Zscaler (ZS) Operating Margin (2017 - 2026)
Zscaler's (ZS) quarterly Operating Margin came in at 6.35% in Q1 2026, down 15.0% year-over-year from 7.47% in Q1 2025, and down 37.56% quarter-over-quarter from 4.61% in Q4 2025.
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Analysis
Zscaler (ZS) Operating Margin (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Operating Margin for 10 consecutive years, with 6.35% the latest figure, recorded in Q1 2026.
- On a quarterly basis, Operating Margin fell 15.0% year-over-year to 6.35% in Q1 2026; TTM through Jan 2026 was 4.86%, a 70.0% decrease from a year earlier, with the FY2026 full-year figure at 3.98%, up 83.0% from the prior year.
- Operating Margin was 6.35% for Q1 2026 at Zscaler, down from 4.61% in the prior quarter.
- Over five years, Operating Margin peaked at 0.54% in Q2 2024 and troughed at 32.84% in Q1 2022.
- A 5-year average of 11.86% and a median of 8.66% in 2024 frame the typical range for Operating Margin.
- Across the five-year window, Operating Margin sank 534 bps in 2022 and soared 1688 bps in 2023, its largest moves.
- Over 5 years, Operating Margin stood at 19.43% in 2022, then surged by 52 bps to 9.27% in 2023, then surged by 47 bps to 4.88% in 2024, then gained by 6 bps to 4.61% in 2025, then plunged by 38 bps to 6.35% in 2026.
- The last three Operating Margin figures came in at 6.35% (Q1 2026), 4.61% (Q4 2025), and 4.48% (Q3 2025), per Business Quant data.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Operating Margin (Qtr) |
|---|---|---|---|---|---|
| 1 | Palo Alto Networks | 320.54 Bn | 317.47 Bn | 2.30 Bn | 5.04% |
| 2 | CrowdStrike Holdings | 268.77 Bn | 263.80 Bn | 1.10 Bn | -2.26% |
| 3 | Fortinet | 131.12 Bn | 127.05 Bn | 1.64 Bn | 33.66% |
| 4 | Snowflake | 118.02 Bn | 115.67 Bn | 1.04 Bn | -17.00% |
| 5 | Datadog | 90.27 Bn | 85.29 Bn | 881.34 Mn | 0.49% |
| 6 | Axon Enterprise | 36.61 Bn | 35.93 Bn | 546.45 Mn | 5.17% |
| 7 | Zscaler | 34.97 Bn | 31.49 Bn | - | - |
| 8 | MongoDB | 34.51 Bn | 32.10 Bn | 569.77 Mn | 3.68% |
| 9 | Okta | 34.32 Bn | 32.02 Bn | 641.00 Mn | 13.29% |
| 10 | Baidu | 30.55 Bn | 8.15 Bn | 1.76 Mn | 9.66% |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jan 31, 2026 | -6.35% |
| Oct 31, 2025 | -4.61% |
| Jul 31, 2025 | -4.48% |
| Apr 30, 2025 | -3.75% |
| Jan 31, 2025 | -6.20% |
| Oct 31, 2024 | -4.88% |
| Jul 31, 2024 | -4.55% |
| Apr 30, 2024 | -0.54% |
| Jan 31, 2024 | -8.66% |
| Oct 31, 2023 | -9.27% |
| Jul 31, 2023 | -9.79% |
| Apr 30, 2023 | -13.31% |
| Jan 31, 2023 | -16.83% |
| Oct 31, 2022 | -19.43% |
| Jul 31, 2022 | -25.95% |
| Apr 30, 2022 | -30.19% |
| Jan 31, 2022 | -32.84% |
| Oct 31, 2021 | -32.26% |
| Jul 31, 2021 | -34.20% |
| Apr 30, 2021 | -24.86% |
API Access
Zscaler Operating Margin 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-margin&ticker=ZS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-margin", "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-margin&ticker=ZS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();