Zscaler (ZS) Earnings: Complete Live Coverage Today

Zscaler enters tonight’s earnings report with strong near-term momentum and high expectations. Shares are up 18% in May and more than 25% year-to-date, buoyed by investor enthusiasm around zero-trust architecture adoption and federal contract momentum.

For fiscal Q3 2025, analysts expect Zscaler to post EPS of $0.66 on revenue of $565 million — reflecting year-over-year growth of 26% and 28%, respectively. Last quarter, Zscaler beat consensus estimates with $0.60 in EPS and $525 million in revenue, and reiterated its commitment to balanced growth and margin expansion.

The company continues to benefit from robust net revenue retention (NRR), strong renewal rates, and rising demand for secure cloud transformation. But with ZS trading at ~13x forward sales and 80x forward earnings, the market is baking in flawless execution.

Zscaler’s federal segment and large enterprise wins were key contributors last quarter. On the earnings call, management cited increased deal sizes and contract duration as signs of strategic momentum. Investors will want to see if that continues or if macro pressures are starting to creep into the pipeline.

With valuation stretched, any sign of deceleration or margin compression could weigh on the stock. Conversely, another clean beat-and-raise could justify further re-rating, particularly if the company shows operating leverage in parallel with high growth.

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