Zscaler (ZS) Financials

$270.99 -6.78 (-2.44%)

Closing price 04:00 PM Eastern

Extended Trading

$269.62 -1.37 (-0.50%)

As of 06:53 PM Eastern

Annual Income Statements for Zscaler

This table shows Zscaler's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024
Net Income / (Loss) Attributable to Common Shareholders	-36	-45	-40	-29	-115	-262	-390	-202	-58
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58
Total Pre-Tax Income	-27	-35	-32	-28	-113	-257	-384	-183	-29
Total Operating Income	-27	-35	-35	-35	-114	-208	-327	-235	-121
Total Gross Profit	60	98	152	243	336	523	849	1,254	1,691
Total Revenue	80	126	190	303	431	673	1,091	1,617	2,168
Operating Revenue	80	126	190	303	431	673	1,091	1,617	2,168
Total Cost of Revenue	20	27	38	60	96	150	242	363	477
Operating Cost of Revenue	20	27	38	60	96	150	242	363	477
Total Operating Expenses	87	133	187	278	449	731	1,176	1,489	1,812
Selling, General & Admin Expense	9.40	21	31	47	74	97	152	178	212
Marketing Expense	57	79	116	170	278	459	735	954	1,100
Research & Development Expense	21	34	39	62	98	175	289	350	500
Restructuring Charge	-	-	-	-	-	0.00	0.00	7.60	0.00
Total Other Income / (Expense), net	-0.13	0.49	2.32	7.40	1.23	-49	-56	52	92
Interest Expense	-0.29	-0.60	0.00	0.00	5.03	53	57	6.54	13
Interest & Investment Income	-	-	2.24	7.73	6.48	2.81	4.59	60	109
Other Income / (Expense), net	-0.42	-0.11	0.08	-0.33	-0.22	1.19	-4.21	-1.86	-3.75
Income Tax Expense	0.47	0.88	1.34	0.74	2.39	4.85	6.65	20	28
Basic Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)
Weighted Average Basic Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	135.65M	140.90M	144.94M	149.59M
Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)
Weighted Average Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	135.65M	140.90M	144.94M	149.59M
Weighted Average Basic & Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	138.74M	143.05M	147.17M	152.49M

This table shows Zscaler's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Income / (Loss) Attributable to Common Shareholders	-68	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13
Consolidated Net Income / (Loss)	-68	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13
Net Income / (Loss) Continuing Operations	-68	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13
Total Pre-Tax Income	-63	-54	-39	-26	-24	-21	21	-5.10	-4.41	-17	4.56
Total Operating Income	-69	-65	-56	-45	-46	-45	-3.01	-27	-31	-40	-25
Total Gross Profit	279	300	323	352	385	408	435	463	486	499	522
Total Revenue	356	388	419	455	497	525	553	593	628	648	678
Operating Revenue	356	388	419	455	497	525	553	593	628	648	678
Total Cost of Revenue	77	88	96	103	111	117	118	130	141	148	156
Operating Cost of Revenue	77	88	96	103	111	117	118	130	141	148	156
Total Operating Expenses	348	365	379	397	431	453	438	490	517	540	547
Selling, General & Admin Expense	44	44	43	46	51	55	50	56	57	61	63
Marketing Expense	229	236	236	253	267	276	262	294	306	308	315
Research & Development Expense	75	86	93	96	114	122	125	139	154	171	170
Total Other Income / (Expense), net	5.67	11	16	19	22	25	24	22	26	24	30
Interest Expense	1.33	1.33	1.38	2.49	3.16	3.61	2.76	3.60	3.14	2.34	1.97
Interest & Investment Income	7.87	13	19	21	26	28	28	27	30	31	31
Other Income / (Expense), net	-0.86	0.14	-0.81	-0.33	-1.21	0.17	-0.93	-1.78	-0.65	-4.94	0.68
Income Tax Expense	4.75	3.69	6.69	4.65	9.00	7.96	1.74	9.77	7.64	-8.81	8.69
Basic Earnings per Share	($0.48)	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)
Weighted Average Basic Shares Outstanding	143.48M	144.51M	145.35M	144.94M	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M
Diluted Earnings per Share	($0.48)	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)
Weighted Average Diluted Shares Outstanding	143.48M	144.51M	145.35M	144.94M	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M
Weighted Average Basic & Diluted Shares Outstanding	144.21M	145.12M	145.89M	147.17M	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M

This table details how cash moves in and out of Zscaler's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024
Net Change in Cash & Equivalents	9.00	-4.70	48	-58	63	134	737	249	161
Net Cash From Operating Activities	-12	-6.02	17	58	79	202	322	462	780
Net Cash From Continuing Operating Activities	-12	-6.02	17	58	79	202	322	462	780
Net Income / (Loss) Continuing Operations	-27	-35	-34	-29	-115	-262	-390	-202	-58
Consolidated Net Income / (Loss)	-27	-35	-34	-29	-115	-262	-390	-202	-58
Depreciation Expense	4.87	6.84	7.99	10	18	30	40	56	66
Amortization Expense	5.52	8.47	13	17	33	111	139	107	130
Non-Cash Adjustments To Reconcile Net Income	-9.94	-12	-23	47	128	280	434	476	580
Changes in Operating Assets and Liabilities, net	15	26	53	12	15	43	98	26	61
Net Cash From Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683
Net Cash From Continuing Investing Activities	-6.65	-8.17	-178	-162	-1,038	-110	374	-259	-683
Purchase of Property, Plant & Equipment	-6.25	-8.17	-15	-29	-52	-58	-91	-129	-195
Acquisitions	-	0.00	0.00	-13	-40	-41	-25	-16	-375
Purchase of Investments	0.00	0.00	-163	-335	-1,258	-819	-845	-1,067	-1,293
Sale and/or Maturity of Investments	-	0.00	0.43	215	311	808	1,335	952	1,179
Net Cash From Financing Activities	28	9.50	208	46	1,022	42	41	46	64
Net Cash From Continuing Financing Activities	28	9.50	208	46	1,022	42	41	46	64
Repayment of Debt	-	-	-	-	0.00	0.00	-0.01	-0.00	-0.04
Issuance of Common Equity	0.78	4.70	206	16	15	26	35	42	52
Other Financing Activities, net	0.99	2.97	4.99	30	-124	16	6.69	3.73	12
Cash Interest Paid	-	-	-	0.00	0.00	1.46	1.44	1.44	1.44
Cash Income Taxes Paid	0.32	0.39	0.87	1.77	2.53	4.14	5.61	15	23

