What is Zscaler's operating income?

Zscaler's total operating income in 2026 was -$133.27 million, based on the following breakdown: Total Gross Profit: $2.57 billion Total Operating Expenses: $2.71 billion

Zscaler (ZS) Financials

$161.94 -7.86 (-4.63%)

Closing price 09/8/2026 04:00 PM Eastern

Extended Trading

$162.37 +0.43 (+0.27%)

As of 07:41 AM 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	2026
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	7/31/2026
Total Costs & Expenses	-	-	-	-	-	-	-	-	1,812	2,183	2,708
Net Income / (Loss) Attributable to Common Shareholders	-36	-45	-40	-29	-115	-262	-390	-202	-58	-41	-63
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41	-63
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41	-63
Total Pre-Tax Income	-27	-35	-32	-28	-113	-257	-384	-183	-29	-18	-17
Total Operating Income	-27	-35	-35	-35	-114	-208	-327	-235	-121	-128	-133
Total Gross Profit	60	98	152	243	336	523	849	1,254	1,691	2,055	2,575
Total Revenue	80	126	190	303	431	673	1,091	1,617	2,168	2,673	3,353
Operating Revenue	80	126	190	303	431	673	1,091	1,617	2,168	2,673	3,353
Total Cost of Revenue	20	27	38	60	96	150	242	363	477	618	778
Operating Cost of Revenue	20	27	38	60	96	150	242	363	477	618	778
Total Operating Expenses	87	133	187	278	449	731	1,176	1,489	1,812	2,183	2,708
Selling, General & Admin Expense	9.40	21	31	47	74	97	152	179	212	252	309
Marketing Expense	57	79	116	170	278	459	735	959	1,100	1,259	1,496
Research & Development Expense	21	34	39	62	98	175	289	351	500	672	903
Total Other Income / (Expense), net	-0.13	0.49	2.32	7.40	1.23	-49	-56	52	92	110	116
Interest Expense	-0.29	-0.60	0.00	0.00	5.03	53	57	6.54	13	9.52	12
Interest & Investment Income	-	-	2.24	7.73	6.48	2.81	4.59	60	109	125	136
Other Income / (Expense), net	-0.42	-0.11	0.08	-0.33	-0.22	1.19	-4.21	-1.86	-3.75	-5.67	-8.21
Income Tax Expense	0.47	0.88	1.34	0.74	2.39	4.85	6.65	20	28	23	46
Basic Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)	($0.39)
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	160.22M
Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)	($0.27)	($0.39)
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	160.22M
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	163.05M

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 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/31/2026
Net Income / (Loss) Attributable to Common Shareholders	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14	-3.37
Consolidated Net Income / (Loss)	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14	-3.37
Net Income / (Loss) Continuing Operations	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14	-3.37
Total Pre-Tax Income	-21	21	-5.10	-4.41	-17	4.56	-1.90	-8.37	-21	-2.37	15
Total Operating Income	-45	-3.01	-27	-31	-40	-25	-32	-36	-52	-30	-15
Total Gross Profit	408	435	463	486	499	522	547	603	624	658	689
Total Revenue	525	553	593	628	648	678	719	788	816	850	898
Operating Revenue	525	553	593	628	648	678	719	788	816	850	898
Total Cost of Revenue	117	118	130	141	148	156	172	185	191	193	209
Operating Cost of Revenue	117	118	130	141	148	156	172	185	191	193	209
Total Operating Expenses	453	438	490	517	540	547	579	640	676	687	705
Selling, General & Admin Expense	55	50	56	57	61	63	71	66	78	83	82
Marketing Expense	276	262	294	306	308	315	331	374	369	372	381
Research & Development Expense	122	125	139	154	171	170	178	200	229	232	241
Total Other Income / (Expense), net	25	24	22	26	24	30	30	28	30	27	30
Interest Expense	3.61	2.76	3.60	3.14	2.34	1.97	2.07	2.13	4.22	2.70	2.75
Interest & Investment Income	28	28	27	30	31	31	33	33	34	34	35
Other Income / (Expense), net	0.17	-0.93	-1.78	-0.65	-4.94	0.68	-0.76	-3.04	0.80	-4.07	-1.90
Income Tax Expense	7.96	1.74	9.77	7.64	-8.81	8.69	16	3.24	13	12	18
Basic Earnings per Share	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)	($0.02)
Weighted Average Basic Shares Outstanding	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M	160.22M
Diluted Earnings per Share	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)	($0.02)
Weighted Average Diluted Shares Outstanding	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M	160.22M
Weighted Average Basic & Diluted Shares Outstanding	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M	159.47M	160.79M	161.71M	163.05M

