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Side-by-side financial comparison of Salesforce (CRM) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Salesforce is the larger business by last-quarter revenue ($10.3B vs $788.1M, roughly 13.0× Zscaler, Inc.). Salesforce runs the higher net margin — 20.3% vs -1.5%, a 21.8% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 8.6%). Salesforce produced more free cash flow last quarter ($2.2B vs $431.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 5.1%).
Salesforce, Inc., is an American cloud-based software company headquartered in San Francisco, California. It provides applications focused on sales, customer service, marketing automation, e-commerce, analytics, artificial intelligence, agentic AI, and application development.
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.
CRM vs ZS — Head-to-Head
Income Statement — Q3 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $10.3B | $788.1M |
| Net Profit | $2.1B | $-11.6M |
| Gross Margin | 78.0% | 76.6% |
| Operating Margin | 21.3% | -4.6% |
| Net Margin | 20.3% | -1.5% |
| Revenue YoY | 8.6% | 25.5% |
| Net Profit YoY | 36.6% | 3.6% |
| EPS (diluted) | $2.19 | $-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 | $10.3B | $788.1M | ||
| Q3 25 | $10.2B | $719.2M | ||
| Q2 25 | $9.8B | $678.0M | ||
| Q1 25 | $10.0B | $647.9M | ||
| Q4 24 | $9.4B | $628.0M | ||
| Q3 24 | $9.3B | $592.9M | ||
| Q2 24 | $9.1B | $553.2M | ||
| Q1 24 | $9.3B | $525.0M |
| Q4 25 | $2.1B | $-11.6M | ||
| Q3 25 | $1.9B | $-17.6M | ||
| Q2 25 | $1.5B | $-4.1M | ||
| Q1 25 | $1.7B | $-7.7M | ||
| Q4 24 | $1.5B | $-12.1M | ||
| Q3 24 | $1.4B | $-14.9M | ||
| Q2 24 | $1.5B | $19.1M | ||
| Q1 24 | $1.4B | $-28.5M |
| Q4 25 | 78.0% | 76.6% | ||
| Q3 25 | 78.1% | 76.1% | ||
| Q2 25 | 77.0% | 77.0% | ||
| Q1 25 | 77.8% | 77.1% | ||
| Q4 24 | 77.7% | 77.5% | ||
| Q3 24 | 76.8% | 78.0% | ||
| Q2 24 | 76.3% | 78.6% | ||
| Q1 24 | 76.9% | 77.7% |
| Q4 25 | 21.3% | -4.6% | ||
| Q3 25 | 22.8% | -4.5% | ||
| Q2 25 | 19.8% | -3.7% | ||
| Q1 25 | 18.2% | -6.2% | ||
| Q4 24 | 20.0% | -4.9% | ||
| Q3 24 | 19.1% | -4.5% | ||
| Q2 24 | 18.7% | -0.5% | ||
| Q1 24 | 17.5% | -8.7% |
| Q4 25 | 20.3% | -1.5% | ||
| Q3 25 | 18.4% | -2.4% | ||
| Q2 25 | 15.7% | -0.6% | ||
| Q1 25 | 17.1% | -1.2% | ||
| Q4 24 | 16.2% | -1.9% | ||
| Q3 24 | 15.3% | -2.5% | ||
| Q2 24 | 16.8% | 3.5% | ||
| Q1 24 | 15.6% | -5.4% |
| Q4 25 | $2.19 | $-0.07 | ||
| Q3 25 | $1.96 | $-0.11 | ||
| Q2 25 | $1.59 | $-0.03 | ||
| Q1 25 | $1.75 | $-0.05 | ||
| Q4 24 | $1.58 | $-0.08 | ||
| Q3 24 | $1.47 | $-0.09 | ||
| Q2 24 | $1.56 | $0.12 | ||
| Q1 24 | $1.47 | $-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 | $9.0B | $1.3B |
| Total DebtLower is stronger | $8.4B | — |
| Stockholders' EquityBook value | $60.0B | $2.0B |
| Total Assets | $95.1B | $6.5B |
| Debt / EquityLower = less leverage | 0.14× | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $9.0B | $1.3B | ||
| Q3 25 | $10.4B | $2.4B | ||
