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Sentiment · FY2026 Q3
| Analyst | Firm | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Brad Zelnick | Deutsche Bank | 9 | 11% |
| Saket Kalia | Barclays | 7 | 0% |
| Gray Powell | BTIG | 6 | 0% |
| Fatima Boolani | Citigroup | 6 | 17% |
| Brian Essex | JPMorgan | 6 | 0% |
| Shrenik Kothari | Robert W. Baird | 6 | 0% |
| Mike Cikos | Needham | 5 | 0% |
| Roger Boyd | UBS | 5 | 0% |
| Joshua Tilton | Wolfe Research | 4 | 25% |
| Meta Marshall | Morgan Stanley | 4 | 0% |
| Firm | Analysts | Questions | ChallengePercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|---|
| Deutsche Bank | 1 | 9 | 11% |
| Barclays | 1 | 7 | 0% |
| Robert W. Baird | 1 | 6 | 0% |
| BTIG | 1 |
| 6 |
| 0% |
| JPMorgan | 1 | 6 | 0% |
| Citigroup | 1 | 6 | 17% |
| Needham | 1 | 5 | 0% |
| RBC Capital Markets | 2 | 5 | 0% |
Zscaler delivered 25% revenue growth to $850 million with non-GAAP operating margin reaching an all-time high of 23%, achieving Rule of 55 performance year-to-date. AI security emerged as a significant growth vector with AI Protect bookings crossing $100 million over 12 months, while Zero Trust Everywhere enterprises grew to over 700 from 550 in Q2 and data security crossed $500 million ARR. Management raised FY26 operating profit guidance by approximately 1.5% but took a prudent approach to Q4 outlook following two sales leadership departures, and provided a preliminary FY27 growth view of 16-17% reflecting tempered new logo expectations and uncertainty around integrated SecOps uptake.
Demand | Revenue Growth | Competitive Dynamics | Product Launch | Cloud & AI | Guidance Reliability | Innovation & R&D | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 5 | 4 | 2 | 1 | 1 | |
| 2025Q2 | 9 | 4 | 7 | 3 | 3 | 3 | 2 | |
| 2025Q3 | 7 | 3 | 4 | 3 | 1 | 2 | 2 | |
| 2025Q4 | 7 | 4 | 5 | 5 | 3 | 2 | 3 | 2 |
| 2026Q1 | 7 | 6 | 5 | 5 | 1 | 1 | 1 | 3 |
| 2026Q2 | 5 | 8 | 3 | 2 | 3 | 2 | 2 | |
| 2026Q3 | 4 | 5 | 5 | 2 | 3 | 2 | 1 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | '26Q3 | |
|---|---|---|---|---|---|---|---|
| Demand | 5 | 9 | 7 | 7 | 7 | 5 | 4 |
| Revenue Growth | 6 | 4 | 3 | 4 | 6 | 8 | 5 |
| Competitive Dynamics | 5 | 7 | 4 | 5 | 5 | 3 | 5 |
| Product Launch | 4 | 3 | 3 | 5 | 5 | 2 | |
| Cloud & AI | 2 | 3 | 1 | 3 | 1 | 3 | 2 |
| Guidance Reliability | 1 | 3 | 2 | 1 | 2 | 3 | |
| Innovation & R&D | 1 | 2 | 2 | 3 | 1 | 2 | |
| M&A | 2 | 2 | 3 | 2 | 1 |
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ZS Zscaler | 9 | +25.4% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| FFIV F5, Inc. | 8 | +11.0% | |
| FTNT Fortinet | 10 | +20.1% | |
| GDDY GoDaddy | 7 | +6.1% | |
| GEN Gen Digital | 6 | +27.0% | |
| MSFT Microsoft Corporation | 8 | +18.3% | |
| NET Cloudflare, Inc. | 10 | +33.5% | |
| ORCL Oracle Corporation | 9 | +21.7% | |
| PANW Palo Alto Networks | 6 | +14.9% | |
| PLTR Palantir Technologies | 10 | +84.7% | |
| SNPS Synopsys | 7 | +41.9% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% |