TTM
32.2%
YoY change
+0.20pp
Trough year (2016)
-22.6%
Peak year (2025)
27.2%
Latest annual
27.2%
FCF Margin history chart for Zscaler (ZS) from 2015 to 2025
Latest: 27.2%
FCF Margin change chart for Zscaler (ZS) from 2015 to 2025
Latest: +0.20pp
FCF Margin history table for Zscaler (ZS) from 2015 to 2025
| 2025 | 27.2% | +0.20pp | ||
| 2024 | 27.0% | +6.35pp | ||
| 2023 | 20.6% | -0.57pp | ||
| 2022 | 21.2% | -0.15pp | ||
| 2021 | 21.4% | +14.98pp | ||
| 2020 | 6.4% | -2.82pp | ||
| 2019 | 9.2% | +8.08pp | ||
| 2018 | 1.1% | +12.41pp | ||
| 2017 | -11.3% | +11.32pp | ||
| 2016 | -22.6% | -4.02pp | ||
| 2015 | -18.6% | — |
- 202527.2%+0.20pp
- 202427.0%+6.35pp
- 202320.6%-0.57pp
- 202221.2%-0.15pp
- 202121.4%+14.98pp
- 20206.4%-2.82pp
- 20199.2%+8.08pp
- 20181.1%+12.41pp
- 2017-11.3%+11.32pp
- 2016-22.6%-4.02pp
- 2015-18.6%—
FCF Margin values are taken from Zscaler's reported income statements (quarterly 10-Q and annual 10-K filings with the U.S. Securities and Exchange Commission). Each row shows the period end date and the filing date. YoY compares each figure to the same period one year earlier. Amounts are in USD as filed.
About FCF Margin at Zscaler (ZS)
According to Zscaler's latest reported financial statements, the company's latest reported free cash flow margin is 32.2%. Free cash flow margin is free cash flow divided by revenue — the share of each sales dollar that converts into cash after capital expenditures. Because free cash flow cannot be inflated by non-cash accounting, FCF margin is a clean read on how efficiently a business turns revenue into deployable cash.
Headline figure above is from the reporting period ending (reported ). Chart and table below cover the full reported history back to .
The 2025 reading of Zscaler (ZS) free cash flow margin is 27.19% – expanded 0.2 percentage points year-over-year.
The highest annual free cash flow margin of 27.19% was reported in 2025. The lowest in the available history was -22.61% in 2016.
Zscaler FCF Margin by Year
Zscaler FCF Margin 2025: 27.2%
In 2025, Zscaler reported free cash flow margin of 27.19%, expanded 0.2 percentage points from 2024. This figure represents the highest annual value in the available history.
Zscaler FCF Margin 2024: 27.0%
Zscaler free cash flow margin in 2024 was 26.98%, expanded 6.4 percentage points from 2023.
Zscaler FCF Margin 2023: 20.6%
2023's free cash flow margin for Zscaler came in at 20.63%, contracted 0.6 percentage points from 2022.
Zscaler FCF Margin 2022: 21.2%
Zscaler posted free cash flow margin of 21.20% in 2022, contracted 0.2 percentage points from 2021.
Zscaler FCF Margin 2021: 21.4%
Zscaler free cash flow margin in 2021 was 21.36%.
See more financial history for Zscaler (ZS).
Sector peers by FCF Margin
Technology peers of Zscaler (ZS), ranked by their latest free cash flow margin
| 47.0% | |
| 43.4% | |
| 28.6% | |
| 26.6% | |
| 25.5% | |
| 22.9% | |
| 22.9% | |
| 17.7% |
- 47.0%
- 43.4%
- 28.6%
- 26.6%
- 25.5%
- 22.9%
- 22.9%
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