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

Zscaler (ZS) Financials

$139.73 +9.69 (+7.45%)

Closing price 05/29/2026 04:00 PM Eastern

Extended Trading

$139.06 -0.67 (-0.48%)

As of 05/29/2026 08:00 PM Eastern

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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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-33	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14
Consolidated Net Income / (Loss)	-33	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14
Net Income / (Loss) Continuing Operations	-33	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14
Total Pre-Tax Income	-24	-21	21	-5.10	-4.41	-17	4.56	-1.90	-8.37	-21	-2.37
Total Operating Income	-46	-45	-3.01	-27	-31	-40	-25	-32	-36	-52	-30
Total Gross Profit	385	408	435	463	486	499	522	547	603	624	658
Total Revenue	497	525	553	593	628	648	678	719	788	816	850
Operating Revenue	497	525	553	593	628	648	678	719	788	816	850
Total Cost of Revenue	111	117	118	130	141	148	156	172	185	191	193
Operating Cost of Revenue	111	117	118	130	141	148	156	172	185	191	193
Total Operating Expenses	431	453	438	490	517	540	547	579	640	676	687
Selling, General & Admin Expense	51	55	50	56	57	61	63	71	66	78	83
Marketing Expense	267	276	262	294	306	308	315	331	374	369	372
Research & Development Expense	114	122	125	139	154	171	170	178	200	229	232
Total Other Income / (Expense), net	22	25	24	22	26	24	30	30	28	30	27
Interest Expense	3.16	3.61	2.76	3.60	3.14	2.34	1.97	2.07	2.13	4.22	2.70
Interest & Investment Income	26	28	28	27	30	31	31	33	33	34	34
Other Income / (Expense), net	-1.21	0.17	-0.93	-1.78	-0.65	-4.94	0.68	-0.76	-3.04	0.80	-4.07
Income Tax Expense	9.00	7.96	1.74	9.77	7.64	-8.81	8.69	16	3.24	13	12
Basic Earnings per Share	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)
Weighted Average Basic Shares Outstanding	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M
Diluted Earnings per Share	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)
Weighted Average Diluted Shares Outstanding	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M
Weighted Average Basic & Diluted Shares Outstanding	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M	159.47M	160.79M	161.71M

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
Net Change in Cash & Equivalents	100	77	-179	164	131	205	232	398	-1,051	-135	-221
Net Cash From Operating Activities	261	142	173	204	331	179	211	251	448	204	198
Net Cash From Continuing Operating Activities	261	142	173	204	331	179	211	251	448	204	198
Net Income / (Loss) Continuing Operations	-33	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14
Consolidated Net Income / (Loss)	-33	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14
Depreciation Expense	14	15	18	19	21	24	28	30	33	35	38
Amortization Expense	31	29	33	37	39	40	44	48	57	61	65
Non-Cash Adjustments To Reconcile Net Income	140	153	127	161	173	189	175	188	208	238	231
Changes in Operating Assets and Liabilities, net	109	-26	-23	1.10	109	-66	-32	2.06	162	-96	-122
Net Cash From Investing Activities	-163	-86	-360	-74	-202	0.52	22	-248	-1,502	-361	-419
Net Cash From Continuing Investing Activities	-163	-86	-360	-74	-202	0.52	22	-248	-1,502	-361	-419
Purchase of Property, Plant & Equipment	-36	-41	-50	-67	-39	-36	-92	-79	-35	-35	-62
Acquisitions	-4.38	-	-357	-13	0.00	-0.83	-	-	-673	-	-97
Purchase of Investments	-376	-388	-242	-287	-431	-299	-158	-394	-896	-507	-572
Sale and/or Maturity of Investments	254	343	290	293	269	336	271	225	102	181	313
Cash Income Taxes Paid	5.29	6.22	7.92	3.69	9.40	7.50	0.93	5.50	12	12	11

