Zscaler
27 named things its latest annual report says its results depend on, each in the company's own words. 19 of them are also named by other companies we've read.
Customers
Forbes Global 2000
earns from · over 40% of the Forbes Global 2000Our customers include over 40% of the Forbes Global 2000 and over 50% of the Fortune 500.Business (Item 1)
Government agencies (public sector)
earns fromnamed as a riskWe derive a significant portion of our revenue from contracts with government organizations, and we believe the success and growth of our business will in part depend on adding public sector customers and expanding sales to existing government customers.Risk factors (Item 1A)
Suppliers
Third-party data center operators
depends on · over 200 public data centersnamed as a riskWhile we have electronic access to the components and infrastructure of our cloud platform that are hosted by third parties, we do not control the operation of these facilities.Risk factors (Item 1A)
Also named by GOOG
Global telecommunications service providers
depends onnamed as a riskdecisions by the owners and operators of the data centers where our cloud infrastructure is deployed or by global telecommunications service provider partners who provide us with network bandwidth to terminate our contracts, discontinue services to us, shut down operations or facilities, increase prices, change service levels, limit bandwidth, declare bankruptcy or prioritize the traffic of other parties;Risk factors (Item 1A)
Sole or limited source hardware, software and SaaS suppliers
depends onnamed as a riskWe rely on a limited number of suppliers for several components of our cloud platform and the systems we use to operate our business and provide services to our customers, including sole or limited sourced hardware, software and SaaS services.Risk factors (Item 1A)
Partners and platforms
Top five channel partners
earns from · 31% of our revenue for fiscal 2026named as a riskFor example, sales through our top five channel partners and their affiliates, in aggregate, represented 31% of our revenue for fiscal 2026, 28% of our revenue for fiscal 2025 and 25% of our revenue for fiscal 2024.Risk factors (Item 1A)
Other companies
2028 Convertible Senior Notes
$1,725 millionnamed as a riskOn July 3, 2025, we issued $1,725 million in aggregate principal amount of our 0.0% Convertible Senior Notes due 2028, which mature on July 15, 2028.Risk factors (Item 1A)
Also named by DXCM
Competitors
Large AI providers and hyperscalers
competes withnamed as a riskIn addition, AI technologies may lower barriers to entry for new competitors, including large AI providers and hyperscalers, and enable faster development of alternative solutions.Risk factors (Item 1A)
Places
India
operates in · 36% of our global workforcenamed as a riskAs of July 31, 2026, 36% of our global workforce is based in India and is comprised mostly of R&D, finance and operations professionals.Risk factors (Item 1A)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
International customers (outside United States)
earns from · approximately 47%named as a riskWe derived approximately 47%, 49% and 50% of our revenue from our international customers in fiscal 2026, fiscal 2025 and fiscal 2024, respectively.Risk factors (Item 1A)
Taiwan
depends onnamed as a riskFor instance, geopolitical, diplomatic and other developments affecting the relationship between China and Taiwan could materially and negatively impact the availability of certain critical components that we use in our data centers.Risk factors (Item 1A)
Also named by AAOI, AAPL, AB, ADI, AEHR, ALAB, AMAT, AMD and 50 more
Hazards
Earthquakes
operates innamed as a riskBoth regions have heightened exposure to natural disasters including earthquakes, fires and floods.Risk factors (Item 1A)
Also named by AAPL, AMKR, AN, ANET, APP, BRO, CDNS, CEG and 37 more
Russia-Ukraine conflict
named as a riskOur data centers may also be subject to national or local administrative actions, changes in government regulations, including, for example, the impact of global economic and other sanctions like those levied in response to the current conflict between Russia and Ukraine, changes to legal or permitting requirements and litigation to stop, limit or delay operations.Risk factors (Item 1A)
Also named by ABT, ADM, ARWR, CAG, CDRE, DOW, EMN, FDX and 14 more
Commodities and inputs
Indian Rupee
