Zscaler, Inc. · Common stock · San Jose, California

Zero trust security, now selling to AI.

Zscaler sells cloud security that sits between users and apps. Revenue grew 25% to $898M last quarter (20% without the Red Canary acquisition), organic net new ARR accelerated to 17%, and AI security bookings jumped 50%. Free cash flow margin slipped to 23% as it built more data center capacity.

Last close · Oct 9, 2026

$233.73

Market cap

$37.8B

at current price

52-week range

$115–337

closing low / high

P/E

~48×

FY27 guide EPS $4.86–4.90 (non-GAAP)

Revenue TTM

Q1 FY27 guide

$937M

±$2M · ~19% growth · EPS $1.15–1.16

Next earnings

Late Nov

Q1 FY27 · date not yet announced

Price, last 12 months

Daily closes with the 50-day average. The stock ranged from about $115 to $337 over the past year.

1Y closing high

—

1Y closing low

—

SMA 50

—

SMA 200

—

RSI 14

—

Avg daily move

—

last 20 sessions

Beta

0.94

vs. S&P 500

From peak

—

Revenue and margins, by quarter

Revenue in US$ millions, with GAAP gross margin on the right axis. Zscaler's fiscal year ends July 31. GAAP operating margin is still slightly negative because of stock compensation; non-GAAP operating margin was a record 24%. The last bar is guidance at the midpoint.

RevenueGross margin (right axis)Guidance

Q4 FY26

$898M

+25% YoY · +20% organic

ARR

$3.77B

+25% · $3.63B excl. Red Canary

Net new ARR

$246M

organic growth 17%, up from 7% in FY25

FY26 FCF margin

23%

27% in FY25 · FY27 guide 23–23.5%

Quarter	Ended	Revenue, US$M	YoY	Gross margin	Op. margin	EPS (GAAP)

Watch list

What moves the thesis, sorted by direction.

Tailwind

AI security

Bookings for Security for AI and agentic security products rose about 50%, and organic net new ARR growth accelerated to 17%.

Watch

Slower ARR guide

FY27 ARR is guided to grow 16.6–17.4%, below the 25% just reported, partly because of a sales leadership transition.

Watch

Capex jump

Capex and capitalized software were $218.5M in Q4, up from $78.7M, cutting quarterly free cash flow to $60.8M.

Risk

Valuation and volatility

About 48× next year's non-GAAP earnings; the stock moved 8% in a day on Oct 9.

Calendar

Late Nov 2026

Q1 FY27 earnings

Guide: revenue $935–939M, operating income $215–217M, EPS $1.15–1.16.

Late Feb 2027

Q2 FY27 earnings

Date not yet announced.

Jul 31, 2027

FY27 ends

Guide: ARR $4.40–4.43B, revenue $3.91–3.94B, FCF margin 23–23.5%.