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On September 1, 2026, Zscaler committed to a plan to restructure and reduce its worldwide headcount by approximately 3%, reallocating resources toward AI and growth initiatives. It expects to incur aggregate non-recurring charges of approximately $30.0 million to $33.0 million, consisting primarily of employee severance and benefit costs, with the majority recognized in the first half of fiscal 2027.
What each event means for ZS’s sentiment score is part of Tellvest Pro.
Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Brad Zelnick | Deutsche Bank | 9 questions · 0% challenging |
| Saket Kalia | Barclays | 8 questions · 0% challenging |
| Brian Essex | JPMorgan | 7 questions · 0% challenging |
| Fatima Boolani | Citigroup | 7 questions · 14% challenging |
| Shrenik Kothari | Robert W. Baird | 6 questions · 0% challenging |
| Gray Powell | BTIG | 6 questions · 0% challenging |
| Roger Boyd | UBS | 6 questions · 0% challenging |
| Meta Marshall | Morgan Stanley | 5 questions · 0% challenging |
| Ittai Kidron | Oppenheimer | 5 questions · 0% challenging |
| Mike Cikos | Bank of America | 5 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Deutsche Bank | 1 analyst | 9 questions · 0% challenging |
| Bank of America | 2 analysts | 8 questions · 0% challenging |
| Barclays | 1 analyst | 8 questions · 0% challenging |
| Citigroup | 1 analyst | 7 questions · 14% challenging |
| JPMorgan | 1 analyst | 7 questions · 0% challenging |
| Robert W. Baird | 1 analyst | 6 questions · 0% challenging |
| BTIG | 1 analyst | 6 questions · 0% challenging |
| UBS | 1 analyst | 6 questions · 0% challenging |
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 |
Calendar quarter Q2 2026Earnings call May 26, 2026
FY2026 Q3 in brief
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.
Newest quarter FY2026 Q4 is part of Pro · see what Pro adds →
Sources. Tellvest earnings-call sentiment score for Zscaler (ZS), FY2026 Q3: 9/10. Scores: Zscaler’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: ZS daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
GAAP revenue YoY +25.4% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| 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 Q3Selected | $850M | +25.4% | $-0.09 | -238.3% | 77.3% | -3.5% | -1.6% | $136M |
| FY2026 Q4 | $898M | +24.9% | $-0.02 | +81.8% | 76.7% | -1.7% | -0.4% | $64M |
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).
What ZS and other companies said about each other on FY2026 Q3 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“I think you also asked about Square X. That was also incredibly immaterial.”
Zscaler characterized its SquareX acquisition as immaterial to top-line contribution.
“Excluding the contribution from our acquisition of Red Canary, net new ARR was a $153 million up 14% year over year.”
Zscaler's acquired Red Canary contributed $127M of ARR in Q3; an integrated SecOps offering is expected to roll out in fiscal 2027.
“On May 21st, we announced our intent to acquire Symmetry Systems a company that solved this difficult problem.”
Zscaler announced intent to acquire Symmetry Systems for its identity-to-data Access Graph technology to secure AI agents; described as a technology/talent deal with immaterial ARR.
“new powerful frontier AI models like Meta's are finding security vulnerabilities in software at machine speed.”
Zscaler repeatedly cited Meta's frontier AI models as a force multiplying software vulnerabilities and reshaping the cyber threat landscape, which it frames as a tailwind for its zero-trust approach.
“And with OpenAI as part of its Daybreak program formerly known as trusted access for cyber or TAC.”
Zscaler is partnering with OpenAI via its Daybreak program to access frontier models for proactive security hardening.
“We are also partnering with Anthropic on Project Glasswing”
Zscaler is partnering with Anthropic (Project Glasswing) to access frontier models to harden its systems and improve customer security.
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|---|---|---|---|
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