Zscaler (ZS) FCF Margin (2017 - 2026)

Zscaler (ZS) has reported FCF Margin for 10 consecutive years, with 22.88% the latest figure, recorded in Q1 2026.

• In Q1 2026, FCF Margin fell 157.0% year-over-year to 22.88%; the TTM figure through Jan 2026 stood at 34.68% (up 116.0% YoY), while the FY2025 annual figure was 33.33%, down 32.0% from the prior year.
• FCF Margin fell to 22.88% in Q1 2026 per ZS's latest filing, from 54.64% in the prior quarter.
• Across five years, FCF Margin topped out at 54.64% in Q4 2025 and bottomed at 13.06% in Q2 2022.
• Historically, FCF Margin has averaged 30.78% across 5 years, with a median of 25.08% in 2024.
• On a YoY basis, FCF Margin climbed as much as 2522 bps in 2022 and fell as far as 2013 bps in 2022.
• Zscaler's FCF Margin stood at 33.98% in 2022, then surged by 50 bps to 51.01% in 2023, then dropped by 4 bps to 49.19% in 2024, then rose by 11 bps to 54.64% in 2025, then tumbled by 58 bps to 22.88% in 2026.
• Business Quant data shows ZS's FCF Margin at 22.88% in Q1 2026, 54.64% in Q4 2025, and 38.0% in Q3 2025.