Zebra Technologies Corporation (ZBRA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q4 26	$4.38	$6.35	+45.0%	—	—	—
Q3 26	$4.25	$4.75	+11.8%	—	—	—
Q2 26	$4.33	$4.33	0.0%	—	—	—
Q1 26	$3.75	$3.88	+3.5%	—	—	—
Q4 25	$3.33	$3.61	+8.4%	—	—	—
Q3 25	$3.63	$4.02	+10.7%	—	—	—
Q2 25	$3.94	$4	+1.5%	—	—	—
Q1 25	$3.22	$3.49	+8.4%	—	—	—
Q4 24	$2.81	$3.18	+13.2%	—	—	—
Q3 24	$2.43	$2.84	+16.9%	—	—	—
Q2 24	$1.64	$1.71	+4.3%	—	—	—
Q1 24	$0.84	$0.87	+3.6%	—	—	—
Q4 23	$3.28	$3.29	+0.3%	—	—	—
Q3 23	$3.91	$3.94	+0.8%	—	—	—
Q2 23	$4.59	$4.75	+3.5%	—	—	—
Q1 23	$4.54	$4.12	-9.3%	—	—	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$8.24	—	—	$5.4B	—
FY24	—	$10.3	—	—	$5B	—
FY23	—	$5.75	—	—	$4.6B	—
FY22	—	$8.86	—	—	$5.8B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$3.6B	$3.7B	$4.2B	$4.5B	$4.4B	$5.6B	$5.8B	$4.6B	$5B	$5.4B
YoY change	-2.08%	+4.14%	+13.3%	+6.33%	-0.82%	+26.5%	+2.74%	-20.7%	+8.66%	+8.33%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	3.6B	3.7B	4.2B	4.5B	4.4B	5.6B	5.8B	4.6B	5B	5.4B
Cost of revenue	1.9B	2B	2.2B	2.4B	2.4B	3B	3.2B	2.5B	2.6B	2.8B
Gross profit	1.6B	1.7B	2B	2.1B	2B	2.6B	2.6B	2.1B	2.4B	2.6B
Gross margin	45.9%	45.9%	47%	46.8%	45%	46.7%	45.4%	46.3%	48.4%	48.1%
Research & development	376M	389M	444M	447M	453M	567M	570M	519M	563M	593M
Selling, general & administrative	751M	749M	811M	826M	787M	935M	982M	915M	981M	1.1B
Operating expenses	1.1B	1.1B	1.3B	1.3B	1.2B	1.5B	1.6B	1.4B	1.5B	1.7B
Operating income	286M	388M	629M	724M	685M	1B	936M	585M	765M	800M
Operating margin	8%	10.4%	14.9%	16.1%	15.4%	18%	16.2%	12.8%	15.4%	14.8%
Non-operating income, net	-222M	-73M	-14M	-37M	-49M	-38M	-415M	-118M	-32M	-132M
Pretax income	-129M	88M	524M	598M	560M	968M	544M	334M	635M	560M
Income tax	8M	71M	103M	54M	56M	131M	81M	38M	107M	141M
Net income	-137M	17M	421M	544M	504M	837M	463M	296M	528M	419M
Net margin	-3.83%	0.46%	9.98%	12.1%	11.3%	14.9%	8.01%	6.46%	10.6%	7.77%
EBITDA	579M	645M	814M	900M	834M	1.2B	1.6B	749M	955M	971M
EPS	-2.65	0.33	7.86	10.1	9.43	15.7	8.86	5.75	10.3	8.24
Diluted EPS	-2.65	0.32	7.76	9.97	9.35	15.5	8.8	5.72	10.2	8.18

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	956M	1B	1.2B	1.2B	1.3B	1.3B	1.3B	1.3B	1.3B	1.5B	1.5B	1.6B
Cost of revenue	529M	561M	612M	628M	642M	686M	663M	677M	686M	777M	753M	732M
Gross profit	427M	448M	563M	589M	613M	648M	645M	616M	634M	698M	742M	825M
Gross margin	44.7%	44.4%	47.9%	48.4%	48.8%	48.6%	49.3%	47.6%	48%	47.3%	49.6%	53%
Research & development	127M	116M	138M	146M	141M	138M	151M	144M	146M	152M	165M	159M
Selling, general & administrative	226M	214M	229M	247M	247M	258M	272M	260M	270M	284M	316M	298M