| Q2 25 | $10.9B | $2.0B | ||
| Q1 25 | $8.8B | $1.8B | ||
| Q4 24 | $8.0B | $1.6B | ||
| Q3 24 | $7.7B | $1.4B | ||
| Q2 24 | $10.0B | $1.3B | ||
| Q1 24 | $8.5B | $1.4B |
| Q4 25 | $8.4B | — | ||
| Q3 25 | $8.4B | — | ||
| Q2 25 | $8.4B | $1.1B | ||
| Q1 25 | $8.4B | $1.1B | ||
| Q4 24 | $8.4B | $1.1B | ||
| Q3 24 | $8.4B | $1.1B | ||
| Q2 24 | $9.4B | $1.1B | ||
| Q1 24 | $9.4B | $1.1B |
| Q4 25 | $60.0B | $2.0B | ||
| Q3 25 | $61.3B | $1.8B | ||
| Q2 25 | $60.7B | $1.8B | ||
| Q1 25 | $61.2B | $1.6B | ||
| Q4 24 | $58.5B | $1.4B | ||
| Q3 24 | $57.6B | $1.3B | ||
| Q2 24 | $59.7B | $1.1B | ||
| Q1 24 | $59.6B | $958.9M |
| Q4 25 | $95.1B | $6.5B | ||
| Q3 25 | $97.6B | $6.4B | ||
| Q2 25 | $98.6B | $5.3B | ||
| Q1 25 | $102.9B | $5.0B | ||
| Q4 24 | $91.4B | $4.7B | ||
| Q3 24 | $92.2B | $4.7B | ||
| Q2 24 | $96.2B | $4.2B | ||
| Q1 24 | $99.8B | $3.9B |
| Q4 25 | 0.14× | — | ||
| Q3 25 | 0.14× | — | ||
| Q2 25 | 0.14× | 0.64× | ||
| Q1 25 | 0.14× | 0.71× | ||
| Q4 24 | 0.14× | 0.80× | ||
| Q3 24 | 0.15× | 0.90× | ||
| Q2 24 | 0.16× | 1.04× | ||
| Q1 24 | 0.16× | 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 | $2.3B | $448.3M |
| Free Cash FlowOCF − Capex | $2.2B | $431.0M |
| FCF MarginFCF / Revenue | 21.2% | 54.7% |
| Capex IntensityCapex / Revenue | 1.4% | 2.2% |
| Cash ConversionOCF / Net Profit | 1.11× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.9B | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $2.3B | $448.3M | ||
| Q3 25 | $740.0M | $250.6M | ||
| Q2 25 | $6.5B | $211.1M | ||
| Q1 25 | $4.0B | $179.4M | ||
| Q4 24 | $2.0B | $331.3M | ||
| Q3 24 | $892.0M | $203.6M | ||
| Q2 24 | $6.2B | $173.4M | ||
| Q1 24 | $3.4B | $142.1M |
| Q4 25 | $2.2B | $431.0M | ||
| Q3 25 | $605.0M | $190.6M | ||
| Q2 25 | $6.3B | $138.9M | ||
| Q1 25 | $3.8B | $164.4M | ||
| Q4 24 | $1.8B | $314.3M | ||
| Q3 24 | $755.0M | $154.2M | ||
| Q2 24 | $6.1B | $137.8M | ||
| Q1 24 | $3.3B | $111.2M |
| Q4 25 | 21.2% | 54.7% | ||
| Q3 25 | 5.9% | 26.5% | ||
| Q2 25 | 64.1% | 20.5% | ||
| Q1 25 | 38.2% | 25.4% | ||
| Q4 24 | 18.8% | 50.1% | ||
| Q3 24 | 8.1% | 26.0% | ||
| Q2 24 | 66.6% | 24.9% | ||
| Q1 24 | 35.1% | 21.2% |
| Q4 25 | 1.4% | 2.2% | ||
| Q3 25 | 1.3% | 8.3% | ||
| Q2 25 | 1.8% | 10.6% | ||
| Q1 25 | 1.5% | 2.3% | ||
| Q4 24 | 2.2% | 2.7% | ||
| Q3 24 | 1.5% | 8.3% | ||
| Q2 24 | 1.8% | 6.4% | ||
| Q1 24 | 1.6% | 5.9% |
| Q4 25 | 1.11× | — | ||
| Q3 25 | 0.39× | — | ||
| Q2 25 | 4.20× | — | ||
| Q1 25 | 2.32× | — | ||
| Q4 24 | 1.30× | — | ||
| Q3 24 | 0.62× | — | ||
| Q2 24 | 4.08× | 9.07× | ||
| Q1 24 | 2.35× | — |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CRM
| Agentforce Service | $2.5B | 24% |
| Agentforce Sales | $2.3B | 22% |
| Agentforce360Platform Slack And Other | $2.2B | 21% |
| Agentforce Integration And Agentforce Analytics | $1.4B | 14% |
| Agentforce Marketing And Agentforce Commerce | $1.4B | 13% |
| Professional Servicesand Other | $533.0M | 5% |
ZS
Segment breakdown not available.
