Free cash flow
Zscaler Free cash flow decreased by 56.8% to $186.32M in Q4 2025 compared to the prior quarter. Year-over-year, this metric grew by 13.3%, from $164.42M to $186.32M. Over 4 years (FY 2021 to FY 2025), Free cash flow shows an upward trend with a 51.4% CAGR. This decline may warrant attention — for this metric, higher values are generally preferred.
Analysis
How to read this metric
An increase suggests improved operational efficiency or reduced capital intensity, providing more flexibility for capital allocation. A decrease may indicate higher investment in R&D or infrastructure, or potential challenges in converting earnings into cash.
Detailed definition
Free cash flow represents the cash generated by a company after accounting for cash outflows to support operations and m...
Peer comparison
Large-cap medical device and pharmaceutical peers typically maintain strong, positive free cash flow, though levels vary based on the intensity of R&D spending and the lifecycle stage of major product lines.
free_cash_flowHistorical Data
| Q1 '21 | Q2 '21 | Q3 '21 | Q4 '21 | Q1 '22 | Q2 '22 | Q3 '22 | Q4 '22 | Q1 '23 | Q2 '23 | Q3 '23 | Q4 '23 | Q1 '24 | Q2 '24 | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Value | $58.56M | $30.79M | $86.82M | $34.27M | $49.64M | $81.89M | $103.26M | $70.80M | $82.23M | $108.87M | $232.15M | $111.18M | $137.76M | $154.17M | $314.31M | $164.42M | $138.92M | $190.56M | $430.97M | $186.32M |
| QoQ Change | — | -47.4% | +182.0% | -60.5% | +44.8% | +65.0% | +26.1% | -31.4% | +16.1% | +32.4% | +113.2% | -52.1% | +23.9% | +11.9% | +103.9% | -47.7% | -15.5% | +37.2% | +126.2% | -56.8% |
| YoY Change | — | — | — | — | -15.2% | +166.0% | +18.9% | +106.6% | +65.7% | +32.9% | +124.8% | +57.0% | +67.5% | +41.6% | +35.4% | +47.9% | +0.8% | +23.6% | +37.1% | +13.3% |
Free cash flow at Other Companies
Frequently Asked Questions
- What is Zscaler's free cash flow?
- Zscaler (ZS) reported free cash flow of $186.32M in Q4 2025.
- How has Zscaler's free cash flow changed year-over-year?
- Zscaler's free cash flow increased by 13.3% year-over-year, from $164.42M to $186.32M.
- What is the long-term trend for Zscaler's free cash flow?
- Over 4 years (2021 to 2025), Zscaler's free cash flow has grown at a 51.4% compound annual growth rate (CAGR), from $153.88M to $808.20M.
- What does free cash flow mean?
- The cash remaining after a company pays for its operating expenses and capital investments.