CrowdStrike Enters Mature Phase While Zscaler Accelerates With AI Security Acquisitions

• CrowdStrike (CRWD) posted $265M successful nett caller ARR successful Q3, up 73% twelvemonth implicit year.

• Zscaler (ZS) delivered 26% ARR maturation to $3.2B and bushed gross estimates by $14M.

• CrowdStrike trades astatine 28.81x trailing income portion Zscaler trades astatine 13.71x sales.

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CrowdStrike (NASDAQ: CRWD) and Zscaler (NASDAQ: ZS) reported beardown net successful precocious November and aboriginal December, revealing 2 fundamentally antithetic approaches to unreality security. CrowdStrike stake connected endpoint consolidation and single-agent architecture. Zscaler doubled down connected Zero Trust networking and just-completed acquisitions successful AI security.

CrowdStrike's Q3 fiscal 2026 results showed $1.23 cardinal successful revenue, up 22% twelvemonth implicit year, missing the $1.24 cardinal estimate. Net caller yearly recurring gross deed $265 million, up 73% from past year. CEO George Kurtz called it "one of our champion quarters successful institution history." Operating currency travel deed a grounds $398 million. Free currency travel reached $296 million.

The Falcon level continues absorbing much workloads. Subscription gross grew 21% to $1.17 cardinal arsenic customers consolidated endpoint, unreality workload, and individuality extortion into a azygous agent. Management emphasized partnerships with AWS, EY, and CoreWeave to presumption CrowdStrike arsenic the information furniture for AI infrastructure.

Zscaler's Q1 fiscal 2026 delivered $788 cardinal successful revenue, beating estimates by $14 cardinal and increasing 26% twelvemonth implicit year. Non-GAAP EPS came successful astatine $0.96, up of the $0.86 consensus. ARR reached $3.2 billion, up 26%. Operating currency travel surged 35% to $448 million, and escaped currency travel deed $413 million. The institution achieved its "Rule of 78" metric, combining gross maturation and profitability.

Zscaler's Zero Trust Exchange present runs crossed 160+ information centers globally. The institution closed acquisitions of Red Canary and SPLX to grow AI information capabilities. CEO Jay Chaudhry framed Zero Trust arsenic "the linchpin for AI Security," positioning the level arsenic indispensable infrastructure for enterprises deploying AI workloads.

CrowdStrike's strategy revolves astir reducing agents customers deploy. The single-agent Falcon level handles endpoints, unreality workloads, and individuality successful 1 package, simplifying operations and creating pricing leverage arsenic customers adhd modules. The company's $4.8 cardinal currency presumption provides flexibility to put successful R&D without relying connected acquisitions.