Overview

• Fiscal Q4 revenue reached $719 million with adjusted EPS of $0.89, beating consensus on both metrics.
• Annual recurring revenue rose about 22% to roughly $3.02 billion as calculated billings grew 32% to $1.2 billion and deferred revenue increased 30% to $2.46 billion, with leadership emphasizing ARR as the key growth gauge.
• Fiscal 2026 guidance came in well ahead of Street views at $3.27–$3.28 billion in revenue and $3.64–$3.68 in adjusted EPS, with Q1 outlook of $772–$774 million in revenue and $0.85–$0.86 in adjusted EPS also above expectations.
• Cash generation remained strong with $250.6 million in operating cash flow and $171.9 million in free cash flow, ending the quarter with about $3.57 billion in cash and short‑term investments.
• Strategy updates included closing the $675 million Red Canary acquisition to strengthen AI‑driven MDR plus new offerings such as AI Guardrails, AI Guard and Zscaler Cellular, as several analysts raised price targets and shares traded lower Wednesday after an initial after‑hours pop.