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	2026
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	7/31/2026
Net Change in Cash & Equivalents	9.00	-4.70	48	-58	63	134	737	249	161	966	-1,461
Net Cash From Operating Activities	-12	-6.02	17	58	79	202	322	462	780	972	1,130
Net Cash From Continuing Operating Activities	-12	-6.02	17	58	79	202	322	462	780	972	1,130
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41	-63
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58	-41	-63
Depreciation Expense	4.87	6.84	7.99	10	18	30	40	56	66	104	149
Amortization Expense	5.52	8.47	13	17	33	111	139	107	130	172	251
Non-Cash Adjustments To Reconcile Net Income	-9.94	-12	-23	47	128	280	434	476	580	725	912
Changes in Operating Assets and Liabilities, net	15	26	53	12	15	43	98	26	61	13	-119
Net Cash From Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683	-427	-2,653
Net Cash From Continuing Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683	-427	-2,653
Purchase of Property, Plant & Equipment	-6.25	-8.17	-15	-29	-52	-58	-91	-129	-195	-246	-351
Acquisitions	-	0.00	0.00	-13	-40	-41	-25	-16	-375	-0.83	-918
Purchase of Investments	0.00	0.00	-163	-335	-1,258	-819	-845	-1,067	-1,293	-1,281	-2,265
Sale and/or Maturity of Investments	-	0.00	0.43	215	311	808	1,335	952	1,179	1,101	881
Net Cash From Financing Activities	28	9.50	208	46	1,022	42	41	46	64	421	62
Net Cash From Continuing Financing Activities	28	9.50	208	46	1,022	42	41	46	64	421	62
Repayment of Debt	-	-	-	-	0.00	0.00	-0.01	-0.00	-0.04	-1,174	-0.68
Issuance of Debt	0.83	1.86	5.35	1.91	1,131	-	-	0.00	0.00	1,725	0.00
Issuance of Common Equity	0.78	4.70	206	16	15	26	35	42	52	64	59
Other Financing Activities, net	0.99	2.97	4.99	30	-124	16	6.69	3.73	12	-194	3.68
Cash Interest Paid	-	-	-	0.00	0.00	1.46	1.44	1.44	1.44	1.44	0.00
Cash Income Taxes Paid	0.32	0.39	0.87	1.77	2.53	4.14	5.61	15	23	23	54

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 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/31/2026
Net Change in Cash & Equivalents	77	-179	164	131	205	232	398	-1,051	-135	-221	-54
Net Cash From Operating Activities	142	173	204	331	179	211	251	448	204	198	279
Net Cash From Continuing Operating Activities	142	173	204	331	179	211	251	448	204	198	279
Net Income / (Loss) Continuing Operations	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14	-3.37
Consolidated Net Income / (Loss)	-28	19	-15	-12	-7.72	-4.13	-18	-12	-34	-14	-3.37
Depreciation Expense	15	18	19	21	24	28	30	33	35	38	43
Amortization Expense	29	33	37	39	40	44	48	57	61	65	68
Non-Cash Adjustments To Reconcile Net Income	153	127	161	173	189	175	188	208	238	231	235
Changes in Operating Assets and Liabilities, net	-26	-23	1.10	109	-66	-32	2.06	162	-96	-122	-63
Net Cash From Investing Activities	-86	-360	-74	-202	0.52	22	-248	-1,502	-361	-419	-371
Net Cash From Continuing Investing Activities	-86	-360	-74	-202	0.52	22	-248	-1,502	-361	-419	-371
Purchase of Property, Plant & Equipment	-41	-50	-67	-39	-36	-92	-79	-35	-35	-62	-219
Acquisitions	-	-357	-13	0.00	-0.83	-	-	-673	-	-97	-148
Purchase of Investments	-388	-242	-287	-431	-299	-158	-394	-896	-507	-572	-289
Sale and/or Maturity of Investments	343	290	293	269	336	271	225	102	181	313	284
Net Cash From Financing Activities	21	7.44	35	0.89	25	-0.40	395	3.10	21	-	38
Net Cash From Continuing Financing Activities	21	7.44	35	0.89	25	-0.40	395	3.10	21	-	38
Issuance of Common Equity	-	-	34	-	-	-	41	-	-	-	38
Cash Income Taxes Paid	6.22	7.92	3.69	9.40	7.50	0.93	5.50	12	12	11	18

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	2026
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	7/31/2026
Total Assets	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420	7,867
Total Current Assets	143	387	496	1,582	1,848	2,257	2,890	3,397	4,894	5,031
Cash & Equivalents	88	136	78	142	276	1,013	1,262	1,423	2,389	928
Short-Term Investments	0.00	163	286	1,229	1,227	718	838	987	1,183	2,546
Accounts Receivable	39	62	93	148	257	400	583	737	992	1,149
Prepaid Expenses	5.41	11	17	31	31	39	92	102	149	192
Other Current Assets	10	16	21	32	57	86	116	149	181	216
Plant, Property, & Equipment, net	13	20	41	76	109	161	242	383	543	753
Total Noncurrent Assets	27	41	67	176	301	415	476	925	982	2,082
Goodwill	-	0.00	7.48	30	59	79	89	417	418	1,218
Intangible Assets	-	0.00	8.71	24	32	32	26	64	47	214
Other Noncurrent Operating Assets	27	41	51	122	210	305	361	444	517	650
Total Liabilities & Shareholders' Equity	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420	7,867
Total Liabilities	133	208	296	1,349	1,729	2,259	2,883	3,431	4,621	5,268
Total Current Liabilities	120	183	262	424	720	1,134	1,536	3,113	2,430	2,961
Accounts Payable	3.76	4.90	6.21	5.23	13	26	18	23	47	48
Accrued Expenses	12	14	13	16	23	46	65	92	94	133
Current Deferred Revenue	85	141	221	337	571	924	1,281	1,644	2,054	2,481
Current Employee Benefit Liabilities	12	23	22	49	94	112	137	161	182	235
Other Current Liabilities	7.97	-	0.00	16	20	26	34	51	52	65
Total Noncurrent Liabilities	13	25	34	925	1,009	1,125	1,347	318	2,191	2,307
Long-Term Debt	-	-	0.00	862	914	969	1,134	0.00	1,701	1,696
Noncurrent Deferred Revenue	11	23	30	33	59	97	159	251	414	445
Other Noncurrent Operating Liabilities	1.46	1.36	3.84	31	36	59	55	67	77	166
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	-151	240	309	485	529	573	725	1,274	1,799	2,598
Total Preferred & Common Equity	-151	240	309	485	529	573	725	1,274	1,799	2,598
Preferred Stock	0.00	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	2,598
Common Stock	19	439	533	824	1,131	1,591	1,817	2,427	2,981	3,875
Retained Earnings	-162	-196	-224	-340	-602	-992	-1,090	-1,148	-1,190	-1,253
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.12	0.27	0.46	-0.65	-26	-1.58	-4.79	8.08	-24

