Jul 2026 (Q4 FY26) — Sep 3, 2026
Zscaler Q4 FY26 — Strong ARR Growth and AI Tailwinds
Read the full callZscaler (ZS) earnings
- Jul 2026
- Jul 2026 (Q4 FY26)
- Jul 2026
Zscaler earnings: last reported Thu, 3 Sep 2026, for the quarter ended Jul 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 898 | +24.9% YoY | Quarterly, as filed | Quarter to Jul 2026 | Revenue from operations as filed. |
| Operating margin | -1.7 | +2.8 pts YoY | Operating profit / revenue | Quarter to Jul 2026 | For the quarter; a change is in percentage points. |
| Net profit | -3.4 | Quarterly, as filed | Quarter to Jul 2026 | Profit after tax as filed. The year-earlier figure was zero or a loss, so no percentage is shown. |
Guidance
What management said, and what became of it
19 of 19 judged targets kept · 41 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Red Canary ARR retained through post-close integration | approximately half of the $140 million ARR | Apr 2025 | Red Canary exited Q3 with $127 million of ARR. | Achieved |
| Full-year FY26 annual recurring revenue | $3.698 billion to $3.718 billion | Oct 2025 | For the full year fiscal 2026, we expect ARR of $3.740 billion to $3.749 billion or year-over-year growth of approximately 24%. | Revised Up |
| Availability of the integrated SecOps solution | available in fiscal 2027 | Apr 2026 | we will be rolling out the integrated SecOps solution that will be available, we would expect in '27 | New |
41 of Zscaler, Inc.'s 60 targets are still open. See which are on track and which have gone quiet. The 3 above are the free sample; 57 more targets are in the full ledger.
Claimed
- Achieved 25% year-over-year ARR growth, reaching $3.8 billion.
- Non-GAAP operating margin reached a record 24.3% in Q4, up 220 basis points year-over-year.
- Net new ARR growth (excluding Red Canary) accelerated to 17% in Q4.
- Closed a record number of $1 million plus new ACV deals, and the number of $10 million plus ARR customers nearly doubled year-over-year.
- Non-seat-based metered usage solutions delivered approximately 30% of new and upsell ACV, with ARR tied to these offerings growing more than 100% year-over-year.
Qualified
- Workforce restructuring is expected to affect approximately 3% of employees, resulting in charges of approximately $30 million to $33 million.
- CapEx is expected to remain elevated during fiscal '27 due to higher component pricing, especially memory.
- Free cash flow margin for FY26 was 23%, down from 27% last year, reflecting timing of cash collections and CapEx expenditures.
- The Red Canary business experienced elevated churn in FY26, typical of MDR businesses, though the book of business was maintained.
Price
$212.53 +2.48% · +$5.15
Performance −29.2% 1Y
1Y: $300.25 on 17 Oct 2025 → $212.53. High $336.27 (3 Nov 2025), low $118.05 (10 Apr 2026).
- Previous close
- $207.38
- 52-week range
- $118.05 – $336.27
- One year
- −30.52%
Overview
- Symbol
- ZS
- Sector
- Information Technology
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
19 of 19 judged targets kept · 41 open · verdicts reflect calls analysed to Apr 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Red Canary ARR retained through post-close integration | approximately half of the $140 million ARR | Apr 2025 | Red Canary exited Q3 with $127 million of ARR. | Achieved |
| Full-year FY26 annual recurring revenue | $3.698 billion to $3.718 billion | Oct 2025 | For the full year fiscal 2026, we expect ARR of $3.740 billion to $3.749 billion or year-over-year growth of approximately 24%. | Revised Up |
| Availability of the integrated SecOps solution | available in fiscal 2027 | Apr 2026 | we will be rolling out the integrated SecOps solution that will be available, we would expect in '27 | New |
Claimed
- Achieved 25% year-over-year ARR growth, reaching $3.8 billion.
- Non-GAAP operating margin reached a record 24.3% in Q4, up 220 basis points year-over-year.
- Net new ARR growth (excluding Red Canary) accelerated to 17% in Q4.
- Closed a record number of $1 million plus new ACV deals, and the number of $10 million plus ARR customers nearly doubled year-over-year.
- Non-seat-based metered usage solutions delivered approximately 30% of new and upsell ACV, with ARR tied to these offerings growing more than 100% year-over-year.
Qualified
- Workforce restructuring is expected to affect approximately 3% of employees, resulting in charges of approximately $30 million to $33 million.
- CapEx is expected to remain elevated during fiscal '27 due to higher component pricing, especially memory.
- Free cash flow margin for FY26 was 23%, down from 27% last year, reflecting timing of cash collections and CapEx expenditures.
- The Red Canary business experienced elevated churn in FY26, typical of MDR businesses, though the book of business was maintained.
