Zscaler (ZS) Operating Expenses (2017 - 2026)
Zscaler (ZS) posted quarterly Operating Expenses of $676.3 million for Q1 2026, up 25.34% year-over-year from $539.5 million in Q1 2025, and up 5.71% quarter-over-quarter from $639.7 million in Q4 2025.
Zscaler (ZS) Operating Expenses (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Operating Expenses for 10 consecutive years, with $676.3 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Expenses rose 25.34% year-over-year to $676.3 million; the TTM figure through Jan 2026 stood at $2.4 billion (up 23.11% YoY), while the FY2025 annual figure was $2.2 billion, up 20.49% from the prior year.
- Operating Expenses grew to $676.3 million in Q1 2026 per ZS's latest filing, from $639.7 million in the prior quarter.
- Across five years, Operating Expenses topped out at $676.3 million in Q1 2026 and bottomed at $281.7 million in Q1 2022.
- Historically, Operating Expenses has averaged $454.3 million across 5 years, with a median of $437.9 million in 2024.
- Annual changes were most pronounced in 2022 — Operating Expenses jumped 70.67% — and 2024, when it gained 15.63%.
- Zscaler's Operating Expenses stood at $347.9 million in 2022, then advanced by 23.98% to $431.4 million in 2023, then gained by 19.89% to $517.2 million in 2024, then increased by 23.7% to $639.7 million in 2025, then climbed by 5.71% to $676.3 million in 2026.
- Business Quant data shows ZS's Operating Expenses at $676.3 million in Q1 2026, $639.7 million in Q4 2025, and $579.2 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 12.28 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 13.05 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 726.59 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 2.21 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 953.90 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 705.21 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 1.57 Bn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 2.62 Bn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 2.72 Bn |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | 676.26 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 676.26 Mn |
| Oct 31, 2025 | 639.72 Mn |
| Jul 31, 2025 | 579.23 Mn |
| Apr 30, 2025 | 547.47 Mn |
| Jan 31, 2025 | 539.54 Mn |
| Oct 31, 2024 | 517.16 Mn |
| Jul 31, 2024 | 489.61 Mn |
| Apr 30, 2024 | 437.88 Mn |
| Jan 31, 2024 | 453.26 Mn |
| Oct 31, 2023 | 431.37 Mn |
| Jul 31, 2023 | 396.88 Mn |
| Apr 30, 2023 | 378.70 Mn |
| Jan 31, 2023 | 365.23 Mn |
| Oct 31, 2022 | 347.94 Mn |
| Jul 31, 2022 | 332.28 Mn |
| Apr 30, 2022 | 309.38 Mn |
| Jan 31, 2022 | 281.71 Mn |
| Oct 31, 2021 | 252.72 Mn |
| Jul 31, 2021 | 218.99 Mn |
| Apr 30, 2021 | 181.28 Mn |