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	2026
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	7/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	161,709,525.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	161,709,525.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	-0.39
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%	23.31%	25.42%
EBITDA Growth	0.00%	-17.75%	32.67%	82.39%	-703.52%	-4.38%	-130.28%	51.53%	196.00%	100.48%	81.85%
EBIT Growth	0.00%	-29.06%	1.81%	-6.35%	-220.35%	-80.97%	-60.50%	28.69%	47.05%	-7.11%	-5.48%
NOPAT Growth	0.00%	-30.66%	1.28%	-2.53%	-222.70%	-82.36%	-57.56%	28.34%	48.22%	-5.75%	-3.74%
Net Income Growth	0.00%	-29.24%	5.12%	29.67%	-301.73%	-127.62%	-48.94%	48.16%	71.48%	28.12%	-52.32%
EPS Growth	0.00%	-13.24%	59.09%	126.98%	-286.96%	-116.85%	-43.52%	49.46%	72.14%	30.77%	-44.44%
Operating Cash Flow Growth	0.00%	49.49%	387.54%	235.28%	36.69%	154.72%	59.33%	43.62%	68.67%	24.70%	16.17%
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%	-9,039.58%
Invested Capital Growth	0.00%	0.00%	-52.85%	7.60%	56.98%	-149.16%	-214.98%	-27.25%	102.79%	-1,177.03%	1,233.10%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	21.94%	10.16%	11.83%	12.47%	9.25%	6.79%	4.96%	5.64%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	19.83%	-68.85%	-4.19%	-4.92%	32.04%	67.06%	14.40%	23.10%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.80%	-47.87%	-11.87%	-5.15%	13.98%	11.42%	-3.29%	9.94%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-0.04%	-47.99%	-12.15%	-4.85%	13.93%	12.66%	-4.30%	11.17%
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%	18.36%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-966.67%	-61.82%	-12.21%	-3.75%	25.93%	22.00%	-8.00%	18.75%
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%	2.61%
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%	-44.20%
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%	55.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	74.94%	78.15%	80.08%	160.59%	77.80%	77.67%	77.79%	77.56%	77.99%	76.87%	76.80%
EBITDA Margin	-21.00%	-15.80%	-7.03%	-5.19%	-14.66%	-9.80%	-13.93%	-4.55%	3.26%	5.30%	7.69%
Operating Margin	-33.42%	-27.90%	-18.21%	-11.66%	-26.42%	-30.87%	-30.01%	-14.51%	-5.60%	-4.81%	-3.98%
EBIT Margin	-33.94%	-27.98%	-18.16%	-23.54%	-26.48%	-30.70%	-30.40%	-14.63%	-5.78%	-5.02%	-4.22%
Profit (Net Income) Margin	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%	-1.55%	-1.88%
Tax Burden Percent	101.74%	102.54%	104.14%	205.32%	102.12%	101.89%	101.73%	110.83%	197.43%	226.77%	368.63%
Interest Burden Percent	98.94%	98.30%	93.53%	156.62%	98.73%	124.47%	115.68%	77.20%	23.34%	13.64%	12.11%
Effective Tax Rate	0.00%	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%	-24.94%
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%	-26.59%
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%	22.07%
Return on Equity (ROE)	0.00%	-71.15%	-23.20%	-20.89%	-29.02%	-51.70%	-70.82%	-31.17%	-5.77%	-2.70%	-2.87%
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%	-120.20%
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%	-1.98%
Return on Assets (ROA)	0.00%	-19.39%	-10.67%	-5.45%	-9.45%	-12.81%	-15.33%	-6.28%	-1.39%	-0.75%	-0.88%
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%	-2.87%
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%	0.00%
Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-164	-85	-90	-93
NOPAT Margin	-23.39%	-19.53%	-12.74%	-8.16%	-18.50%	-21.61%	-21.01%	-10.16%	-3.92%	-3.36%	-2.78%
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%	1.65%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-2.57%	-2.17%
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%	23.20%
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%	9.22%
R&D to Revenue	26.07%	26.70%	20.71%	40.93%	22.70%	25.95%	26.50%	21.63%	23.06%	25.16%	26.95%
Operating Expenses to Revenue	108.36%	106.05%	98.29%	183.91%	104.23%	108.54%	107.80%	92.07%	83.59%	81.68%	80.78%
Earnings before Interest and Taxes (EBIT)	-27	-35	-35	-36	-114	-207	-332	-236	-125	-134	-141
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-20	-13	-7.87	-63	-66	-152	-74	71	142	258
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	9.41
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	20.97
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	7.29
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	0.00	0.00	3,843.70	0.00	27.63
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	6.76
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	87.97
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)	0.00	0.00	226.77	349.37	207.25	157.04	65.96	48.52	33.14	43.80	20.07
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	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	0.65
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	0.65
Financial Leverage	0.00	-1.77	-1.33	-2.42	-1.10	-1.08	-1.23	-1.33	-1.12	-1.02	-0.83
Leverage Ratio	0.00	3.67	2.17	1.92	3.07	4.04	4.62	4.96	4.16	3.62	3.25
Compound Leverage Factor	0.00	3.61	2.03	3.00	3.03	5.02	5.34	3.83	0.97	0.49	0.39
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	63.99%	63.33%	62.82%	61.00%	47.27%	48.59%	39.50%
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%	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%	39.50%
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%	403.28%	0.00%	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%	60.50%
Debt to EBITDA	0.00	0.00	0.00	0.00	-13.63	-13.85	-6.38	-15.40	16.16	12.00	6.58
Net Debt to EBITDA	0.00	0.00	0.00	0.00	8.05	8.93	5.02	13.12	-17.93	-13.21	-6.90
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	6.58