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
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	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	1/31/2023	4/30/2023	10/31/2023	1/31/2024	4/30/2024	10/31/2024	1/31/2025	4/30/2025	10/31/2025	1/31/2026	4/30/2026
Total Assets	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340	6,503	6,754	7,098
Total Current Assets	2,416	2,527	2,892	3,143	2,970	3,394	3,665	3,915	4,206	4,451	4,654
Cash & Equivalents	1,257	1,275	1,362	1,439	1,259	1,554	1,759	1,991	1,338	1,203	982
Short-Term Investments	648	693	963	1,021	981	1,154	1,122	1,015	1,983	2,310	2,557
Accounts Receivable	359	376	367	480	506	425	514	616	530	552	730
Prepaid Expenses	56	79	81	78	89	109	115	128	172	197	188
Other Current Assets	96	104	119	126	135	152	156	166	183	189	197
Plant, Property, & Equipment, net	200	223	266	294	331	409	422	499	542	545	575
Total Noncurrent Assets	423	451	478	497	898	906	918	925	1,755	1,758	1,869
Goodwill	79	89	92	92	417	417	418	418	994	1,001	1,094
Intangible Assets	27	29	26	23	69	60	56	51	215	193	192
Other Noncurrent Operating Assets	318	333	360	382	412	430	445	456	545	564	583
Total Liabilities & Shareholders' Equity	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340	6,503	6,754	7,098
Total Liabilities	2,511	2,599	2,828	2,975	3,106	3,280	3,399	3,535	4,521	4,558	4,731
Total Current Liabilities	1,204	1,289	1,474	1,584	1,701	2,964	3,049	3,168	2,306	2,341	2,501
Accounts Payable	34	25	23	17	28	25	25	55	48	29	34
Accrued Expenses	44	51	71	68	83	83	91	85	108	100	123
Current Deferred Revenue	1,000	1,059	1,245	1,316	1,377	1,533	1,596	1,678	1,946	1,984	2,097
Current Employee Benefit Liabilities	97	123	98	137	163	126	140	155	135	161	181
Other Current Liabilities	29	31	38	45	51	50	50	47	68	68	67
Total Noncurrent Liabilities	1,307	1,310	1,354	1,391	1,404	317	350	366	2,215	2,217	2,231
Long-Term Debt	1,141	1,141	1,134	1,141	1,138	-	-	-	1,700	1,703	1,700
Noncurrent Deferred Revenue	112	116	155	186	200	251	283	307	405	372	380
Other Noncurrent Operating Liabilities	55	53	65	65	66	66	67	59	110	142	151
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	529	601	808	959	1,093	1,429	1,607	1,805	1,982	2,196	2,367
Total Preferred & Common Equity	529	601	808	959	1,093	1,429	1,607	1,805	1,982	2,196	2,367
Preferred Stock	-	-	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	529	601	808	959	1,093	1,429	1,607	1,805	1,982	2,196	2,367
Common Stock	1,547	1,661	1,949	2,114	2,242	2,593	2,798	2,961	3,176	3,416	3,624
Retained Earnings	-1,014	-1,060	-1,124	-1,152	-1,133	-1,160	-1,168	-1,172	-1,201	-1,235	-1,249
Accumulated Other Comprehensive Income / (Loss)	-5.04	-0.10	-18	-3.01	-16	-4.49	-22	16	7.89	15	-7.72

