Zscaler (ZS) Net Margin (2017 - 2026)
Zscaler (ZS) posted quarterly Net Margin of 4.2% for Q1 2026, down 301.0% year-over-year from 2.09% in Q1 2025, and down 185.29% quarter-over-quarter from 1.47% in Q4 2025.
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Analysis
Zscaler (ZS) Net Margin (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Net Margin for 10 consecutive years, with 4.2% the latest figure, recorded in Q1 2026.
- In Q1 2026, Net Margin fell 301.0% year-over-year to 4.2%; the TTM figure through Jan 2026 stood at 2.25% (down 161.0% YoY), while the FY2025 annual figure was 1.55%, up 111.0% from the prior year.
- Net Margin slipped to 4.2% in Q1 2026 per ZS's latest filing, from 1.47% in the prior quarter.
- Across five years, Net Margin topped out at 3.46% in Q2 2024 and bottomed at 39.31% in Q1 2022.
- Historically, Net Margin has averaged 10.6% across 5 years, with a median of 5.42% in 2024.
- Annual changes were most pronounced in 2023 — Net Margin jumped 2449 bps — and 2025, when it plunged 407 bps.
- Zscaler's Net Margin stood at 19.17% in 2022, then surged by 65 bps to 6.74% in 2023, then soared by 72 bps to 1.91% in 2024, then gained by 23 bps to 1.47% in 2025, then tumbled by 185 bps to 4.2% in 2026.
- Business Quant data shows ZS's Net Margin at 4.2% in Q1 2026, 1.47% in Q4 2025, and 2.44% in Q3 2025.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,718.29 Bn | 3,585.54 Bn | 60.48 Bn | 36.78% |
| 2 | Oracle | 452.14 Bn | 420.24 Bn | - | 13.89% |
| 3 | Palantir Technologies | 418.25 Bn | 408.84 Bn | 1.64 Bn | 55.08% |
| 4 | Palo Alto Networks | 265.90 Bn | 262.79 Bn | 2.03 Bn | -5.90% |
| 5 | CrowdStrike Holdings | 217.15 Bn | 212.14 Bn | 1.10 Bn | 0.36% |
| 6 | Fortinet | 114.54 Bn | 110.47 Bn | 1.64 Bn | 29.55% |
| 7 | Cloudflare | 98.54 Bn | 94.37 Bn | 499.52 Mn | -24.42% |
| 8 | Synopsys | 75.44 Bn | 71.83 Bn | 1.80 Bn | 22.03% |
| 9 | Block | 49.56 Bn | 43.13 Bn | 3.17 Bn | 1.32% |
| 10 | Zscaler | 27.01 Bn | 23.50 Bn | 624.49 Mn | -4.21% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jan 31, 2026 | -4.21% |
| Oct 31, 2025 | -1.47% |
| Jul 31, 2025 | -2.44% |
| Apr 30, 2025 | -0.61% |
| Jan 31, 2025 | -1.19% |
| Oct 31, 2024 | -1.92% |
| Jul 31, 2024 | -2.51% |
| Apr 30, 2024 | 3.46% |
| Jan 31, 2024 | -5.43% |
| Oct 31, 2023 | -6.74% |
| Jul 31, 2023 | -6.74% |
| Apr 30, 2023 | -11.00% |
| Jan 31, 2023 | -14.82% |
| Oct 31, 2022 | -19.17% |
| Jul 31, 2022 | -30.69% |
| Apr 30, 2022 | -35.35% |
| Jan 31, 2022 | -39.31% |
| Oct 31, 2021 | -39.40% |
| Jul 31, 2021 | -41.11% |
| Apr 30, 2021 | -33.14% |