Debt to NOPAT	0.00	0.00	0.00	0.00	-10.80	-6.28	-4.23	-6.91	-13.43	-18.91	-18.18
Net Debt to NOPAT	0.00	0.00	0.00	0.00	6.38	4.05	3.33	5.88	14.90	20.81	19.06
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	-18.18
Altman Z-Score	0.00	-0.17	12.31	43.13	8.07	11.44	5.83	5.13	4.84	6.32	3.24
Noncontrolling Interest Sharing Ratio	0.00%	403.28%	69.29%	0.00%	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	1.70
Quick Ratio	0.00	1.05	1.97	3.50	3.58	2.44	1.88	1.75	1.01	1.88	1.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	14	-4.08	-27	-112	-109	-100	-113	-333	-11	-986
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%	322.29%
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	-83.62
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	95.78
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	66.06
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.69	0.60	1.15	0.35	0.33	0.43	0.50	0.52	0.48	0.47
Accounts Receivable Turnover	0.00	3.22	3.78	7.82	3.58	3.33	3.32	3.29	3.29	3.09	3.13
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	0.00	9.57	11.56	9.96	7.39	7.30	8.10	8.02	6.93	5.77	5.17
Accounts Payable Turnover	0.00	7.30	8.75	21.50	16.74	16.91	12.52	16.26	22.83	17.61	16.39
Days Sales Outstanding (DSO)	0.00	113.38	96.60	186.76	101.95	109.73	109.88	110.88	111.06	118.02	116.56
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)	0.00	50.00	41.72	67.92	21.81	21.59	29.15	22.45	15.98	20.73	22.27
Cash Conversion Cycle (CCC)	0.00	63.39	54.88	118.84	80.14	88.14	80.73	88.43	95.07	97.29	94.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-38	-58	-56	-24	-60	-189	-241	6.72	-72	820
Invested Capital Turnover	0.00	-6.59	-3.94	-9.19	-10.75	-15.98	-8.75	-7.52	-18.51	-81.39	8.96
Increase / (Decrease) in Invested Capital	0.00	-38	-20	2.22	32	-36	-129	-52	248	-79	893
Enterprise Value (EV)	0.00	305	3,925	10,225	16,439	31,728	21,235	22,432	25,841	42,589	22,673
Market Capitalization	192	192	4,223	10,590	16,948	32,317	21,997	23,398	27,109	44,460	24,450
Book Value per Share	$0.00	($5.17)	$2.01	$2.46	$3.71	$3.86	$4.04	$4.97	$8.43	$11.56	$16.07
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	$7.21
Total Capital	0.00	50	240	309	1,346	1,442	1,542	1,859	2,416	3,500	4,295
Total Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	1,142	1,701	1,696
Total Long-Term Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	0.00	1,701	1,696
Net Debt	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267	-1,872	-1,778
Capital Expenditures (CapEx)	6.25	8.17	15	29	52	58	91	129	195	246	351
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-66	-94	-131	-213	-374	-609	-746	-984	-1,108	-1,404
Debt-free Net Working Capital (DFNWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	1,426	2,465	2,070
Net Working Capital (NWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	284	2,465	2,070
Net Nonoperating Expense (NNE)	8.65	11	9.41	3.94	35	117	161	38	-27	-48	-30
Net Nonoperating Obligations (NNO)	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267	-1,872	-1,778
Total Depreciation and Amortization (D&A)	10	15	21	28	51	141	180	163	196	276	399
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%	-41.89%
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%	61.74%
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%	61.74%
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)	($0.39)
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	160.22M
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)	($0.39)
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	160.22M
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	$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	163.05M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-159	-85	-90	-93
Normalized NOPAT Margin	-23.39%	-19.53%	-12.74%	-16.33%	-18.50%	-21.61%	-21.01%	-9.83%	-3.92%	-3.36%	-2.78%
Pre Tax Income Margin	-33.58%	-27.51%	-16.99%	-18.43%	-26.14%	-38.21%	-35.16%	-11.29%	-1.35%	-0.68%	-0.51%
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	-12.00
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-15.87	-2.73	-4.05	-25.11	-6.48	-9.44	-7.91
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	-41.72
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	-37.63
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%	-0.09%	-24.21%	-12.70%	0.00%	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 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026	Q4 2026
Period end date	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	7/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	160,790,703.00	161,709,525.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	160,790,703.00	161,709,525.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-0.09	-0.02
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	35.45%	32.09%	30.30%	26.42%	23.41%	22.57%	21.31%	25.50%	25.91%	25.43%	24.88%
EBITDA Growth	96.83%	414.54%	3,628.90%	1,333.84%	2,511.66%	2.06%	64.63%	70.46%	128.69%	45.81%	106.46%
EBIT Growth	30.43%	93.03%	35.98%	33.74%	0.46%	-527.77%	-14.86%	-25.81%	-13.08%	-36.31%	47.30%
NOPAT Growth	30.32%	92.92%	39.51%	33.42%	11.70%	931.87%	-19.64%	-18.57%	-28.98%	-190.32%	115.52%
Net Income Growth	50.45%	141.53%	51.50%	64.01%	72.87%	-121.57%	-18.15%	3.62%	-344.23%	-236.56%	80.83%
EPS Growth	52.50%	137.50%	55.00%	65.22%	73.68%	-125.00%	-22.22%	12.50%	-320.00%	-200.00%	81.82%
Operating Cash Flow Growth	58.77%	59.87%	49.74%	27.04%	26.30%	21.72%	23.11%	35.30%	13.73%	-6.19%	11.44%
Free Cash Flow Firm Growth	86.30%	-1,513.87%	-1,406.00%	-380.18%	-385.66%	129.82%	121.22%	-92.02%	-108.46%	-1,014.51%	-1,672.37%
