Zscaler
We deliver a comprehensive, cloud-native zero trust platform that minimizes the attack surface of an enterprise and eliminates lateral threat movement, enabling security at the scale and speed of AI.
10-K, Sep 3, 2026
Source and method
In the company’s words: first descriptive sentence of 10-K Item 1, verbatim (extractive). Item 1 · Business · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Business
How does Zscaler make money?
No revenue split that adds up to total revenue.
Empty state, nothing estimated.
What is left of every $100?
Of every $100 in revenue, −$2 is net income.
Source and method
Of every $100 of revenue, FY2026.
Calculated: amount ÷ revenue × 100.
- Revenue: $3.4B
- Gross profit: $2.6B
- Operating income: −$133M
- Net income: −$63.2M
- Free cash flow: $852M
Where do customers sit?
No revenue-by-region breakdown in the latest annual report's XBRL data.
In the company’s words ›
“The traditional model of enterprise security built around hub-and-spoke networks, firewalls and virtual private networks, or VPNs, was designed to protect a fixed perimeter.”
“With rapid and increasing cloud adoption, workforce mobility and the emergence of an autonomous agentic workforce, traditional perimeter security fails to completely secure the modern enterprise, is prohibitively expensive and delivers poor user experience.”
“These outdated yet widely-deployed tools are preventing enterprises from safely embracing the digital transformation that is necessary to compete today.”
Item 1 · Business · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Thesis
Why do people invest?
3 reasons in the company’s own words.
Revenue +25%
“Revenue increased by $679.4 million, or 25%, in fiscal 2026, compared to fiscal 2025.”
Item 7 · MD&A · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Number check (revenue): stated $679M matches the stored change ($679M, ±10%)
Revenue: $3.4B FY2026 · +25.4% vs FY2025 · KPIs
Position (in the company’s words)
“Zero trust integrated with AI is the new foundation for enterprise security architectures, and we are pioneering this convergence.”
Item 1 · Business · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
R&D +34%
“Research and development expenses increased by $230.9 million, or 34%, for fiscal 2026, compared to fiscal 2025, as we continued to develop and enhance the functionality of our cloud platform and integrate technologies acquired through our business acquisitions.”
Item 7 · MD&A · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Number check (R&D expense): stated $231M matches the stored change ($231M, ±10%)
R&D expense: $903M FY2026 · +34.3% vs FY2025 · Profitability charts
Source and method
Verbatim · selection. Sentences selected by rules from the 10-K and checked word for word against it; no AI summary. Not investment advice, not a recommendation, no forecast.
3 of 3 points met the selection rules (score, subject = the metric, quoted number within ±10% of the stored value).
KPIs
How fast is revenue growing?
Revenue grew 25% to $3.4B.
Revenue grew 25% YoY to $898M.
Source & method
- Counted
- Total revenue, as filed in 10-K / 20-F / 10-Q XBRL.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Did the growth reach the shareholder?
Per share, revenue grew 87.6%.
Source & method
- Counted
- Revenue and weighted-average diluted shares, as filed, first and last fiscal year of the range.
- Formulas
- Revenue per diluted share = revenue / diluted shares; growth = (to / from) − 1. All three changes are calculated.
- Guards
- IPO: if the start year ended more than 365 days before the first SEC filing and diluted shares then rose ≥25%, the range is hidden by default (Options → Include IPO-distorted periods). Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How profitable is it?
−4.0% operating margin, up from −4.8%.
76.8% gross margin, down from 76.9%.
Operating income: −$133M in FY2026.
Net income: −$63.2M in FY2026.
R&D grew 34% to $903M.
SG&A grew 19% to $1.8B.
EPS diluted: −$0.39 in FY2026.
−1.7% operating margin, up from −4.5%.
76.7% gross margin, up from 76.1%.
Operating income: −$15.5M in FY2026 Q4.
Net income: −$3.4M in FY2026 Q4.
R&D grew 36% YoY to $241M.
SG&A grew 15% YoY to $463M.
EPS diluted: −$0.02 in FY2026 Q4.
Source & method
- Counted
- Income statement items, as filed.
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated. Values marked “calculated” are derived by Hollsteen, not taken verbatim from a filing.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How much cash does it make, and where does it go?
Keeps $25 of every $100 as free cash.
Operating cash flow grew 16% to $1.1B.
Capex grew 69% to $277M.
Stock-based compensation grew 24% to $822M.
Free cash flow fell 58% YoY to $79.4M.
Operating cash flow grew 11% YoY to $279M.
Capex grew 233% YoY to $200M.
Stock-based compensation grew 23% YoY to $212M.
Source & method
- Counted
- Cash flow statement items, as filed; free cash flow = operating cash flow − capex (calculated).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
How strong is the balance sheet?
$928M cash vs $1.7B debt.
Total debt fell 0.3% to $1.7B.
Interest expense grew 24% to $11.8M.
Total assets grew 23% to $7.9B.
Equity grew 44% to $2.6B.
Cash fell 61% YoY to $928M.
Total debt fell 0.3% YoY to $1.7B.
Interest expense grew 32% YoY to $2.7M.
Total assets grew 23% YoY to $7.9B.
Equity grew 44% YoY to $2.6B.
Source & method
- Counted
- Balance sheet items at fiscal year end, as filed; total debt is derived from reported components (excl. operating leases).
- Formulas
- Values as filed; margins = metric / revenue of the same period (calculated). Change vs prior period is calculated.
- Guards
- Gaps are shown as 'not reported', never interpolated.
