In the most recent quarter, Q2'26, ZS's Gross Margin remained stable at 76.6%, while Operating Margin declined to -6.3%, and Net Profit Margin fell to -4.2%, indicating ongoing profitability challenges amid operational costs. Over the period from Q3'23 to Q2'26, Gross Margin exhibited a gradual upward trend from 77.1% to a peak of 78.6% in Q3'24 before stabilizing around 76-77%, reflecting improved cost efficiencies in core operations. Operating Margin showed volatility, improving from -13.3% to near breakeven at -0.5% in Q3'24, but reverting to deeper losses averaging -4% to -6% thereafter due to rising expenses. Net Profit Margin followed a similar pattern, shifting from -11% to a brief positive 3.5% in Q3'24 before fluctuating in negative territory, with recent quarters highlighting persistent pressures on bottom-line profitability despite gross margin resilience. The overall trend underscores ZS's progress in gross profitability but underscores the need for better expense control to achieve sustainable net margins, as evidenced by the line chart's depiction of intermittent recoveries amid broader declines.