Zscaler (ZS) Zenith 2026 Investor session summary

Key platform and product announcements

• Introduced new AI security solutions, including Zero Trust for AI Agents, AI Protect, and Agentic SecOps, with rapid integration of recent acquisitions and Red Canary technology.

• Enhanced AI asset management, prompt inspection, and policy enforcement for over 250 GenAI applications, with expanded endpoint and SaaS visibility.

• Launched Zero Trust Exchange for Agents and AI Access Graph, enabling adaptive access, risk assessment, and mapping of data permissions.

• Announced continuous automated red teaming, AI-powered segmentation, and compliance APIs to simplify security operations and reduce complexity.

• Shifted toward consumption-based pricing, with 30%+ of new ACV from non-seat-based sources.

Strategic vision and market opportunity

• Identifies a $120B+ addressable market, with a $65B SAM for Zero Trust Everywhere, driven by AI security, agentic operations, and data security.

• Highlights urgent market need from new AI threats, positioning Zero Trust architecture as essential.

• Emphasizes a comprehensive platform approach, integrating Zero Trust SASE, AI security, data security, and agentic SecOps.

• Partners with leading AI companies to address evolving enterprise security challenges.

• Zero Trust Everywhere adoption surpassed 500 enterprises, with 4,500 of 20,000 target customers onboarded.

Business performance and financial highlights

• Achieved $3.5B in ARR, with $850M revenue for the quarter ended April 30, 2026, and non-GAAP operating margin at 23%.

• Data security ARR exceeded $500M with 30%+ YoY growth; AI Protect bookings surpassed $100M in the last twelve months.

• Noted 100%+ YoY ARR growth in non-seat-based solutions in Q3'26.

• Non-GAAP gross margin reached 81%, with consistent improvement in profitability and operational scale.

• Customer base includes significant runway for new logo acquisition, especially in the 2K–10K employee segment.