Zscaler Q4 FY2026 Earnings

Actual Outcomes

• • Q4 FY2026 revenue was $898.185 million, up 24.9% year over year and 2.47% above company guidance midpoint; non-GAAP EPS was $1.19, 9.68% above guidance midpoint.
• • ARR reached $3.771 billion, up 25%; excluding Red Canary, ARR grew 20% and organic net new ARR grew 17%.
• • Non-GAAP operating margin reached a record 24.3%, while Q4 free cash flow margin fell to 7% as PP&E and capitalized internal-use software investment rose to $218.5 million.
• • FY2027 guidance calls for revenue and ARR growth of approximately 17%, non-GAAP operating margin of approximately 23.7%, and free cash flow margin of 23.0%-23.5%.
• • Yahoo Finance via yfinance showed ZS at $169.56 at 12:49 ET on 2026-09-04, down 4.63% from the 2026-09-03 regular-session close of $177.80; the first regular post-result session had not closed when this analysis was retrieved.

Market Reaction