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Epam Systems vs Zscaler: EPAM and ZS compared
Epam Systems is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $898M for Zscaler (Q4 FY26). Zscaler is growing faster (+25% against +2% a year earlier). Epam Systems is more profitable, with an operating margin of 12.3% against -1.7%.
Where the money goes: EPAM and ZS
Epam Systems (EPAM) · Q3 2026
Epam Systems, Q3 2026: revenue $1.4B (+2% year over year), operating margin 12.3%, net earnings $130M, operating cash flow $289M. The chart follows the revenue to costs, profit and cash.
Zscaler (ZS) · Q4 FY26
Zscaler, Q4 FY26: revenue $898M (+25% year over year), operating margin -1.7%, net loss $3.4M, operating cash flow $279M. The chart follows the revenue to costs, profit and cash.
| Epam Systems (EPAM) | Zscaler (ZS) | |
|---|---|---|
| Latest quarter | Q3 2026 | Q4 FY26 |
| Revenue | $1.4B | $898M |
| Revenue growth, Y/Y | +2% | +25% |
| Operating margin | 12.3% | -1.7% |
| Net earnings | $130M | −$3.4M |
| Net margin | 9.1% | -0.4% |
| Operating cash flow | $289M | $279M |
| Free cash flow | $274M | $79.4M |
| Market value | $8.1B | $31.8B |
| P/E | 19.0× | — |
| Analysts’ mean target | $153.29 | $235.19 |
Where the revenue comes from
Epam Systems
- Americas: $797M (56%)
- Europe: $630M (44%)
Questions
Which is bigger, Epam Systems or Zscaler?
Epam Systems is the larger company: $1.4B of revenue in its latest quarter (Q3 2026) against $898M for Zscaler (Q4 FY26).
Is Epam Systems or Zscaler growing faster?
Zscaler is growing faster (+25% against +2% a year earlier).
Which is more profitable, Epam Systems or Zscaler?
Epam Systems is more profitable, with an operating margin of 12.3% against -1.7%.
More: Epam Systems earnings · how Epam Systems makes money · Zscaler earnings · how Zscaler makes money
From the companies' latest 10-Q, 10-K or earnings release (10-Q filed Nov 5, 2026; 10-K filed Sep 3, 2026). Fiscal quarters can end on different dates. Not investment advice.