Zscaler, Inc.

ZSNASDAQ

$238.37

Last price · USD

Multiples use last price and FY2026 annual figures. Market cap estimated from diluted shares.

Zscaler, Inc. cash flow statement

Annual · USD millions except per-share data · 32 lines

Fiscal year	2026latest	2025	2024	2023	2022	CAGR
Operating activities
Net income	(63)	(41)	(58)	(202)	(390)	—
Depreciation & amortization	192	121	81	67	49	+40.4%
Deferred income tax	(20)	(14)	(6)	0	(1)	—
Stock-based compensation	822	661	528	445	410	+19.0%
Change in working capital	53	27	66	29	97	-14.1%
Accounts receivables	(140)	(256)	(153)	(184)	(143)	—
Inventory	0	0	0	(45)	0	—
Accounts payables	(11)	18	4	(8)	14	—
Other working capital	204	265	215	266	226	-2.6%
Other non-cash items	146	219	169	124	156	-1.6%
Net cash from operating activities	1,130	972	780	462	322	+36.9%
Operating cash flow	1,130	972	780	462	322	+36.9%
Investing activities
Investments in PP&E	(277)	(246)	(145)	(129)	(91)	—
Capital expenditure	(277)	(246)	(195)	(129)	(91)	—
Acquisitions, net	(918)	(1)	(375)	(16)	(25)	—
Purchases of investments	(2,338)	(1,281)	(1,293)	(1,067)	(845)	—
Sales / maturities of investments	881	1,101	1,179	952	1,335	-9.9%
Other investing activities	0	0	(50)	0	0	—
Net cash from investing activities	(2,653)	(427)	(683)	(259)	374	—
Financing activities
Net debt issuance	0	354	0	0	0	—
Long-term net debt issuance	0	354	0	0	0	—
Net stock issuance	63	67	64	46	42	+11.1%
Common stock issuance	63	67	64	46	42	+11.1%
Net common stock issuance	63	67	64	46	42	+11.1%
Other financing activities	(1)	(1)	-0	-0	-0	—
Net cash from financing activities	62	421	64	46	41	+10.8%
Cash summary
Net change in cash	(1,461)	966	161	249	737	—
Cash at beginning of period	2,389	1,423	1,262	1,013	276	+71.5%
Cash at end of period	928	2,389	1,423	1,262	1,013	-2.2%
Free cash flow	852	727	585	334	231	+38.5%
Income taxes paid	0	0	23	15	6	—
Interest paid	0	1	1	1	1	—