Investor Overview

100% cloud-based SaaS subscription business model

  • Our Zero Trust Exchange is the platform for the AI era, making applications invisible, eliminating lateral movement, and leveraging unmatched scale.

  • Frontier AI models have elevated cybersecurity to the top of the boardroom agenda, and budgets are not a limiting factor.

  • We are unlocking new ACV opportunities through new logo prioritization, platform expansion, and partnerships.

  • With a financial profile well above the Rule of 40 and a path to $10B ARR, we are positioned for sustainable shareholder value creation.

Key Metrics

Leader in
Cloud Security

~$3.8B+

(FY’26)

Annual Recurring
Revenue

Strong Growth and Cash Flow:
Above “Rule-of-40”

25%

(FY’26)

Revenue Growth
Year-Over-Year

 
23%

(FY’26)

Free Cash
Flow Margin

Highly Scalable
Cloud Economics

80%

(FY’26, Non-GAAP)

Gross Margin

Remaining Performance
Obligation (RPO)

~$7.4B

(FY’26)

RPO growth of 
~27% Y/Y

Latest Quarterly Results

Latest Quarterly Results

$719M

Q4’25

$898M

Q4'26

~25% Revenue
Growth

$3,015M

Q4’25

$3,771M

Q4’26

25% ARR
Growth

$5,780M

Q4’25

$7,365M

Q4’26

27% RPO
Growth

785

Customers $1M+ ARR

18%

Y/Y Growth

4,182

Customers $100K+ ARR​

20%

Y/Y Growth

>40%

of the
GLOBAL 2000

>50%

of the
FORTUNE 500

80%

Non-GAAP
Gross Margin

24%

Non-GAAP
Operating Margin

~7%

Free Cash
Flow Margin

~$3.5B

Cash & Short-
Term Investments

“AI represents one of the most significant opportunities in Zscaler's history. By connecting users, workloads, branches, and now agents directly to the applications they need without placing them on the network, we are uniquely equipped to help companies combat the threats created by agentic AI and safely deploy AI agents and models,” said Jay Chaudhry, CEO, Chairman and Founder of Zscaler. “Our continued innovation across Zero Trust SASE, Agentic SecOps, Data Security, and Security for AI is driving increased platform adoption and creating new avenues for growth, as reflected in our strong Q4 results. As AI becomes foundational to how organizations operate, we are well positioned to extend our leadership as the cybersecurity platform for the AI era.”

Jay Chaudhry

Jay Chaudhry

Chairman and CEO of Zscaler

Cloud Based Architecture

central authority
+ Control Plane
+ Enforcement Plane
+ Logging Plane

A highly scalable and ultra-fast multi-tenant cloud security architecture

  • Over ~1000 patents issued and pending
  • Multi-tenant architecture
  • Distributed across 200+ public data centers
  • Direct peering with the largest Internet destinations
Explore our infographic

Control plane

Zscaler Central Authority (CA) monitors our entire security cloud and provides a central location for software and database updates, policy and configuration settings and threat intelligence. The collection of CA instances together act like the brain of the cloud, and they are geographically distributed for redundancy and performance.

Data plane

Customer traffic gets directed to the nearest Zscaler Enforcement Node (ZEN), where security, management and compliance policies are enforced. Our differentiated authentication and policy distribution mechanism that enables any user to connect to any ZEN at any time to ensure full policy enforcement. ZEN utilizes a full proxy architecture for in-line traffic inspection and is built to ensure data is not written to disk to maintain the highest level of data security. Logs are continuously created in memory and forwarded to our logging module.

Log Plane

Compressed logs are transmitted to our Nanolog Servers over secure connections and multicast to multiple servers for redundancy. Our dashboards provide visibility into our customer’s traffic to enable troubleshooting, policy changes and other administrative actions. Our analytics capabilities allow customers to interactively mine billions of transaction logs to generate reports that provide insight on network utilization and traffic. Regardless of where users are located, customers can choose to have logs stored in the US, the EU or Switzerland as well as streamed to a third-party SIEM.

Industry Reports & Corporate Presentations

eBook

Seven Elements of Highly Successful Zero Trust Architecture

Industry Report

Gartner Market Guide for Zero Trust Network Access (ZTNA)

Industry Report

Gartner Report: Magic Quadrant for Security Service Edge