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	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025	7/31/2025	10/31/2025	1/31/2026	4/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	160,790,703.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	160,790,703.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.09
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	39.70%	35.45%	32.09%	30.30%	26.42%	23.41%	22.57%	21.31%	25.50%	25.91%	25.43%
EBITDA Growth	92.65%	96.83%	414.54%	3,628.90%	1,333.84%	2,511.66%	2.06%	64.63%	70.46%	128.69%	45.81%
EBIT Growth	32.42%	30.43%	93.03%	35.98%	33.74%	0.46%	-527.77%	-14.86%	-25.81%	-13.08%	-36.31%
NOPAT Growth	33.33%	30.32%	92.92%	39.51%	33.42%	11.70%	931.87%	-19.64%	-18.57%	-28.98%	-190.32%
Net Income Growth	50.88%	50.45%	141.53%	51.50%	64.01%	72.87%	-121.57%	-18.15%	3.62%	-344.23%	-236.56%
EPS Growth	52.08%	52.50%	137.50%	55.00%	65.22%	73.68%	-125.00%	-22.22%	12.50%	-320.00%	-200.00%
Operating Cash Flow Growth	103.03%	58.77%	59.87%	49.74%	27.04%	26.30%	21.72%	23.11%	35.30%	13.73%	-6.19%
Free Cash Flow Firm Growth	23.61%	86.30%	-1,513.87%	-1,406.00%	-380.18%	-385.66%	129.82%	121.22%	-92.02%	-108.46%	-1,014.51%
Invested Capital Growth	-50.75%	-52.41%	95.95%	102.79%	65.12%	65.17%	-464.38%	-1,177.03%	370.25%	407.79%	1,118.18%
Revenue Q/Q Growth	9.16%	5.70%	5.37%	7.17%	5.92%	3.18%	4.65%	6.08%	9.58%	3.51%	4.26%
EBITDA Q/Q Growth	-204.60%	65.79%	5,780.61%	-40.39%	6.50%	-33.12%	140.40%	-3.85%	10.27%	-10.28%	53.27%
EBIT Q/Q Growth	-5.32%	4.20%	91.30%	-629.26%	-9.00%	-43.93%	45.13%	-33.44%	-19.38%	-29.36%	33.86%
NOPAT Q/Q Growth	-3.38%	1.30%	91.32%	-583.15%	-13.79%	-30.89%	181.76%	-198.25%	-12.78%	-42.38%	42.75%
Net Income Q/Q Growth	-9.16%	14.97%	167.17%	-177.80%	19.00%	35.91%	46.60%	-326.13%	33.92%	-195.41%	59.54%
EPS Q/Q Growth	-15.00%	17.39%	163.16%	-175.00%	11.11%	37.50%	40.00%	-266.67%	36.36%	-200.00%	57.14%
Operating Cash Flow Q/Q Growth	91.86%	-45.53%	22.06%	17.38%	62.77%	-45.85%	17.64%	18.72%	78.88%	-54.48%	-2.97%
Free Cash Flow Firm Q/Q Growth	373.50%	-4.86%	-339.14%	-21.22%	-1.58%	3.00%	124.96%	-13.74%	-1,019.22%	-5.31%	-9.52%
Invested Capital Q/Q Growth	-58.89%	5.99%	97.45%	173.29%	-2,086.51%	6.12%	58.71%	-39.86%	598.46%	6.92%	36.59%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.57%	77.68%	78.61%	78.04%	77.47%	77.08%	77.00%	76.05%	76.56%	76.55%	77.35%
EBITDA Margin	-0.48%	-0.16%	8.37%	4.65%	4.68%	3.03%	6.97%	6.32%	6.36%	5.51%	8.10%
Operating Margin	-9.27%	-8.66%	-0.54%	-4.55%	-4.88%	-6.20%	-3.75%	-4.48%	-4.61%	-6.35%	-3.49%
EBIT Margin	-9.52%	-8.63%	-0.71%	-4.85%	-4.99%	-6.96%	-3.65%	-4.59%	-5.00%	-6.25%	-3.96%
Profit (Net Income) Margin	-6.74%	-5.42%	3.46%	-2.51%	-1.92%	-1.19%	-0.61%	-2.44%	-1.47%	-4.21%	-1.63%
Tax Burden Percent	136.74%	138.84%	91.65%	291.50%	273.02%	46.71%	-90.40%	923.70%	138.70%	161.10%	585.53%
Interest Burden Percent	51.80%	45.28%	-529.59%	17.76%	14.09%	36.69%	-18.45%	5.77%	21.25%	41.79%	7.03%