Operating expenses	353M	330M	367M	393M	388M	396M	423M	404M	416M	436M	481M	457M
Operating income	48M	92M	170M	171M	196M	228M	198M	187M	193M	222M	224M	331M
Operating margin	5.02%	9.12%	14.5%	14.1%	15.6%	17.1%	15.1%	14.5%	14.6%	15.1%	15%	21.3%
Non-operating income, net	-56M	-26M	-11M	-12M	-16M	7M	-10M	-24M	-11M	-87M	-20M	-11M
Pretax income	-24M	2M	142M	136M	149M	208M	165M	138M	159M	98M	167M	285M
Income tax	-9M	-15M	27M	23M	12M	45M	29M	26M	58M	28M	32M	52M
Net income	-15M	17M	115M	113M	137M	163M	136M	112M	101M	70M	135M	233M
Net margin	-1.57%	1.68%	9.79%	9.29%	10.9%	12.2%	10.4%	8.66%	7.65%	4.75%	9.03%	15%
EBITDA	90M	40M	210M	205M	239M	301M	237M	221M	233M	280M	269M	389M
EPS	-0.28	0.32	2.24	2.19	2.65	3.17	2.64	2.2	1.98	1.4	2.74	4.89
Diluted EPS	-0.28	0.31	2.23	2.17	2.64	3.14	2.62	2.19	1.97	1.39	2.72	4.85

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	4.4B	5.5B	8.5B	13.8B	20.5B	31.8B	13.4B	14B	19.9B	12.3B	17.6B
Enterprise value	6.9B	7.7B	10.1B	15.2B	21.8B	32.6B	15.5B	16.3B	21.3B	14.9B	20.4B
Shares outstanding	51.6M	53M	53.6M	54M	53.4M	53.4M	52.2M	51.4M	51.5M	50.8M	50.8M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	—	323.7	20.3	25.4	40.8	38	28.9	47.4	37.7	29.5	33.9
P/S	1.24	1.48	2.02	3.08	4.62	5.65	2.32	3.06	3.99	2.29	3.03
P/B	5.59	6.6	6.39	7.5	9.58	10.7	4.9	4.63	5.55	3.44	5.13
EV/EBITDA	11.9	11.9	12.4	16.9	26.1	27.3	9.99	21.8	22.4	15.4	17.2
EV/Sales	1.93	2.06	2.39	3.38	4.9	5.8	2.68	3.56	4.29	2.76	3.49
Earnings yield	—	0.31%	4.94%	3.94%	2.45%	2.63%	3.46%	2.11%	2.65%	3.4%	2.95%
FCF yield	6.85%	7.78%	8.45%	4.52%	4.36%	3.17%	3.09%	-0.65%	4.8%	6.73%	3.28%
PEG	—	—	—	—	—	—	—	—	—	—	0.28

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	45.9%	45.9%	47%	46.8%	45%	46.7%	45.4%	46.3%	48.4%	48.1%	53%
Operating margin	8%	10.4%	14.9%	16.1%	15.4%	18%	16.2%	12.8%	15.4%	14.8%	21.3%
Net margin	-3.83%	0.46%	9.98%	12.1%	11.3%	14.9%	8.01%	6.46%	10.6%	7.77%	9.22%
ROE	-17.3%	2.04%	31.5%	29.6%	23.5%	28%	16.9%	9.75%	14.7%	11.7%	15.3%
ROA	-2.96%	0.4%	9.7%	11.5%	9.38%	13.5%	6.15%	4.05%	6.63%	4.93%	7.32%
ROIC	8.71%	2.5%	17.5%	20.5%	18.2%	23%	16.5%	9.76%	12.6%	9.72%	11.8%
Return on tangible assets	11%	-1.36%	-37.8%	-50.2%	-35.9%	-66.8%	-30.3%	-19.2%	-80.2%	-16.3%	-24.3%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.29	1.06	0.89	0.85	0.69	0.94	0.81	1.05	1.43	0.97	0.52
Quick ratio	0.92	0.6	0.49	0.51	0.41	0.67	0.44	0.54	1.03	0.58	0.33
Debt / equity	3.34	2.67	1.19	0.76	0.65	0.38	0.8	0.8	0.66	0.75	0.86
Debt / assets	0.57	0.52	0.37	0.3	0.26	0.18	0.29	0.33	0.3	0.32	0.34
Net debt / EBITDA	4.3	3.36	1.9	1.53	1.48	0.68	1.35	3.04	1.53	2.65	2.4
