Zscaler (ZS) Operating Expenses (2017 - 2026)
Zscaler's (ZS) quarterly Operating Expenses came in at $676.3 million in 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.
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Analysis
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.
- On a quarterly basis, Operating Expenses rose 25.34% year-over-year to $676.3 million in Q1 2026; TTM through Jan 2026 was $2.4 billion, a 23.11% increase from a year earlier, with the FY2026 full-year figure at $2.7 billion, up 24.03% from the prior year.
- Operating Expenses was $676.3 million for Q1 2026 at Zscaler, up from $639.7 million in the prior quarter.
- Over five years, Operating Expenses peaked at $676.3 million in Q1 2026 and troughed at $281.7 million in Q1 2022.
- A 5-year average of $454.3 million and a median of $437.9 million in 2024 frame the typical range for Operating Expenses.
- Across the five-year window, Operating Expenses soared 70.67% in 2022 and rose 15.63% in 2024, its largest moves.
- Over 5 years, Operating Expenses stood at $347.9 million in 2022, then rose by 23.98% to $431.4 million in 2023, then increased by 19.89% to $517.2 million in 2024, then climbed by 23.7% to $639.7 million in 2025, then gained by 5.71% to $676.3 million in 2026.
- The last three Operating Expenses figures came in at $676.3 million (Q1 2026), $639.7 million (Q4 2025), and $579.2 million (Q3 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 2.13 Bn |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | 1.13 Bn |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 953.90 Mn |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | 1.30 Bn |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 875.89 Mn |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 499.67 Mn |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 541.37 Mn |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 534.00 Mn |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 4.17 Bn |
Historic Data
Download Data
Historic 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 |
API Access
Zscaler Operating Expenses 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=operating-expenses&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();