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Zscaler Earnings Calls
| Release date | May 26, 2026 |
| EPS estimate | $1.01 |
| EPS actual | $1.08 |
| EPS Surprise | 6.93% |
| Revenue estimate | 835.143M |
| Revenue actual | 850.475M |
| Revenue Surprise | 1.84% |
| Release date | Feb 26, 2026 |
| EPS estimate | $0.89 |
| EPS actual | $1.01 |
| EPS Surprise | 12.98% |
| Revenue estimate | 798.335M |
| Revenue actual | 815.751M |
| Revenue Surprise | 2.18% |
| Release date | Nov 25, 2025 |
| EPS estimate | $0.86 |
| EPS actual | $0.96 |
| EPS Surprise | 12.15% |
| Revenue estimate | 773.283M |
| Revenue actual | 788.112M |
| Revenue Surprise | 1.92% |
| Release date | Sep 02, 2025 |
| EPS estimate | $0.80 |
| EPS actual | $0.89 |
| EPS Surprise | 11.25% |
| Revenue estimate | 706.943M |
| Revenue actual | 719.226M |
| Revenue Surprise | 1.74% |
Last 4 Quarters for Zscaler
Below you can see how ZS performed 4 days prior and 4 days after releasing the earnings report. Also, you can see the pre-estimates and the actual earnings. This information can give you a slight idea of what you might expect for the next quarter's release.
| Release date | Sep 02, 2025 |
| Price on release | $274.57 |
| EPS estimate | $0.80 |
| EPS actual | $0.89 |
| EPS surprise | 11.25% |
| Date | Price |
|---|---|
| Aug 26, 2025 | $267.68 |
| Aug 27, 2025 | $273.07 |
| Aug 28, 2025 | $280.42 |
| Aug 29, 2025 | $277.05 |
| Sep 02, 2025 | $274.57 |
| Sep 03, 2025 | $270.58 |
| Sep 04, 2025 | $268.25 |
| Sep 05, 2025 | $274.20 |
| Sep 08, 2025 | $281.60 |
| 4 days before | 2.57% |
| 4 days after | 2.56% |
| On release day | -1.45% |
| Change in period | 5.20% |
| Release date | Nov 25, 2025 |
| Price on release | $289.73 |
| EPS estimate | $0.86 |
| EPS actual | $0.96 |
| EPS surprise | 12.15% |
| Date | Price |
|---|---|
| Nov 19, 2025 | $291.81 |
| Nov 20, 2025 | $279.73 |
| Nov 21, 2025 | $275.01 |
| Nov 24, 2025 | $280.35 |
| Nov 25, 2025 | $289.73 |
| Nov 26, 2025 | $251.97 |
| Nov 28, 2025 | $250.92 |
| Dec 01, 2025 | $243.28 |
| Dec 02, 2025 | $241.68 |
| 4 days before | -0.713% |
| 4 days after | -16.58% |
| On release day | -13.03% |
| Change in period | -17.18% |
| Release date | Feb 26, 2026 |
| Price on release | $167.36 |
| EPS estimate | $0.89 |
| EPS actual | $1.01 |
| EPS surprise | 12.98% |
| Date | Price |
|---|---|
| Feb 20, 2026 | $159.75 |
| Feb 23, 2026 | $143.28 |
| Feb 24, 2026 | $149.36 |
| Feb 25, 2026 | $155.70 |
| Feb 26, 2026 | $167.36 |
| Feb 27, 2026 | $146.99 |
| Mar 02, 2026 | $148.42 |
| Mar 03, 2026 | $154.67 |
| Mar 04, 2026 | $156.21 |
| 4 days before | 4.76% |
| 4 days after | -6.66% |
| On release day | -12.17% |
| Change in period | -2.22% |
| Release date | May 26, 2026 |
| Price on release | $184.60 |
| EPS estimate | $1.01 |
| EPS actual | $1.08 |
| EPS surprise | 6.93% |
| Date | Price |
|---|---|
| May 19, 2026 | $175.25 |
| May 20, 2026 | $174.45 |
| May 21, 2026 | $171.01 |
| May 22, 2026 | $182.37 |
| May 26, 2026 | $184.60 |
| May 27, 2026 | $126.41 |
| May 28, 2026 | $130.04 |
| May 29, 2026 | $139.73 |
| Jun 01, 2026 | $155.71 |
| 4 days before | 5.34% |
| 4 days after | -15.65% |
| On release day | -31.52% |
| Change in period | -11.15% |
Zscaler Earnings Call Transcript Summary of Q2 2026
Key points for investors:
- Strong top-line and ARR growth: Q2 revenue $816M, +26% YoY; ARR $3.4B, +25% YoY; net new ARR $156M (+19% YoY). Management raised full‑year guidance and increased ARR target for FY26.
- Guidance and financial health: Q3 revenue guide $834M–$836M (~23% YoY growth). Full‑year revenue guide ~$3.309B–$3.322B and ARR guide $3.730B–$3.745B. Non‑GAAP gross margin ~80%; operating margin ~22%+; strong cash position ($3.5B cash) and high free cash flow (36% FCF margin H1; ~26.5–27% FCF margin FY guide). Management highlights Rule‑of‑62 performance in H1.
- Strategic growth drivers: Management positions Zscaler as a core AI security/Zero Trust vendor — three growth pillars: AI Security (AI Protect, Agentic Ops), Zero Trust Everywhere (Users, Branch, Cloud), and Data Security Everywhere (8 modules). Emphasis that AI agents and agentic traffic will materially expand TAM and metered usage — non‑seat, metered solutions accounted for >25% of new ACV and ARR from those offerings grew 100%+ YoY.
- Product and go‑to‑market momentum: Z‑Flex program driving large, multi‑year deals (>$650M TCV since launch; Q2 Z‑Flex TCV >$290M). Number of customers >$1M ARR = 728 (+18% YoY). Record number of $1M+ ACV deals in Q2; record pipeline conversion and improving sales productivity. Zero Trust Everywhere customers grew to >550 from ~130 a year ago.
- M&A and integrations: Closed Red Canary (Feb 1) and SquareX (Feb 5). Red Canary brought tech/talent and ARR (~$114M ARR at close) but has experienced elevated churn post‑acquisition; management will report Red Canary ARR separately in Q3/Q4. SquareX extends browser‑based Zero Trust capabilities for unmanaged devices.
- Risks / items to monitor: Elevated churn in the acquired Red Canary MDR business and impact on ARR mix; potential future increases in memory/storage/processor costs for data center and appliance purchases; the company’s increasingly metered pricing exposure as AI traffic scales (positive for growth but may change revenue dynamics). Overall, management is bullish on AI-driven demand, believes Zscaler is uniquely positioned to monetize increased agentic traffic, and is raising near‑term financial targets while investing in integration and product expansion.
