Equity Profile

ZS

Zscaler, Inc.

Information TechnologySystems Software$22.9B

Sep2Wed

Pre-Earnings Brief

UpcomingQ4-2026After Close5:00 PM EDT

Company Snapshot

Zscaler, Inc. (ZS) is a technology company that specializes in cloud-based security solutions....

Key Metrics to Watch

Revenue Growth

This metric will indicate how well Zscaler is expanding its customer base and service adoption in a competitive market.

N/A

Earnings Per Share (EPS)

EPS is a critical indicator of profitability and will reflect the company's financial health and operational efficiency.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ZS Q4-2026 Earnings Preview

Context

Company Snapshot

Zscaler, Inc. (ZS) is a technology company that specializes in cloud-based security solutions. As businesses increasingly move to the cloud, Zscaler's services help protect sensitive data and ensure secure internet access, making it a key player in the growing cybersecurity sector.

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+1848.77%

Avg Stock Reaction

+1.13%

Last Quarter Recap

In the last quarter, Zscaler reported an impressive EPS of $1.08, significantly surpassing expectations. The stock reacted positively, gaining 1.22% the following day.

Management Promises & Guidance

Continue to innovate and enhance cloud security solutions.
Expand into new markets and increase customer acquisition efforts.
Maintain high customer satisfaction and retention rates.

Expectations

Wall Street Expectations

Overall, expectations for Zscaler's upcoming earnings are high given its strong performance in previous quarters. Investors are keen to see if the company can maintain its momentum.

Bull Case

If Zscaler reports strong revenue growth and continues to exceed EPS expectations, it could solidify its position as a leader in the cybersecurity space, driving further stock appreciation.

Bear Case

Conversely, if Zscaler fails to meet revenue or customer growth expectations, it could raise concerns about its competitive position and future profitability, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the revenue growth rate be this quarter?

Revenue growth is crucial for assessing Zscaler's market position and ability to attract new customers, especially in a competitive landscape.

How many new customers did Zscaler acquire this quarter?

Customer acquisition is a key indicator of demand for Zscaler's services and will provide insight into its future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zscaler's ability to expand its customer base rapidly, as evidenced by its recent strong EPS surprises.

Supporting Evidence

Zscaler has consistently beaten EPS estimates by significant margins, indicating robust operational performance.

Options are pricing in a relatively modest move, suggesting that the market may not fully appreciate the potential for a strong earnings report.

Key Risk

If customer growth exceeds expectations, it could challenge the current market narrative around Zscaler's competitive pressures.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on Zscaler's ability to sustain its growth trajectory amidst increasing competition in the cybersecurity market.

Bull Confirmed If

Revenue growth of over 25% year-over-year would confirm the bull case.

Bear Confirmed If

Revenue growth below 10% year-over-year would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±2.57%

Historical Avg

±2.5%

In line with history

The options market is pricing in a move of approximately 2.57%, suggesting that investors expect some volatility around the earnings announcement.

Options are pricing ±2.6% while ZS has averaged ±2.5% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.6%

30d HV

127.9%

Calls (4.8M)P/C Ratio: 0.44Puts (3.2M)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zscaler beats expectations, history suggests the stock could rise by around 1.13%, confirming its strong growth narrative.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess future growth.

Miss

Should the company miss expectations, history suggests a potential decline of around 2.45%, raising concerns about its competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on customer acquisition numbers and growth strategies.
2Insights into revenue growth and market expansion plans.
3Any updates on product innovations or enhancements.
4Management's outlook on industry trends and competitive landscape.
5Comments on customer retention and satisfaction metrics.

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Company Snapshot

Zscaler, Inc. (ZS) is a technology company that specializes in cloud-based security solutions....

Key Metrics to Watch

Revenue Growth

This metric will indicate how well Zscaler is expanding its customer base and service adoption in a competitive market.

N/A

Earnings Per Share (EPS)

EPS is a critical indicator of profitability and will reflect the company's financial health and operational efficiency.

N/A

1 more metrics, Wall Street expectations, options signals, track record, and call prep available with Pro.

ZS Q4-2026 Earnings Preview

Context

Company Snapshot

Earnings Scorecard·Last 8Q

EPS Beat Streak

EPS Beat Rate

100%

Avg EPS Surprise

+1848.77%

Avg Stock Reaction

+1.13%

Last Quarter Recap

In the last quarter, Zscaler reported an impressive EPS of $1.08, significantly surpassing expectations. The stock reacted positively, gaining 1.22% the following day.

Management Promises & Guidance

Continue to innovate and enhance cloud security solutions.
Expand into new markets and increase customer acquisition efforts.
Maintain high customer satisfaction and retention rates.

Expectations

Wall Street Expectations

Overall, expectations for Zscaler's upcoming earnings are high given its strong performance in previous quarters. Investors are keen to see if the company can maintain its momentum.

Bull Case

If Zscaler reports strong revenue growth and continues to exceed EPS expectations, it could solidify its position as a leader in the cybersecurity space, driving further stock appreciation.

Bear Case

Conversely, if Zscaler fails to meet revenue or customer growth expectations, it could raise concerns about its competitive position and future profitability, leading to a negative market reaction.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the revenue growth rate be this quarter?

Revenue growth is crucial for assessing Zscaler's market position and ability to attract new customers, especially in a competitive landscape.

How many new customers did Zscaler acquire this quarter?

Customer acquisition is a key indicator of demand for Zscaler's services and will provide insight into its future growth potential.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zscaler's ability to expand its customer base rapidly, as evidenced by its recent strong EPS surprises.

Supporting Evidence

Zscaler has consistently beaten EPS estimates by significant margins, indicating robust operational performance.

Options are pricing in a relatively modest move, suggesting that the market may not fully appreciate the potential for a strong earnings report.

Key Risk

If customer growth exceeds expectations, it could challenge the current market narrative around Zscaler's competitive pressures.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will hinge on Zscaler's ability to sustain its growth trajectory amidst increasing competition in the cybersecurity market.

Bull Confirmed If

Revenue growth of over 25% year-over-year would confirm the bull case.

Bear Confirmed If

Revenue growth below 10% year-over-year would confirm the bear case.

Pre-Earnings Positioning

Options Market

Implied Move

±2.57%

Historical Avg

±2.5%

In line with history

The options market is pricing in a move of approximately 2.57%, suggesting that investors expect some volatility around the earnings announcement.

Options are pricing ±2.6% while ZS has averaged ±2.5% over the last 8 prints — setup is roughly in line with history.

Detail

ATM IV

0.6%

30d HV

127.9%

Calls (4.8M)P/C Ratio: 0.44Puts (3.2M)

Preparation

Post-Print Playbook

Likely market behavior by outcome — not investment advice.

Beat & Raise

If Zscaler beats expectations, history suggests the stock could rise by around 1.13%, confirming its strong growth narrative.

In-Line / Cautious

If results are in line but cautious commentary is provided, the stock may see muted movement as investors reassess future growth.

Miss

Should the company miss expectations, history suggests a potential decline of around 2.45%, raising concerns about its competitive position.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Details on customer acquisition numbers and growth strategies.
2Insights into revenue growth and market expansion plans.
3Any updates on product innovations or enhancements.
4Management's outlook on industry trends and competitive landscape.
5Comments on customer retention and satisfaction metrics.