This table details how cash moves in and out of Zscaler's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Net Change in Cash & Equivalents	72	172	18	-13	100	77	-179	164	131	205	232
Net Cash From Operating Activities	128	89	108	136	261	142	173	204	331	179	211
Net Cash From Continuing Operating Activities	128	89	108	136	261	142	173	204	331	179	211
Net Income / (Loss) Continuing Operations	-68	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13
Consolidated Net Income / (Loss)	-68	-57	-46	-31	-33	-28	19	-15	-12	-7.72	-4.13
Depreciation Expense	12	13	15	16	14	15	18	19	21	24	28
Amortization Expense	26	26	27	28	31	29	33	37	39	40	44
Non-Cash Adjustments To Reconcile Net Income	111	118	116	131	140	153	127	161	173	189	175
Changes in Operating Assets and Liabilities, net	48	-10	-3.31	-8.61	109	-26	-23	1.10	109	-66	-32
Net Cash From Investing Activities	-58	70	-91	-180	-163	-86	-360	-74	-202	0.52	22
Net Cash From Continuing Investing Activities	-58	70	-91	-180	-163	-86	-360	-74	-202	0.52	22
Purchase of Property, Plant & Equipment	-33	-27	-35	-35	-36	-41	-50	-67	-39	-36	-92
Purchase of Investments	-211	-304	-227	-325	-376	-388	-242	-287	-431	-299	-158
Sale and/or Maturity of Investments	186	401	186	179	254	343	290	293	269	336	271
Net Cash From Financing Activities	0.98	13	1.09	31	1.26	21	7.44	35	0.89	25	-0.40
Net Cash From Continuing Financing Activities	0.98	13	1.09	31	1.26	21	7.44	35	0.89	25	-0.40
Other Financing Activities, net	0.98	1.12	1.09	0.54	1.26	2.59	7.44	0.96	0.89	2.57	-0.40
Cash Income Taxes Paid	3.00	0.01	3.57	8.36	5.29	6.22	7.92	3.69	9.40	7.50	0.93

This table presents Zscaler's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024
Total Assets	183	448	604	1,833	2,258	2,833	3,608	4,705
Total Current Assets	143	387	496	1,582	1,848	2,257	2,890	3,397
Cash & Equivalents	88	136	78	142	276	1,013	1,262	1,423
Short-Term Investments	0.00	163	286	1,229	1,227	718	838	987
Accounts Receivable	39	62	93	148	257	400	583	737
Prepaid Expenses	5.41	11	17	31	31	39	92	102
Other Current Assets	10	16	21	32	57	86	116	149
Plant, Property, & Equipment, net	13	20	41	76	109	161	242	383
Total Noncurrent Assets	27	41	67	176	301	415	476	925
Goodwill	-	0.00	7.48	30	59	79	89	417
Intangible Assets	-	0.00	8.71	24	32	32	26	64
Other Noncurrent Operating Assets	27	41	51	122	210	305	361	444
Total Liabilities & Shareholders' Equity	183	448	604	1,833	2,258	2,833	3,608	4,705
Total Liabilities	133	208	296	1,349	1,729	2,259	2,883	3,431
Total Current Liabilities	120	183	262	424	720	1,134	1,536	3,113
Short-Term Debt	-	-	-	-	-	-	0.00	1,142
Accounts Payable	3.76	4.90	6.21	5.23	13	26	18	23
Accrued Expenses	12	14	13	16	23	46	65	92
Current Deferred Revenue	85	141	221	337	571	924	1,281	1,644
Current Employee Benefit Liabilities	12	23	22	49	94	112	137	161
Other Current Liabilities	7.97	-	0.00	16	20	26	34	51
Total Noncurrent Liabilities	13	25	34	925	1,009	1,125	1,347	318
Noncurrent Deferred Revenue	11	23	30	33	59	97	159	251
Other Noncurrent Operating Liabilities	1.46	1.36	3.84	31	36	59	55	67
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-151	240	309	485	529	573	725	1,274
Total Preferred & Common Equity	-151	240	309	485	529	573	725	1,274
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-151	240	309	485	529	573	725	1,274
Common Stock	19	439	533	824	1,131	1,591	1,817	2,427
Retained Earnings	-162	-196	-224	-340	-602	-992	-1,090	-1,148
Accumulated Other Comprehensive Income / (Loss)	0.00	-0.12	0.27	0.46	-0.65	-26	-1.58	-4.79

