R1 limits supply current. The load takes part of that current, and the reverse-biased Zener takes the remainder. If the supply cannot provide enough current to reach breakdown, the diode turns off and R1/R2 behave as an ordinary divider.
Vout=min(VZ,VinR1+R2R2)
The calculation uses a constant Zener voltage. The simulated diode has a soft breakdown knee; its voltage varies with current. Check real device current and power ratings separately.
Change the form inputs or click a component value on the schematic. Choose Try in CircuitSim to simulate the configured circuit.