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Zscaler ZS Free cash flow margin

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Other financials

Income statement

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Revenue$850.5M+25.4%
Gross profit$657.8M+26.0%
Operating income-$29.6M-16.6%
Net income-$13.9M-237%
EPS (diluted)-$0.09-200%

Balance sheet

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Cash & equivalents$982.1M-50.7%
Total debt$1.7B+40.9%
Total equity$2.4B+31.1%
Total assets$7.1B+32.9%

Cash flow

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Operating cash flow$198.0M-6.2%
CapEx$42.4M-41.2%
Free cash flow$155.6M+12.0%

Valuation

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Market cap$24.45B-45.1%
Enterprise value$25.2B-42.6%
P/S7.7×-8.9×

Profitability

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Gross margin76.7%-0.7pp
Operating margin-4.7%-0.1pp
Net margin-2.4%+3.7pp

Returns & leverage

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Return on equity-3.7%+2.3pp
Debt / equity0.7×+0.1×
Current ratio1.9×+0.6×

Where this comes from

Calculated from Zscaler’s reported figures.

free cash flow/total revenue=30.4%

Based on trailing twelve months.

The source filing: Zscaler’s 10-Q, filed May 26, 2026. Open the filing →

Filed
May 26, 2026, 4:09 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001713683-26-000096

FAQ

What is Zscaler's free cash flow margin?
Zscaler (ZS) reported free cash flow margin of 30.4% in Q1 2026.
How has Zscaler's free cash flow margin changed year-over-year?
Zscaler's free cash flow margin increased by 0.2% year-over-year, from 30.3% to 30.4%.
What is the long-term trend for Zscaler's free cash flow margin?
Over 4 years (2021 to 2025), Zscaler's free cash flow margin has grown at a 7.2% compound annual growth rate (CAGR), from 22.9% to 30.2%.
What does free cash flow margin mean?
Free cash flow (operating cash flow minus capital expenditures) as a percentage of revenue, trailing twelve months. Measures how efficiently revenue converts into discretionary cash.

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