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Zscaler, Inc.

ZS Clue Score55
United States Fiscal year ends July CIK 0001713683
$225.78 -3.40% Close, 12 Oct 2026
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Price $225.78 −18.70% Close, 12 Oct 2026

Closing prices at the end of each trading day, from 16 Mar 2018. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue125.7Operating income−35.1Net income−35.5Fiscal year 2018Revenue190.2 +51.3%Operating income−34.6Net income−33.6Fiscal year 2019Revenue302.8 +59.2%Operating income−35.3Net income−28.7EPS, diluted−0.23Fiscal year 2020Revenue431.3 +42.4%Operating income−114.0Net income−115.1EPS, diluted−0.89Fiscal year 2021Revenue673.1 +56.1%Operating income−207.8Net income−262.0EPS, diluted−1.93Fiscal year 2022Revenue1,090.9 +62.1%Operating income−327.4Net income−390.3EPS, diluted−2.77Fiscal year 2023Revenue1,617.0 +48.2%Operating income−234.6Net income−202.3EPS, diluted−1.40Fiscal year 2024Revenue2,167.8 +34.1%Operating income−121.5Net income−57.7EPS, diluted−0.39Fiscal year 2025Revenue2,673.1 +23.3%Operating income−128.5Net income−41.5EPS, diluted−0.27Fiscal year 2026Revenue3,352.5 +25.4%Operating income−133.3Net income−63.2EPS, diluted−0.39
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Revenue 125.7 190.2 302.8 431.3 673.1 1,090.9 1,617.0 2,167.8 2,673.1 3,352.5
Growth +51.3% +59.2% +42.4% +56.1% +62.1% +48.2% +34.1% +23.3% +25.4%
Operating income −35.1 −34.6 −35.3 −114.0 −207.8 −327.4 −234.6 −121.5 −128.5 −133.3
Net income −35.5 −33.6 −28.7 −115.1 −262.0 −390.3 −202.3 −57.7 −41.5 −63.2
Growth
EPS, diluted n/a n/a −0.23 −0.89 −1.93 −2.77 −1.40 −0.39 −0.27 −0.39
Growth

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Gross margin78.1%Operating margin−27.9%Net margin−28.2%Free cash flow margin−11.0%Fiscal year 2018Gross margin80.1%Operating margin−18.2%Net margin−17.7%Free cash flow margin2.1%Fiscal year 2019Gross margin80.3%Operating margin−11.7%Net margin−9.5%Free cash flow margin10.7%Fiscal year 2020Gross margin77.8%Operating margin−26.4%Net margin−26.7%Free cash flow margin8.4%Fiscal year 2021Gross margin77.7%Operating margin−30.9%Net margin−38.9%Free cash flow margin22.9%Fiscal year 2022Gross margin77.8%Operating margin−30.0%Net margin−35.8%Free cash flow margin23.2%Fiscal year 2023Gross margin77.6%Operating margin−14.5%Net margin−12.5%Free cash flow margin22.6%Fiscal year 2024Gross margin78.0%Operating margin−5.6%Net margin−2.7%Free cash flow margin29.3%Fiscal year 2025Gross margin76.9%Operating margin−4.8%Net margin−1.6%Free cash flow margin30.2%Fiscal year 2026Gross margin76.8%Operating margin−4.0%Net margin−1.9%Free cash flow margin25.4%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
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%
Free cash flow margin −11.0% 2.1% 10.7% 8.4% 22.9% 23.2% 22.6% 29.3% 30.2% 25.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−6.0Capital expenditure−7.8Free cash flow−13.8Buybacks0.0Fiscal year 2018Operating cash flow17.3Capital expenditure−13.4Free cash flow3.9Buybacks−3.8Fiscal year 2019Operating cash flow58.0Capital expenditure−25.5Free cash flow32.5 +731.4%Buybacks−0.0Fiscal year 2020Operating cash flow79.3Capital expenditure−43.1Free cash flow36.2 +11.5%Buybacks0.0Fiscal year 2021Operating cash flow202.0Capital expenditure−48.2Free cash flow153.9 +324.5%Buybacks0.0Fiscal year 2022Operating cash flow321.9Capital expenditure−69.3Free cash flow252.6 +64.2%Fiscal year 2023Operating cash flow462.3Capital expenditure−97.2Free cash flow365.1 +44.5%Fiscal year 2024Operating cash flow779.8Capital expenditure−144.6Free cash flow635.3 +74.0%Fiscal year 2025Operating cash flow972.5Capital expenditure−164.3Free cash flow808.2 +27.2%Fiscal year 2026Operating cash flow1,129.7Capital expenditure−277.3Free cash flow852.4 +5.5%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Operating cash flow −6.0 17.3 58.0 79.3 202.0 321.9 462.3 779.8 972.5 1,129.7
Capital expenditure −7.8 −13.4 −25.5 −43.1 −48.2 −69.3 −97.2 −144.6 −164.3 −277.3
Free cash flow −13.8 3.9 32.5 36.2 153.9 252.6 365.1 635.3 808.2 852.4
Growth +731.4% +11.5% +324.5% +64.2% +44.5% +74.0% +27.2% +5.5%
Buybacks 0.0 −3.8 −0.0 0.0 0.0 n/a n/a n/a n/a n/a

