As of Q2'26 (2026-01-31), ZS reported an operating income of -51.77M USD, reflecting a year-over-year change of -28.98%. This marks a significant deterioration compared to the previous quarter, with both the absolute loss and YoY decline widening. Over the period from Q3'23 to Q2'26, ZS's operating income has consistently remained negative, though the magnitude of losses has fluctuated. The company saw a notable improvement in Q3'24, with losses narrowing to -3.01M USD and YoY growth peaking at 94.60%. However, this positive momentum was short-lived, as subsequent quarters experienced renewed declines, culminating in a sharp YoY drop of -743.38% in Q3'25. The overall trend indicates persistent operational challenges, with only brief periods of improvement amid a generally volatile and deteriorating performance.