Zscaler, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Zscaler, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	126	190	303	431	673	1,091	1,617	2,168	2,673	3,353
Cost of revenue	27.5	37.9	59.7	95.7	150	242	363	477	618	778
Gross profit	98.2	152	243	336	523	849	1,254	1,691	2,055	2,575
Research and development	33.6	39.4	62	97.9	175	289	351	500	672	903
Selling and marketing	79.2	116	170	278	459	735	959	1,100	1,259	1,496
General and administrative	20.5	31.1	46.6	73.6	96.5	152	179	212	252	309
Operating expenses	133	187	278	449	731	1,176	1,489	1,812	2,183	2,708
Operating income	-35.1	-34.6	-35.3	-114	-208	-327	-235	-121	-128	-133
Interest expense		0	0	5.03	53.4	56.6	6.54	13.1	9.52	11.8
Interest income		2.24	7.73	6.48	2.81	4.59	60.5	109	125	136
Other non-operating income	-0.11	0.08	-0.33	-0.22	1.19	-4.21	-1.86	-3.75	-5.67	-8.21
Pre-tax income	-34.6	-32.3	-27.9	-113	-257	-384	-183	-29.2	-18.3	-17.1
Income tax	0.88	1.34	0.74	2.39	4.85	6.65	19.8	28.5	23.2	46
Net income	-35.5	-33.6	-28.7	-115	-262	-390	-202	-57.7	-41.5	-63.2
EBITDA								-55.2	-24.1	15.3
EPS, basic	-1.54	-0.63	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27	-0.39
EPS, diluted	-1.54	-0.63	-0.23	-0.89	-1.93	-2.77	-1.40	-0.39	-0.27	-0.39
Shares, basic (weighted)	29.2	63.9	124	129	136	141	145	150	154	160
Shares, diluted (weighted)	29.2	63.9	124	129	136	141	145	150	154	160

Balance sheet

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	88	136	78.5	142	276	1,013	1,262	1,423	2,389	928
Short-term investments	0	163	286	1,229	1,227
Receivables	39.1	61.6	93.3	148	257	400	583	737	992	1,149
Other current assets	5.41	10.9	16.9	31.4	31.3	39.4	91.6	102	149	192
Total current assets	143	387	496	1,582	1,848	2,257	2,890	3,397	4,894	5,031
Property, plant and equipment	13.1	19.8	41	75.7	109	161	242	383	543	753
Lease right-of-use assets				36.1	44.3	72.4	70.7	89.8	89.8	137
Goodwill		0	7.48	30.1	59	78.5	89.2	417	418	1,218
Intangible assets		0	8.71	24	32.1	31.8	25.9	63.8	47.3	214
Other non-current assets	2.66	1.08	2.28	8.05	15.7	21.9	30.5	58.1	98.7	110
Total assets	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420	7,867
Accounts payable	3.76	4.9	6.21	5.23	12.5	26.2	18.5	23.3	46.9	48
Accrued liabilities	11.6	23.4	21.5	49.4	93.6	112	137	161	182	235
Deferred revenue	85.5	141	221	337	571	924	1,281	1,644	2,054	2,481
Total current liabilities	120	183	262	424	720	1,134	1,536	3,113	2,430	2,961
Lease liabilities				28	31.2	50.9	41.9	44.8	43.4	94.6
Other non-current liabilities	1.46	1.36	3.84	2.59	4.45	7.92	12.7	22.1	33.3	70.9
Total liabilities	133	208	296	1,349	1,729	2,259	2,883	3,431	4,621	5,268
Total debt				862	914	969	1,134	1,142
Paid-in capital	18.7	438	533	824	1,131	1,591	1,817	2,427	2,981	3,874
Retained earnings	-162	-196	-224	-340	-602	-992	-1,090	-1,148	-1,190	-1,253
Other comprehensive income	0	-0.12	0.27	0.46	-0.65	-25.9	-1.58	-4.79	8.08	-23.5
Shareholders' equity	-151	240	309	485	529	573	725	1,274	1,799	2,598
Total equity	-151	240	309	485	529	573	725	1,274	1,799	2,598
Total liabilities and equity	183	448	604	1,833	2,258	2,833	3,608	4,705	6,420	7,867
Shares outstanding	32.4	0.12	127	133	139	143	147	152	158	163

