NASDAQ : ZS
Zscaler, Inc. — Financial statements
Technology · Software - Infrastructure · United States
Last price 237.83 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 38.78B
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Financial statements
Zscaler, Inc. (ZS) reported revenue of 3.35B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Revenue | 3.35B | 3.35B | 2.67B | 2.17B | 1.62B | 1.09B |
| Cost of Revenue | 775.37M | 775.37M | 615.19M | 475.18M | 361.70M | 240.84M |
| Gross Profit | 2.58B | 2.58B | 2.06B | 1.69B | 1.26B | 850.11M |
| Selling, General & Admin | 1.78B | 1.78B | 1.50B | 1.30B | 1.12B | 873.06M |
| Research & Development | 894.73M | 894.73M | 659.96M | 494.27M | 346.71M | 284.02M |
| Other Operating Expenses | 19.73M | 19.73M | 24.18M | 21.42M | 12.98M | 20.46M |
| Operating Expenses | 2.70B | 2.70B | 2.18B | 1.81B | 1.48B | 1.18B |
| Operating Income | -118.01M | -118.01M | -122.22M | -121.48M | -228.06M | -327.43M |
| Interest Expense | -8.17M | -8.17M | -4.29M | -3.91M | -6.54M | -56.58M |
| Interest & Investment Income | 136.13M | 136.13M | 125.36M | 109.13M | 60.46M | 4.59M |
| Currency Exchange Gain (Loss) | -8.21M | -8.21M | -5.67M | -3.75M | ||
| Other Non Operating Income (Expenses) | -3.63M | -3.63M | -5.23M | -9.22M | -1.86M | -4.21M |
| EBT Excluding Unusual Items | -1.88M | -1.88M | -12.05M | -29.23M | -176.00M | -383.63M |
| Merger & Restructuring Charges | -15.26M | -15.26M | -6.24M | -6.56M | ||
| Pretax Income | -17.14M | -17.14M | -18.29M | -29.23M | -182.56M | -383.63M |
| Income Tax Expense | 46.04M | 46.04M | 23.19M | 28.48M | 19.77M | 6.65M |
| Net Income | -63.18M | -63.18M | -41.48M | -57.71M | -202.34M | -390.28M |
| Net Income to Common | -63.18M | -63.18M | -41.48M | -57.71M | -202.34M | -390.28M |
| Shares Outstanding (Basic) | 160.22M | 160.22M | 154.40M | 149.59M | 144.94M | 140.90M |
| Shares Outstanding (Diluted) | 160.22M | 160.22M | 154.40M | 149.59M | 144.94M | 140.90M |
| EPS (Basic) | -0.39 | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 |
| EPS (Diluted) | -0.39 | -0.39 | -0.27 | -0.39 | -1.40 | -2.77 |
| Free Cash Flow | 852.35M | 852.35M | 808.20M | 635.26M | 365.15M | 252.62M |
| Free Cash Flow Per Share | 5.32 | 5.32 | 5.23 | 4.25 | 2.52 | 1.79 |
| Gross Margin | 76.87% | 76.87% | 76.99% | 78.08% | 77.63% | 77.92% |
| Operating Margin | -3.52% | -3.52% | -4.57% | -5.60% | -14.10% | -30.01% |
| Profit Margin | -1.88% | -1.88% | -1.55% | -2.66% | -12.51% | -35.77% |
| Free Cash Flow Margin | 25.42% | 25.42% | 30.23% | 29.30% | 22.58% | 23.16% |
| EBITDA | 43.85M | 43.85M | -2.84M | -41.84M | -185.44M | -290.96M |
| EBITDA Margin | 1.31% | 1.31% | -0.11% | -1.93% | -11.47% | -26.67% |
| D&A For EBITDA | 161.86M | 161.86M | 119.38M | 79.63M | 42.62M | 36.47M |
