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Side-by-side financial comparison of Cisco (CSCO) and Zscaler, Inc. (ZS). Click either name above to swap in a different company.
Cisco is the larger business by last-quarter revenue ($15.3B vs $788.1M, roughly 19.5× Zscaler, Inc.). Cisco runs the higher net margin — 20.7% vs -1.5%, a 22.2% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 9.7%). Cisco produced more free cash flow last quarter ($1.5B vs $431.0M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 9.9%).
Cisco Systems, Inc. is an American multinational digital communications technology conglomerate corporation headquartered in San Jose, California. Cisco develops, manufactures, and sells networking hardware, software, telecommunications equipment and other high-technology services and products.
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.
CSCO vs ZS — Head-to-Head
Income Statement — Q2 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $15.3B | $788.1M |
| Net Profit | $3.2B | $-11.6M |
| Gross Margin | 65.0% | 76.6% |
| Operating Margin | 24.6% | -4.6% |
| Net Margin | 20.7% | -1.5% |
| Revenue YoY | 9.7% | 25.5% |
| Net Profit YoY | 30.8% | 3.6% |
| EPS (diluted) | $0.80 | $-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.
| Q1 26 | $15.3B | — | ||
| Q4 25 | $14.9B | $788.1M | ||
| Q3 25 | $14.7B | $719.2M | ||
| Q2 25 | $14.1B | $678.0M | ||
| Q1 25 | $14.0B | $647.9M | ||
| Q4 24 | $13.8B | $628.0M | ||
| Q3 24 | $13.6B | $592.9M | ||
| Q2 24 | $12.7B | $553.2M |
| Q1 26 | $3.2B | — | ||
| Q4 25 | $2.9B | $-11.6M | ||
| Q3 25 | $2.5B | $-17.6M | ||
| Q2 25 | $2.5B | $-4.1M | ||
| Q1 25 | $2.4B | $-7.7M | ||
| Q4 24 | $2.7B | $-12.1M | ||
| Q3 24 | $2.2B | $-14.9M | ||
| Q2 24 | $1.9B | $19.1M |
| Q1 26 | 65.0% | — | ||
| Q4 25 | 65.5% | 76.6% | ||
| Q3 25 | 63.2% | 76.1% | ||
| Q2 25 | 65.6% | 77.0% | ||
| Q1 25 | 65.1% | 77.1% | ||
| Q4 24 | 65.9% | 77.5% | ||
| Q3 24 | 64.4% | 78.0% | ||
| Q2 24 | 65.1% | 78.6% |
| Q1 26 | 24.6% | — | ||
| Q4 25 | 22.6% | -4.6% | ||
| Q3 25 | 21.0% | -4.5% | ||
| Q2 25 | 22.6% | -3.7% | ||
| Q1 25 | 22.3% | -6.2% | ||
| Q4 24 | 17.0% | -4.9% | ||
| Q3 24 | 19.2% | -4.5% | ||
| Q2 24 | 17.2% | -0.5% |
| Q1 26 | 20.7% | — | ||
| Q4 25 | 19.2% | -1.5% | ||
| Q3 25 | 17.4% | -2.4% | ||
| Q2 25 | 17.6% | -0.6% | ||
| Q1 25 | 17.4% | -1.2% | ||
| Q4 24 | 19.6% | -1.9% | ||
| Q3 24 | 15.8% | -2.5% | ||
| Q2 24 | 14.8% | 3.5% |
| Q1 26 | $0.80 | — | ||
| Q4 25 | $0.72 | $-0.07 | ||
| Q3 25 | $0.64 | $-0.11 | ||
| Q2 25 | $0.62 | $-0.03 | ||
| Q1 25 | $0.61 | $-0.05 | ||
| Q4 24 | $0.68 | $-0.08 | ||
| Q3 24 | $0.54 | $-0.09 | ||
| Q2 24 | $0.46 | $0.12 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $15.8B | $1.3B |
| Total DebtLower is stronger | $24.6B | — |
| Stockholders' EquityBook value | $47.7B | $2.0B |
| Total Assets | $123.4B | $6.5B |
