Zscaler (ZS) Research & Development (2017 - 2026)
Zscaler (ZS) posted quarterly Research & Development of $368.9 million for Q1 2026, up 19.84% year-over-year from $307.9 million in Q1 2025, and down 1.24% quarter-over-quarter from $373.6 million in Q4 2025.
Zscaler (ZS) Research & Development (2017 - 2026) Analysis & Trends
Zscaler (ZS) has reported Research & Development for 10 consecutive years, with $368.9 million the latest figure, recorded in Q1 2026.
- In Q1 2026, Research & Development rose 19.84% year-over-year to $368.9 million; the TTM figure through Jan 2026 stood at $1.1 billion (up 160.51% YoY), while the FY2025 annual figure was $672.5 million, up 34.54% from the prior year.
- Research & Development slipped to $368.9 million in Q1 2026 per ZS's latest filing, from $373.6 million in the prior quarter.
- Across five years, Research & Development topped out at $373.6 million in Q4 2025 and bottomed at -$306.2 million in Q3 2024.
- Historically, Research & Development has averaged $169.1 million across 5 years, with a median of $177.6 million in 2025.
- Annual changes were most pronounced in 2022 — Research & Development soared 369.16% — and 2024, when it sank 414.26%.
- Zscaler's Research & Development stood at $74.9 million in 2022, then surged by 51.49% to $113.5 million in 2023, then jumped by 35.86% to $154.3 million in 2024, then jumped by 142.17% to $373.6 million in 2025, then declined by 1.24% to $368.9 million in 2026.
- Business Quant data shows ZS's Research & Development at $368.9 million in Q1 2026, $373.6 million in Q4 2025, and $177.6 million in Q3 2025.
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Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | R&D (Qtr) |
|---|---|---|---|---|---|
| 1 | Microsoft | 3,679.34 Bn | 3,546.58 Bn | 60.48 Bn | 10.00 Bn |
| 2 | Oracle | 433.50 Bn | 402.15 Bn | - | 4.01 Bn |
| 3 | Palantir Technologies | 418.20 Bn | 408.90 Bn | 1.64 Bn | 339.50 Mn |
| 4 | Palo Alto Networks | 312.41 Bn | 309.30 Bn | 2.03 Bn | 1.16 Bn |
| 5 | Fortinet | 117.38 Bn | 113.31 Bn | 1.64 Bn | 669.10 Mn |
| 6 | Cloudflare | 101.74 Bn | 97.57 Bn | 499.52 Mn | 276.12 Mn |
| 7 | Synopsys | 80.70 Bn | 78.49 Bn | 1.77 Bn | 396.38 Mn |
| 8 | CoreWeave | 58.00 Bn | 52.46 Bn | 1.70 Bn | 60.00 Mn |
| 9 | Block | 49.79 Bn | 43.33 Bn | 3.17 Bn | 664.96 Mn |
| 10 | Zscaler | 29.48 Bn | 26.12 Bn | 624.49 Mn | 368.95 Mn |
Historic Data
Download Data| Date | Value |
|---|---|
| Jan 31, 2026 | 368.95 Mn |
| Oct 31, 2025 | 373.56 Mn |
| Jul 31, 2025 | 177.61 Mn |
| Apr 30, 2025 | 169.77 Mn |
| Jan 31, 2025 | 307.87 Mn |
| Oct 31, 2024 | 154.25 Mn |
| Jul 31, 2024 | -306.21 Mn |
| Apr 30, 2024 | 262.45 Mn |
| Jan 31, 2024 | 276.48 Mn |
| Oct 31, 2023 | 113.54 Mn |
| Jul 31, 2023 | 97.44 Mn |
| Apr 30, 2023 | 92.64 Mn |
| Jan 31, 2023 | 235.95 Mn |
| Oct 31, 2022 | 74.95 Mn |
| Jul 31, 2022 | 214.23 Mn |
| Apr 30, 2022 | 192.13 Mn |
| Jan 31, 2022 | 69.20 Mn |
| Oct 31, 2021 | 65.22 Mn |
| Jul 31, 2021 | -148.37 Mn |
| Apr 30, 2021 | 40.95 Mn |