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ZS Operating Expenses

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In Q2'26, ZS's operating expenses reached $676.3M, comprising $229.1M in R&D expenses and $447.1M in SG&A expenses, marking a notable increase from the prior quarter's $639.7M total. From Q3'23 to Q2'26, total operating expenses exhibited a consistent upward trend, growing from $372.4M to $676.3M, driven primarily by SG&A expenses which rose steadily from $279.8M to $447.1M, while R&D expenses accelerated more sharply from $92.6M to $229.1M after Q1'25. This expansion reflects sustained investments in sales, general, and administrative functions alongside research and development, with no significant declines observed across the 12-quarter period, highlighting potential scaling efforts in a competitive tech landscape.