Interest coverage	0.33	1.39	6.76	7.72	8.37	194.6	—	3.51	—	6.19	6.37
Effective tax rate	0%	80.7%	19.7%	9.03%	10%	13.5%	14.9%	11.4%	16.9%	25.2%	24%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	69.3	70.2	78.7	83.1	83.2	105.3	110.7	89.2	96.7	106.2	118.3
EPS (basic)	-2.65	0.33	7.86	10.1	9.43	15.7	8.86	5.75	10.3	8.24	8.24
EPS (diluted)	-2.65	0.32	7.76	9.97	9.35	15.5	8.8	5.72	10.2	8.18	11
Book value per share	15.4	15.7	24.9	34.1	40.1	55.8	52.3	59.1	69.6	70.6	72.5
FCF per share	5.87	8.07	13.5	11.6	16.7	18.9	7.91	-1.77	18.5	16.4	18.8
Cash per share	3.02	1.17	0.82	0.56	3.14	6.21	2.01	2.67	17.5	2.46	3.32
Capex per share	1.49	0.94	1.19	1.13	1.25	1.1	1.44	1.69	1.15	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2.15%	1.34%	1.52%	1.36%	1.51%	1.05%	1.3%	1.9%	1.18%	—	—
Capex / operating cash flow	22.8%	12.5%	8.44%	8.92%	7.34%	5.97%	11.9%	114.5%	6.46%	—	—
Payout ratio	—	—	—	—	—	—	—	—	—	—	0%

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$956M	$1B	$1.2B	$1.2B	$1.3B	$1.3B	$1.3B	$1.3B	$1.3B	$1.5B	$1.5B	$1.6B
YoY change	-30.6%	-32.9%	-16.4%	+0.25%	+31.3%	+32.2%	+11.3%	+6.24%	+5.18%	+10.6%	+14.3%	+20.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	156M	62M	44M	30M	168M	332M	105M	137M	901M	125M
Receivables	625M	479M	520M	613M	508M	752M	768M	521M	692M	801M
Inventory	345M	458M	520M	474M	511M	491M	860M	804M	693M	729M
Total current assets	1.2B	1.1B	1.2B	1.2B	1.3B	1.7B	1.9B	1.7B	2.4B	1.8B
Property, plant & equipment	241M	210M	192M	303M	341M	328M	359M	392M	373M	405M
Goodwill & intangibles	5.9B	5.5B	5.5B	5.8B	6.8B	7.5B	9.1B	8.8B	8.6B	11.1B
Total assets	4.6B	4.3B	4.3B	4.7B	5.4B	6.2B	7.5B	7.3B	8B	8.5B
Accounts payable	413M	424M	552M	552M	601M	700M	811M	456M	633M	695M
Short-term debt	—	51M	157M	226M	394M	102M	251M	215M	115M	179M
Total current liabilities	949M	1B	1.3B	1.4B	1.9B	1.8B	2.3B	1.6B	1.7B	1.9B
Long-term debt	2.6B	2.2B	1.4B	1.2B	1B	1B	1.9B	2.2B	2.2B	2.5B
Total liabilities	3.8B	3.4B	3B	2.9B	3.2B	3.2B	4.8B	4.3B	4.4B	4.9B
Shareholders' equity	792M	834M	1.3B	1.8B	2.1B	3B	2.7B	3B	3.6B	3.6B
Total debt	2.6B	2.2B	1.6B	1.4B	1.4B	1.1B	2.2B	2.4B	2.4B	2.7B
Net debt	2.5B	2.2B	1.5B	1.4B	1.2B	813M	2.1B	2.3B	1.5B	2.6B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	61M	137M	127M	411M	676M	901M	879M	872M	1.1B	125M	114M	157M
Receivables	538M	521M	599M	701M	642M	692M	617M	634M	655M	801M	733M	990M
Inventory	848M	804M	705M	678M	639M	693M	681M	686M	663M	729M	692M	733M
Total current assets	1.7B	1.7B	1.6B	2B	2.1B	2.4B	2.3B	2.3B	2.6B	1.8B	1.7B	2.1B
Property, plant & equipment	467M	392M	470M	456M	475M	373M	474M	479M	492M	405M	520M	514M