Invested Capital Growth	-52.41%	95.95%	102.79%	65.12%	65.17%	-464.38%	-1,177.03%	370.25%	407.79%	1,118.18%	1,233.10%
Revenue Q/Q Growth	5.70%	5.37%	7.17%	5.92%	3.18%	4.65%	6.08%	9.58%	3.51%	4.26%	5.61%
EBITDA Q/Q Growth	65.79%	5,780.61%	-40.39%	6.50%	-33.12%	140.40%	-3.85%	10.27%	-10.28%	53.27%	36.14%
EBIT Q/Q Growth	4.20%	91.30%	-629.26%	-9.00%	-43.93%	45.13%	-33.44%	-19.38%	-29.36%	33.86%	48.41%
NOPAT Q/Q Growth	1.30%	91.32%	-583.15%	-13.79%	-30.89%	181.76%	-198.25%	-12.78%	-42.38%	42.75%	116.88%
Net Income Q/Q Growth	14.97%	167.17%	-177.80%	19.00%	35.91%	46.60%	-326.13%	33.92%	-195.41%	59.54%	75.73%
EPS Q/Q Growth	17.39%	163.16%	-175.00%	11.11%	37.50%	40.00%	-266.67%	36.36%	-200.00%	57.14%	77.78%
Operating Cash Flow Q/Q Growth	-45.53%	22.06%	17.38%	62.77%	-45.85%	17.64%	18.72%	78.88%	-54.48%	-2.97%	41.04%
Free Cash Flow Firm Q/Q Growth	-4.86%	-339.14%	-21.22%	-1.58%	3.00%	124.96%	-13.74%	-1,019.22%	-5.31%	-9.52%	-48.32%
Invested Capital Q/Q Growth	5.99%	97.45%	173.29%	-2,086.51%	6.12%	58.71%	-39.86%	598.46%	6.92%	36.59%	55.65%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	77.68%	78.61%	78.04%	77.47%	77.08%	77.00%	76.05%	76.56%	76.55%	77.35%	76.73%
EBITDA Margin	-0.16%	8.37%	4.65%	4.68%	3.03%	6.97%	6.32%	6.36%	5.51%	8.10%	10.44%
Operating Margin	-8.66%	-0.54%	-4.55%	-4.88%	-6.20%	-3.75%	-4.48%	-4.61%	-6.35%	-3.49%	-1.72%
EBIT Margin	-8.63%	-0.71%	-4.85%	-4.99%	-6.96%	-3.65%	-4.59%	-5.00%	-6.25%	-3.96%	-1.94%
Profit (Net Income) Margin	-5.42%	3.46%	-2.51%	-1.92%	-1.19%	-0.61%	-2.44%	-1.47%	-4.21%	-1.63%	-0.38%
Tax Burden Percent	138.84%	91.65%	291.50%	273.02%	46.71%	-90.40%	923.70%	138.70%	161.10%	585.53%	-22.60%
Interest Burden Percent	45.28%	-529.59%	17.76%	14.09%	36.69%	-18.45%	5.77%	21.25%	41.79%	7.03%	-85.69%
Effective Tax Rate	0.00%	8.35%	0.00%	0.00%	0.00%	190.40%	0.00%	0.00%	0.00%	0.00%	122.60%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-80.49%	-102.35%	-32.57%	3.49%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-81.36%	-102.46%	-32.95%	3.87%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	75.93%	95.44%	29.19%	-3.21%
Return on Equity (ROE)	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%	-4.55%	-6.91%	-3.38%	0.28%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-4,948.95%	0.00%	0.00%	0.00%	0.00%	-163.02%	-158.93%	-129.74%	-120.20%
Operating Return on Assets (OROA)	-4.69%	-0.39%	-2.53%	-2.75%	-3.77%	-1.95%	-2.21%	-2.53%	-3.19%	-2.02%	-0.91%
Return on Assets (ROA)	-2.95%	1.90%	-1.31%	-1.06%	-0.65%	-0.32%	-1.17%	-0.74%	-2.15%	-0.83%	-0.18%
Return on Common Equity (ROCE)	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%	-2.70%	-4.55%	-6.91%	-3.38%	0.28%
Return on Equity Simple (ROE_SIMPLE)	-14.46%	-6.72%	0.00%	-2.54%	-0.97%	-2.15%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-32	-2.76	-19	-21	-28	23	-23	-25	-36	-21	3.50
NOPAT Margin	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	3.39%	-3.14%	-3.23%	-4.44%	-2.44%	0.39%
Net Nonoperating Expense Percent (NNEP)	0.32%	2.27%	0.36%	0.68%	1.34%	-1.83%	0.32%	0.87%	0.11%	0.37%	-0.38%
Return On Investment Capital (ROIC_SIMPLE)	-1.52%	-	-	-	-1.02%	0.78%	-0.64%	-0.69%	-0.93%	-0.51%	0.08%
Cost of Revenue to Revenue	22.32%	21.39%	21.96%	22.53%	22.92%	23.00%	23.95%	23.44%	23.45%	22.65%	23.27%
SG&A Expenses to Revenue	10.40%	9.12%	9.49%	9.05%	9.39%	9.31%	9.88%	8.33%	9.58%	9.79%	9.11%
R&D to Revenue	23.27%	22.59%	23.47%	24.56%	26.37%	25.04%	24.69%	25.44%	28.09%	27.31%	26.89%
Operating Expenses to Revenue	86.33%	79.15%	82.58%	82.36%	83.28%	80.74%	80.53%	81.17%	82.90%	80.83%	78.46%
Earnings before Interest and Taxes (EBIT)	-45	-3.94	-29	-31	-45	-25	-33	-39	-51	-34	-17
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-0.82	46	28	29	20	47	45	50	45	69	94
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	36.46	23.71	21.28	19.30	19.34	19.39	24.71	26.44	14.52	8.88	9.41
Price to Tangible Book Value (P/TBV)	41.42	42.69	34.17	28.96	27.41	26.20	33.32	67.85	31.86	19.45	20.97
Price to Revenue (P/Rev)	18.44	12.77	12.51	11.99	12.83	13.74	16.63	18.50	10.63	6.62	7.29
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	3,843.70	0.00	0.00	0.00	0.00	140.74	77.96	36.37	27.63
Enterprise Value to Revenue (EV/Rev)	17.75	12.22	11.92	11.31	12.12	13.01	15.93	17.93	10.02	6.04	6.76
Enterprise Value to EBITDA (EV/EBITDA)	0.00	586.37	365.53	253.80	238.76	267.47	300.50	312.73	160.26	91.57	87.97
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)	51.97	34.84	33.14	30.58	33.06	35.81	43.80	46.63	27.01	17.41	20.07
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	1.19	1.04	0.90	0.80	0.71	0.64	0.95	0.86	0.78	0.72	0.65
Long-Term Debt to Equity	1.19	1.04	0.00	0.00	0.00	0.00	0.95	0.86	0.78	0.72	0.65
Financial Leverage	-1.40	-1.14	-1.12	-1.23	-1.19	-1.02	-1.02	-0.93	-0.93	-0.89	-0.83
Leverage Ratio	4.69	4.37	4.16	3.73	3.48	3.29	3.62	3.29	3.09	2.98	3.25
Compound Leverage Factor	2.12	-23.13	0.74	0.53	1.28	-0.61	0.21	0.70	1.29	0.21	-2.78
Debt to Total Capital	54.34%	51.00%	47.27%	44.51%	41.65%	38.89%	48.59%	46.16%	43.67%	41.80%	39.50%
Short-Term Debt to Total Capital	0.00%	0.00%	47.27%	44.51%	41.65%	38.89%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	54.34%	51.00%	0.00%	0.00%	0.00%	0.00%	48.59%	46.16%	43.67%	41.80%	39.50%
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	45.66%	49.00%	52.73%	55.49%	58.35%	61.11%	51.41%	53.84%	56.33%	58.20%	60.50%
Debt to EBITDA	-61.02	26.88	16.16	11.18	9.33	9.27	12.00	10.46	9.07	8.12	6.58
Net Debt to EBITDA	70.53	-26.05	-17.93	-15.24	-14.09	-14.99	-13.21	-9.98	-9.64	-8.79	-6.90
Long-Term Debt to EBITDA	-61.02	26.88	0.00	0.00	0.00	0.00	12.00	10.46	9.07	8.12	6.58
