Zscaler ZS

Cloud security. Zscaler, Inc., listed on NASDAQ.

Based on the FY2026 annual report (Aug 2025 – Jul 2026)

Zscaler's market cap is
about $33.24 billion.

#284 by market cap among 289 companies, based on the Nov 5, 2026 close. FY2026 revenue was $3.352523B.

Share price (close): $203.88; Close on Nov 5, 2026 · per share
P/E ratio: —; Net loss, or no EPS reported
Market cap: $33.24B; #284 of 289
Revenue: $3.352523B; #284 of 299 · +25.4% YoY
Operating income: −$133.267M; #218 of 231 · −3.7% YoY
Net income: −$63.179M; #282 of 298 · −52.3% YoY
Free cash flow: $852.35M; #225 of 261 · +5.5% YoY
Total assets: $7.866714B; #282 of 299 · +22.5% YoY
Dividends paid: —; Not reported
Dividend per share: —; Not reported
Dividend yield: —; No dividend, or a different currency
Shares outstanding: 163,055,000 shares; As of Jul 31, 2026

Where the revenue went

Revenue is set at 100% and split into what went to costs, R&D, operating expenses and taxes, and what was left as profit.

Cost of revenue23.2%
R&D26.9%
SG&A and other53.8%
Loss1.9%

Non-operating gains such as investment income (2.1% of revenue) offset part of the loss, so the net loss is smaller than the operating loss.

Profitability and stability

Each figure comes with its rank among 300 companies. The further right the dot, the higher the rank.

Revenue growthHow much revenue grew from the previous fiscal year: +25.4%; #34 of 299; Revenue grew sharply over the year. The median across 299 companies is +7.9%.
Operating marginShare of revenue kept as profit from the core business: −4.0%; #221 of 231; The core business lost money. The median across 231 companies is 19.2%.
Net marginShare of revenue left as profit after interest and taxes: −1.9%; #285 of 298; The company lost the equivalent of 1.9% of revenue. The median across 298 companies is 14.0%.
FCF marginShare of revenue left as cash after capital spending: 25.4%; #61 of 261; Plenty of cash is left after capital spending. The median across 261 companies is 15.8%.
ROEHow much profit the company earned on shareholders' equity in a year: −2.9%; #263 of 276; ROE is negative because of a net loss. The median across 276 companies is 16.8%.
Debt-to-equityLiabilities relative to equity. Lower means less debt: 202.8%; #147 of 244; Liabilities are more than twice equity. The median across 244 companies is 159.6%.

Revenue and profit over time

Gray bars show revenue and the green part inside shows net income. The number above each bar is revenue (abbreviated) and the number below is net margin. Hover over a bar to see the exact amounts.

Currency: US dollars. Years are the years in which each fiscal year ended.

Where the cash went

Unlike profit, cash flow is money that actually came in and went out.

Cash from operations$1.129654B
Capital spending−$277.304M
Free cash flow (FCF)$852.35M

Whose money funds the assets

The company's assets, split into borrowed money (liabilities) and shareholders' money (equity).

Liabilities 67%Equity 33%

Total assets$7.866714B
Total liabilities$5.268453B
Total equity$2.598261B
Cash and equivalents$928.354M

Compared with similar companies

Based on each company's latest annual report, so fiscal year ends may differ.

Compare in detail

Company	Annual revenue	Net income	Revenue growth	Operating margin	Net margin
ZscalerZS	$3.352523B	−$63.179M	+25.4%	−4.0%	−1.9%
Roper TechnologiesROP	$7.9025B	$1.5363B	+12.3%	28.3%	19.4%
WorkdayWDAY	$9.552B	$693M	+13.1%	7.5%	7.3%
StrategyMSTR	$477.233M	−$3.848152B	+3.0%	−1140.8%	−806.4%
AutodeskADSK	$7.206B	$1.124B	+17.5%	21.9%	15.6%

What the company does

Zscaler sells zero-trust cloud security that lets employees connect safely from anywhere.

The fiscal year ends around July each year.

Related companies: Roper Technologies, Workday, Strategy, Autodesk

Financial statements

Last 5 fiscal years. Currency: US dollars.

Show the table

Item	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	1.090946B	1.616952B	2.167771B	2.673115B	3.352523B
Cost of revenue	242.282M	362.832M	477.129M	618.178M	777.629M
Gross profit	848.664M	1.25412B	1.690642B	2.054937B	2.574894B
R&D expense	289.139M	350.786M	499.828M	672.485M	903.399M
Operating income	−327.429M	−234.623M	−121.477M	−128.46M	−133.267M
Pretax income	−383.63M	−182.564M	−29.229M	−18.291M	−17.139M
Net income	−390.278M	−202.335M	−57.706M	−41.478M	−63.179M
EPS (diluted)	$-2.77	$-1.40	$-0.39	$-0.27	$-0.39
Operating cash flow	321.912M	462.343M	779.846M	972.453M	1.129654B
Capital expenditures	69.296M	97.197M	144.588M	164.252M	277.304M
Free cash flow (FCF)	252.616M	365.146M	635.258M	808.201M	852.35M
Total assets	2.832665B	3.608317B	4.704968B	6.419888B	7.866714B
Total liabilities	2.259365B	2.883205B	3.430866B	4.620615B	5.268453B
Total equity	573.3M	725.112M	1.274102B	1.799273B	2.598261B
Cash and equivalents	1.01321B	1.262206B	1.42308B	2.389023B	928.354M
Original filing	10-K	10-K	10-K	10-K	10-K

Source: SEC EDGAR filings for Zscaler, Inc. · CIK 0001713683 · US-GAAP

Zscaler's market cap isabout $33.24 billion.