Cash flow statement

	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	-35.5	-33.6	-28.7	-115	-262	-390	-202	-57.7	-41.5	-63.2
Depreciation and amortization								66.3	104	149
Stock-based compensation	9.92	11.2	46.4	121	259	410	445	528	661	822
Deferred income tax	-0.03	-0.14	-1.65	-1.67	-2.38	-0.75	0.35	-5.68	-13.5	-20.9
Change in receivables	-14.6	-22.6	-31.7	-54.2	-112	-143	-184	-153	-256	-140
Change in payables	2.25	-0.78	0.5	0.86	7.45	14.4	-8.42	4.16	17.5	-10.6
Cash from operations	-6.02	17.3	58	79.3	202	322	462	780	972	1,130
Capital expenditures	-7.78	-13.4	-25.5	-43.1	-48.2	-69.3	-97.2	-145	-164	-277
Acquisitions	0	0	-11.4	-39.6	-40.5	-25.3	-15.6	-375	-0.83	-918
Purchases of investments	0	-163	-335	-1,256	-815	-845	-1,064	-1,291	-1,281	-2,254
Sales and maturities of investments	0	0.43	200	290	785	1,335	902	1,132	1,101	590
Cash from investing	-8.17	-178	-162	-1,038	-110	374	-259	-683	-427	-2,653
Debt repaid							0	0	-1,150	0
Stock issued	2.97	4.99	29.9	21.6	18.2	6.94	3.94	12.2	3.58	3.98
Share buybacks	0	-3.81	-0.02	0	0
Cash from financing	9.5	208	46.4	1,022	41.7	41.3	46	64.2	421	62.4
Net change in cash	-4.7	47.6	-57.7	63.4	134	737	249	161	966	-1,461
Free cash flow	-13.8	3.91	32.5	36.2	154	253	365	635	808	852
Interest paid			0	0	1.46	1.44	1.44	1.44	1.44	0
Income taxes paid	0.39	0.87	1.77	2.53	4.14	5.61	14.9	23.1	23.3	54.1

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $193.05 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	76.8%	Gross profit / revenue.
Operating margin	-4.0%	Operating income / revenue.
EBITDA margin	0.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-0.5%	Pre-tax income / revenue.
Net margin	-1.9%	Net income / revenue.
FCF margin	25.4%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	33.7%	Cash from operations / revenue.
Return on equity (ROE)	-2.9%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-0.9%	Net income / average total assets.
Return on invested capital (ROIC)	-19.5%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	26.9%	Research and development expense / revenue.
Stock-based pay / revenue	24.5%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	8.3%	Capital expenditures / revenue.
D&A / revenue	4.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	25.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	27.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	37.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	25.3%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	27.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	37.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	16.2%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	34.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	41.1%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	5.5%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	32.7%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	40.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	44.4%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	53.0%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	37.5%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	22.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	29.7%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	28.4%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	3.8%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	3.4%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	3.4%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.70x	Current assets / current liabilities.
Quick ratio	0.70x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	67.0%	Total liabilities / total assets.
Interest coverage	-11.3x	Operating income / interest expense.
Working capital	$2.07B	Current assets - current liabilities.
Goodwill and intangibles / assets	18.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$1.17B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	5.17x	Revenue / average property, plant and equipment.
Receivables turnover	3.13x	Revenue / average receivables.
Days sales outstanding	117 days	365 x average receivables / revenue.
Days payables	22 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	24.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$0.39	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
EPS, basic	-$0.39	Net income per basic share, as reported (split-adjusted).
Revenue per share	$20.92	Revenue / diluted weighted shares.
FCF per share	$5.32	Free cash flow / diluted weighted shares.
Operating cash flow per share	$7.05	Cash from operations / diluted weighted shares.
Book value per share	$15.93	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$7.15	Tangible book value / shares outstanding.
Cash per share	$5.69	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$31.22B	Share price x shares outstanding.
Enterprise value	$30.29B	Market cap + total debt - cash - short-term investments.
P/S	9.31x	Market cap / revenue.
P/B	12.0x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	26.8x	Market cap / tangible book value, when positive.
P/FCF	36.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	27.6x	Market cap / cash from operations, when positive.
EV/Sales	9.03x	Enterprise value / revenue.
EV/EBITDA	1,983x	Enterprise value / EBITDA, when both are positive.
EV/FCF	35.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.7%	Free cash flow / market cap.
Earnings yield	-0.2%	Net income / market cap (the inverse of P/E).

What was Zscaler, Inc.'s revenue in fiscal 2026?

Zscaler, Inc. reported revenue of $3.35B for fiscal 2026, 25.4% higher than the year before.

Was Zscaler, Inc. profitable in fiscal 2026?

No. It reported a net loss of $63.2M.

How much free cash flow did Zscaler, Inc. generate in fiscal 2026?

Cash from operations of $1.13B minus capital expenditures of $277.3M left free cash flow of $852.4M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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