Debt to NOPAT	-8.50	-11.69	-13.43	-15.43	-16.27	-13.33	-18.91	-18.10	-16.68	-16.19	-18.18
Net Debt to NOPAT	9.82	11.32	14.90	21.04	24.56	21.54	20.81	17.27	17.74	17.52	19.06
Long-Term Debt to NOPAT	-8.50	-11.69	0.00	0.00	0.00	0.00	-18.91	-18.10	-16.68	-16.19	-18.18
Altman Z-Score	7.56	5.47	4.91	5.27	5.76	6.26	6.37	7.46	4.74	3.21	3.30
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	1.98	1.75	1.09	1.15	1.20	1.24	2.01	1.82	1.90	1.86	1.70
Quick Ratio	1.86	1.61	1.01	1.06	1.11	1.14	1.88	1.67	1.74	1.71	1.56
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	92	-220	-267	-271	-263	66	57	-520	-548	-600	-889
Operating Cash Flow to CapEx	344.15%	344.84%	302.74%	839.80%	498.36%	230.39%	318.50%	1,281.39%	584.00%	319.06%	127.81%
Free Cash Flow to Firm to Interest Expense	25.51	-79.55	-73.96	-86.15	-112.29	33.35	27.27	-244.44	-129.72	-222.09	-323.88
Operating Cash Flow to Interest Expense	39.41	62.74	56.48	105.42	76.71	107.37	120.83	210.76	48.35	73.34	101.71
Operating Cash Flow Less CapEx to Interest Expense	27.96	44.55	37.82	92.87	61.32	60.76	82.89	194.31	40.07	50.35	22.13
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.54	0.55	0.52	0.55	0.54	0.53	0.48	0.51	0.51	0.51	0.47
Accounts Receivable Turnover	4.52	4.60	3.29	5.81	4.87	4.54	3.09	5.93	5.63	4.71	3.13
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	7.66	7.34	6.93	6.82	6.76	6.14	5.77	5.96	6.21	5.91	5.17
Accounts Payable Turnover	16.83	17.03	22.83	20.87	25.80	13.94	17.61	17.93	26.26	16.75	16.39
Days Sales Outstanding (DSO)	80.70	79.35	111.06	62.82	74.90	80.41	118.02	61.52	64.83	77.42	116.56
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)	21.69	21.44	15.98	17.49	14.15	26.18	20.73	20.35	13.90	21.80	22.27
Cash Conversion Cycle (CCC)	59.01	57.92	95.07	45.34	60.75	54.23	97.29	41.17	50.93	55.62	94.30
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-360	-9.17	6.72	-134	-125	-52	-72	361	386	527	820
Invested Capital Turnover	-6.36	-17.24	-18.51	-8.90	-9.98	-83.58	-81.39	24.92	23.04	13.35	8.96
Increase / (Decrease) in Invested Capital	-124	217	248	249	235	-43	-79	494	511	579	893
Enterprise Value (EV)	33,639	24,814	25,841	26,007	29,352	33,137	42,589	50,798	30,086	19,173	22,673
Market Capitalization	34,958	25,916	27,109	27,569	31,085	34,994	44,460	52,420	31,896	21,012	24,450
Book Value per Share	$6.46	$7.29	$8.43	$9.37	$10.48	$11.67	$11.56	$12.52	$13.77	$14.72	$16.07
Tangible Book Value per Share	$5.69	$4.05	$5.25	$6.24	$7.39	$8.63	$8.57	$4.88	$6.28	$6.72	$7.21
Total Capital	2,100	2,231	2,416	2,574	2,755	2,954	3,500	3,682	3,899	4,066	4,295
Total Debt	1,141	1,138	1,142	1,146	1,148	1,149	1,701	1,700	1,703	1,700	1,696
Total Long-Term Debt	1,141	1,138	0.00	0.00	0.00	0.00	1,701	1,700	1,703	1,700	1,696
Net Debt	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872	-1,621	-1,810	-1,839	-1,778
Capital Expenditures (CapEx)	41	50	67	39	36	92	79	35	35	62	219
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-901	-971	-984	-1,132	-1,116	-1,110	-1,108	-1,421	-1,403	-1,386	-1,404
Debt-free Net Working Capital (DFNWC)	1,559	1,269	1,426	1,576	1,764	1,896	2,465	1,900	2,110	2,153	2,070
Net Working Capital (NWC)	1,559	1,269	284	430	616	747	2,465	1,900	2,110	2,153	2,070
Net Nonoperating Expense (NNE)	-3.35	-22	-3.99	-9.42	-20	27	-4.99	-14	-1.93	-6.87	6.87
Net Nonoperating Obligations (NNO)	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857	-1,872	-1,621	-1,810	-1,839	-1,778
Total Depreciation and Amortization (D&A)	44	50	56	61	65	72	78	89	96	103	111
Debt-free, Cash-free Net Working Capital to Revenue	-47.53%	-47.85%	-45.38%	-49.24%	-46.10%	-43.57%	-41.44%	-50.16%	-46.75%	-43.67%	-41.89%
Debt-free Net Working Capital to Revenue	82.24%	62.50%	65.78%	68.55%	72.83%	74.44%	92.20%	67.07%	70.30%	67.85%	61.74%
Net Working Capital to Revenue	82.24%	62.50%	13.09%	18.71%	25.45%	29.33%	92.20%	67.07%	70.30%	67.85%	61.74%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)	($0.02)
Adjusted Weighted Average Basic Shares Outstanding	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M	160.22M
Adjusted Diluted Earnings per Share	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)	($0.11)	($0.07)	($0.21)	($0.09)	($0.02)
Adjusted Weighted Average Diluted Shares Outstanding	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M	154.40M	158.60M	159.68M	160.74M	160.22M
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	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M	158.30M	159.47M	160.79M	161.71M	163.05M
Normalized Net Operating Profit after Tax (NOPAT)	-32	-2.76	-19	-21	-28	-18	-23	-25	-36	-21	-11
Normalized NOPAT Margin	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	-2.62%	-3.14%	-3.23%	-4.44%	-2.44%	-1.21%
Pre Tax Income Margin	-3.91%	3.77%	-0.86%	-0.70%	-2.55%	0.67%	-0.26%	-1.06%	-2.61%	-0.28%	1.66%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-12.56	-1.43	-7.97	-9.96	-19.27	-12.58	-15.91	-18.52	-12.08	-12.49	-6.33
NOPAT to Interest Expense	-8.83	-1.00	-5.23	-6.83	-12.01	11.68	-10.88	-11.97	-8.59	-7.68	1.28
EBIT Less CapEx to Interest Expense	-24.01	-19.62	-26.63	-22.52	-34.66	-59.18	-53.85	-34.97	-20.35	-35.47	-85.91
NOPAT Less CapEx to Interest Expense	-20.28	-19.19	-23.89	-19.38	-27.41	-34.92	-48.82	-28.41	-16.86	-30.67	-78.30
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 financial profile has improved materially over the period provided, although the company remains GAAP unprofitable and cash balances declined during fiscal 2026. Revenue increased from $318.1 million in Q4 fiscal 2022 to $898.2 million in Q4 fiscal 2026, representing roughly 182% growth. The latest quarter also showed sequential growth of 5.6% from $850.5 million in Q3 fiscal 2026.