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash88.0Shareholders’ equity−151.1Fiscal year 2018Cash135.6Shareholders’ equity240.2Fiscal year 2019Cash78.5Shareholders’ equity308.6Fiscal year 2020Cash141.9Total debt861.6Net cash (debt)−719.8Shareholders’ equity484.8Debt to equity1.78Fiscal year 2021Cash275.9Total debt913.5Net cash (debt)−637.6Shareholders’ equity528.9Debt to equity1.73Fiscal year 2022Cash1,013.2Total debt968.7Net cash (debt)44.5Shareholders’ equity573.3Debt to equity1.69Fiscal year 2023Cash1,262.2Total debt1,134.2Net cash (debt)128.0Shareholders’ equity725.1Debt to equity1.56Fiscal year 2024Cash1,423.1Total debt1,142.3Net cash (debt)280.8Shareholders’ equity1,274.1Debt to equity0.90Fiscal year 2025Cash2,389.0Shareholders’ equity1,799.3Fiscal year 2026Cash928.4Shareholders’ equity2,598.3
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025FY2026
Cash 88.0 135.6 78.5 141.9 275.9 1,013.2 1,262.2 1,423.1 2,389.0 928.4
Total debt n/a n/a n/a 861.6 913.5 968.7 1,134.2 1,142.3 n/a n/a
Net cash (debt) n/a n/a n/a −719.8 −637.6 44.5 128.0 280.8 n/a n/a
Shareholders’ equity −151.1 240.2 308.6 484.8 528.9 573.3 725.1 1,274.1 1,799.3 2,598.3
Debt to equity n/a n/a n/a 1.78 1.73 1.69 1.56 0.90 n/a n/a

In millions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2026 · 10-K

Ratios

Percentages worked out from the filed figures; debt to equity in times. Fiscal years ending July, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 31 Jul 2017 FY2018 31 Jul 2018 FY2019 31 Jul 2019 FY2020 31 Jul 2020 FY2021 31 Jul 2021 FY2022 31 Jul 2022 FY2023 31 Jul 2023 FY2024 31 Jul 2024 FY2025 31 Jul 2025 FY2026 31 Jul 2026
Margins
78.1% 80.1% 80.3% 77.8% 77.7% 77.8% 77.6% 78.0% 76.9% 76.8%
−27.9% −18.2% −11.7% −26.4% −30.9% −30.0% −14.5% −5.6% −4.8% −4.0%
−27.5% −17.0% −9.2% −26.1% −38.2% −35.2% −11.3% −1.3% −0.7% −0.5%
−28.2% −17.7% −9.5% −26.7% −38.9% −35.8% −12.5% −2.7% −1.6% −1.9%
−11.0% 2.1% 10.7% 8.4% 22.9% 23.2% 22.6% 29.3% 30.2% 25.4%
Spending
26.7% 20.7% 20.5% 22.7% 25.9% 26.5% 21.7% 23.1% 25.2% 26.9%
16.3% 16.4% 15.4% 17.1% 14.3% 13.9% 11.1% 9.8% 9.4% 9.2%
6.2% 7.0% 8.4% 10.0% 7.2% 6.4% 6.0% 6.7% 6.1% 8.3%
Returns
n/a −14.0% −9.3% −23.7% −49.5% −68.1% −27.9% −4.5% −2.3% −2.4%
−19.4% −7.5% −4.7% −6.3% −11.6% −13.8% −5.6% −1.2% −0.6% −0.8%
Balance and payout
n/a n/a n/a 1.78 1.73 1.69 1.56 0.90 n/a n/a
72.8% 46.3% 48.9% 73.6% 76.6% 79.8% 79.9% 72.9% 72.0% 67.0%
n/a 97.5% 0.1% 0.0% 0.0% n/a n/a n/a n/a n/a