F3Q26 Preview: Solid Checks, Z-Flex Momentum Support Conviction into the Print

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F3Q26 Preview: Solid Checks, Z-Flex Momentum Support Conviction into the Print

Security & Infrastructure Software

Zscaler, Inc. (ZS)

EQUITY RESEARCH Company Update

May 20, 2026

F3Q26 Preview: Solid Checks, Z-Flex Momentum Price: $175.25

Price Target: $300.00 Support Conviction into the Print

Rating: Overweight

Investment Summary. Heading into F3Q26 earnings, we reiterate our

Key Statistics: Overweight rating and maintain our 12-month price target of $300, driven

Symbol NASDAQ: ZS by favorable checks and continued conviction in the SASE opportunity. 52-Week Range 114.63 - 336.99

ZS reports May 26 AMC. F3Q26 checks were solid, with 53% of channel Market Cap 28,178.6

ADV (3 mo) 3,169,872 partner respondents (N=19) reporting results in line with plan and 42%

EV ($M) 44,611 exceeding plan versus 61% exceeding in the prior quarter. While the in-plan

Shares Out (M) 160.8 mix shifted higher, only 5% came in below plan (vs 6% prior), suggesting

stable execution.

Research Analysts:

Jonathan Ruykhaver, CFA We remain bullish on Red Canary’s platform synergies and organic NNARR

617-443-4473 reacceleration driven by faster than expected Z-Flex adoption and emerging

Jonathan.Ruykhaver@cantor.com growth pillars (Zero Trust Everywhere, Data Security Everywhere, and AI

Ben Mitchell Security). Further, the shift toward non seat based pricing (>25% of new 212-428-5917

Ben.Mitchell@cantor.com ACV, >100% ARR growth in 2Q) provides insulation against the seat based

headwinds weighing on the broader SaaS group as tech layoffs continue

REV ($M) across the industry.

FYE Jul 2025A 2026E 2027E

1Q $628.0 $788.1A $945.7 More broadly, we see SASE evolving into a control layer for enterprise

2Q $647.9 $815.8A $978.9 AI governance given it's in line visibility into user and application traffic,