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Side-by-side financial comparison of C3.ai, Inc. (AI) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Zscaler, Inc. is the larger business by last-quarter revenue ($788.1M vs $75.1M, roughly 10.5× C3.ai, Inc.). Zscaler, Inc. runs the higher net margin — -1.5% vs -139.3%, a 137.8% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs -20.3%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $-46.9M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs -2.1%).
C3.ai, Inc. is a leading enterprise artificial intelligence software provider that develops and delivers scalable AI applications, platform tools, and industry-specific solutions for clients across sectors including manufacturing, energy, financial services, healthcare and public sector. Its offerings help organizations optimize operations, reduce costs, mitigate risks, and realize data-driven decision making.
Zscaler, Inc. is an American cloud security company based in San Jose, California. The company offers cloud-based services to protect enterprise networks and data.
AI vs ZS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $75.1M | $788.1M |
| Net Profit | $-104.7M | $-11.6M |
| Gross Margin | 40.4% | 76.6% |
| Operating Margin | -149.2% | -4.6% |
| Net Margin | -139.3% | -1.5% |
| Revenue YoY | -20.3% | 25.5% |
| Net Profit YoY | -58.7% | 3.6% |
| EPS (diluted) | $-0.75 | $-0.07 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q4 25 | $75.1M | $788.1M | ||
| Q3 25 | $70.3M | $719.2M | ||
| Q2 25 | $108.7M | $678.0M | ||
| Q1 25 | $98.8M | $647.9M | ||
| Q4 24 | $94.3M | $628.0M | ||
| Q3 24 | $87.2M | $592.9M | ||
| Q2 24 | $86.6M | $553.2M | ||
| Q1 24 | $78.4M | $525.0M |
| Q4 25 | $-104.7M | $-11.6M | ||
| Q3 25 | $-116.8M | $-17.6M | ||
| Q2 25 | $-79.7M | $-4.1M | ||
| Q1 25 | $-80.2M | $-7.7M | ||
| Q4 24 | $-66.0M | $-12.1M | ||
| Q3 24 | $-62.8M | $-14.9M | ||
| Q2 24 | $-72.9M | $19.1M | ||
| Q1 24 | $-72.6M | $-28.5M |
| Q4 25 | 40.4% | 76.6% | ||
| Q3 25 | 37.6% | 76.1% | ||
| Q2 25 | 62.1% | 77.0% | ||
| Q1 25 | 59.1% | 77.1% | ||
| Q4 24 | 61.3% | 77.5% | ||
| Q3 24 | 59.8% | 78.0% | ||
| Q2 24 | 59.6% | 78.6% | ||
| Q1 24 | 57.8% | 77.7% |
| Q4 25 | -149.2% | -4.6% | ||
| Q3 25 | -177.7% | -4.5% | ||
| Q2 25 | -81.8% | -3.7% | ||
| Q1 25 | -88.7% | -6.2% | ||
| Q4 24 | -79.8% | -4.9% | ||
| Q3 24 | -83.2% | -4.5% | ||
| Q2 24 | -95.1% | -0.5% | ||
| Q1 24 | -105.3% | -8.7% |
| Q4 25 | -139.3% | -1.5% | ||
| Q3 25 | -166.2% | -2.4% | ||
| Q2 25 | -73.3% | -0.6% | ||
| Q1 25 | -81.2% | -1.2% | ||
| Q4 24 | -69.9% | -1.9% | ||
| Q3 24 | -72.0% | -2.5% | ||
| Q2 24 | -84.2% | 3.5% | ||
| Q1 24 | -92.6% | -5.4% |
| Q4 25 | $-0.75 | $-0.07 | ||
| Q3 25 | $-0.86 | $-0.11 | ||
| Q2 25 | $-0.60 | $-0.03 | ||
| Q1 25 | $-0.62 | $-0.05 | ||
