Zscaler (ZS) FCF Margin (2017 - 2026)
Zscaler's (ZS) quarterly FCF Margin came in at 22.88% in Q1 2026, down 157.0% year-over-year from 40.15% in Q1 2025, and down 58.12% quarter-over-quarter from 54.64% in Q4 2025.
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Analysis
Zscaler (ZS) FCF Margin (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported FCF Margin for 10 consecutive years, with 22.88% the latest figure, recorded in Q1 2026.
- On a quarterly basis, FCF Margin fell 157.0% year-over-year to 22.88% in Q1 2026; TTM through Jan 2026 was 31.93%, a 58.0% increase from a year earlier, with the FY2026 full-year figure at 25.42%, down 481.0% from the prior year.
- FCF Margin was 22.88% for Q1 2026 at Zscaler, down from 54.64% in the prior quarter.
- Over five years, FCF Margin peaked at 54.64% in Q4 2025 and troughed at 13.41% in Q1 2022.
- A 5-year average of 27.41% and a median of 24.46% in 2025 frame the typical range for FCF Margin.
- Across the five-year window, FCF Margin plunged 1589 bps in 2022 and soared 1770 bps in 2023, its largest moves.
- Over 5 years, FCF Margin stood at 29.04% in 2022, then surged by 61 bps to 46.74% in 2023, then advanced by 5 bps to 49.19% in 2024, then grew by 11 bps to 54.64% in 2025, then tumbled by 58 bps to 22.88% in 2026.
- The last three FCF Margin figures came in at 22.88% (Q1 2026), 54.64% (Q4 2025), and 26.49% (Q3 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 36.77% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 27.59% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 47.15% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | 5.71% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 25.73% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | -0.11% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 17.97% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 28.32% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 47.16% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jan 31, 2026 | 22.84% |
| Oct 31, 2025 | 54.68% |
| Jul 31, 2025 | 26.49% |
| Apr 30, 2025 | 20.49% |
| Jan 31, 2025 | 25.38% |
| Oct 31, 2024 | 50.05% |
| Jul 31, 2024 | 26.00% |
| Apr 30, 2024 | 24.90% |
| Jan 31, 2024 | 21.18% |
| Oct 31, 2023 | 46.74% |
| Jul 31, 2023 | 23.93% |
| Apr 30, 2023 | 19.63% |
| Jan 31, 2023 | 18.27% |
| Oct 31, 2022 | 29.04% |
| Jul 31, 2022 | 25.75% |
| Apr 30, 2022 | 17.31% |
| Jan 31, 2022 | 13.41% |
| Oct 31, 2021 | 37.66% |
| Jul 31, 2021 | 15.62% |
| Apr 30, 2021 | 33.19% |
API Access
Zscaler FCF Margin API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=fcf-margin&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "fcf-margin", "ticker": "ZS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=fcf-margin&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();