Zscaler (ZS) Gross Margin (2017 - 2026)
Zscaler (ZS) posted quarterly Gross Margin of 76.55% for Q1 2026, down 53.0% year-over-year from 162.88% in Q1 2025, and little changed quarter-over-quarter from 76.56% in Q4 2025.
Zscaler (ZS) Gross Margin (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Gross Margin for 10 consecutive years, with 76.55% the latest figure, recorded in Q1 2026.
- In Q1 2026, Gross Margin fell 53.0% year-over-year to 76.55%; the TTM figure through Jan 2026 stood at 76.53% (down 123.0% YoY), while the FY2025 annual figure was 76.87%, down 112.0% from the prior year.
- Gross Margin held at 76.55% in Q1 2026 per ZS's latest filing, from 76.56% in the prior quarter.
- Across five years, Gross Margin topped out at 78.61% in Q2 2024 and bottomed at 76.05% in Q3 2025.
- Historically, Gross Margin has averaged 77.45% across 5 years, with a median of 77.43% in 2023.
- Annual changes were most pronounced in 2022 — Gross Margin soared 160 bps — and 2025, when it tumbled 199 bps.
- Zscaler's Gross Margin stood at 78.43% in 2022, then dropped by 1 bps to 77.57% in 2023, then retreated by 0 bps to 77.47% in 2024, then declined by 1 bps to 76.56% in 2025, then retreated by 0 bps to 76.55% in 2026.
- Business Quant data shows ZS's Gross Margin at 76.55% in Q1 2026, 76.56% in Q4 2025, and 76.05% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Gross Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 67.20% |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | - |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 84.66% |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 67.55% |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 80.24% |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 71.76% |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 73.54% |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 65.86% |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 47.84% |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | 76.55% |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 76.55% |
| Oct 31, 2025 | 76.56% |
| Jul 31, 2025 | 76.05% |
| Apr 30, 2025 | 77.00% |
| Jan 31, 2025 | 77.08% |
| Oct 31, 2024 | 77.47% |
| Jul 31, 2024 | 78.04% |
| Apr 30, 2024 | 78.61% |
| Jan 31, 2024 | 77.68% |
| Oct 31, 2023 | 77.57% |
| Jul 31, 2023 | 77.43% |
| Apr 30, 2023 | 77.11% |
| Jan 31, 2023 | 77.40% |
| Oct 31, 2022 | 78.43% |
| Jul 31, 2022 | 78.52% |
| Apr 30, 2022 | 77.68% |
| Jan 31, 2022 | 77.39% |
| Oct 31, 2021 | 77.37% |
| Jul 31, 2021 | 76.92% |
| Apr 30, 2021 | 77.90% |