[{"data":1,"prerenderedAt":379},["ShallowReactive",2],{"triple-beat-ZS":3,"og-beat-monitoring-ZS":378},{"ticker":4,"name":5,"description":6,"epsLabel":7,"guidanceLabel":8,"stockLabel":9,"quarters":10,"tableNotes":201,"highlightQuarter":179,"highlightDescription":213,"sources":214,"latestStock":254,"kpiTrends":256},"ZS","Zscaler","Zscaler（ZS）は企業のインターネット接続と社内アプリ接続を、自社が世界中に置くクラウド（Zero Trust Exchange）でいったん受けて検査する会社。本社にファイアウォール装置を積む従来型ではなく、利用者・拠点・サーバーワークロード、そして最近はAIエージェントを、その都度本人確認したうえで必要なアプリだけに繋ぐ。トラフィックが必ず自社網を通る構造なので、売れるほど検査対象が増え、検査対象が増えるほど上位の機能（データ保護・脅威検知）を売りやすくなる。収益はサブスクリプションで、業績の主戦場は四半期売上よりARR（年間経常収益）とその純増額にある。生成AIはここに2経路で効く。ひとつは検査対象そのものの増加で、社員が使うAIアプリや自律的に動くエージェントが増えるほど、通す・止めるを判断すべき通信とデータが増える。もうひとつはAI向けの新商品で、社内でどのAIが使われているかを可視化し、機密データがプロンプトに流れ出るのを止めるAI Protect / データ保護系がこれにあたる（AI Protectの受注はFY26Q3時点で直近12ヶ月$100Mを突破）。会計年度は7月末締め。2026年9月発表のFY26Q4は売上+25%・ARR+25%・非GAAP営業利益率24%と過去最高だったが、FY27のARR/売上ガイドは+17%と大きく減速し、同時に従業員3%の削減を発表した。AIの業績寄与が半導体からソフトウェア／サイバーセキュリティへ波及する過程を観測するために追加した銘柄で、成長が加速しているSNOWと対で読むと、AI需要がソフトウェアを一律に押し上げるわけではないことが見える。","EPS ($, 非GAAP・希薄化後)","次Q売上ガイド (midpoint, $M)","株価反応 ($)",[11,37,62,86,108,132,155,178],{"quarter":12,"reportDate":13,"event":14,"revenue":15,"eps":20,"guidance":24,"stock":33},"FY25Q1","2024/12/2","売上+26%・EPS+22%の完全ビートだが、計算請求額（billings）の伸びが+13%へ鈍化し-4.7%",{"actual":16,"consensus":17,"beatPct":18,"yoyPct":19},"$628.0 M","$605.5 M",3.7,26,{"actual":21,"consensus":22,"beatPct":23},"$0.77","$0.63",22.2,{"revenue":25,"eps":29},{"company":26,"consensus":27,"beatPct":28},"$634.0 M","$633.1 M",0.1,{"company":30,"consensus":31,"beatPct":32},"$0.685","$0.68",0.7,{"reportClose":34,"nextClose":35,"changePct":36},"$208.51","$198.64",-4.7,{"quarter":38,"reportDate":39,"event":40,"revenue":41,"eps":46,"guidance":50,"stock":58},"FY25Q2","2025/3/5","計算請求額が+18%へ持ち直し、通年ガイドも引き上げ。反応は+2.9%と限定的",{"actual":42,"consensus":43,"beatPct":44,"yoyPct":45},"$647.9 M","$634.4 M",2.1,23,{"actual":47,"consensus":48,"beatPct":49},"$0.78","$0.69",13,{"revenue":51,"eps":54},{"company":52,"consensus":52,"beatPct":53},"$666.0 M",0,{"company":55,"consensus":56,"beatPct":57},"$0.755","$0.73",3.4,{"reportClose":59,"nextClose":60,"changePct":61},"$196.45","$202.16",2.9,{"quarter":63,"reportDate":64,"event":65,"revenue":66,"eps":70,"guidance":74,"stock":82},"FY25Q3","2025/5/29","計算請求額+25%と加速。通年売上・請求額ガイドをともに引き上げて+9.8%",{"actual":67,"consensus":68,"beatPct":69,"yoyPct":45},"$678.0 M","$666.4〜667.1 M",1.7,{"actual":71,"consensus":72,"beatPct":73},"$0.84","$0.75〜0.76",11.3,{"revenue":75,"eps":79},{"company":76,"consensus":77,"beatPct":78},"$706.0 M","$707.2 M",-0.2,{"company":80,"consensus":21,"beatPct":81},"$0.795",3.2,{"reportClose":83,"nextClose":84,"changePct":85},"$251.11","$275.70",9.8,{"quarter":87,"reportDate":88,"event":89,"revenue":90,"eps":94,"guidance":97,"stock":104},"FY25Q4","2025/9/2","計算請求額+32%と大幅加速。