Zscaler Inc · NASDAQ:ZS
Zscaler — Investor Day (October 2026)
148 slides from Zscaler's investor day presentation, Oct 6, 2026
Slide 1: Zscaler Investor Day
@>zscaler | |NVESTOR DAY October 6, 2026
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation has been prepared by Zscaler, Inc. (“Zscaler”) for informational purposes only and not for any other purpose. Nothing contained in this presentation is, or should be construed as, a recommendation, promise or representation by the presenter or Zscaler or
Slide 3: Zscaler's Vision & Strategy
Zscaler’s Vision & Strategy Jay Chaudhry CEO, Chairman and Founder Zscaler 2
Slide 4: Pioneers of Zero Trust Security
ZSCALER Pioneers of Zero Trust Security… Making the internet and advanced technologies safer for businesses… Ushering in a world where people, devices and AI agents can communicate and innovate securely… >50% 750B+ 200+ ~1,000 of the Fortune 500 daily transactions globally distributed global issued
Slide 5: A New Approach to Securing the Agentic Enterprise
A New Approach to Securing the Agentic Enterprise Secure any-to-any Zero Trust communication using business policies, not networks Entity Entity A Policy Engine B All communication goes through Zscaler 4
Slide 6: Secure Any-to-Any Zero Trust Communication
Secure Any-to-Any Zero Trust Communication Uses business policies, not network policies ANY ENTITY ANY RESOURCE Zero Trust Exchange Users Apps (SaaS, Internal) Devices Models Stop Threats Everywhere Agents Data Workloads Agents Protect Data Everywhere Third parties Tools 5
Slide 7: Why We Win
Why We Win Zero Trust Comprehensive Cost & Architecture and Unified Complexity Our GTM for the AI Era Platform Reduction Engine 6
Slide 8: Why We Win
Why We Win Zero Trust Comprehensive Cost & Architecture and Unified Complexity Our GTM for the AI Era Platform Reduction Engine 7
Slide 9: Mega Waves of Disruptive Technology Create New Opportunities and Challenges
Mega Waves of Disruptive Technology Create New Opportunities and Challenges AI Era is a Giga Wave Cloud Mobility Each wave has been a tailwind for Zscaler AI is the largest tailwind we’ve ever witnessed 8
Slide 10: Securely Adopting AI is a Board-level Imperative
Securely Adopting AI is a Board-level Imperative AI DELIVERS AI INTRODUCES COMPETITIVE ADVANTAGE NEW CHALLENGES Accelerate Growth Cyber Risks Drive Efficiency Cost and Complexity 9
Slide 11: AI Creates Tailwinds for Zscaler's Platform
AI Creates Tailwinds for Zscaler’s Platform Frontier AI AI Agents Attacks Accelerates discovery Act autonomously to exploitation across apps, data and systems AI exploits the weaknesses of traditional network and security architectures 10
Slide 12: Frontier AI Exploits the Attack Surface
Frontier AI Exploits the Attack Surface FRONTIER AI MODELS Internet Traditional Attack Surface Expanded AI Attack Surface VPN Web Exposed Servers, AI MCP AI AI APIs Infrastructure Apps Workloads Chatbots Servers Agents Apps Branches, Factories, Data Centers, Public Clouds AI Expands the Attack Surfa
Slide 13: Real World Example: Cyber Risk Attack Surface
Real World Example: Cyber Risk Attack Surface A Large Energy Company Internet-facing Assets Unique Public IPs Cloud Providers 6,614 1,648 3 AWS AZURE Google Cloud 413 exposed live services Estate spans 3 clouds Vulnerabilities Critical High Medium 1,049 Vulnerabilities Vulnerabilities Vulnerabilitie
Slide 14: Zscaler's Architecture Minimizes the Attack Surface
Zscaler’s Architecture Minimizes the Attack Surface FRONTIER Internet AI MODELS Applications become invisible behind Zscaler’s Zero Trust Exchange AWS AZURE Neocloud DC Users Branch/Factory Agents Attackers cannot breach what they cannot reach 13
Slide 15: Trusted Networks Are Like Highways
Trusted Networks Are Like Highways Once on, you can get everywhere SaaS Public Clouds Neo Clouds Agents AI Apps, Agents AI Models, Infra. Data Center AI Apps, Agents Vehicle Cyber Highway Highway Remote Users Factory / OT Branch AI Agents Edge AI Edge AI 14
Slide 16: A Single Infected Rogue Agent Can Cause Serious Breaches
A Single Infected Rogue Agent Can Cause Serious Breaches Your private network facilitates lateral movement for attackers SaaS Public Clouds Neo Clouds Agents AI Apps, Agents AI Models, Infra. Data Center AI Apps, Agents Vehicle Cyber Highway Highway Remote Users Factory / OT Branch AI Agents Edge AI
Slide 17: Agents Are Going Rogue
Agents Are Going Rogue Attack Surface Discovery – Exploit Vulnerability – Lateral Movement OpenAI Internet Hugging Face Web Server Got out of sandbox Discovered a web server Got network access Found vulnerabilities Breached the server Are AI agents going rogue a bragging right? 16
Slide 18: Agents Are the Weakest Link
Agents Are the Weakest Link Today Yesterday Agents Users Weakest Link Weakest Link Moving at Machine Speed Working 24/7 75X Agents Exponential Agents = Exponential Risk 1 User 17
Slide 19: Zscaler's Architecture Minimizes the Impact of a Breach
Zscaler’s Architecture Minimizes the Impact of a Breach Users, workloads, and AI Agents connect only to authorized resources – never to the network. Switchboard ENTITY RESOURCE Devices Users Agents Apps Models Agents Tools Stops threats from spreading – No lateral movement 18
Slide 20: Why We Win
Why We Win Zero Trust Comprehensive Cost & Architecture and Unified Complexity Our GTM for the AI Era Platform Reduction Engine 19
Slide 21: Zscaler Expanded Zero Trust Everywhere
