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Side-by-side financial comparison of Cloudflare, Inc. (NET) 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 $614.5M, roughly 1.3× Cloudflare, Inc.). Zscaler, Inc. runs the higher net margin — -1.5% vs -2.0%, a 0.5% gap on every dollar of revenue. On growth, Cloudflare, Inc. posted the faster year-over-year revenue change (33.6% vs 25.5%). Zscaler, Inc. produced more free cash flow last quarter ($431.0M vs $105.2M). Over the past eight quarters, Cloudflare, Inc.'s revenue compounded faster (27.4% CAGR vs 22.5%).
Cloudflare, Inc. is an American technology company headquartered in San Francisco, California, that provides a range of internet services, including content delivery network (CDN) services, cloud cybersecurity, DDoS mitigation, and ICANN-accredited domain registration. The company's services act primarily as a reverse proxy between website visitors and a customer's hosting provider, improving performance and protecting against malicious traffic.
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.
NET vs ZS — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $614.5M | $788.1M |
| Net Profit | $-12.1M | $-11.6M |
| Gross Margin | 73.6% | 76.6% |
| Operating Margin | -8.0% | -4.6% |
| Net Margin | -2.0% | -1.5% |
| Revenue YoY | 33.6% | 25.5% |
| Net Profit YoY | 6.0% | 3.6% |
| EPS (diluted) | $-0.03 | $-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 | $614.5M | $788.1M | ||
| Q3 25 | $562.0M | $719.2M | ||
| Q2 25 | $512.3M | $678.0M | ||
| Q1 25 | $479.1M | $647.9M | ||
| Q4 24 | $459.9M | $628.0M | ||
| Q3 24 | $430.1M | $592.9M | ||
| Q2 24 | $401.0M | $553.2M | ||
| Q1 24 | $378.6M | $525.0M |
| Q4 25 | $-12.1M | $-11.6M | ||
| Q3 25 | $-1.3M | $-17.6M | ||
| Q2 25 | $-50.4M | $-4.1M | ||
| Q1 25 | $-38.5M | $-7.7M | ||
| Q4 24 | $-12.8M | $-12.1M | ||
| Q3 24 | $-15.3M | $-14.9M | ||
| Q2 24 | $-15.1M | $19.1M | ||
| Q1 24 | $-35.5M | $-28.5M |
| Q4 25 | 73.6% | 76.6% | ||
| Q3 25 | 74.0% | 76.1% | ||
| Q2 25 | 74.9% | 77.0% | ||
| Q1 25 | 75.9% | 77.1% | ||
| Q4 24 | 76.4% | 77.5% | ||
| Q3 24 | 77.7% | 78.0% | ||
| Q2 24 | 77.8% | 78.6% | ||
| Q1 24 | 77.5% | 77.7% |
| Q4 25 | -8.0% | -4.6% | ||
| Q3 25 | -6.7% | -4.5% | ||
| Q2 25 | -13.1% | -3.7% | ||
| Q1 25 | -11.1% | -6.2% | ||
| Q4 24 | -7.5% | -4.9% | ||
| Q3 24 | -7.2% | -4.5% | ||
| Q2 24 | -8.7% | -0.5% | ||
| Q1 24 | -14.4% | -8.7% |
| Q4 25 | -2.0% | -1.5% | ||
| Q3 25 | -0.2% | -2.4% | ||
| Q2 25 | -9.8% | -0.6% | ||
| Q1 25 | -8.0% | -1.2% | ||
| Q4 24 | -2.8% | -1.9% | ||
| Q3 24 | -3.6% | -2.5% | ||
| Q2 24 | -3.8% | 3.5% | ||
| Q1 24 | -9.4% | -5.4% |
