Zscaler (ZS) Net Margin (2017 - 2026)
Zscaler's (ZS) quarterly Net Margin came in at 4.21% in Q1 2026, down 301.0% year-over-year from 2.09% in Q1 2025, and down 185.4% 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 4.21% the latest figure, recorded in Q1 2026.
- On a quarterly basis, Net Margin fell 301.0% year-over-year to 4.21% in Q1 2026; TTM through Jan 2026 was 2.25%, a 161.0% decrease from a year earlier, with the FY2026 full-year figure at 1.88%, down 33.0% from the prior year.
- Net Margin was 4.21% for Q1 2026 at Zscaler, down from 1.47% in the prior quarter.
- Over five years, Net Margin peaked at 3.46% in Q2 2024 and troughed at 39.31% in Q1 2022.
- A 5-year average of 10.6% and a median of 5.43% in 2024 frame the typical range for Net Margin.
- Across the five-year window, Net Margin soared 2448 bps in 2023 and sank 407 bps in 2025, its largest moves.
- Over 5 years, Net Margin stood at 19.17% in 2022, then soared by 65 bps to 6.74% in 2023, then jumped by 72 bps to 1.92% in 2024, then grew by 23 bps to 1.47% in 2025, then sank by 185 bps to 4.21% in 2026.
- The last three Net Margin figures came in at 4.21% (Q1 2026), 1.47% (Q4 2025), and 2.44% (Q3 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | -8.27% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 0.36% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 29.55% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | -12.39% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 3.97% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 3.25% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 5.30% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 14.41% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 7.02% |
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% |
API Access
Zscaler Net 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=net-margin&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "net-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=net-margin&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();