Zscaler, Inc.
For the period ended Jul 31, 2025. Filed Sep 11, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Sep 11, 2025
ZS$194.92-2.1%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows for the years ended
| Year Ended July 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Cash Flows From Operating Activities | |||
| Net loss | $(41,478) | $(57,706) | $(202,335) |
| Adjustments to reconcile net loss to cash provided by operating activities: | |||
| Depreciation and amortization expense | 104,361 | 66,308 | 55,756 |
| Amortization expense of acquired intangible assets | 16,820 | 14,624 | 11,060 |
| Amortization of deferred contract acquisition costs | 166,310 | 130,139 | 98,718 |
| Amortization of debt issuance costs | 4,293 | 3,914 | 3,894 |
| Non-cash operating lease costs | 62,998 | 49,445 | 32,212 |
| Stock-based compensation expense | 661,350 | 527,676 | 444,834 |
| Accretion of investments purchased at a discount | (15,923) | (19,062) | (6,582) |
| Unrealized (gains) losses on hedging transactions | 369 | 753 | (3,319) |
| Deferred income taxes | (14,351) | (5,633) | 352 |
| Other | 987 | 3,320 | (820) |
| Changes in operating assets and liabilities, net of effects of business combinations: | |||
| Accounts receivable | (256,010) | (152,960) | (183,858) |
| Deferred contract acquisition costs | (230,453) | (200,303) | (176,950) |
| Prepaid expenses, other current and noncurrent assets | (41,572) | (39,971) | (39,922) |
| Accounts payable | 17,532 | 4,164 | (8,416) |
| Accrued expenses, other current and noncurrent liabilities | 5,180 | 43,556 | 26,814 |
| Accrued compensation | 20,997 | 10,507 | 24,538 |
| Deferred revenue | 573,052 | 450,314 | 418,564 |
| Operating lease liabilities | (62,009) | (49,239) | (32,197) |
| Net cash provided by operating activities | 972,453 | 779,846 | 462,343 |
| Cash Flows From Investing Activities | |||
| Purchases of property, equipment and other assets | (164,252) | (144,588) | (97,197) |
| Capitalized internal-use software | (81,508) | (50,308) | (31,527) |
| Payments for business acquisitions, net of cash acquired | (834) | (374,702) | (15,643) |
| Purchase of strategic investments | (824) | (2,000) | (3,206) |
| Purchases of short-term investments | (1,280,629) | (1,291,015) | (1,064,143) |
| Proceeds from maturities of short-term investments | 1,101,025 | 1,132,268 | 901,849 |
| Proceeds from sale of short-term investments | — | 47,165 | 50,530 |
| Net cash used in investing activities | (427,022) | (683,180) | (259,337) |
| Cash Flows From Financing Activities | |||
| Proceeds from issuance of common stock upon exercise of stock options | 3,581 | 12,249 | 3,944 |
| Proceeds from issuance of common stock under the employee stock purchase plan | 63,563 | 51,998 | 42,263 |
| Payment of deferred consideration related to business acquisitions | (792) | — | (215) |
| Proceeds from issuance of the 2028 Notes | 1,725,000 | — | — |
| Payments for issuance costs related to the 2028 Notes | (24,150) | — | — |
| Purchases of capped calls related to the 2028 convertible senior notes | (196,650) | — | — |
| Payments for the settlement of the 2025 Notes | (1,150,040) | — | — |
| Other | — | (39) | (2) |
| Net cash provided by financing activities | 420,512 | 64,208 | 45,990 |
| Net increase in cash and cash equivalents | 965,943 | 160,874 | 248,996 |
| Cash and cash equivalents at beginning of period | 1,423,080 | 1,262,206 | 1,013,210 |
| Cash and cash equivalents at end of period | $2,389,023 | $1,423,080 | $1,262,206 |
| Year Ended July 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for income taxes, net of tax refunds | $23,335 | $23,123 | $14,940 |
| Cash paid for interest expense | $1,436 | $1,436 | $1,438 |
| Non-Cash Activities | |||
| Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of terminations | $57,632 | $64,700 | $29,129 |
| Equity consideration for business acquisitions | $— | $3,805 | $— |
| Net change in purchased equipment included in accounts payable and accrued expenses | $10,977 | $1,111 | $1,588 |
| Shares issued to settle the premium amount upon repayment of the 2025 Notes | $4 | $— | $— |
| Shares received and retired from the 2025 Capped Calls upon repayment of the 2025 Notes | $2 | $— | $— |
| Debt issuance and capped call costs included in accounts payable and accrued liabilities | $999 | $— | $— |
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