Zscaler'ın Yapay Zeka Hikayesi Hızlanıyor, Büyüme Rehberi Değil

Zscaler’s AI Story Is Accelerating, Its Growth Guide Isn’t

Tue, September 15, 2026 at 1:59 PM GMT+3 3 min read

• ZS +16.52%

Zscaler Inc. (NASDAQ:ZS) ended the year with 25% ARR growth, while management described AI as "the largest tailwind we have ever seen." That language points to strong confidence in the demand opportunity ahead. At the same time, fiscal 2027 guidance implies that growth could slow by roughly a third. That leaves a meaningful gap between the demand opportunity management is highlighting and the growth trajectory it is actually forecasting. The difference is even more significant because the company's CFO has specifically pointed to the sales transition and the pace of new-product adoption as factors embedded in the guidance.. In other words, the issue is not necessarily a lack of demand. The question is whether Zscaler can execute quickly enough to translate that demand into the growth investors might expect from such a powerful AI tailwind.

Strong Q4 Close and AI Momentum

The company closed the fourth quarter of fiscal 2026 with revenue of $898 million. Revenue came in above guidance, while both revenue and ARR grew 25% year over year. It also posted a non-GAAP operating margin of 24.3%. Total ARR ended the year at $3.8 billion, including $246 million in net new ARR generated during the quarter. Management identified AI as the main driver of demand, with Security for AI bookings increasing over 50% sequentially and its pipeline expanding 75% quarter over quarter. Zscaler is also preparing additional products to become the next source of growth, including its newly announced Agentic SecOps solution. The offering combines the company's telemetry with Red Canary's MDR experience and is expected to begin contributing during the second half of fiscal 2027.

A Guide That Implies Deceleration

Zscaler's fiscal 2027 revenue guidance is $3.908 billion to $3.938 billion. That points to growth of roughly 16.6% to 17.5%, down from the 25% growth delivered in the latest year. The roughly 8 percentage point gap is notable given management's strong confidence in AI-driven demand. CFO Kevin Rubin said the company needs to account for "the time it will take for the sales transition" as well as the pace at which new products are adopted. This makes execution the primary issue behind the slower forecast. Net new ARR excluding Red Canary grew just 17% in the fourth quarter, below the 25% headline ARR growth rate, while management does not expect Red Canary standalone to contribute net new ARR in fiscal 2027. Meanwhile, the company's free cash flow outlook remains below its earlier performance. Fiscal 2027 free cash flow margin is guided at 23% to 23.5%, roughly in line with fiscal 2026's 23% but below the 27% achieved in fiscal 2025.

The AI opportunity appears to be real, but the current guidance suggests that its larger financial impact may not arrive until fiscal 2028 rather than fiscal 2027. Until then, investors are being asked to accept a materially slower guided growth rate while waiting for newer products, which are still in their early innings, to gain enough scale to close the gap.

Hedge fund ownership of Zscaler rose from 46 funds at the end of the first quarter of 2026 to 52 at the end of Q2 2026. Meanwhile, short interest reached 5.9% of float as of August 14, 2026. Overall, the data suggest institutional confidence is improving despite continued skepticism around the stock.

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