Strong, sustained revenue growth: Quarterly revenue rose in nearly every comparable period, reaching $898.2 million in Q4 fiscal 2026 from $455.0 million in Q4 fiscal 2023 and $592.9 million in Q4 fiscal 2024.
Gross margins remain relatively stable: Gross margin was approximately 76.7% in Q4 fiscal 2026, compared with 78.5% in Q4 fiscal 2022. The modest change suggests Zscaler has maintained strong underlying software economics despite its rapid expansion.
Operating losses are narrowing: The quarterly operating loss improved from $82.5 million in Q4 fiscal 2022 to $15.5 million in Q4 fiscal 2026. The latest loss was also substantially lower than the $32.2 million loss reported in Q4 fiscal 2025.
Operating cash flow is a major strength: Cash flow from operations increased from $103.1 million in Q4 fiscal 2022 to $279.3 million in Q4 fiscal 2026. Operating cash flow remained positive in every quarter presented, even while GAAP net income stayed negative.
Large deferred-revenue base supports visibility: Current deferred revenue grew from $913.1 million at the end of Q1 fiscal 2023 to $2.10 billion at the end of Q3 fiscal 2026. This reflects strong customer prepayments and provides a substantial source of future revenue recognition.
Liquidity remains substantial: At April 30, 2026, Zscaler held $982.1 million of cash and $2.56 billion of short-term investments. Current assets of $4.65 billion exceeded current liabilities of $2.50 billion, providing financial flexibility for product investment and acquisitions.
Growth investments remain elevated: Marketing expense was $381.4 million and research and development expense was $241.5 million in Q4 fiscal 2026. These investments support expansion, but investors should monitor whether revenue growth eventually produces positive operating income.
Acquisition activity has increased: Zscaler spent $148.0 million on acquisitions in Q4 fiscal 2026, following $97.3 million in Q3 and $672.8 million in Q1. The spending could expand the platform, but integration costs and execution risks may affect future margins.
GAAP profitability remains elusive: Zscaler reported a net loss of $3.4 million, or $0.02 per share, in Q4 fiscal 2026. Although this was an improvement from the $17.6 million loss in Q4 fiscal 2025, the company has reported quarterly net losses throughout the recent periods provided.
Cash declined during fiscal 2026: Cash and equivalents fell from $1.34 billion at October 31, 2025, to $982.1 million at April 30, 2026. The company also reported a $53.8 million decline in cash during Q4 fiscal 2026, as operating cash flow was more than offset by capital expenditures, acquisitions and net investment purchases.