Effective Tax Rate	0.00%	0.00%	8.35%	0.00%	0.00%	0.00%	190.40%	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%	-80.49%	-102.35%	-32.57%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-81.36%	-102.46%	-32.95%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	75.93%	95.44%	29.19%
Return on Equity (ROE)	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%	-4.55%	-6.91%	-3.38%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	-4,948.95%	0.00%	0.00%	0.00%	0.00%	-163.02%	-158.93%	-129.74%
Operating Return on Assets (OROA)	-5.17%	-4.69%	-0.39%	-2.53%	-2.75%	-3.77%	-1.95%	-2.21%	-2.53%	-3.19%	-2.02%
Return on Assets (ROA)	-3.66%	-2.95%	1.90%	-1.31%	-1.06%	-0.65%	-0.32%	-1.17%	-0.74%	-2.15%	-0.83%
Return on Common Equity (ROCE)	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%	-4.55%	-6.91%	-3.38%
Return on Equity Simple (ROE_SIMPLE)	-20.76%	-14.46%	-6.72%	0.00%	-2.54%	-0.97%	-2.15%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	-32	-2.76	-19	-21	-28	23	-23	-25	-36	-21
NOPAT Margin	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	3.39%	-3.14%	-3.23%	-4.44%	-2.44%
Net Nonoperating Expense Percent (NNEP)	-0.13%	0.32%	2.27%	0.36%	0.68%	1.34%	-1.83%	0.32%	0.87%	0.11%	0.37%
Return On Investment Capital (ROIC_SIMPLE)	-	-1.52%	-	-	-	-1.02%	0.78%	-0.64%	-0.69%	-0.93%	-0.51%
Cost of Revenue to Revenue	22.43%	22.32%	21.39%	21.96%	22.53%	22.92%	23.00%	23.95%	23.44%	23.45%	22.65%
SG&A Expenses to Revenue	10.21%	10.40%	9.12%	9.49%	9.05%	9.39%	9.31%	9.88%	8.33%	9.58%	9.79%
R&D to Revenue	22.86%	23.27%	22.59%	23.47%	24.56%	26.37%	25.04%	24.69%	25.44%	28.09%	27.31%
Operating Expenses to Revenue	86.85%	86.33%	79.15%	82.58%	82.36%	83.28%	80.74%	80.53%	81.17%	82.90%	80.83%
Earnings before Interest and Taxes (EBIT)	-47	-45	-3.94	-29	-31	-45	-25	-33	-39	-51	-34
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-2.38	-0.82	46	28	29	20	47	45	50	45	69
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	28.92	36.46	23.71	21.28	19.30	19.34	19.39	24.71	26.44	14.52	8.88
Price to Tangible Book Value (P/TBV)	33.87	41.42	42.69	34.17	28.96	27.41	26.20	33.32	67.85	31.86	19.45
Price to Revenue (P/Rev)	13.28	18.44	12.77	12.51	11.99	12.83	13.74	16.63	18.50	10.63	6.62
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	3,843.70	0.00	0.00	0.00	0.00	140.74	77.96	36.37
Enterprise Value to Revenue (EV/Rev)	12.61	17.75	12.22	11.92	11.31	12.12	13.01	15.93	17.93	10.02	6.04
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	586.37	365.53	253.80	238.76	267.47	300.50	312.73	160.26	91.57
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)	37.27	51.97	34.84	33.14	30.58	33.06	35.81	43.80	46.63	27.01	17.41
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	1.40	1.19	1.04	0.90	0.80	0.71	0.64	0.95	0.86	0.78	0.72
Long-Term Debt to Equity	1.40	1.19	1.04	0.00	0.00	0.00	0.00	0.95	0.86	0.78	0.72
Financial Leverage	-1.51	-1.40	-1.14	-1.12	-1.23	-1.19	-1.02	-1.02	-0.93	-0.93	-0.89
Leverage Ratio	5.22	4.69	4.37	4.16	3.73	3.48	3.29	3.62	3.29	3.09	2.98
