Zscaler, Inc. Earnings Recaps
Q4 2026
Sep 5, 2026
Zscaler shares fell 4.5% after earnings, suggesting investors were more focused on the forward outlook than management’s positive AI and demand commentary. The transcript provided does not include specific guidance figures, so the precise driver of the decline cannot be confirmed.
Key takeaways
- Fiscal-year ARR grew 25%; adjusted non-GAAP operating margin was 24%.
- Net new ARR growth excluding Red Canary accelerated to 17% in Q4.
- Security for AI bookings rose more than 50% sequentially in Q4, following a strong Q3, according to management.
- The CEO cited assessments of hundreds of enterprises: over 90% had AI applications, models, or servers exposed to the internet, and more than one-third had known exploitable vulnerabilities.
- The call excerpt ends before the full outlook and financial guidance, limiting assessment of what investors may have found disappointing.
Q3 2026
May 27, 2026
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.
Key takeaways
- 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.
Q2 2026
Feb 28, 2026
Zscaler reported robust Q2 Fiscal 2026 results, with a 25% increase in Annual Recurring Revenue (ARR) driven by strong demand for its cybersecurity solutions, particularly in AI security. The company has raised its guidance for the remainder of the fiscal year.
Key takeaways
- ARR growth at 25% underscores strong market demand and solid execution.
- Company positioning Zscaler as the leading security platform for AI, addressing increased cyber threats associated with AI technology.
- Significant growth in AI application usage among clients, with over 3,400 applications and data transfers exceeding 18,000 terabytes.
- Expanded guidance suggests confidence in continued growth across all strategic pillars: AI Security, Zero Trust Everywhere, and Data Security Everywhere.
- Zscaler's unique Zero Trust architecture differentiates it from competitors, enhancing its market position in the rapidly evolving AI security landscape.