Goodwill & intangibles	8.9B	8.8B	8.8B	8.7B	8.7B	8.6B	8.7B	8.7B	8.6B	11.1B	10.9B	10.9B
Total assets	7.3B	7.3B	7.3B	7.5B	7.7B	8B	7.9B	7.9B	8.1B	8.5B	8.3B	8.6B
Accounts payable	433M	456M	467M	551M	533M	633M	559M	569M	533M	695M	581M	738M
Short-term debt	190M	215M	313M	130M	129M	115M	105M	80M	102M	179M	304M	2.3B
Total current liabilities	1.6B	1.6B	1.6B	1.5B	1.6B	1.7B	1.6B	1.6B	1.6B	1.9B	1.8B	4B
Long-term debt	2.3B	2.2B	2B	2.2B	2.2B	2.2B	2.3B	2.3B	2.3B	2.5B	2.5B	649M
Total liabilities	4.3B	4.3B	4.1B	4.2B	4.3B	4.4B	4.3B	4.3B	4.3B	4.9B	4.9B	5.2B
Shareholders' equity	3B	3B	3.2B	3.3B	3.4B	3.6B	3.6B	3.6B	3.7B	3.6B	3.5B	3.4B
Total debt	2.5B	2.4B	2.3B	2.4B	2.4B	2.4B	2.4B	2.4B	2.4B	2.7B	2.8B	3B
Net debt	2.4B	2.3B	2.2B	1.9B	1.7B	1.5B	1.5B	1.5B	1.3B	2.6B	2.7B	2.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	-137M	17M	421M	544M	504M	837M	463M	296M	528M	419M
Depreciation & amortization	304M	263M	175M	175M	146M	187M	204M	176M	172M	185M
Stock-based compensation	27M	35M	45M	48M	51M	76M	88M	55M	89M	163M
Change in working capital	161M	53M	105M	-45M	248M	-43M	78M	-418M	118M	99M
Operating cash flow	337M	401M	758M	684M	913M	989M	628M	76M	913M	917M
Capital expenditure	-77M	-50M	-64M	-61M	-67M	-59M	-75M	-87M	-59M	—
Investing cash flow	-39M	-51M	-137M	-335M	-641M	-547M	-968M	-92M	-57M	-1.4B
Dividends paid	—	—	—	—	—	—	—	—	—	—
Share repurchases	—	0	0	-47M	-200M	-57M	-751M	-52M	-47M	-587M
Financing cash flow	-395M	-517M	-661M	-365M	-157M	-371M	253M	117M	-190M	-239M
Net change in cash	-97M	-167M	-40M	-16M	115M	71M	-87M	101M	666M	-691M
Free cash flow	303M	428M	721M	624M	895M	1B	413M	-91M	954M	831M

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	-15M	17M	115M	113M	137M	163M	136M	112M	101M	70M	135M	233M
Depreciation & amortization	44M	44M	43M	42M	45M	42M	41M	43M	42M	59M	56M	57M
Stock-based compensation	19M	16M	17M	31M	20M	21M	51M	32M	47M	33M	58M	36M
Change in working capital	-91M	52M	11M	-8M	68M	47M	82M	-53M	-99M	169M	-17M	-155M
Operating cash flow	-40M	128M	166M	248M	249M	243M	288M	147M	235M	357M	176M	211M
Capital expenditure	-14M	-39M	-14M	-10M	-17M	-18M	-20M	—	—	—	—	—
Investing cash flow	-14M	-43M	-11M	-14M	-17M	-15M	-82M	0	-3M	-1.3B	11M	0
Dividends paid	—	—	—	—	—	—	—	—	—	—	—	—
Share repurchases	0	0	0	0	-16M	-31M	-125M	-125M	-34M	-303M	-300M	-268M
Financing cash flow	43M	-23M	-124M	9M	-12M	-63M	-119M	-138M	-29M	47M	-185M	-156M
Net change in cash	-11M	62M	31M	243M	220M	165M	87M	9M	203M	-900M	2M	55M
Free cash flow	-49M	102M	111M	278M	277M	288M	158M	130M	216M	327M	163M	198M

Zebra Technologies Corporation Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement