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Side-by-side financial comparison of VORNADO REALTY TRUST (VNO) 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 $459.1M, roughly 1.7× VORNADO REALTY TRUST). Zscaler, Inc. runs the higher net margin — -1.5% vs -5.0%, a 3.5% gap on every dollar of revenue. On growth, Zscaler, Inc. posted the faster year-over-year revenue change (25.5% vs -0.5%). Over the past eight quarters, Zscaler, Inc.'s revenue compounded faster (22.5% CAGR vs 1.0%).
Vornado Realty Trust is a real estate investment trust formed in Maryland in 1982, with its primary office in New York City. The company invests in office buildings and street retail in Manhattan.
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.
VNO vs ZS — Head-to-Head
Income Statement — Q1 FY2026 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $459.1M | $788.1M |
| Net Profit | $-22.8M | $-11.6M |
| Gross Margin | — | 76.6% |
| Operating Margin | — | -4.6% |
| Net Margin | -5.0% | -1.5% |
| Revenue YoY | -0.5% | 25.5% |
| Net Profit YoY | 689.3% | 3.6% |
| EPS (diluted) | — | $-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 | $459.1M | — | ||
| Q4 25 | $453.7M | $788.1M | ||
| Q3 25 | $453.7M | $719.2M | ||
| Q2 25 | $441.4M | $678.0M | ||
| Q1 25 | $461.6M | $647.9M | ||
| Q4 24 | $457.8M | $628.0M | ||
| Q3 24 | $443.3M | $592.9M | ||
| Q2 24 | $450.3M | $553.2M |
| Q1 26 | $-22.8M | — | ||
| Q4 25 | $4.9M | $-11.6M | ||
| Q3 25 | $27.1M | $-17.6M | ||
| Q2 25 | $759.3M | $-4.1M | ||
| Q1 25 | $102.4M | $-7.7M | ||
| Q4 24 | $5.8M | $-12.1M | ||
| Q3 24 | $-3.6M | $-14.9M | ||
| Q2 24 | $50.8M | $19.1M |
| Q1 26 | — | — | ||
| Q4 25 | — | 76.6% | ||
| Q3 25 | — | 76.1% | ||
| Q2 25 | — | 77.0% | ||
| Q1 25 | — | 77.1% | ||
| Q4 24 | — | 77.5% | ||
| Q3 24 | — | 78.0% | ||
| Q2 24 | — | 78.6% |
| Q1 26 | — | — | ||
| Q4 25 | 2.8% | -4.6% | ||
| Q3 25 | 3.0% | -4.5% | ||
| Q2 25 | — | -3.7% | ||
| Q1 25 | 23.2% | -6.2% | ||
| Q4 24 | 2.5% | -4.9% | ||
| Q3 24 | -3.3% | -4.5% | ||
| Q2 24 | 10.1% | -0.5% |
| Q1 26 | -5.0% | — | ||
| Q4 25 | 1.1% | -1.5% | ||
| Q3 25 | 6.0% | -2.4% | ||
| Q2 25 | 172.0% | -0.6% | ||
| Q1 25 | 22.2% | -1.2% | ||
| Q4 24 | 1.3% | -1.9% | ||
| Q3 24 | -0.8% | -2.5% | ||
| Q2 24 | 11.3% | 3.5% |
| Q1 26 | — | — | ||
| Q4 25 | $0.01 | $-0.07 | ||
| Q3 25 | $0.06 | $-0.11 | ||
| Q2 25 | $3.70 | $-0.03 | ||
| Q1 25 | $0.43 | $-0.05 | ||
| Q4 24 | $0.01 | $-0.08 | ||
| Q3 24 | $-0.10 | $-0.09 | ||
| Q2 24 | $0.18 | $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 | $1.1B | $1.3B |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $6.0B | $2.0B |
