Citable filing context
ZS's research view summarizes recent SEC filing context, starting with management_change from Sep 24, 2026.
| Filed | Item | Context |
|---|---|---|
| Sep 24, 2026 | management_change | Zscaler promoted Ross Tackett to Chief Revenue Officer, effective October 1, 2026, succeeding Mike Rich. |
| Sep 3, 2026 | restructuring | Zscaler announced a restructuring plan to reduce its workforce by 3%, incurring charges of $30 million to $33 million. |
| May 26, 2026 | earnings | Zscaler announced Q3 fiscal 2026 revenue of $850.5 million, representing 25% year-over-year growth. |
| Sep 3, 2026 | Guidance: arr | 4.40 to 4.43 |
| Sep 3, 2026 | Guidance: free_cash_flow_margin | 23.00 to 23.50 |
| Sep 3, 2026 | Guidance: non_gaap_eps | 1.15 to 1.16 |
| Sep 3, 2026 | business | Zscaler delivers a cloud-native cybersecurity platform, the Zero Trust Exchange, designed to securely connect users, devices, workloads, and autonomous AI agents based on identity and policy rather than traditional network perimeters like firewalls or VPNs. Distributed across more than 200 public data centers and processing over 750 billion transactions daily, the platform spans four core pillars: Zero Trust SASE—comprising Zscaler Internet Access (ZIA), Zscaler Private Access (ZPA), Zscaler Digital Experience (ZDX), and Zero Trust Branch/Cloud—Security for AI, Data Security, and Agentic Security Operations. Financial results reflect rapid revenue expansion alongside ongoing net losses. Revenue grew 23% in fiscal 2025 to $2,673.1 million and 25% in fiscal 2026 to $3,352.5 million, up from $2,167.8 million in fiscal 2024. Net losses were $57.7 million, $41.5 million, and $63.2 million across fiscal 2024, 2025, and 2026, respectively, heavily influenced by substantial research and development spending, which reached $903.4 million in fiscal 2026. Zscaler serves approximately 11,000 customers globally, including over 40% of the Forbes Global 2000, with international markets representing 47% of fiscal 2026 revenue. The company’s growth relies on upsell programs like Z-Flex, international expansion, and deep channel partner integrations. Primary risks include fierce competition from legacy appliance providers, hyperscale cloud vendors, and point-solution security startups, as well as rapid AI-driven threat evolution and intellectual property litigation. |
| Sep 3, 2026 | mda | For fiscal year 2026, revenue increased 25% year-over-year to $3,352.5 million, driven by expanding deployments among existing customers and adding new accounts. Net loss widened to $63.2 million from $41.5 million in fiscal 2025. Annual Recurring Revenue reached $3,771 million, up from $3,015 million in the prior year. Customer count grew 16% to approximately 11,000, including over 40% of the Forbes Global 2000. Non-GAAP operating margin expanded to 23%, while non-GAAP gross margin remained steady at 80%. Net cash provided by operating activities reached $1,129.7 million, generating $779.1 million in free cash flow at a 23% margin. Demand is driven by enterprise migration from legacy firewalls and VPNs to cloud-native zero trust platforms, including ZIA, ZPA, Zero Trust Branch, and AI security offerings. Total liquidity stood at $3,474.2 million in cash, cash equivalents, and short-term investments as of July 31, 2026, supported by $1,725.0 million in 2028 convertible senior notes. Deferred revenue totaled $2,925.8 million, with $2,480.5 million expected to be recognized within 12 months. Growth strategies prioritize sales force expansion and research and development, though macroeconomic headwinds continue to prompt increased deal scrutiny and lengthened spending approval cycles on large transactions. |
Source: SEC EDGAR filing text and events; period Sep 24, 2026; filed Sep 24, 2026.
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