Here are 1-3 brief analogies for Zscaler (ZS):

1. The Cloudflare for enterprise user security.

2. The Salesforce of cybersecurity, delivering enterprise security entirely from the cloud.

3. Palo Alto Networks, but its core security platform is built entirely in the cloud and designed for securing remote workforces directly accessing the internet.

• Zscaler Internet Access (ZIA): A cloud-native secure web gateway service that provides secure access to the internet and SaaS applications, protecting users from threats. (Service Category: Secure Web Gateway, Cloud Firewall)
• Zscaler Private Access (ZPA): A Zero Trust Network Access (ZTNA) service that securely connects authorized users directly to private applications without requiring a VPN. (Service Category: Zero Trust Network Access)
• Zscaler Digital Experience (ZDX): A digital experience monitoring (DEM) service that provides visibility and analytics into user, application, and network performance across the Zscaler platform. (Service Category: Digital Experience Monitoring)
• Zscaler Cloud Protection (ZCP): A cloud-native application protection platform (CNAPP) service that secures cloud workloads, applications, and data across multi-cloud environments. (Service Category: Cloud Security Posture Management, Cloud Workload Protection)
• Zscaler Data Protection: Services providing data loss prevention (DLP) and data discovery across internet, SaaS, and private applications to prevent sensitive data exfiltration. (Service Category: Data Loss Prevention)

Zscaler (ZS) Major Customers

• Siemens AG (SIEGY) - A global technology powerhouse focused on industry, infrastructure, transport, and healthcare.
• General Electric Company (GE) - A diversified industrial company known for aviation, power, and renewable energy.
• Sanofi S.A. (SNY) - A global pharmaceutical company.
• Toyota Motor Corporation (TM) - A multinational automotive manufacturer.

• Amazon Web Services (part of Amazon.com, Inc. AMZN)
• Google Cloud Platform (part of Alphabet Inc. GOOGL)

Jay Chaudhry CEO, Chairman and Founder

Jay Chaudhry founded Zscaler in 2007/2008. He has over 25 years of security industry expertise, including experience in engineering, sales, marketing, and management at organizations like IBM, NCR, and Unisys. Prior to Zscaler, he founded and led several other security software companies that were all acquired. These include SecureIT (founded 1996), an internet security service acquired by VeriSign in 1998 for $70 million in an all-stock deal, which notably made many of his employees millionaires. He also founded CoreHarbor (2000), a managed e-commerce solution acquired by USi/AT&T; CipherTrust (2000), an email security gateway acquired by Secure Computing Corporation in 2006 for $274 million; and AirDefense (2002), a wireless security company acquired by Motorola.

Kevin Rubin Chief Financial Officer

Kevin Rubin has served as Zscaler's Chief Financial Officer since May 2025. He brings over two decades of experience leading finance organizations at high-growth public and private companies. Before joining Zscaler, he was CFO at BetterUp, where he guided the company's financial strategy and operational scale. Prior to that, he was CFO of Alteryx, where he was instrumental in scaling global financial operations, supporting significant business expansion, and leading the company through its successful initial public offering (IPO). Earlier in his career, he held CFO roles at MSC Software, Pictage, DataDirect, and MRV Communications, and began his career at Arthur Andersen, advising various companies.

Adam Geller Chief Product Officer

Adam Geller serves as Zscaler's Chief Product Officer.

Mike Rich Chief Revenue Officer and President of Global Sales

Mike Rich holds the positions of Chief Revenue Officer and President of Global Sales at Zscaler.

Joyce Kim Chief Marketing Officer

Joyce Kim has been the Chief Marketing Officer at Zscaler since 2023. Before her role at Zscaler, she served as CMO at Twilio, and previously as CMO at Genesys and Chief Marketing and Digital Officer at Arm. Her experience also includes leading marketing for global brands such as Skype at Microsoft and Chromebooks and Google Hangouts at Google.

• Overall Zscaler Platform (Zero Trust and AI): The total addressable market for Zscaler's comprehensive Zero Trust Exchange platform, which encompasses its core offerings, is estimated at $96 billion globally.
• Data Loss Protection (DLP): Zscaler's data loss protection product, which is a part of its broader portfolio, has an addressable market opportunity of approximately $10 billion.
• Broader Zero Trust Security Market: The global zero trust security market, where Zscaler is a leading player, was valued at USD 40.01 billion in 2025 and is projected to reach approximately USD 161.6 billion by 2034, growing at a CAGR of 16.78% from 2025 to 2034. North America held the largest market share in the zero trust security market in 2024. Specifically, the U.S. zero trust security market is projected to reach around USD 43.86 billion by 2034.

Share Issuance

• Zscaler issued $1.5 billion in convertible senior notes due 2028 through a private offering in June 2025, with net proceeds of $1,130.5 million after deducting discounts and issuance costs.
• The company utilized $145.2 million of the proceeds from the convertible notes for capped call transactions to reduce potential dilution of its common stock upon conversion.
• Share issuances related to stock-based compensation have been ongoing, with recognized tax benefits on these expenses increasing from $1.4 million in fiscal 2022 to $13.4 million in fiscal 2023 and $23.0 million in fiscal 2024.

Outbound Investments

• Zscaler has made 7 investments in companies operating across sectors such as Cybersecurity, IT Services, and Cloud Infrastructure.
• Notable investments include P0 Security, FireTail, and Cyware, with the most recent being a Series A round in P0 Security on September 10, 2024.
• The company made strategic acquisitions, including Digital Additive in 2024 and Avalor, to enhance its SecOps capabilities through AI.

Capital Expenditures

• Capital expenditures were $90.6 million in fiscal year 2022, $128.7 million in fiscal year 2023, and $194.896 million in fiscal year 2024.
• Trailing twelve months capital expenditures stood at $245.76 million as of July 2025.
• For fiscal year 2025, data center capital expenditures are expected to be approximately 3 points higher as a percentage of revenue compared to fiscal 2024, primarily focused on upgrades to the company's cloud and AI Infrastructure.