Zscaler, Inc. Common Stock Investor Day 2026

Hello, everyone. It's my pleasure to welcome you to Zscaler's 2026 Investor Day. Whether you're here with us in New York or you're watching on the webcast, we really appreciate you taking the time to be with us today. It has been five years since we hosted an Investor Day. During that time, we've grown into a broad and integrated platform built on our Zero Trust Exchange. We have a great lineup today to tell you more about our evolution and to help you come away with a better understanding of our strategy, our product differentiation, and our growth drivers. Jay will kick us off and take us through Zscaler's vision and strategy, including how our solutions fit into the changing cybersecurity landscape.

Next, Adam will take us back to basics and introduce the Zscaler platform, followed by Dhawal, who will talk us through AI security and data security. That's an area I know many of you would like to know more about, so listen up. Then Dhawal will host a panel with three customers that we're very grateful to have with us today. They'll be sharing their security challenges and their journey with Zscaler. They'll also be available to take your questions, so start thinking about what you might want to ask them. After a short break, our new CRO, Ross Tackett, will introduce himself to all of you and share our go-to-market strategy. Then Kevin will finish us up with some financial perspectives. Then we'll welcome all the speakers back on stage and take all of your questions.

For those of you here with us in New York City, after that, we'll invite you to join us for lunch and a reception, and we also have some demos of the products that we'll be sharing today. So make sure you hang around for that. Now the part that everyone loves, the forward-looking statements. Before we begin, I'd like to remind everyone that today's presentation contains forward-looking statements within the meaning of the safe harbor provisions of the federal securities laws, including statements regarding our future financial performance, business strategy, and market opportunities. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, and we undertake no obligation to update them.

For a more complete discussion of the factors that could affect our results, please refer to the risk factors described in our most recent filings with the SEC, including our annual report on Form 10-K and quarterly reports on Form 10-Q. With that, it's my pleasure to introduce Zscaler's CEO, Chairman, and Founder, Jay Chaudhry. Jay? Good morning, everyone. Morning.

Great. Thank you all for joining us this Zscaler's 2026 Investor Day. As you heard from Kim, we have a great lineup planned for you this morning, and I am excited to hear from leaders across our business. Overall, we expect you will leave today with three key takeaways. Number one, Zscaler is the cybersecurity platform for the AI era, and AI is the most powerful tailwind of driving our business. Number two, we are capitalizing on this opportunity by expanding our platform and strengthening our go-to-market muscle. Finally, we are multiple growth engines that we expect to drive our re-acceleration in the years ahead. All right. Let us get started. Zscaler takes me back to 2008 when I started the company, when we pioneered Zero Trust security. The term Zero Trust was not well-known, but what we came up with the idea was trust no one.

Making the internet and advanced technology safer to do business was our primary focus. We are not focused on building the next generation firewall. With this, our vision was ushering in a world where people, devices, and AI agents can communicate and innovate securely. Security should not be holding them back. We achieved a lot in the past some 18 years or so. Look at the numbers. Over 50% of Fortune 500 companies. 750 billion daily inline transactions we inspect and enforce policy. Over 200,000 locations. These are public, globally distributed, and there are many more private ones. Over 1,000 patents issued and granted. Lots of cool technology. We are essentially about innovation. The new approach to security we took was driven by the fact that in my background, where I spent over a dozen years before starting Zscaler, doing security.

I have seen more and more security products coming and more and more breaches happening. I was convinced that the traditional way of doing security, by building these moats with firewalls, was not going to work. The new approach was, entity A should be able to talk to entity B through our exchange, our switchboard. Literally like a phone switchboard in the old days. You know, in the old days when you called, you said, "I want to talk to John." You got connected to John and John only. Then you said, "I want to talk to the President of the U.S." They said, "Sorry, go away. You are not allowed to." Simple concept Party A can only talk to party B as opposed to the old concept. Everyone is in. Now let me try to put the guards that are on firewall here, firewall.