Zscaler Expanded Zero Trust Everywhere Zero Trust Branch Zero Trust AI Agents § Site-to-site, IOT/OT § Secure agent, tool, and segmentation model access § No firewalls, No SD-WAN § Intent and context aware policies Zero Trust Users Zero Trust Cloud § Fast, secure access, § Secures all workload any d
Slide 22: Zscaler is the Cyber Security Platform for the AI Era
Zscaler is the Cyber Security Platform for the AI Era Data Security Security for AI Agentic SecOps Zero Trust SASE Everywhere (Cyber Security) Zero Trust Zero Trust Zero Trust Zero Trust Users Branch Cloud AI Agents ENTITY RESOURCE Users Devices Agents Apps Models Data Agents Tools Comprehensive and
Slide 23: Zscaler Has a Unique Architectural Advantage
Zscaler Has a Unique Architectural Advantage 1 Proven Global 2 Superior 3 Unified Platform for Scalability Cyber Protection Zero Trust Everywhere Users Agents Minimizes the attack surface Daily inline transactions Prevents lateral movement Workloads Devices Third parties Same architecture, all entit
Slide 24: Why We Win
Why We Win Zero Trust Comprehensive Cost & Architecture and Unified Complexity Our GTM for the AI Era Platform Reduction Engine 23
Slide 25: Companies Are Entering the AI Era with Decades of Technology Debt
Companies Are Entering the AI Era with Decades of Technology Debt Every New Technology Wave Added Security Sprawl O365 Salesforce Internet AWS Azure Workday Network Security SaaS Security DC / COLO § Firewalls § CASB Private Cloud § DDoS Protection § SaaS Posture Management § Network Segmentation §
Slide 26: Companies Are Entering the AI Era with Decades of Technology Debt
Companies Are Entering the AI Era with Decades of Technology Debt Every New Technology Wave Added Security Sprawl O365 Salesforce Internet AWS Azure Workday Network Security SaaS Security DC / COLO § Firewalls § CASB Private Cloud § DDoS Protection § SaaS Posture Management High Capex/Opex Scale Cha
Slide 27: Unified Platform Reduces Cost, Complexity, and Risk
Unified Platform Reduces Cost, Complexity, and Risk A Collection of Legacy Point Products Zscaler Platform: Comprehensive, Unified NETWORK DATA SECURITY ZERO TRUST SASE DATA SECURITY SECURITY SECURITY FOR AI EVERYWHERE SECURITY FOR AI Firewalls Web DLP AI Gateway Secure Users, Secure data in all Sec
Slide 28: Zscaler Delivers Tangible Business Value
Zscaler Delivers Tangible Business Value Zscaler’s platform eliminates lots of Legacy 30% Savings Sunk Cost legacy network and legacy security point products resulting in: Secure User Access § Lower Capex Legacy § Lower Opex Sunk Cost Data Security Network & Branch Zscaler Spend User Experience Curr
Slide 29: Why We Win
Why We Win Zero Trust Comprehensive Cost & Architecture and Unified Complexity Our GTM for the AI Era Platform Reduction Engine 28
Slide 30: We Serve a Large and Expanding TAM
We Serve a Large and Expanding TAM $220B Total Addressable Market Agentic SecOps $57B Security for AI $24B Data Security $24B Zero Trust Branch & Cloud $53B Zero Trust Users1 $62B Based on estimates from Gartner and Frost & Sullivan. Refer to the appendix of this presentation for details on TAM sour
Slide 31: Potential AI Security TAM
Potential AI Security TAM AI Spend $2.7T * CIOs often cite mid-single digit percentage spend of overall spend for security. $100 - 200B Potential TAM Upside 4-7% of AI Spend *Gartner Projected 2026 AI Spend1 AI Security TAM2 - $24B (~1%) 1. Gartner Projected 2026 AI Spend Forecast: AI Spending, Worl
Slide 32: AI Creates Structural Tailwinds
AI Creates Structural Tailwinds Larger Attack Surface AI Agents, Models, AI Infrastructure Frontier AI More assets to discover and attack New logo increasing the & upsell number of opportunities Increased Lateral Threat Risk breaches Autonomous agents move at machine speed More Entities & More Traff
Slide 33: Turning AI Risk into Growth Opportunities
Turning AI Risk into Growth Opportunities 400+ assessments delivered to Global 2000 Uncovering new customer logos and upsell opportunities Areas of Risk Mitigation Zscaler Solution 1 Large attack surface Minimize internet exposure Zero Trust Private Access 2 Lateral threat movement Eliminate trusted
Slide 34: Our GTM Growth Levers
Our GTM Growth Levers Platform New Logo Partner Customer Expansion Engine Leverage Obsession Underpinned by a relentless focus on GTM Productivity 33
Slide 35: Happy CIOs and CISOs Are Repeat Zscaler Customers
Happy CIOs and CISOs Are Repeat Zscaler Customers 285 CXOs bought Zscaler at two companies 84 CXOs at three companies 45 Internal analysis based on Zscaler customer engagement records. CXOs at four companies 34
Slide 36: Zscaler Has a Strong Financial Foundation
Zscaler Has a Strong Financial Foundation $3.8B 25% 14% FY26 ARR1 FY26 Y/Y Revenue FY26 Y/Y NNARR Growth, Growth2 ex. Red Canary3 +25% year-over-year Broad based across geographies Doubled from 7% in FY25 23% 23% FY26 Non-GAAP Operating FY26 Free Cash Flow Income Margin Margin ~120 bps year-over-yea
Slide 37: Path to $10B in ARR
Path to $10B in ARR $10B ~$2B ~20% ~22% Potential Upside from CAGR AI Tailwinds >$8B $3.8B ~17% CAGR FY26 By FY31 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 36
Slide 38: Why Invest in Zscaler
Why Invest in Zscaler Purpose-Built AI-Led Demand Architectural Advantages Tailwinds Our Zero Trust Exchange is the platform Frontier AI models have elevated cybersecurity for the AI era – making applications invisible, to the top of the Board room agenda and eliminating lateral movement, and levera