exposed to its pricenamed as a riskA portion of our operating expenses are incurred outside the United States, denominated in foreign currencies and subject to fluctuations due to changes in foreign currency exchange rates, particularly changes in the British Pound, Indian Rupee, Euro, Israeli Shekel, Canadian Dollar, Australian Dollar and Japanese Yen.Market risk (Item 7A)
Also named by ACN, ADBE, AJG, AVY, BEN, CIEN, CTSH, EEFT and 11 more
Memory, storage and processor components
exposed to its pricenamed as a riskThe technology industry has experienced component shortages, delivery delays, price increases (including memory, storage and processor price increases) and service interruptions in the past.Risk factors (Item 1A)
Regulators
Office of Foreign Assets Control (OFAC)
subject tonamed as a riskOur business activities are subject to various restrictions under U.S. export and similar laws and regulations, including the U.S. Department of Commerce's Export Administration Regulations and various economic and trade sanctions regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control.Risk factors (Item 1A)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
U.S. Federal Trade Commission
subject tonamed as a riskAs a result, we may face claims, including claims of unfair or deceptive trade practices alleging these statements are not accurate, brought by the U.S. Federal Trade Commission, state, local or foreign regulators and private litigants.Risk factors (Item 1A)
Also named by AMZN, AN, AVGO, BJ, CART, CELH, CHD, CHE and 56 more
Laws and programs
EU General Data Protection Regulation (GDPR)
subject to · fines of up to €20 million or 4% of the annual global revenuenamed as a riskFor example, the European Union's General Data Protection Regulation provides for substantial obligations relating to the handling, storage, disclosure, transfer and other processing of information relating to individuals and fines of up to €20 million or 4% of the annual global revenue of the noncompliant company, whichever is greater.Risk factors (Item 1A)
Also named by ACN, ADSK, AIG, ALK, AMG, ANET, APG, AXON and 61 more
OECD Pillar Two global minimum tax
subject tonamed as a riskHowever, this safe harbor does not provide an exemption from the "qualified domestic minimum top-up taxes" that many countries have enacted or begun the process of enacting laws based on Pillar Two proposals, which may adversely impact our provision for income taxes, net income and cash flows.Risk factors (Item 1A)
Also named by ABNB, ACN, ADI, ADM, ADSK, AKAM, ALB, AMAT and 70 more
U.S. Export Administration Regulations
subject tonamed as a riskOur business activities are subject to various restrictions under U.S. export and similar laws and regulations, including the U.S. Department of Commerce's Export Administration Regulations and various economic and trade sanctions regulations administered by the U.S. Department of the Treasury's Office of Foreign Assets Control.Risk factors (Item 1A)
Also named by ADI, ALAB, AMD, APP, ARW, AVGO, CARR, CDRE and 40 more
EU AI Act
subject tonamed as a riskAI laws and regulations, such as the European Union's AI Act, impose compliance obligations on AI systems that process personal data.Risk factors (Item 1A)
Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more
FedRAMP
subject tonamed as a riskU.S. or other government certification requirements applicable to our cloud platform, including the Federal Risk and Authorization Management Program, are often difficult and costly to obtain and maintain and failure to do so will restrict our ability to sell to government customers;Risk factors (Item 1A)
Also named by ADSK, CRWD, DDOG, DOCU, FTNT, GTLB, MSTR, NET and 9 more
EU Data Act
subject tonamed as a riskIn addition, in certain cases, including under the EU Data Act, customers may cancel their subscriptions without cause either at any time or upon advance written notice (commonly ranging from 30 days to 60 days), typically subject to an early termination penalty for unused services.Risk factors (Item 1A)
Also named by ADBE, CSGP, DDOG, IOT, KVYO, MSFT, NET, NOW and 6 more
California SaaS sales and use tax
subject tonamed as a riskFor example, California has enacted legislation that, beginning January 1, 2027, will subject certain SaaS transactions to sales and use tax.Risk factors (Item 1A)
Technology
Quantum computing
named as a riskIf quantum adoption materializes faster than expected, we may need to accelerate the refresh of our service delivery fleet, which could have a material impact on our costs.Risk factors (Item 1A)