Zscaler, Inc. (ZS) Cash Flow Statement
Where ZS’s cash came from and went, FY2026
July 31, 2026 · U.S. dollars- Cash from operations
- $1.13B +16.2% vs FY2025
- Capital expenditures
- $277.3M 8.3% of revenue
- Free cash flow
- $852.4M 25.4% margin
- Returned to shareholders
- —
- Change in cash
- −$1.46B cash at year-end $928.4M
Cash from operations
$1.13B
Capital expenditures
−$277.3M
Investments (net)
−$1.38B
Acquisitions & other
−$991.3M
Other financing
+$62.4M
Change in cash
−$1.46B
Drawn to scale: where the cash came from and how it was used. Hover for values.
ZS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
ZS cash flow trends, FY2017–FY2026
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −$6.0MFY2017 | $1.13BFY2026 | — | |
| Capital expenditures | $8.2MFY2017 | $277.3MFY2026 | +47.9%/yr | |
| Free cash flow | −$14.2MFY2017 | $852.4MFY2026 | — | |
| Free cash flow margin | −11.3%FY2017 | 25.4%FY2026 | +36.7 pts | |
| Stock-based compensation | $9.9MFY2017 | $821.9MFY2026 | +63.4%/yr | |
| Dividends paid | $0FY2018 | $1.02BFY2020 | — | |
| Share buybacks (net) | $0FY2017 | $0FY2024 | — | |
| Capex / revenue | 6.5%FY2017 | 8.3%FY2026 | +1.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
ZS cash flow by activity
OperatingInvestingFinancingChange in cash
ZS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
ZS cash flow statement
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −$63.2M | −$41.5M | −$57.7M | −$202.3M | −$390.3M | −$262.0M | −$115.1M | −$28.7M | −$33.6M | −$35.5M |
| Depreciation & amortization | $192.0M | $121.2M | $80.9M | $66.8M | $49.5M | $36.5M | $21.1M | $11.3M | $8.0M | $6.8M |
| Stock-based compensation | $821.9M | $661.4M | $527.7M | $444.8M | $409.6M | $258.5M | $121.4M | $46.4M | $11.2M | $9.9M |
| Change in working capital | $53.1M | $26.7M | $66.1M | $28.6M | $97.5M | $45.6M | $8.6M | $13.6M | $18.4M | $4.3M |
| Other non-cash items | $125.8M | $204.7M | $162.9M | $124.5M | $155.7M | $123.5M | $43.3M | $15.4M | $13.3M | $8.4M |
| Cash from operating activities | $1.13B | $972.5M | $779.8M | $462.3M | $321.9M | $202.0M | $79.3M | $58.0M | $17.3M | −$6.0M |
| Investing activities | ||||||||||
| Capital expenditures | −$277.3M | −$245.8M | −$194.9M | −$128.7M | −$90.6M | −$58.3M | −$51.8M | −$30.2M | −$15.2M | −$8.2M |
| Investments (net) | −$1.38B | −$427.0M | −$683.2M | −$259.3M | $374.1M | −$10.8M | −$946.8M | −$120.5M | −$162.9M | −$162.9M |
| Acquisitions & other investing | −$991.3M | $245.8M | $194.9M | $128.7M | $90.6M | −$40.5M | −$39.6M | −$11.4M | $0 | $162.8M |
| Cash from investing activities | −$2.65B | −$427.0M | −$683.2M | −$259.3M | $374.1M | −$109.7M | −$1.04B | −$162.1M | −$178.1M | −$8.3M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | −$1.02B | — | $0 | — |
| Share repurchases & issuance (net) | — | — | $52.0M | $42.3M | $34.6M | $25.7M | $15.3M | −$22,000 | −$3.8M | $0 |
| Net borrowing (repayment) | $0 | $575.0M | $0 | $0 | $0 | — | $1.13B | $1.13B | $1.13B | $1.13B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $62.4M | −$154.4M | $12.2M | $3.7M | $6.7M | $16.0M | $898.6M | −$1.08B | −$918.3M | −$1.12B |
| Cash from financing activities | $62.4M | $420.5M | $64.2M | $46.0M | $41.3M | $41.7M | $1.02B | $46.4M | $208.4M | $9.5M |
| Summary | ||||||||||
| Net change in cash | −$1.46B | $965.9M | $160.9M | $249.0M | $737.3M | $134.0M | $63.4M | −$57.7M | $47.6M | −$4.9M |
| Cash at end of period | $928.4M | $2.39B | $1.42B | $1.26B | $1.01B | $275.9M | $141.9M | $78.5M | $135.6M | $88.0M |
| Free cash flow | $852.4M | $726.7M | $585.0M | $333.6M | $231.3M | $143.7M | $27.5M | $27.9M | $2.1M | −$14.2M |
| Free cash flow margin | 25.4% | 27.2% | 27.0% | 20.6% | 21.2% | 21.4% | 6.4% | 9.2% | 1.1% | −11.3% |
| Capex / revenue | 8.3% | 9.2% | 9.0% | 8.0% | 8.3% | 8.7% | 12.0% | 10.0% | 8.0% | 6.5% |