| EBIT | -118.01M | -118.01M | -122.22M | -121.48M | -228.06M | -327.43M |
| EBIT Margin | -3.52% | -3.52% | -4.57% | -5.60% | -14.10% | -30.01% |
| Advertising Expenses | 29.50M | 29.50M | 29.90M | 25.00M | 24.00M | 22.10M |
Balance sheet
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 928.35M | 928.35M | 2.39B | 1.42B | 1.26B | 1.01B |
| Short-Term Investments | 2.55B | 2.55B | 1.18B | 986.57M | 838.03M | 718.13M |
| Cash & Short-Term Investments | 3.47B | 3.47B | 3.57B | 2.41B | 2.10B | 1.73B |
| Accounts Receivable | 1.15B | 1.15B | 992.18M | 736.53M | 582.64M | 399.75M |
| Other Receivables | 26.70M | 26.70M | 17.90M | 10.70M | 7.20M | 1.30M |
| Receivables | 1.18B | 1.18B | 1.01B | 747.23M | 589.84M | 401.05M |
| Prepaid Expenses | 154.59M | 154.59M | 115.15M | 86.19M | 69.78M | 37.42M |
| Other Current Assets | 226.72M | 226.72M | 196.65M | 153.55M | 130.47M | 86.84M |
| Total Current Assets | 5.03B | 5.03B | 4.89B | 3.40B | 2.89B | 2.26B |
| Property, Plant & Equipment | 890.23M | 890.23M | 633.15M | 472.88M | 313.03M | 232.99M |
| Long-Term Investments | 17.30M | 17.30M | 10.60M | 9.80M | 7.80M | 5.10M |
| Goodwill | 1.22B | 1.22B | 417.73M | 417.03M | 89.19M | 78.55M |
| Other Intangible Assets | 230.11M | 230.11M | 62.95M | 73.44M | 32.86M | 37.42M |
| Long-Term Deferred Charges | 402.42M | 402.42M | 328.72M | 296.52M | 259.41M | 210.79M |
| Other Long-Term Assets | 77.32M | 77.32M | 72.45M | 38.68M | 15.72M | 11.17M |
| Total Assets | 7.87B | 7.87B | 6.42B | 4.70B | 3.61B | 2.83B |
| Accounts Payable | 47.97M | 47.97M | 46.91M | 23.31M | 18.48M | 26.15M |
| Accrued Expenses | 346.44M | 346.44M | 267.83M | 243.21M | 193.42M | 144.10M |
| Current Portion of Long-Term Debt | 5.61M | 5.61M | 1.15B | 6.44M | ||
| Current Portion of Leases | 64.89M | 64.89M | 52.50M | 50.87M | 34.47M | 26.10M |
| Current Unearned Revenue | 2.48B | 2.48B | 2.05B | 1.64B | 1.28B | 923.75M |
| Other Current Liabilities | 15.89M | 15.89M | 7.96M | 5.48M | 1.92M | 14.35M |
| Total Current Liabilities | 2.96B | 2.96B | 2.43B | 3.11B | 1.54B | 1.13B |
| Long-Term Debt | 1.70B | 1.70B | 1.70B | 1.14B | 968.67M | |
| Long-Term Leases | 94.58M | 94.58M | 43.35M | 44.82M | 41.92M | 50.95M |
| Long-Term Unearned Revenue | 445.27M | 445.27M | 413.61M | 251.06M | 158.53M | 97.37M |
| Other Long-Term Liabilities | 64.39M | 64.39M | 33.32M | 22.10M | 11.14M | 7.92M |
| Total Liabilities | 5.27B | 5.27B | 4.62B | 3.43B | 2.88B | 2.26B |
| Common Stock | 163.00K | 163.00K | 159.00K | 152.00K | 147.00K | 143.00K |
| Additional Paid-In Capital | 3.87B | 3.87B | 2.98B | 2.43B | 1.82B | 1.59B |
| Retained Earnings | -1.25B | -1.25B | -1.19B | -1.15B | -1.09B | -991.88M |
| Comprehensive Income & Other | -23.54M | -23.54M | 8.08M | -4.79M | -1.58M | -25.85M |
