Zscaler Inc. (NASDAQ:ZS) reports fiscal fourth-quarter earnings after the bell Thursday, three months after a cautious outlook triggered a record 31.5% one-day plunge. Shares have since recovered most of that loss.

Unlike security companies built around hardware firewalls, Zscaler developed its platform in the cloud to replace VPNs and limit users and AI agents to approved applications and data.

Analysts expect earnings of $1.08 per share on revenue of $877.51 million, according to Benzinga Pro.

Revenue and annual recurring revenue grew 25% last quarter, but management’s preliminary fiscal 2027 outlook calls for growth of just 16%–17% in both metrics.

Kalshi traders are betting on which words, companies and products management will mention during the call.

What Kalshi Predicts Zscaler Will Say

"Breach" leads at 86%. The word sits at the center of Zscaler’s pitch: keeping users off the corporate network may prevent one compromised account from exposing other systems. CEO Jay Chaudhry has repeatedly warned, "If you can be reached, you will be breached."

"Tailwind" trades at 62%, while "headwind" sits at 24%. Chaudhry recently used "tailwind" to describe Anthropic’s Claude Mythos cybersecurity model, arguing that faster AI vulnerability discovery should increase demand for zero-trust security.

"MCP" sits at 56%. The Model Context Protocol lets AI agents connect with databases, files and software tools. Zscaler’s AI Broker inspects those connections and controls what data and applications an agent can reach.

"Claude/Anthropic" trades at 51%. Through Anthropic’s Project Glasswing, Zscaler can use Mythos to find and fix software vulnerabilities at machine speed. Glasswing partners have found more than 10,000 serious software flaws. Chaudhry argues attackers could use similar models to uncover vulnerabilities faster, increasing demand for Zscaler’s zero-trust products.

What Kalshi Predicts Zscaler Will Skip

"Public Sector" sits at 45%, despite strong government demand last quarter. Zscaler said an unnamed federal agency expanded its contract by roughly $10 million.

"SquareX" trades at 31% and "SPLX" at 22%. Zscaler bought SquareX to protect work done inside Chrome and Edge, including on personal devices, without requiring a separate corporate browser. SPLX identifies a company’s AI systems and simulates attacks to uncover weaknesses. Traders may expect Zscaler to discuss browser and AI security without naming either acquisition.

"Google" trades at 23% and "Wiz" at 7%. Alphabet Inc. (NASDAQ:GOOGL) bought Wiz for $32 billion in March. Google works with Zscaler across Chrome and Workspace, while Wiz competes with it in cloud security, making Alphabet both a partner and a rival.

"Nvidia" sits at 17%. Zscaler’s AI Guard integrates with NeMo Guardrails from Nvidia to screen AI prompts and responses for attacks and data leaks.

"CrowdStrike" trades at 15%. The companies compete for security budgets, but their core tools fit together: CrowdStrike Holdings Inc. (NASDAQ:CRWD) detects threats on devices, while Zscaler controls their access. A new integration announced Wednesday will let CrowdStrike alerts trigger Zscaler restrictions automatically, making the low odds notable.

Reading the Board

Kalshi traders expect Zscaler to frame AI as both a new security problem and a new source of demand. Investors will likely focus on whether management improves its preliminary 16%–17% fiscal 2027 growth outlook.

A stronger forecast could suggest the recent sales disruption was temporary. An unchanged outlook would confirm a sharp slowdown from the 25% pace reported last quarter.

Kalshi and Benzinga have an existing data collaboration agreement.

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