Slides
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October 6, 2026
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1 Forward-Looking StatementsThis 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 any officer, director, employee, agent or advisor of Zscaler. This presentation does not purport to be all-inclusive or to contain all of the information you may desire.This presentation contains forward-looking statements. All statements other than statements of historical fact, including statements regarding our future financial and operating performance, including our financial outlook, planned products and upgrades, business strategy and plans and objectives of management for future operations of Zscaler and opportunities presented by AI are forward-looking statements. These statements involve known and a significant number of unknown risks, uncertainties, assumptions and other factors that could cause results to differ materially from statements in this presentation, including any performance or achievements expressed or implied by the forward-looking statements. Moreover, we operate in a very competitive and rapidly changing environment, and new risks may emerge from time to time. It is not possible for us to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results or outcomes to differ materially from those contained in any forward-looking statements we may make. Additional risks and uncertainties that could affect our financial and operating results are included in our most recent Annual Report on Form 10-K filed with the Securities and Exchange Commission (“SEC”) on September 3, 2026, which is available on our website at ir.zscaler.com and on the SEC's website at www.sec.gov. In some cases, you can identify forward-looking statements by terms such as “anticipate,” “believe,” “continues,” “contemplate,” “could,” “estimate,” “expect,” “explore” “intend,” “likely,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “target,” “will” or “would” or the negative of these terms or other similar words. Zscaler based these forward-looking statements largely on its current expectations and projections about future events that it believes may affect its business. Actual outcomes and results may differ materially from those contemplated by these forward-looking statements. All forward-looking statements in this presentation are based on information available to us as of the date hereof, and we do not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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2 Zscaler’s Vision & Strategy Jay ChaudhryCEO, Chairman and FounderZscaler
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3 ZSCALER >50%of the Fortune 500 rely on Zscaler1 200+ globally distributed infrastructure locations750B+ daily transactions ~1,000 global issued and pending patents1. Fortune 500 customers as of July 31, 2026; Fortune 500 list as of July 31, 2025. 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… 3
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4 A New Approach to Securing the Agentic Enterprise Secure any-to-any Zero Trust communication using business policies, not networks All communication goes through Zscaler Entity A Entity B Policy Engine
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5 Secure Any-to-Any Zero Trust CommunicationUses business policies, not network policies Users Devices Agents Workloads Third parties Tools Apps (SaaS, Internal) Data Agents Models Zero Trust Exchange Stop Threats Everywhere Protect Data Everywhere ANY ENTITY ANY RESOURCE
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6 Why We Win Cost &ComplexityReduction Zero Trust Architecture for the AI Era Comprehensive and Unified Platform Our GTM Engine
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7 Our GTM Engine Why We Win Zero Trust Architecture for the AI Era Cost &ComplexityReduction Comprehensive and Unified Platform
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8 Mega Waves of Disruptive Technology Create New Opportunities and Challenges AI Era is a Giga Wave Each wave has been a tailwind for Zscaler AI is the largest tailwind we’ve ever witnessed Mobility Cloud
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9 Securely Adopting AI is a Board-level Imperative AI INTRODUCESNEW CHALLENGES Cost and Complexity Cyber Risks AI DELIVERSCOMPETITIVE ADVANTAGE Accelerate Growth Drive Efficiency
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10 Frontier AI Attacks AI Creates Tailwinds for Zscaler’s Platform Accelerates discovery to exploitation AI Agents Act autonomously across apps, data and systems AI exploits the weaknesses of traditional network and security architectures 10
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11 Frontier AI Exploits the Attack Surface Internet FRONTIER AI MODELS Branches, Factories, Data Centers, Public Clouds AI Expands the Attack SurfaceAttack Surface = anything exposed to the internet, including firewalls Frontier AI Accelerates Attacks Finds exposed assets, vulnerabilities at scale and plans the attack path Vulnerability Discovery to ExploitationMonths Seconds Traditional Attack Surface Expanded AI Attack Surface VPNInfrastructure Web Apps Exposed Servers,Workloads APIs AI Apps AI Agents MCP Servers AI Chatbots 11
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12 Internet-facing Assets 6,614CriticalVulnerabilities 12HighVulnerabilities 107MediumVulnerabilities 930Vulnerabilities 1,049 Unique Public IPs 1,648Cloud Providers3 VPN Appliances 40Outdated TLS 48Certificates Expiring 28Internet-discoverable 413 exposed live servicesEstate spans 3 clouds Internet-discoverable — CISA #1 vectorWeak TLS/SSL configsWithin 30 days Real World Example: Cyber Risk Attack SurfaceA Large Energy Company Internal analysis based on Zscaler’s Mythos Assessment tool AWSAZUREGoogle Cloud
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13 Zscaler’s Architecture Minimizes the Attack Surface Applications become invisible behind Zscaler’s Zero Trust Exchange Internet FRONTIERAI MODELS Branch/Factory Users Neocloud DC Agents Attackers cannot breach what they cannot reach AZURE AWS 13
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14 Data Center Trusted Networks Are Like HighwaysOnce on, you can get everywhere Remote UsersFactory / OTBranch SaaSPublic CloudsNeo Clouds VehicleHighway Cyber Highway AI Apps, Agents AI Agents Agents Edge AI Edge AI AI Apps, AgentsAI Models, Infra.
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15 Data Center A Single Infected Rogue Agent Can Cause Serious BreachesYour private network facilitates lateral movement for attackers Factory / OTBranch SaaSPublic CloudsNeo Clouds Get on the network1 Move laterally2 Reach targets3 VehicleHighway Cyber Highway AI Apps, AgentsAgents Edge AI Edge AI AI Apps, AgentsAI Models, Infra. AI AgentsRemote Users
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16 Agents Are Going Rogue Attack Surface Discovery – Exploit Vulnerability – Lateral Movement Are AI agents going rogue a bragging right? Internet OpenAI Got out of sandboxGot network access Hugging Face Breached the server Web Server Found vulnerabilitiesDiscovered a web server 16
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17 Agents Are the Weakest Link YesterdayUsers Weakest Link 1 User 75X AgentsExponential Agents = Exponential Risk TodayAgents Weakest LinkMoving at Machine SpeedWorking 24/7
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18 Zscaler’s Architecture Minimizes the Impact of a Breach UsersDevicesAgents ENTITY RESOURCE AppsAgentsModels Tools Switchboard Users, workloads, and AI Agents connect only to authorized resources – never to the network. Stops threats from spreading – No lateral movement18
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19 Why We Win Zero Trust Architecture for the AI Era Cost &ComplexityReduction Our GTM EngineComprehensive and Unified Platform 19
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20 Zero Trust Users§Fast, secure access, any device§No VPN, VDI alternative Zero Trust Cloud§Secures all workload traffic flows§No cloud firewalls Zero Trust AI Agents§Secure agent, tool, and model access§Intent and context aware policies Zero Trust Branch§Site-to-site, IOT/OT segmentation§No firewalls, No SD-WAN Zscaler Expanded Zero Trust Everywhere Most new products do not have seat-based pricing20
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21 Zscaler is the Cyber Security Platform for the AI Era Zero Trust SASE Everywhere (Cyber Security)Zero Trust UsersZero Trust BranchZero Trust AI Agents Zero Trust Cloud Data Security Security for AI Agentic SecOps UsersDevicesAgents ENTITY RESOURCE ToolsAppsDataAgentsModels Comprehensive and unified platform improves security, reduces cost and complexity21
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22 Zscaler Has a Unique Architectural Advantage 4Secure AI and Data Everywhere CloudSaaSData CenterBranch 3Unified Platform for Zero Trust Everywhere Same architecture, all entities Users Devices Agents Workloads Third parties 5Most complete and best data to train AI for superior cyber protection and Agentic SecOps Unmatched Proprietary Data 2 Minimizes the attack surface Prevents lateral movement Superior Cyber Protection 1 Daily inline transactions Proven Global Scalability
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23 Why We Win Zero Trust Architecture for the AI Era Cost &ComplexityReduction Our GTM EngineComprehensive and Unified Platform 23
