Zscaler
ZS · NasdaqServices-Computer Programming Services · Fiscal year ends Jul 31
Zscaler reported revenue of $3.4B in the fiscal year ended Jul 2026, up 25.4% from the year before. Operating income was −$133M, an operating margin of −4.0%, and net income was −$63M. Operating cash flow of $1.1B less capital expenditure of $277M left free cash flow of $852M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.6B | $2.2B | $2.7B | $3.4B |
| Cost of revenue | $242M | $363M | $477M | $618M | $778M |
| Gross profit | $849M | $1.3B | $1.7B | $2.1B | $2.6B |
| Research & development | $289M | $351M | $500M | $672M | $903M |
| Operating income | −$327M | −$235M | −$121M | −$128M | −$133M |
| Interest expense | $57M | $7M | $13M | $10M | $12M |
| Pre-tax income | −$384M | −$183M | −$29M | −$18M | −$17M |
| Income tax | $7M | $20M | $28M | $23M | $46M |
| Net income | −$390M | −$202M | −$58M | −$41M | −$63M |
| Diluted EPS | −2.77 | −1.40 | −0.39 | −0.27 | −0.39 |
| Diluted shares | 141M | 145M | 150M | 154M | 160M |
Balance sheet
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Cash & equivalents | $1B | $1.3B | $1.4B | $2.4B | $928M |
| Receivables | $400M | $583M | $737M | $992M | $1.1B |
| Current assets | $2.3B | $2.9B | $3.4B | $4.9B | $5B |
| Net PP&E | $161M | $242M | $383M | $543M | $753M |
| Goodwill | $79M | $89M | $417M | $418M | $1.2B |
| Total assets | $2.8B | $3.6B | $4.7B | $6.4B | $7.9B |
| Payables | $26M | $18M | $23M | $47M | $48M |
| Deferred revenue | $924M | $1.3B | $1.6B | $2.1B | $2.5B |
| Current liabilities | $1.1B | $1.5B | $3.1B | $2.4B | $3B |
| Long-term debt | $969M | $1.1B | $1.1B | – | – |
| Total liabilities | $2.3B | $2.9B | $3.4B | $4.6B | $5.3B |
| Shareholders' equity | $573M | $725M | $1.3B | $1.8B | $2.6B |
| Backlog (remaining obligations) | $2.6B | $3.5B | $4.4B | $5.8B | $7.4B |
Cash flow
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Operating cash flow | $322M | $462M | $780M | $972M | $1.1B |
| Capital expenditure | $69M | $97M | $145M | $164M | $277M |
| Free cash flow | $253M | $365M | $635M | $808M | $852M |
| Depreciation & amortisation | – | – | $66M | $104M | $149M |
| Stock-based compensation | $410M | $445M | $528M | $661M | $822M |
| Acquisitions | $25M | $16M | $375M | $834,000 | $918M |
Key ratios
| Fiscal year | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 48.2% | 34.1% | 23.3% | 25.4% |
| Gross margin | 77.8% | 77.6% | 78.0% | 76.9% | 76.8% |
| Operating margin | −30.0% | −14.5% | −5.6% | −4.8% | −4.0% |
| Net margin | −35.8% | −12.5% | −2.7% | −1.6% | −1.9% |
| Return on equityBlank when equity is negative | −68.1% | −27.9% | −4.5% | −2.3% | −2.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −19.3% | −11.3% | −7.6% | −3.2% | −2.7% |
| Free cash flow margin | 23.2% | 22.6% | 29.3% | 30.2% | 25.4% |
| Cash conversion (CFO ÷ net income) | −0.82x | −2.29x | −13.5x | −23.4x | −17.9x |
| Receivable days | 134 | 132 | 124 | 135 | 125 |
| Payable days | 39 | 19 | 18 | 28 | 23 |
| Interest cover | −5.79x | −35.9x | −9.25x | −13.5x | −11.3x |
| Debt ÷ equity | 1.69x | 1.56x | 0.90x | – | – |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | −$45M | −$128M | −$281M | – | – |
| Current ratio | 1.99x | 1.88x | 1.09x | 2.01x | 1.70x |
Recent filings
More in Services-Computer Programming Services
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.