Zscaler, Inc.

ZSNASDAQTechnology● Active

$129.90

$-0.88(-0.67%)

Market Cap$21.0B

P/E Ratio—

52W High$336.99

52W Low$114.625

Avg Volume4.1M

Open$130.80

Beta0.96

Free Cash Flow Financials Revenue

Zscaler, Inc. (ZS) Free Cash Flow & Analysis

Annual & trailing free cash flow, FCF margin, YoY change, valuation ratios, and peer context.

ZS · free cash flow · updated Jun 8, 2026

Core FCF metrics

ZS · FCF · TTM · margin & CAGR

Free cash flow was $726.7M for FY2025 (fiscal year ending 2025-07-31), up 24.2% year-over-year The FCF margin was 27.2%. Five-year CAGR stands at +92.5%.

FY2025 Free Cash Flow$726.7M▲ +24.2% YoY

Trailing 12M (TTM)$1.02Btrailing 4 quarters sum

FCF Margin27.2%$726.7M ÷ revenue

3-Year CAGR+46.5%FY2022 → FY2025

5-Year CAGR+92.5%FY2020 → FY2025

FormulaFCF = Operating Cash Flow − Capital ExpendituresTTM = trailing 4 quarters sumCAGR → N/A if either endpoint ≤ 0

Source: FMP /cash-flow-statement · SEC 10-K / 10-Q · USDUpdated: Jun 8, 2026

Annual free cash flow history

FCF ($B, upper) · YoY Growth % (lower)

Positive FCFNegative FCF

Free Cash Flow

YoY Growth %

Annual free cash flow data

ZS · free cash flow history · annual / quarterly

Fiscal YearOperating CFCapExFree Cash FlowYoY ChangeFCF Margin

FY2025Latest$972.5M(246M)$726.7M▲ +24.2%27.2%

FY2024$779.8M(195M)$585.0M▲ +75.3%27.0%

FY2023$462.3M(129M)$333.6M▲ +44.2%20.6%

FY2022$321.9M(91M)$231.3M▲ +60.9%21.2%

FY2021$202.0M(58M)$143.7M▲ +422.5%21.4%

FCF = Operating Cash Flow − Capital Expenditures · CapEx shown as (negative) · Source: SEC filings via FMP

FCF valuation metrics

ZS · P/FCF · FCF yield · FCF per share

Zscaler, Inc. (ZS) trades at a FCF yield of 4.83% and a price-to-free-cash-flow ratio of 19.6x. FCF per share stands at $6.62, calculated using trailing twelve-month FCF divided by basic weighted-average shares outstanding.

FCF Yield (TTM)

4.83%

Free Cash Flow ÷ Market Cap

per FMP freeCashFlowYieldTTM definition

FCF per Share (TTM)

$6.62

TTM FCF ÷ Shares Outstanding

Price / FCF

x19.6

Share Price ÷ FCF per Share

EV / FCF (TTM)

x21.6

Enterprise Value basis

Source: FMP /key-metrics-ttm · /cash-flow-statement Q · /income-statementFY2025 · 2025-07-31

Cash flow statement summary

ZS · cash flow statement · operating / investing / financing

For FY2025, Zscaler, Inc. generated $972.5M in operating cash flow and spent 246M in capital expenditures, yielding $726.7M in free cash flow.

Operating Activities

+$972.5M

Cash from core business operations

2025-07-31

Investing Activities

−$427.0M

CapEx, acquisitions & investments

2025-07-31

Financing Activities

+$420.5M

Buybacks, dividends & debt

2025-07-31

FCF FormulaOperating CF ($972.5M) − |CapEx| (246M) = FCF ($726.7M)

For the complete Operating / Investing / Financing line-item breakdown:

View Full Cash Flow Statement →

Free cash flow vs peers (Technology)

ZS vs peers · FCF

#CompanyFree Cash FlowYoYFCF MarginRelative

Zscaler, Inc.YOU

$726.7M+24.2%27.2%

Taiwan Semiconductor Manufacturing Company Limited

Microsoft Corporation

Technology · Sorted by FCF · FMP /cash-flow-statementFull FCF Rankings →

About Free Cash Flow & Methodology

Zscaler, Inc. (ZS) reported free cash flow of $726.7M for FY2025 (fiscal year ending 2025-07-31), up 24.2% year-over-year. The FCF margin was 27.2%.

Based on available data, Zscaler, Inc. has maintained positive free cash flow for at least 8 fiscal year(s). FCF peaked at $726.7M in FY2025. The 5-year CAGR stands at +92.5%.

Zscaler, Inc.'s FCF yield is 4.83% and price-to-FCF ratio is 19.6x for FY2025, based on the latest available data.

Data sourced from FMP /cash-flow-statement · SEC 10-K / 10-Q · USD.

Q&A and summaries align with SEC 10-K/10-Q cash flow disclosures and FMP /cash-flow-statement where noted.

Revenue Financial statements Net income Earnings Forecast Price history Market cap Cash on hand P/E ratio

Frequently asked questions

ZS free cash flow · 8 questions

Zscaler, Inc. free cash flow was $726.7M for FY2025, up 24.2% year-over-year. On a trailing twelve-month (TTM) basis, free cash flow stands at $1.02B.

ZS free cash flowZS FCFZS FCF 2025ZS free cash flow TTM

▸ Source: FMP /cash-flow-statement · US GAAP · Zscaler, Inc. · Zscaler, Inc. SEC 10-K & 10-Q filings · US GAAP · Last updated: Jun 8, 2026