Slide 39: What You Will Hear Today
What You Will Hear Today Platform Expansion World Class Go- Profitable Growth & Innovation To-Market Engine at Scale Innovating across Zero Trust SASE Leading sales team, partner Executing on a path to Everywhere, Agentic SecOps, Data leverage, GTM efficiency $10B in ARR Security and Security for AI
Slide 40: Introduction to the Zscaler Platform
Introduction to the Zscaler Platform Adam Geller Chief Product Officer Zscaler 39
Slide 41: 17 Years of Zscaler Innovation
17 Years of Zscaler Innovation Agentic SecOps Agentic SOC • Exposure Mgmt • MDR • MTH Security for AI Gen AI Security • AI SPM • AI Endpoint Security • AI Guard • AI Red Teaming • Agent Registry Data Security DLP • DSPM • SSPM • CASB Zero Trust SASE Everywhere ZIA • ZPA • ZDX • Sandbox • Firewall •
Slide 42: The AI Catalyst: Frontier Models Like Mythos
The AI Catalyst Frontier Models Like Mythos Are Uncovering Vulnerabilities at Machine Speed Zero Trust is an urgent board-level mandate 41
Slide 43: The AI Catalyst: If You Are Reachable, You Are Breachable
The AI Catalyst If you are reachable, you are breachable Zscaler was built for this moment 42
Slide 44: Zscaler Was Built for This Moment
Zscaler Was Built for This Moment Data Security Security for AI Agentic SecOps Zero Trust SASE Everywhere (Cyber Security) Zero Trust Zero Trust Zero Trust Zero Trust Users Branch Cloud AI Agents ENTITY RESOURCE Users Devices Agents Apps Models Data Agents Tools 43
Slide 45: Zscaler's Architectural Differentiation
Zscaler’s Architectural Differentiation Stop! Who are you? Are you allowed? What’s the risk? 3rd party signals Identity / Authorization: User, Agent Policies: App Access, Cyber, Data Loss Posture, Behavior, Intent Context Enrichment ENTITY RESOURCE Users Devices Agents Apps Models Data Agents Tools
Slide 46: Why Architecture Matters
Why Architecture Matters They connect users and agents We connect users and agents to networks. only to what they need. They observe traffic We sit inside every from the outside. VS encrypted flow. They stitch together different We are a single point products. unified platform. 45
Slide 47: New Product Beachheads to Land and Expand Customers
New Product Beachheads to Land and Expand Customers Users Branch Cloud 46
Slide 48: Users: Strong Business Growing Double Digits
Users: Strong Business Growing Double Digits Internet SaaS Cloud Data Center 6.6M Business apps protected Zscaler Internet Zscaler Private every day Access (ZIA) Access (ZPA) 55M+ Users safely protected 1 every day Any User, Any Device, Any Location 1. Users as of July 2026. 47
Slide 49: Zscaler Private Access: Now More Important Than Ever
Zscaler Private Access: Now More Important Than Ever App Shield The Problem The Solution Sensitive Critical High Value Mythos-like frontier AI We hide the attack Data Application System models and AI powered surface with ZPA, attacks are finding prevent lateral vulnerabilities and chaining movement,
Slide 50: Zscaler Private Access: Significant Expansion Opportunity
Zscaler Private Access: Significant Expansion Opportunity The Opportunity Global 2000 financial ~30% of ZIA users do not have ZPA today, 1 services customer expanded ZPA to cover all 120,000 users, increasing ARR by nearly 50%. creating a meaningful expansion opportunity. See the Financial Appendix
Slide 51: Browser Security: Securing BYOD and Contract Users
Browser Security: Securing BYOD and Contract Users Internet The Problem The Solution The browser is where We pioneered Cloud modern work gets done, but Browser Isolation and web content is risky and continued innovating to providing access for BYOD deliver the most and contractors can be hard. compr
Slide 52: Browser Security: Expanding the TAM
Browser Security: Expanding the TAM The Result Fortune 500 retailer New land opportunity deploying Zero Trust as the first step toward full Zero Trust Browser across 350,000 users with no previous Zscaler deployment. 51
Slide 53: New Product Beachheads to Land and Expand Customers
New Product Beachheads to Land and Expand Customers Users Branch Cloud 52
Slide 54: Branch Security: Simplifying and Securing the Branch
Branch Security: Simplifying and Securing the Branch The Problem The Solution Legacy branch Our Zero Trust Branch simplifies branch solutions are infrastructure and eliminates lateral movement expensive, complex in branches and factories. to manage, and Internet / Frontier AI drastically expand Inte
Slide 55: Branch Security: Expanding the TAM
Branch Security: Expanding the TAM The Result Global 2000 manufacturer New land and expand deploying Zero Trust Branch in their OT environment with no opportunity for Zscaler previous Zscaler deployment. 40% of Zero Trust Branch customers are new logos to Zscaler. 54
Slide 56: New Product Beachheads to Land and Expand Customers
New Product Beachheads to Land and Expand Customers Users Branch Cloud 55
Slide 57: Cloud Workload Security: Eliminating Virtual Firewalls
Cloud Workload Security: Eliminating Virtual Firewalls The Problem The Solution Enterprises have been struggling to secure cloud We introduced the Zero Trust Cloud Gateway, applications with legacy virtual firewalls. delivering zero trust for cloud workloads, including micro-segmentation, without th