This table presents Zscaler's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2022	Q1 2023	Q2 2023	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	4/30/2022	10/31/2022	1/31/2023	4/30/2023	10/31/2023	1/31/2024	4/30/2024	10/31/2024	1/31/2025	4/30/2025
Total Assets	2,525	2,836	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340
Total Current Assets	2,047	2,233	2,416	2,527	2,892	3,143	2,970	3,394	3,665	3,915
Cash & Equivalents	595	1,085	1,257	1,275	1,362	1,439	1,259	1,554	1,759	1,991
Short-Term Investments	1,063	740	648	693	963	1,021	981	1,154	1,122	1,015
Accounts Receivable	272	269	359	376	367	480	506	425	514	616
Prepaid Expenses	41	50	56	79	81	78	89	109	115	128
Other Current Assets	76	90	96	104	119	126	135	152	156	166
Plant, Property, & Equipment, net	142	183	200	223	266	294	331	409	422	499
Total Noncurrent Assets	336	419	423	451	478	497	898	906	918	925
Goodwill	60	79	79	89	92	92	417	417	418	418
Intangible Assets	27	29	27	29	26	23	69	60	56	51
Other Noncurrent Operating Assets	249	311	318	333	360	382	412	430	445	456
Total Liabilities & Shareholders' Equity	2,525	2,836	3,040	3,201	3,636	3,934	4,199	4,709	5,006	5,340
Total Liabilities	1,993	2,404	2,511	2,599	2,828	2,975	3,106	3,280	3,399	3,535
Total Current Liabilities	913	1,111	1,204	1,289	1,474	1,584	1,701	2,964	3,049	3,168
Short-Term Debt	-	-	-	-	-	-	-	1,146	1,148	1,149
Accounts Payable	15	30	34	25	23	17	28	25	25	55
Accrued Expenses	43	60	44	51	71	68	83	83	91	85
Current Deferred Revenue	732	913	1,000	1,059	1,245	1,316	1,377	1,533	1,596	1,678
Current Employee Benefit Liabilities	103	80	97	123	98	137	163	126	140	155
Other Current Liabilities	20	29	29	31	38	45	51	50	50	47
Total Noncurrent Liabilities	1,080	1,293	1,307	1,310	1,354	1,391	1,404	317	350	366
Noncurrent Deferred Revenue	87	93	112	116	155	186	200	251	283	307
Other Noncurrent Operating Liabilities	39	61	55	53	65	65	66	66	67	59
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Total Preferred & Common Equity	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Preferred Stock	-	-	-	-	-	-	-	0.00	0.00	0.00
Total Common Equity	532	431	529	601	808	959	1,093	1,429	1,607	1,805
Common Stock	1,450	1,425	1,547	1,661	1,949	2,114	2,242	2,593	2,798	2,961
Retained Earnings	-894	-956	-1,014	-1,060	-1,124	-1,152	-1,133	-1,160	-1,168	-1,172
Accumulated Other Comprehensive Income / (Loss)	-24	-38	-5.04	-0.10	-18	-3.01	-16	-4.49	-22	16

This table displays calculated financial ratios and metrics derived from Zscaler's official financial filings.

