Zebra Technologies (ZBRA)

Nasdaq Information Technology Electronic Equipment & Instruments S&P 500

$322.02

+0.38 (+0.12%)

Close of Nov 06, 2026 · end-of-day data

Source: Zebra Technologies's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	$3.57B	$3.72B	$4.22B	$4.49B	$4.45B	$5.63B	$5.78B	$4.58B	$4.98B	$5.40B
Cost of revenue	$1.93B	$2.01B	$2.24B	$2.38B	$2.44B	$3.00B	$3.16B	$2.46B	$2.57B	$2.80B
Gross profit	$1.64B	$1.71B	$1.98B	$2.10B	$2.00B	$2.63B	$2.62B	$2.12B	$2.41B	$2.59B
Research & development	$376.00M	$389.00M	$444.00M	$447.00M	$453.00M	$567.00M	$570.00M	$519.00M	$563.00M	$593.00M
Operating income	$80.00M	$322.00M	$610.00M	$692.00M	$651.00M	$979.00M	$529.00M	$481.00M	$742.00M	$700.00M
Interest expense	$193.00M	$227.00M	$91.00M	$89.00M	$76.00M	$5.00M	—	—	—	—
Pre-tax income	-$129.00M	$88.00M	$524.00M	$598.00M	$560.00M	$968.00M	$544.00M	$334.00M	$635.00M	$560.00M
Income tax	$8.00M	$71.00M	$103.00M	$54.00M	$56.00M	$131.00M	$81.00M	$38.00M	$107.00M	$141.00M
Net income	-$137.00M	$17.00M	$421.00M	$544.00M	$504.00M	$837.00M	$463.00M	$296.00M	$528.00M	$419.00M
EBITDA	$384.00M	$585.00M	$785.00M	$867.00M	$797.00M	$1.17B	$733.00M	$657.00M	$914.00M	$885.00M
EPS (basic)	$-2.65	$0.33	$7.86	$10.08	$9.43	$15.66	$8.86	$5.75	$10.25	$8.24
EPS (diluted)	$-2.65	$0.32	$7.76	$9.97	$9.35	$15.52	$8.80	$5.72	$10.18	$8.18
Diluted shares	51.58M	53.69M	54.30M	54.59M	53.91M	53.90M	52.56M	51.71M	51.88M	51.21M
Gross margin	45.9%	45.9%	47.0%	46.8%	45.0%	46.7%	45.4%	46.3%	48.4%	48.1%
Operating margin	2.2%	8.7%	14.5%	15.4%	14.6%	17.4%	9.2%	10.5%	14.9%	13.0%
Net margin	-3.8%	0.5%	10.0%	12.1%	11.3%	14.9%	8.0%	6.5%	10.6%	7.8%

Balance sheet

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash & equivalents	$156.00M	$62.00M	$44.00M	$30.00M	$168.00M	$332.00M	$105.00M	$137.00M	$901.00M	$125.00M
Receivables	$625.00M	$479.00M	$520.00M	$613.00M	$508.00M	$752.00M	$768.00M	$521.00M	$692.00M	$801.00M
Inventory	$345.00M	$458.00M	$520.00M	$474.00M	$511.00M	$491.00M	$860.00M	$804.00M	$693.00M	$729.00M
Total current assets	$1.22B	$1.06B	$1.16B	$1.20B	$1.27B	$1.69B	$1.88B	$1.67B	$2.44B	$1.80B
Goodwill	$2.46B	$2.46B	$2.50B	$2.62B	$2.99B	$3.27B	$3.90B	$3.90B	$3.89B	$4.73B
Total assets	$4.63B	$4.28B	$4.34B	$4.71B	$5.38B	$6.21B	$7.53B	$7.31B	$7.97B	$8.50B
Total current liabilities	$949.00M	$1.00B	$1.30B	$1.40B	$1.85B	$1.80B	$2.33B	$1.60B	$1.70B	$1.85B
Short-term debt	$0	$51.00M	$157.00M	$197.00M	$364.00M	$69.00M	$214.00M	$173.00M	$79.00M	$141.00M
Long-term debt	$2.65B	$2.18B	$1.43B	$1.08B	$881.00M	$922.00M	$1.81B	$2.05B	$2.09B	$2.36B
Total debt	$2.65B	$2.23B	$1.59B	$1.28B	$1.25B	$991.00M	$2.02B	$2.22B	$2.17B	$2.50B
Total liabilities	$3.84B	$3.44B	$3.00B	$2.87B	$3.23B	$3.23B	$4.80B	$4.27B	$4.38B	$4.91B
Shareholders' equity	$792.00M	$834.00M	$1.33B	$1.84B	$2.14B	$2.98B	$2.73B	$3.04B	$3.59B	$3.59B

