Income StatementBalance SheetCash FlowSegments
Zscaler logo

Zscaler Cash Flow Statement

Operating, investing, and financing cash movements

Zscaler generated $1.1B in operating cash flow over the trailing twelve months. After $167.3M in capital expenditures, free cash flow was $946.8M. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$1.1BNet Cash From Investing (TTM)-$2.1BNet Cash From Financing (TTM)$419.2MCapital Expenditures (TTM)$167.3MNet Change In Cash (TTM)-$555.8M
Latest FilingQ1 2026
Report Date2026-02-26
Market Cap$28.1B
ROE-3.56%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Amortization of debt issuance costs$981.0K$982.0K$984.0K$1.3M$2.0M$2.0M
Amortization of deferred commissions$39.1M$40.1M$42.3M$44.8M$48.1M$49.6M
Amortization of intangible assets$4.2M$4.2M$4.3M$4.1M$8.6M$11.1M
Amortization of Investment Discount and Premium$5.0M$5.1M$3.8M$2.1M$1.9M$1.7M
Accretion (amortization) of discounts and premiums on investments$5.0M$5.1M$3.8M$2.1M$1.9M$1.7M
Other non-cash income (expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Change in accounts payable$1.0M-$945.0K$28.8M—-$2.9M-$19.2M
Change in accounts receivable-$312.0M$89.9M$101.5M$376.5M-$482.9M$21.3M
Change in accrued liabilities-$34.4M$14.1M$14.7M$26.7M-$54.8M$25.3M
Change in deferred revenue-$111.3M$94.8M$106.5M$483.0M-$191.1M$4.1M
Change in other assets$8.8M$3.4M$38.0K$29.4M$17.3M$12.9M
Other working capital changes-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Deferred income taxes-$186.0K$17.5M$482.0K—$3.7M-$2.1M
Accretion (Amortization) of Investment Discounts and Premiums$5.0M$5.1M$3.8M$2.1M$1.9M$1.7M
Amortization of Contract Acquisition Assets$39.1M$40.1M$42.3M$44.8M$48.1M$49.6M
Other Non-Cash Income (Expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Other Non-cash Income (Expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Other Non-cash Income (Expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Net cash from operating activities$331.3M$179.4M$211.1M$250.6M$448.3M$204.1M
Net income-$12.1M-$7.7M-$4.1M-$17.6M-$11.6M-$34.3M
Other non-cash income (expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Accretion (Amortization) of Discounts and Premiums, Investments$5.0M$5.1M$3.8M$2.1M$1.9M$1.7M
Non-cash interest expense$981.0K$982.0K$984.0K$1.3M$2.0M$2.0M
Amortization of capitalized software and acquired intangible assets$4.2M$4.2M$4.3M$4.1M$8.6M$11.1M
Amortization of costs capitalized to obtain revenue contracts, net$39.1M$40.1M$42.3M$44.8M$48.1M$49.6M
Accrued expenses and other liabilities-$6.2M-$5.2M$4.4M$12.2M$8.4M-$2.2M
Increase (Decrease) in Contract with Customer, Asset$32.8M$41.4M$65.8M$90.5M$43.7M$63.7M
Increase (Decrease) in Deferred Income Taxes-$186.0K$17.5M$482.0K—$3.7M-$2.1M
Accrued compensation and employee benefits-$34.4M$14.1M$14.7M$26.7M-$54.8M$25.3M
Increase (Decrease) in Prepaid Expense and Other Assets$8.8M$3.4M$38.0K$29.4M$17.3M$12.9M
Non-cash operating lease expense$15.7M$15.9M$16.3M$15.1M$18.4M$20.3M
Operating lease right-of-use asset amortization$15.7M$15.9M$16.3M$15.1M$18.4M$20.3M
Other Noncash Income (Expense)-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Gain (loss) on mark-to-market of Escrowed Shares-$3.7M$653.0K$3.9M-$1.2M-$3.0M$4.1M
Other Non-cash Income and Expense-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Other Non-Cash Adjustments-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Other Non-Cash Income and Expense-$644.0K-$659.0K$244.0K$0.0-$1.2M-$1.2M
Accretion (Amortization) of Investment Discounts and Premiums$5.0M$5.1M$3.8M$2.1M$1.9M$1.7M
Stock-based compensation$157.2M$172.1M$159.4M$172.7M$188.6M$216.6M
Unrealized Gain (Loss) on Derivatives-$3.7M$653.0K$3.9M-$1.2M-$3.0M$4.1M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Payment for contingent consideration liability (financing)$198.0K$198.0K$198.0K$198.0K——
Proceeds from convertible debt$431.3M$431.3M$431.3M$431.3M——
Payment for Contingent Consideration (Financing)$198.0K$198.0K$198.0K$198.0K——
Repayments of Convertible Debt$0.0$0.0——$684.0K$0.0
Proceeds from issuance of debt$431.3M$431.3M$431.3M$431.3M——
Repayments of debt$0.0$0.0——$684.0K$0.0
Payments For Capped Call$0.0$0.0——$197.0K$0.0
Issuance of stock under employee stock plans$15.9M$15.9M$15.9M$15.9M——
Repayments of Convertible Debt$0.0$0.0——$684.0K$0.0
Repayments of Senior Debt$287.5M$287.5M$287.5M$287.5M——
Payment of Deferred Purchase Consideration$198.0K$198.0K$198.0K$198.0K——
Net cash from financing activities$890.0K$24.9M-$399.0K$395.1M$3.1M$21.4M
Other financing activities$198.0K$198.0K$198.0K$198.0K——
Proceeds from issuance of common stock$890.0K$2.6M$41.0K$84.0K$4.0M$0.0