Metric	2016	2017	2018	2019	2020	2021	2022	2023	2024
Period end date	7/31/2016	7/31/2017	7/31/2018	7/31/2019	7/31/2020	7/31/2021	7/31/2022	7/31/2023	7/31/2024
Growth Metrics	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	56.51%	51.27%	59.24%	42.41%	56.07%	62.08%	48.22%	34.07%
EBITDA Growth	0.00%	-17.75%	32.67%	82.39%	-703.52%	-4.38%	-130.28%	51.53%	196.00%
EBIT Growth	0.00%	-29.06%	1.81%	-6.35%	-220.35%	-80.97%	-60.50%	28.69%	47.05%
NOPAT Growth	0.00%	-30.66%	1.28%	-2.53%	-222.70%	-82.36%	-57.56%	28.34%	48.22%
Net Income Growth	0.00%	-29.24%	5.12%	29.67%	-301.73%	-127.62%	-48.94%	48.16%	71.48%
EPS Growth	0.00%	-13.24%	59.09%	126.98%	-286.96%	-116.85%	-43.52%	49.46%	72.14%
Operating Cash Flow Growth	0.00%	49.49%	387.54%	235.28%	36.69%	154.72%	59.33%	43.62%	68.67%
Free Cash Flow Firm Growth	0.00%	0.00%	-129.99%	-114.52%	-314.82%	2.01%	8.70%	-12.69%	-195.38%
Invested Capital Growth	0.00%	0.00%	-52.85%	7.60%	56.98%	-149.16%	-214.98%	-27.25%	102.79%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	21.94%	10.16%	11.83%	12.47%	9.25%	6.79%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	19.83%	-68.85%	-4.19%	-4.92%	32.04%	67.06%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-1.80%	-47.87%	-11.87%	-5.15%	13.98%	11.42%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-0.04%	-47.99%	-12.15%	-4.85%	13.93%	12.66%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	11.11%	-62.49%	-13.65%	-4.45%	24.87%	21.49%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-966.67%	-61.82%	-12.21%	-3.75%	25.93%	22.00%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	1,734.28%	11.54%	21.09%	6.93%	22.16%	7.64%	9.49%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	-75.85%	13.79%	5.82%	17.33%	-5.80%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	30.44%	57.31%	-1.49%	-10.28%	-6.48%	173.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-
Gross Margin	74.94%	78.15%	80.08%	160.59%	77.80%	77.67%	77.79%	77.56%	77.99%
EBITDA Margin	-21.00%	-15.80%	-7.03%	-5.19%	-14.66%	-9.80%	-13.93%	-4.55%	3.26%
Operating Margin	-33.42%	-27.90%	-18.21%	-11.66%	-26.42%	-30.87%	-30.01%	-14.51%	-5.60%
EBIT Margin	-33.94%	-27.98%	-18.16%	-23.54%	-26.48%	-30.70%	-30.40%	-14.63%	-5.78%
Profit (Net Income) Margin	-34.16%	-28.21%	-17.69%	-9.46%	-26.69%	-38.93%	-35.77%	-12.51%	-2.66%
Tax Burden Percent	101.74%	102.54%	104.14%	205.32%	102.12%	101.89%	101.73%	110.83%	197.43%
Interest Burden Percent	98.94%	98.30%	93.53%	156.62%	98.73%	124.47%	115.68%	77.20%	23.34%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	0.00%	-71.15%	-23.20%	-20.89%	-29.02%	-51.70%	-70.82%	-31.17%	-5.77%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4,948.95%
Operating Return on Assets (OROA)	0.00%	-19.23%	-10.95%	-13.55%	-9.37%	-10.10%	-13.03%	-7.34%	-3.01%
Return on Assets (ROA)	0.00%	-19.39%	-10.67%	-5.45%	-9.45%	-12.81%	-15.33%	-6.28%	-1.39%
Return on Common Equity (ROCE)	0.00%	215.80%	-7.13%	-20.89%	-29.02%	-51.70%	-70.82%	-31.17%	-5.77%
Return on Equity Simple (ROE_SIMPLE)	0.00%	23.46%	-14.01%	-9.29%	-23.74%	-49.54%	-68.08%	-27.90%	-4.53%
Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-164	-85
NOPAT Margin	-23.39%	-19.53%	-12.74%	-8.16%	-18.50%	-21.61%	-21.01%	-10.16%	-3.92%
Net Nonoperating Expense Percent (NNEP)	0.00%	-24.80%	-4.87%	-2.30%	-8.09%	-21.23%	-23.83%	-4.41%	2.45%
Cost of Revenue to Revenue	25.06%	21.85%	19.92%	39.41%	22.20%	22.33%	22.21%	22.44%	22.01%
SG&A Expenses to Revenue	11.70%	16.32%	16.37%	30.77%	17.07%	14.34%	13.91%	10.98%	9.78%
R&D to Revenue	26.07%	26.70%	20.71%	40.93%	22.70%	25.95%	26.50%	21.63%	23.06%
Operating Expenses to Revenue	108.36%	106.05%	98.29%	183.91%	104.23%	108.54%	107.80%	92.07%	83.59%
Earnings before Interest and Taxes (EBIT)	-27	-35	-35	-36	-114	-207	-332	-236	-125
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-17	-20	-13	-7.87	-63	-66	-152	-74	71
Valuation Ratios	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	17.58	34.32	34.96	61.10	38.37	32.27	21.28
Price to Tangible Book Value (P/TBV)	0.00	0.00	17.58	36.22	39.35	73.82	47.52	38.35	34.17
Price to Revenue (P/Rev)	2.39	1.53	22.21	34.97	39.30	48.01	20.16	14.47	12.51
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,843.70
Enterprise Value to Revenue (EV/Rev)	0.00	2.43	20.64	33.76	38.12	47.14	19.46	13.87	11.92
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	365.53
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	226.77	349.37	207.25	157.04	65.96	48.52	33.14
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	22.44	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.00	0.00	0.00	1.78	1.73	1.69	1.56	0.90
Long-Term Debt to Equity	0.00	0.00	0.00	0.00	1.78	1.73	1.69	1.56	0.00
Financial Leverage	0.00	-1.77	-1.33	-2.42	-1.10	-1.08	-1.23	-1.33	-1.12
Leverage Ratio	0.00	3.67	2.17	1.92	3.07	4.04	4.62	4.96	4.16
Compound Leverage Factor	0.00	3.61	2.03	3.00	3.03	5.02	5.34	3.83	0.97
Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	63.99%	63.33%	62.82%	61.00%	47.27%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	47.27%
