Twilio vs Zscaler
Twilio reported revenue of $5.1 billion in fiscal 2025, 1.5 times Zscaler's $3.4 billion in fiscal 2026. Twilio's revenue grew 13.7% in its latest year, and Zscaler's grew 25.4%. Twilio had an operating margin of 3.1%, against -4.0% at Zscaler. Free cash flow was $997 million at Twilio and $852 million at Zscaler. Their fiscal years end in different months (December 31 and July 31), so the periods don't line up exactly.
Side by side
| Twilio | Zscaler | |
|---|---|---|
| Latest fiscal year | FY2025, Dec 31, 2025 | FY2026, Jul 31, 2026 |
| Revenue | $5.1B | $3.4B |
| Revenue growth | 13.7% | 25.4% |
| Revenue growth a year, last 5 years | 23.5% | 37.9% |
| Gross margin | 48.9% | 76.8% |
| Operating margin | 3.1% | −4.0% |
| Net margin | 0.7% | −1.9% |
| Free cash flow | $997M | $852M |
| Free cash flow margin | 19.7% | 25.4% |
| Return on capital | 1.5% | — |
| Net debt to EBITDA | −4.2x | −116.4x |
| Dividends and buybacks | $869M | $0M |
| Change in diluted share count | −3.7% | 3.8% |
| Last close | $263.65 | $260.45 |
| P/E at the last close | 36.7× | — |
| Insider trades, last 12 months | sold $619.0 million | sold $22.4 million |
| Piotroski F-score | 6 of 9 | 3 of 9 |
Amounts in each company's own currency, US$ unless marked (a foreign company may report in another), each company's latest fiscal year from its 10-K, or 20-F or 40-F for a foreign company. Growth rates compare with the year before; the five-year rate is the average a year. Free cash flow is cash from operations minus capital spending; return on capital is after-tax operating income over the money invested in the business; P/E is the last close over the latest earnings per share. Banks are measured differently (return on equity, efficiency ratio), so some rows apply to one company only.
Ten years
Revenue
US$ billions, fiscal years
TwilioZscaler
Operating margin
Percent of revenue
TwilioZscaler
Free cash flow
US$ billions. Cash from operations minus capital expenditure.
TwilioZscaler