主要指標を billings から ARR へ切り替え、ARR $3,015M(+22%)を初開示",{"actual":91,"consensus":92,"beatPct":69,"yoyPct":93},"$719.2 M","$707.1 M",21,{"actual":95,"consensus":96,"beatPct":73},"$0.89","$0.80",{"revenue":98,"eps":101},{"company":99,"consensus":100,"beatPct":61},"$773.0 M","$750.9 M",{"company":102,"consensus":71,"beatPct":103},"$0.855",1.8,{"reportClose":105,"nextClose":106,"changePct":107},"$274.57","$270.58",-1.5,{"quarter":109,"reportDate":110,"event":111,"revenue":112,"eps":116,"guidance":120,"stock":128},"FY26Q1","2025/11/25","ARR・売上ともに+26%へ加速したが、$290 の高値圏で迎えた決算で-13.0%",{"actual":113,"consensus":114,"beatPct":115,"yoyPct":19},"$788.1 M","$773.6 M",1.9,{"actual":117,"consensus":118,"beatPct":119},"$0.96","$0.85〜0.86",12.3,{"revenue":121,"eps":125},{"company":122,"consensus":123,"beatPct":124},"$798.0 M","$796.1 M",0.2,{"company":126,"consensus":95,"beatPct":127},"$0.895",0.6,{"reportClose":129,"nextClose":130,"changePct":131},"$289.73","$251.97",-13,{"quarter":133,"reportDate":134,"event":135,"revenue":136,"eps":139,"guidance":142,"stock":151},"FY26Q2","2026/2/26","売上+26%・ARR+25%を維持し通年ARRガイドも引き上げたが、株価は-12.2%",{"actual":137,"consensus":138,"beatPct":44,"yoyPct":19},"$815.8 M","$798.8 M",{"actual":140,"consensus":95,"beatPct":141},"$1.01",13.5,{"revenue":143,"eps":147},{"company":144,"consensus":145,"beatPct":146},"$835.0 M","$831.9 M",0.4,{"company":148,"consensus":149,"beatPct":150},"$1.005","$0.95",5.8,{"reportClose":152,"nextClose":153,"changePct":154},"$167.36","$146.99",-12.2,{"quarter":156,"reportDate":157,"event":158,"revenue":159,"eps":163,"guidance":166,"stock":174},"FY26Q3","2026/5/26","実績はビートも、FCFマージンガイドを26.5〜27%→22.8〜23.3%へ引き下げFY27成長率+16〜17%を示唆、-31.5%と過去最大の下落",{"actual":160,"consensus":161,"beatPct":103,"yoyPct":162},"$850.5 M","$835.3 M",25,{"actual":164,"consensus":140,"beatPct":165},"$1.08",6.9,{"revenue":167,"eps":170},{"company":168,"consensus":169,"beatPct":78},"$876.5 M","$878.6 M",{"company":171,"consensus":172,"beatPct":173},"$1.085","$1.04",4.3,{"reportClose":175,"nextClose":176,"changePct":177},"$184.60","$126.41",-31.5,{"quarter":179,"reportDate":180,"event":181,"revenue":182,"eps":186,"guidance":190,"stock":197},"FY26Q4","2026/9/3","ARR+25%・非GAAP営業利益率24%と過去最高。