Technology
In Q3 FY2026, ZS delivered strong revenue growth of $850.5M (+25.4% YoY) and slightly improved gross and operating margins, but remained unprofitable with a wider net loss and sharply lower cash balances due largely to heavy year-to-date investing outflows.
Key risk: Persistent profitability pressure despite strong growth
ZS grew revenue 25.4% YoY to $850.5M in Q3 FY2026, but net income was still negative at -$13.9M, compared with -$4.1M a year earlier. This shows that even with strong scale, the company remains exposed to execution risk in turning growth into sustainable earnings.