Zscaler (ZS) financial statements
Zscaler reported revenue of $3.4B in fiscal 2026, up 44.0% a year over 9 years.
Net income was -$63M and the operating margin -4.0%, against -27.9% in 2017.
Free cash flow was $779M.
The diluted share count rose 448% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zscaler's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $126M | $190M | $303M | $431M | $673M | $1.1B | $1.6B | $2.2B | $2.7B | $3.4B |
| Cost of revenue | $27M | $38M | $60M | $96M | $150M | $242M | $363M | $477M | $618M | $778M |
| Gross profit | $98M | $152M | $243M | $336M | $523M | $849M | $1.3B | $1.7B | $2.1B | $2.6B |
| Research and development | $34M | $39M | $62M | $98M | $175M | $289M | $351M | $500M | $672M | $903M |
| Selling, general and admin | $100M | $148M | $217M | $352M | $556M | $887M | $1.1B | $1.3B | $1.5B | $1.8B |
| Operating income | -$35M | -$35M | -$35M | -$114M | -$208M | -$327M | -$235M | -$121M | -$128M | -$133M |
| Interest expense | — | $0 | $0 | $5M | $53M | $57M | $7M | $13M | $10M | $12M |
| Pre-tax income | -$35M | -$32M | -$28M | -$113M | -$257M | -$384M | -$183M | -$29M | -$18M | -$17M |
| Income tax | $877,000 | $1M | $743,000 | $2M | $5M | $7M | $20M | $28M | $23M | $46M |
| Net income | -$35M | -$34M | -$29M | -$115M | -$262M | -$390M | -$202M | -$58M | -$41M | -$63M |
| EPS (diluted) | -$1.54 | -$0.63 | -$0.23 | -$0.89 | -$1.93 | -$2.77 | -$1.40 | -$0.39 | -$0.27 | -$0.39 |
| Diluted shares | 29M | 64M | 124M | 129M | 136M | 141M | 145M | 150M | 154M | 160M |
| Gross margin | 78.1% | 80.1% | 80.3% | 77.8% | 77.7% | 77.8% | 77.6% | 78.0% | 76.9% | 76.8% |
| Operating margin | -27.9% | -18.2% | -11.7% | -26.4% | -30.9% | -30.0% | -14.5% | -5.6% | -4.8% | -4.0% |
| Net margin | -28.2% | -17.7% | -9.5% | -26.7% | -38.9% | -35.8% | -12.5% | -2.7% | -1.6% | -1.9% |
Balance sheet
Fiscal years, from Zscaler's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $88M | $299M | $365M | $1.4B | $1.5B | $1.0B | $1.3B | $1.4B | $2.4B | $928M |
| Receivables | $39M | $62M | $93M | $148M | $257M | $400M | $583M | $737M | $992M | $1.1B |
| Total current assets | $143M | $387M | $496M | $1.6B | $1.8B | $2.3B | $2.9B | $3.4B | $4.9B | $5.0B |
| Property, plant and equipment | $13M | $20M | $41M | $76M | $109M | $161M | $242M | $383M | $543M | $753M |
| Goodwill | — | $0 | $7M | $30M | $59M | $79M | $89M | $417M | $418M | $1.2B |
| Total assets | $183M | $448M | $604M | $1.8B | $2.3B | $2.8B | $3.6B | $4.7B | $6.4B | $7.9B |
| Total current liabilities | $120M | $183M | $262M | $424M | $720M | $1.1B | $1.5B | $3.1B | $2.4B | $3.0B |
| Total liabilities | $133M | $208M | $296M | $1.3B | $1.7B | $2.3B | $2.9B | $3.4B | $4.6B | $5.3B |
| Shareholders' equity | -$151M | $240M | $309M | $485M | $529M | $573M | $725M | $1.3B | $1.8B | $2.6B |
| Net debt | -$88M | -$136M | -$78M | -$142M | -$276M | -$1.0B | -$1.3B | -$1.4B | -$2.4B | -$928M |
Cash flow
Fiscal years, from Zscaler's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6M | $17M | $58M | $79M | $202M | $322M | $462M | $780M | $972M | $1.1B |
| Capital spending | $8M | $15M | $29M | $52M | $58M | $91M | $129M | $195M | $246M | $351M |
| Free cash flow | -$14M | $2M | $29M | $28M | $144M | $231M | $334M | $585M | $727M | $779M |
| Stock-based compensation | $10M | $11M | $46M | $121M | $259M | $410M | $445M | $528M | $661M | $822M |
| Share buybacks (net) | $0 | -$4M | -$22,000 | $0 | $0 | — | — | — | — | — |
| Free cash flow margin | -11.3% | 1.1% | 9.7% | 6.4% | 21.4% | 21.2% | 20.6% | 27.0% | 27.2% | 23.2% |
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Open ZS in InvestinglyQuestions
What was Zscaler's revenue in 2026?
$3.4B in fiscal 2026, from its 10-K filing.
How much free cash flow does Zscaler generate?
$779M in fiscal 2026 (operating cash flow minus capital spending).
From Zscaler's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.