Zscaler, Inc.
For the period ended Jul 31, 2026. Filed Sep 3, 2026.
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FY2026 · Filed Sep 3, 2026
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, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Cash Flows From Operating Activities | |||
| Net loss | $(63,179) | $(41,478) | $(57,706) |
| Adjustments to reconcile net loss to cash provided by operating activities: | |||
| Depreciation and amortization expense | 148,544 | 104,361 | 66,308 |
| Amortization expense of acquired intangible assets | 43,468 | 16,820 | 14,624 |
| Amortization of deferred contract acquisition costs | 203,693 | 166,310 | 130,139 |
| Amortization of debt issuance costs | 8,166 | 4,293 | 3,914 |
| Operating lease costs | 82,934 | 62,998 | 49,445 |
| Stock-based compensation expense | 821,923 | 661,350 | 527,676 |
| Accretion of investments purchased at a discount | (4,655) | (15,923) | (19,062) |
| Unrealized (gains) losses on hedging transactions, net | (772) | 369 | 753 |
| Deferred income taxes | (20,387) | (14,351) | (5,633) |
| Other | 7,484 | 987 | 3,320 |
| Changes in operating assets and liabilities, net of effects of business combinations: | |||
| Accounts receivable | (139,989) | (256,010) | (152,960) |
| Deferred contract acquisition costs | (312,152) | (230,453) | (200,303) |
| Prepaid expenses, other current and noncurrent assets | (28,076) | (41,572) | (39,971) |
| Accounts payable | (10,627) | 17,532 | 4,164 |
| Accrued expenses, other current and noncurrent liabilities | 36,417 | 5,180 | 43,556 |
| Accrued compensation | 44,590 | 20,997 | 10,507 |
| Deferred revenue | 379,873 | 573,052 | 450,314 |
| Operating lease liabilities | (67,601) | (62,009) | (49,239) |
| Net cash provided by operating activities | 1,129,654 | 972,453 | 779,846 |
| Cash Flows From Investing Activities | |||
| Purchases of property, equipment and other assets | (277,304) | (164,252) | (144,588) |
| Capitalized internal-use software | (73,207) | (81,508) | (50,308) |
| Payments for business acquisitions, net of cash acquired | (918,074) | (834) | (374,702) |
| Purchase of strategic investments | (10,413) | (824) | (2,000) |
| Purchases of short-term investments | (2,254,279) | (1,280,629) | (1,291,015) |
| Proceeds from maturities of short-term investments | 589,880 | 1,101,025 | 1,132,268 |
| Proceeds from sale of short-term investments | 290,665 | — | 47,165 |
| Net cash used in investing activities | (2,652,732) | (427,022) | (683,180) |
| Cash Flows From Financing Activities | |||
| Proceeds from issuance of common stock upon exercise of stock options | 3,984 | 3,581 | 12,249 |
| Proceeds from issuance of common stock under the employee stock purchase plan | 59,416 | 63,563 | 51,998 |
| Payment of deferred consideration related to business acquisitions | (110) | (792) | — |
| Proceeds from issuance of the 2028 Notes | — | 1,725,000 | — |
| Payments for issuance costs related to the 2028 Notes | (684) | (24,150) | — |
| Purchases of capped calls related to the 2028 Notes | (197) | (196,650) | — |
| Payments for the settlement of the 2025 Notes | — | (1,150,040) | — |
| Other | — | — | (39) |
| Net cash provided by financing activities | 62,409 | 420,512 | 64,208 |
| Net increase (decrease) in cash and cash equivalents | (1,460,669) | 965,943 | 160,874 |
| Cash and cash equivalents at beginning of period | 2,389,023 | 1,423,080 | 1,262,206 |
| Cash and cash equivalents at end of period | $928,354 | $2,389,023 | $1,423,080 |
| Year Ended July 31, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| Supplemental Disclosure of Cash Flow Information | |||
| Cash paid for income taxes, net of tax refunds | $54,095 | $23,335 | $23,123 |
| Cash paid for interest expense | $— | $1,436 | $1,436 |
| Non-Cash Activities | |||
| Operating lease right-of-use assets obtained in exchange for operating lease obligations, net of terminations | $123,364 | $57,632 | $64,700 |
| Equity consideration for business acquisitions | $— | $— | $3,805 |
| Net change in purchased equipment included in accounts payable and accrued expenses | $(1,380) | $10,977 | $1,111 |
| 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 | $— |
| Proceeds from sales of strategic investments not yet received | $4,330 | $— | $— |
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