Zscaler, Inc. (ZS) earnings on September 3, 2026
Prior outlook: Optimistic Outcome: Partial
Zscaler jumped in early market review after reporting earnings, climbing as much as 13%, but gave up those gains and ended the day down 4.5%.
ZS price around the earnings
169.80
Change: -4.5%
2026-09-04, 20:00 UTC
- Price: green if it ends above the starting price; red if it ends below
- Start of the measured window
- End of the measured window
- Market open
- No trading (market closed)
- Starting price
Prior thesis
Prior outlook: Optimistic Outcome: Partial
- Thesis published
Strong setup; earnings strength supports the optimistic scenario
The technical setup points optimistic and outweighed the more cautious sentiment positioning. Strong earnings history and analyst support drive the positive view — the stock shows strong trend strength and outperforms the broader market, despite some investor caution from past guidance that sank the price 32%.
Context analyzed before publication
- Summary
- Strong setup; earnings strength supports the optimistic scenario
- Playbook
- The stock shows exceptional strength with 30-day trend strength up 11.82% and outperformance versus the broader market of 10.84%. Analysts from JP Morgan, Barclays, and Guggenheim maintain buy ratings with a $199 price target. The company has beaten earnings expectations in each of the last 4 quarters.
- Trend
- Strong trend strength, analyst confidence rising
Analysts
Drivers
-
Analysts
Positive
Buy rating with a $199 price target; JP Morgan, Barclays, Guggenheim overweight
Evidence
- Analyst consensus
- Buy
- Consensus average (1-5)
- 1.59
- Analysts covering the stock
- 44
- Average price target
- 199.34
- Lowest price target
- 145
- Highest price target
- 250
- Upside to price target
- 12%
- Revenue growth
- 25.4%
- Forward EPS
- 4.6
- Trailing EPS
- -0.48
- Analyst moves in the last 60 days
- 10
- Strong buy: 8
- Buy: 27
- Hold: 9
- Sell: 0
- Strong sell: 0
- Strong buy
- 8
- Buy
- 27
- Hold
- 9
- Sell
- 0
- Strong sell
- 0
- August 26, 2026 · JP Morgan: Maintains rating (Overweight → Overweight)
- August 25, 2026 · Barclays: Maintains rating (Overweight → Overweight)
- August 24, 2026 · Guggenheim: Reiterates rating (Buy → Buy)
- August 21, 2026 · Keybanc: Maintains rating (Overweight → Overweight)
- August 19, 2026 · Mizuho: Maintains rating (Outperform → Outperform)
- August 19, 2026 · Stifel: Maintains rating (Buy → Buy)
- August 19, 2026 · Cantor Fitzgerald: Reiterates rating (Overweight → Overweight)
- August 17, 2026 · TD Cowen: Maintains rating (Buy → Buy)
- August 17, 2026 · Wells Fargo: Maintains rating (Overweight → Overweight)
- July 16, 2026 · Keybanc: Maintains rating (Overweight → Overweight)
News and sentiment
Drivers
-
News & sentiment
Negative
Prior guidance sank stock 32%; investors watching for repeat; current news mentions Anthropic partnership as potential tailwind
Evidence
Sentiment
- Sentiment
- Constructive
- Mention volume
- High
- Normalized volume
- 99%
News
Sources (5)
- Zscaler Earnings Prediction Market Preview: Will Anthropic’s Claude Be a ‘Tailwind’? (opens in a new tab) — Benzinga
- Zscaler's Last Guidance Sank the Stock 32% — Investors Are Watching for a Repeat Today (opens in a new tab) — Benzinga
- Ciena Could Swing By $6.22 Billion After Earnings (opens in a new tab) — Benzinga
- Zscaler And CrowdStrike Expand Strategic Partnership With Integrations To Unify Cross-Domain Security; CrowdStrike Will Expand Project QuiltWorks To Include Zscaler (opens in a new tab) — Benzinga
- Synopsys Posts Upbeat Q3 Results, Joins Okta, Veeva Systems, Crowdstrike And Other Big Stocks Moving Higher On Thursday (opens in a new tab) — Benzinga
Technicals
Drivers
-
Technical
Positive
30-day outperformance vs SPY +10.84%, 30-day trend strength +11.82%, market review near resistance $174.69
Evidence
- Price when the context was analyzed
- 172.66
- Average true range (ATR)
- 5.1%
- Distance to 52-week high
- -47.1%
- 14-day change (14d)
- -6.5%
- 30-day change (30d)
- +11.8%
- 30-day relative strength
- +10.8%
- SPY change (30d)
- +1.0%
- Nearest support
- 172.19
- Distance to nearest support
- 0.3%
- Nearest resistance
- 174.69
- Distance to nearest resistance
- 1.2%
- Volume accumulation ratio (14d / 46d)
- 0.94
- Mid: 172.19 (0.3% away, 0.05 ATR, 15 touches)
- Mid: 171.12 (0.9% away, 0.17 ATR, 10 touches)
- Mid: 169.48 (1.8% away, 0.36 ATR, 20 touches)
- Mid: 174.68 (1.2% away, 0.23 ATR, 12 touches)
- Mid: 176.64 (2.3% away, 0.45 ATR, 18 touches)
- Minor: 177.76 (3% away, 0.58 ATR, 9 touches)
Trends
Evidence
- Average earnings surprise
- +10.5%
- May 26, 2026: actual EPS 1.08 vs estimate 1.01 (surprise +7.1%)
- February 26, 2026: actual EPS 1.01 vs estimate 0.9 (surprise +12.6%)
- November 25, 2025: actual EPS 0.96 vs estimate 0.86 (surprise +11.4%)
- September 2, 2025: actual EPS 0.89 vs estimate 0.8 (surprise +11.0%)
Expected move
Drivers
-
Past earnings
Positive
100% beat rate with average surprise +10.5% across last 4 quarters
- Implied move
- +18.3%
- Source
- Options chain
Reactions over its last 20 earnings
- Median move
- 9.6%
- 75th percentile move
- 12.5%
- 90th percentile move
- 19.1%
- Up / down moves
- 7 / 13
- Average up move
- +9.0%
- Average down move
- -11.0%
Monitoring and close
What Zscaler, Inc. reported
- Status
- Finished
| Actual EPS | 1.19 |
|---|---|
| EPS estimate | 1.09 |
| EPS surprise | +9.2% |
Zscaler expects significant volatility around its upcoming earnings. The scenario around CrowdStrike's future earnings has historically been pessimistic. GitLab rose 10%, Palo Alto fell 9%.
Sources (1)
- Earnings per share: $1.19 vs $1.09 expected — above expectations. — Yahoo Finance + Finnhub
Pre-market second reading after the results
There is no second reading available for this event.
How the stock reacted
- Outcome
- Partial
- Consolidated
- -4.5%
- Max favorable move (MFE)
- 13.2%
- Max adverse move (MAE)
- 7.2%