Filing Flows › Zscaler (ZS) › Q4 FY25
Zscaler (ZS) Q4 FY25 earnings results (fourth quarter fiscal 2025)
10-K filed Sep 11, 2025
Zscaler (ZS) reported revenue of $719M for the fourth quarter fiscal 2025 (Q4 FY25), +21% from a year earlier and +6% from the quarter before. Operating margin was -4.5%, net loss $17.6M (2.4% of revenue).
Zscaler, Q4 FY25: revenue $719M (+21% year over year), operating margin -4.5%, net loss $17.6M, operating cash flow $251M. The chart follows the revenue to costs, profit and cash.
| Q4 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $719M | +6% | +21% |
| Operating profit | −$32.2M | — | — |
| Net earnings | −$17.6M | — | — |
| Operating cash flow | $251M | +19% | +23% |
| Free cash flow | $191M | +37% | +24% |
What changed
Revenue was $719.2M in Q4 FY25, up 21% year over year and up 6% from the previous quarter.
Gross margin was 76.1%, down 2.0 points from a year earlier. Operating costs exceeded revenue by $32.2M, an operating margin of -4.5%. Operating expenses grew 18% against revenue growth of 21%. The fastest-growing cost line was Research & development (+28%). The quarter ended with a net loss of $17.6M, wider than the previous quarter's $4.1M loss. Non-operating items added $30.3M, -1594% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $250.6M (up 23% year over year). Non-cash charges added back $30.3M of depreciation and amortization and $172.7M of share-based compensation. Working capital and other items added $65.3M. Capital expenditures of $60.0M left free cash flow of $190.6M.
Questions
What was Zscaler's revenue in the fourth quarter fiscal 2025?
Zscaler (ZS) reported revenue of $719M for the fourth quarter fiscal 2025 (Q4 FY25), +21% from a year earlier and +6% from the quarter before.
Was Zscaler profitable in the fourth quarter fiscal 2025?
Operating loss was $32.2M (-4.5% of revenue) and net loss $17.6M.
Source: Zscaler 10-K on SEC EDGAR.