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Acquisitions, net of cash acquired$0.0$834.0K$0.0$0.0$672.8M$0.0
Sales of short-term available-for-sale investments$0.0$0.0$0.0$0.0$8.3M$31.9M
Capital expenditures$17.0M$15.0M$72.2M$60.0M$17.3M$17.8M
Payments to Acquire Other Investments$561.0K$225.0K$0.0$38.0K$0.0$2.0M
Payments to Develop Software$22.4M$21.0M$19.5M$18.6M$17.7M$17.2M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$268.7M$336.4M$270.9M$225.1M$93.6M$149.2M
Sale of investments$0.0$0.0$0.0$0.0$8.3M$31.9M
Net cash from investing activities-$201.7M$518.0K$21.7M-$247.6M-$1.5B-$360.9M
Proceeds from maturities/sales of investments$268.7M-$268.7M$0.0$0.0$8.3M$31.9M
Purchases of investments$430.3M$298.8M$157.6M$394.0M$896.4M$505.1M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Operating lease payments$14.2M$16.0M$14.9M$16.8M$18.6M$3.7M
ROU assets obtained - operating leases$8.9M$14.2M$3.0M$31.6M$54.8M$29.3M
Income taxes paid$9.4M$7.5M$934.0K$5.5M$12.4M$12.3M
Interest paid$359.0K$359.0K$359.0K$359.0K——
ROU Asset Obtained for Lease Liability$8.9M$14.2M$3.0M$31.6M$54.8M$29.3M
Cash Paid for Lease Liabilities$14.2M$16.0M$14.9M$16.8M$18.6M$3.7M
Income Taxes Paid, Net$9.4M$7.5M$934.0K$5.5M$12.4M$12.3M
Operating lease payments$14.2M$16.0M$14.9M$16.8M$18.6M$3.7M
Non-cash Debt Issuance Costs$249.8K$249.8K$249.8K$249.8K——
Operating Lease Payments$14.2M$16.0M$14.9M$16.8M$18.6M$3.7M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$314.3M$164.4M$138.9M$190.6M$431.0M$186.3M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Contingent consideration (receivable) payable - financing activities$198.0K$198.0K$198.0K$198.0K——
Net increase (decrease) in cash$130.6M$204.9M$232.4M$398.1M-$1.1B-$135.4M
Net change in purchased equipment included in accounts payable and accrued expenses$462.0K$555.0K$11.0M$0.0-$5.3M-$1.4M
Equity consideration for business acquisitions$0.0$0.0$0.0$0.0——
Other Significant Noncash Transaction Value Of Consideration Received1$500.0$500.0$500.0$500.0——
Leased assets obtained in exchange for operating lease liabilities$8.9M$14.2M$3.0M$31.6M$54.8M$29.3M
Shares issued to settle the premium amount upon repayment of the 2025 Notes$1.0K$1.0K$1.0K$1.0K——