The full ledger
Open Zscaler, Inc.’s full ledger
A free account opens 5 company ledgers a month. All 60 tracked commitments, with each call’s wording and source.
Call summaries
Apr 2026 (Q3 FY26) — May 26, 2026
Zscaler Q3 FY26 — Strong ARR Growth and Record Operating Margin Driven by AI and Zero Trust Adoption
Read the full callEvery analysed call
Zscaler earnings calls (ZS)
Financials
What the filings say
Net profit, year on year: +81% (quarter to jul 2026 against jul 2025).
| Line item | Oct 2024 | Jan 2025 | Apr 2025 | Jul 2025 | Oct 2025 | Jan 2026 | Apr 2026 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 628 | 648 | 678 | 719 | 788 | 816 | 850 | 898 |
| Operating profit | -31 | -40 | -25 | -32 | -36 | -52 | -30 | -15 |
| Operating margin | −4.9% | −6.2% | −3.8% | −4.5% | −4.6% | −6.3% | −3.5% | −1.7% |
| Interest | 3 | 2 | 2 | 2 | 2 | 4 | 3 | 3 |
| Profit before tax | -4 | -17 | 5 | -2 | -8 | -21 | -2 | 15 |
| Tax rate | −173.0% | 53.3% | 190.4% | −823.7% | −38.7% | −61.1% | −485.5% | 122.6% |
| Net profit | -12 | -8 | -4 | -18 | -12 | -34 | -14 | -3 |
| EPS ($ per share) | -0.08 | -0.05 | -0.03 | — | -0.07 | -0.21 | -0.09 | — |
| Line item | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Reserves | -224 | -340 | -602 | -992 | -1,090 | -1,148 | -1,190 | -1,253 |
| Total liabilities | 296 | 1,349 | 1,729 | 2,259 | 2,883 | 3,431 | 4,621 | 5,268 |
| Fixed assets | 41 | 76 | 109 | 161 | 242 | 383 | 543 | 753 |
| Total assets | 604 | 1,833 | 2,258 | 2,833 | 3,608 | 4,705 | 6,420 | 7,867 |
| Line item | Jul 2019 | Jul 2020 | Jul 2021 | Jul 2022 | Jul 2023 | Jul 2024 | Jul 2025 | Jul 2026 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 58 | 79 | 202 | 322 | 462 | 780 | 972 | 1,130 |
| Cash from investing | -162 | -1,038 | -110 | 374 | -259 | -683 | -427 | -2,653 |
| Cash from financing | 46 | 1,022 | 42 | 41 | 46 | 64 | 421 | 62 |
| Net cash flow | -58 | 63 | 134 | 737 | 249 | 161 | 966 | -1,461 |
| Capital expenditure | -26 | -43 | -48 | -69 | -97 | -145 | -164 | -277 |
| Free cash flow | 33 | 36 | 154 | 253 | 365 | 635 | 808 | 852 |
ZS revenue by segment
| Segment | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | Q4 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|
| Reportable | 100% | 100% | 100% | 100% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
ZS operating KPIs by quarter
| KPI | Apr 2026 Q3 FY26 | Jul 2026 Q4 FY26 | Change vs prior quarter |
|---|---|---|---|
| Annual recurring revenue (ARR) | $3.5BOur Q3 '26 net new ARR was $166 million, up 24%, bringing total ARR to $3.5 billion, up 25% year-over-year.Source: earnings call transcript | $3.8BTotal net new ARR was $246 million, up 24% bringing total ARR to $3.8 billion, up 25% year-over-year.Source: earnings call transcript | +8.6% |
| Annual recurring revenue (ARR) Red Canary | $127MRed Canary exited Q3 with $127 million of ARR.Source: earnings call transcript | $141MRed Canary exited Q4 with $141 million of ARR.Source: earnings call transcript | +11% |
| Customers above an annual spend threshold Over $1 million ARR | 748We closed Q3 with 748 customers generating more than $1 million of ARR and 4,003 customers exceeding $100,000 of ARR, growing 18% and 19% year-over-year, respectively.Source: earnings call transcript | 785We ended the quarter with 785 customers generating over $1 million in ARR and 4,182 customers generating more than $100,000 in ARR growing 18% and 20% year-over-year, respectively.Source: earnings call transcript | +4.9% |
| Customers above an annual spend threshold Over $100,000 ARR | 4,003We closed Q3 with 748 customers generating more than $1 million of ARR and 4,003 customers exceeding $100,000 of ARR, growing 18% and 19% year-over-year, respectively.Source: earnings call transcript | 4,182We ended the quarter with 785 customers generating over $1 million in ARR and 4,182 customers generating more than $100,000 in ARR growing 18% and 20% year-over-year, respectively.Source: earnings call transcript | +4.5% |
| Remaining performance obligation (RPO) | ~$6.5BRemaining performance obligation, or RPO, of approximately $6.5 billion grew approximately 30%, including approximately 46% classified as current RPO.Source: earnings call transcript | ~$7.4BRemaining performance obligation, or RPO, of approximately $7.4 billion grew approximately 27% with approximately 45% classified as current RPO.Source: earnings call transcript | — |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
Revenue by region
Q4 FY2026 · share of revenue
- US 53% ↑ 3 pt
- EMEA 27% ↓ 2 pt
- Asia Pacific 16%
- Other 4%
As ZS cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