Compound Leverage Factor	2.71	2.12	-23.13	0.74	0.53	1.28	-0.61	0.21	0.70	1.29	0.21
Debt to Total Capital	58.41%	54.34%	51.00%	47.27%	44.51%	41.65%	38.89%	48.59%	46.16%	43.67%	41.80%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	47.27%	44.51%	41.65%	38.89%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	58.41%	54.34%	51.00%	0.00%	0.00%	0.00%	0.00%	48.59%	46.16%	43.67%	41.80%
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	41.59%	45.66%	49.00%	52.73%	55.49%	58.35%	61.11%	51.41%	53.84%	56.33%	58.20%
Debt to EBITDA	-25.99	-61.02	26.88	16.16	11.18	9.33	9.27	12.00	10.46	9.07	8.12
Net Debt to EBITDA	27.28	70.53	-26.05	-17.93	-15.24	-14.09	-14.99	-13.21	-9.98	-9.64	-8.79
Long-Term Debt to EBITDA	-25.99	-61.02	26.88	0.00	0.00	0.00	0.00	12.00	10.46	9.07	8.12
Debt to NOPAT	-7.66	-8.50	-11.69	-13.43	-15.43	-16.27	-13.33	-18.91	-18.10	-16.68	-16.19
Net Debt to NOPAT	8.04	9.82	11.32	14.90	21.04	24.56	21.54	20.81	17.27	17.74	17.52
Long-Term Debt to NOPAT	-7.66	-8.50	-11.69	0.00	0.00	0.00	0.00	-18.91	-18.10	-16.68	-16.19
Altman Z-Score	5.43	7.56	5.47	4.91	5.27	5.76	6.26	6.37	7.46	4.74	3.21
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	1.96	1.98	1.75	1.09	1.15	1.20	1.24	2.01	1.82	1.90	1.86
Quick Ratio	1.83	1.86	1.61	1.01	1.06	1.11	1.14	1.88	1.67	1.74	1.71
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	97	92	-220	-267	-271	-263	66	57	-520	-548	-600
Operating Cash Flow to CapEx	722.69%	344.15%	344.84%	302.74%	839.80%	498.36%	230.39%	318.50%	1,281.39%	584.00%	319.06%
Free Cash Flow to Firm to Interest Expense	30.59	25.51	-79.55	-73.96	-86.15	-112.29	33.35	27.27	-244.44	-129.72	-222.09
Operating Cash Flow to Interest Expense	82.56	39.41	62.74	56.48	105.42	76.71	107.37	120.83	210.76	48.35	73.34
Operating Cash Flow Less CapEx to Interest Expense	71.14	27.96	44.55	37.82	92.87	61.32	60.76	82.89	194.31	40.07	50.35
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.54	0.55	0.52	0.55	0.54	0.53	0.48	0.51	0.51	0.51
Accounts Receivable Turnover	5.53	4.52	4.60	3.29	5.81	4.87	4.54	3.09	5.93	5.63	4.71
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	7.83	7.66	7.34	6.93	6.82	6.76	6.14	5.77	5.96	6.21	5.91
Accounts Payable Turnover	15.02	16.83	17.03	22.83	20.87	25.80	13.94	17.61	17.93	26.26	16.75
Days Sales Outstanding (DSO)	65.97	80.70	79.35	111.06	62.82	74.90	80.41	118.02	61.52	64.83	77.42
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)	24.31	21.69	21.44	15.98	17.49	14.15	26.18	20.73	20.35	13.90	21.80
Cash Conversion Cycle (CCC)	41.67	59.01	57.92	95.07	45.34	60.75	54.23	97.29	41.17	50.93	55.62
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-383	-360	-9.17	6.72	-134	-125	-52	-72	361	386	527
Invested Capital Turnover	-5.52	-6.36	-17.24	-18.51	-8.90	-9.98	-83.58	-81.39	24.92	23.04	13.35
Increase / (Decrease) in Invested Capital	-129	-124	217	248	249	235	-43	-79	494	511	579
Enterprise Value (EV)	22,164	33,639	24,814	25,841	26,007	29,352	33,137	42,589	50,798	30,086	19,173