Slide 58: Cloud Workload Security: Expanding the TAM
Cloud Workload Security: Expanding the TAM The Result Global manufacturer New land and expand deployed Zero Trust Cloud in a 7-figure deal to opportunity for Zscaler implement micro- segmentation. 57
Slide 59: Zero Trust SASE Everywhere
Zero Trust SASE Everywhere Data Security Security for AI Agentic SecOps Zero Trust SASE Everywhere (Cyber Security) Zero Trust Zero Trust Zero Trust Zero Trust Users Branch Cloud AI Agents ENTITY RESOURCE Users Devices Agents Apps Models Data Agents Tools 58
Slide 60: Locations and Sovereign Clouds
Locations and Sovereign Clouds 200+ Locations 750B+ Requests processed/day 500T Daily signals AMERICAS EUROPE, MIDDLE EAST and AFRICA ASIA-PACIFIC Vancouver Montreal Seattle Toronto Stockholm Portland Helsinki Oslo Beijing Chicago Boston Amsterdam New York Manchester Seoul Denver San Francisco Cleve
Slide 61: Agentic SecOps
Agentic SecOps Data Security Security for AI Agentic SecOps Zero Trust SASE Everywhere (Cyber Security) Zero Trust Zero Trust Zero Trust Zero Trust Users Branch Cloud AI Agents ENTITY RESOURCE Users Devices Agents Apps Models Data Agents Tools 60
Slide 62: Powerful Telemetry Generating Mission-Critical Data for the Enterprise
Powerful Telemetry Generating Mission-Critical Data for the Enterprise Inline telemetry across users, workloads, Zscaler Sees the Enterprise in Motion branches, data, cloud, endpoints and AI creates context that point tools cannot see Encrypted User / SaaS Traffic Data Movement Inline TLS inspection
Slide 63: Introducing Zscaler Agentic SecOps
Introducing Zscaler Agentic SecOps The Problem The Solution Legacy SOCs were built for A unified offering that brings together exposure manual response to endpoint management, threat management, and expert services alerts. That model struggled in into a single solution. the past, now it’s completely
Slide 64: Introducing Zscaler Agentic SecOps: The Result
Introducing Zscaler Agentic SecOps The Result Global 2000 manufacturer New land and expand managing more than 20M exposed assets using opportunity for Zscaler Zscaler Agentic SecOps 63
Slide 65: Key Takeaways
Key Takeaways Our Zero Trust architecture was built for the AI era The best way to secure AI agents and protect against AI-powered attacks Our Zero Trust Platform innovation continues to expand our TAM Exchange is the Offering a comprehensive Zero Trust security platform platform for the Zero Trust
Slide 66: Security for AI + Data Security
Security for AI + Data Security Dhawal Sharma EVP, AI Security and Strategic Initiatives Zscaler 65
Slide 67: Zscaler Is the Cyber Security Platform for the AI Era
Zscaler Is the Cyber Security Platform for the AI Era Security For AI + Data Security Significant TAM Security for AI Secure AI Assets and Agents Everywhere Data Security Classify and Secure Data Everywhere $48B 80% of unauthorized AI transactions caused by data policy violations1 50% of organizatio
Slide 68: AI Is the Biggest Tailwind for Data Security
AI Is the Biggest Tailwind for Data Security $410M Large Data Security Business 1 AI security is a new entry point Growth in Data Security ARR for customer acquisition 126% CAGR: 31% 70% Security for AI Q4 26 deals included Data Security FY 23 FY 24 FY 25 FY 26 See the Financial Appendix of this pre
Slide 69: AI Creates and Amplifies Data Risk
AI Creates and Amplifies Data Risk AI and Data Are Everywhere Agents Agents Agents Devices Agents Agents Who has access to data? Devices Workloads Workloads Users Devices Users Workloads Agents Agents What are they doing with it? Data Data Agents Center 1 Center 2 Agents Users Agents Agents Agents U
Slide 70: Years of Innovation in Security for AI
Zscaler Years of Innovation in Security for AI ChatGPT & Explosion of AI AI Agents Go AI App Expansion Infrastructure Mainstream 1000’s of Apps Emerge Building AI Apps on Hyperscalers Agentic Apps and Endpoints Gen AI Security AI Security Posture Management AI Access Graph AI Guard/Intent Based Poli
Slide 71: Zscaler Security for AI + Data Security
Zscaler Security for AI + Data Security 1 2 3 Discover AI, Secure Every Protect AI Data and Risk AI Interaction and Data AI Assets, Data, Identities Cyber Security Everywhere Models, Apps, MCP, Protect Data Everywhere Datastores 70
Slide 72: Discover Every AI Asset and Data Source
Discover Every AI Asset and Data Source What do I have? Zscaler Endpoint AI Asset Inventory Discover Every AI Asset, Agent and Data Sources Authorized and Shadow Data Center Data Stores 3,395 Public Cloud Identities 53,168 SaaS FRONTIER MODEL APPS LOCAL MODEL APPS AI Services Claude Codex Copilot Ge
Slide 73: Map Every Relationship Across AI and Data
Map Every Relationship Across AI and Data Who has access and what are they doing with it? Connect the Dots Zscaler Access Graph How is it used? See how identities, agents, models, tools, apps and data are connected AI Zscaler Differentiation Granular insights between AI, data and identity relationsh
Slide 74: Identify, Prioritize and Remediate AI and Data Risks
Identify, Prioritize and Remediate AI and Data Risks How risky is it? Identify Sensitive Data, Exposure, Posture Management for Risky Access and Data Paths AI Agents, Models Sensitive Data Sprawl External Data Exposure Posture Configuration AI services with insecure guardrails configuration High 14
Slide 75: Zscaler Security for AI + Data Security
