Zscaler (ZS) Free Cash Flow (2017 - 2026)
Zscaler (ZS) posted quarterly Free Cash Flow of $186.7 million for Q1 2026, up 17.82% year-over-year from $158.4 million in Q1 2025, and down 56.65% quarter-over-quarter from $430.6 million in Q4 2025.
Zscaler (ZS) Free Cash Flow (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Free Cash Flow for 10 consecutive years, with $186.7 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Free Cash Flow rose 17.82% year-over-year to $186.7 million; the TTM figure through Jan 2026 stood at $1.0 billion (up 28.21% YoY), while the FY2025 annual figure was $890.9 million, up 22.12% from the prior year.
- Free Cash Flow slipped to $186.7 million in Q1 2026 per ZS's latest filing, from $430.6 million in the prior quarter.
- Across five years, Free Cash Flow topped out at $430.6 million in Q4 2025 and bottomed at $37.5 million in Q2 2022.
- Historically, Free Cash Flow has averaged $169.4 million across 5 years, with a median of $150.3 million in 2025.
- On a YoY basis, Free Cash Flow climbed as much as 321.95% in 2022 and fell as far as 36.01% in 2022.
- Zscaler's Free Cash Flow stood at $120.8 million in 2022, then soared by 109.72% to $253.4 million in 2023, then increased by 21.92% to $308.9 million in 2024, then soared by 39.4% to $430.6 million in 2025, then slumped by 56.65% to $186.7 million in 2026.
- Business Quant data shows ZS's Free Cash Flow at $186.7 million in Q1 2026, $430.6 million in Q4 2025, and $273.3 million in Q3 2025.
Powered by 
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Free Cash Flow (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 19.64 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | -1.87 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 1.20 Bn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 788.00 Mn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 965.60 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 67.60 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 775.42 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | -5.74 Bn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | -7.56 Bn |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | 186.68 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 186.68 Mn |
| Jan 31, 2026 | 186.68 Mn |
| Oct 31, 2025 | 430.61 Mn |
| Oct 31, 2025 | 430.61 Mn |
| Jul 31, 2025 | 273.30 Mn |
| Jul 31, 2025 | 273.30 Mn |
| Apr 30, 2025 | 150.29 Mn |
| Apr 30, 2025 | 150.29 Mn |
| Jan 31, 2025 | 158.45 Mn |
| Jan 31, 2025 | 158.45 Mn |
| Oct 31, 2024 | 308.91 Mn |
| Oct 31, 2024 | 308.91 Mn |
| Jul 31, 2024 | 248.45 Mn |
| Jul 31, 2024 | 248.45 Mn |
| Apr 30, 2024 | 96.03 Mn |
| Apr 30, 2024 | 96.03 Mn |
| Jan 31, 2024 | 131.68 Mn |
| Jan 31, 2024 | 131.68 Mn |
| Oct 31, 2023 | 253.38 Mn |
| Oct 31, 2023 | 253.38 Mn |