Zscaler
ConvictionContext
Subscription SaaS (per-user/per-workload recurring), land-and-expand via Zero Trust Everywhere bundles and Z-Flex flexible-consumption contracts
Revenue
$850.5M Q3 FY26qtr ended Apr 30 2026); FY26 guide $3.3295-3.3325B; FY25 actual $2.673BRev growth
+25% y/yQ3 FY26); FY26 guided +24.6-24.7%; FY27 preliminary ARR and revenue growth guided +16-17%Gross margin
77% GAAP / 81% non-GAAPQ3 FY26); management flags AI/cloud infrastructure costs as a pressureOp margin
23% non-GAAPQ3 FY26, all-time high, vs 22% y/y); GAAP operating loss $29.6M, -3% of revenue (heavy SBC and M&A amortizationCapex intensity
Rising - datacenter/AI infrastructure buildout is the stated driver of the ~4pt FY26 FCF-margin guide cutQ3 FY26Market cap
~$23.8BJul 9 2026Primary source
Reported financials — SEC EDGAR
Audited GAAP figures pulled from SEC filings · latest filing 2025-09-11. The audited primary-source spine — not financial advice.
Revenue — annual (GAAP)
FY’21
$673M
FY’22
$1.1B+62%
FY’23
$1.6B+48%
FY’24
$2.2B+34%
FY’25
$2.7B+23%
Margins & balance sheet — FY’25
Gross margin76.9%
Operating margin-4.8%
Net margin-1.6%
Net debt$167M
The read
Where our coverage leans
Coverage leans bearish
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Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not financial advice — analyst work product for a qualified professional.