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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brad Zelnick | Deutsche Bank | 9 (0%) |
| Saket Kalia | Barclays | 7 (0%) |
| Brian Essex | JPMorgan | 6 (0%) |
| Gray Powell | BTIG | 6 (0%) |
| Fatima Boolani | Citigroup | 6 (17%) |
| Shrenik Kothari | Robert W. Baird | 6 (0%) |
| Roger Boyd | UBS | 5 (0%) |
| Mike Cikos | Needham | 5 (0%) |
| Meta Marshall | Morgan Stanley | 4 (0%) |
| Ittai Kidron | Oppenheimer | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Deutsche Bank | 1 | 9 (0%) |
| 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%) |
| 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 |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
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.
Demand | Revenue Growth | Competitive Dynamics | Product Launch | Cloud & AI | Innovation & R&D | Guidance Reliability | M&A | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 5 | 4 | 2 | 1 | 1 | |
| 2025Q2 | 9 | 4 | 7 | 3 | 3 | 2 | 3 | |
| 2025Q3 | 7 | 3 | 4 | 3 | 1 | 2 | 2 | |
| 2025Q4 | 7 | 4 | 5 | 5 | 3 | 3 | 2 | 2 |
| 2026Q1 | 7 | 6 | 5 | 5 | 1 | 1 | 1 | 3 |
| 2026Q2 | 5 | 8 | 3 | 2 | 3 | 2 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Demand | 5 | 9 | 7 | 7 | 7 | 5 |
| Revenue Growth | 6 | 4 | 3 | 4 | 6 | 8 |
| Competitive Dynamics | 5 | 7 | 4 | 5 | 5 | 3 |
| Product Launch | 4 | 3 | 3 | 5 | 5 | 2 |
| Cloud & AI | 2 | 3 | 1 | 3 | 1 | 3 |
| Innovation & R&D | 1 | 2 | 2 | 3 | 1 | |
| Guidance Reliability | 1 | 3 | 2 | 1 | 2 | |
| M&A | 2 | 2 | 3 | 2 |
What ZS and other companies said about each other on FY2026 Q2 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“On February 5, we closed the acquisition of SquareX, which extends Zero Trust capabilities into any browser, enabling organizations to leverage standard browsers like Chrome and Edge to secure access on unmanaged devices without requiring a separate third-party enterprise browser or using outdated and costly virtual desktop infrastructure.”
Zscaler's SquareX acquisition adds browser-extension based security for unmanaged devices, expanding TAM without needing a full third-party enterprise browser.
“Red Canary was primarily a technology and talent acquisition. As we shared when we closed this acquisition, churn for MDR businesses is higher than we experienced in our Zscaler business. Post acquisition, Red Canary's churn has been elevated.”
Zscaler's acquired Red Canary MDR business is seeing elevated churn (typical of MDR) but is a core feature of the Agentic SecOps offering; Zscaler raised its FY26 Red Canary ARR outlook.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ZS Zscaler | 9 | +25.9% | |
| ADBE Adobe Inc. | 7 | +12.0% | |
| AKAM Akamai Technologies | 6 | +5.8% | |
| CPAY Corpay | 8 | +25.4% | |
| CRWD CrowdStrike | 9 | +23.3% | |
| CRWV CoreWeave, Inc. Class A Common Stock | 8 | +111.7% | |
| 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 | 9 | +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 | +65.5% | |
| VRSN Verisign | 7 | +6.6% | |
| XYZ Block, Inc. | 8 | +4.9% |