Zscaler, Inc. Revenue in 2025

Zscaler, Inc. reported $2.7B in revenue for fiscal year 2025. This represents a growth of 23.3% compared to the 2024 figure of $2.2B.

Revenue grew from $1.09 billion in fiscal 2022 to $1.76 billion in fiscal 2023, $2.17 billion in fiscal 2024, and $2.67 billion in fiscal 2025 — a 145 percent increase over three years. Annual Recurring Revenue surpassed $3 billion heading into fiscal 2026, and calculated billings reached $3.25 billion in fiscal 2025, both leading indicators of recognized revenue growth. The net loss of $41.5 million in fiscal 2025 is almost entirely attributable to the $685.5 million in stock-based compensation. Operating cash flows were $972.5 million and free cash flow was $726.7 million, confirming that the business generates substantial real cash while reporting a GAAP loss. The $22 billion market capitalization reflects the cash generation reality more than the net income line. The July 2025 issuance of $1.725 billion in convertible senior notes due 2028 — with net proceeds of $1.7 billion — and the simultaneous full repayment of $1.15 billion in convertible notes due 2025 restructured the balance sheet at a larger scale, providing capital for acquisitions and platform investment while extending the debt maturity profile. Deferred revenue of $2.47 billion represents customer payments received for services not yet recognized — a revenue backlog that provides multi-year forward visibility. The combination of $3.015 billion in ARR and $2.47 billion in deferred revenue means Zscaler has contractual visibility into its near-term revenue trajectory that most growth-stage companies don't carry, reducing the execution risk embedded in the forward growth thesis.