ただしFY27ガイドは+17%、従業員3%削減も同時発表で-4.5%",{"actual":183,"consensus":184,"beatPct":185,"yoyPct":162},"$898.2 M","$877.0 M",2.4,{"actual":187,"consensus":188,"beatPct":189},"$1.19","$1.09",9.2,{"revenue":191,"eps":195},{"company":192,"consensus":193,"beatPct":194},"$937.0 M","$926.1 M",1.2,{"company":196,"consensus":164,"beatPct":165},"$1.155",{"reportClose":198,"nextClose":199,"changePct":200},"$177.80","$169.80",-4.5,[202,203,204,205,206,207,208,209,210,211,212],"実績値は全8四半期ともSEC EDGARの8-K Exhibit 99.1（CIK 1713683）から転記。EPSは非GAAPの希薄化後1株利益で、ZSはGAAPでは全期間が最終赤字（FY26Q4はGAAPで-$0.02）のため市場は非GAAPで見ている。","実績のコンセンサスは、決算当日・翌日の報道（LSEG系のCNBC/AP-Zacks/IBD）とInvesting.com・TipRanks・MarketBeat・24/7 Wall St.を突き合わせ、いずれも3ソース以上一致した値を採用した。FY25Q3の売上（$666.4M vs $667.1M）とEPS（$0.75 vs $0.76）、FY26Q1のEPS（$0.85 vs $0.86）はZacks系とLSEG系で割れたため、レンジで表記しビート率はその中央値に対して計算している。","売上の前年同期比は各決算プレスリリースの見出し表記（会社が未丸めの数値で計算したもの）。表の$M表記から計算し直すと、FY26Q1だけ+25.5%となり会社表記の26%と1ポイントずれる（実額は$788,112千÷$627,955千＝+25.5%で、会社の丸めが正しい）。他の7四半期は一致する。","ガイダンス列はいずれも会社が示した次Qレンジの中央値。ZSは売上と非GAAP EPSの両方を四半期ガイドで出すため、guidance.eps はnullにしていない。FY26Q4行のガイドは宛先がFY27Q1になる。","ガイド側の「当時のコンセンサス」は発表日当日・翌日の報道（FactSet / LSEG / Investing.com / Zacks を引用したもの）を一次に置き、取りにくい四半期はx-search（Grok経由のX検索）で決算速報アカウントの投稿を各決算日の前後3〜4日に絞って収集し、多数派または中央値を採った。x-searchが主根拠になったのはFY26Q3発表時（2026-05-26）のFY26Q4 EPS $1.04のみで、4件（$1.04, $1.04, $1.04, $1.03）の中央値・期間2026-05-26〜05-29・@StockSavvyShay / @Bearlovesbull / @enes1050392 / @StockUpWithET。他の四半期でもx-searchを裏取りに併用している（FY26Q1 EPSは8件中6件が$0.84、FY27Q1は8件中6件が$926.12M/$1.08で一致）。Koyfin等の履歴推定や補間は一切使っていない。","ガイド側コンセンサスはベンダー間で数セント／1〜2Mドルの差がある（FY25Q3はFactSet $666.0M/$0.73に対しTipRanks $667.2M/$0.74、FY26Q2はInvesting.com $796.1M/$0.89に対しZacks $794.4M/$0.88、FY26Q3はInvesting.com $831.9M/$0.95に対しZacks $830.7M/$0.94）。平均や補間はせず、四半期のカバー範囲が最も広いFactSet系を優先し、無い期はInvesting.com系を採った。","FY25Q3までの会社の主要指標は計算請求額（calculated billings）で、通年ガイドも請求額で示していた。FY25Q4（2025年9月）からARRへ切り替え、FY26以降の通年ガイドはARRベース。したがってKPIチャートのARR系列とテーブルの売上は、会社の重心が移った前後をまたいでいる。","FY26のARR成長には買収が含まれる。MDR（マネージド検知・対応）のRed CanaryはFY26Q4末でARR $141M・FY26通年で売上$144Mを寄与しており、会社はこれを除くとARRは+20%、純増ARRの伸びは+17%と開示している。","株式分割はIPO（2018年3月）以来なし。EPS・株価は全期間そのまま比較できる。","8四半期すべて引け後（AMC）発表。発表日終値は発表当日の通常取引終値、翌日終値はその翌営業日の終値で、Yahoo Finance・StockAnalysis・Nasdaqの3ソースが小数第2位まで一致した値を採用した。","FY26Q3の-31.5%はZSの決算反応として過去最大級の下落。実績はビートしたが、FY26通年のFCFマージンガイドを26.5〜27%から22.8〜23.3%へ引き下げ（メモリ・ストレージ・プロセッサの値上がりを見越した前倒し調達が理由）、あわせてFY27の成長率を+16〜17%と示唆したことが売られた要因とされる。","FY26Q4（2026年9月3日発表）は、実績が全項目で上振れしながら翌年の減速が示された四半期。売上$898.2Mはコンセンサス$877.0Mを+2.4%、非GAAP EPS $1.19は$1.09を+9.2%上回り、ARRは$3,771M・+25%、純増ARRは$246M・+24%、非GAAP営業利益率は24.3%と過去最高を記録した。それでも株価が翌日-4.5%で終わったのは、示されたFY27ガイドがARR $4.396〜4.426B（+16.6〜17.4%）・売上$3.908〜3.938B（+16.6〜17.5%）と、FY26の+25%からほぼ8ポイント落ちる水準だったためである。ARRの+25%自体も、FY26中に取り込んだRed Canary（MDR）の$141Mを除くと+20%、純増ARRの伸びは+17%まで下がる。同時に従業員の約3%削減と$30〜33Mの再編費用も発表された。