Zero Trust
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Software - InfrastructureCloud SecurityZero Trust
Zscaler (ZS) Financial Report — Post-Q3 FY2026 Earnings Analysis
Zscaler delivered strong Q3 FY2026 results with 25% ARR growth and record operating margins, but guided for deceleration to 16%-17% growth in FY2027. The stock has rallied 24% in the past month, now trading at nearly a third of the average analyst price target. This report analyzes the conflicting signals of robust execution versus decelerating growth, the implications of the Symmetry Systems acquisition, and provides a probabilistic 21-day prediction with key risk factors including negative GAAP net income, a stretched forward P/E of 27.5x, and the upcoming FY2026 EPS guidance dynamic.
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