Zscaler Security for AI + Data Security 1 2 3 Discover AI, Secure Every Protect AI Data and Risk AI Interaction and Data AI Assets, Data, Identities Cyber Security Everywhere Models, Apps, MCP, Protect Data Everywhere Datastores 74
Slide 76: Secure Every AI Interaction
Secure Every AI Interaction Stop Threats Everywhere Protect Data Everywhere ENTITY AI Gateway RESOURCE AI Apps Models Users Endpoint AI Security Agents Data Agents 75
Slide 77: Context and Intent Are Critical For Agentic Security
Context and Intent Are Critical For Agentic Security USER CONTEXT Who: John Doe Where: Corporate Network What: Access Salesforce Risk: Low user risk score User Allowed Allowed AGENT INTENT Agent Why: Agent’s task How: Skills used AGENT CONTEXT Risk: Low agent risk score Token Usage: High 76
Slide 78: Industry's Only AI Gateway Securing Agents with Zero Trust
Industry’s Only AI Gateway Securing Agents with Zero Trust Identity Context Intent Human & Non-Human Risks and Relationships Tasks & Skills ENTITY RESOURCE AI GATEWAY MCP Endpoint ALLOWED Agents are Everywhere Public Cloud Models BLOCKED Secure MCP and Agentic Traffic Neo Cloud Cost Aware Model Rout
Slide 79: AI Introduces New Attack Vectors Targeting Endpoints
AI Introduces New Attack Vectors Targeting Endpoints CONVENTIONAL ATTACKS MODERN AI ATTACKS Attacks Targeting Agents Prompt injection, agent abuse Endpoint Endpoint Detection Sensitive Data Exfiltration Response Print, web MCP Browser-based Attacks Malicious extension, last mile reassembly attacks 7
Slide 80: Secure Every AI Interaction with Endpoint Policy Enforcement
Secure Every AI Interaction with Endpoint Policy Enforcement AI can access files, run commands and transform data on the endpoint. ALLOW BLOCK AI Usage Control Cyber Protection Data Protection Control which AI Stop agentic Control what data AI can be used endpoint threats can access and move § Allow
Slide 81: Zscaler DLP Prevents Data Exfiltration Across All Channels
Zscaler DLP Prevents Data Exfiltration Across All Channels Internet /SaaS Email Apps Prompt /Response Internet DLP Email DLP Endpoint DLP Inspection Zscaler Differentiators Proven proxy architecture delivers Unified policies Single client AI-based DLP across all channels reduces complexity 80
Slide 82: Large Global Financial Asset Management Firm
CASE STUDY Large Global Financial Asset Management Firm Challenge Benefits § Legacy tools lacked deep visibility into public cloud § Met leadership’s goals for classification within prescribed time frame and environment at scale, with limited data classification improved data governance § Fragmented
Slide 83: Zscaler Security for AI + Data Security
Zscaler Security for AI + Data Security 1 2 3 Discover AI, Secure Every Protect AI Data and Risk AI Interaction and Data AI Assets, Data, Identities Cyber Security Everywhere Models, Apps, MCP, Protect Data Everywhere Datastores 82
Slide 84: Industry's Only Integrated AI Red Teaming + Guardrails Solution
Industry’s Only Integrated AI Red Teaming + Guardrails Solution Secure Apps During Secure Apps Build and Deploy Time During Runtime Zscaler AI Red Zscaler AI Teaming Guard 83
Slide 85: Zscaler AI Red Teaming
ZSCALER AI RED TEAMING Uncovering Every Weakness in AI Apps During Build, Deploy, and Runtime Red Teaming Support Customer Benefits Supports dozens of AI development, AI § Helps customers select the best model for models and MCP services safety and performance § Continuous and on-demand red teaming
Slide 86: Zscaler AI Guard: Securing Apps and Data During Runtime
ZSCALER AI GUARD Securing Apps and Data During Runtime Enterprise AI Apps AI Models AI Guard Prompt / Response Inspection & Policy Enforcement Access Data Content Threat Control Protection Moderation Protection Zscaler Differentiators AI-based detectors trained with Integrates with ZIA to secure 3,0
Slide 87: Zscaler Security for AI: Single Integrated Solution
Zscaler Security for AI: Single Integrated Solution to Make Every Tool, Agent, and Model Visible, Governed, and Secure Protect AI Systems Secure Apps During Build and Deploy Time Secure Apps During Runtime AI Red Teaming AI Guard Secure Every AI Interaction Cyber, Data Security ENTITY RESOURCE AI Ga
Slide 88: Global Systems Integrator with 400K+ Users
CASE STUDY Global Systems Integrator with 400K+ Users Challenge Benefits § Reinstated and accelerated adoption of GenAI and agentic apps, § Risk of data loss led the customer to revoke the use of improving productivity GenAI and agentic apps § Safeguarding data and compliance with AI Frameworks § In
Slide 89: One Unified AI and Data Security Solution
One Unified AI and Data Security Solution, Powered by Zero Trust Exchange Security For AI + Data Security Strong Data Security tailwinds for the Security for AI portfolio Industry’s only Zero Trust- based AI Security platform Security for AI Data Security with integrated Data Security Secure AI Asse
Slide 90: Key Takeaways
Key Takeaways Rapid adoption of AI is creating a significant market opportunity Security for AI and Data Security represent a $48 billion market opportunity Substantial market Adoption of AI is fueling demand for our Data Security solution tailwinds and AI creates and amplifies data risk. Zscaler se
Slide 91: Our Go-To-Market Strategy
Our Go-To-Market Strategy Ross Tackett Chief Revenue Officer Zscaler 90
Slide 92: Zscaler Is Built for This Moment
