Zscaler Takeaways from Zenith Live 2026

研报英文原文证据摘录

Zscaler Takeaways from Zenith Live 2026

J P M O R G A N North America Equity Research

10 June 2026

Zscaler Overweight

ZS, ZS US

Takeaways from Zenith Live 2026 Price (09 Jun 26):$125.84

Software - Large Cap / Mid & Small

Cap

Brian Essex, CFA AC

(1-212) 622-5990

brian.essex@jpmchase.com

John Lee

(1-212) 622-6064

We attended Zscaler’s Zenith Live yesterday in Las Vegas, where the john.h.lee@jpmorgan.com

company highlighted innovation across Zero Trust for Agentic AI, AI Alex Isaac

security, and SecOps, focusing on extending the Zero Trust Exchange (1-212) 622-9159

platform into the agentic era. The event centered on positioning ZS as the in-line alex.isaac@jpmorgan.com

policy and enforcement layer for the agentic era, with new product announcements J.P. Morgan Securities LLC

across agent brokering, endpoint AI protection, data lineage, and SecOps. ZS

views its serviceable addressable market at over $120bn, which includes the new

Securing AI segment representing more than $16bn of incremental opportunity.

Frontier models are detecting vulnerabilities at machine speed, and the company

sees potential for demand at levels greater than the COVID era, with board-level

urgency driving accelerated Zero Trust conversations across the customer base.

ZS stated non-seat new ACV grew to 30% in 3Q from 25% the prior quarter, an

indicator that the platform is monetizing well beyond seat-based pricing as it

expands into branch, cloud, data, and agentic use cases. On go-to-market,

management addressed recent sales departures as an isolated event and pointed to

the company’s talent depth as a resilience factor, while ZS realigns territory

coverage toward the 2K-10K employee segment for which it sees the most new

logo opportunity.

Main Takeaways