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24 Companies Are Entering the AI Era with Decades of Technology Debt Every New Technology Wave Added Security Sprawl Siloed products from numerous vendors creates security gaps Network Security§Firewalls§DDoS Protection§Network Segmentation§SD-WAN/SSE Application Security§WAF§API Security§Runtime Protection SaaS Security§CASB§SaaS Posture Management§DLP for SaaS§Identity Security Endpoint Security§EDR/XDR§Anti-malware Cloud Security§CNAPP§CSPM§Cloud Workload Protection§Container/Kubernetes Security§IaC Security AI Security§AI/LLM Security§AI Agent Security§Model & Data Protection§Prompt/Output Monitoring§AI Posture Management DC / COLOPrivate Cloud InternetAWSAzureWorkdaySalesforceO365
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25 Companies Are Entering the AI Era with Decades of Technology Debt Every New Technology Wave Added Security Sprawl Siloed products from numerous vendors creates security gaps Network Security§Firewalls§DDoS Protection§Network Segmentation§SD-WAN/SSE Application Security§WAF§API Security§Runtime Protection SaaS Security§CASB§SaaS Posture Management§DLP for SaaS§Identity Security Endpoint Security§EDR/XDR§Anti-malware Cloud Security§CNAPP§CSPM§Cloud Workload Protection§Container/Kubernetes Security§IaC Security AI Security§AI/LLM Security§AI Agent Security§Model & Data Protection§Prompt/Output Monitoring§AI Posture Management DC / COLOPrivate Cloud InternetAWSAzureWorkdaySalesforceO365 High Capex/Opex§Complex network§Lots of point products Scale Challenges§Ability to handle exponential growth Complexity§Enemy of business resilience§Enemy of security Requires a New Architecture and Unified Security Platform
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26 Unified Platform Reduces Cost, Complexity, and RiskA Collection of Legacy Point Products A Collection of Products is Not a Platform.Separate Policies. Separate Enforcement. Separate Data. DATA SECURITY Web DLPEmail DLPEndpoint DLPDSPMSSPMCASB NETWORK SECURITY FirewallsVPNSegmentationDDoSProxyCloud Firewalls AI GatewayAI GuardrailsAI SPMAIDRAI DLPAI Red Teaming SECURITY FOR AI Secure Users, Branches, Clouds, AI AgentsSecure data in all locations, across all channelsSecure AI Everywhere Unified Control, Enforcement, and LoggingShared Context and Services Zscaler Platform: Comprehensive, Unified DATA SECURITYSECURITY FOR AIZERO TRUST SASE EVERYWHERE
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27 Zscaler Delivers Tangible Business Value User ExperienceNetwork & Branch Data Security Secure User Access Legacy Sunk Cost Current Run RateRun Rate with Zscaler Zscaler Spend Legacy Sunk Cost 30% SavingsZscaler’s platform eliminates lots of legacy network and legacy security point products resulting in:§Lower Capex§Lower Opex Based on Zscaler internal analysis. 27
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28 Why We Win Zero Trust Architecture for the AI Era Cost &ComplexityReduction Comprehensive and Unified Platform Our GTM Engine 28
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29 We Serve a Large and Expanding TAM $220B Total AddressableMarket Zero Trust Users1 $62B Zero Trust Branch & Cloud$53B Data Security$24B Security for AI$24B Agentic SecOps$57B Based on estimates from Gartner and Frost & Sullivan. Refer to the appendix of this presentation for details on TAM sources. 1. ZT Browser and ZDX are now reflected in Zero Trust SASE for Users TAM (versus previously included in Data Security and Agentic Operations respectively).
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30 1. Gartner Projected 2026 AI Spend Forecast: AI Spending, Worldwide, 2025–2030E, 2Q262. Refer to the appendix of this presentation for details on TAM sources. Potential AI Security TAM *Gartner Projected 2026 AI Spend1 AI Spend $2.7T* CIOs often cite mid-single digit percentage spend of overall spend for security. $100 - 200B Potential TAM Upside4-7% of AI SpendAI Security TAM2 - $24B (~1%)30
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31 Increased Lateral Threat Risk AI Creates Structural Tailwinds More Entities & More TrafficUsers, Devices, Workloads, AI AgentsExponential transaction growth Larger Attack Surface More assets to discover and attackAI Agents, Models, AI Infrastructure Frontier AI increasing the number of breachesAutonomous agents move at machine speed Upsell opportunities New logo & upsell opportunities Drives more security consumption
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32 Turning AI Risk into Growth Opportunities400+ assessments delivered to Global 2000Uncovering new customer logos and upsell opportunities Areas of RiskMitigationZscaler SolutionLarge attack surface1Lateral threat movement2Attackers scanning for targets3Breach leading to data loss4Shadow AI and AI Agents5 Minimize internet exposure Eliminate trusted networks Catch attackers red-handed Enforce DLP across all channels Manage the use of AI Zero Trust Private Access Zero Trust SASE Everywhere Deception (Honeypot) Data Security Everywhere Security for AI
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33 Our GTM Growth Levers Underpinned by a relentless focus on GTM Productivity Platform ExpansionNew Logo Engine Partner Leverage Customer Obsession
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34 Happy CIOs and CISOs Are Repeat Zscaler Customers 285 CXOsbought Zscaler at two companies 84 CXOsat three companies 45 CXOsat four companiesInternal analysis based on Zscaler customer engagement records.
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35 Zscaler Has a Strong Financial Foundation$3.8BFY26 ARR1 +25% year-over-year 25%FY26 Y/Y Revenue Growth2 Broad based across geographies 14%FY26 Y/Y NNARR Growth, ex. Red Canary3 Doubled from 7% in FY25 23%FY26 Non-GAAP Operating Income Margin ~120 bps year-over-year 23%FY26 Free Cash Flow Margin Operating at a Rule of 49 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Total FY26 ARR Growth of 25% Y/Y; ARR Growth (ex-RC) of 20% Y/Y; Please refer to Appendix for definition of Annual Recurring Revenue 2. Total FY26 Revenue Growth of 25% Y/Y; Revenue Growth (ex-RC) of 20% Y/Y3. Total FY26 Net New ARR Growth of ~40% Y/Y; Net New ARR (ex-RC) Growth at ~14% Y/Y
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36 Path to $10B in ARR $3.8B $10B FY26 >$8B ~20% Potential Upside from AI Tailwinds By FY31 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. ~17% CAGR ~22% CAGR~$2B 36
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37 Why Invest in ZscalerPurpose-Built Architectural AdvantagesOur Zero Trust Exchange is the platform for the AI era – making applications invisible, eliminating lateral movement, and leveraging unmatched scale. AI-Led Demand TailwindsFrontier AI models have elevated cybersecurity to the top of the Board room agenda and budgets are not a limiting factor. Strong Financial Foundation and Clear Path ForwardWith a financial profile well above the Rule of 40 and a path to $10B ARR, we are poised for sustainable shareholder value creation. Untapped Go-To-Market Opportunities We are unlocking new ACV opportunities through new logo prioritization, platform expansion, and partnerships.
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38 What You Will Hear Today Platform Expansion & InnovationInnovating across Zero Trust SASE Everywhere, Agentic SecOps, Data Security and Security for AI World Class Go-To-Market EngineLeading sales team, partner leverage, GTM efficiency Profitable Growth at ScaleExecuting on a path to $10B in ARR
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39 Introduction to the Zscaler PlatformAdam GellerChief Product OfficerZscaler
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40 17 Years of Zscaler Innovation 2008 2020 2024 2026 Data SecurityDLP • DSPM • SSPM • CASB Agentic SecOpsAgentic SOC • Exposure Mgmt • MDR • MTH Zero Trust SASE EverywhereZIA • ZPA • ZDX • Sandbox • Firewall • Branch • Browser • Cellular • Cloud • Microsegmentation • OT/IoT Security for AIGen AI Security • AI SPM • AI Endpoint Security • AI Guard • AI Red Teaming • Agent Registry
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41 The AI Catalyst Frontier Models Like Mythos Are Uncovering Vulnerabilities at Machine Speed Zero Trust is an urgent board-level mandate 41
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42 The AI Catalyst If you are reachable, you are breachable Zscaler was built for this moment 42
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43 Zscaler Was Built for This Moment Agentic SecOps Security for AI Data Security Zero Trust SASE Everywhere (Cyber Security) UsersDevicesAgents ENTITY RESOURCE ToolsAppsDataAgentsModels Zero Trust UsersZero Trust BranchZero Trust AI Agents Zero Trust Cloud
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44 UsersDevicesAgents ENTITY RESOURCE ToolsAppsDataAgentsModels Zscaler’s Architectural DifferentiationWhat’s the risk? Posture, Behavior, IntentAre you allowed? Policies: App Access, Cyber, Data LossStop! Who are you? Identity / Authorization: User, Agent3rd party signals Context Enrichment Protects Against All 4 Stages of an Attack Minimizes the Attack Surface Protects against frontier AI attacks 1 Prevents CompromiseInline cyber protection 2 Stops Data LossInline protection, all channels 4 Prevents Lateral MovementBranch like a coffee shop 3 44
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45 They connect users and agents to networks. Why Architecture Matters We connect users and agents only to what they need. They observe traffic from the outside. We sit inside every encrypted flow. They stitch together different point products. We are a single unified platform. VS
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46 New Product Beachheads to Land and Expand Customers CloudBranchUsers
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47 Users: Strong Business Growing Double Digits Zscaler Internet Access (ZIA) InternetCloudData CenterSaaS Any User, Any Device, Any Location Zscaler Private Access (ZPA) 55M+Users1 safely protected every day 6.6MBusiness apps protected every day 1. Users as of July 2026.