| Total Assets | $15.9B | $6.5B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | $1.1B | — | ||
| Q4 25 | $840.9M | $1.3B | ||
| Q3 25 | $1.0B | $2.4B | ||
| Q2 25 | $1.2B | $2.0B | ||
| Q1 25 | $568.9M | $1.8B | ||
| Q4 24 | $733.9M | $1.6B | ||
| Q3 24 | $783.6M | $1.4B | ||
| Q2 24 | $872.6M | $1.3B |
| Q1 26 | — | — | ||
| Q4 25 | $2.3B | — | ||
| Q3 25 | $2.3B | — | ||
| Q2 25 | $2.1B | $1.1B | ||
| Q1 25 | $2.1B | $1.1B | ||
| Q4 24 | $2.6B | $1.1B | ||
| Q3 24 | $2.6B | $1.1B | ||
| Q2 24 | $2.6B | $1.1B |
| Q1 26 | $6.0B | — | ||
| Q4 25 | $6.0B | $2.0B | ||
| Q3 25 | $6.1B | $1.8B | ||
| Q2 25 | $6.1B | $1.8B | ||
| Q1 25 | $5.3B | $1.6B | ||
| Q4 24 | $5.2B | $1.4B | ||
| Q3 24 | $5.3B | $1.3B | ||
| Q2 24 | $5.6B | $1.1B |
| Q1 26 | $15.9B | — | ||
| Q4 25 | $15.5B | $6.5B | ||
| Q3 25 | $15.7B | $6.4B | ||
| Q2 25 | $15.6B | $5.3B | ||
| Q1 25 | $15.6B | $5.0B | ||
| Q4 24 | $16.0B | $4.7B | ||
| Q3 24 | $16.1B | $4.7B | ||
| Q2 24 | $16.2B | $4.2B |
| Q1 26 | — | — | ||
| Q4 25 | 0.38× | — | ||
| Q3 25 | 0.37× | — | ||
| Q2 25 | 0.35× | 0.64× | ||
| Q1 25 | 0.40× | 0.71× | ||
| Q4 24 | 0.50× | 0.80× | ||
| Q3 24 | 0.49× | 0.90× | ||
| Q2 24 | 0.46× | 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 | — | $448.3M |
| Free Cash FlowOCF − Capex | — | $431.0M |
| FCF MarginFCF / Revenue | — | 54.7% |
| Capex IntensityCapex / Revenue | 3.7% | 2.2% |
| Cash ConversionOCF / Net Profit | — | — |
| TTM Free Cash FlowTrailing 4 quarters | — | $924.9M |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $1.3B | $448.3M | ||
| Q3 25 | $33.2M | $250.6M | ||
| Q2 25 | $1.0B | $211.1M | ||
| Q1 25 | $52.0M | $179.4M | ||
| Q4 24 | $537.7M | $331.3M | ||
| Q3 24 | $105.4M | $203.6M | ||
| Q2 24 | $194.7M | $173.4M |
| Q1 26 | — | — | ||
| Q4 25 | — | $431.0M | ||
| Q3 25 | — | $190.6M | ||
| Q2 25 | — | $138.9M | ||
| Q1 25 | — | $164.4M | ||
| Q4 24 | — | $314.3M | ||
| Q3 24 | — | $154.2M | ||
| Q2 24 | — | $137.8M |
| Q1 26 | — | — | ||
| Q4 25 | — | 54.7% | ||
| Q3 25 | — | 26.5% | ||
| Q2 25 | — | 20.5% | ||
| Q1 25 | — | 25.4% | ||
| Q4 24 | — | 50.1% | ||
| Q3 24 | — | 26.0% | ||
| Q2 24 | — | 24.9% |
| Q1 26 | 3.7% | — | ||
| Q4 25 | — | 2.2% | ||
| Q3 25 | — | 8.3% | ||
| Q2 25 | — | 10.6% | ||
| Q1 25 | — | 2.3% | ||
| Q4 24 | — | 2.7% | ||
| Q3 24 | — | 8.3% | ||
| Q2 24 | — | 6.4% |
| Q1 26 | — | — | ||
| Q4 25 | 256.08× | — | ||
| Q3 25 | 1.22× | — | ||
| Q2 25 | 1.35× | — | ||
| Q1 25 | 0.51× | — | ||
| Q4 24 | 93.39× | — | ||
| Q3 24 | — | — | ||
| Q2 24 | 3.83× | 9.07× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
