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Sentiment · FY2026 Q3
As of FY2026 Q2, the Tellvest earnings-call sentiment score for Zscaler (ZS) is 9/10.
Zscaler posted Q2 revenue of $816M growing 26% as ARR grew 25% to $3.4B with organic net new ARR accelerating, raising full-year guidance across the board. Z Flex TCV surged to $290M with 65% sequential growth and non-seat-based metered solutions delivered over 25% of new ACV. Zero Trust Everywhere enterprises reached 550 from 130 a year ago while AI Protect landed an 8-figure new logo semiconductor deal, and the SquareX acquisition extended zero trust to unmanaged browsers.
Scored from Zscaler’s FY2026 Q2 earnings call. The newest quarter is available with Tellvest Pro.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $593M | +30.3% | $-0.10 | +53.2% | 77.9% | -4.3% | -2.5% | $136M |
| FY2025 Q1 | $628M | +26.4% | $-0.08 | +65.7% | 77.3% | -5.1% | -1.9% | $292M |
| FY2025 Q2 | $648M | +23.4% | $-0.05 | +73.5% | 77.1% | -5.7% | -1.2% | $143M |
| FY2025 Q3 | $678M | +22.6% | $-0.03 | -122.2% | 77.0% | -3.3% | -0.6% | $119M |
| FY2025 Q4 | $719M | +21.3% | $-0.11 | -12.0% | 76.1% | -4.5% | -2.4% | $172M |
| FY2026 Q1 | $788M | +25.5% | $-0.07 | +11.4% | 76.6% | -4.6% | -1.5% | $413M |
| FY2026 Q2 | $816M | +25.9% | $-0.21 | -317.5% | 76.6% | -6.3% | -4.2% | $239M |
| FY2026 Q3 | $850M | +25.4% | $-0.09 | -238.3% | 77.3% | -3.5% | -1.6% | $136M |