Zscaler (ZS) FY2025 10-K Annual Report
Zscaler (ZS) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Sep 11, 2025. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Zscaler FY2025 10-K Analysis
Business Overview
- • Core business: Cloud-native Zero Trust security platform enabling secure access to applications and data globally without traditional firewalls or VPNs
- • New focus on AI security: Security for Public and Private AI Applications and Agentic Operations to manage AI-related cyber risks and IT efficiencies
Management Discussion & Analysis
- • Revenue $2,673.1M in fiscal 2025 up 23% YoY from $2,167.8M in 2024 and up 34% YoY from $1,617.0M in 2023
- • GAAP operating margin (5)% in 2025 vs (6)% in 2024; Non-GAAP operating margin 22% in 2025 vs 20% in 2024
Risk Factors
- • Regulatory risk: EU Data Act allowing customers to cancel subscriptions with 30-60 days' notice, impacting contract terms and revenues
- • Macroeconomic threat: Global economic disruptions and geopolitical events increasing credit risk and delaying customer purchasing decisions
Zscaler FY2025 Key Financial MetricsXBRL
Revenue
$2.7B
▲ +23.3% YoY
Net Income
-$41M
▲ +28.1% YoY
Gross Margin
76.9%
▼ -112bp YoY
Operating Margin
-4.8%
▲ +80bp YoY
Net Margin
-1.6%
▲ +111bp YoY
ROE
-2.3%
▲ +222bp YoY
Total Assets
$6.4B
▲ +36.4% YoY
EPS (Diluted)
$-0.27
▲ +30.8% YoY
Operating Cash Flow
$972M
▲ +24.7% YoY
Source: XBRL data from Zscaler FY2025 10-K filing on SEC EDGAR. All figures in USD.
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