AI関連はSecurity for AIの受注が前四半期比+50%超、関連パイプラインが+75%、AI Protectの受注が直近12ヶ月で$100M超（FY26Q3時点の開示）と伸びてはいるが、ARR $3,771Mに対しては数%の規模で、全社の減速を打ち返すには至っていない。「AIがトラフィックとデータの保護需要を押し上げる」筋書きが数字として出始めた一方、それがまだ本体の成長率を支えきれていない、という読み取りをする四半期である。",[215,218,221,224,227,230,233,236,239,242,245,248,251],{"label":216,"url":217},"Zscaler FY2026 Q4 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000156/zs-07312026_991.htm",{"label":219,"url":220},"Zscaler Q4 FY2026 株主向けレター (IR)","https://ir.zscaler.com/static-files/955e533b-f05c-447e-b2aa-a2f447726159",{"label":222,"url":223},"Zscaler FY2026 Q3 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000095/zs-04302026_991.htm",{"label":225,"url":226},"Zscaler Q3 FY2026 株主向けレター (IR) — AI Protect受注$100M超の出所","https://ir.zscaler.com/static-files/9031ec42-ef22-4f5a-894b-b9ef5f592a08",{"label":228,"url":229},"Zscaler FY2026 Q2 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368326000047/zs-01312026_991.htm",{"label":231,"url":232},"Zscaler FY2026 Q1 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368325000203/zs-10312025_991.htm",{"label":234,"url":235},"Zscaler FY2025 Q4 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368325000138/zs-07312025_991.htm",{"label":237,"url":238},"Zscaler FY2025 Q3 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368325000078/zs-04302025_991.htm",{"label":240,"url":241},"Zscaler FY2025 Q2 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368325000025/zs-01312025_991.htm",{"label":243,"url":244},"Zscaler FY2025 Q1 8-K Ex-99.1 (SEC)","https://www.sec.gov/Archives/edgar/data/0001713683/000171368324000143/zs-10312024_991.htm",{"label":246,"url":247},"CNBC — Zscaler (ZS) Q4 earnings 2026","https://www.cnbc.com/2026/09/03/zscaler-zs-q4-earnings-2026.html",{"label":249,"url":250},"CNBC — Zscaler (ZS) earnings Q3 2026","https://www.cnbc.com/2026/05/27/zscaler-zs-earnings-q3-2026.html",{"label":252,"url":253},"StockAnalysis.com — ZS 株価ヒストリー（終値の照合に使用）","https://stockanalysis.com/stocks/zs/history/",{"date":255,"close":199},"2026-09-04",[257,295,318,349],{"key":258,"title":259,"unit":260,"kind":261,"description":262,"points":263,"source":294},"arr","ARR（年間経常収益、$M）","$M","bar","ZSの主戦場は売上ではなくARR。会社もFY26からガイダンスの主軸をARRに移した。$2.47B(FY24Q4)から$3.77B(FY26Q4)へ。FY27通年ガイドは$4.396〜4.426B。",[264,268,271,274,277,281,284,287,290],{"quarter":265,"value":266,"label":267},"FY24Q4",2474,"$2,474M",{"quarter":12,"value":269,"label":270},2553,"$2,553M",{"quarter":38,"value":272,"label":273},2683,"$2,683M",{"quarter":63,"value":275,"label":276},2817,"$2,817M",{"quarter":87,"value":278,"label":279,"note":280},3015,"$3,015M","この四半期から主要指標を計算請求額(billings)からARRへ切り替え",{"quarter":109,"value":282,"label":283},3204,"$3,204M",{"quarter":133,"value":285,"label":286},3359,"$3,359M",{"quarter":156,"value":288,"label":289},3525,"$3,525M",{"quarter":179,"value":291,"label":292,"note":293},3771,"$3,771M","うち買収したRed Canary(MDR)が$141M。