Analysts expect Zscaler to report consensus revenue of $892.0 million and non-GAAP EPS of $1.21 for the quarter ending July 31, 2026, with the stock currently trading at $210.45 against a $248.50 average target. The primary metric investors are monitoring is calculated billings growth, which serves as a critical forward-looking indicator for the company's cloud-native security adoption. Recent performance has been driven by the consolidation of enterprise security spending onto the Zero Trust Exchange platform and a surge in federal sector contracts.
However, market participants remain cautious regarding the impact of elongated sales cycles and the sustainability of high-growth margins as the company scales. Management's initial guidance for fiscal year 2027 will be the defining factor for the stock's post-earnings trajectory.