cust.co / Compare / Zscaler vs Palo Alto Networks

Zscaler vs Palo Alto Networks - NRR head-to-head

Side-by-side Net Revenue Retention comparison sourced from SEC filings and earnings releases. Both compete in Security. Both at Public stage.

Zscaler (ZS)
115%
FY2026-Q4 · Security
vs
Palo Alto Networks (PANW)
120%
FY2026-Q3 · Security
Palo Alto Networks leads by +5pp on latest NRR (120% vs 115%).

NRR over time

112%116%121%125%129% FY2018-Q3FY2019-Q4FY-2021FY2023-Q3FY2024-Q1FY2025-Q1FY2025-Q4FY2026-Q3 NRR Zscaler Palo Alto Networks Zscaler - FY2018-Q3: 125% Zscaler - FY-2018: 117% Zscaler - FY-2019: 118% Zscaler - FY2019-Q4: 120% Zscaler - FY-2020: 116% Zscaler - FY2020-Q4: 122% Zscaler - FY-2021: 127% Zscaler - FY-2022: 125% Zscaler - FY2023-Q2: 125% Zscaler - FY2023-Q3: 125% Zscaler - FY2023-Q4: 125% Zscaler - FY-2023: 121% Zscaler - FY2024-Q1: 125% Zscaler - FY2024-Q3: 116% Zscaler - FY2024-Q4: 116% Zscaler - FY2025-Q1: 114% Zscaler - FY2025-Q2: 115% Zscaler - FY2025-Q3: 114% Zscaler - FY2025-Q4: 114% Zscaler - FY2026-Q4: 115% Palo Alto Networks - FY2025-Q4: 120% Palo Alto Networks - FY2026-Q2: 119% Palo Alto Networks - FY2026-Q3: 120%

Zscaler hit a higher all-time peak (127% in FY-2021).

Stat-by-stat

Metric Zscaler Palo Alto Networks
Latest NRR 115% 120%
All-time peak NRR 127% 120%
All-time low NRR 114% 119%
QoQ change +1pp +1pp
YoY change +1pp -
3-year change -10pp -
Disclosures tracked 20 3

Customer cohorts

MetricZscalerPalo Alto Networks
Total customers 11,000 2,280
Over $100K ARR 4,182 -
Over $1M ARR 785 270
Top-10 concentration - -
Average ACV - $1M
US revenue mix 53% 68%

Commercial structure

MetricZscalerPalo Alto Networks
Total RPO $7.4B $18.4B
Current RPO (12mo) $3.3B $8.3B
Multi-year contracts - -
Avg contract length 48 mo 36 mo
Subscription rev mix 98% 80%
New customers added - 110

Post-sales motion

MetricZscalerPalo Alto Networks
CS team size - 16,068
Customers per CSM - -
Pricing model subscription hybrid
Renewal cadence multi-year multi-year
CSM coverage model account-named account-named
Top customer exec - -

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