| Q4 24 | $-0.52 | $-0.08 | ||
| Q3 24 | $-0.50 | $-0.09 | ||
| Q2 24 | $-0.59 | $0.12 | ||
| Q1 24 | $-0.60 | $-0.19 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $675.0M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $771.9M | $2.0B |
| Total Assets | $961.3M | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $675.0M | $1.3B | ||
| Q3 25 | $711.9M | $2.4B | ||
| Q2 25 | $742.7M | $2.0B | ||
| Q1 25 | $724.3M | $1.8B | ||
| Q4 24 | $730.4M | $1.6B | ||
| Q3 24 | $762.5M | $1.4B | ||
| Q2 24 | $750.4M | $1.3B | ||
| Q1 24 | $723.3M | $1.4B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | $1.1B | ||
| Q1 25 | — | $1.1B | ||
| Q4 24 | — | $1.1B | ||
| Q3 24 | — | $1.1B | ||
| Q2 24 | — | $1.1B | ||
| Q1 24 | — | $1.1B |
| Q4 25 | $771.9M | $2.0B | ||
| Q3 25 | $798.8M | $1.8B | ||
| Q2 25 | $838.3M | $1.8B | ||
| Q1 25 | $860.2M | $1.6B | ||
| Q4 24 | $859.0M | $1.4B | ||
| Q3 24 | $874.9M | $1.3B | ||
| Q2 24 | $873.4M | $1.1B | ||
| Q1 24 | $898.0M | $958.9M |
| Q4 25 | $961.3M | $6.5B | ||
| Q3 25 | $968.7M | $6.4B | ||
| Q2 25 | $1.0B | $5.3B | ||
| Q1 25 | $1.1B | $5.0B | ||
| Q4 24 | $1.0B | $4.7B | ||
| Q3 24 | $1.1B | $4.7B | ||
| Q2 24 | $1.0B | $4.2B | ||
| Q1 24 | $1.1B | $3.9B |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 1.04× | ||
| Q1 24 | — | 1.19× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $-46.5M | $448.3M |
| Free Cash FlowOCF − Capex | $-46.9M | $431.0M |
| FCF MarginFCF / Revenue | -62.4% | 54.7% |
| Capex IntensityCapex / Revenue | 0.5% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $-93.2M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $-46.5M | $448.3M | ||
| Q3 25 | $-33.5M | $250.6M | ||
| Q2 25 | $11.3M | $211.1M | ||
| Q1 25 | $-22.0M | $179.4M | ||
| Q4 24 | $-38.7M | $331.3M | ||
| Q3 24 | $8.0M | $203.6M | ||
| Q2 24 | $21.3M | $173.4M | ||
| Q1 24 | $-39.1M | $142.1M |
| Q4 25 | $-46.9M | $431.0M | ||
| Q3 25 | $-34.3M | $190.6M | ||
| Q2 25 | $10.3M | $138.9M | ||
| Q1 25 | $-22.4M | $164.4M | ||
| Q4 24 | $-39.5M | $314.3M | ||
| Q3 24 | $7.1M | $154.2M | ||
| Q2 24 | $18.8M | $137.8M | ||
| Q1 24 | $-45.1M | $111.2M |
| Q4 25 | -62.4% | 54.7% | ||
| Q3 25 | -48.8% | 26.5% | ||
| Q2 25 | 9.5% | 20.5% | ||
| Q1 25 | -22.7% | 25.4% | ||
| Q4 24 | -41.9% | 50.1% | ||
| Q3 24 | 8.2% | 26.0% | ||
| Q2 24 | 21.7% | 24.9% | ||
| Q1 24 | -57.6% | 21.2% |
| Q4 25 | 0.5% | 2.2% | ||
| Q3 25 | 1.1% | 8.3% | ||
| Q2 25 | 0.9% | 10.6% | ||
| Q1 25 | 0.4% | 2.3% | ||
| Q4 24 | 0.9% | 2.7% | ||
| Q3 24 | 1.1% | 8.3% | ||
| Q2 24 | 2.9% | 6.4% | ||
| Q1 24 | 7.8% | 5.9% |
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× | ||
| Q1 24 | — | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
AI
| License And Service | $70.2M | 93% |
| Professional Services | $4.9M | 7% |
ZS
Segment breakdown not available.
