Zscaler's stock edged up modestly by 1.2% following Q3 results, reflecting a broadly in-line quarter without significant surprises in guidance, growth, or margins.

• Annual recurring revenue (ARR) grew 25% year-over-year, maintaining solid top-line momentum.
• Non-GAAP operating margin reached a record 23%, driven by efficiency gains.
• The company highlighted strategic AI partnerships and integration plans, including the pending acquisition of Symmetry Systems to enhance AI agent security.
• Management emphasized the unique position of Zscaler’s Zero Trust architecture amid rising AI-related cybersecurity risks.
• Growth in bookings through global system integrators (GSIs) was noted but without detailed disclosure of impact on near-term financials.