Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $80.3M | $126M | $190M | $303M | $431M | $673M | $1.09B | $1.62B | $2.17B | $2.67B |
| Revenue growth | — | 56.5% | 51.3% | 59.2% | 42.4% | 56.1% | 62.1% | 48.2% | 34.1% | 23.3% |
| Gross profit | $60.2M | $98.2M | $152M | $243M | $336M | $523M | $849M | $1.25B | $1.69B | $2.05B |
| Gross margin | 74.9% | 78.1% | 80.1% | 80.3% | 77.8% | 77.7% | 77.8% | 77.6% | 78.0% | 76.9% |
| Operating income | -$26.8M | -$35.1M | -$34.6M | -$35.3M | -$114M | -$208M | -$327M | -$235M | -$121M | -$128M |
| Operating margin | -33.4% | -27.9% | -18.2% | -11.7% | -26.4% | -30.9% | -30.0% | -14.5% | -5.6% | -4.8% |
| Net income | -$27.4M | -$35.5M | -$33.6M | -$28.7M | -$115M | -$262M | -$390M | -$202M | -$57.7M | -$41.5M |
| Net margin | -34.2% | -28.2% | -17.7% | -9.5% | -26.7% | -38.9% | -35.8% | -12.5% | -2.7% | -1.6% |
| EPS (diluted) | -$1.36 | -$1.54 | -$0.63 | -$0.23 | -$0.89 | -$1.93 | -$2.77 | -$1.40 | -$0.39 | -$0.27 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$11.9M | -$6.02M | $17.3M | $58.0M | $79.3M | $202M | $322M | $462M | $780M | $972M |
| Capital expenditures | $5.40M | $7.78M | $13.4M | $25.5M | $43.1M | $48.2M | $69.3M | $97.2M | $145M | $164M |
| Free cash flow | -$17.3M | -$13.8M | $3.91M | $32.5M | $36.2M | $154M | $253M | $365M | $635M | $808M |
| Share buybacks | $0.00 | $0.00 | $3.81M | $22.0K | $0.00 | $0.00 | — | — | — | — |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $92.8M | $88.0M | $136M | $78.5M | $142M | $276M | $1.01B | $1.26B | $1.42B | $2.39B |
| Total assets | — | $183M | $448M | $604M | $1.83B | $2.26B | $2.83B | $3.61B | $4.70B | $6.42B |
| Total liabilities | — | $133M | $208M | $296M | $1.35B | $1.73B | $2.26B | $2.88B | $3.43B | $4.62B |
| Long-term debt | — | — | — | — | $862M | $914M | $969M | $1.13B | $1.14B | — |
| Shareholders' equity | -$125M | -$151M | $240M | $309M | $485M | $529M | $573M | $725M | $1.27B | $1.80B |
| Retained earnings | — | -$162M | -$196M | -$224M | -$340M | -$602M | -$992M | -$1.09B | -$1.15B | -$1.19B |
| Shares (wtd avg diluted) | — | 32.4M | 120K | 124M | 129M | 136M | 141M | 145M | 150M | 154M |
Every figure is extracted from Zscaler, Inc.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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