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48 Zscaler Private Access: Now More Important Than Ever The ProblemThe Solution We hide the attack surface with ZPA, prevent lateral movement, and protect the app with Autonomous App Shield virtual patching. Mythos-like frontier AI models and AI powered attacks are finding vulnerabilities and chaining them together to evade legacy perimeter security. Sensitive DataHigh Value System Critical Application App Shield
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49 Zscaler Private Access: Significant Expansion Opportunity Global 2000 financial services customer expanded ZPA to cover all 120,000 users, increasing ARR by nearly 50%. The Opportunity ~30%of ZIA users1 do not have ZPA today, creating a meaningful expansion opportunity. See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. Users as of July 2026. 49
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50 Browser Security: Securing BYOD and Contract Users The Problem The Solution We pioneered Cloud Browser Isolation and continued innovating to deliver the most comprehensive browser security offering in the market. The browser is where modern work gets done, but web content is risky and providing access for BYOD and contractors can be hard. Internet Heads up, you’ve been redirected to Browser Isolation!The website you were trying to access is now rendered in a fully isolated environment to protect you from malicious content. 50
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51 Browser Security: Expanding the TAM Fortune 500 retailer deploying Zero Trust Browser across 350,000 users with no previous Zscaler deployment. The Result New land opportunity as the first step toward full Zero Trust 51
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52 Users New Product Beachheads to Land and Expand Customers CloudBranch
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53 Branch Security: Simplifying and Securing the Branch The Problem Campus / FactoryMedium OfficeSales Office Data Center Cloud Cloud SD-WAN` SD-WAN` SD-WAN` Performance Hub Performance Hub Internet / Frontier AI Internet SaaS AWS Azure Zero Trust Branch The Solution Our Zero Trust Branch simplifies branch infrastructure and eliminates lateral movement in branches and factories.Legacy branch solutions are expensive, complex to manage, and drastically expand the attack surface.
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54 Branch Security: Expanding the TAM Global 2000 manufacturer deploying Zero Trust Branch in their OT environment with no previous Zscaler deployment. 40% of Zero Trust Branch customers are new logos to Zscaler. The Result New land and expand opportunity for Zscaler 54
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55 Branch New Product Beachheads to Land and Expand Customers Users Cloud
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56 Cloud Workload Security: Eliminating Virtual FirewallsThe Problem The SolutionWe introduced the Zero Trust Cloud Gateway, delivering zero trust for cloud workloads, including micro-segmentation, without the need for virtual firewalls. Enterprises have been struggling to secure cloud applications with legacy virtual firewalls. West East DC 3 PerformanceHubPerformanceHub Internet / Saas / Frontier AI DC 2DC 1 AWS AWS Google CloudMicrosoftAzure Internet / SaaS / Frontier AI DC 1 DC 3DC 2 Google CloudAnthropic AWSMicrosoft Azure
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57 Cloud Workload Security: Expanding the TAM Global manufacturer deployed Zero Trust Cloud in a 7-figure deal to implement micro-segmentation. The Result New land and expand opportunity for Zscaler 57
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58 Zero Trust SASE Everywhere Agentic SecOps Security for AI Data Security UsersDevicesAgents ENTITY RESOURCE ToolsAppsDataAgentsModels Zero Trust SASE Everywhere (Cyber Security)Zero Trust UsersZero Trust BranchZero Trust AI Agents Zero Trust Cloud
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59 Locations and Sovereign Clouds AMERICASVancouverSeattle San Francisco Los Angeles Toronto MiamiAtlantaWashington DCNew YorkBoston Montreal Denver Mexico City Bogota Rio de JaneiroSao Paulo Dallas EUROPE, MIDDLE EAST and AFRICA OsloStockholmHelsinki MoscowCopenhagenAmsterdamManchester Slough MadridViennaMarseille Tel Aviv MilanMunich Zurich LondonRouenBrussels Paris Lagos QatarDubai Johannesburg Cape Town ASIA-PACIFIC New Delhi HyderabadChennai Mumbai BeijingSeoulTokyoOsakaShanghai Kuala LumpurSingapore TaipeiHong Kong FrankfurtDusseldorf Chicago Warsaw Jakarta PerthSydneyMelbourne CanberraAuckland Buenos AiresSantiago Lisbon Portland Cleveland Saudi Arabia Kolkata 200+Locations750B+Requests processed/day500TDaily signals Abu Dhabi 2+ Regional LocationsComing in Q3/Q4CY26
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60 Security for AI Data Security UsersDevicesAgents ENTITY RESOURCE ToolsAppsDataAgentsModels Zero Trust SASE Everywhere (Cyber Security)Zero Trust UsersZero Trust BranchZero Trust AI Agents Zero Trust Cloud Agentic SecOpsAgentic SecOps
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61 Branch + IoT / OT TrafficDevices, factories, campuses, east-west branch communication Zero Trust Exchange Powerful Telemetry Generating Mission-Critical Data for the Enterprise Cloud + Workload TrafficWorkload-to-internet, workload-to-workload, cloud-to-cloud, cloud-to-DC Encrypted User / SaaS TrafficInline TLS inspection, ZIA, ZPA, browser, private app access AI + Agentic TrafficAI apps, LLMs, MCP, A2A, agents, prompts, responses, intent, lineage Endpoint IntelligenceExposure, threat signals, identity, endpoint, third-party telemetry, Red Canary / Data Fabric Data MovementDLP, DSPM, email, endpoint, web, SaaS, prompt / response inspection Inline telemetry across users, workloads, branches, data, cloud, endpoints and AI creates context that point tools cannot see Zscaler Sees the Enterprise in Motion
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62 Introducing Zscaler Agentic SecOps The Problem The Solution A unified offering that brings together exposure management, threat management, and expert services into a single solution. Legacy SOCs were built for manual response to endpoint alerts. That model struggled in the past, now it’s completely broken with AI-driven threats operating at machine speed. Zscaler Agentic SecOps Zero Trust Exchange TelemetryControls AGENTS TRAINED ON ELITE EXPERTISE CLOSED-LOOP INLINE REMEDIATION UNIFIED EXPOSURE & THREAT MANAGEMENTUNMATCHED ZSCALER TELEMETRY
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63 Introducing Zscaler Agentic SecOps Global 2000 manufacturer managing more than 20M exposed assets using Zscaler Agentic SecOps The Result New land and expand opportunity for Zscaler 63
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64 Key TakeawaysOur Zero Trust Exchange is the platform for the AI era Our Zero Trust architecture was built for the AI eraThe best way to secure AI agents and protect against AI-powered attacksPlatform innovation continues to expand our TAMOffering a comprehensive Zero Trust security platformZero Trust for Users remains a powerful growth engineAI-driven threats creating significant expansion opportunities for ZPAMore ways for customers to begin Zero Trust journeyBrowser, Branch, and Cloud unlocking new logo and upsell opportunitiesAgentic SecOps opens a large adjacent growth opportunityTransforming how organizations detect and respond to threats 64
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65 Security for AI + Data SecurityDhawal SharmaEVP, AI Security and Strategic InitiativesZscaler
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66 $48BSignificant TAM 80%of unauthorized AI transactions caused by data policy violations1 Security for AISecure AI Assets and Agents Everywhere Data Security Classify and Secure Data Everywhere Security For AI + Data Security 50%of organizations to implement zero trust for data because of AI2 70%of Chief Data & Analytics Officers now drive AI strategy3 1. Source: Gartner, AI TRiSM Market Guide, 20252. Source: Gartner, 2026 3. Source: Gartner, CDAO Agenda Survey, 2025 Zscaler Is the Cyber Security Platform for the AI Era
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67See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. ZT Browser is now reflected in Zero Trust SASE for Users (versus in Data Security previously). AI Is the Biggest Tailwind for Data Security FY 23FY 25FY 26 Growth in Data Security ARR 126%CAGR: 31% FY 24 $410MLarge Data Security Business1 AI security is a new entry point for customer acquisition 70%Security for AI Q4 26 deals included Data Security
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68 Who has access to data? What are they doing with it? How risky is it? AI Creates and Amplifies Data Risk Based on Zscaler internal analysis; assuming 50-100 agents per user. Workloads Workloads Workloads Users Devices Agents Data Center 1 UsersData Center 2 Devices Agents Users Devices Workloads Workloads Users Agents Agents Agents Agents Agents Agents Agents Agents Agents Agents Agents AI and Data Are Everywhere AI is Consuming and Transforming Data AI is Creating Exponentially More Data AI Agents Accelerate Data Exfiltration Risk
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69 Zscaler Years of Innovation in Security for AI 1000’s of Apps Emerge ChatGPT &AI App Expansion 2023-2025 Gen AI SecurityAI Guard/Intent Based Policy Explosion of AI InfrastructureBuilding AI Apps on Hyperscalers 2025 AI Security Posture ManagementAI Asset ManagementAI Red Teaming AI Agents Go MainstreamAgentic Apps and Endpoints 2026 AI Access GraphEndpoint AI SecurityAI Gateway
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70 3Protect AI and DataModels, Apps, MCP, Datastores 1Discover AI, Data and RiskAI Assets, Data, Identities 2Secure Every AI Interaction Cyber Security EverywhereProtect Data Everywhere Zscaler Security for AI + Data Security
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71 Discover Every AI Asset and Data SourceWhat do I have? FRONTIER MODEL APPSClaudeCodexCopilotGemini AI BROWSERSChromeEdgeCometBraveAI IDEsVS CodeWindsurfCursor LOCAL MODEL APPSLlamaOLLAMALM Studio Enterprise-wide visibility across all data sources and AI assets Discover Every AI Asset, Agent and Data Sources Authorized and Shadow Data Center EndpointSaaSPublic CloudData Stores3,395Identities53,168AI Services235 Zscaler Endpoint AI Asset Inventory Illustrative example. 71
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72 Map Every Relationship Across AI and Data Zscaler Differentiation Granular insights between AI, data and identity relationships See how identities, agents, models, tools, apps and data are connected AI DataIdentity How is it used? What do I have?Who has access? Who has access and what are they doing with it?Connect the DotsZscaler Access Graph
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73 Agentic remediation to fix risks at scale Identify, Prioritize and Remediate AI and Data RisksHow risky is it? Zscaler Data Security Posture Mgmt. (DSPM) Zscaler AI Security Posture Mgmt. (AI-SPM) Posture Management for AI Agents, Models Posture Configuration AI services with insecure guardrails configurationHigh14 Alerts Supply Chain Risk (AI- Bill of Material)tensorflowMachine LearningCriticalPython Data and Pipelines ExposureAnthropicHIPPA DocumentsPCI345Claude Foundational Model RiskMeta 38.09Llama 3.2 70B Instruct Identify Sensitive Data, Exposure, Risky Access and Data Paths Privileged Identities External Data Exposure Third-Party Identity Sensitive Data Sprawl Third-parties accessing PHI data3 Confidential files accessible to contract workers54%Data stores contain confidential data 12% Admin identities have access to customer data7% Illustrative example. 73
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74 3Protect AI and DataModels, Apps, MCP, Datastores 1Discover AI, Data and RiskAI Assets, Data, Identities 2Secure Every AI Interaction Cyber Security EverywhereProtect Data Everywhere Zscaler Security for AI + Data Security
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75 Secure Every AI Interaction RESOURCEENTITY UsersAgents AI Apps Agents Models Data Stop Threats EverywhereProtect Data Everywhere AI Gateway Endpoint AI Security
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76 Context and Intent Are Critical For Agentic Security USER CONTEXTWho: John DoeWhere: Corporate NetworkWhat: Access SalesforceRisk: Low user risk score AGENT INTENTWhy: Agent’s taskHow: Skills used User Agent Allowed Allowed AGENT CONTEXTRisk: Low agent risk scoreToken Usage: High
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77 AI GATEWAY Secure MCP and Agentic TrafficCost Aware Model RoutingStop Cyber and Data Threats BLOCKED Industry’s Only AI Gateway Securing Agents with Zero Trust ALLOWED IdentityHuman & Non-HumanContextRisks and Relationships IntentTasks & Skills Agents are Everywhere ENTITY Endpoint Public Cloud Neo Cloud SaaS Zscaler DifferentiatorsSecures agents and MCPs deployed everywhereOnly AI gateway in the market to support context and intent Same platform to secure every entity: users, workloads, devices and agents MCP Models Agents RESOURCE 77
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78 MODERN AI ATTACKSAttacks Targeting AgentsPrompt injection, agent abuse Sensitive Data ExfiltrationPrint, web MCP Browser-based AttacksMalicious extension, last mile reassembly attacks AI Introduces New Attack Vectors Targeting Endpoints Endpoint CONVENTIONAL ATTACKS Endpoint Detection Response
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79 Secure Every AI Interaction with Endpoint Policy EnforcementBLOCKALLOW Only solution in the market offering integrated Data and AI Security for the Endpoint AI can access files, run commands and transform data on the endpoint. AI Usage ControlControl which AI can be used§Allow, block AI apps, agents, browser plugins and extensions§Control token usage§Govern personal vs. corporate AI use Cyber ProtectionStop agentic endpoint threats§Block malicious commands, code§Stop unauthorized agent actions §Block malicious AI tools, browser plugins and extensions Data ProtectionControl what data AI can access and move §Prevent AI from accessing sensitive data §Protect data in prompts, uploads§Prevent sensitive data from leaving the endpoint 79
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80 Zscaler DifferentiatorsProven proxy architecture delivers AI-based DLP Unified policies across all channelsSingle clientreduces complexity Zscaler DLP Prevents Data Exfiltration Across All ChannelsEmailInternet/SaaS Apps Internet DLPEmail DLPPrompt /Response InspectionEndpoint DLP 80
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81 Outperformed standalone DSPM vendors addressing customer’s rigorous requirements Large Global Financial Asset Management Firm CASE STUDY Challenge§Legacy tools lacked deep visibility into public cloudenvironment at scale, with limited data classification§Fragmented point products added cost and complexity Solution§Extended Zscaler Data Security Platform with DSPM with better classification and broader data stores supported §Added Zscaler Security for AI to protect use of GenAI and safely build AI apps with Red Teaming Benefits §Met leadership’s goals for classification within prescribed time frame and improved data governance§Millions of dollars of cost savings by discovering and removing redundant data§Simplified operations with a single platform covering data and AI security requirements Zscaler ARR Expansion ZT SASE+ Data SecurityExpansion+ DSPM+ Security for AI202220242026 $2.0M$3.1M $8.0M See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 81
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82 1Discover AI, Data and RiskAI Assets, Data, Identities 2Secure Every AI Interaction Cyber Security EverywhereProtect Data Everywhere Zscaler Security for AI + Data Security 3Protect AI and DataModels, Apps, MCP, Datastores
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83 Industry’s Only Integrated AI Red Teaming + Guardrails Solution Secure Apps During Build and Deploy Time Zscaler AI Red Teaming Secure Apps During Runtime Zscaler AIGuard
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84 Uncovering Every Weakness in AI Apps During Build, Deploy, and Runtime ZSCALER AI RED TEAMING §Helps customers select the best model for safety and performance §Continuous and on-demand red teaming when changes are detected in AI apps§Integrated and continuous prompt hardening Customer Benefits Supports dozens of AI development, AI models and MCP services Comprehensive library of pre-configured tests and supports custom tests Over 5,000 attack simulations including multi-modal attacks Red Teaming Support
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85 Zscaler DifferentiatorsAI-based detectors trained with proprietary data for dozens of use cases Integrates with ZIA to secure 3,000 GenAI and prompt-based appsProvides granular token usage analytics and policies for users and apps Securing Apps and Data During Runtime Prompt / Response Inspection & Policy Enforcement Access ControlData ProtectionContent ModerationThreat Protection AI Guard Enterprise AI AppsAI Models ZSCALER AI GUARD 85
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86 Zscaler Security for AI: Single Integrated Solution to Make Every Tool, Agent, and Model Visible, Governed, and Secure Secure Every AI InteractionCyber, Data Security Intent-based Policies RESOURCE Endpoint AI DiscoveryEndpoint AI Security AI GatewayContext-aware Policies ENTITY Users Agents AI Apps Agents Models DataEndpoint AI Controls Secure Apps During Build and Deploy TimeSecure Apps During RuntimeProtect AI Systems AI Red Teaming AI Guard AgentsIdentitiesAI AppsModels MCPData Discover Every AI Asset and Data, Their Relationships and Risk Tools AI Access GraphAI SPMDSPM
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87 AI security concerns drove a >$5M upsell Global Systems Integrator with 400K+ UsersChallenge§Risk of data loss led the customer to revoke the use of GenAI and agentic apps§Inability to leverage AI threatened productivity and competitiveness Solution§Zscaler provided complete visibility of their AI usage and associated risk everywhere§Security for AI ELA streamlined agentic deployment Benefits §Reinstated and accelerated adoption of GenAI and agentic apps, improving productivity§Safeguarding data and compliance with AI Frameworks + Security for AIZT SASE+ Data Security2021 2023 2026 Zscaler ARR Expansion $3.6M $13.0M$18.5M See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. CASE STUDY
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88 One Unified AI and Data Security Solution, Powered by Zero Trust ExchangeStrong Data Security tailwinds for the Security for AI portfolio Industry’s only Zero Trust- based AI Security platform with integrated Data Security Multiple net new logo opportunities and upsell paths Data SecurityClassify and Secure Data Everywhere Security for AISecure AI Assets and Agents Everywhere Security For AI + Data Security
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89 Key TakeawaysSubstantial market tailwinds and rapid growth Rapid adoption of AI is creating a significant market opportunitySecurity for AI and Data Security represent a $48 billion market opportunity Adoption of AI is fueling demand for our Data Security solutionAI creates and amplifies data risk. Zscaler secures and classifies data across all channelsLeadership in Data Security is key advantage for Security for AIZscaler is the industry’s only Zero Trust-based AI Security platform with integrated Data SecurityZscaler Zero Trust is the right architecture to secure AI and agentsWe have a comprehensive Security for AI portfolio that makes every tool, agent, and model visible, governed, and secureMultiple new logo and upsell opportunitiesAI tailwinds create new ways for customers to begin their Zero Trust journey 89
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90 Our Go-To-Market StrategyRoss TackettChief Revenue OfficerZscaler
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91 Our Products and SolutionsThe Right Architecture Customer AI TransformationThe Right Time Our GTM EngineThe Right Team Zscaler Is Built for This Moment
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92 Significant Global Footprint >25 Countries>$10M in ARR >45% ARR from customers outside US>185 Countries where customers served 7 Countries>$100M in ARR Countries where customers servedAs of July 31, 2026. See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 92
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93 Strong Installed Base Across Industries with Room to GrowZscaler % Share of Total G2K2 Customers by Industry >50% of the Fortune 5001 >40% of the Forbes Global 20001 G2K Hospitality2 of the top 1511G2K Technology2 of the top 1510G2K Retail& Wholesale2 of the top 1510 36%37%39%41%43%43%52%55%55% Energy, Utilities, Oil & GasFood, Beverage & TobaccoFinance & InsuranceServicesHealthcareArts, Media & EntertainmentRetail & WholesaleTechnologyHospitality 1. Forbes Global 2000 and Fortune 500 customers as of July 31, 2026. Forbes and Fortune list as of July 31, 2025.2. Forbes Global 2000 top 15 companies by industry excludes China.
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94 GTM Strategy to Serve All Customers Low-touchPartner-led with significant untapped market potential Medium-touchJointly Zscaler + Partner-led, with increase in hunter territories driving new logos High-touchZscaler Sales-led + CxO team + GSI partners with world-class retention and expansionSelling across the organization:§CIO§CISO§CTO§Head of Data/AI§Architects§Security OpsCommercial & SMB<5k Employees Majors40k+ Employees Enterprise5-40k Employees Vertical Focus
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95 With Dedicated Focus Across Key VerticalsCore StrengthsFuture Growth Meeting the highest standards of regulatory compliance US Public SectorFedRAMP High & IL5 AccreditedTrusted by major defense & civilian agencies, as well as SLED Financial ServicesDedicated Financial Services territoriesHighly regulated and compliance focused HealthcareDedicated vertical security solutionsProtecting critical patient data systems International Pub SecGlobal regulators looking to US for standards Sovereign CloudLocalized compliance optionsEMEA partnershipsFinancial Services interest 95
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96 Our GTM Growth Levers Underpinned by a relentless focus on GTM Productivity AI is the Biggest Tailwind We’ve Ever SeenPlatform ExpansionNew Logo EnginePartner LeverageCustomer Obsession 96
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97 Our GTM Growth Levers AI is the Biggest Tailwind We’ve Ever SeenPlatform Expansion 97
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98 Our Platform is Very Broad and Deep 4 Product Categories Covering 30+ Products* Zero Trust SASE Everywhere Data Security Security for AI Agentic SecOps Zero Trust UsersZero Trust Branch & Cloud * Products exclude support and end-of-sale products.
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99 Power of the Platform 1. Compares customers who purchased across 3+ product categories with customers who purchased within 1 or 2 categories onlySee the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. Customers only purchase ~9 out of 30+ products on average Platform DepthPlatform BreadthMajority of ARR from customers buyingacross at least 3 out of 4product categories1 >10X ARR and Higher Retention1 Significant whitespace expansion opportunity
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100 With the Potential to 5X Existing SpendSignificant whitespace to cross-sell existing products to existing customers >$19B Total existing customer addressable spend $3.8BFY26 Ending ARR 5XExisting spend expansion potential 36%Majors41%Enterprise23%Commercial >$15BWhitespace within existing customers See Financial Appendix for estimation methodology
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101 $2 M$2 M$3 M$5 M$6 M $10 M$11 M $15 M FY19FY20FY21FY22FY23FY24FY25FY26 ~7xARR expansion Global Investment Firm Grows 7X ZT SASE for Users | Data Security | SecOps | ZT SASE for Cloud | Security for AI Initial LandZT SASE for UsersExpand Expand Expand+ Security for AI+ ZT SASE for Cloud Expand+ Data SecurityExpand ExpandExpand+ SecOps1 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. SecOps refers to the legacy security operations business of Zscaler’s Agentic Ops product pillar 101
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102 Our GTM Growth Levers AI is the Biggest Tailwind We’ve Ever SeenNew Logo Engine 102
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103 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
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104 Expanding New Logo Entry Points Zero Trust SASE Everywhere Data Security Security for AI Agentic SecOps Zero Trust UsersZero Trust Branch & Cloud DLPDSPMSaaSRisk MitigationSecure Access to AIAI GuardAI Asset ManagementAsset Exposure ManagementMDR Frontier AI Defense3rd Party AccessDevice SegmentationIoT/OT SegmentationVirtual Firewall Replacement
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105 Global Life Sciences Company Deploys Security for AIDeployed Zero Trust SASE for Users and Security for AI solution across 75,000 users, displacing a legacy firewall-based SASE platformDeal led by athree-time repeat Zscaler customerAdopt a true platform vs. stitched together products 7-figure deal win Global 2000 Life Sciences Company Partnered with Zscaler to reduce cost and complexity: eliminating legacy infrastructure and reducing operational complexity, business risk and end-user friction 105
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106 Our GTM Growth Levers AI is the Biggest Tailwind We’ve Ever Seen Partner Leverage 106
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107 Scaling With our Different Types of PartnersCo-Sell + DeliverSource + TransactRole of the Partner Commercial & SMB<5k Employees Majors40k+ Employees Enterprise5-40k Employees DistributionScale MSSPGrowth Opportunity Cloud GTM+Tech Alliances Strategic VARs GSIs>75% Y/Y TCV Growth1 $1.5B TCV Record Marketplace TCV1 in FY26 New incentive program launched Hyperscalers New monetization models 1. Bookings or TCV refers to the total customer contract value over the entire duration of each such customer contract. This includes all recurring subscription fees committed for the full term of each such customer contract. >125%Y/YTCV growth1 for Tech Alliances Frontier Labs New partnerships
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108 Our GTM Growth Levers AI is the Biggest Tailwind We’ve Ever Seen Customer Obsession 108
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109 Customer Success Leads to Expansion BuyPre SalesOwnPost Sales Account focused AEs +CxOlevelstrategic engagement Z-Flex and specialty sales help drive platform expansion Fast partner-led deployments with expert servicesIncreasing brand differentiation and awareness
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110 $0.1M $1 M $8 M $16 M FY23 FY24 FY25 FY26 Scaling Adoption to 100+ Government Agencies NationwideZT SASE for Users | Data Security | Agentic SecOps Initial LandZT SASE for UsersData SecuritySecOps1 +170x ARR expansion ExpandExpandExpand+ Agentic SecOps See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. SecOps refers to the legacy security operations business of Zscaler’s Agentic SecOps product category 110
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111 Our GTM Growth Levers Underpinned by a relentless focus on GTM Productivity AI is the Biggest Tailwind We’ve Ever Seen 111
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112 Accelerating Sales Productivity Trailing Twelve Months Productivity = 4 quarter new business ACV divided by the quarterly average # of AEs. FY25 Q1FY25 Q2FY25 Q3FY25 Q4FY26 Q1FY26 Q2FY26 Q3FY26 Q4 Consistent double-digit growth in Sales ProductivityCustomer-Centric SellingFocused on customer success Leveraging PartnersPartners are a force multiplier Expansive PlatformContinued leverage and scale Territory OptimizationTerritory health focus to maximize potential
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113 Run-the-businessAI Tools Increasing GTM Effectiveness With AI Qualified PipelineProvide targeted whitespace recommendations and automated outreach Sales ProductivityAI co-pilot supporting every stage of the sales process, within-the-flow enablement Customer SatisfactionCustomer Support Agent to deflect and help resolve calls faster, with single AI CS hub §AI SDR§Whitespace recommendations§Renewal expansion triggers §Account Intel Agent§PoV and Business Value Agent§Agentic quoting §CS Agent§TSM AI-assistant§Customer Risk Agent Forecast Management & Analytics AI AgentAI coach for on-the-go enablement sessionsOne front door that remembers with contextCommon skills layer operating above common data sets
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114 Key TakeawaysThe Right Architecture+The Right GTM Team Built for the AI Market OpportunityEnterprise scale, global footprint, vertical depth, and G2K penetration set us apart as AI becomes the defining battleground in enterprise securityPower of the Platform Customers adopt the full platform, growing ARR and retention with ~80% whitespace still untapped within the installed baseNew Logo MomentumPlatform innovation and expansion creates new ways to land with new logos Scaling with PartnersPartner ecosystem of GSIs, VARs, and a new Commercial / SMB motion are force multipliersExecution Engine Customer Success, partner ecosystem, and AI-driven productivity accelerate value delivery across the GTM motion114
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115 Financial PerspectivesKevin RubinChief Financial OfficerZscaler
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116 What You’ve Heard Today A trusted enterprise platform with a large and growing TAM A comprehensive product portfolio tailor - made for the AI era A strengthening GTM engine built on deep customer relationships
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117 What We’ll Cover Next Our growth engines propelling us towards $10B in ARR Our success driving broad adoption of our platform Our long - term financial framework
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118 Our Historical Performance 118
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119 $1,969 $2,474 $3,015$3,771 FY 23FY 24FY 25FY 26 Annual Recurring Revenue ($M) $1,617 $2,168 $2,673 $3,353 FY 23FY 24FY 25FY 26 Revenue ($M) Proven Track Record of Growth at Scale ~40% Y/YFY26 Net New ARR Growth3 25% Y/YFY26 Revenue Growth1 25% Y/YFY26 Annual Recurring Revenue Growth2 FY23- FY26 CAGR: 28%FY23- FY26 CAGR: 24% See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Total FY26 Revenue Growth of 25% Y/Y; Revenue Growth (ex-RC) of 20% Y/Y2. Total FY26 ARR Growth of 25% Y/Y; ARR Growth (ex-RC) of 20% Y/Y; Please refer to Appendix for definition of Annual Recurring Revenue3. Total FY26 Net New ARR Growth of ~40% Y/Y; Net New ARR (ex-RC) Growth at ~14% Y/Y
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120 23%FY26 Free Cash Flow Margin ~23%FY26 Non-GAAP Operating Margin ~8 ptsOperating Margin Expansion FY23→FY26 Proven Track Record of Profitable Growth $241 $442 $580 $767 FY 23FY 24FY 25FY 26 Non-GAAP Operating Profit ($M) Operating Profit ($M) $334 $585 $727 $779 FY 23FY 24FY 25FY 26 Free Cash Flow ($M) FCF ($M) See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.
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121 Our Multiple Engines for Growth 121
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122 Platform Innovation Is Expanding Our TAM What’s new?üExpanded Agentic SecOps addressable market following the launch of our integrated Agentic SecOps offeringüExpanded Security for AI addressable market following launch of Zero Trust Exchange for Agents, Endpoint AI Security, AI Red Teaming, AI Governance 220B addressable market$ Zero Trust SASE Everywhere Security for AI$24B Data Security$24B$115B Zero Trust SASE for Users1 $62B $53BZero Trust SASE for Branch and Cloud $57BAgenticSecOps Note: Based on estimates from Gartner and Frost & Sullivan. Refer to the appendix of this presentation for details on TAM sources. 1. ZT Browser and ZDX are now reflected in Zero Trust SASE for Users TAM (versus previously included in Data Security and Agentic Operations respectively).
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123 Data SecuritySecurity for AI AgenticSecOps3 Zscaler Has a Broad and Expanding Portfolio Cloud + Branch Security for AI + Zero Trust Exchangefor AgentsInline DLP, Endpoint DLP, Email DLP, SaaS Security, DSPM, Classification & Encryption Agentic SOC, Deception, Exposure Management, Threat Hunting, MDR Zero Trust SASE EverywhereZero Trust SASE for Users1Zero Trust SASE for Branch and Cloud2 ZIA + ZPA + ZDX + ZT Browser $2.8BFY26 ARR $70MFY26 ARR $250MFY26 ARR $410MFY26 ARR $235MFY26 ARR $3.0BFY26 ARR 18%FY23-FY26 ARR CAGR 10x+FY26 ARR Y/Y Growth75%FY23-FY26 ARR CAGR31%FY23-FY26 ARR CAGR200%FY26 ARR Y/Y Growth20%FY23-FY26 ARR CAGR See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. Please note that numbers may not add up to total ARR due to rounding.1. ZT Browser and ZDX are now reflected in Zero Trust SASE for Users (versus previously included in Data Security and Agentic Operations respectively); ZT SASE for users also includes Business Continuity solutions. 2. ZT SASE for Cloud and Branch also includes ZT Cell.3. Agentic SecOps includes $141M ARR contribution from Red Canary in FY26; Ex Red Canary basis Agentic SecOps grew 21% Y/Y in FY26.
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124 Data SecuritySecurity for AI With Three Key Growth EnginesZero Trust SASE for Branch and Cloud1 34%FY26 ARR Y/Y Growth>1,000%FY26 ARR Y/Y Growth~80%FY26 ARR Y/Y Growth >60%FY26 ARR Y/Y Growth Key Growth Engines See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. ZT SASE for Cloud and Branch also includes ZT Cell.
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125 Zero Trust SASE Everywhere: Driving Larger, Stickier Customers >60%Y/Y ARR growth for each of the last 8 quarters Zero Trust SASE for Users 18%FY23-FY26 ARR1 CAGR Healthy growth across a strong and durable user baseZero Trust SASE Branch & CloudExceptional growth momentum with meaningful upsell opportunity 10%Global 20002 penetration of Branch and Cloud >5xHigher average ARR for Global 2000customers2 who purchased both Cloud & Branch vs neither Customers with Zero Trust SASE Everywhere are larger and stickier+6ptsHigher NRR for Zero Trust SASE Everywhere Enterprises3 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Zero Trust SASE for Users includes Annual Recurring Revenue (ARR) from ZIA, ZPA, ZDX, ZT Browser and Business Continuity solutions. 2. Forbes Global 2000 customers as of July 31, 2026; Forbes Global 2000 list as of July 31, 2025.3. Zero Trust SASE Everywhere Platform Enterprises are customers with >=1500 employees who have adopted all of the following: ZIA, ZPA, Zero Trust Branch and Zero Trust Cloud.
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126 Data Security: Becoming More Strategic in the AI Era >40%Y/Y bookings growth2 34%Y/Y ARR growth1 >40%Y/Y ARR growth for customers with multiple Data Security products3 FY26 Data Security Performance <20%of Zscaler customers have multiple Data Security products3 Demand for our Data Security solutions is accelerating Strong ARR growth from customers with multiple Data Security products with significant upsell opportunity See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. ZT Browser is now reflected in Zero Trust SASE for Users (versus in Data Security previously).2. Bookings refer to the total customer contract value over the entire duration of each such customer contract. This includes all recurring subscription fees committed for the full term of each such customer contract.3. Excludes standard modules which are included by default as a part of the platform and cannot be purchased separately, and end-of-sale products.
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127 Security for AI: Scaling into a Meaningful Contributor Majority of new businessis coming from recently introduced productsSignificant sequential momentum in security for AI bookings and pipeline growth >65%from products inmarket for <2 quarters Q4 26 Security for AI New Business ACV >50%Q/Q growth in Q4 26 Quarterly Bookings1 >75%Q/Q growth in Q4 26 Pipeline See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Bookings refer to the total customer contract value over the entire duration of each such customer contract. This includes all recurring subscription fees committed for the full term of each such customer contract.
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128 One-Third of New Logo ARR Coming From the Broader Platform Security for AIAgentic SecOpsData SecurityZT Cloud & Branch 12% FY23 30% FY26 increase in share of new logo ARR1 from products2 beyond Zero Trust SASE for Usersversus FY23 ~3x See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Product category ARR includes new logo contributions from Red Canary customers onboarded post-acquisition.2. Product categories exclude standard modules which are included by default as a part of the platform and cannot be purchased separately, and end-of-sale products. 128
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129 Power of the Platform Drives Strong Retention & Expansion 116%114%115%Net Retention Rate FY24FY25FY26 Track record of strong retention supporting a stable, recurring renewal base See the Financial Appendix of this presentation for definitions of ARR, Net Retention Rate and non-GAAP financial measures and reconciliation.