Cash flow

fiscal years · USD

Fiscal year	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	$380.00M	$478.00M	$785.00M	$685.00M	$962.00M	$1.07B	$488.00M	-$4.00M	$1.01B	$917.00M
Capital expenditures	$77.00M	$50.00M	$64.00M	$61.00M	$67.00M	$59.00M	$75.00M	$87.00M	$59.00M	$86.00M
Free cash flow	$303.00M	$428.00M	$721.00M	$624.00M	$895.00M	$1.01B	$413.00M	-$91.00M	$954.00M	$831.00M
Investing cash flow	-$39.00M	-$51.00M	-$137.00M	-$335.00M	-$641.00M	-$546.00M	-$968.00M	-$92.00M	-$57.00M	-$1.46B
Financing cash flow	-$384.00M	-$517.00M	-$661.00M	-$365.00M	-$157.00M	-$371.00M	$253.00M	$117.00M	-$190.00M	-$239.00M
Share buybacks	—	$0	$0	$47.00M	$200.00M	$57.00M	$751.00M	$52.00M	$47.00M	$587.00M
Stock-based compensation	$27.00M	$35.00M	$45.00M	$48.00M	$51.00M	$76.00M	$88.00M	$55.00M	$89.00M	$163.00M
Depreciation & amortization	$304.00M	$263.00M	$175.00M	$175.00M	$146.00M	$187.00M	$204.00M	$176.00M	$172.00M	$185.00M

Income statement

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026	Oct 2026
Revenue	$1.01B	$1.18B	$1.22B	$1.25B	$1.33B	$1.31B	$1.29B	$1.32B	$1.48B	$1.50B	$1.56B	$1.61B
Cost of revenue	$561.00M	$612.00M	$628.00M	$642.00M	$686.00M	$663.00M	$677.00M	$686.00M	$777.00M	$753.00M	$732.00M	$876.00M
Gross profit	$448.00M	$563.00M	$589.00M	$613.00M	$648.00M	$645.00M	$616.00M	$634.00M	$698.00M	$742.00M	$825.00M	$738.00M
Research & development	$116.00M	$138.00M	$146.00M	$141.00M	$138.00M	$151.00M	$144.00M	$146.00M	$152.00M	$165.00M	$159.00M	$158.00M
Operating income	$74.00M	$159.00M	$167.00M	$191.00M	$225.00M	$195.00M	$183.00M	$183.00M	$139.00M	$215.00M	$321.00M	$237.00M
Pre-tax income	$2.00M	$142.00M	$136.00M	$149.00M	$208.00M	$165.00M	$138.00M	$159.00M	$98.00M	$167.00M	$285.00M	$198.00M
Income tax	-$15.00M	$27.00M	$23.00M	$12.00M	$45.00M	$29.00M	$26.00M	$58.00M	$28.00M	$32.00M	$52.00M	$34.00M
Net income	$17.00M	$115.00M	$113.00M	$137.00M	$163.00M	$136.00M	$112.00M	$101.00M	$70.00M	$135.00M	$233.00M	$164.00M
EBITDA	$118.00M	$202.00M	$209.00M	$236.00M	$267.00M	$236.00M	$226.00M	$225.00M	$198.00M	$271.00M	$378.00M	$294.00M
EPS (basic)	$0.31	$2.24	$2.19	$2.65	$3.16	$2.64	$2.20	$1.98	$1.41	$2.74	$4.89	$3.47
EPS (diluted)	$0.32	$2.23	$2.17	$2.64	$3.14	$2.62	$2.19	$1.97	$1.40	$2.72	$4.85	$3.43
Diluted shares	-6.77K	51.79M	51.83M	51.92M	34.14K	51.81M	51.28M	51.17M	-217.14K	49.43M	48.13M	47.81M
Gross margin	44.4%	47.9%	48.4%	48.8%	48.6%	49.3%	47.6%	48.0%	47.3%	49.6%	53.0%	45.7%
Operating margin	7.3%	13.5%	13.7%	15.2%	16.9%	14.9%	14.2%	13.9%	9.4%	14.4%	20.6%	14.7%
Net margin	1.7%	9.8%	9.3%	10.9%	12.2%	10.4%	8.7%	7.7%	4.7%	9.0%	15.0%	10.2%