- Coverage
- SEC filings only · 100 companies covered
- As of
- Oct 15, 2026
Dependencies
Who does Zscaler depend on?
No customer above the disclosure threshold.
Customers, suppliers, stakes and mentions ›
Only what filings state. Anonymous customers stay anonymous.
Largest customers (Zscaler annual report)
No customer with a reported share of revenue (the 10-K names none above the disclosure threshold).
Suppliers named by Zscaler
No supplier among the covered companies is named in the filings.
Zscaler holds stakes in
No stake in a covered company found in SEC filings.
Others name Zscaler
1 competitor mention (e.g. Fortinet) · 1 supplier mention (e.g. HPE) in covered companies’ filings. Mentions, not confirmed relationships.
Risks
What could go wrong?
4 of 58 risk factors, one per theme.
Competition
“If we fail to effectively manage our growth, we may be unable to execute our business plan, maintain high levels of service, adequately address competitive challenges or maintain our corporate culture, and our business, financial condition and results of operations would be harmed.”
Item 1A · Risk Factors · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Security, defects and outages
“If our cloud platform or internal networks, systems or data are or are perceived to have been breached, our solution may be perceived as insecure, our reputation may be damaged and our financial results may be negatively impacted.”
Item 1A · Risk Factors · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Users and engagement
“If our customers do not renew their subscriptions for our services and add additional users and services to their subscriptions, our future results of operations could be harmed.”
Item 1A · Risk Factors · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Key people
“We rely on our key technical, sales and management personnel to grow our business, and the loss of one or more key employees or the inability to attract and retain qualified personnel could harm our business.”
Item 1A · Risk Factors · 10-K · 0001713683-26-000157 · filed Sep 3, 2026
Source and method
Short verbatim quotes from the risk factors in Item 1A, one per theme (a partial selection). Full list: 10-K.
Who’s invested
Who owns more than 5%?
BlackRock, Inc. holds 5.1%.
BlackRock, Inc.5.1%
13G · as of Jun 30, 2026 · filed Jul 30, 2026
Mangal Ajay19.8% (then)
13G/A · as of Dec 31, 2023 · filed Feb 12, 2024 · older than 18 months, current position unknown
Chaudhry Jagtar Singh18.2% (then)
13G/A · as of Dec 31, 2023 · filed Feb 12, 2024 · older than 18 months, current position unknown
Source and method
Holders above 5% from Schedule 13G/13D, SEC filings only. “(then)”: reported in a filing older than 18 months; the current position is not known from SEC 13G/13D data.
2 filings reporting a stake below 5% (e.g. after selling) not listed.
13F holders and insider trades ›
Largest institutional holders, 13F, quarter ending Jun 30, 2026
BlackRock, Inc.11.9%
9.9M shares · 13F filed Aug 7, 2026 · share of 13F-reported
Vanguard Portfolio Management LLC7.5%
6.2M shares · 13F filed Aug 13, 2026 · share of 13F-reported
Vanguard Capital Management LLC5.7%
4.7M shares · 13F filed Aug 13, 2026 · share of 13F-reported
First Trust Advisors LP4.2%
3.5M shares · 13F filed Aug 11, 2026 · share of 13F-reported
Goldman Sachs Group Inc3.8%
3.2M shares · 13F filed Aug 14, 2026 · share of 13F-reported
747 13F filers report positions. 13F covers managers with over $100M in US equities; it is not a full shareholder list, and shares are not a percentage of shares outstanding.
Insiders, last 12 months (Form 4, open market)
0 purchases · 63 sales · $17.8M sold
Grants, gifts and tax withholding counted separately · window Oct 14, 2025 – Oct 14, 2026
All metrics
All metrics · 34 SEC metrics, FY2017–FY2026
Income statement 12
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cost of revenue | ||||||||||
| D&A | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| G&A | ||||||||||
| Gross profit | ||||||||||
| Income taxes | ||||||||||
| Interest expense | not reported | |||||||||
| Net income | ||||||||||
| Operating income | ||||||||||
| Research and development | ||||||||||
| Revenue | ||||||||||
| SG&A calc. | ||||||||||
| Sales & marketing | ||||||||||
Balance sheet 9
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | ||||||||||
| Current liabilities | ||||||||||
| Current portion of long-term debt | not reported | not reported | not reported | not reported | not reported | not reported | not reported | |||
| Equity | ||||||||||
| Equity incl. NCI | ||||||||||
| Long-term debt | not reported | not reported | ||||||||
| Total assets | ||||||||||
| Total debt calc. | not reported | not reported | ||||||||
| Total liabilities & equity | ||||||||||
Cash flow 6
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Buybacks | not reported | not reported | not reported | not reported | not reported | |||||
| Capex | ||||||||||
| Free cash flow calc. | ||||||||||
| Interest paid | not reported | not reported | ||||||||
| Operating cash flow | ||||||||||
| Stock-based compensation | ||||||||||
Per share & shares 4
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| EPS basic | ||||||||||
| EPS diluted | ||||||||||
| Wtd. shares basic | ||||||||||
| Wtd. shares diluted | ||||||||||
Other 3
| Metric | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | FY2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Other income (incl. interest) | ||||||||||
| Pretax income | ||||||||||
| Total liabilities | ||||||||||
Method
extractive: verbatim sentences selected by rules from Item 1, 1A and 7; no AI summary; every sentence matched verbatim against the filing text. Numbers: Hollsteen SEC dataset. Every value opens its SEC source · version history of all values