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Zscaler cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$79.4M in Q4 FY26

Operating cash flow$279M
Capital spending−$200M
Free cash flow+$79.4M
Cash conversion cycle78 days

Analysis

In Q4 FY26, Zscaler generated $279M of operating cash flow and spent $200M on capital projects, leaving free cash flow of $79.4M. That is $111M less than in Q4 FY25 ($191M).

Operating cash flow was $279M against net income of −$3.4M. The largest differences: deferred revenue +$446M, receivables −$420M, stock-based pay +$212M.

Its cash conversion cycle was 78 days (receivables 96 + inventory 0 − payables 18).

Free cash flow

Zscaler: free cash flow by quarterZscaler: free cash flow by quarter$314MQ1 FY25$164MQ2 FY25$139MQ3 FY25$191MQ4 FY25$431MQ1 FY26$186MQ2 FY26$156MQ3 FY26$79.4MQ4 FY26
Operating cash flow less capital spending.
Zscaler: operating cash flow against capital spendingZscaler: operating cash flow against capital spendingOperating cash flowCapital spending$331M$17.0MQ1 FY25$179M$15.0MQ2 FY25$211M$72.2MQ3 FY25$251M$60.0MQ4 FY25$448M$17.3MQ1 FY26$204M$17.8MQ2 FY26$198M$42.4MQ3 FY26$279M$200MQ4 FY26
Latest (Q4 FY26): Operating cash flow $279M, Capital spending $200M.

Capital allocation, year by year

Zscaler: where the cash came from (up) and went (down), by fiscal yearZscaler: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsFY22: Operating cash flow $322MFY22: Shares issued $6.9MFY22: Capital spending −$69.3MFY22: Acquisitions −$25.3M$329MFY22FY23: Operating cash flow $462MFY23: Shares issued $3.9MFY23: Capital spending −$97.2MFY23: Acquisitions −$15.6M$466MFY23FY24: Operating cash flow $780MFY24: Shares issued $12.2MFY24: Capital spending −$145MFY24: Acquisitions −$375M$792MFY24FY25: Operating cash flow $972MFY25: Net borrowing $575MFY25: Shares issued $3.6MFY25: Capital spending −$164MFY25: Acquisitions −$834K$1.6BFY25FY26: Operating cash flow $1.1BFY26: Shares issued $4.0MFY26: Capital spending −$277MFY26: Acquisitions −$918M$1.1BFY26
Over these 5 years operating cash flow totalled $3.7B; the largest uses were acquisitions ($1.3B) and capital spending ($753M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$928M
Debtnone
Net cash$928M

Zscaler funds itself: free cash flow was — over the last twelve months, with $928M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Zscaler: sources (+) and uses (−) of cash, Q4 FY26Zscaler: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$279MCapital spending−$200MAcquisitions−$148MCash drawn (+) / kept (−)$53.8MOther financing$37.9MOther investing−$23.1M

From profit to cash

Zscaler: net income to operating cash flow, Q4 FY26Zscaler: net income to operating cash flow, Q4 FY26Net income−$3.4MDepreciation & amortization$42.9MStock-based pay$212MOther non-cash$627KReceivables−$420MPayables$9.4MAccrued liabilities$18.2MEmployee-related liabilities$54.0MDeferred revenue$446MContract assets−$127MPrepaid and other assets$977KOperating cash flow$279M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q4 FY2696—1878
Q3 FY2667—1553
Q2 FY2661—1942
Q1 FY2689—2465
Q4 FY25103—2776
Q3 FY2574—2352
Q2 FY2567—1551
Q1 FY2585—1669

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$279M−$200M−$148M——$53.8M$79.4M
Q3 FY26$198M−$42.4M−$97.3M——$221M$156M
Q2 FY26$204M−$17.8M———$135M$186M
Q1 FY26$448M−$17.3M−$673M−$684K$4.0M$1.1B$431M
Q4 FY25$251M−$60.0M—−$24.1M$84K−$398M$191M
Q3 FY25$211M−$72.2M——$41K−$232M$139M
Q2 FY25$179M−$15.0M−$834K—$2.6M−$205M$164M
Q1 FY25$331M−$17.0M——$890K−$131M$314M

Zscaler: income statement and cash flow

Zscaler, Q4 FY26: revenue $898M (+25% year over year), operating margin -1.7%. The chart follows the revenue to costs, profit and cash.

Zscaler: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.