Market Capitalization	23,354	34,958	25,916	27,109	27,569	31,085	34,994	44,460	52,420	31,896	21,012
Book Value per Share	$5.49	$6.46	$7.29	$8.43	$9.37	$10.48	$11.67	$11.56	$12.52	$13.77	$14.72
Tangible Book Value per Share	$4.69	$5.69	$4.05	$5.25	$6.24	$7.39	$8.63	$8.57	$4.88	$6.28	$6.72
Total Capital	1,942	2,100	2,231	2,416	2,574	2,755	2,954	3,500	3,682	3,899	4,066
Total Debt	1,134	1,141	1,138	1,142	1,146	1,148	1,149	1,701	1,700	1,703	1,700
Total Long-Term Debt	1,134	1,141	1,138	0.00	0.00	0.00	0.00	1,701	1,700	1,703	1,700
Net Debt	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872	-1,621	-1,810	-1,839
Capital Expenditures (CapEx)	36	41	50	67	39	36	92	79	35	35	62
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-907	-901	-971	-984	-1,132	-1,116	-1,110	-1,108	-1,421	-1,403	-1,386
Debt-free Net Working Capital (DFNWC)	1,417	1,559	1,269	1,426	1,576	1,764	1,896	2,465	1,900	2,110	2,153
Net Working Capital (NWC)	1,417	1,559	1,269	284	430	616	747	2,465	1,900	2,110	2,153
Net Nonoperating Expense (NNE)	1.24	-3.35	-22	-3.99	-9.42	-20	27	-4.99	-14	-1.93	-6.87
Net Nonoperating Obligations (NNO)	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872	-1,621	-1,810	-1,839
Total Depreciation and Amortization (D&A)	45	44	50	56	61	65	72	78	89	96	103
Debt-free, Cash-free Net Working Capital to Revenue	-51.60%	-47.53%	-47.85%	-45.38%	-49.24%	-46.10%	-43.57%	-41.44%	-50.16%	-46.75%	-43.67%
Debt-free Net Working Capital to Revenue	80.61%	82.24%	62.50%	65.78%	68.55%	72.83%	74.44%	92.20%	67.07%	70.30%	67.85%
Net Working Capital to Revenue	80.61%	82.24%	62.50%	13.09%	18.71%	25.45%	29.33%	92.20%	67.07%	70.30%	67.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)
Adjusted Weighted Average Basic Shares Outstanding	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M
Adjusted Diluted Earnings per Share	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)
Adjusted Weighted Average Diluted Shares Outstanding	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M
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	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M	159.47M	160.79M	161.71M
Normalized Net Operating Profit after Tax (NOPAT)	-32	-32	-2.76	-19	-21	-28	-18	-23	-25	-36	-21
Normalized NOPAT Margin	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	-2.62%	-3.14%	-3.23%	-4.44%	-2.44%
Pre Tax Income Margin	-4.93%	-3.91%	3.77%	-0.86%	-0.70%	-2.55%	0.67%	-0.26%	-1.06%	-2.61%	-0.28%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-14.96	-12.56	-1.43	-7.97	-9.96	-19.27	-12.58	-15.91	-18.52	-12.08	-12.49
NOPAT to Interest Expense	-10.21	-8.83	-1.00	-5.23	-6.83	-12.01	11.68	-10.88	-11.97	-8.59	-7.68
EBIT Less CapEx to Interest Expense	-26.39	-24.01	-19.62	-26.63	-22.52	-34.66	-59.18	-53.85	-34.97	-20.35	-35.47
NOPAT Less CapEx to Interest Expense	-21.63	-20.28	-19.19	-23.89	-19.38	-27.41	-34.92	-48.82	-28.41	-16.86	-30.67
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%