| Jul '26 | Apr '26 | Jan '26 | Oct '25 | Jul '25 | Apr '25 | Jan '25 | Oct '24 | Jul '24 | Apr '24 | Jan '24 | Oct '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | −$3.4M | −$13.9M | −$34.3M | −$11.6M | −$17.6M | −$4.1M | −$7.7M | −$12.1M | −$14.9M | $19.1M | −$28.5M | −$33.5M |
| Depreciation & amortization | $55.2M | $49.5M | $46.1M | $41.3M | $34.3M | $32.4M | $28.7M | $25.7M | $24.4M | $21.1M | $18.5M | $17.0M |
| Stock-based compensation | $211.6M | $205.2M | $216.6M | $188.6M | $172.7M | $159.4M | $172.1M | $157.2M | $144.9M | $113.2M | $140.4M | $129.1M |
| Change in working capital | $53.1M | −$69.1M | −$93.7M | $162.8M | −$2.7M | −$27.9M | −$48.1M | $105.3M | $1.8M | −$17.2M | −$26.3M | $107.8M |
| Other non-cash items | −$37.2M | $26.4M | $69.4M | $67.2M | $63.8M | $51.2M | $34.4M | $55.2M | $47.4M | $37.2M | $38.0M | $40.3M |
| Cash from operating activities | $279.3M | $198.0M | $204.1M | $448.3M | $250.6M | $211.1M | $179.4M | $331.3M | $203.6M | $173.4M | $142.1M | $260.8M |
| Investing activities | ||||||||||||
| Capital expenditures | −$215.2M | −$62.1M | −$35.0M | −$35.0M | −$78.7M | −$91.6M | −$36.0M | −$39.5M | −$67.2M | −$50.3M | −$41.3M | −$36.1M |
| Investments (net) | −$4.4M | −$259.3M | −$326.0M | −$1.50B | −$247.6M | $21.7M | $518,000 | −$201.7M | −$74.2M | −$360.2M | −$86.2M | −$162.5M |
| Acquisitions & other investing | −$151.3M | −$97.3M | $40,000 | $35.0M | $78.7M | $91.6M | $36.0M | $39.5M | $67.2M | $50.3M | $41.3M | $36.1M |
| Cash from investing activities | −$371.0M | −$418.7M | −$360.9M | −$1.50B | −$247.6M | $21.7M | $518,000 | −$201.7M | −$74.2M | −$360.2M | −$86.2M | −$162.5M |
| Financing activities | ||||||||||||
| Share repurchases & issuance (net) | −$21.5M | $21.5M | $21.5M | — | — | — | $22.3M | — | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $59.4M | −$22.2M | −$110,000 | $3.8M | $395.1M | −$399,000 | $2.6M | $890,000 | $34.5M | $7.4M | $21.0M | $1.3M |
| Cash from financing activities | $37.9M | −$684,000 | $21.4M | $3.8M | $395.1M | −$399,000 | $24.9M | $890,000 | $34.5M | $7.4M | $21.0M | $1.3M |
| Summary | ||||||||||||
| Net change in cash | −$53.8M | −$220.6M | −$135.4M | −$1.05B | $398.1M | $232.4M | $204.9M | $130.6M | $163.9M | −$179.4M | $76.9M | $99.5M |
| Cash at end of period | $928.4M | $982.1M | $1.20B | $1.34B | $2.39B | $1.99B | $1.76B | $1.55B | $1.42B | $1.26B | $1.44B | $1.36B |
| Free cash flow | $64.0M | $136.0M | $169.1M | $413.3M | $171.9M | $119.5M | $143.4M | $291.9M | $136.3M | $123.1M | $100.8M | $224.7M |
| Free cash flow margin | 7.1% | 16.0% | 20.7% | 52.4% | 23.9% | 17.6% | 22.1% | 46.5% | 23.0% | 22.3% | 19.2% | 45.2% |
| Capex / revenue | 24.0% | 7.3% | 4.3% | 4.4% | 10.9% | 13.5% | 5.6% | 6.3% | 11.3% | 9.1% | 7.9% | 7.3% |
| Operating cash flow / net income | — | — | — | — | — | — | — | — | — | 9.07 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
ZS cash generation
In fiscal 2026 (ended July 31, 2026), Zscaler generated $1.1 billion of cash from operations (up 16.2%) and spent $277.3 million on capital expenditures, leaving free cash flow of $852.4 million, 25.4% of revenue. Cash and equivalents fell by $1.5 billion over the year.
Related: ZS income statement, ZS balance sheet. See the ZS stock overview for the latest quote and news.
ZS cash flow FAQ
What is Zscaler's free cash flow?
Zscaler's free cash flow was $852.4 million in fiscal 2026: $1.1 billion of operating cash flow minus $277.3 million of capital expenditures It was $726.7 million a year earlier..
How much cash does Zscaler generate from operations?
Zscaler generated $1.1 billion of cash from operating activities in fiscal 2026.
How much does Zscaler spend on capital expenditures?
Zscaler spent $277.3 million on capital expenditures in fiscal 2026, 8.3% of revenue, compared with $245.8 million the year before.