Q4 25 EPS
$0.89
BEAT +11.25%
Est. $0.80
Q4 25 Revenue
$719.2M
BEAT +1.71%
Est. $707.2M
vs S&P Since Q4 25
-61.8%
TRAILING MARKET
ZS -49.3% vs S&P +12.4%
Full Year 2025 Results
FY 25 EPS
$3.28
BEAT +2.73%
Est. $3.19
FY 25 Revenue
$2.67B
BEAT +0.45%
Est. $2.66B
Market Reaction
Did ZS Beat Earnings? Q4 2025 Results
Zscaler closed fiscal 2025 on a high note, delivering a fourth quarter that beat Wall Street on both the top and bottom lines and reinforced the company's standing as a centerpiece of enterprise cloud security. Non-GAAP EPS of $0.89 cleared the $0.80… Read more Zscaler closed fiscal 2025 on a high note, delivering a fourth quarter that beat Wall Street on both the top and bottom lines and reinforced the company's standing as a centerpiece of enterprise cloud security. Non-GAAP EPS of $0.89 cleared the $0.80 consensus by 11.25%, while revenue of $719.23 million topped estimates by 1.71% and grew 21.3% year over year, driven in large part by annual recurring revenue crossing the $3.02 billion threshold, a 22% year-over-year gain that signals durable demand for Zero Trust and AI-driven security architectures. Calculated billings surged 32% to $1.20 billion, and deferred revenue climbed to $2.47 billion, providing substantial forward visibility heading into fiscal 2026. Investors watching the print will also note that management guided full-year fiscal 2026 revenue of roughly $3.27 billion to $3.28 billion, representing approximately 22% growth at the midpoint, with non-GAAP EPS of $3.64 to $3.68, implying continued margin expansion as enterprise adoption of AI security solutions accelerates.
Key Takeaways
- • 21% year-over-year revenue growth driven by Zero Trust and AI security demand
- • 32% year-over-year calculated billings growth to $1.2 billion
- • 22% ARR growth reaching $3.015 billion milestone
- • 30% year-over-year deferred revenue growth indicating strong forward visibility
- • Highest ever non-GAAP operating margin for a quarter at 22%
ZS YoY Financials
Q4 2025 vs Q4 2024, source: SEC Filings
“We had an outstanding Q4, in which we achieved a new milestone of more than $3 billion of Annual Recurring Revenue while achieving our highest ever operating margin for a quarter. We believe Zscaler's Zero Trust and AI security solutions are imperative in today's world and are driving robust demand.”
— Jay Chaudhry, Q4 2025 Earnings Press Release
ZS Earnings Trends
ZS vs Market 30 Day Price Reactions
30-day stock return vs benchmark after each earnings
ZS EPS Trend
Earnings per share: estimate vs actual
ZS Revenue Trend
Quarterly revenue: estimate vs actual
ZS Quarterly Results
11 quarters of earnings data
| Quarter | EPS Est. | EPS Act. | Surprise | Revenue | Rev. Surprise |
|---|---|---|---|---|---|
| Q2 26 BEAT | $0.90 | $1.01 | +12.56% | $815.8M | +2.11% |
| Q1 26 BEAT | $0.86 | $0.96 | +11.42% | $788.1M | +1.84% |
| Q4 25 BEAT FY | $0.80 | $0.89 | +11.25% | $719.2M | +1.71% |
| FY Full Year | $3.19 | $3.28 | +2.73% | $2.67B | +0.45% |
| Q3 25 BEAT | $0.76 | $0.84 | +10.77% | $678.0M | +1.64% |
| Q4 24 BEAT FY | $0.69 | $0.88 | +27.54% | $592.9M | +4.39% |
| FY Full Year | — | $3.19 | — | $2.17B | — |
| Q3 23 BEAT | $0.42 | $0.48 | +14.29% | $418.8M | +0.76% |
| Q2 23 | $0.29 | — | — | — | — |
| Q1 23 BEAT | $0.26 | $0.29 | +11.54% | $355.5M | +3.39% |
| Q4 22 | $0.00 | — | — | — | — |
| Q2 22 BEAT | $0.11 | $0.13 | +18.18% | $255.6M | +5.80% |
| Q3 21 BEAT | $0.07 | $0.15 | +114.29% | $176.4M | +7.75% |