As of Q2'26 (2026-01-31), ZS reported R&D Expenses of USD 229.1M and SG&A Expenses of USD 447.1M, marking the highest levels observed within the covered period. Both categories have shown consistent quarter-over-quarter increases, with SG&A Expenses remaining the dominant component of total operating expenses. From Q3'23 (2023-04-30) to Q2'26 (2026-01-31), both R&D and SG&A Expenses have exhibited a strong upward trend. R&D Expenses grew from USD 92.6M to USD 229.1M, while SG&A Expenses increased from USD 279.8M to USD 447.1M. Notably, the growth in expenses accelerated after Q4'24, with several quarters showing significant jumps, especially in SG&A. This pattern indicates sustained investment in both research and operational activities, with SG&A consistently representing the larger share of operating expenses throughout the period.