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Zscaler ZS EBITDA margin

EBITDA margin at other companies

Cisco Systems, Inc. logo
Cisco Systems, Inc.CSCO
27.5%+1.8pp
Fortinet logo
FortinetFTNT
33.3%-0.3pp
Cloudflare, Inc. logo
Cloudflare, Inc.NET
-0.5%-0.1pp
CrowdStrike Holdings, Inc. logo
CrowdStrike Holdings, Inc.CRWD
1.8%+1.6pp
Broadcom Inc. logo
Broadcom Inc.AVGO
55%+2.4pp
Akamai Technologies logo
Akamai TechnologiesAKAM
29.2%-0.4pp

Other financials

Income statement

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Revenue$850.5M+25.4%
Gross profit$657.8M+26.0%
Operating income-$29.6M-16.6%
Net income-$13.9M-237%
EPS (diluted)-$0.09-200%

Balance sheet

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Cash & equivalents$982.1M-50.7%
Total debt$1.7B+40.9%
Total equity$2.4B+31.1%
Total assets$7.1B+32.9%

Cash flow

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Operating cash flow$198.0M-6.2%
CapEx$42.4M-41.2%
Free cash flow$155.6M+12.0%

Valuation

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Market cap$20.19B-35.4%
Enterprise value$20.94B-31.5%
P/S6.4×-5.9×

Profitability

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Gross margin76.7%-0.7pp
Operating margin-4.7%-0.1pp
Net margin-2.4%+3.7pp

Returns & leverage

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Return on equity-3.7%+2.3pp
Debt / equity0.7×+0.1×
Current ratio1.9×+0.6×

Where this comes from

Calculated from Zscaler’s reported figures.

Based on trailing twelve months.

The official record: Zscaler’s 10-Q, filed May 26, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is Zscaler's EBITDA margin?
Zscaler (ZS) reported EBITDA margin of -2.8% in Q1 2026.
How has Zscaler's EBITDA margin changed year-over-year?
Zscaler's EBITDA margin increased by 13.1% year-over-year, from -3.2% to -2.8%.
What is the long-term trend for Zscaler's EBITDA margin?
Over 4 years (2021 to 2025), Zscaler's EBITDA margin has grown at a -41.3% compound annual growth rate (CAGR), from -116.8% to -13.9%.
What does EBITDA margin mean?
Operating cash profitability per sales dollar, before interest, taxes, and non-cash charges.
How do you interpret EBITDA margin?
Useful for comparing operating profitability across firms with different depreciation policies and leverage. High EBITDA margin alongside heavy capex can still mean weak free cash flow — pair it with FCF margin.
How does EBITDA margin compare across companies?
Widely used to compare capital-intensive businesses on a like-for-like basis. Less meaningful for banks and insurers.