Zscaler (ZS) Operating Leases (2019 - 2026)
Zscaler (ZS) posted quarterly Operating Leases of $94.1 million for Q1 2026, up 129.96% year-over-year from $40.9 million in Q1 2025, and up 43.05% quarter-over-quarter from $65.8 million in Q4 2025.
Zscaler (ZS) Operating Leases (2019 - 2026) Analysis & Trends
Zscaler (ZS) has reported Operating Leases for 8 consecutive years, with $94.1 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Operating Leases rose 129.96% year-over-year to $94.1 million; the TTM figure through Jan 2026 stood at $94.1 million (up 129.96% YoY), while the FY2025 annual figure was $43.4 million, down 3.28% from the prior year.
- Operating Leases advanced to $94.1 million in Q1 2026 per ZS's latest filing, from $65.8 million in the prior quarter.
- Across five years, Operating Leases topped out at $94.1 million in Q1 2026 and bottomed at $29.3 million in Q1 2022.
- Historically, Operating Leases has averaged $46.8 million across 5 years, with a median of $43.6 million in 2023.
- Annual changes were most pronounced in 2025 — Operating Leases sank 30.27% — and 2026, when it soared 129.96%.
- Zscaler's Operating Leases stood at $51.1 million in 2022, then dropped by 14.61% to $43.6 million in 2023, then dropped by 3.83% to $41.9 million in 2024, then jumped by 56.83% to $65.8 million in 2025, then surged by 43.05% to $94.1 million in 2026.
- Business Quant data shows ZS's Operating Leases at $94.1 million in Q1 2026, $65.8 million in Q4 2025, and $43.4 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 94.08 Mn |
| Oct 31, 2025 | 65.77 Mn |
| Jul 31, 2025 | 43.35 Mn |
| Apr 30, 2025 | 32.70 Mn |
| Jan 31, 2025 | 40.91 Mn |
| Oct 31, 2024 | 41.94 Mn |
| Jul 31, 2024 | 44.82 Mn |
| Apr 30, 2024 | 46.90 Mn |
| Jan 31, 2024 | 47.91 Mn |
| Oct 31, 2023 | 43.61 Mn |
| Jul 31, 2023 | 41.92 Mn |
| Apr 30, 2023 | 42.88 Mn |
| Jan 31, 2023 | 46.23 Mn |
| Oct 31, 2022 | 51.07 Mn |
| Jul 31, 2022 | 50.95 Mn |
| Apr 30, 2022 | 31.03 Mn |
| Jan 31, 2022 | 29.28 Mn |
| Oct 31, 2021 | 30.53 Mn |
| Jul 31, 2021 | 31.23 Mn |
| Apr 30, 2021 | 35.47 Mn |