Zscaler Is Built for This Moment Our Products Customer AI Our GTM Engine and Solutions Transformation The Right Architecture The Right Team The Right Time 91
Slide 93: Significant Global Footprint
Significant Global Footprint >45% ARR >185 Countries from customers outside US where customers served 7 Countries >25 Countries >$100M in ARR >$10M in ARR Countries where customers served As of July 31, 2026. See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financi
Slide 94: Strong Installed Base Across Industries with Room to Grow
Strong Installed Base Across Industries with Room to Grow Zscaler % Share of Total G2K2 Customers by Industry G2K Hospitality2 Hospitality 55% >50% Technology 55% 11 of the top 15 of the Fortune 5001 Retail & Wholesale 52% Arts, Media & Entertainment 43% G2K Technology2 >40% Healthcare 43% 10 of the
Slide 95: GTM Strategy to Serve All Customers
GTM Strategy to Serve All Customers Majors High-touch 40k+ Zscaler Sales-led + CxO team + GSI partners with Employees world-class retention and expansion Selling across the organization: § CIO Medium-touch § CISO Enterprise Jointly Zscaler + Partner-led, with increase 5-40k Employees § CTO us in hun
Slide 96: With Dedicated Focus Across Key Verticals
With Dedicated Focus Across Key Verticals Core Strengths Future Growth US Public Financial Healthcare International Sovereign Sector Services Pub Sec Cloud FedRAMP High & IL5 Dedicated Financial Dedicated vertical Global regulators Localized Accredited Services territories security solutions looking
Slide 97: Our GTM Growth Levers
Our GTM Growth Levers AI is the Platform New Logo Partner Customer Biggest Tailwind Expansion Engine Leverage Obsession We’ve Ever Seen Underpinned by a relentless focus on GTM Productivity 96
Slide 98: Our GTM Growth Levers: Platform Expansion
Our GTM Growth Levers AI is the Platform Biggest Tailwind Expansion We’ve Ever Seen 97
Slide 99: Our Platform is Very Broad and Deep
Our Platform is Very Broad and Deep Data Security Security for AI Agentic SecOps Zero Trust SASE Everywhere Zero Trust Users Zero Trust Branch & Cloud 4 Product Categories Covering 30+ Products* * Products exclude support and end-of-sale products. 98
Slide 100: Power of the Platform
Power of the Platform Platform Breadth Platform Depth Majority of ARR from customers buying across Customers only purchase at least 3 out of 4 product categories1 ~9 out of 30+ products on average Significant whitespace expansion opportunity >10X ARR and Higher Retention1 1. Compares customers who p
Slide 101: With the Potential to 5X Existing Spend
With the Potential to 5X Existing Spend Significant whitespace to cross-sell existing products to existing customers >$19B Total existing customer addressable spend $3.8B >$15B 5X Existing spend FY26 Ending ARR Whitespace within existing customers expansion potential 36% 41% 23% Majors Enterprise Co
Slide 102: Global Investment Firm Grows 7X
Global Investment Firm Grows 7X ZT SASE for Users | Data Security | SecOps | ZT SASE for Cloud | Security for AI $15 M $11 M $10 M $6 M ~7x $5 M $3 M $2 M $2 M ARR expansion FY19 FY20 FY21 FY22 FY23 FY24 FY25 FY26 Initial Land Expand Expand Expand Expand Expand Expand Expand ZT SASE for Users + Data
Slide 103: Our GTM Growth Levers: New Logo Engine
Our GTM Growth Levers AI is the New Logo Biggest Tailwind Engine We’ve Ever Seen 102
Slide 104: Significant Untapped Opportunity for New Logo Growth
Significant Untapped Opportunity for New Logo Growth >75% of our target market1 we haven’t yet reached Target enterprises defined as organizations with 1,500+ employees, excluding China; source: ZoomInfo 103
Slide 105: Expanding New Logo Entry Points
Expanding New Logo Entry Points Data Security Security for AI Agentic SecOps SaaS Asset Secure AI Asset DLP DSPM Risk AI Guard Exposure MDR Access to AI Management Mitigation Management Zero Trust SASE Everywhere Zero Trust Users Zero Trust Branch & Cloud Virtual Device IoT/OT Frontier AI Defense 3r
Slide 106: Global Life Sciences Company Deploys Security for AI
Global Life Sciences Company Deploys Security for AI Deployed Zero Trust SASE for Users and Security for AI solution across 75,000 users, displacing a legacy firewall-based SASE platform Deal led by a three-time repeat Global 2000 Zscaler customer Life Sciences Company Partnered with Zscaler to redu
Slide 107: Our GTM Growth Levers: Partner Leverage
Our GTM Growth Levers AI is the Partner Biggest Tailwind Leverage We’ve Ever Seen 106
Slide 108: Scaling With our Different Types of Partners
Scaling With our Different Types of Partners Role of the Partner Co-Sell + Deliver Source + Transact Majors GSIs Cloud GTM 40k+ + Employees Tech >75% Y/Y Strategic Alliances TCV Growth1 VARs Hyperscalers Frontier Labs Enterprise New incentive 5-40k Employees program MSSP launched Growth Opportunity
Slide 109: Our GTM Growth Levers: Customer Obsession
Our GTM Growth Levers AI is the Customer Biggest Tailwind Obsession We’ve Ever Seen 108
Slide 110: Customer Success Leads to Expansion
Customer Success Leads to Expansion Account focused AEs Z-Flex and specialty + CxO level strategic sales help drive engagement platform expansion Buy Own Pre Sales Post Sales Increasing brand Fast partner-led differentiation and deployments with awareness expert services 109
Slide 111: Scaling Adoption to 100+ Government Agencies Nationwide
