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Zscaler reported FY2025 revenue of $2.7 billion and Q2 FY2026 revenue of $815.8 million. The thesis depends on zero-trust demand, large-customer expansion, billings quality, operating leverage, stock compensation and cash conversion.
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F5 reported fiscal 2025 revenue of $3.09 billion and fiscal 2026 year-to-date revenue of $1.63 billion through March. The thesis turns on whether application delivery, multicloud security and software support can keep converting into cash while hardware cycles
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