Background Case reports have described herpes zoster (HZ) in patients with COVID-19. However, this constitutes low-quality evidence for an association. We therefore performed a retrospective cohort study to assess the risk of developing HZ following a COVID-19 diagnosis. Methods We compared the HZ incidence in ≥50-year-olds diagnosed with COVID-19 versus those never diagnosed with COVID-19. We used data from the US MarketScan Commercial Claims and Encounters and Medicare Supplemental (3/2020-2/2021) and Optum Clinformatics Data Mart (3-12/2020) databases. Individuals with COVID-19 were exact-matched 1:4 to those without COVID-19 by age, sex, presence of HZ risk factors and health-care cost level. Adjusted incidence rate ratios (aIRRs) were estimated by Poisson regression. Results 394,677 individuals ≥50 years old with COVID-19 were matched with 1,577,346 individuals without COVID-19. Mean follow-up time after COVID-19 diagnosis and baseline characteristics were balanced between cohorts. Individuals diagnosed with COVID-19 had a 15% higher HZ risk than those without COVID-19 (aIRR: 1.15, 95% confidence interval [CI]: 1.07-1.24; p<0.001). The increased HZ risk was more pronounced (21%) following COVID-19 hospitalization (aIRR: 1.21, 95%CI: 1.03-1.41; p=0.02). Conclusions We found that COVID-19 diagnosis in ≥50-year-olds was associated with a significantly increased risk of developing HZ, highlighting the relevance of maintaining HZ vaccination.