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Side-by-side financial comparison of Fastly, Inc. (FSLY) 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 $173.0M, roughly 4.6× Fastly, Inc.). Zscaler, Inc. runs the higher net margin — -1.5% vs -11.9%, a 10.4% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs 19.8%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $4.1M). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 14.3%).
Fastly, Inc. is an American company based in San Francisco, which describes itself as a cloud computing company. Fastly provides content delivery network services, image optimization, and load balancing services. Fastly's cloud security services include denial-of-service attack protection, bot mitigation, and a web application firewall.
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.
FSLY vs ZS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $173.0M | $788.1M |
| Net Profit | $-20.5M | $-11.6M |
| Gross Margin | 62.5% | 76.6% |
| Operating Margin | 23.7% | -4.6% |
| Net Margin | -11.9% | -1.5% |
| Revenue YoY | 19.8% | 25.5% |
| Net Profit YoY | 47.6% | 3.6% |
| EPS (diluted) | $-0.13 | $-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 | $173.0M | — | ||
| Q4 25 | $172.6M | $788.1M | ||
| Q3 25 | $158.2M | $719.2M | ||
| Q2 25 | $148.7M | $678.0M | ||
| Q1 25 | $144.5M | $647.9M | ||
| Q4 24 | $140.6M | $628.0M | ||
| Q3 24 | $137.2M | $592.9M | ||
| Q2 24 | $132.4M | $553.2M |
| Q1 26 | $-20.5M | — | ||
| Q4 25 | $-15.5M | $-11.6M | ||
| Q3 25 | $-29.5M | $-17.6M | ||
| Q2 25 | $-37.5M | $-4.1M | ||
| Q1 25 | $-39.1M | $-7.7M | ||
| Q4 24 | $-32.9M | $-12.1M | ||
| Q3 24 | $-38.0M | $-14.9M | ||
| Q2 24 | $-43.7M | $19.1M |
| Q1 26 | 62.5% | — | ||
| Q4 25 | 61.4% | 76.6% | ||
| Q3 25 | 58.4% | 76.1% | ||
| Q2 25 | 54.5% | 77.0% | ||
| Q1 25 | 53.2% | 77.1% | ||
| Q4 24 | 53.4% | 77.5% | ||
| Q3 24 | 54.5% | 78.0% | ||
| Q2 24 | 55.1% | 78.6% |
| Q1 26 | 23.7% | — | ||
| Q4 25 | -8.7% | -4.6% | ||
| Q3 25 | -18.2% | -4.5% | ||
| Q2 25 | -24.8% | -3.7% | ||
| Q1 25 | -26.4% | -6.2% | ||
| Q4 24 | -24.4% | -4.9% | ||
| Q3 24 | -29.6% | -4.5% | ||
| Q2 24 | -35.3% | -0.5% |
| Q1 26 | -11.9% | — | ||
| Q4 25 | -9.0% | -1.5% | ||
| Q3 25 | -18.6% | -2.4% | ||
| Q2 25 | -25.2% | -0.6% | ||
| Q1 25 | -27.1% | -1.2% | ||
| Q4 24 | -23.4% | -1.9% | ||
| Q3 24 | -27.7% | -2.5% | ||
| Q2 24 | -33.0% | 3.5% |
| Q1 26 | $-0.13 | — | ||
| Q4 25 | $-0.10 | $-0.07 | ||
| Q3 25 | $-0.20 | $-0.11 | ||
| Q2 25 | $-0.26 | $-0.03 | ||
| Q1 25 | $-0.27 | $-0.05 | ||
| Q4 24 | $-0.23 | $-0.08 | ||
| Q3 24 | $-0.27 | $-0.09 | ||
