Zscaler delivered a robust fourth quarter of FY2024, underscoring the strength of its Zero Trust platform in a challenging macro environment. Revenue rose 30% year-over-year to $593 million, and total calculated billings grew 27% YoY to $911 million, with QoQ billings up 45%. The company also announced ARR surpassed $2.5 billion in Q4 and guided to $3.0B+ ARR in fiscal 2025, signaling sustained scale-up and confidence in the land-and-expand model. Management attributed the strength to higher adoption of the broader platform (ZIA, ZPA, ZDX), expanding emerging products, and AI analytics driving incremental growth. Net income remained negative on a GAAP basis (-$14.9 million) as Zscaler continues to invest in growth and cloud infrastructure, but non-GAAP profitability and free cash flow were solid, with operating margin around 22% and free cash flow margin of 23%, supported by a cash-rich balance sheet (over $2.4B in cash and equivalents and short-term investments). The Q4 results, complemented by FY25 guidance and strategic product expansion (Airgap, Avalor, AI analytics), position Zscaler to pursue a large, multi-decade TAM in Zero Trust and security AI. The execution remains anchored in an account-centric GTM, GSIs partnerships, and a diversified customer base with meaningful ARR concentration in large enterprises. Delivering on the FY25 ARR and billings trajectory will depend on sustained RPO conversion, scaling of emerging products, and maintaining sales productivity through the go-to-market transition.