	-14.96	-12.56	-1.43	-7.97	-9.96	-19.27	-12.58	-15.91
NOPAT to Interest Expense	-34.26	-28.22	-12.50	-10.21	-8.83	-1.00	-5.23	-6.83	-12.01	11.68	-10.88
EBIT Less CapEx to Interest Expense	-68.84	-65.90	-31.88	-26.39	-24.01	-19.62	-26.63	-22.52	-34.66	-59.18	-53.85
NOPAT Less CapEx to Interest Expense	-54.26	-53.22	-26.39	-21.63	-20.28	-19.19	-23.89	-19.38	-27.41	-34.92	-48.82
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Zscaler (NASDAQ: ZS) has shown a clear growth trajectory in revenues over the last four years, with operating revenue increasing from approximately $318 million in Q4 2022 to about $719 million in Q4 2025, highlighting strong top-line growth.

Positive trends observed:

Consistent revenue growth: Revenue nearly doubled from $318 million in late 2022 to $719 million in mid-2025.
Gross profit expansion: Gross profit grew from about $250 million in Q4 2022 to nearly $547 million in Q4 2025, showing improving gross margins.
Significant cash flow from operations: Net cash from continuing operating activities increased to $250.6 million in Q4 2025, indicating strong cash generation.
Increasing cash and equivalents: The company’s cash & equivalents rose significantly from $594 million in Q3 2022 to nearly $2.0 billion in Q3 2025, strengthening its liquidity position.
Substantial investments in intangible assets and property: Continuous investments in property, plant & equipment and goodwill/intangible assets signal long-term growth focus.
Issuance of common equity in Q4 2025 raised $41 million, bolstering financial flexibility.

Neutral observations:

Operating expenses have increased in absolute terms, correlating with revenue growth, maintaining a high level of investment in marketing and R&D expenses.
Weighted average diluted shares outstanding have slightly increased, indicating minor dilution over the period.
The company carries significant deferred revenue liabilities, totaling approximately $1.98 billion in Q3 2025 (sum of current and noncurrent), reflecting unearned revenue from subscriptions and services common in SaaS models.
Offsetting changes in operating assets and liabilities impact cash flow variably across quarters, typical of fast-growing tech firms.

Negative points to note:

Net losses persist in recent quarters, with Q4 2025 reporting a net loss of about $17.6 million, continuing the trend of unprofitability despite strong revenue growth.
High marketing and R&D spending remains a drag on profitability, with marketing expenses reaching $331 million in Q4 2025 and R&D at $178 million.
Interest expense remains consistently present, around $2 million per quarter in late 2025, adding financial costs.
Income tax expense is significant even with losses, suggesting limited tax credits or other tax structures.
Total liabilities have grown substantially, reaching approximately $3.53 billion in Q3 2025, raising leverage and potential financial risk.

Overall, Zscaler shows robust top-line growth and strong operational cash flow generation, supported by significant investments in growth initiatives and a healthy liquidity position. However, the company continues to operate at a net loss, driven by high spending on marketing and R&D and a considerable liabilities base. Investors should monitor how management balances growth investments with the path to sustained profitability.

09/12/25 08:16 AM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

Frequently Asked Questions About Zscaler's Financials

When does Zscaler's financial year end?

According to the most recent income statement we have on file, Zscaler's fiscal year ends in July. Their fiscal year 2025 ended on July 31, 2025.

How has Zscaler's net income changed over the last 9 years?

Zscaler's net income appears to be on an upward trend, with a most recent value of -$41.48 million in 2025, rising from -$27.44 million in 2016. The previous period was -$57.71 million in 2024. Check out Zscaler's forecast to explore projected trends and price targets.

What is Zscaler's operating income?

Zscaler's total operating income in 2025 was -$128.46 million, based on the following breakdown:

Total Gross Profit: $2.05 billion
Total Operating Expenses: $2.18 billion

How has Zscaler's revenue changed over the last 9 years?

Over the last 9 years, Zscaler's total revenue changed from $80.33 million in 2016 to $2.67 billion in 2025, a change of 3,227.9%.

How much debt does Zscaler have?

Zscaler's total liabilities were at $4.62 billion at the end of 2025, a 34.7% increase from 2024, and a 3,372.4% increase since 2017.

How much cash does Zscaler have?

In the past 8 years, Zscaler's cash and equivalents has ranged from $78.48 million in 2019 to $2.39 billion in 2025, and is currently $2.39 billion as of their latest financial filing in 2025.

How has Zscaler's book value per share changed over the last 9 years?

Over the last 9 years, Zscaler's book value per share changed from 0.00 in 2016 to 11.56 in 2025, a change of 1,155.6%.

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This page (NASDAQ:ZS) was last updated on 9/12/2025 by MarketBeat.com Staff

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Zscaler (ZS) Financials

Key Financial Trends

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Zscaler (ZS) Financials

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Quarterly Cash Flow Statements for Zscaler

Annual Balance Sheets for Zscaler

Quarterly Balance Sheets for Zscaler

Annual Metrics And Ratios for Zscaler

Quarterly Metrics And Ratios for Zscaler

Key Financial Trends

Financials Breakdown Chart

Frequently Asked Questions About Zscaler's Financials

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools