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Zscaler Balance Sheet 2025-2011 | ZS
Brief overview of Zscaler's balance sheet structure
The balance sheet is assessed across five available annual reports spanning 2021 to 2025.
The asset base grew from $2.3 billion to $6.4 billion, or +184.4%. Average annual growth of roughly 29.9% was strong.
Assets outpaced liabilities, +184.4% versus +167.3%. Dependence on external funding declined.
Shareholders' equity accounts for 28% of assets, previously 23.4%. Dependence on liabilities is moderate.
The period ended with net cash: net debt stood at -$2.3 billion. This supports financial flexibility.
Cash accounts for 37.2% of assets versus 12.2% initially. The change indicates the degree of financial flexibility.
The balance sheet carries negative retained earnings of -$1.2 billion. The figure may result from accumulated losses or an active capital return policy.
What the balance sheet shows
The indicators point to a strong balance sheet position for Zscaler: funding is balanced and liability risks appear controlled.
Annual Balance Sheet Zscaler
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net Debt |
-2.29 B | -230 M | -93.6 M | -18.4 M | 657 M | 763 M | -78.5 M | -136 M | -88 M | -92.8 M | - | - | - | - | - |
Long Term Debt |
43.4 M | 1.14 B | 1.13 B | 969 M | 914 M | 862 M | - | - | - | - | - | - | - | - | - |
Long Term Debt Current |
52.5 M | 50.9 M | 34.5 M | 26.1 M | 19.8 M | 15.6 M | - | - | - | - | - | - | - | - | - |
Total Non Current Liabilities |
- | - | - | - | - | 925 M | 33.7 M | 24.7 M | 12.6 M | 8.95 M | - | - | - | - | - |
Total Current Liabilities |
2.43 B | 3.11 B | 1.54 B | 1.13 B | 720 M | 424 M | 262 M | 183 M | - | - | - | - | - | - | - |
Total Liabilities |
4.62 B | 3.43 B | 2.88 B | 2.26 B | 1.73 B | 1.35 B | 296 M | 208 M | 133 M | 86.9 M | - | - | - | - | - |
Deferred Revenue |
2.05 B | 1.64 B | 1.28 B | 924 M | 571 M | 337 M | 221 M | 141 M | 85.5 M | 58.5 M | - | - | - | - | - |
Retained Earnings |
-1.19 B | -1.15 B | -1.09 B | -992 M | -602 M | -340 M | -224 M | -196 M | -162 M | -127 M | - | - | - | - | - |
Total Assets |
6.42 B | 4.7 B | 3.61 B | 2.83 B | 2.26 B | 1.83 B | 604 M | 448 M | 183 M | 154 M | - | - | - | - | - |
Cash and Cash Equivalents |
2.39 B | 1.42 B | 1.26 B | 1.01 B | 276 M | 142 M | 78.5 M | 136 M | 88 M | - | - | - | - | - | - |
Book Value |
1.8 B | 1.27 B | 725 M | 573 M | 529 M | 485 M | 309 M | 240 M | 49.8 M | 66.7 M | - | - | - | - | - |
Total Shareholders Equity |
1.8 B | 1.27 B | 725 M | 573 M | 529 M | 485 M | 309 M | 240 M | -151 M | -125 M | - | - | - | - | - |
All numbers in USD currency
Quarterly Balance Sheet Zscaler
| 2026-Q3 | 2026-Q2 | 2026-Q1 | 2025-Q4 | 2025-Q3 | 2025-Q2 | 2025-Q1 | 2024-Q4 | 2024-Q3 | 2024-Q2 | 2024-Q1 | 2023-Q4 | 2023-Q3 | 2023-Q2 | 2023-Q1 | 2022-Q4 | 2022-Q3 | 2022-Q2 | 2022-Q1 | 2021-Q4 | 2021-Q3 | 2021-Q2 | 2021-Q1 | 2020-Q4 | 2020-Q3 | 2020-Q2 | 2020-Q1 | 2019-Q4 | 2019-Q3 | 2019-Q2 | 2019-Q1 | 2018-Q4 | 2018-Q3 | 2018-Q2 | 2018-Q1 | 2017-Q4 | 2017-Q3 | 2017-Q2 | 2017-Q1 | 2016-Q4 | 2016-Q3 | 2016-Q2 | 2016-Q1 | 2015-Q4 | 2015-Q3 | 2015-Q2 | 2015-Q1 | 2014-Q4 | 2014-Q3 | 2014-Q2 | 2014-Q1 | 2013-Q4 | 2013-Q3 | 2013-Q2 | 2013-Q1 | 2012-Q4 | 2012-Q3 | 2012-Q2 | 2012-Q1 | 2011-Q4 | 2011-Q3 | 2011-Q2 | 2011-Q1 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Long Term Debt |
94.8 M | 94.1 M | 65.8 M | 94.1 M | 65.8 M | 43.4 M | 1.15 B | - | 1.15 B | 1.14 B | 1.14 B | 1.14 B | 1.13 B | 1.13 B | - | 941 M | 1.14 B | 969 M | 955 M | 887 M | 927 M | 914 M | 900 M | 23.3 M | 874 M | 862 M | 862 M | - | 24.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Liabilities |
4.73 B | 4.56 B | 4.52 B | 4.56 B | 4.52 B | 4.62 B | 3.53 B | - | 3.28 B | 3.43 B | 3.11 B | 2.98 B | 2.83 B | 2.88 B | - | 1.88 B | 2.4 B | 2.26 B | 1.99 B | 1.47 B | 1.74 B | 1.73 B | 1.55 B | 357 M | 1.36 B | 1.35 B | 1.35 B | 241 M | 322 M | 296 M | 296 M | - | 206 M | 208 M | 208 M | - | 133 M | 133 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Deferred Revenue |
2.1 B | 1.98 B | 1.95 B | 1.98 B | 1.95 B | 2.05 B | 1.68 B | - | 1.53 B | 1.64 B | 1.38 B | 1.32 B | 1.24 B | 1.28 B | - | 688 M | 913 M | 924 M | 732 M | 406 M | 584 M | 571 M | 446 M | 251 M | 340 M | 337 M | 337 M | 176 M | 218 M | 221 M | 221 M | - | 144 M | 141 M | 141 M | - | 85.5 M | 85.5 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Retained Earnings |
-1.25 B | -1.24 B | -1.2 B | -1.24 B | -1.2 B | -1.19 B | -1.17 B | - | -1.16 B | -1.15 B | -1.13 B | -1.15 B | -1.12 B | -1.09 B | - | -793 M | -956 M | -992 M | -894 M | -462 M | -692 M | -602 M | -521 M | -271 M | -395 M | -340 M | -340 M | -207 M | -242 M | -224 M | -224 M | - | -203 M | -196 M | -196 M | - | -162 M | -162 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Assets |
7.1 B | 6.75 B | 6.5 B | 6.75 B | 6.5 B | 6.42 B | 5.34 B | - | 4.71 B | 4.7 B | 4.2 B | 3.93 B | 3.64 B | 3.61 B | - | 2.42 B | 2.84 B | 2.83 B | 2.52 B | 1.97 B | 2.27 B | 2.26 B | 2.06 B | 676 M | 1.85 B | 1.83 B | 1.83 B | 518 M | 636 M | 604 M | 604 M | - | 458 M | 448 M | 448 M | - | 183 M | 183 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cash and Cash Equivalents |
982 M | 1.2 B | 1.34 B | 1.2 B | 1.34 B | 2.39 B | 1.99 B | 1.76 B | 1.55 B | 1.42 B | 1.26 B | 1.44 B | 1.36 B | 1.26 B | 1.28 B | 1.26 B | 1.08 B | 1.01 B | 595 M | 95.3 M | 372 M | 276 M | 107 M | 76.5 M | 102 M | 142 M | 142 M | 67.5 M | 69.3 M | 78.5 M | 69.3 M | 71.6 M | 42.8 M | 136 M | 42.8 M | - | 75.8 M | 88 M | 87.4 M | - | - | 92.8 M | - | - | - | 83.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Book Value |
2.37 B | 2.2 B | 1.98 B | 2.2 B | 1.98 B | 1.8 B | 1.8 B | - | 1.43 B | 1.27 B | 1.09 B | 959 M | 808 M | 725 M | - | 539 M | 431 M | 573 M | 532 M | 503 M | 530 M | 529 M | 508 M | 319 M | 492 M | 485 M | 485 M | 277 M | 314 M | 309 M | 309 M | - | 252 M | 240 M | 240 M | - | 49.8 M | 49.8 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Total Shareholders Equity |
2.37 B | 2.2 B | 1.98 B | 2.2 B | 1.98 B | 1.8 B | 1.8 B | 1.61 B | 1.43 B | 1.27 B | 1.09 B | 959 M | 808 M | 725 M | 601 M | 529 M | 431 M | 573 M | 532 M | 503 M | 530 M | 529 M | 508 M | 319 M | 492 M | 492 M | 492 M | 277 M | 314 M | 314 M | 314 M | -167 M | 252 M | 252 M | 252 M | - | -161 M | -151 M | - | - | - | -125 M | - | - | - | -95.3 M | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
All numbers in USD currency
Balance Sheet is a fundamental financial report of Zscaler, providing a complete picture of the company’s financial position at a specific point in time. Unlike the income statement, which records the results of operations over a certain period, the balance sheet shows what assets the company owns, what liabilities it has to creditors, and what equity is available to the owners.
For an investor, the balance sheet is important because it allows assessing the company’s financial stability, understanding how much debt it carries, and how dependent it is on borrowed financing. It helps calculate key liquidity and leverage ratios. When analyzing, attention should be paid to the debt-to-equity ratio (Debt/Equity), the amount of cash on the balance sheet, and the ratio of current liabilities to liquid assets.
Features of balance sheet analysis- Vertical and horizontal analysis
Vertical analysis shows the structure of the balance sheet as a percentage of total assets or liabilities, while horizontal analysis shows the dynamics of changes over multiple periods. - Asset quality
It is important to evaluate not only the amount of assets but also their liquidity and realizability. - Accounting for off-balance sheet liabilities
Some liabilities may not be directly reflected in the balance sheet, which requires additional attention.
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