Zscaler’s QQ2 2024 results reflect a continued growth trajectory underpinned by broad platform adoption and a strategic shift toward account-centric selling. Revenue rose 35% YoY to $525 million, while total billings advanced 27% YoY to $628 million, aided by an expanding base of large customers and a strong federal pipeline. The company also reported an upsize in RPO to $3.613 billion (up 29% YoY) and a 12-month trailing dollar-based net retention rate of 117%, signaling durable revenue visibility and healthy cross-sell potential within existing accounts. Despite GAAP net income remaining negative due to ongoing investments and stock-based compensation, Zscaler generated solid free cash flow (FCF) margin of 19% and a robust cash position, underscoring a balance sheet capable of funding growth initiatives while pursuing strategic acquisitions of large enterprise customers and vertical market expansion. Management emphasized the long-run opportunity of scaling to a $5 billion ARR and beyond, driven by an expanded go-to-market engine, top-account programs, and continued platform evolution (e.g., Zero Trust for Workloads, Branch, and AI-powered solutions). The QQ2 print also highlighted the resilience of demand amid a challenging macro backdrop, with executives reiterating confidence in continued Zero Trust spend and a favorable competitive environment relative to legacy firewall-centric approaches.