That was the simple concept, the simple idea. The goal was fundamentally twofold. One was stopping threats no matter where they come from. Two was protecting data. Two basic things. While we started with users, that architecture designed to handle any entity. Today, we handle devices sitting in plants and factories. We handle all kind of AI agents. The most exciting part, we have taken it to cloud workloads and third parties and like. They should be able to access the right data sources. They could be AI models, could be applications, SaaS applications, agents, and whatever tools. It is very exciting platform, and it is probably far more needed today than it was ever before. Now, I want to talk about why Zscaler is winning the business and why we have a durable growth opportunity at Zscaler. Four simple areas. Architecture matters, and you cannot fix it overnight.

A unified, integrated platform takes time to build. You cannot buy a bunch of companies and call it a platform. Removing cost and complexity, and lastly, our go-to-market engine. Let me walk you through each of the four areas. The first is our architecture. Many times people get confused between architecture and features. Architecture is the foundation. Features, you can add on. You do not build foundation every day. Now, our story starts with building disruptive solution, disruptive technology. I have always liked not to build me too, but a different, better way of doing it. Mobility played an important role in Zscaler's success. That is a big mega wave. Cloud was the second mega wave that helped us because in the world of mobility and cloud, the old security based on firewalls and VPNs made no sense.

We leveraged those two mega waves, and now we see the AI era. I call it a giga wave because it is going to change things. It is already changing things, and AI is the largest tailwind we have ever witnessed. We are already seeing early signs of it, and we think there is a lot more to be coming. Now, AI. There is hardly a meeting that goes by where AI is not part of the discussion. I do lots and lots of customer meetings. Last week, I was in Dallas meeting 80 CISOs of large enterprises. Every discussion starts with, "My CEO, my board is asking me to really roll out AI solutions at a faster and faster pace," because CEOs are convinced, and rightfully so, that it can accelerate the top-line growth, and it can also drive efficiencies.

But they are all worried about some of the challenges, especially the cyber issues they have to deal with. I want to talk about how we deal with, how we help our customers with cyber risks to manage them so they can effectively start rolling out solutions. There is cost and complexity of the current infrastructure they need to deal with. On top of which, rolling out AI becomes very, very hard. So the tailwinds for Zscaler platform can be put in two buckets. One is frontier AI attacks. These models are powerful, these models are dangerous, and we will talk about how we empower our customers while mitigating the risk. The second part is AI agents. Agents we deploy or agents other deploy, agents going rogue. How do you use agents effectively? Let us start with the risks posed by frontier AI.

For that, one needs to understand how most of the world has worked in the past. The way technology's done is I'm going to build my application portal, my mobile portal, and put a VPN firewall, load balancers in front of it, and it's all open to the internet, so people can come over the internet and connect with them. That is good. But the more things exposed to the internet, the bigger the attack surface. We had some amount of attack surface before AI. Now, AI is further increasing the attack surface. You're adding AI chatbots. You got MCP servers, you got AI agents. The attack surface is getting bigger. We call it attack surface because anyone from the internet can scan you and find you. That was there before, but now, once they can find you, with AI models, they can find all kind of security vulnerabilities.

It's unbelievable how many vulnerabilities can be found. Once they find them, they compromise it, and then the game gets over. That's a lot of these breaches are happening. So the risk of frontier model is exploiting these vulnerabilities and the gap between discovery to exploitation, which used to be months, is now becoming minutes or seconds. That needs to be handled, and you can't fix it by putting on more DDoS protection, more firewalls, more VPNs. Here's a real-life example of a customer. It's an energy company. Rather than reading all the stats, I'm going to highlight three things. Internet-facing assets. These are exposed infrastructure. Your application, your firewalls, your VPN, your load balancers, and all those things. About 6,614. It's not an unusual number. That's what we see in large enterprise. For that enterprise, 1,049 software vulnerabilities. One thing worth highlighting, VPN appliances, 40 of them.

It's easy to find every other week, you see some VPN got compromised. This is the landscape you're dealing with. Models, these frontier models can exploit them very easily. How do you fix them? Not by more of those things, but simply using a different architecture. The Zscaler world, all applications that require authentication are hidden behind the Zscaler, and attackers can't breach if they can't reach. Very simple, elegant architecture. That's what our customers get very proud of, because simpler but great solutions. The second area is the lateral movement of threats. Once they compromise a firewall or VPN application portal, the malware moves laterally. How does that work? I tried to explain that concept. Generally, it get confusing between networks and all. So I came with a new idea. Let's use the highway metaphor.