ZS: Detailed Field Checks and Investor Session Recap from Zenith Live 2026

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ZS: Detailed Field Checks and Investor Session Recap from Zenith Live 2026

Key Takes from Investor Session

ZS’s investor session featured a CEO presentation, a three-customer panel (UKG, Eaton, Edward Jones), and an extended executive

Q&A. We thought the tone was bullish, with management framing Mythos / agentic AI as a bigger catalyst than Covid for theSECURITY company’s core zero trust architecture. In our opinion, a few key themes stood out from the event: (1) Mythos is creating real

urgency for core Zero Trust products, particularly ZPA, where partial deployments are moving toward full enterprise coverage, (2)

the new Zero Trust for Agents product leverages ~70% of existing infrastructure and could represent a step-function expansionAND in monetizable transactions, and (3) AI security spending is coming from both incremental budget and reallocation, supporting

the view that this cycle expands TAM rather than reshuffles it. That said, pricing on the agentic exchange remains unfinalized and

new logo execution in the 2K–10K segment is still early innings.

AI / Mythos Described as Major Demand Catalyst. Zscaler called out Mythos / AI adoption as its largest opportunity since

Covid (with greater potential) and argued that AI-driven threats increase the urgency for zero trust architecture rather than

incremental patching. The key message was that customers need to hide applications, reduce attack surface visibility, and prevent

lateral movement if breached. This should drive broader demand across ZIA, ZPA, branch, workload, segmentation, and exposure

management use cases. In addition, management stressed that ~70% of the infrastructure needed to broker agent-to-agent

and agent-to-data interactions already exists within ZS’s zero trust exchange.