Financials Breakdown Chart

Key Financial Trends

Zscaler’s latest quarterly filings show a company that is still growing revenue quickly, but profitability remains under pressure. Over the last four years, Zscaler has steadily expanded its top line, maintained strong operating cash flow, and built a large cash-and-investments position. However, operating losses have persisted, and recent quarters show rising operating expenses and a heavy reliance on non-cash adjustments to convert losses into positive cash flow.

Revenue growth remains healthy. Q3 2026 revenue rose to $850.5 million from $815.8 million in Q2 2026 and $788.1 million in Q1 2026, showing continued year-over-year expansion.
Gross profit dollars are still rising. Q3 2026 gross profit reached $657.8 million, up from $624.5 million in Q2 2026 and $603.4 million in Q1 2026.
Operating cash flow is strong. Zscaler generated $198.0 million in operating cash flow in Q3 2026, after $204.1 million in Q2 2026 and $448.3 million in Q1 2026.
Balance sheet liquidity is solid. At the end of Q3 2026, Zscaler held $982.1 million in cash and equivalents plus $2.56 billion in short-term investments.
Deferred revenue remains a meaningful source of support. Current deferred revenue was $2.10 billion in Q3 2026, which indicates a large backlog of future revenue already collected or contracted.
The company is still generating significant non-cash earnings power. Depreciation and amortization plus other non-cash adjustments continue to materially boost cash generation versus reported net income.
Revenue growth has slowed from earlier years. Quarterly revenue was growing much faster in 2022 and 2023 than it is now, suggesting the company has matured compared with its earlier hyper-growth phase.
Share count has trended higher over time. Basic shares outstanding were 160.7 million in Q2 2026, 159.7 million in Q2 2026, and 154.9 million in Q1 2026, with a broader multi-year increase versus 2023 levels.
Goodwill and intangible assets remain significant on the balance sheet. In Q3 2026, goodwill was $1.09 billion and intangibles were $191.7 million, reflecting prior acquisitions and adding some balance sheet complexity.
Net losses continue. Zscaler reported a Q3 2026 net loss of $13.9 million, after a $34.3 million loss in Q2 2026 and an $11.6 million loss in Q1 2026.
Operating income is still negative. Q3 2026 operating loss was $29.6 million, even with strong gross profit, because operating expenses were $687.5 million.
Operating expenses are consuming most of gross profit. In Q3 2026, sales and marketing, R&D, and G&A remained very large relative to revenue, which is keeping margins under pressure.
Long-term debt remains elevated. Long-term debt stood at $1.70 billion in Q3 2026, limiting financial flexibility compared with a debt-free balance sheet.
Working capital moved against cash in the latest quarter. Changes in operating assets and liabilities reduced operating cash flow by $122.0 million in Q3 2026.

Longer-term trend: Zscaler has gone from roughly $355.5 million in quarterly revenue in Q1 2023 to $850.5 million in Q3 2026, which is a major improvement in scale. The balance sheet also expanded materially, with total assets rising to $7.10 billion in Q3 2026 from $2.84 billion in Q1 2023. That said, the company has not yet translated its growth into consistent GAAP profitability, and operating losses have appeared in most recent quarters.

Bottom line: Zscaler looks financially resilient thanks to strong cash reserves, recurring deferred revenue, and solid operating cash flow, but investors should still watch the pace of operating expense growth and the path to sustained profitability. For now, the story is still one of strong growth with improving scale, but not yet clean earnings power.

05/31/26 04:34 PM ETAI Generated. May Contain Errors.

Zscaler Financials - Frequently Asked Questions

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.

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.

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

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%.

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.

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.

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%.

Related Companies

Financial statements for NASDAQ:ZS last updated on 5/28/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zscaler (ZS) Financials

Annual Income Statements for Zscaler

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