Zscaler, Inc.

Listed Company

ZSCIK 0001713683NasdaqLarge AcceleratedServices-Computer Programming ServicesDelawareFY ends Jul 31

Period

FY 2025

Revenue

$2.67B

Net Income

$-41.48M

Total Assets

$6.42B

Equity

$1.80B

Shares Out

160.79M

Op. Cash Flow

$972.45M

Business

Zscaler, Inc. provides a cloud-native Zero Trust security platform that securely connects users, devices, applications and workloads while protecting data across internet and cloud environments. It offers core products and services including the Zscaler Zero Trust Exchange with Zscaler Internet Access (ZIA), Zscaler Private Access (ZPA), Zscaler Digital Experience (ZDX), cloud sandboxing, browser isolation, data loss prevention, AI security solutions and managed detection and response. Key business segments include Zero Trust Everywhere (Users, Cloud, Branch), Data Security Everywhere, Security for AI and Agentic Operations (Security and IT operations). Zscaler delivers subscription-based services through direct sales, channel partners, telecommunications providers, system integrators and public cloud marketplaces to enterprise and government customers globally.

Summary from filing dated 2025-09-11

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Revenue	2,673	2,168	1,617	1,091	673
Cost of revenue	618	477	363	242	150
Gross profit	2,055	1,691	1,254	849	523
Sales and marketing	1,259	1,100	959	735	459
Research and development	672	500	351	289	175
General and administrative	252	212	179	152	97
Total operating expenses	2,183	1,812	1,489	1,176	731
Loss from operations	−128	−121	−235	−327	−208
Interest income	125	109	60	5	3
Interest expense	−10	−13	−7	−57	—
Other expense, net	−6	−4	−2	−4	1
Loss before income taxes	−18	−29	−183	−384	−257
Provision for income taxes	23	28	20	7	5
Net loss	−41	−58	−202	−390	−262
Net loss per share, basic (in dollars per share)	−0.27	−0.39	−1.4	−2.77	−1.93
Net loss per share, diluted (in dollars per share)	−0.27	−0.39	−1.4	−2.77	−1.93
Weighted-average shares used in computing net loss per share, basic (in shares)	154	150	145	141	136
Weighted-average shares used in computing net loss per share, diluted (in shares)	154	150	145	141	136

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Cash and cash equivalents	2,389	1,423	1,262	1,013	276
Short-term investments	1,183	987	838	718	1,227
Accounts receivable, net	992	737	583	400	257
Deferred contract acquisition costs	181	149	116	86	57
Prepaid expenses and other current assets	149	102	92	39	31
Total current assets	4,894	3,397	2,890	2,257	1,848
Property and equipment, net	543	383	242	161	109
Operating lease right-of-use assets	90	90	71	72	44
Deferred contract acquisition costs, noncurrent	329	297	259	211	150
Acquired intangible assets, net	47	64	26	32	32
Goodwill	418	417	89	79	59
Other noncurrent assets	99	58	31	22	16
Total assets	6,420	4,705	3,608	2,833	2,258
Accounts payable	47	23	18	26	13
Accrued expenses and other current liabilities	94	92	65	46	23
Accrued compensation	182	161	137	112	94
Deferred revenue	2,054	1,644	1,281	924	571
Convertible senior notes	0	1,142	0	—	—
Operating lease liabilities	52	51	34	26	20
Total current liabilities	2,430	3,113	1,536	1,134	720
Convertible senior notes, noncurrent	1,701	0	1,134	969	914
Deferred revenue, noncurrent	414	251	159	97	59
Operating lease liabilities, noncurrent	43	45	42	51	31
Other noncurrent liabilities	33	22	13	8	4
Total liabilities	4,621	3,431	2,883	2,259	1,729
Commitments and contingencies (Note 12)	—	—	—	—	—
Preferred stock; $0.001 par value; 200,000 shares authorized as of July 31, 2025 and 2024, respectively; no shares issued and outstanding as of July 31, 2025 and 2024	0	0	0	0	0
Common stock; $0.001 par value; 1,000,000 shares authorized as of July 31, 2025 and 2024, respectively; 158,301 and 152,490 shares issued and outstanding as of July 31, 2025 and 2024, respectively	159,000	152,000	147,000	143,000	139,000
Additional paid-in capital	2,981	2,427	1,817	1,591	1,131
Accumulated other comprehensive income (loss)	8	−5	−2	−26	−650,000
Accumulated deficit	−1,190	−1,148	−1,090	−992	−602
Total stockholders equity	1,799	1,274	725	573	529
Total liabilities and stockholders equity	6,420	4,705	3,608	2,833	2,258