Long-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	63.99%	63.33%	62.82%	61.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	403.28%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-303.28%	100.00%	200.00%	36.01%	36.67%	37.18%	39.00%	52.73%
Debt to EBITDA	0.00	0.00	0.00	0.00	-13.63	-13.85	-6.38	-15.40	16.16
Net Debt to EBITDA	0.00	0.00	0.00	0.00	8.05	8.93	5.02	13.12	-17.93
Long-Term Debt to EBITDA	0.00	0.00	0.00	0.00	-13.63	-13.85	-6.38	-15.40	0.00
Debt to NOPAT	0.00	0.00	0.00	0.00	-10.80	-6.28	-4.23	-6.91	-13.43
Net Debt to NOPAT	0.00	0.00	0.00	0.00	6.38	4.05	3.33	5.88	14.90
Long-Term Debt to NOPAT	0.00	0.00	0.00	0.00	-10.80	-6.28	-4.23	-6.91	0.00
Altman Z-Score	0.00	-0.17	12.31	43.13	8.07	11.44	5.83	5.13	4.84
Noncontrolling Interest Sharing Ratio	0.00%	403.28%	69.29%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-
Current Ratio	0.00	1.19	2.12	3.79	3.73	2.57	1.99	1.88	1.09
Quick Ratio	0.00	1.05	1.97	3.50	3.58	2.44	1.88	1.75	1.01
Cash Flow Metrics	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	14	-4.08	-27	-112	-109	-100	-113	-333
Operating Cash Flow to CapEx	-190.75%	-73.64%	114.09%	404.62%	153.10%	346.57%	355.39%	359.17%	400.13%
Free Cash Flow to Firm to Interest Expense	0.00	0.00	0.00	0.00	-22.23	-2.05	-1.77	-17.22	-25.34
Operating Cash Flow to Interest Expense	0.00	0.00	0.00	0.00	15.78	3.79	5.69	70.68	59.39
Operating Cash Flow Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	5.47	2.69	4.09	51.00	44.54
Efficiency Ratios	-	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.69	0.60	1.15	0.35	0.33	0.43	0.50	0.52
Accounts Receivable Turnover	0.00	3.22	3.78	7.82	3.58	3.33	3.32	3.29	3.29
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	9.57	11.56	9.96	7.39	7.30	8.10	8.02	6.93
Accounts Payable Turnover	0.00	7.30	8.75	21.50	16.74	16.91	12.52	16.26	22.83
Days Sales Outstanding (DSO)	0.00	113.38	96.60	186.76	101.95	109.73	109.88	110.88	111.06
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	50.00	41.72	67.92	21.81	21.59	29.15	22.45	15.98
Cash Conversion Cycle (CCC)	0.00	63.39	54.88	118.84	80.14	88.14	80.73	88.43	95.07
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-
Invested Capital	0.00	-38	-58	-56	-24	-60	-189	-241	6.72
Invested Capital Turnover	0.00	-6.59	-3.94	-9.19	-10.75	-15.98	-8.75	-7.52	-18.51
Increase / (Decrease) in Invested Capital	0.00	-38	-20	2.22	32	-36	-129	-52	248
Enterprise Value (EV)	0.00	305	3,925	10,225	16,439	31,728	21,235	22,432	25,841
Market Capitalization	192	192	4,223	10,590	16,948	32,317	21,997	23,398	27,109
Book Value per Share	$0.00	($5.17)	$2.01	$2.46	$3.71	$3.86	$4.04	$4.97	$8.43
Tangible Book Value per Share	$0.00	($5.17)	$2.01	$2.33	$3.30	$3.20	$3.26	$4.18	$5.25
Total Capital	0.00	50	240	309	1,346	1,442	1,542	1,859	2,416
Total Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	1,142
Total Long-Term Debt	0.00	0.00	0.00	0.00	862	914	969	1,134	0.00
Net Debt	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267
Capital Expenditures (CapEx)	6.25	8.17	15	29	52	58	91	129	195
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-66	-94	-131	-213	-374	-609	-746	-984
Debt-free Net Working Capital (DFNWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	1,426
Net Working Capital (NWC)	0.00	22	204	234	1,158	1,128	1,122	1,354	284
Net Nonoperating Expense (NNE)	8.65	11	9.41	3.94	35	117	161	38	-27
Net Nonoperating Obligations (NNO)	0.00	-88	-299	-365	-509	-589	-763	-966	-1,267
Total Depreciation and Amortization (D&A)	10	15	21	28	51	141	180	163	196
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-52.12%	-49.54%	-43.10%	-49.32%	-55.63%	-55.84%	-46.12%	-45.38%
Debt-free Net Working Capital to Revenue	0.00%	17.86%	107.44%	154.63%	268.48%	167.60%	102.86%	83.77%	65.78%
Net Working Capital to Revenue	0.00%	17.86%	107.44%	154.63%	268.48%	167.60%	102.86%	83.77%	13.09%
Earnings Adjustments	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)
Adjusted Weighted Average Basic Shares Outstanding	26.52M	29.22M	119.77M	127.45M	132.91M	135.65M	140.90M	144.94M	149.59M
Adjusted Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	($1.93)	($2.77)	($1.40)	($0.39)
Adjusted Weighted Average Diluted Shares Outstanding	26.52M	29.22M	119.77M	127.45M	132.91M	135.65M	140.90M	144.94M	149.59M
Adjusted Basic & Diluted Earnings per Share	($1.36)	($1.54)	($0.63)	($0.23)	($0.89)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	26.52M	29.22M	63.88M	123.57M	129.32M	138.74M	143.05M	147.17M	152.49M
Normalized Net Operating Profit after Tax (NOPAT)	-19	-25	-24	-25	-80	-145	-229	-159	-85
Normalized NOPAT Margin	-23.39%	-19.53%	-12.74%	-16.33%	-18.50%	-21.61%	-21.01%	-9.83%	-3.92%
Pre Tax Income Margin	-33.58%	-27.51%	-16.99%	-18.43%	-26.14%	-38.21%	-35.16%	-11.29%	-1.35%
Debt Service Ratios	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	0.00	0.00	0.00	0.00	-22.72	-3.87	-5.86	-36.15	-9.54
NOPAT to Interest Expense	0.00	0.00	0.00	0.00	-15.87	-2.73	-4.05	-25.11	-6.48
EBIT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-33.03	-4.96	-7.46	-55.83	-24.38
NOPAT Less CapEx to Interest Expense	0.00	0.00	0.00	0.00	-26.18	-3.82	-5.65	-44.79	-21.32
Payout Ratios	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	-0.09%	-24.21%	-12.70%	0.00%	0.00%	0.00%	0.00%	0.00%