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130 Our Largest Customers are also Our Fastest Growing ARR CAGR1 (FY23-FY26) by Customer Size $10M+ ARR 24% $1M-$10M ARRTotal 25% 34%§ARR from $10M+ ARR customers grew at a 34% CAGR, 9pts faster than $1M-$10MARR customers §Our top 10 customers grew at a 37% FY23-26 CAGR, 3pts faster than all $10M+ ARR customers See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. ARR CAGR is calculated based on the cohort of customers with ≥$10M ARR and $1M–$10M ARR as of FY26; total ARR for this cohort is measured in FY26 and compared against the same cohort's total ARR in FY23. 130
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131 Z-Flex Accelerates Customer Expansion See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. 1. Bookings refer to the total customer contract value over the entire duration of each such customer contract. This includes all recurring subscription fees committed for the full term of each such customer contract. $100M$175M+$290M+$480M+ $770M+ $35M+$70M+$150M+$260M+$460M+ Q4 25Q1 26Q2 26Q3 26Q4 26 Z-Flex Bookings1 and Total ARR TCV ARR Nearly $500MZ-Flex ARR in FY26
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132 Substantial Opportunity Remains Across Our Installed Base >$19BTotal Existing Customer Addressable Spend1 $3.8BFY26 Ending ARR Zero Trust SASE for Users§$5.9B expansion opportunity §~30% of ZIA users3 have not yet adopted ZPA Additional Upsell Opportunities§40%+ of the installed base has not adopted any separately purchased product category2 beyond Zero Trust SASE for Users >$15B within existing customers 5X Installed Base ARR Expansion Potential 1. See Financial Appendix for estimation methodology.2. Separately purchased product category excludes standard modules which are included by default as a part of the platform and cannot be purchased separately, and end-of-sale products. 3. Users as of July 2026.
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133 §Landed with ZT SASE for Users, Data Security §Adopted the whole platform under Z-Flex commitment §Expanded platform adoption with initial Security for AI§Re-flexed in 9 months§Expanded adoption of ZT SASE for Users§Adopted ZT SASE for Branch and Cloud and SecOps1 FY20FY24FY25FY26 Our Customer Growth Flywheel in Action $700K+Initial ARR $20M+FY26 ARR Fortune 500 Technology Customer~74% ARR CAGR in 6 yrs ~30x ARR expansion LANDING BROADERMULTI-CATEGORY ADOPTIONZ-FLEX EXPANSIONEXPANDING WHITESPACESee the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. SecOps refers to the legacy security operations business of Zscaler’s Agentic Ops product category133
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134 Looking Ahead 134
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135 Reaffirming 2027 GuidanceQ1 27 GuidanceFY27 GuidanceRevenue $935M - $939M~19% y/y$3.908B - $3.938B16.6% y/y – 17.5% y/y ARR $4.396B -$4.426B~16.6% y/y –17.4% y/y Gross Margin~80% ~80% Operating Profit$215M - $217M~25% y/y –~26% y/y | 23% operating margin$924M - $932M~21% y/y | ~23.7% operating marginNet Other Income~$33M~$140M-~$142MTaxes 21% tax rate21% tax rateEarnings Per Share$1.15 - $1.16 $4.86 - $4.90Share Count170M fully diluted shares173M fully diluted sharesFree Cash Flow Margin~23.0% to 23.5% See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.
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136 More than Doubling Our ARR by FY31 $3.8B >$8B FY26By FY31 Amplified by our customer growth flywheel Key Inputs:§Powered by our three high growth businesses – Zero Trust Branch and Cloud, Data Security, and Security for AI§Continued double-digit growth from Zero Trust SASE for Users See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. ~17% CAGR 136
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137 AI Tailwinds Provide Significant Upside Potential $3.8B $10B FY26 >$8B ~20% Potential Upside from AI Tailwinds By FY31 See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation. ~17% CAGR ~22% CAGR~$2B AI tailwinds benefitting the full platform, including:§Zero Trust SASE Everywhere§Data Security and Security for AI §Agentic SecOps 137
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138 Our Long-Term Model FY23FY24FY25FY26FY31Long-Term ExpectationGross MarginNon-GAAP (% of Revenue)81%81%80%80%~80%Rising infrastructure costs offset by efficiency improvements S&M (% Of Revenue)45%40%37%35%29-32%Revenue growth and productivity improvements provide leverage over time R&D(% Of Revenue)14%14%15%17%15-16%More mature products provide modest leverage while continuing to invest in innovationG&A (% Of Revenue)6%6%6%6%~5%Modest leverage driven by automation and AI adoption Operating MarginNon-GAAP (% of Revenue)15%20%22%23%27-30%Improvement driven by revenue growth leverage and efficiency/automation gainsFCF Margin Non-GAAP (% of Revenue)21%27%27%23%29-32%FCF expansion driven by lower memory prices after FY28 whencapacity for memory and components is expected to come on-line, as forecast by Gartner &IDC SBC1 (% of Revenue)28%25%26%25%<20%Converges to comp peer group average of ~20%, excluding the impact of future M&A CAPEX Ex-IUS(% of Revenue)6%7%6%8%High Single DigitsExpect to remain elevated until FY28 then normalize as memory and component prices decline once manufacturing capacity comes online, as forecast by Gartner &IDC All numbers presented on an adjusted, non-GAAP basis. See the Financial Appendix of this presentation for non-GAAP financial measures and a reconciliation of GAAP to non-GAAP financial measures. There is no GAAP measure that is comparable to ARR, so we have not reconciled the ARR data included to any GAAP measure. See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. Including payroll taxes.
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139 Capital Allocation Priorities to Maximize Shareholder Value See the Financial Appendix of this presentation for definitions of ARR and non-GAAP financial measures and reconciliation.1. Includes non-GAAP R&D expenses and capital expenditures excluding internal use software2. Includes cash and investments of $3.5 billion and convertible debt of $1.7 billion Invest in the business Pursue disciplined M&A >$1.3B in M&A FY23-FY26 $2.2B in R&D and capex1 FY23-FY26 Maintain strong balance sheet to preserve flexibility$1.8B in net cash on the balance sheet2 FY26 year end 22% of revenueFY23-FY26
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140 Key TakeawaysA strong financial foundation and clear path forward Product innovation fueling durable TAM expansionOperating in a $220B+ total addressable marketProven track record of delivering profitable growth at scale20% ARR growth (ex. RC) in FY26 with record non-GAAP operating marginsMultiple growth engines underpinning the path to $10B ARRAI tailwinds benefitting demand for the entire platformSignificant new logo and upsell opportunity powered by GTM >75% of target market not yet penetrated and 5x installed base ARR expansion opportunityExpanding margins driven by revenue growth and productivityTargeting operating margins of 27-30% by FY31140
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141 Thank You
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142 Appendix
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143 AppendixTotal Addressable Market (TAM)TAM estimates referenced in this presentation are derived from the following third-party research publications:Gartner1.Total Information Security End-User Spending for All Segments and Regions, 2024–2030E, 2Q26 Update2.Forecast: Enterprise Network Equipment by Segment, 2024–2030E, 2Q26 Update3.Total Infrastructure Software End-User Spending for All Software Segments and Countries, 2024–2030E, 2Q26 Update4.IoT Endpoint Forecast for All Segments and Regions, 2024–2030E, 2Q26 Update5.Total IT Operations Management Software End-User Spending for All Software Segments and Regions, 2022–2028E, 2Q24 Update6.Spending on IT by Technology Segment and Country, 2024–2030E, 2Q26 Update7.Forecast: AI Spending, Worldwide, 2025–2030E, 2Q268.Forecast: Public Cloud Services, Worldwide, 2024–2030E, 2Q26 UpdateFrost & Sullivan1.Frost Radar™: Data Security Posture Management, 20242.Frost Radar™: Zero Trust Browser Security, 2025Gartner does not endorse any vendor, product, or service depicted in its research publications and does not advise technology users to select only those vendors with the highest ratings or other designation. Gartner research publications consist of the opinions of Gartner's research organization and should not be construed as statements of fact. Gartner disclaims all warranties, expressed or implied, with respect to this research, including any warranties of merchantability or fitness for a particular purpose.Frost & Sullivan research is based on primary and secondary research and reflects Frost & Sullivan's independent analysis and opinion. TAM figures derived from third-party sources represent management's interpretation of such research as applied to Zscaler's addressable opportunity and may not reflect the views of the respective research firms. All TAM estimates are subject to change and involve inherent uncertainty. Whitespace Opportunity MethodologyWhitespace opportunity represents management's internal estimates of incremental revenue potential within Zscaler's existing installed base across its core product categories. These estimates are based on a combination of internal customer data, product adoption analysis, and segment-level benchmarks, supplemented by input from internal product and finance teams as well as third-party market research where applicable. Exit ARR is used for estimation of opportunity, reflecting the fully ramped annual recurring revenue of each customer contract. Estimates for each product category are derived as follows:1.Zero Trust SASE for Users: Based on seat deployment analysis across the installed base, benchmarked against segment-level average revenue per user (ARPU) of comparable customers.2.Data Security: Sized as a function of current Data Security ARR as a proportion of the broader Zero Trust SASE for Users installed base.3.ZT Cloud: Derived from an assumed relationship between user count and workload traffic, applied to a per-user pricing benchmark validated internally.4.ZT Branch: Estimated using third-party SASE market sizing ratios applied to the existing installed base.5.Agentic SecOps: Sized across Exposure Management, Threat Detection, Investigation and Response, and MDR sub-categories based on asset-to-user ratios and segment-level spend benchmarks, adjusted to exclude end-of-sale products.6.AI Security: Based on module-level adoption analysis across the installed base, with upsell and cross-sell opportunities sized using segment average ARR as a proxy for incremental revenue potential.These estimates are forward-looking in nature, subject to inherent uncertainty, and intended solely for internal planning purposes. They do not represent committed revenue, contracted pipeline, or guidance, and should not be relied upon as such. Actual results may differ materially.
