Zscaler (ZS) Operating Margin (2017 - 2026)

Zscaler (ZS) has 10 years of Operating Margin data on file, last reported at 6.35% 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 FY2025 full-year figure at 4.81%, up 80.0% from the prior year.
• Operating Margin for Q1 2026 stood at 6.35%, down from 4.61% in the prior quarter.
• Over the last five years, Operating Margin for ZS reached as high as 0.54% in Q2 2024 and fell as low as 32.84% in Q1 2022.
• Historically, Operating Margin has averaged 11.86% across 5 years, with a median of 8.66% in 2024.
• Across the five-year window, Operating Margin slumped 534 bps in 2022 and surged 1688 bps in 2023, its largest moves.
• Year by year, Operating Margin stood at 19.43% in 2022, then soared by 52 bps to 9.27% in 2023, then soared by 47 bps to 4.88% in 2024, then increased by 6 bps to 4.61% in 2025, then plunged by 38 bps to 6.35% in 2026.
• Per Business Quant data, the three most recent Operating Margin figures were 6.35% in Q1 2026, 4.61% in Q4 2025, and 4.48% in Q3 2025.