Equity Profile

ZS

Zscaler, Inc.

Information TechnologySystems Software$30.4B

Sep2Wed

Pre-Earnings Brief

UpcomingQ4-2026After Close5:00 PM EDT

Company Snapshot

Zscaler, Inc. (ZS) is a leading provider of cloud-based security solutions that help organizations protect their data and applications....

Key Metrics to Watch

EPS Growth

Earnings per share (EPS) growth is crucial as it reflects the company's profitability and operational efficiency.

N/A

Revenue Growth

Revenue growth indicates the company's ability to expand its customer base and increase sales, which is vital for long-term success.

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 leading provider of cloud-based security solutions that help organizations protect their data and applications. As part of the Information Technology sector, Zscaler is positioned to benefit from the increasing demand for cybersecurity in a digital-first world.

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 Q3-2026, Zscaler reported an impressive EPS of $1.08, significantly beating expectations. The stock reacted positively, gaining 1.22% the next day.

Management Promises & Guidance

Continued focus on expanding its cloud security offerings.
Commitment to improving customer experience and support.
Plans to enhance product features based on customer feedback.

Expectations

Wall Street Expectations

Overall, expectations are high for Zscaler, given its strong track record of beating earnings estimates. Investors are keen to see if the company can maintain its momentum in revenue growth.

Bull Case

The optimistic view hinges on Zscaler continuing its trend of strong earnings surprises, potentially leading to increased market confidence and stock appreciation.

Bear Case

On the downside, any signs of slowing growth or increased competition could lead to a negative reaction from investors, especially if earnings do not meet or exceed expectations.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and will it continue the trend of significant surprises?

Given Zscaler's history of exceeding EPS expectations, this will be a key indicator of operational performance and investor sentiment.

How is Zscaler addressing competition in the cybersecurity market?

Understanding Zscaler's competitive strategy will be crucial for assessing its growth potential and market position moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zscaler's ability to maintain its high growth trajectory despite increasing competition, as evidenced by its consistent earnings surprises.

Supporting Evidence

Zscaler has a 100% EPS beat rate over the last eight quarters, indicating strong operational execution.

The options market is pricing a modest move, suggesting that the market may not fully appreciate the potential for another earnings surprise.

Key Risk

If EPS comes in below $1.00, it could challenge the narrative of sustained growth and lead to a reevaluation of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be closely watched as it may set the tone for Zscaler's future growth trajectory.

Bull Confirmed If

An EPS of $1.10 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.90 could signal potential issues in growth or market competitiveness.

Pre-Earnings Positioning

Options Market

Implied Move

±2.57%

Historical Avg

±2.5%

In line with history

The options market is pricing in a moderate move, 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 a positive stock reaction of around +1.13%, confirming investor confidence in continued growth.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance from management.

Miss

A miss could lead to a negative reaction, with historical data suggesting a potential decline of around -0.53%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer acquisition and retention metrics.
2Details on new product features or enhancements.
3Management's outlook on market competition and growth strategies.
4Insights into customer feedback and how it shapes future offerings.
5Any commentary on macroeconomic factors affecting the cybersecurity landscape.

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Company Snapshot

Zscaler, Inc. (ZS) is a leading provider of cloud-based security solutions that help organizations protect their data and applications....

Key Metrics to Watch

EPS Growth

Earnings per share (EPS) growth is crucial as it reflects the company's profitability and operational efficiency.

N/A

Revenue Growth

Revenue growth indicates the company's ability to expand its customer base and increase sales, which is vital for long-term success.

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 Q3-2026, Zscaler reported an impressive EPS of $1.08, significantly beating expectations. The stock reacted positively, gaining 1.22% the next day.

Management Promises & Guidance

Continued focus on expanding its cloud security offerings.
Commitment to improving customer experience and support.
Plans to enhance product features based on customer feedback.

Expectations

Wall Street Expectations

Overall, expectations are high for Zscaler, given its strong track record of beating earnings estimates. Investors are keen to see if the company can maintain its momentum in revenue growth.

Bull Case

The optimistic view hinges on Zscaler continuing its trend of strong earnings surprises, potentially leading to increased market confidence and stock appreciation.

Bear Case

On the downside, any signs of slowing growth or increased competition could lead to a negative reaction from investors, especially if earnings do not meet or exceed expectations.

Expectations

Two Questions That Matter

The print will turn on these two things.

What will the EPS be this quarter, and will it continue the trend of significant surprises?

Given Zscaler's history of exceeding EPS expectations, this will be a key indicator of operational performance and investor sentiment.

How is Zscaler addressing competition in the cybersecurity market?

Understanding Zscaler's competitive strategy will be crucial for assessing its growth potential and market position moving forward.

Edge

What the Street Is Missing

Why consensus could be wrong

The Street may underestimate Zscaler's ability to maintain its high growth trajectory despite increasing competition, as evidenced by its consistent earnings surprises.

Supporting Evidence

Zscaler has a 100% EPS beat rate over the last eight quarters, indicating strong operational execution.

The options market is pricing a modest move, suggesting that the market may not fully appreciate the potential for another earnings surprise.

Key Risk

If EPS comes in below $1.00, it could challenge the narrative of sustained growth and lead to a reevaluation of the stock.

Edge

Thesis-Break Levels

Pre-commit to what would confirm each case.

This quarter's performance will be closely watched as it may set the tone for Zscaler's future growth trajectory.

Bull Confirmed If

An EPS of $1.10 or higher would confirm the bull case, indicating strong operational performance.

Bear Confirmed If

An EPS below $0.90 could signal potential issues in growth or market competitiveness.

Pre-Earnings Positioning

Options Market

Implied Move

±2.57%

Historical Avg

±2.5%

In line with history

The options market is pricing in a moderate move, 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 a positive stock reaction of around +1.13%, confirming investor confidence in continued growth.

In-Line / Cautious

If results are in line with expectations, the stock may experience muted movement as investors await further guidance from management.

Miss

A miss could lead to a negative reaction, with historical data suggesting a potential decline of around -0.53%.

Earnings Track Record

Preparation

What to Listen For

Call Prep

1Any updates on customer acquisition and retention metrics.
2Details on new product features or enhancements.
3Management's outlook on market competition and growth strategies.
4Insights into customer feedback and how it shapes future offerings.
5Any commentary on macroeconomic factors affecting the cybersecurity landscape.