77 filings between Oct 24, 2025 and Oct 12, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$23.40M
66 sales by 8 insiders
71% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 9
- Award — granted as compensation
- 2
- Option exercise — converted options into shares
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| Geller Adam | — | $9.73M | Oct 12, 2026 |
| Schlossman Robert | — | $4.60M | Sep 21, 2026 |
| RUBIN KEVIN | — | $3.02M | Sep 25, 2026 |
| Rich Michael J. | — | $2.76M | Sep 16, 2026 |
| Chaudhry Jagtar Singh | — | $1.87M | Sep 16, 2026 |
| Judge Raj | — | $1.18M | Mar 17, 2026 |
| BEER JAMES A | — | $231.4K | Sep 17, 2026 |
| Brown Andrew William Fraser | — | $0 | Dec 26, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 12, 2026 | Geller Adam Chief Product Officer | Option exercise 10b5-1 plan | 1,042 | $214.2K |
| Oct 12, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 1,042 | $245.9K |
| Oct 9, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 21,875 | $4.92M |
| Oct 9, 2026 | Geller Adam Chief Product Officer | Option exercise 10b5-1 plan | 23,958 | $4.93M |
| Oct 9, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 2,083 | $479.1K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 20 | $4.0K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 100 | $19.5K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 118 | $23.2K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 36 | $7.3K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 5 | $1.0K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 20 | $4.1K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 4 | $824 |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 3 | $623 |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 12 | $2.5K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 3 | $592 |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 9 | $1.8K |
| Sep 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 189 | $37.0K |
| Sep 21, 2026 | Schlossman Robert Chief Legal Officer | Sale 10b5-1 plan | 5,394 | $1.08M |
| Sep 21, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 661 | $132.2K |
| Sep 17, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 4,584 | $880.2K |
| Sep 17, 2026 | BEER JAMES A Director | Sale 10b5-1 plan | 177 | $34.0K |
| Sep 16, 2026 | Schlossman Robert Chief Legal Officer | Sale | 2,325 | $448.2K |
| Sep 16, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 5,578 | $1.08M |
| Sep 16, 2026 | Chaudhry Jagtar Singh CEO & Chairman | Sale | 2,852 | $549.8K |
| Sep 16, 2026 | Rich Michael J. CRO and President of WW Sales | Sale | 4,108 | $791.9K |
| Sep 16, 2026 | RUBIN KEVIN Chief Financial Officer | Sale | 5,957 | $1.15M |
| Sep 15, 2026 | RUBIN KEVIN Chief Financial Officer | Award | 8,349 | $0 |
| Sep 15, 2026 | Geller Adam Chief Product Officer | Award 10b5-1 plan | 6,817 | $0 |
| Aug 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 291 | $50.2K |
| Aug 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 48 | $8.4K |
| Aug 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 6 | $1.1K |
| Aug 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 92 | $16.0K |
| Aug 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 66 | $11.6K |
| Jul 27, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 75 | $10.9K |
| Jul 27, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 142 | $21.1K |
| Jul 27, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 96 | $14.1K |
| Jul 27, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 118 | $17.4K |
| Jul 27, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 72 | $10.4K |
| Jul 6, 2026 | Schlossman Robert Chief Legal Officer | Sale 10b5-1 plan | 122 | $18.3K |
| Jun 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 228 | $28.7K |
| Jun 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 560 | $69.9K |
| Jun 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 1,696 | $210.4K |
| Jun 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 12 | $1.5K |
| Jun 25, 2026 | RUBIN KEVIN Chief Financial Officer | Sale 10b5-1 plan | 504 | $62.1K |
| Jun 22, 2026 | Geller Adam Chief Product Officer | Sale 10b5-1 plan | 2,817 | $345.4K |
| Jun 17, 2026 | BEER JAMES A Director | Sale 10b5-1 plan | 177 | $22.2K |
| Jun 16, 2026 | RUBIN KEVIN Chief Financial Officer | Sale | 1,686 | $213.2K |
| Jun 16, 2026 | Chaudhry Jagtar Singh CEO & Chairman | Sale | 2,878 | $363.9K |
| Jun 16, 2026 | Geller Adam Chief Product Officer | Sale | 1,940 | $245.3K |
| Jun 16, 2026 | Schlossman Robert Chief Legal Officer | Sale | 3,146 | $397.7K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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