Zscaler Inc (NASDAQ: ZS) is a cloud security company that provides enterprises with secure access to the internet, cloud applications, and internal applications through a fully integrated, multi-tenant cloud platform. Revenue comes almost entirely from subscriptions to access that platform, together with related support services, which accounted for approximately 98% of total revenue in FY2025. Zscaler was incorporated in 2007, built on the premise that the internet would replace the corporate network as cloud and mobility adoption accelerated. Total revenue reached $2.67 billion in FY2025, up from $2.17 billion in FY2024 and $1.62 billion in FY2023. Net cash from operations was $972.5 million in FY2025. The company sells through a channel model involving global telecommunications providers, system integrators, value-added resellers, and public cloud marketplaces, while its direct sales force maintains relationships with end customers. Contracts typically run one to three years, invoiced annually in advance, with revenue recognized ratably. Total deferred revenue stood at $2.47 billion as of July 31, 2025, reflecting a subscription business with significant forward visibility.

Revenue model

Subscription-based. Customers pay to access Zscaler's cloud platform, with contracts typically spanning one to three years invoiced annually in advance. Subscription and support services were approximately 98% of revenue in FY2025 (97% in FY2024 and FY2023). A small, immaterial portion of revenue comes from professional services including mapping, implementation, network design, and training. Revenue is recognized ratably over the contract life.

Products and services

A fully integrated, multi-tenant cloud security platform that sits in the data path to provide secure access to the internet, cloud applications, and internal applications. The platform interoperates with identity and access management, device and endpoint management, and SIEM tools. Professional services including mapping, implementation, and network design are also offered but represent an immaterial share of revenue.

Customers and end markets

Enterprise customers across the United States and internationally. End market demand is driven by cloud adoption, workforce mobility, and the shift away from traditional perimeter-based security architectures. The company pursues a land-and-expand model, selling initial subscriptions and then growing within accounts by adding users, solutions, and premium services. No specific customer concentration figures are disclosed in the excerpts.

Value-chain role

Sits in the network data path between enterprise users and their applications, acting as a cloud-delivered security inspection and access control layer. Distributes through channel partners including global telecom providers, system integrators, value-added resellers, and public cloud marketplaces, while the direct sales force maintains primary customer relationships. Customer care and success teams manage deployment, performance monitoring, and security response.

Geographic exposure

Operates in the United States and internationally. Specific geographic revenue splits are not provided in the excerpts.

Source: SEC 10-K, filed 2025-09-11

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