| Q2 24 | $-0.32 | $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 | $146.7M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $977.1M | $2.0B |
| Total Assets | $1.5B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $146.7M | — | ||
| Q4 25 | $361.8M | $1.3B | ||
| Q3 25 | $342.9M | $2.4B | ||
| Q2 25 | $321.2M | $2.0B | ||
| Q1 25 | $307.3M | $1.8B | ||
| Q4 24 | $295.9M | $1.6B | ||
| Q3 24 | $308.2M | $1.4B | ||
| Q2 24 | $311.8M | $1.3B |
| Q1 26 | — | — | ||
| 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 26 | $977.1M | — | ||
| Q4 25 | $929.6M | $2.0B | ||
| Q3 25 | $937.0M | $1.8B | ||
| Q2 25 | $942.6M | $1.8B | ||
| Q1 25 | $957.0M | $1.6B | ||
| Q4 24 | $965.3M | $1.4B | ||
| Q3 24 | $969.5M | $1.3B | ||
| Q2 24 | $981.2M | $1.1B |
| Q1 26 | $1.5B | — | ||
| Q4 25 | $1.5B | $6.5B | ||
| Q3 25 | $1.5B | $6.4B | ||
| Q2 25 | $1.5B | $5.3B | ||
| Q1 25 | $1.4B | $5.0B | ||
| Q4 24 | $1.5B | $4.7B | ||
| Q3 24 | $1.5B | $4.7B | ||
| Q2 24 | $1.5B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | 0.64× | ||
| Q1 25 | — | 0.71× | ||
| Q4 24 | — | 0.80× | ||
| Q3 24 | — | 0.90× | ||
| Q2 24 | — | 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 | $28.9M | $448.3M |
| Free Cash FlowOCF − Capex | $4.1M | $431.0M |
| FCF MarginFCF / Revenue | 2.4% | 54.7% |
| Capex IntensityCapex / Revenue | 14.3% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $55.2M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $28.9M | — | ||
| Q4 25 | $22.4M | $448.3M | ||
| Q3 25 | $28.9M | $250.6M | ||
| Q2 25 | $25.8M | $211.1M | ||
| Q1 25 | $17.3M | $179.4M | ||
| Q4 24 | $5.2M | $331.3M | ||
| Q3 24 | $5.0M | $203.6M | ||
| Q2 24 | $-4.9M | $173.4M |
| Q1 26 | $4.1M | — | ||
| Q4 25 | $12.2M | $431.0M | ||
| Q3 25 | $22.9M | $190.6M | ||
| Q2 25 | $15.9M | $138.9M | ||
| Q1 25 | $14.7M | $164.4M | ||
| Q4 24 | $251.0K | $314.3M | ||
| Q3 24 | $3.0M | $154.2M | ||
| Q2 24 | $-6.7M | $137.8M |
| Q1 26 | 2.4% | — | ||
| Q4 25 | 7.1% | 54.7% | ||
| Q3 25 | 14.5% | 26.5% | ||
| Q2 25 | 10.7% | 20.5% | ||
| Q1 25 | 10.2% | 25.4% | ||
| Q4 24 | 0.2% | 50.1% | ||
| Q3 24 | 2.2% | 26.0% | ||
| Q2 24 | -5.1% | 24.9% |
| Q1 26 | 14.3% | — | ||
| Q4 25 | 5.9% | 2.2% | ||
| Q3 25 | 3.8% | 8.3% | ||
| Q2 25 | 6.6% | 10.6% | ||
| Q1 25 | 1.8% | 2.3% | ||
| Q4 24 | 3.5% | 2.7% | ||
| Q3 24 | 1.5% | 8.3% | ||
| Q2 24 | 1.3% | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | — | — | ||
| Q3 25 | — | — | ||
| Q2 25 | — | — | ||
| Q1 25 | — | — | ||
| Q4 24 | — | — | ||
| Q3 24 | — | — | ||
| Q2 24 | — | 9.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
FSLY
| Network Services | $126.2M | 73% |
| Security | $38.8M | 22% |
| Other | $8.0M | 5% |
ZS
Segment breakdown not available.