| Total Common Equity | 2.60B | 2.60B | 1.80B | 1.27B | 725.11M | 573.30M |
| Shareholders' Equity | 2.60B | 2.60B | 1.80B | 1.27B | 725.11M | 573.30M |
| Total Liabilities & Equity | 7.87B | 7.87B | 6.42B | 4.70B | 3.61B | 2.83B |
| Total Debt | 1.87B | 1.87B | 1.80B | 1.24B | 1.22B | 1.05B |
| Net Cash (Debt) | 1.61B | 1.61B | 1.78B | 1.17B | 881.66M | 685.62M |
| Net Cash Per Share | 10.02 | 10.02 | 11.50 | 7.81 | 6.08 | 4.87 |
| Filing Date Shares Outstanding | 163.05M | 163.05M | 158.30M | 152.49M | 147.17M | 143.05M |
| Total Common Shares Outstanding | 163.06M | 163.06M | 158.30M | 152.49M | 147.17M | 143.04M |
| Working Capital | 2.07B | 2.07B | 2.46B | 283.73M | 1.35B | 1.12B |
| Book Value Per Share | 15.93 | 15.93 | 11.37 | 8.36 | 4.93 | 4.01 |
| Tangible Book Value | 1.15B | 1.15B | 1.32B | 783.64M | 603.06M | 457.33M |
| Tangible Book Value Per Share | 7.05 | 7.05 | 8.33 | 5.14 | 4.10 | 3.20 |
| Machinery | 821.14M | 821.14M | 581.64M | 426.59M | 288.98M | 198.83M |
| Leasehold Improvements | 37.81M | 37.81M | 10.14M | 7.97M | 7.61M | 7.34M |
Cash flow statement
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | -63.18M | -63.18M | -41.48M | -57.71M | -202.34M | -390.28M |
| Depreciation & Amortization | 161.86M | 161.86M | 119.38M | 79.63M | 42.62M | 36.47M |
| Other Amortization | 242.01M | 242.01M | 172.40M | 135.35M | 126.81M | 136.67M |
| Loss (Gain) From Sale of Investments | -4.66M | -4.66M | -15.92M | -19.06M | -6.58M | 6.58M |
| Stock-Based Compensation | 821.92M | 821.92M | 661.35M | 527.68M | 444.83M | 409.56M |
| Other Operating Activities | 69.26M | 69.26M | 50.00M | 47.88M | 28.43M | 25.46M |
| Change in Accounts Receivable | -139.99M | -139.99M | -256.01M | -152.96M | -183.86M | -143.34M |
| Change in Accounts Payable | -10.63M | -10.63M | 17.53M | 4.16M | -8.42M | 14.36M |
| Change in Unearned Revenue | 379.87M | 379.87M | 573.05M | 450.31M | 418.56M | 391.18M |
| Change in Other Net Operating Assets | -326.82M | -326.82M | -307.86M | -235.45M | -197.72M | -164.75M |
| Operating Cash Flow | 1.13B | 1.13B | 972.45M | 779.85M | 462.34M | 321.91M |
| Capital Expenditures | -277.30M | -277.30M | -164.25M | -144.59M | -97.20M | -69.30M |
| Cash Acquisitions | -918.07M | -918.07M | -834.00K | -374.70M | -15.64M | -25.29M |
| Sale (Purchase) of Intangibles | -73.21M | -73.21M | -81.51M | -50.31M | -31.53M | -21.28M |
| Investment in Securities | -1.38B | -1.38B | -180.43M | -113.58M | -114.97M | 489.93M |
| Investing Cash Flow | -2.65B | -2.65B | -427.02M | -683.18M | -259.34M | 374.06M |
| Long-Term Debt Issued | 1.73B | |||||
| Long-Term Debt Repaid | -1.15B | |||||
| Net Debt Issued (Repaid) | 574.96M | |||||
| Issuance of Common Stock | 63.40M | 63.40M | 67.14M | 64.25M | 46.21M | 41.59M |
