Zscaler, Inc. (ZS)
Business Summary
Zscaler operates in the cybersecurity industry, providing a cloud-native zero trust platform designed to protect enterprises in an AI-driven threat landscape. The traditional perimeter-based security model is failing due to cloud adoption, workforce mobility, and the emergence of autonomous agentic AI, creating a need for zero trust architectures. The platform is distributed across over 200 public data centers globally and thousands of private sites at the edge, serving customers in over 185 countries. The platform processes over 750 billion transactions, blocks over nine billion policy violations and threats, and performs over 250,000 unique security updates per day. The company believes this scale creates a structural data advantage, as every transaction enriches threat and policy intelligence that trains its AI engines.
The cybersecurity market is intensely competitive, with competitors including legacy on-premises appliance vendors, large networking and cloud service vendors, and companies with point solutions. Key competitive factors include delivering security from the cloud, securing AI adoption, platform features, reliability, scalability, brand awareness, and strength of sales and channel partner relationships. Zscaler believes it is positioned favorably due to its integrated platform, but many competitors have greater financial, technical, and marketing resources, and may leverage these to gain business through concessions, product bundling, or closed technology platforms. The company's platform is protected by more than 950 issued and pending patents in the United States and other countries.
Zscaler generates revenue primarily through subscriptions to its cloud-based security platform, the Zscaler Zero Trust Exchange. Revenue is recognized ratably over the subscription term, which is typically one to five years. The company sells to enterprises of all sizes, with approximately 11,000 customers globally, including over 40% of the Forbes Global 2000 and over 50% of the Fortune 500. The business model relies on a channel sales model, with most revenue derived through channel partners, and a joint sales approach where the sales force develops direct relationships with customers. The company also offers a Z-Flex program, a procurement model allowing customers to make flexible product selections within pre-negotiated spend commitments.
The Zero Trust SASE solution securely connects workforces, AI agents, workloads, and IoT/OT devices to cloud apps and AI services without relying on MPLS or SD-WAN. It includes Zscaler Internet Access (ZIA), which provides secure access to external services with comprehensive cyberthreat defense, and Zscaler Private Access (ZPA), which provides secure access to managed applications with granular access controls. The Zero Trust Browser solution secures browser-based access for the extended workforce, and Zscaler Digital Experience (ZDX) monitors end-user experience. Zero Trust Branch connects branches and factories securely, and Zero Trust Cloud securely connects workloads across hybrid and public cloud environments.
The Security for AI solution enables secure AI adoption by discovering, governing, and protecting AI applications, models, agents, identities, data, endpoints, and workflows. It includes AI Asset Management, Secure Access to AI, Secure AI Apps and Infrastructure, and an AI Gateway that provides inline visibility and control for AI traffic. The Data Security solution safeguards sensitive information across its life cycle, with AI-powered data classification, data loss prevention, SaaS security, and data security posture management. The Agentic Security Operations solution uses AI-powered automation for threat detection and response, including exposure management, deception, managed detection and response, an Agentic SOC, and threat hunting.
During fiscal 2026, Zscaler continued to invest in research and development and made several acquisitions to expand its product portfolio. The company acquired RedCanary, Inc., SPLXAI, Inc., SquareX Holdings, Inc., and Symmetry Systems, Inc. These acquisitions are intended to add new and differentiated solutions to the existing product portfolio. The company also continued to expand its channel partner network and invest in joint go-to-market initiatives with global systems integrators. As of July 31, 2026, the company had over 8,700 employees worldwide.
Zscaler delivered significant growth in fiscal 2026, with revenue increasing from $2,673.1 million in fiscal 2025 to $3,352.5 million in fiscal 2026, representing year-over-year revenue growth of 25%. The company experienced a net loss of $63.2 million in fiscal 2026, compared to a net loss of $41.5 million in fiscal 2025. Research and development expense increased to $903.4 million in fiscal 2026 from $672.5 million in fiscal 2025. The company's accumulated deficit as of July 31, 2026 was $1,252.7 million.
Business Outlook & Financial Sufficiency
Management expects to continue incurring annual net losses for the foreseeable future, as the business strategy focuses primarily on long-term growth. Operating expenses are expected to increase significantly over the next several years as the company continues to hire additional personnel, particularly in research and development and sales and marketing, and expand operations and infrastructure. The company expects its recent revenue growth rates to decline in the future as the size of its revenue base increases.
A key growth vector is expanding the customer base globally, with a focus on new geographies in the Asia Pacific, Latin America, and Middle East regions. The company is also targeting expansion into additional market segments and verticals, including sovereign cloud offerings. Management believes there is significant room for growth, as the company currently supports over 4,600 of the estimated 20,000 organizations with over 1,500 employees. The company plans to continue investing in its sales and marketing organization to execute against this opportunity.