除くとARRは$3,630M・+20%",{"label":219,"url":220},{"key":296,"title":297,"unit":298,"kind":299,"description":300,"points":301,"source":317},"arrGrowth","ARR 成長率（前年同期比、%）","%","line","FY26は4四半期そろって+25%前後で安定していた。ただしFY26Q4の+25.1%には買収したRed Canaryの$141Mが含まれ、これを除くと+20%。会社が示したFY27通年ガイドは+16.6〜17.4%で、この落差がFY26Q3・Q4の株価下落の中心にある。",[302,306,309,312,315],{"quarter":87,"value":303,"label":304,"note":305},21.9,"21.9%","ARRの初開示（+22%）",{"quarter":109,"value":307,"label":308},25.5,"25.5%",{"quarter":133,"value":310,"label":311},25.2,"25.2%",{"quarter":156,"value":313,"label":314},25.1,"25.1%",{"quarter":179,"value":313,"label":314,"note":316},"Red Canaryを除くと+20%。FY27通年ガイドは+16.6〜17.4%",{"label":219,"url":220},{"key":319,"title":320,"unit":260,"kind":261,"description":321,"points":322,"source":348},"netNewArr","純増ARR（四半期、$M）","ARR残高の四半期差分。7月決算のためQ4に純増が集中する季節性がある。会社が明示したFY26Q3 $166M・FY26Q4 $246Mと一致することを確認済み。",[323,326,329,332,335,338,341,344],{"quarter":12,"value":324,"label":325},79,"$79M",{"quarter":38,"value":327,"label":328},130,"$130M",{"quarter":63,"value":330,"label":331},134,"$134M",{"quarter":87,"value":333,"label":334},198,"$198M",{"quarter":109,"value":336,"label":337},189,"$189M",{"quarter":133,"value":339,"label":340},155,"$155M",{"quarter":156,"value":342,"label":343},166,"$166M",{"quarter":179,"value":345,"label":346,"note":347},246,"$246M","会社開示と一致（$246M・+24%）。Red Canaryを除くと$232M・+17%",{"label":219,"url":220},{"key":350,"title":351,"unit":298,"kind":299,"description":352,"points":353,"source":377},"nonGaapOpMargin","非GAAP営業利益率（四半期実績、%）","非GAAP営業利益÷売上で算出（プレスリリースは整数%に丸めている）。成長が減速していく一方で利益率は21.4%→24.3%へ切り上がった。ZSの評価軸が成長から採算へ移りつつあることを示す図。",[354,357,360,363,366,369,371,373],{"quarter":12,"value":355,"label":356},21.4,"21.4%",{"quarter":38,"value":358,"label":359},21.7,"21.7%",{"quarter":63,"value":361,"label":362},21.6,"21.6%",{"quarter":87,"value":364,"label":365},22.1,"22.1%",{"quarter":109,"value":367,"label":368},21.8,"21.8%",{"quarter":133,"value":23,"label":370},"22.2%",{"quarter":156,"value":45,"label":372},"23.0%",{"quarter":179,"value":374,"label":375,"note":376},24.3,"24.3%","会社は「記録的な24%」と表現。FY27ガイドは通年で約23.7%",{"label":216,"url":217},"https://log.eurekapu.com/og/pages/general/beat-monitoring-ZS.png?title=ZS%20Zscaler%20-%20%E3%83%93%E3%83%BC%E3%83%88%E3%83%A2%E3%83%8B%E3%82%BF%E3%83%AA%E3%83%B3%E3%82%B0&sig=3f17ced83e6dd9b9",1788996985035]