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-07-31	FY 2024 2024-07-31	FY 2023 2023-07-31	FY 2022 2022-07-31	FY 2021 2021-07-31
Depreciation and amortization expense	104	66	56	41	30
Amortization expense of acquired intangible assets	17	15	11	9	7
Amortization of deferred contract acquisition costs	166	130	99	69	41
Amortization of debt issuance costs	4	4	4	55	52
Non-cash operating lease costs	63	49	32	26	21
Stock-based compensation expense	661	528	445	410	259
Accretion of investments purchased at a discount	−16	−19	−7	7	12
Unrealized (gains) losses on hedging transactions	369,000	753,000	−3	1	209,000
Deferred income taxes	−14	−6	352,000	−562,000	−2
Other	987,000	3	−820,000	−1	98,000
Accounts receivable	−256	−153	−184	−143	−112
Deferred contract acquisition costs	−230	−200	−177	−159	−138
Prepaid expenses, other current and noncurrent assets	−42	−40	−40	−10	−3
Accounts payable	18	4	−8	14	7
Accrued expenses, other current and noncurrent liabilities	5	44	27	13	7
Accrued compensation	21	11	25	18	44
Deferred revenue	573	450	419	391	262
Operating lease liabilities	−62	−49	−32	−28	−22
Net cash provided by operating activities	972	780	462	322	202
Purchases of property, equipment and other assets	−164	−145	−97	−69	−48
Capitalized internal-use software	−82	−50	−32	−21	−10
Payments for business acquisitions, net of cash acquired	−834,000	−375	−16	−25	−41
Purchase of strategic investments	−824,000	−2	−3	0	−3
Purchases of short-term investments	−1,281	−1,291	−1,064	−845	−815
Proceeds from maturities of short-term investments	1,101	1,132	902	1,335	785
Proceeds from sale of short-term investments	0	47	51	0	22
Net cash used in investing activities	−427	−683	−259	374	−110
Proceeds from issuance of common stock upon exercise of stock options	4	12	4	7	18
Proceeds from issuance of common stock under the employee stock purchase plan	64	52	42	35	26
Payment of deferred consideration related to business acquisitions	−792,000	0	−215,000	−250,000	−2
Proceeds from issuance of the 2028 Notes	1,725	0	0	0	0
Payments for issuance costs related to the 2028 Notes	−24	0	0	—	—
Purchases of capped calls related to the 2028 convertible senior notes	−197	0	0	0	0
Payments for the settlement of the 2025 Notes	−1,150	0	0	—	—
Other	0	−39,000	−2,000	−5,000	0
Net cash provided by financing activities	421	64	46	41	42
Net increase in cash and cash equivalents	966	161	249	737	134
Cash paid for income taxes, net of tax refunds	23	23	15	6	4
Cash paid for interest expense	1	1	1	1	1
Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of terminations	58	65	29	52	28
Equity consideration for business acquisitions	0	4	0	0	—
Net change in purchased equipment included in accounts payable and accrued expenses	11	1	2	−997,000	14,000
Shares issued to settle the premium amount upon repayment of the 2025 Notes	4,000	0	0	—	—
Shares received and retired from the 2025 Capped Calls upon repayment of the 2025 Notes	2,000	0	0	—	—
Debt issuance and capped call costs included in accounts payable and accrued liabilities	999,000	0	0	—	—

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