| Q4 25 | $-0.03 | $-0.07 | ||
| Q3 25 | $0.00 | $-0.11 | ||
| Q2 25 | $-0.15 | $-0.03 | ||
| Q1 25 | $-0.11 | $-0.05 | ||
| Q4 24 | $-0.05 | $-0.08 | ||
| Q3 24 | $-0.04 | $-0.09 | ||
| Q2 24 | $-0.04 | $0.12 | ||
| Q1 24 | $-0.10 | $-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 | $943.5M | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $1.5B | $2.0B |
| Total Assets | $6.0B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $943.5M | $1.3B | ||
| Q3 25 | $1.1B | $2.4B | ||
| Q2 25 | $1.5B | $2.0B | ||
| Q1 25 | $204.5M | $1.8B | ||
| Q4 24 | $147.7M | $1.6B | ||
| Q3 24 | $182.9M | $1.4B | ||
| Q2 24 | $157.0M | $1.3B | ||
| Q1 24 | $254.4M | $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 | $1.5B | $2.0B | ||
| Q3 25 | $1.3B | $1.8B | ||
| Q2 25 | $1.2B | $1.8B | ||
| Q1 25 | $1.4B | $1.6B | ||
| Q4 24 | $1.0B | $1.4B | ||
| Q3 24 | $973.1M | $1.3B | ||
| Q2 24 | $881.5M | $1.1B | ||
| Q1 24 | $797.2M | $958.9M |
| Q4 25 | $6.0B | $6.5B | ||
| Q3 25 | $5.8B | $6.4B | ||
| Q2 25 | $5.6B | $5.3B | ||
| Q1 25 | $3.7B | $5.0B | ||
| Q4 24 | $3.3B | $4.7B | ||
| Q3 24 | $3.1B | $4.7B | ||
| Q2 24 | $2.9B | $4.2B | ||
| Q1 24 | $2.8B | $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 | $190.4M | $448.3M |
| Free Cash FlowOCF − Capex | $105.2M | $431.0M |
| FCF MarginFCF / Revenue | 17.1% | 54.7% |
| Capex IntensityCapex / Revenue | 13.9% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | $287.5M | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q4 25 | $190.4M | $448.3M | ||
| Q3 25 | $167.1M | $250.6M | ||
| Q2 25 | $99.8M | $211.1M | ||
| Q1 25 | $145.8M | $179.4M | ||
| Q4 24 | $127.3M | $331.3M | ||
| Q3 24 | $104.7M | $203.6M | ||
| Q2 24 | $74.8M | $173.4M | ||
| Q1 24 | $73.6M | $142.1M |
| Q4 25 | $105.2M | $431.0M | ||
| Q3 25 | $82.5M | $190.6M | ||
| Q2 25 | $39.9M | $138.9M | ||
| Q1 25 | $59.9M | $164.4M | ||
| Q4 24 | $54.2M | $314.3M | ||
| Q3 24 | $54.5M | $154.2M | ||
| Q2 24 | $45.2M | $137.8M | ||
| Q1 24 | $41.5M | $111.2M |
| Q4 25 | 17.1% | 54.7% | ||
| Q3 25 | 14.7% | 26.5% | ||
| Q2 25 | 7.8% | 20.5% | ||
| Q1 25 | 12.5% | 25.4% | ||
| Q4 24 | 11.8% | 50.1% | ||
| Q3 24 | 12.7% | 26.0% | ||
| Q2 24 | 11.3% | 24.9% | ||
| Q1 24 | 11.0% | 21.2% |
| Q4 25 | 13.9% | 2.2% | ||
| Q3 25 | 15.1% | 8.3% | ||
| Q2 25 | 11.7% | 10.6% | ||
| Q1 25 | 17.9% | 2.3% | ||
| Q4 24 | 15.9% | 2.7% | ||
| Q3 24 | 11.7% | 8.3% | ||
| Q2 24 | 7.4% | 6.4% | ||
| Q1 24 | 8.5% | 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
NET
| Sales Channel Directly To Consumer | $438.5M | 71% |
| Sales Channel Through Intermediary | $176.0M | 29% |
ZS
Segment breakdown not available.
