ZS Zscaler
FY2025 10-K
Zscaler (ZS) filed its fiscal year 2025 10-K annual report with the SEC on Sep 11, 2025. This page provides AI-powered analysis of the filing, including business overview, management discussion, risk factors, and key financial metrics from XBRL data.
AI Filing AnalysisFY2025 10-K
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
Financial SummaryXBRL
Revenue
$2.7B
Net Income
-$41M
Gross Margin
76.9%
Operating Margin
-4.8%
Net Margin
-1.6%
ROE
-2.3%
Total Assets
$6.4B
EPS (Diluted)
$-0.27
Operating Cash Flow
$972M
Source: XBRL data from Zscaler FY2025 10-K filing on SEC EDGAR. All figures in USD.
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