Zscaler, Inc. operates as a cloud security company worldwide. The company offers cyberthreat protection products, including Zscaler Internet Access, which provides threat protection, cloud sandbox, and cloud browser isolation; Zscaler Private Access solution that includes cyberthreat and data protection, application discovery, secure application access, application segmentation, application protection, reduced attack surface, and browser isolation; Zero Trust Firewall; Cloud Sandbox; and Zero Trust Browser. It also provides data security products, such as web and email DLP, endpoint DLP, BYOD security, multi-mode CASB, unified SaaS security, DSPM, AI-SPM, public gen AI security, and Microsoft Copilot data protection; Zero Trust Cloud solution. In addition, the company offers Zero Trust Branch comprising Zero Trust SD-WAN; IoT/OT segmentation; privileged remote access; Zscaler Cellular; and Zscaler Digital Experience that measures end-to-end user experience across business applications, as well as provides an easy-to-understand digital experience score for each user, application, and location within an enterprise. Further, it provides security operations products, including data fabric for security; asset exposure management; Risk360; unified vulnerability management; deception; managed detection and response; and managed threat hunting. Additionally, the company offers Zero Trust Gateway, a fully managed Zscaler service. It serves the automotive, airlines and transportation, conglomerates, consumer goods and retail, energy, financial services, healthcare, insurance, manufacturing, media and communications, public sector and education, technology, and telecommunications services industries. The company was formerly known as SafeChannel, Inc., and changed its name to Zscaler, Inc. in August 2008. Zscaler, Inc. was incorporated in 2007 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $2.7B | $108M | $-41M | $727M | -2.3% | 23.3% | -28.1% |
| 2024 | $2.2B | $65M | $-58M | $585M | -4.5% | 34.1% | -71.5% |
| 2023 | $1.6B | $-109M | $-202M | $334M | -27.9% | 48.2% | -48.2% |
| 2022 | $1.1B | $-278M | $-390M | $231M | -68.1% | - | - |
| 2021 | - | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 1,090.95 | 1,616.95 | 2,167.77 | 2,673.12 |
| Operating Revenue | - | 1,090.95 | 1,616.95 | 2,167.77 | 2,673.12 |
| Cost Of Revenue | - | 242.28 | 362.83 | 477.13 | 618.18 |
| Gross Profit | - | 848.66 | 1,254.12 | 1,690.64 | 2,054.94 |
| Operating Expense | - | 1,176.09 | 1,488.74 | 1,812.12 | 2,182.08 |
| Research And Development | - | 289.14 | 350.79 | 499.83 | 672.48 |
| Selling General And Administration | - | 886.95 | 1,137.18 | 1,311.06 | 1,507.90 |
| Total Expenses | - | 1,418.38 | 1,851.58 | 2,289.25 | 2,800.26 |
| Operating Income | - | -327.43 | -234.62 | -121.48 | -127.14 |
| Total Operating Income As Reported | - | -327.43 | -234.62 | -121.48 | -128.46 |
| EBITDA | - | -277.58 | -109.21 | 64.83 | 108.12 |
| Normalized EBITDA | - | -277.58 | -109.21 | 64.83 | 109.44 |
| EBIT | - | -327.05 | -176.02 | -16.10 | -13.06 |
| Interest Income | - | 4.59 | 60.46 | 109.13 | 125.36 |
| Interest Expense | - | 56.58 | 6.54 | 13.13 | 5.23 |
| Net Interest Income | - | -51.99 | 53.92 | 96 | 115.84 |
| Other Non Operating Income Expenses | - | -4.21 | -1.86 | -3.75 | -5.67 |
| Other Income Expense | - | -4.21 | -1.86 | -3.75 | -6.99 |
| Interest Income Non Operating | - | 4.59 | 60.46 | 109.13 | 125.36 |
| Interest Expense Non Operating | - | 56.58 | 6.54 | 13.13 | 5.23 |
| Net Non Operating Interest Income Expense | - | -51.99 | 53.92 | 96 | 115.84 |
| Pretax Income | - | -383.63 | -182.56 | -29.23 | -18.29 |
| Tax Provision | - | 6.65 | 19.77 | 28.48 | 23.19 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | 0 | 0 | 0 | -0.28 |
| Net Income Continuous Operations | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Net Income From Continuing And Discontinued Operation | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Net Income From Continuing Operation Net Minority Interest | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Net Income | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Net Income Common Stockholders | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Net Income Including Noncontrolling Interests | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Normalized Income | - | -390.28 | -202.34 | -57.71 | -40.44 |
| Diluted NI Availto Com Stockholders | - | -390.28 | -202.34 | -57.71 | -41.48 |
| Basic Average Shares | - | 140.90 | 144.94 | 149.59 | 154.40 |
| Diluted Average Shares | - | 140.90 | 144.94 | 149.59 | 154.40 |
| Reconciled Depreciation | - | 49.47 | 66.82 | 80.93 | 121.18 |
| Reconciled Cost Of Revenue | - | 242.28 | 296.79 | 397.43 | 498.70 |
| Total Unusual Items | - | 0 | -7.60 | 0 | -1.32 |
| Total Unusual Items Excluding Goodwill | - | 0 | -7.60 | 0 | -1.32 |
| Special Income Charges | - | 0 | -7.60 | 0 | -1.32 |
| Write Off | 0.42 | 0 | 0 | - | - |
| Restructuring And Mergern Acquisition | - | 0 | 7.60 | 0 | 1.32 |
| Depreciation Amortization Depletion Income Statement | - | 0.70 | 0.77 | 1.23 | 1.70 |
| Depreciation And Amortization In Income Statement | - | 0.70 | 0.77 | 1.23 | 1.70 |
| General And Administrative Expense | - | 151.74 | 178.86 | 212.05 | 250.44 |
| Other Gand A | - | 151.74 | 178.86 | 212.05 | 250.44 |
| Salaries And Wages | 190.05 | 281.31 | 295.33 | - | - |
| Total Other Finance Cost | 2.62 | 2.78 | - | - | 4.29 |
| Selling And Marketing Expense | - | 735.22 | 958.33 | 1,099.01 | 1,257.46 |
| Amortization | - | 0.70 | 0.77 | 1.23 | 1.70 |
| Amortization Of Intangibles Income Statement | - | 0.70 | 0.77 | 1.23 | 1.70 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zscaler, Inc.this co. | ZS | $21.9B | -527.34 | 12.16 | -2.3% | 196.82 |
| Atlassian Corporation | TEAM | $25.8B | -100.35 | 19.14 | -19.1% | 1018.89 |
| Cognizant Technology Solutions Corporation | CTSH | $25.3B | 11.33 | 1.68 | 14.9% | 6.02 |
| HP Inc. | HPQ | $24.1B | 9.51 | -69.51 | -730.9% | 7.55 |
| Corpay, Inc. | CPAY | $23.3B | 21.82 | 6.01 |
| - |
| - |
| - |
| - |
| 27.5% |
| 13.23 |
| Akamai Technologies, Inc. | AKAM | $23.1B | 51.13 | 4.64 | 9.1% | 20.57 |
| F5, Inc. | FFIV | $23.1B | 33.30 | 6.42 | 19.3% | 24.86 |
| Fidelity National Information Services, Inc. | FIS | $21.4B | 56.13 | 1.54 | 2.7% | 9.90 |
| Fortive Corporation | FTV | $18.7B | 32.35 | 2.90 | 9.0% | 18.68 |
| Peer Median | - | 27.09 | 3.77 | 9.0% | 15.95 | |