Zscaler, Inc.
ZSQ3 2025(ZS Q4 FY2025)Estimated4% AI
AI Revenue %
4%
AI Fair Value
$430.1M
AI Revenue (Q)
$63.0M
Total Revenue (Q)
$1.6B
Source: SEC EDGAR 10-K Filing
View 10-K on SEC.govAnalysis
Zscaler's 10-K for FY2025 (ended July 31, 2025) is the most AI-forward filing to date. Revenue for the full year was $2,673.1M. The company now describes four core solutions: 'Zero Trust Everywhere, Data Security Everywhere, Security for AI and Agentic Operations.' It states 'We believe that Zero Trust combined with AI is rapidly becoming the new foundation for enterprise security architectures. Zscaler is pioneering this convergence of Zero Trust + AI.' AI products include Security for AI, Data Fabric for Security (built on Avalor), AI-powered threat detection, and agentic security operations. Red Canary acquired August 1, 2025 for $675M as a subsequent event (MDR + AI). However, despite the narrative, Zscaler still reports as a single segment with no AI revenue breakout. There are no dollar figures for AI-specific revenue. 'Security for AI' is largely about securing customers' AI workloads, not an AI product per se. Conservatively estimate 4.0% for Q4 FY2025 (implied Q4 revenue: $2,673.1M - $1,953.9M = $719.2M). Math: ~$28.8M estimated AI / $719.2M total = ~4.0%.
Analyzed by claude-opus-4-6
Quoted Figures
our platform has evolved to focus on four core solutions: Zero Trust Everywhere, Data Security Everywhere, Security for AI and Agentic Operations
10-K FY2025, Item 1 Business
We believe that Zero Trust combined with AI is rapidly becoming the new foundation for enterprise security architectures. Zscaler is pioneering this convergence of Zero Trust + AI, enabling enterprises to embrace technologies in a manner that is more secure, more scalable, more resilient and increasingly adaptable to the modern world.
10-K FY2025, Item 1 Business
We have experienced significant growth, with revenue increasing from $1,617.0 million in fiscal 2023 to $2,167.8 million in fiscal 2024 to $2,673.1 million in fiscal 2025, representing year-over-year revenue growth of 34% and 23%, respectively.
10-K FY2025, Item 1 Business
AI Products Identified (Ring 1)
Security for AI and Agentic Operations (product pillar)Data Fabric for Security (Avalor)AI-powered threat detectionZDX CopilotBreach Predictor
AI-Enabled Items (Ring 2 — Not Counted)
These items use AI but are not counted in the AI revenue estimate because they primarily serve non-AI functions.
Zero Trust EverywhereData Security EverywhereRed Canary (MDR, acquired post-period)
Confidence Tier
EstimatedNo direct AI revenue disclosure — estimated from product mix