Zscaler reported QQ1 2025 revenue of $627.96 million, up 26.4% year over year and 5.9% sequentially. The robust top-line growth reflects continued demand for cloud security and zero-trust networking solutions as enterprises accelerate digital transformation. Despite a solid gross margin of 77.5%, profitability remained elusive in the quarter, with operating income of -$30.67 million and net income of -$12.05 million, driven by elevated operating expenses (R&D $154.25 million; SG&A $362.91 million) as the company sustains investment in product development and go-to-market capabilities. Cash flow generation remained strong, with operating cash flow of $331.34 million and free cash flow of the same amount, and the balance sheet shows a durable liquidity position (cash and equivalents plus short-term investments totaling ~$2.705 billion) and a net cash position of ~$316 million after debt. While the business demonstrates compelling revenue growth and a healthy balance sheet, the near-term profitability gap indicates a continued investment cycle that investors should monitor alongside unit economics, customer concentration, and competitive dynamics. Absent a formal forward guidance in the dataset, the earnings trajectory will hinge on operating efficiency, mix shift toward higher-margin ARR, and successful monetization of new products and cross-sell opportunities within large enterprise deployments.