In the latest data point for Q3'26, Zscaler (ZS) reported both Operating Cash Flow and Free Cash Flow at 198.02M USD. This represents a moderate sequential increase in Free Cash Flow compared to the 169.13M USD recorded in Q2'26. From Q4'23 to Q3'26, the company exhibited a volatile but generally upward trend in cash flow generation, characterized by significant seasonal peaks in the first quarter of each fiscal year. Notably, Q1'26 marked a historical high with Operating Cash Flow reaching 448.28M USD and Free Cash Flow hitting 413.3M USD, highlighting strong operational efficiency and a narrowing gap between operating and free cash flows over time.