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Amdocs vs Zscaler: revenue, profit, margins and growth compared

Amdocs brought in $5B of revenue in fiscal 2024, Zscaler $3.4B in fiscal 2026. Revenue changed by +2.4% at Amdocs and +25.4% at Zscaler on the year before, so Zscaler grew faster. Amdocs kept 9.9% of its revenue as net profit, Zscaler -1.9%. Free cash flow was $618.9M at Amdocs and $852.4M at Zscaler.

Side by side, latest fiscal year

DOXZS
Fiscal year endedFY2024 (September 30, 2024)FY2026 (July 31, 2026)
Revenue$5B$3.4B
Revenue growth+2.4%+25.4%
Net income$493.2M-$63.2M
Net margin9.9%-1.9%
Free cash flow$618.9M$852.4M
Free cash flow margin12.4%25.4%
Earnings per share (diluted)$4.25-$0.39
Cash$346.1M$928.4M
Debt$646.3Mn/a
Price to earningsn/an/a
Market value$6.2B$31.2B
Dividend yieldn/an/a
Rank by revenue in sector#91 of 530 · Technology#113 of 530 · Technology

Over the years

Revenue
DOX FY2017: $3.9BDOX FY2018: $4BDOX FY2019: $4.1BDOX FY2020: $4.2BDOX FY2021: $4.3BDOX FY2022: $4.6BDOX FY2023: $4.9BDOX FY2024: $5BZS FY2019: $302.8MZS FY2020: $431.3MZS FY2021: $673.1MZS FY2022: $1.1BZS FY2023: $1.6BZS FY2024: $2.2BZS FY2025: $2.7BZS FY2026: $3.4BFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
DOX $5BZS $3.4B
Net income
DOX FY2017: $436.8MDOX FY2018: $354.4MDOX FY2019: $479.4MDOX FY2020: $497.8MDOX FY2021: $688.4MDOX FY2022: $549.5MDOX FY2023: $540.7MDOX FY2024: $493.2MZS FY2019: -$28.7MZS FY2020: -$115.1MZS FY2021: -$262MZS FY2022: -$390.3MZS FY2023: -$202.3MZS FY2024: -$57.7MZS FY2025: -$41.5MZS FY2026: -$63.2MFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
DOX $493.2MZS -$63.2M
Net margin
DOX FY2017: 11.3%DOX FY2018: 8.9%DOX FY2019: 11.7%DOX FY2020: 11.9%DOX FY2021: 16.1%DOX FY2022: 12.0%DOX FY2023: 11.1%DOX FY2024: 9.9%ZS FY2019: -9.5%ZS FY2020: -26.7%ZS FY2021: -38.9%ZS FY2022: -35.8%ZS FY2023: -12.5%ZS FY2024: -2.7%ZS FY2025: -1.6%ZS FY2026: -1.9%FY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
DOX 9.9%ZS -1.9%
Revenue growth
DOX FY2018: +2.8%DOX FY2019: +2.8%DOX FY2020: +2.0%DOX FY2021: +2.9%DOX FY2022: +6.7%DOX FY2023: +6.8%DOX FY2024: +2.4%ZS FY2020: +42.4%ZS FY2021: +56.1%ZS FY2022: +62.1%ZS FY2023: +48.2%ZS FY2024: +34.1%ZS FY2025: +23.3%ZS FY2026: +25.4%FY18FY19FY20FY21FY22FY23FY24FY25FY26
DOX +2.4%ZS +25.4%
Free cash flow
DOX FY2017: $502.7MDOX FY2018: $326.1MDOX FY2021: $715.4MDOX FY2022: $529.5MDOX FY2023: $698.3MDOX FY2024: $618.9MZS FY2019: $32.5MZS FY2020: $36.2MZS FY2021: $153.9MZS FY2022: $252.6MZS FY2023: $365.1MZS FY2024: $635.3MZS FY2025: $808.2MZS FY2026: $852.4MFY17FY18FY19FY20FY21FY22FY23FY24FY25FY26
DOX $618.9MZS $852.4M

Fiscal years as each company reports them; the two may end in different months.

Questions about Amdocs and Zscaler

Which is bigger by revenue, Amdocs or Zscaler?

Amdocs is bigger by revenue: $5B in fiscal 2024, against $3.4B for Zscaler in fiscal 2026.

Which keeps more of its revenue as profit, Amdocs or Zscaler?

Amdocs had a net margin of 9.9% in fiscal 2024; Zscaler had -1.9% in fiscal 2026.

Which grew revenue faster, Amdocs or Zscaler?

In their latest fiscal years revenue changed by +2.4% at Amdocs and +25.4% at Zscaler.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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