This table displays calculated financial ratios and metrics derived from Zscaler's official financial filings.

Metric	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025
Period end date	10/31/2022	1/31/2023	4/30/2023	7/31/2023	10/31/2023	1/31/2024	4/30/2024	7/31/2024	10/31/2024	1/31/2025	4/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	54.24%	51.66%	46.02%	43.06%	39.70%	35.45%	32.09%	30.30%	26.42%	23.41%	22.57%
EBITDA Growth	0.82%	36.83%	65.77%	97.80%	92.65%	96.83%	414.54%	3,628.90%	1,333.84%	2,511.66%	2.06%
EBIT Growth	6.68%	23.21%	36.17%	46.12%	32.42%	30.43%	93.03%	35.98%	33.74%	0.46%	-527.77%
NOPAT Growth	7.10%	22.27%	35.63%	46.02%	33.33%	30.32%	92.92%	39.51%	33.42%	11.70%	931.87%
Net Income Growth	24.93%	42.79%	54.59%	68.59%	50.88%	50.45%	141.53%	51.50%	64.01%	72.87%	-121.57%
EPS Growth	26.15%	43.66%	55.56%	71.01%	52.08%	52.50%	137.50%	55.00%	65.22%	73.68%	-125.00%
Operating Cash Flow Growth	37.72%	85.41%	40.43%	31.80%	103.03%	58.77%	59.87%	49.74%	27.04%	26.30%	21.72%
Free Cash Flow Firm Growth	202.11%	79.22%	-70.01%	-71.45%	23.61%	86.30%	-1,513.87%	-1,406.00%	-380.18%	-385.66%	129.82%
Invested Capital Growth	-99.31%	-67.32%	-31.78%	-27.25%	-50.75%	-52.41%	95.95%	102.79%	65.12%	65.17%	-464.38%
Revenue Q/Q Growth	11.79%	9.01%	8.05%	8.65%	9.16%	5.70%	5.37%	7.17%	5.92%	3.18%	4.65%
EBITDA Q/Q Growth	8.75%	20.51%	42.83%	94.69%	-204.60%	65.79%	5,780.61%	-40.39%	6.50%	-33.12%	140.40%
EBIT Q/Q Growth	16.03%	6.94%	13.12%	20.64%	-5.32%	4.20%	91.30%	-629.26%	-9.00%	-43.93%	45.13%
NOPAT Q/Q Growth	16.29%	5.57%	14.55%	20.08%	-3.38%	1.30%	91.32%	-583.15%	-13.79%	-30.89%	181.76%
Net Income Q/Q Growth	30.20%	15.71%	19.85%	33.38%	-9.16%	14.97%	167.17%	-177.80%	19.00%	35.91%	46.60%
EPS Q/Q Growth	30.43%	16.67%	20.00%	37.50%	-15.00%	17.39%	163.16%	-175.00%	11.11%	37.50%	40.00%
Operating Cash Flow Q/Q Growth	24.55%	-30.34%	21.22%	25.32%	91.86%	-45.53%	22.06%	17.38%	62.77%	-45.85%	17.64%
Free Cash Flow Firm Q/Q Growth	9.38%	-36.87%	-68.49%	31.24%	373.50%	-4.86%	-339.14%	-21.22%	-1.58%	3.00%	124.96%
Invested Capital Q/Q Growth	-34.12%	7.01%	4.18%	-6.48%	-58.89%	5.99%	97.45%	173.29%	-2,086.51%	6.12%	58.71%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	78.43%	77.40%	77.11%	77.43%	77.57%	77.68%	78.61%	78.04%	77.47%	77.08%	77.00%
EBITDA Margin	-9.11%	-6.64%	-3.51%	-0.17%	-0.48%	-0.16%	8.37%	4.65%	4.68%	3.03%	6.97%
Operating Margin	-19.43%	-16.83%	-13.31%	-9.79%	-9.27%	-8.66%	-0.54%	-4.55%	-4.88%	-6.20%	-3.75%
EBIT Margin	-19.67%	-16.80%	-13.50%	-9.86%	-9.52%	-8.63%	-0.71%	-4.85%	-4.99%	-6.96%	-3.65%
Profit (Net Income) Margin	-19.17%	-14.82%	-10.99%	-6.74%	-6.74%	-5.42%	3.46%	-2.51%	-1.92%	-1.19%	-0.61%
Tax Burden Percent	107.48%	106.87%	116.98%	117.86%	136.74%	138.84%	91.65%	291.50%	273.02%	46.71%	-90.40%
Interest Burden Percent	90.66%	82.59%	69.60%	57.99%	51.80%	45.28%	-529.59%	17.76%	14.09%	36.69%	-18.45%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	8.35%	0.00%	0.00%	0.00%	190.40%
Return on Invested Capital (ROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Equity (ROE)	-76.47%	-60.80%	-47.55%	-31.17%	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-4,948.95%	0.00%	0.00%	0.00%
Operating Return on Assets (OROA)	-9.37%	-8.29%	-6.98%	-4.95%	-5.17%	-4.69%	-0.39%	-2.53%	-2.75%	-3.77%	-1.95%
Return on Assets (ROA)	-9.13%	-7.32%	-5.68%	-3.38%	-3.66%	-2.95%	1.90%	-1.31%	-1.06%	-0.65%	-0.32%
Return on Common Equity (ROCE)	-76.47%	-60.80%	-47.55%	-31.17%	-27.07%	-18.64%	-8.68%	-5.77%	-3.24%	-1.21%	-2.68%
Return on Equity Simple (ROE_SIMPLE)	-85.24%	-61.41%	-44.79%	0.00%	-20.76%	-14.46%	-6.72%	0.00%	-2.54%	-0.97%	-2.15%
Net Operating Profit after Tax (NOPAT)	-48	-46	-39	-31	-32	-32	-2.76	-19	-21	-28	23
NOPAT Margin	-13.60%	-11.78%	-9.32%	-6.85%	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	3.39%
Net Nonoperating Expense Percent (NNEP)	-2.95%	-1.63%	-0.92%	0.06%	-0.13%	0.32%	2.27%	0.36%	0.68%	1.34%	-1.83%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-1.52%	-	-	-	-1.02%	0.78%
Cost of Revenue to Revenue	21.57%	22.60%	22.89%	22.57%	22.43%	22.32%	21.39%	21.96%	22.53%	22.92%	23.00%
SG&A Expenses to Revenue	12.42%	11.23%	10.38%	10.19%	10.21%	10.40%	9.12%	9.49%	9.05%	9.39%	9.31%
R&D to Revenue	21.08%	22.13%	22.12%	21.18%	22.86%	23.27%	22.59%	23.47%	24.56%	26.37%	25.04%
Operating Expenses to Revenue	97.86%	94.23%	90.42%	87.22%	86.85%	86.33%	79.15%	82.58%	82.36%	83.28%	80.74%
Earnings before Interest and Taxes (EBIT)	-70	-65	-57	-45	-47	-45	-3.94	-29	-31	-45	-25
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-32	-26	-15	-0.78	-2.38	-0.82	46	28	29	20	47
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	51.11	33.87	21.75	32.27	28.92	36.46	23.71	21.28	19.30	19.34	19.39
Price to Tangible Book Value (P/TBV)	68.15	42.29	27.06	38.35	33.87	41.42	42.69	34.17	28.96	27.41	26.20
Price to Revenue (P/Rev)	18.13	13.28	8.83	14.47	13.28	18.44	12.77	12.51	11.99	12.83	13.74
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	3,843.70	0.00	0.00	0.00
Enterprise Value to Revenue (EV/Rev)	17.57	12.72	8.28	13.87	12.61	17.75	12.22	11.92	11.31	12.12	13.01
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	586.37	365.53	253.80	238.76	267.47
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	59.81	43.03	28.51	48.52	37.27	51.97	34.84	33.14	30.58	33.06	35.81
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.64	2.16	1.90	1.56	1.40	1.19	1.04	0.90	0.80	0.71	0.64
Long-Term Debt to Equity	2.64	2.16	1.90	1.56	1.40	1.19	1.04	0.00	0.00	0.00	0.00
Financial Leverage	-1.40	-1.35	-1.35	-1.33	-1.51	-1.40	-1.14	-1.12	-1.23	-1.19	-1.02
Leverage Ratio	5.31	5.11	5.05	4.96	5.22	4.69	4.37	4.16	3.73	3.48	3.29
Compound Leverage Factor	4.82	4.22	3.52	2.88	2.71	2.12	-23.13	0.74	0.53	1.28	-0.61
Debt to Total Capital	72.54%	68.33%	65.49%	61.00%	58.41%	54.34%	51.00%	47.27%	44.51%	41.65%	38.89%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	47.27%	44.51%	41.65%	38.89%