Investor takeaway: Zscaler’s strongest trends are rapid revenue growth, high gross margins, positive operating cash flow and expanding deferred revenue. The principal concerns are continued GAAP losses, substantial spending on sales and marketing, acquisition-related cash use and dilution. The company appears to be moving closer to operating profitability, but investors will want to see sustained margin improvement rather than relying primarily on non-cash adjustments and investment income.

Note: Several historical figures are identified as restated, while the Q4 fiscal 2026 statements are labeled calculated in the supplied data. Comparisons should therefore be interpreted as directional.

09/09/26 07:34 AM 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 2026 ended on July 31, 2026.

Zscaler's net income appears to be on an upward trend, with a most recent value of -$63.18 million in 2026, rising from -$27.44 million in 2016. The previous period was -$41.48 million in 2025. Find out what analysts predict for Zscaler in the coming months.

Zscaler's total operating income in 2026 was -$133.27 million, based on the following breakdown:

Total Gross Profit: $2.57 billion
Total Operating Expenses: $2.71 billion

Over the last 10 years, Zscaler's total revenue changed from $80.33 million in 2016 to $3.35 billion in 2026, a change of 4,073.7%.

Zscaler's total liabilities were at $5.27 billion at the end of 2026, a 14.0% increase from 2025, and a 3,859.2% increase since 2017.

In the past 9 years, Zscaler's cash and equivalents has ranged from $78.48 million in 2019 to $2.39 billion in 2025, and is currently $928.35 million as of their latest financial filing in 2026.

Over the last 10 years, Zscaler's book value per share changed from 0.00 in 2016 to 16.07 in 2026, a change of 1,606.8%.

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Financial statements for NASDAQ:ZS last updated on 9/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Zscaler (ZS) Financials

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Zscaler (ZS) Financials

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