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144 Financial AppendixExplanation of Non-GAAP Financial MeasuresIn 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 use the following non-GAAP financial information to evaluate our ongoing operations and for internal planning and forecasting purposes. We believe that non-GAAP financial information, when taken collectively, may be helpful to investors because it provides consistency and comparability with past financial performance. However, non-GAAP financial information is presented for supplemental informational purposes only, as it has limitations as an analytical tool and should not be considered in isolation or as a substitute for financial information presented in accordance with GAAP. In particular, free cash flow is not a substitute for cash provided by operating activities. Additionally, the utility of free cash flow as a measure of our liquidity is further limited as it does not represent the total increase or decrease in our cash balance for a given period. In addition, other companies, including companies in our industry, may calculate similarly titled non-GAAP measures differently or may use other measures to evaluate their performance, all of which could reduce the usefulness of our non-GAAP financial measures as tools for comparison. A reconciliation of our historical non-GAAP financial measures to their most directly comparable financial measures stated in accordance with GAAP has been included in this press release. There is no GAAP measure that is comparable to ARR, so we have not reconciled the ARR data included to any GAAP measure. Investors are cautioned that there are a number of limitations associated with the use of non-GAAP financial measures and key metrics as analytical tools. Investors are encouraged to review these reconciliations, and not to rely on any single financial measure to evaluate our business.Expenses Excluded from Non-GAAP MeasuresStock-based compensation expense is excluded primarily because it is a non-cash expense that management believes is not reflective of our ongoing operational performance. Employer payroll taxes related to stock-based compensation, which is a cash expense, are excluded because these are tied to the timing and size of the exercise or vesting of the underlying equity incentive awards and the price of our common stock at the time of vesting or exercise, which may vary from period to period independent of the operating performance of our business. Amortization expense of acquired intangible assets and amortization of debt issuance costs from the convertible senior notes are excluded because these are non-cash expenses and are not reflective of our ongoing operational performance. Acquisition-related expenses incurred with business acquisitions are excluded because these are not reflective of our ongoing operational performance. Restructuring and other charges includes severance and termination benefits in connection with a restructuring plan to streamline operations and to align people, roles and projects to our strategic priorities. These expenses are excluded because they fluctuate in amount and frequency and are not reflective of our core business operating performance.Explanation of Non-GAAP Financial MeasuresNon-GAAP Gross Profit and Non-GAAP Gross Margin(*)Non-GAAP Income from Operations and Non-GAAP Operating Margin(*)Free Cash Flow and Free Cash Flow Margin(*)
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145 Financial Appendix (continued)Definitions of Non-GAAP Financial MeasuresNon-GAAP Gross Profit and Non-GAAP Gross MarginWe define non-GAAP gross profit as GAAP gross profit excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets and restructuring and other charges. We define non-GAAP gross margin as non-GAAP gross profit as a percentage of revenue.Non-GAAP Income from Operations and Non-GAAP Operating Margin We define non-GAAP income from operations as GAAP loss from operations excluding stock-based compensation expense and related employer payroll taxes, amortization expense of acquired intangible assets, restructuring and other charges and acquisition-related expenses. We define non-GAAP operating margin as non-GAAP income from operations as a percentage of revenue.Annual Recurring RevenueARR refers to the next 12 months of revenue from subscription contracts as of the measurement date. To establish ARR for a customer, we assume that any contract expiring during the next 12 months will be renewed under the existing terms.Free Cash Flow and Free Cash Flow MarginWe define free cash flow as net cash provided by operating activities less purchases of property, equipment and other assets and capitalized internal-use software. We define free cash flow margin as free cash flow divided by revenue. We believe that free cash flow and free cash flow margin are useful indicators of liquidity that provide information to management and investors about the amount of cash generated from our operations that, after the investments in property, equipment and other assets and capitalized internal-use software, can be used for strategic initiatives.Net Retention RateWe calculate our dollar-based net retention rate as follows: Denominator: To calculate our dollar-based net retention rate as of the end of a reporting period, we first establish the ARR from all active subscriptions as of the last day of the same reporting period in the prior fiscal year. This effectively represents recurring dollars that we expect in the next 12-month period from the cohort of customers that existed on the last day of the same reporting period in the prior fiscal year. Numerator: We measure the ARR for that same cohort of customers representing all subscriptions based on confirmed customer orders booked by us as of the end of the reporting period. Dollar-based net retention rate is obtained by dividing the numerator by the denominator. Our dollar-based net retention rate may fluctuate due to a number of factors, including the performance of our cloud platform, our success in selling bigger deals, including deals for all employees with our higher-end bundles, selling multiple-product categories from the start of our contract with new customers, faster upsells within a year, the timing and the rate of ARR expansion of our existing customers, potential changes in our rate of renewals and other risk factors described elsewhere in our Annual Report on Form 10-K.
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146 Financial Appendix (continued)FY 26FY 25FY 24FY 23Revenue $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 taxes87,46970,99852,76640,297Amortization expense of acquired intangible assets27,85514,97512,8799,574Restructuring and other charges1,333138 - -Non-GAAP gross profit $2,691,551 $2,141,048 $1,756,287 $1,303,991 GAAP gross margin 77 %77 %78 %78 %Non-GAAP gross margin 80 %80 %81 %81 %GAAP sales and marketing expense$1,495,812 $1,259,158 $1,100,239 $959,102 Stock-based compensation expense and related payroll taxes294,537259,562230,597223,095Amortization expense of acquired intangible assets15,6131,7001,232773Restructuring and other charges6,501- 4,423Non-GAAP sales and marketing expense$1,179,161 $997,896 $868,410 $730,811 GAAP sales and marketing expense as a percentage of revenue45 %47 %51 %59 %Non-GAAP sales and marketing expense as a percentage of revenue35 %37 %40 %45 %GAAP research and development expense$903,399 $672,485 $499,828 $350,786 Stock-based compensation expense and related payroll taxes341,880257,663186,107121,358Amortization expense of acquired intangible assets- 145 513713Restructuring and other charges1,7994,783 844Non-GAAP research and development expense$559,720 $409,894 $313,208 $227,871 GAAP research and development expense as a percentage of revenue27 %25 %23 %22 %Non-GAAP research and development expense as a percentage of revenue17 %15 %14 %14 %GAAP general and administrative expense$308,950 $251,754 $212,052 $178,855 Stock-based compensation expense and related payroll taxes117,76297,31179,63073,065Acquisition-related expenses 5,0001,316Restructuring and other charges627 - 1,297Non-GAAP general and administrative expense$185,561 $153,127 $132,422 $104,493 GAAP general and administrative expense as a percentage of revenue9 % 9 % 10 %11 %Non-GAAP general and administrative expense as a percentage of revenue6 % 6 % 6 %6 %146
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147 Financial Appendix (continued)FY 26FY 25FY 24FY 23GAAP loss from operations$(133,267)$(128,460)$(121,477)$(234,623)Stock-based compensation expense and related payroll taxes 841,648685,534549,100457,815Amortization expense of acquired intangible assets43,46816,82014,62411,060Restructuring and other charges10,2604,921- 6,564Acquisition-related expenses 5,0001,316Non-GAAP income from operations$767,109 $580,131 $442,247 $240,816 GAAP operating margin(4)%(5)%(6)%(15)%Non-GAAP operating margin23 %22 %20 %15 % Free cash flow Net cash provided by operating activities$1,129,654 $972,453 $779,846 $462,343 Less:Purchases of property, equipment and other assets(277,304)$(164,252)(144,588)(97,197)Capitalized internal-use software (73,207)$(81,508)(50,308)(31,527)Free cash flow $779,143 $726,693 $584,950 $333,619 Free cash flow marginNet cash provided by operating activities, as a percentage of revenue33 %36 %36 %29 %Less:Purchases of property, equipment and other assets, as a percentage of revenue(8)%(6)%(7)%(6)%Capitalized internal-use software, as a percentage of revenue(2)%(3)%(2)%(2)%Free cash flow margin23 %27 %27 %21 %