Another growth vector is expansion within existing customers through organic account expansion, selling subscriptions for additional users, additional solutions, and premium solution bundles. The company expects to expand its Z-Flex program, which lowers the barrier for customers to access the full breadth of the Zero Trust Exchange. The company also plans to leverage channel partners to participate in cloud transformation initiatives, investing in relationships with global telecommunications service providers, system integrators, and value-added resellers. Continued investment in research and development and acquisitions of new technologies is expected to add new and differentiated solutions to the product portfolio.
The company expects operating expenses to increase as it continues to invest in growth, particularly in research and development and sales and marketing. The company's cost structure is expected to evolve as it expands operations and infrastructure, both domestically and internationally. The company has experienced rapid growth in revenue, operations, and employee headcount, and expects costs to increase in future periods as it expands operations and significantly increases headcount.
The company expects to continue investing in its sales and marketing organization and research and development to drive growth. The company's research and development expense was $903.4 million in fiscal 2026. The company also expects to continue investing in its channel partner programs and sales force to increase awareness and adoption of its solutions. The company's existing cash, cash equivalents, and short-term investments are expected to be sufficient to meet anticipated cash needs for working capital, capital expenditures, and 2028 Notes repayment requirements for at least the next 12 months.
The company faces potential headwinds from challenging and uncertain macroeconomic conditions, which have led to increased scrutiny and longer approval processes for initial purchases by new customers, particularly for larger transactions. The company cannot predict how these conditions will impact potential customers' purchasing decisions, including whether they will delay, decrease, or forego purchases. The company also faces risks from geopolitical events, including conflicts between Russia and Ukraine and in the Middle East, which could disrupt global energy markets and increase costs.
The company faces execution risks related to its growth, including the need to effectively manage a large number of new employees, improve key business applications and IT infrastructure, and maintain its corporate culture. The company has experienced, and may in the future experience, difficulty in hiring and retaining employees with appropriate qualifications, particularly in cybersecurity and AI/ML. The company also faces risks related to its India operations, where 36% of its global workforce is based, including increasing wage costs and intense competition for skilled technical professionals.
The company faces risks related to the rapid evolution of AI and ML, which requires significant financial, operational, and human resources to develop, test, and maintain products and services. The company is increasingly deploying AI agents, which may take erroneous or irreversible actions. The regulatory landscape for AI is evolving, including the EU AI Act, which could increase compliance costs and divert resources. The company also faces risks from the application of AI-enabled vulnerability tools, which are surfacing a substantially greater volume of vulnerabilities requiring remediation, potentially reducing resources available for new feature development.
Management Sentiments & Priorities
Management's message emphasizes the company's position as the cybersecurity platform for the AI era, with a focus on zero trust architecture and AI-driven security. The company highlights its differentiated architecture, which is a structurally unified platform where every product runs on the same infrastructure, is enforced by the same policy engine, and is trained on the same signals. Management emphasizes the company's significant growth, with revenue increasing from $2,167.8 million in fiscal 2024 to $2,673.1 million in fiscal 2025 to $3,352.5 million in fiscal 2026. The strategic priorities for the period ahead include continuing to win new customers, expanding within existing customers, leveraging channel partners, expanding and innovating services, and expanding into additional market segments.
Financial Details
Total revenue was $3,352.5 million in fiscal 2026, compared to $2,673.1 million in fiscal 2025. Net loss was $63.2 million in fiscal 2026, compared to a net loss of $41.5 million in fiscal 2025. Basic and diluted net loss per share was $0.39 in fiscal 2026, compared to $0.27 in fiscal 2025. Gross margin was 78% in fiscal 2026, compared to 77% in fiscal 2025. Operating loss was $91.6 million in fiscal 2026, compared to an operating loss of $55.3 million in fiscal 2025. Cash, cash equivalents, and short-term investments were $2,647.3 million as of July 31, 2026. The company had an accumulated deficit of $1,252.7 million as of July 31, 2026. The company's net loss in fiscal 2026 included a $22.4 million loss on extinguishment of debt related to the repurchase of the 2025 Notes.
Risk Factors
The company has a history of annual net losses, with net losses of $63.2 million, $41.5 million, and $57.7 million in fiscal 2026, 2025, and 2024, respectively, and an accumulated deficit of $1,252.7 million as of July 31, 2026. The company faces intense competition from legacy appliance vendors and cloud-based security providers, many with greater financial and marketing resources, which could lead to price reductions, fewer orders, and loss of market share. The company's business depends on channel partners, with sales through the top five channel partners representing 31% of revenue in fiscal 2026, and the loss of these relationships could materially harm results. The company's platform processes over 750 billion transactions daily, and any service interruption or security breach could damage its reputation and lead to customer losses. The company relies on a limited number of suppliers for critical components, and disruptions in supply could delay expansion or increase costs.
References
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Analysis on 9/3/2026