Zscaler (ZS) FCF Margin (2017 - 2026)
Zscaler (ZS) posted quarterly FCF Margin of 22.88% for 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.
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.
- 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.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | FCF Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 21.82% |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | -9.76% |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 62.08% |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 26.25% |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 47.15% |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 9.71% |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 32.19% |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | -223.03% |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | -114.17% |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | 22.88% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 22.88% |
| Oct 31, 2025 | 54.64% |
| Jul 31, 2025 | 38.00% |
| Apr 30, 2025 | 22.17% |
| Jan 31, 2025 | 24.46% |
| Oct 31, 2024 | 49.19% |
| Jul 31, 2024 | 41.91% |
| Apr 30, 2024 | 17.36% |
| Jan 31, 2024 | 25.08% |
| Oct 31, 2023 | 51.01% |
| Jul 31, 2023 | 38.36% |
| Apr 30, 2023 | 19.63% |
| Jan 31, 2023 | 13.74% |
| Oct 31, 2022 | 33.98% |
| Jul 31, 2022 | 40.84% |
| Apr 30, 2022 | 13.06% |
| Jan 31, 2022 | 17.00% |
| Oct 31, 2021 | 38.97% |
| Jul 31, 2021 | 15.62% |
| Apr 30, 2021 | 33.19% |