Zscaler (ZS) Net Margin (2017 - 2026)
Zscaler (ZS) reported Net Margin of 4.21% for 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.
Zscaler (ZS) Net Margin (2017 - 2026) Analysis & Trends
Zscaler (ZS) has 10 years of Net Margin data on file, last reported at 4.21% in Q1 2026.
- Net Margin for Q1 2026 came in at 4.21%, down 301.0% year-over-year; the trailing twelve-month figure through Jan 2026 was 2.25% (down 161.0% YoY), and the FY2025 annual result was 1.55%, up 111.0% from the prior year.
- Net Margin fell to 4.21% in Q1 2026 per ZS's latest filing, from 1.47% in the prior quarter.
- Over five years, Net Margin peaked at 3.46% in Q2 2024 and troughed at 39.29% 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.
- The sharpest annual moves came in 2023 and 2025: Net Margin soared 2447 bps in 2023, then plunged 407 bps in 2025.
- A 5-year view of Net Margin shows it stood at 19.16% in 2022, then surged by 65 bps to 6.74% in 2023, then surged by 72 bps to 1.91% in 2024, then rose by 23 bps to 1.47% in 2025, then plunged by 185 bps to 4.21% in 2026.
- Business Quant data shows ZS's Net Margin at 4.21% in Q1 2026, 1.47% in Q4 2025, and 2.44% in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Net Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,095.86 Bn | 3,017.59 Bn | 56.06 Bn | 38.34% |
| 2 | Alarum Technologies | 1,030.32 Bn | 1,016.16 Bn | 7.23 Mn | 5.06% |
| 3 | Oracle | 614.12 Bn | 575.54 Bn | 15.14 Bn | 21.52% |
| 4 | Palantir Technologies | 324.44 Bn | 316.52 Bn | 1.42 Bn | 53.68% |
| 5 | Palo Alto Networks | 189.07 Bn | 184.54 Bn | 1.91 Bn | 16.65% |
| 6 | CrowdStrike Holdings | 168.14 Bn | 165.09 Bn | 993.68 Mn | 4.71% |
| 7 | Fortinet | 106.89 Bn | 103.59 Bn | 1.49 Bn | 28.90% |
| 8 | Cloudflare | 88.20 Bn | 87.25 Bn | 455.60 Mn | -3.58% |
| 9 | Synopsys | 88.13 Bn | 88.01 Bn | 1.77 Bn | 2.69% |
| 10 | Zscaler | 20.81 Bn | 17.30 Bn | 624.49 Mn | -4.21% |
Historic Data
Download 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 | -1.91% |
| 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 | -19.16% |
| Jul 31, 2022 | -30.70% |
| Apr 30, 2022 | -35.36% |
| Jan 31, 2022 | -39.29% |
| Oct 31, 2021 | -39.40% |
| Jul 31, 2021 | -41.11% |
| Apr 30, 2021 | -33.12% |