NASDAQ$ZS
Zscaler Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Zscaler reported strong Q2 2025 revenue growth with expanding profitability and increased billings.
Zscaler reported Q2 2025 revenue of $647.9 million, growing 23% year-over-year. GAAP net loss improved to $7.7 million from $28.5 million a year ago, while non-GAAP net income grew to $127.1 million. Calculated billings increased by 18% to $742.7 million, and free cash flow reached $143.4 million. The company continues to see demand for its Zero Trust security platform, driving revenue growth and strong financial performance.
- Total Q2 revenue grew 23% YoY to $647.9 million.
- GAAP net loss improved to $7.7 million from $28.5 million YoY.
- Non-GAAP net income reached $127.1 million, up from $99.4 million.
- Calculated billings grew 18% YoY to $742.7 million.
Headline financials
Revenue & EPS history
Zscaler · Revenue · Quarterly
$648M
Forward guidance
Zscaler expects Q3 FY25 revenue of $665M to $667M, with non-GAAP EPS between $0.75 and $0.76. Full-year revenue is forecasted between $2.64B and $2.654B, with non-GAAP EPS of $3.04 to $3.09.
Tailwinds
- Q3 FY25 revenue expected between $665M-$667M.
- Full-year revenue forecasted at $2.64B-$2.654B.
- Non-GAAP income from operations expected to increase.
- Strong demand for Zero Trust solutions driving growth.
- Free cash flow generation remains robust.
Headwinds
- GAAP operating losses persist despite revenue growth.
- Stock-based compensation remains a high expense.
- Macroeconomic uncertainties could impact future demand.
- R&D expenses continue to rise, pressuring margins.
- Geopolitical and cybersecurity risks remain a concern.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
+2.0%
Avg return
Earnings day
+2.0%
Avg return
5 days after
+2.6%
Avg return
30 days after
41%
13 / 32 earnings
Positive
+31.6%
Q3 2020
Best reaction
-21.4%
Q4 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q3 2026 | — | — | — | |
| Q2 2026 | -3.0% | -6.7% | -20.4% | |
| Q1 2026 | -6.8% | -16.0% | -20.4% | |
| Q4 2025 | -1.5% | +2.6% | +11.2% | |
| Q3 2025 | +10.0% | +18.2% | +25.6% | |
| Q2 2025 | +2.9% | +1.5% | -11.1% | |
| Q1 2025 | -3.8% | +2.6% | -12.7% | |
| Q4 2024 | -21.4% | -21.6% | -15.2% | |
| Q3 2024 | +3.4% | +2.9% | +16.9% | |
| Q2 2024 | -7.6% | -13.0% | -18.8% | |
| Q1 2024 | +0.4% | +2.6% | +16.5% | |
| Q4 2023 | -0.0% | +1.5% | -3.2% | |
| Q3 2023 | +5.1% | +12.9% | +8.0% | |
| Q2 2023 | -7.2% | -8.2% | -9.0% | |
| Q1 2023 | -3.3% | -13.1% | -16.1% | |
| Q4 2022 | +27.3% | +22.7% | +15.2% | |
| Q3 2022 | +20.7% | +15.5% | +28.8% | |
| Q2 2022 | -7.3% | +3.5% | -3.8% | |
| Q1 2022 | -10.6% | -12.0% | -8.8% | |
| Q4 2021 | -3.6% | -1.7% | -5.0% | |
| Q3 2021 | +11.4% | +11.4% | +25.9% | |
| Q2 2021 | -1.3% | -2.5% | -18.3% | |
| Q1 2021 | +22.4% | +17.4% | +31.7% | |
| Q4 2020 | -0.4% | -2.3% | +14.1% | |
| Q3 2020 | +31.6% | +42.5% | +42.2% | |
| Q2 2020 | -16.4% | -22.6% | -17.7% | |
| Q1 2020 | -2.4% | -8.6% | -7.3% | |
| Q4 2019 | -19.9% | -23.4% | -23.7% | |
| Q3 2019 | -3.5% | +1.1% | +7.7% | |
| Q2 2019 | +19.4% | +13.4% | +39.8% | |
| Q1 2019 | +9.9% | +3.2% | +0.5% | |
| Q4 2018 | -5.4% | +3.4% | -16.3% | |
| Q3 2018 | +25.4% | +36.9% | +26.2% | |
| Q2 2018 | — | — | — | |
| Q1 2018 | — | — | — | |
| Q4 2017 | — | — | — | |
| Q3 2017 | — | — | — | |
| Q2 2016 | — | — | — | |
| Q1 2016 | — | — | — | |
| Q4 2016 | — | — | — | |
| Q3 2016 | — | — | — |
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