| Other Financing Activities | -991.00K | -991.00K | -221.59M | -39.00K | -217.00K | -255.00K |
| Financing Cash Flow | 62.41M | 62.41M | 420.51M | 64.21M | 45.99M | 41.34M |
| Net Cash Flow | -1.46B | -1.46B | 965.94M | 160.87M | 249.00M | 737.31M |
| Free Cash Flow | 852.35M | 852.35M | 808.20M | 635.26M | 365.15M | 252.62M |
| Free Cash Flow Margin | 25.42% | 25.42% | 30.23% | 29.30% | 22.58% | 23.16% |
| Free Cash Flow Per Share | 5.32 | 5.32 | 5.23 | 4.25 | 2.52 | 1.79 |
| Levered Free Cash Flow | 1.07B | 1.07B | 754.58M | 693.47M | 460.75M | 480.54M |
| Unlevered Free Cash Flow | 1.07B | 1.07B | 752.97M | 692.00M | 460.95M | 460.76M |
| Cash Interest Paid | 1.44M | 1.44M | 1.44M | 1.44M | ||
| Cash Income Tax Paid | 54.09M | 54.09M | 23.34M | 23.12M | 14.94M | 5.61M |
| Change in Working Capital | -97.56M | -97.56M | 26.72M | 66.07M | 28.57M | 97.45M |
Ratios
Fiscal year August - July; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 37.18B | 24.45B | 44.46B | 27.11B | 23.40B | 22.00B |
| Enterprise Value | 35.57B | 22.78B | 42.68B | 26.11B | 22.65B | 21.34B |
| Last Close Price | 237.83 | 151.20 | 285.56 | 179.35 | 160.38 | 155.06 |
| Forward PE | 46.46 | 34.07 | 82.54 | 58.41 | 79.69 | 167.47 |
| PS Ratio | 11.57 | 7.29 | 16.63 | 12.51 | 14.47 | 20.16 |
| PB Ratio | 14.93 | 9.41 | 24.71 | 21.28 | 32.27 | 38.37 |
| P/TBV Ratio | 33.72 | 21.26 | 33.72 | 34.59 | 38.80 | 48.10 |
| P/FCF Ratio | 45.50 | 28.69 | 55.01 | 42.67 | 64.08 | 87.08 |
| P/OCF Ratio | 34.33 | 21.64 | 45.72 | 34.76 | 50.61 | 68.33 |
| PEG Ratio | 2.21 | 1.47 | 4.43 | 1.55 | 1.51 | 3.71 |
| EV/Sales Ratio | 11.09 | 6.79 | 15.97 | 12.04 | 14.01 | 19.57 |
| EV/EBITDA Ratio | 847.73 | 519.49 | ||||
| EV/FCF Ratio | 43.61 | 26.73 | 52.81 | 41.10 | 62.02 | 84.49 |
| Debt / Equity Ratio | 0.72 | 0.72 | 1.00 | 0.97 | 1.68 | 1.82 |
| Debt / EBITDA Ratio | 11.05 | 11.05 | 18.64 | 33.73 | ||
| Debt / FCF Ratio | 2.19 | 2.19 | 2.22 | 1.96 | 3.34 | 4.14 |
| Net Debt / Equity Ratio | -0.62 | -0.62 | -0.99 | -0.92 | -1.22 | -1.20 |
| Net Debt / EBITDA Ratio | -36.63 | -36.63 | 624.85 | 27.91 | 4.75 | 2.36 |
| Net Debt / FCF Ratio | -1.88 | -1.88 | -2.20 | -1.84 | -2.42 | -2.71 |
| Asset Turnover | 0.47 | 0.47 | 0.48 | 0.52 | 0.50 | 0.43 |
| Quick Ratio | 1.57 | 1.57 | 1.89 | 1.01 | 1.75 | 1.88 |
| Current Ratio | 1.70 | 1.70 | 2.01 | 1.09 | 1.88 | 1.99 |
| Return on Equity (ROE) | -2.87% | -2.87% | -2.70% | -5.77% | -31.17% | -70.82% |
| Return on Assets (ROA) | -1.03% | -1.03% | -1.37% | -1.83% | -4.43% | -8.04% |
| Return on Capital Employed (ROCE) | -2.40% | -2.40% | -3.10% | -7.60% | -11.00% | -19.30% |
| Earnings Yield | -0.17% | -0.26% | -0.09% | -0.21% | -0.86% | -1.77% |
| FCF Yield | 2.20% | 3.49% | 1.82% | 2.34% | 1.56% | 1.15% |
| Buyback Yield / Dilution | -3.77% | -3.77% | -3.22% | -3.20% | -2.87% | -3.86% |