MEDIUMOutside partyCustomer
31%
top five channel partners
“10-K Item 1A: 'sales through our top five channel partners and their affiliates, in aggregate, represented 31% of our revenue for fiscal 2026'”
ZS · Concentration risk · 10-K extracted
Zscaler (ZS) concentration risks
Updated
The most significant concentration Zscaler discloses is top five channel partners at 31%, classified MEDIUM by disclosed size. Below: the full set from the latest 10-K — verbatim quotes, filing references, and a synthesis of what these exposures mean together.
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Source: Zscaler’s SEC Form 10-K filed — view the filing on SEC EDGAR ↗
At a glance
Disclosed-size breakdown · 2 disclosed concentrations
HIGH0
MEDIUM2
LOW0
Disclosed concentrations
Each card carries a disclosed-size chip (HIGH / MEDIUM / LOW — how large the exposure is as a share of revenue, not how dangerous it is) and a nature tag: Built-in(the company’s own model, geography, or products) or Outside party (an external customer, supplier, or distributor it relies on).
MEDIUMOutside partyCustomer
channel partner network
“10-K Item 1A: 'We currently derive most of our revenue from sales through our channel partner network'”
TrendMatrix Research · concentration synthesis
What these concentrations mean together
updated 2026-10-18Zscaler's disclosed concentration is in its sales channel rather than in any end customer. The company states that it currently derives most of its revenue from sales through its channel partner network, and that sales through its top five channel partners and their affiliates, in aggregate, represented 31% of its revenue for fiscal 2026. Both exposures are medium-share and carry the character of a dependency. The two claims describe the same channel from different angles. The first is the broad reliance on intermediaries for reaching customers; the second shows that within that network the revenue is concentrated in a small group of partners and their affiliates. That makes the exposure partly structural, because it reflects the go-to-market model, and partly idiosyncratic, because the loss or deprioritization of a leading partner would be felt directly in reported revenue. Netting them, the larger-partner concentration is the part that could most move the verdict, since a shift in partner incentives or terms would hit a defined slice of sales. The wider network reliance is a standing condition of the model. The filing gives enough detail to monitor the top-partner share in future filings.
For the engine’s reasoning on ZS’s current verdict — including which dimensions drove the score — see the per-dimension breakdown.
Industry peers · Software - Infrastructure
Peer concentration profile
| Symbol | Name | HIGH | MEDIUM | LOW | Total |
|---|---|---|---|---|---|
| APPN | Appian Corporation | 2 | 2 | 0 | 4 |
| AI | C3.ai, Inc. | 1 | 2 | 0 | 3 |
| AEVA | Aeva Technologies, Inc. | 1 | 0 | 0 | 1 |
| ZS● | Zscaler, Inc. | 0 | 2 | 0 | 2 |
| ACIW | ACI Worldwide, Inc. | 0 | 0 | 0 | 0 |
| AKAM | Akamai Technologies, Inc. | 0 | 0 | 0 | 0 |
Concentration counts reflect items disclosed in each peer’s most recent 10-K; disclosed-size classification uses TrendMatrix’s internal 10-K extraction taxonomy.