| Debt / EquityLower = less leverage | 0.52× | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $15.8B | — | ||
| Q4 25 | $15.7B | $1.3B | ||
| Q3 25 | $16.1B | $2.4B | ||
| Q2 25 | $15.6B | $2.0B | ||
| Q1 25 | $16.9B | $1.8B | ||
| Q4 24 | $18.7B | $1.6B | ||
| Q3 24 | $17.9B | $1.4B | ||
| Q2 24 | $18.8B | $1.3B |
| Q1 26 | $24.6B | — | ||
| Q4 25 | $24.6B | — | ||
| Q3 25 | $24.6B | — | ||
| Q2 25 | $25.1B | $1.1B | ||
| Q1 25 | $20.1B | $1.1B | ||
| Q4 24 | $20.1B | $1.1B | ||
| Q3 24 | $20.1B | $1.1B | ||
| Q2 24 | $20.1B | $1.1B |
| Q1 26 | $47.7B | — | ||
| Q4 25 | $46.9B | $2.0B | ||
| Q3 25 | $46.8B | $1.8B | ||
| Q2 25 | $45.9B | $1.8B | ||
| Q1 25 | $45.5B | $1.6B | ||
| Q4 24 | $45.3B | $1.4B | ||
| Q3 24 | $45.5B | $1.3B | ||
| Q2 24 | $45.8B | $1.1B |
| Q1 26 | $123.4B | — | ||
| Q4 25 | $121.1B | $6.5B | ||
| Q3 25 | $122.3B | $6.4B | ||
| Q2 25 | $119.8B | $5.3B | ||
| Q1 25 | $121.4B | $5.0B | ||
| Q4 24 | $123.3B | $4.7B | ||
| Q3 24 | $124.4B | $4.7B | ||
| Q2 24 | $123.0B | $4.2B |
| Q1 26 | 0.52× | — | ||
| Q4 25 | 0.53× | — | ||
| Q3 25 | 0.53× | — | ||
| Q2 25 | 0.55× | 0.64× | ||
| Q1 25 | 0.44× | 0.71× | ||
| Q4 24 | 0.44× | 0.80× | ||
| Q3 24 | 0.44× | 0.90× | ||
| Q2 24 | 0.44× | 1.04× |
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 | $1.8B | $448.3M |
| Free Cash FlowOCF − Capex | $1.5B | $431.0M |
| FCF MarginFCF / Revenue | 10.0% | 54.7% |
| Capex IntensityCapex / Revenue | 1.8% | 2.2% |
| Cash ConversionOCF / Net Profit | 0.57× | — |
| TTM Free Cash FlowTrailing 4 quarters | $12.2B | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.8B | — | ||
| Q4 25 | $3.2B | $448.3M | ||
| Q3 25 | $4.2B | $250.6M | ||
| Q2 25 | $4.1B | $211.1M | ||
| Q1 25 | $2.2B | $179.4M | ||
| Q4 24 | $3.7B | $331.3M | ||
| Q3 24 | $3.7B | $203.6M | ||
| Q2 24 | $4.0B | $173.4M |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $2.9B | $431.0M | ||
| Q3 25 | $4.0B | $190.6M | ||
| Q2 25 | $3.8B | $138.9M | ||
| Q1 25 | $2.0B | $164.4M | ||
| Q4 24 | $3.4B | $314.3M | ||
| Q3 24 | $3.5B | $154.2M | ||
| Q2 24 | $3.8B | $137.8M |
| Q1 26 | 10.0% | — | ||
| Q4 25 | 19.4% | 54.7% | ||
| Q3 25 | 27.4% | 26.5% | ||
| Q2 25 | 26.8% | 20.5% | ||
| Q1 25 | 14.5% | 25.4% | ||
| Q4 24 | 24.9% | 50.1% | ||
| Q3 24 | 25.9% | 26.0% | ||
| Q2 24 | 29.9% | 24.9% |
| Q1 26 | 1.8% | — | ||
| Q4 25 | 2.2% | 2.2% | ||
| Q3 25 | 1.5% | 8.3% | ||
| Q2 25 | 1.8% | 10.6% | ||
| Q1 25 | 1.5% | 2.3% | ||
| Q4 24 | 1.6% | 2.7% | ||
| Q3 24 | 1.5% | 8.3% | ||
| Q2 24 | 1.3% | 6.4% |
| Q1 26 | 0.57× | — | ||
| Q4 25 | 1.12× | — | ||
| Q3 25 | 1.66× | — | ||
| Q2 25 | 1.63× | — | ||
| Q1 25 | 0.92× | — | ||
| Q4 24 | 1.35× | — | ||
| Q3 24 | 1.73× | — | ||
| Q2 24 | 2.11× | 9.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
CSCO
| Networking | $8.3B | 54% |
| Services | $3.7B | 24% |
| Security | $2.0B | 13% |
| Collaboration | $1.1B | 7% |
| Observability | $277.0M | 2% |
ZS
Segment breakdown not available.
