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Zscaler (ZS) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Sep 3, 2026 · Zscaler (ZS) Q4 FY26 earnings results →

Q4 FY26 Revenue up 25% year over year to $898M · 0¢ of every $1 of revenue lost · operating margin -1.7%

Zscaler made $898M in Q4 FY26 (+25% Y/Y). Operating margin -1.7%, net loss $3.4M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Sep 3, 2026.

Revenue$898M
Year over year+25%
Operating margin-1.7%
Net earnings−$3.4M
Operating cash flow$279M

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

What changed this quarter

Revenue was $898.2M in Q4 FY26, up 25% year over year and up 6% from the previous quarter.

Gross margin was 76.7%, up 0.7 points from Q4 FY25. Operating costs exceeded revenue by $15.5M, an operating margin of -1.7%. Operating expenses grew 22% against revenue growth of 25%. The fastest-growing cost line was Research & development (+36%). The quarter ended with a net loss of $3.4M, narrower than the previous quarter's $13.9M loss. Non-operating items added $30.4M, 204% of pre-tax earnings, so the bottom line overstates operating performance.

Operating cash flow was $279.3M (up 11% year over year). Non-cash charges added back $42.9M of depreciation and amortization and $211.6M of share-based compensation. Working capital and other items added $28.1M. Capital expenditures of $199.8M left free cash flow of $79.4M.

Quarterly history

Zscaler revenue by quarterZscaler revenue by quarter$648MQ2 FY25$678MQ3 FY25$719MQ4 FY25$788MQ1 FY26$816MQ2 FY26$850MQ3 FY26$898MQ4 FY26
Zscaler net earnings by quarterZscaler net earnings by quarter−$7.7MQ2 FY25−$4.1MQ3 FY25−$17.6MQ4 FY25−$11.6MQ1 FY26−$34.3MQ2 FY26−$13.9MQ3 FY26−$3.4MQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KSep 3, 2026$898M+25%-1.7%−$3.4M$279M
Q3 FY2610-QMay 26, 2026$850M+25%-3.5%−$13.9M$198M
Q2 FY2610-QFeb 26, 2026$816M+26%-6.3%−$34.3M$204M
Q1 FY2610-QNov 25, 2025$788M+26%-4.6%−$11.6M$448M
Q4 FY2510-KSep 11, 2025$719M+21%-4.5%−$17.6M$251M
Q3 FY2510-QMay 29, 2025$678M+23%-3.7%−$4.1M$211M
Q2 FY2510-QMar 10, 2025$648M+23%-6.2%−$7.7M$179M

Charts

Zscaler: revenue growth, year over year and quarter over quarterZscaler: revenue growth, year over year and quarter over quarterY/YQ/Q+23%Q2 FY25+23%+5%Q3 FY25+21%+6%Q4 FY25+26%+10%Q1 FY26+26%+4%Q2 FY26+25%+4%Q3 FY26+25%+6%Q4 FY26
Latest (Q4 FY26): Y/Y +25%, Q/Q +6%.
Zscaler: where the cash came from (+) and went (−), FY26Zscaler: where the cash came from (+) and went (−), FY26Cash drawn (+) / kept (−)$1.5BOther investing−$1.5BOperating cash flow$1.1BAcquisitions−$918MCapital spending−$277MOther financing$58.4MShares issued$4.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Zscaler: profit against cash, quarter by quarterZscaler: profit against cash, quarter by quarterNet incomeOperating cash flow−$12.1M$331MQ1 FY25−$7.7M$179MQ2 FY25−$4.1M$211MQ3 FY25−$17.6M$251MQ4 FY25−$11.6M$448MQ1 FY26−$34.3M$204MQ2 FY26−$13.9M$198MQ3 FY26−$3.4M$279MQ4 FY26
Latest (Q4 FY26): Net income −$3.4M, Operating cash flow $279M.
Zscaler: diluted shares by fiscal yearZscaler: diluted shares by fiscal year136MFY21141MFY22145MFY23150MFY24154MFY25160MFY26
+18.1% since FY21: more shares outstanding (issuance, stock pay).
Zscaler in its industry: growth against margin (17 companies, SIC 7371)Zscaler in its industry: growth against margin (17 companies, SIC 7371)revenue growth, year over year →↑ operating marginmedian +5%median -1%CTSHEPAMVRSNRDNWDOCSIANIXXBMTMRGTISBIGCYCUBTLNCYNANKMDSFTSensei Harbor Corp.ZS (+25%, -2%)
Services-Computer Programming Services; dot size is quarterly revenue; dashed lines are the industry's medians.

In supply chains and themes

Cybersecurity money flowCybersecurity · Platforms

Interactive views

The same charts as the app — open one to draw it.

💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Zscaler

We are the cybersecurity platform for the AI era. We empower our customers with the cybersecurity solutions necessary to protect their enterprises, drive growth and outpace competitors where success depends on securely adopting the technologies required to operate and compete effectively in an AI world. We were founded in 2007, based on a vision that, with the broad adoption of SaaS applications, the internet would become the new corporate network, the cloud would become the new data center and perimeter-based security would fail to protect users, applications and data. As AI redefines how businesses operate, and powerful AI-enabled cyberthreats proliferate, enterprises must now adopt a zero trust approach to security.

In its own words, from its 10-K, filed Sep 3, 2026.

Zscaler against its Services-Computer Programming Services peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +25% against the peers' median +6%. Operating margin: -1.7% against the peers' median 12.3%.

CompanyQuarterRevenueY/YOp. margin
ZS ZscalerQ4 FY26$898M+25%-1.7%
CTSH Cognizant Technology SolutionsQ3 2026$5.7B+5%15.4%
EPAM Epam SystemsQ3 2026$1.4B+2%12.3%
VRSN VeriSignQ3 2026$443M+6%66.9%
RDNW RideNow GroupQ2 2026$297M-1%6.0%
DOCS DoximityQ2 FY27$175M+4%25.2%
XTIA XTI AerospaceQ2 2026$32.4M—-28.0%
IA Innovative Solutions & SupportQ3 FY26$26.7M+11%22.6%
NIXX NixxyQ2 2026$16.1M+20%-10.1%

Source: Zscaler 10-K on SEC EDGAR · CIK 1713683 · Services-Computer Programming Services

Guidance and outlook

Zscaler Revenue: guidance against what was reportedZscaler Revenue: guidance against what was reportedguided rangereported (above / within / below)Q4 FY25$719MQ1 FY26$788MQ2 FY26$816MQ3 FY26$850MFY26$3.4BQ4 FY26$898MQ1 FY27FY27
Met or beat 9 of 9 guided periods. Grey: the last range guided before the figures came out; dot: the reported figure.

13F: who owns ZS and who is buying

Largest holders of ZS (13F)Largest holders of ZS (13F)Vanguard Group$2.6BBlackRock$1.4BVanguard Portfolio Management LLC$875MVanguard Capital Management LLC$666MFirst Trust Advisors LP$498MGoldman Sachs Group$446MState Street$352MPictet Asset Management Holding SA$297MGeode Capital Management, LLC$294MAmundi$251M
Funds' net buying of ZS by quarter (13F)Funds' net buying of ZS by quarter (13F)$363M2024-09$252M2024-12$1.7B2025-03−$623M2025-06−$542M2025-09$1.8B2025-12−$107M2026-03−$1.0B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on ZS

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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