Scaling Adoption to 100+ Government Agencies Nationwide ZT SASE for Users | Data Security | Agentic SecOps $16 M $8 M +170x ARR expansion $1 M $0.1M FY23 FY24 FY25 FY26 Initial Land Expand Expand Expand ZT SASE for Users + Agentic SecOps Data Security SecOps1 See the Financial Appendix of this prese
Slide 112: Our GTM Growth Levers: GTM Productivity
Our GTM Growth Levers AI is the Biggest Tailwind We’ve Ever Seen Underpinned by a relentless focus on GTM Productivity 111
Slide 113: Accelerating Sales Productivity
Accelerating Sales Productivity Consistent double-digit growth Customer-Centric Selling in Sales Productivity Focused on customer success Expansive Platform Continued leverage and scale Leveraging Partners Partners are a force multiplier Territory Optimization Territory health focus to maximize pote
Slide 114: Increasing GTM Effectiveness With AI
Increasing GTM Effectiveness With AI Qualified Pipeline Sales Productivity Customer Satisfaction Provide targeted whitespace AI co-pilot supporting every Customer Support Agent to deflect recommendations and stage of the sales process, with and help resolve calls faster, automated outreach in-the-fl
Slide 115: Key Takeaways
Built for the AI Market Opportunity Key Takeaways Enterprise scale, global footprint, vertical depth, and G2K penetration set us apart as AI becomes the defining battleground in enterprise security Power of the Platform The Right Architecture Customers adopt the full platform, growing ARR and retent
Slide 116: Financial Perspectives
Financial Perspectives Kevin Rubin Chief Financial Officer Zscaler 115
Slide 117: What You've Heard Today
What You’ve Heard Today A trusted A comprehensive A strengthening enterprise product portfolio GTM engine built platform with tailor-made for on deep customer a large and the AI era relationships growing TAM 116
Slide 118: What We'll Cover Next
What We’ll Cover Next Our growth Our success Our long-term engines propelling driving broad financial us towards adoption of our framework $10B in ARR platform 117
Slide 119: Our Historical Performance
Our Historical Performance 118
Slide 120: Proven Track Record of Growth at Scale
Proven Track Record of Growth at Scale Revenue ($M) Annual Recurring Revenue ($M) FY23- FY26 CAGR: 24% $3,771 FY23- FY26 CAGR: 28% $3,353 $3,015 $2,673 $2,474 $2,168 $1,969 $1,617 FY 23 FY 24 FY 25 FY 26 FY 23 FY 24 FY 25 FY 26 25% Y/Y 25% Y/Y ~40% Y/Y FY26 Revenue Growth1 FY26 Annual Recurring Reve
Slide 121: Proven Track Record of Profitable Growth
Proven Track Record of Profitable Growth Non-GAAP Operating Profit ($M) Free Cash Flow ($M) $767 $779 $727 $580 $585 $442 $334 $241 FY 23 FY 24 FY 25 FY 26 FY 23 FY 24 FY 25 FY 26 Operating Profit ($M) FCF ($M) ~23% ~8 pts 23% FY26 Non-GAAP Operating Margin Operating Margin Expansion FY23→FY26 FY26
Slide 122: Our Multiple Engines for Growth
Our Multiple Engines for Growth 121
Slide 123: Platform Innovation Is Expanding Our TAM
Platform Innovation Is Expanding Our TAM $ 220B Zero Trust SASE Everywhere $115B Data Security addressable market $24B Agentic What’s new? SecOps ü Expanded Agentic SecOps addressable market following the launch of our integrated Agentic Zero Trust SASE for Users1 Zero Trust SASE for Branch and Clou
Slide 124: Zscaler Has a Broad and Expanding Portfolio
Zscaler Has a Broad and Expanding Portfolio Zero Trust SASE Everywhere Data Security Agentic Security for AI SecOps3 Zero Trust SASE Zero Trust SASE for Inline DLP, Endpoint DLP, Security for AI + Agentic SOC, for Users1 Branch and Cloud2 Email DLP, SaaS Security, Zero Trust Exchange Deception, Expo
Slide 125: With Three Key Growth Engines
With Three Key Growth Engines Zero Trust SASE for Data Security Branch and Cloud1 Security for AI ~80% 34% >1,000% FY26 ARR Y/Y Growth FY26 ARR Y/Y Growth FY26 ARR Y/Y Growth Key Growth Engines >60% FY26 ARR Y/Y Growth See the Financial Appendix of this presentation for definitions of ARR and non-GA
Slide 126: Zero Trust SASE Everywhere: Driving Larger, Stickier Customers
Zero Trust SASE Everywhere: Driving Larger, Stickier Customers Zero Trust SASE for Users Zero Trust SASE Branch & Cloud Healthy growth across a strong Exceptional growth momentum with meaningful upsell opportunity and durable user base 18% >60% 10% 2 Y/Y ARR growth for Global 2000 penetration 1 FY23
Slide 127: Data Security: Becoming More Strategic in the AI Era
Data Security: Becoming More Strategic in the AI Era FY26 Data Security Performance Demand for our Data Security solutions 34% 1 >40% 2 Y/Y ARR growth Y/Y bookings growth is accelerating Strong ARR growth from customers with multiple >40% <20% Y/Y ARR growth for customers with of Zscaler customers h
Slide 128: Security for AI: Scaling into a Meaningful Contributor
Security for AI: Scaling into a Meaningful Contributor Significant sequential Majority of new momentum in security for business is coming from AI bookings and pipeline growth recently introduced products Quarterly Bookings1 Pipeline Q4 26 Security for AI New Business ACV >50% >75% >65% Q/Q growth in
Slide 129: One-Third of New Logo ARR Coming From the Broader Platform
One-Third of New Logo ARR Coming From the Broader Platform ~3x 30% increase in share of new logo ARR1 from products2 beyond Zero Trust SASE for Users versus FY23 Security for AI 12% Agentic SecOps Data Security ZT Cloud & Branch FY23 FY26 See the Financial Appendix of this presentation for definitio
Slide 130: Power of the Platform Drives Strong Retention & Expansion