Balance sheet

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026	Oct 2026
Cash & equivalents	$137.00M	$127.00M	$411.00M	$676.00M	$901.00M	$879.00M	$872.00M	$1.05B	$125.00M	$114.00M	$157.00M	$182.00M
Receivables	$521.00M	$599.00M	$701.00M	$642.00M	$692.00M	$617.00M	$634.00M	$655.00M	$801.00M	$733.00M	$990.00M	$1.02B
Inventory	$804.00M	$705.00M	$678.00M	$639.00M	$693.00M	$681.00M	$686.00M	$663.00M	$729.00M	$692.00M	$733.00M	$851.00M
Total current assets	$1.67B	$1.63B	$1.95B	$2.13B	$2.44B	$2.29B	$2.33B	$2.58B	$1.80B	$1.70B	$2.06B	$2.27B
Goodwill	$3.90B	$3.89B	$3.89B	$3.90B	$3.89B	$3.93B	$3.93B	$3.93B	$4.73B	$4.71B	$4.70B	$4.70B
Total assets	$7.31B	$7.26B	$7.49B	$7.69B	$7.97B	$7.90B	$7.94B	$8.07B	$8.50B	$8.33B	$8.64B	$8.82B
Total current liabilities	$1.60B	$1.64B	$1.52B	$1.56B	$1.70B	$1.58B	$1.59B	$1.60B	$1.85B	$1.76B	$4.00B	$4.01B
Short-term debt	$173.00M	$272.00M	$89.00M	$89.00M	$79.00M	$69.00M	$44.00M	$66.00M	$141.00M	$264.00M	$2.27B	$2.08B
Long-term debt	$2.05B	$1.81B	$2.08B	$2.08B	$2.09B	$2.10B	$2.13B	$2.11B	$2.36B	$2.39B	$493.00M	$494.00M
Total debt	$2.22B	$2.09B	$2.17B	$2.17B	$2.17B	$2.17B	$2.17B	$2.17B	$2.50B	$2.65B	$2.77B	$2.57B
Total liabilities	$4.27B	$4.09B	$4.20B	$4.27B	$4.38B	$4.27B	$4.32B	$4.32B	$4.91B	$4.86B	$5.20B	$5.25B
Shareholders' equity	$3.04B	$3.17B	$3.29B	$3.42B	$3.59B	$3.63B	$3.62B	$3.75B	$3.59B	$3.47B	$3.44B	$3.57B

Cash flow

quarters · USD

Quarter ended	Dec 2023	Mar 2024	Jun 2024	Sep 2024	Dec 2024	Mar 2025	Jun 2025	Sep 2025	Dec 2025	Apr 2026	Jul 2026	Oct 2026
Operating cash flow	$141.00M	$125.00M	$288.00M	$294.00M	$306.00M	$178.00M	$147.00M	$235.00M	$357.00M	$176.00M	$211.00M	$324.00M
Capital expenditures	$39.00M	$14.00M	$10.00M	$17.00M	$18.00M	$20.00M	$17.00M	$19.00M	$30.00M	$13.00M	$13.00M	$24.00M
Free cash flow	$102.00M	$111.00M	$278.00M	$277.00M	$288.00M	$158.00M	$130.00M	$216.00M	$327.00M	$163.00M	$198.00M	$300.00M
Investing cash flow	-$43.00M	-$11.00M	-$14.00M	-$17.00M	-$15.00M	-$82.00M	-$17.00M	-$22.00M	-$1.33B	-$2.00M	-$13.00M	-$24.00M
Financing cash flow	-$23.00M	-$124.00M	$9.00M	-$12.00M	-$63.00M	-$119.00M	-$138.00M	-$29.00M	$47.00M	-$185.00M	-$156.00M	-$276.00M
Share buybacks	$0	$0	$0	$16.00M	$31.00M	$125.00M	$125.00M	$34.00M	$303.00M	$300.00M	$268.00M	$75.00M
Stock-based compensation	$16.00M	$17.00M	$31.00M	$20.00M	$21.00M	$51.00M	$32.00M	$47.00M	$33.00M	$58.00M	$36.00M	$42.00M
Depreciation & amortization	$44.00M	$43.00M	$42.00M	$45.00M	$42.00M	$41.00M	$43.00M	$42.00M	$59.00M	$56.00M	$57.00M	$57.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.