Zscaler
Secures enterprise access through a distributed cloud platform built around zero trust.
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Profile
Sells subscriptions to a distributed Zero Trust Exchange that secures internet, SaaS, and private-application access across users, workloads, branches, data, and IoT/OT. Policy is enforced in the cloud rather than through a corporate-network perimeter, while the widening platform combines internally developed products with acquired security capabilities.
Secures enterprise access through the distributed Zero Trust Exchange, with Zscaler Internet Access for internet and SaaS traffic and Zscaler Private Access for private applications. Subscriptions extend across users, workloads, branches, data, IoT/OT, digital experience, managed detection, AI, and browser security.
Policy is enforced in the cloud by identity, application, and context rather than extending a private-network perimeter. A worldwide workforce supports the platform, while founder and CEO Jay Chaudhry continues to chair the board.
Expansion has combined internal product development with acquisitions for data analytics, segmentation, managed detection, AI security, and browser security. The business depends on continued customer migration from perimeter-based security, reliable operation of its distributed cloud, and successful integration of the widening product set.
Company facts
Categories
Key statistics
Year to date −16.5% · Average volume (30d) 2.2M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 25, 2026 | Barclays | Reiterate | Overweight | $170 | $192 | |
| Aug 21, 2026 | KeyBanc | Reiterate | Overweight | $185 | $210 | |
| Jul 16, 2026 | KeyBanc | Reiterate | Overweight | $176 | $185 | |
| Jun 25, 2026 | Keybanc | Reiterate | Overweight | $190 | $176 | |
| Jun 11, 2026 | Wolfe Research | Target | $150 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| May 26, 2026Q3 FY26 | $1.01 | $1.08 | +6.9% | $835.1M | $850.5M | +1.8% | −31.52% |
| Feb 26, 2026Q2 FY26 | $0.89 | $1.01 | +13.0% | $798.3M | $815.8M | +2.2% | −12.17% |
| Nov 25, 2025Q1 FY26 | $0.86 | $0.96 | +12.1% | $773.3M | $788.1M | +1.9% | −13.03% |
| Sep 2, 2025Q4 FY25 | $0.80 | $0.89 | +11.2% | $706.9M | $719.2M | +1.7% | −1.45% |
Financial highlights
| 12 quarters | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | Q3 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $647.9M | $678.0M | $719.2M | $788.1M | $815.8M | $850.5M | |
| Gross profit | $499.5M | $522.2M | $547.6M | $603.4M | $624.5M | $657.8M | |
| Operating income | −$37.0M | −$22.4M | −$32.2M | −$36.4M | −$51.8M | −$29.6M | |
| Net income | −$7.7M | −$4.1M | −$17.6M | −$11.6M | −$34.3M | −$13.9M | |
| Diluted EPS | −$0.05 | −$0.03 | −$0.11 | −$0.07 | −$0.21 | −$0.09 | |
| Gross margin | 77.1% | 77.0% | 76.1% | 76.6% | 76.6% | 77.3% | |
| Operating margin | -5.7% | -3.3% | -4.5% | -4.6% | -6.3% | -3.5% |
Fiscal years (4-quarter sums)FY21 $673.1M · FY22 $1.09B · FY23 $1.62B · FY24 $2.17B · FY25 $2.67B
Revenue by product · Q3 FY26
Balance sheet, Apr 30, 2026Cash & short-term investments $3.54B · Total debt $1.86B · Total assets $7.10B · Shareholders' equity $2.37B
Dividends
No dividends on record.
Ownership
Shares outstanding 161.71M · Float 104.84M · 64.8% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Jagtar Singh Chaudhry · director, 10 percent owner, officer: CEO & Chairman | 24.68M | 15.26% | Form 4 | Jun 17, 2026 |
| BlackRock, Inc. | 8.26M | 5.10% | 13G | Jul 30, 2026 |
| Vanguard Portfolio Management LLC | 6.20M | 3.83% | 13F | Aug 13, 2026 |
| Vanguard Capital Management LLC | 4.72M | 2.92% | 13F | Aug 13, 2026 |
| First Trust Advisors LP | 3.53M | 2.18% | 13F | Aug 11, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 25, 2026 | Kevin Rubin | officer: Chief Financial Officer | −503 | $173.38 |
| Jul 27, 2026 | Kevin Rubin | officer: Chief Financial Officer | −503 | $147.12 |
| Jul 6, 2026 | Robert Schlossman | officer: Chief Legal Officer | −122 | $150.00 |
| Jun 25, 2026 | Kevin Rubin | officer: Chief Financial Officer | −3,000 | $124.22 |
| Jun 22, 2026 | Adam Geller | officer: Chief Product Officer | −2,817 | $122.60 |
Peers
- Palo Alto Networks
Broad rival across SSE, cloud, branch, browser, and security operations
- Netskope
Core SSE rival across web, SaaS, private access, data, and browser security
- Cisco Systems
Enterprise networking incumbent with a full cloud-delivered SSE stack
- Fortinet
Unified SASE rival spanning remote users, branches, and security services
- Cloudflare
Edge-native SASE rival across access, web, data, browser, and experience
- Microsoft
Identity-led SSE rival bundled around Entra and Defender
- Check Point Software Technologies
Hybrid SASE rival across internet, private access, SaaS, and browser
- CrowdStrike
Security-operations rival in MDR, exposure, and cloud protection
CompareAfter-hours close
| Company | Price | Change | |||||
|---|---|---|---|---|---|---|---|
| Zscaler | $184.45 | +0.15% | $29.79B | — | 41.4 | 9.4 | +25.4% |
| Palo Alto Networks | $372.18 | +0.16% | $302.85B | 323.1 | 94.9 | 28.6 | +31.2% |
| Netskope | $15.05 | −0.30% | $6.10B | — | — | 8.1 | +27.8% |
| Cisco Systems | $109.95 | +0.01% | $433.28B | 33.0 | 21.4 | 6.8 | +17.6% |
| Fortinet | $165.78 | −0.16% | $121.80B | 58.5 | 47.4 | 16.2 | +25.6% |
| Cloudflare | $301.61 | +0.66% | $106.39B | — | 203.4 | 42.3 | +35.9% |
| Microsoft | $513.06 | −0.06% | $3.81T | 28.6 | 26.2 | 11.5 | +17.8% |
| Check Point Software Technologies | $138.15 | −0.17% | $14.12B | 14.2 | 12.8 | 5.1 | +1.3% |
| CrowdStrike | $217.75 | −0.30% | $222.39B | 6,720.0 | 157.7 | 41.2 | +25.8% |
| Median | 45.7 | 47.4 | 13.8 | +25.7% |