Framed by social identity and cognitive moral reasoning theories, this paper assessed Gen Zs' level of principled moral reasoning, discovered during their undergraduate college years, and influences revealed by demographic variations using the Moral Reasoning Inventory. We discovered that Gen Zs' principled moral reasoning was lower than research reporting on Millennials, but not as dramatic a decline as scholars reported when investigating Baby Boomers, Generation Xers, and Millennials' Pscores. We found some differences within our sample based on business discipline (academic major), the most powerful influence on Gen Zs' principled moral reasoning, followed by gender, work experience, and academic intelligence (GPA). Years in an academic program were not seen as influencing Gen Zs' principled moral reasoning. Overall, we conclude that Gen Zs may not exhibit a homogenous ethical identity as measured by their level of principled moral reasoning. Implications of these findings are discussed.