Long-Term Debt to Total Capital	72.54%	68.33%	65.49%	61.00%	58.41%	54.34%	51.00%	0.00%	0.00%	0.00%	0.00%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	27.46%	31.67%	34.51%	39.00%	41.59%	45.66%	49.00%	52.73%	55.49%	58.35%	61.11%
Debt to EBITDA	-7.51	-8.35	-10.53	-15.40	-25.99	-61.02	26.88	16.16	11.18	9.33	9.27
Net Debt to EBITDA	4.52	5.60	7.64	13.12	27.28	70.53	-26.05	-17.93	-15.24	-14.09	-14.99
Long-Term Debt to EBITDA	-7.51	-8.35	-10.53	-15.40	-25.99	-61.02	26.88	0.00	0.00	0.00	0.00
Debt to NOPAT	-5.05	-5.37	-5.98	-6.91	-7.66	-8.50	-11.69	-13.43	-15.43	-16.27	-13.33
Net Debt to NOPAT	3.04	3.60	4.34	5.88	8.04	9.82	11.32	14.90	21.04	24.56	21.54
Long-Term Debt to NOPAT	-5.05	-5.37	-5.98	-6.91	-7.66	-8.50	-11.69	0.00	0.00	0.00	0.00
Altman Z-Score	5.85	4.66	3.42	5.30	5.43	7.56	5.47	4.91	5.27	5.76	6.26
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	2.01	2.01	1.96	1.88	1.96	1.98	1.75	1.09	1.15	1.20	1.24
Quick Ratio	1.88	1.88	1.82	1.75	1.83	1.86	1.61	1.01	1.06	1.11	1.14
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	78	49	16	20	97	92	-220	-267	-271	-263	66
Operating Cash Flow to CapEx	391.12%	335.60%	313.65%	392.48%	722.69%	344.15%	344.84%	302.74%	839.80%	498.36%	230.39%
Free Cash Flow to Firm to Interest Expense	58.74	37.03	11.25	8.18	30.59	25.51	-79.55	-73.96	-86.15	-112.29	33.35
Operating Cash Flow to Interest Expense	96.51	67.13	78.43	54.51	82.56	39.41	62.74	56.48	105.42	76.71	107.37
Operating Cash Flow Less CapEx to Interest Expense	71.84	47.13	53.42	40.62	71.14	27.96	44.55	37.82	92.87	61.32	60.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.48	0.49	0.52	0.50	0.54	0.54	0.55	0.52	0.55	0.54	0.53
Accounts Receivable Turnover	5.52	4.29	4.56	3.29	5.53	4.52	4.60	3.29	5.81	4.87	4.54
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	8.20	8.38	8.12	8.02	7.83	7.66	7.34	6.93	6.82	6.76	6.14
Accounts Payable Turnover	11.94	12.59	16.42	16.26	15.02	16.83	17.03	22.83	20.87	25.80	13.94
Days Sales Outstanding (DSO)	66.15	85.03	79.96	110.88	65.97	80.70	79.35	111.06	62.82	74.90	80.41
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	30.56	29.00	22.23	22.45	24.31	21.69	21.44	15.98	17.49	14.15	26.18
Cash Conversion Cycle (CCC)	35.59	56.03	57.72	88.43	41.67	59.01	57.92	95.07	45.34	60.75	54.23
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	-254	-236	-226	-241	-383	-360	-9.17	6.72	-134	-125	-52
Invested Capital Turnover	-6.38	-7.15	-7.44	-7.52	-5.52	-6.36	-17.24	-18.51	-8.90	-9.98	-83.58
Increase / (Decrease) in Invested Capital	-127	-95	-55	-52	-129	-124	217	248	249	235	-43
Enterprise Value (EV)	21,359	17,141	12,248	22,432	22,164	33,639	24,814	25,841	26,007	29,352	33,137
Market Capitalization	22,044	17,905	13,075	23,398	23,354	34,958	25,916	27,109	27,569	31,085	34,994
Book Value per Share	$3.01	$3.67	$4.14	$4.97	$5.49	$6.46	$7.29	$8.43	$9.37	$10.48	$11.67
Tangible Book Value per Share	$2.26	$2.94	$3.33	$4.18	$4.69	$5.69	$4.05	$5.25	$6.24	$7.39	$8.63
Total Capital	1,571	1,669	1,742	1,859	1,942	2,100	2,231	2,416	2,574	2,755	2,954
Total Debt	1,140	1,141	1,141	1,134	1,134	1,141	1,138	1,142	1,146	1,148	1,149
Total Long-Term Debt	1,140	1,141	1,141	1,134	1,134	1,141	1,138	0.00	0.00	0.00	0.00
Net Debt	-685	-765	-828	-966	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857
Capital Expenditures (CapEx)	33	27	35	35	36	41	50	67	39	36	92
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-703	-693	-730	-746	-907	-901	-971	-984	-1,132	-1,116	-1,110
Debt-free Net Working Capital (DFNWC)	1,122	1,212	1,238	1,354	1,417	1,559	1,269	1,426	1,576	1,764	1,896
Net Working Capital (NWC)	1,122	1,212	1,238	1,354	1,417	1,559	1,269	284	430	616	747
Net Nonoperating Expense (NNE)	20	12	7.02	-0.51	1.24	-3.35	-22	-3.99	-9.42	-20	27
Net Nonoperating Obligations (NNO)	-685	-765	-828	-966	-1,190	-1,319	-1,102	-1,267	-1,562	-1,733	-1,857
Total Depreciation and Amortization (D&A)	38	39	42	44	45	44	50	56	61	65	72
Debt-free, Cash-free Net Working Capital to Revenue	-57.79%	-51.43%	-49.34%	-46.12%	-51.60%	-47.53%	-47.85%	-45.38%	-49.24%	-46.10%	-43.57%
Debt-free Net Working Capital to Revenue	92.28%	89.92%	83.66%	83.77%	80.61%	82.24%	62.50%	65.78%	68.55%	72.83%	74.44%
Net Working Capital to Revenue	92.28%	89.92%	83.66%	83.77%	80.61%	82.24%	62.50%	13.09%	18.71%	25.45%	29.33%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($0.48)	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.13	($0.10)	($0.08)	($0.05)	($0.03)
Adjusted Weighted Average Basic Shares Outstanding	143.48M	144.51M	145.35M	144.94M	147.63M	148.95M	150.29M	149.59M	152.56M	153.67M	154.91M
Adjusted Diluted Earnings per Share	($0.48)	($0.40)	($0.32)	($0.20)	($0.23)	($0.19)	$0.12	($0.09)	($0.08)	($0.05)	($0.03)
Adjusted Weighted Average Diluted Shares Outstanding	143.48M	144.51M	145.35M	144.94M	147.63M	148.95M	154.08M	149.59M	152.56M	153.67M	154.91M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	144.21M	145.12M	145.89M	147.17M	148.33M	149.86M	151.15M	152.49M	153.44M	154.72M	155.70M
Normalized Net Operating Profit after Tax (NOPAT)	-48	-46	-35	-31	-32	-32	-2.76	-19	-21	-28	-18
Normalized NOPAT Margin	-13.60%	-11.78%	-8.26%	-6.85%	-6.49%	-6.06%	-0.50%	-3.18%	-3.42%	-4.34%	-2.62%
Pre Tax Income Margin	-17.84%	-13.87%	-9.40%	-5.72%	-4.93%	-3.91%	3.77%	-0.86%	-0.70%	-2.55%	0.67%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-52.55	-48.84	-40.89	-18.00	-14.96	-12.56	-1.43	-7.97	-9.96	-19.27	-12.58
NOPAT to Interest Expense	-36.33	-34.26	-28.22	-12.50	-10.21	-8.83	-1.00	-5.23	-6.83	-12.01	11.68
EBIT Less CapEx to Interest Expense	-77.23	-68.84	-65.90	-31.88	-26.39	-24.01	-19.62	-26.63	-22.52	-34.66	-59.18
NOPAT Less CapEx to Interest Expense	-61.01	-54.26	-53.22	-26.39	-21.63	-20.28	-19.19	-23.89	-19.38	-27.41	-34.92
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Key Financial Trends

