Zscaler just reported Q4 earnings, with shares initially ripping 8% higher following the report. Here are the key numbers:
Guidance:
Quick Read:
Zscaler beat across the top and bottom lines, with revenue coming in roughly 2.4% ahead of expectations and adjusted EPS beating by about 9%.
Attention now turns to fiscal 2027 guidance and ARR growth, which are likely to determine whether investors see Zscaler’s recent slowdown as temporary or structural.
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That wraps up our initial coverage of Zscaler’s Q4 results. Thank you for stopping by!
The full-chain put/call ratio on Zscaler (NASDAQ:ZS) sits at 0.64, a call-heavy skew that fits with today’s 3.91% pre-earnings rally to $179.48. Front-week contracts expiring September 4 show a ratio of 0.66, suggesting traders are leaning long into the event.
The October 23 expiration prints a ratio of 8.31, and February 2027 spikes to 28.15, pointing to sizable protective put positioning or hedged institutional bets.
History urges caution: the last three reports produced day-of drops of -31.52%, -12.17%, and -13.03% despite beats. One-week reactions were kinder, with Q2 FY26 rebounding 11.61% and Q3 FY26 recovering 6.3%.
Bottom line: options lean bullish, but overnight gap risk is real.
Zscaler reports Q4 earnings after the bell tonight, with investors focused on ARR growth and management’s outlook for fiscal 2027.
The stock has fallen roughly 37% over the past year, and concerns have shifted from demand toward the company’s growth outlook and free cash flow. Higher capital expenditures have pressured expected free cash flow margins.
Investors will also be watching momentum across AI Protect, ZFlex, and Zero Trust Branch. Strong adoption could reinforce Zscaler’s broader platform story and show that rising AI security demand is translating into recurring revenue.
A clean beat and encouraging fiscal 2027 outlook could help restart a re-rating in the shares. Anything softer could extend the multiple compression that has weighed on Zscaler over the past year.
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