Power of the Platform Drives Strong Retention & Expansion Net Retention Rate 116% 115% 114% Track record of strong retention supporting a stable, recurring renewal base FY24 FY25 FY26 See the Financial Appendix of this presentation for definitions of ARR, Net Retention Rate and non-GAAP financial me
Slide 131: Our Largest Customers are also Our Fastest Growing
Our Largest Customers are also Our Fastest Growing ARR CAGR1 (FY23-FY26) by Customer Size 34% § ARR from $10M+ ARR customers grew at a 34% CAGR, 9pts faster than 25% $1M-$10M ARR customers 24% § Our top 10 customers grew at a 37% FY23-26 CAGR, 3pts faster than all $10M+ ARR customers Total $1M-$10M
Slide 132: Z-Flex Accelerates Customer Expansion
Z-Flex Accelerates Customer Expansion Z-Flex Bookings1 and Total ARR $770M+ Nearly $500M Z-Flex ARR in FY26 $480M+ $460M+ $290M+ $260M+ $175M+ $150M+ $100M $70M+ $35M+ Q4 25 Q1 26 Q2 26 Q3 26 Q4 26 TCV ARR See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial
Slide 133: Substantial Opportunity Remains Across Our Installed Base
Substantial Opportunity Remains Across Our Installed Base 5X Installed Base ARR Expansion Potential >$19B 1 Total Existing Customer Addressable Spend $3.8B >$15B FY26 Ending ARR within existing customers Zero Trust SASE for Users Additional Upsell Opportunities § $5.9B expansion opportunity § 40%+ o
Slide 134: Our Customer Growth Flywheel in Action
Our Customer Growth Flywheel in Action Fortune 500 Technology Customer ~74% ARR CAGR in 6 yrs § Expanded platform adoption with initial Security for AI $20M+ § Re-flexed in FY26 ARR § Expanded § Adopted the whole platform under Z- 9 months adoption of ZT SASE for Users Flex commitment § Adopted ZT S
Slide 135: Looking Ahead
Looking Ahead 134
Slide 136: Reaffirming 2027 Guidance
Reaffirming 2027 Guidance Q1 27 Guidance FY27 Guidance $935M - $939M $3.908B - $3.938B Revenue ~19% y/y 16.6% y/y – 17.5% y/y $4.396B - $4.426B ARR ~16.6% y/y – 17.4% y/y Gross Margin ~80% ~80% $215M - $217M $924M - $932M Operating Profit ~25% y/y – ~26% y/y | 23% operating margin ~21% y/y | ~23.7%
Slide 137: More than Doubling Our ARR by FY31
More than Doubling Our ARR by FY31 Key Inputs: >$8B § Powered by our three high ~17% growth businesses – Zero Trust Branch and Cloud, Data CAGR Security, and Security for AI § Continued double-digit $3.8B growth from Zero Trust SASE for Users Amplified by our customer growth flywheel FY26 By FY31 Se
Slide 138: AI Tailwinds Provide Significant Upside Potential
AI Tailwinds Provide Significant Upside Potential $10B ~$2B ~20% ~22% Potential Upside from CAGR AI Tailwinds >$8B $3.8B AI tailwinds benefitting ~17% the full platform, including: CAGR § Zero Trust SASE Everywhere § Data Security and Security for AI § Agentic SecOps FY26 By FY31 See the Financial A
Slide 139: Our Long-Term Model
Our Long-Term Model FY23 FY24 FY25 FY26 FY31 Long-Term Expectation Gross Margin 81% 81% 80% 80% ~80% Rising infrastructure costs offset by efficiency improvements Non-GAAP (% of Revenue) S&M 45% 40% 37% 35% 29-32% Revenue growth and productivity improvements provide leverage (% Of Revenue) over time
Slide 140: Capital Allocation Priorities to Maximize Shareholder Value
Capital Allocation Priorities to Maximize Shareholder Value $2.2B 22% Invest in the business in R&D and capex1 of revenue FY23-FY26 FY23-FY26 Pursue disciplined M&A >$1.3B in M&A FY23-FY26 Maintain strong balance $1.8B sheet to preserve flexibility in net cash on the balance sheet2 FY26 year end See
Slide 141: Key Takeaways
Key Takeaways Product innovation fueling durable TAM expansion Operating in a $220B+ total addressable market A strong financial Proven track record of delivering profitable growth at scale foundation and clear 20% ARR growth (ex. RC) in FY26 with record non-GAAP operating margins path forward Multi
Slide 142: Thank You
Thank You 141
Slide 143: Appendix
Appendix 142
Slide 144: Appendix: Total Addressable Market (TAM) Sources
Appendix Total Addressable Market (TAM) TAM estimates referenced in this presentation are derived from the following third-party research publications: Gartner 1. Total Information Security End-User Spending for All Segments and Regions, 2024–2030E, 2Q26 Update 2. Forecast: Enterprise Network Equipm
Slide 145: Financial Appendix
Financial Appendix Explanation of Non-GAAP Financial Measures In addition to our results determined in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we believe the following non-GAAP measures are useful in evaluating our operating performance. We
Slide 146: Financial Appendix (continued)
Financial Appendix (continued) Definitions of Non-GAAP Financial Measures Non-GAAP Gross Profit and Non-GAAP Gross Margin We define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible as
Slide 147: Financial Appendix (continued)
Financial Appendix (continued) FY 26 FY 25 FY 24 FY 23 Revenue $3,352,523 $2,673,115 $2,167,771 $1,616,952 GAAP gross profit $2,574,894 $2,054,937 $1,690,642 $1,254,120 Stock-based compensation expense and related payroll taxes 87,469 70,998 52,766 40,297 Amortization expense of acquired intangible
Slide 148: Financial Appendix (continued)
Financial Appendix (continued) FY 26 FY 25 FY 24 FY 23 GAAP loss from operations $(133,267) $(128,460) $(121,477) $(234,623) Stock-based compensation expense and related payroll taxes 841,648 685,534 549,100 457,815 Amortization expense of acquired intangible assets 43,468 16,820 14,624 11,060 Restr