Over the past two years, Zscaler (NASDAQ: ZS) has experienced strong revenue growth as it scales its cloud security platform, but it continues to face challenges in reaching profitability.

Key positive trends:

Revenue has steadily increased from $286.8 million in Q3 2022 to $678 million in Q3 2025, more than doubling in three years.
Gross profit margin has remained robust, with total gross profit increasing from around $223 million in Q3 2022 to $522 million in Q3 2025, suggesting strong unit economics.
Operating cash flow improved to $211 million in Q3 2025 from $77 million in Q3 2022, indicating better cash generation despite ongoing net losses.
Cash and equivalents position has grown from $594 million in Q3 2022 to nearly $2 billion in Q3 2025, providing a strong liquidity buffer for growth investments.
Investment in property, plant & equipment and acquisitions have been significant but steady, supporting expansion and technology enhancements.

Neutral observations:

Operating expenses have risen in absolute terms but remain a relatively consistent percentage of revenue, reflecting disciplined spending despite growth.
Total liabilities increased from approximately $2 billion in Q3 2022 to $3.5 billion in Q3 2025, partly due to growth financing activities.
Non-cash adjustments such as amortization and depreciation have steadily increased, impacting net income but not cash flow negatively.
Weighted average shares outstanding have risen modestly from about 141 million to 155 million, indicating some dilution over the period.

Challenges and risks:

Zscaler remained unprofitable each quarter, with net losses persisting at $4.1 million in Q3 2025, although this is an improvement compared to losses exceeding $100 million in 2022.
Income tax expenses fluctuate significantly quarter to quarter with no clear pattern, sometimes increasing net losses.
Significant investments in capital expenditures and acquisitions weigh on free cash flow generation, which may delay profitability.
The company carries over $1 billion in short-term debt as of Q3 2025, which could pressure liquidity if growth stalls.

Summary: Zscaler is successfully growing its top line with increasing revenues and improving gross profits. The company is generating strong operating cash flow, supported by a large cash reserve. However, Zscaler is not yet consistently profitable, reflecting heavy investments in R&D, marketing, and infrastructure. Continued execution to improve net income while sustaining growth and managing its debt levels will be key factors for investors to monitor.

08/14/25 04:48 PMAI Generated. May Contain Errors.

Frequently Asked Questions About Zscaler's Financials

When does Zscaler's financial year end?

According to the most recent income statement we have on file, Zscaler's fiscal year ends in July. Their fiscal year 2024 ended on July 31, 2024.

How has Zscaler's net income changed over the last 8 years?

Zscaler's net income appears to be on an upward trend, with a most recent value of -$57.71 million in 2024, rising from -$27.44 million in 2016. The previous period was -$202.34 million in 2023. Check out Zscaler's forecast to explore projected trends and price targets.

What is Zscaler's operating income?

Zscaler's total operating income in 2024 was -$121.48 million, based on the following breakdown:

Total Gross Profit: $1.69 billion
Total Operating Expenses: $1.81 billion

How has Zscaler's revenue changed over the last 8 years?

Over the last 8 years, Zscaler's total revenue changed from $80.33 million in 2016 to $2.17 billion in 2024, a change of 2,598.8%.

How much debt does Zscaler have?

Zscaler's total liabilities were at $3.43 billion at the end of 2024, a 19.0% increase from 2023, and a 2,478.3% increase since 2017.

How much cash does Zscaler have?

In the past 7 years, Zscaler's cash and equivalents has ranged from $78.48 million in 2019 to $1.42 billion in 2024, and is currently $1.42 billion as of their latest financial filing in 2024.

How has Zscaler's book value per share changed over the last 8 years?

Over the last 8 years, Zscaler's book value per share changed from 0.00 in 2016 to 8.43 in 2024, a change of 842.9%.

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This page (NASDAQ:ZS) was last updated on 8/14/2025 by MarketBeat.com Staff

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Zscaler (ZS) Financials

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