Zscaler (ZS) Operating Income (2017 - 2026)
Zscaler (ZS) posted quarterly Operating Income of -$51.8 million for Q1 2026, down 28.98% year-over-year from -$72.9 million in Q1 2025, and down 42.38% quarter-over-quarter from -$36.4 million in Q4 2025.
Zscaler (ZS) Operating Income (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Operating Income for 10 consecutive years, with -$51.8 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Income fell 28.98% year-over-year to -$51.8 million; the TTM figure through Jan 2026 stood at -$145.8 million (down 44.67% YoY), while the FY2025 annual figure was -$128.5 million, down 5.75% from the prior year.
- Operating Income retreated to -$51.8 million in Q1 2026 per ZS's latest filing, from -$36.4 million in the prior quarter.
- Across five years, Operating Income topped out at -$3.0 million in Q2 2024 and bottomed at -$86.6 million in Q2 2022.
- Historically, Operating Income has averaged -$48.6 million across 5 years, with a median of -$45.5 million in 2024.
- Annual changes were most pronounced in 2024 — Operating Income surged 94.6% — and 2025, when it plunged 743.38%.
- Zscaler's Operating Income stood at -$69.1 million in 2022, then soared by 33.33% to -$46.1 million in 2023, then soared by 33.42% to -$30.7 million in 2024, then declined by 18.57% to -$36.4 million in 2025, then sank by 42.38% to -$51.8 million in 2026.
- Business Quant data shows ZS's Operating Income at -$51.8 million in Q1 2026, -$36.4 million in Q4 2025, and -$32.2 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Op. Inc (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 40.60 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 6.13 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 912.00 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | -183.00 Mn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 689.30 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | -205.70 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 203.05 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | -49.00 Mn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 446.87 Mn |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | -51.77 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | -51.77 Mn |
| Oct 31, 2025 | -36.36 Mn |
| Jul 31, 2025 | -32.24 Mn |
| Apr 30, 2025 | -25.41 Mn |
| Jan 31, 2025 | -40.14 Mn |
| Oct 31, 2024 | -30.67 Mn |
| Jul 31, 2024 | -26.95 Mn |
| Apr 30, 2024 | -3.01 Mn |
| Jan 31, 2024 | -45.46 Mn |
| Oct 31, 2023 | -46.06 Mn |
| Jul 31, 2023 | -44.55 Mn |
| Apr 30, 2023 | -55.75 Mn |
| Jan 31, 2023 | -65.24 Mn |
| Oct 31, 2022 | -69.09 Mn |
| Jul 31, 2022 | -82.53 Mn |
| Apr 30, 2022 | -86.60 Mn |
| Jan 31, 2022 | -83.93 Mn |
| Oct 31, 2021 | -74.37 Mn |
| Jul 31, 2021 | -67.40 Mn |
| Apr 30, 2021 | -43.85 Mn |