ZBRA

MKT CAP:$11B

Zebra Technologies Corporation

Market Cap

$11B

Technology·Communication Equipment·🇺🇸 United States·NASDAQ

Technology·Communication·🇺🇸·NASDAQ

Stock Price

$223.63-$24.67 (-9.94%)

Apr 23, 2026

Company Details

Zebra Technologies Corporation, together with its subsidiaries, provides enterprise asset intelligence solutions in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Asset Intelligence ...

CEO

William J. Burns

IPO Date

Aug 15, 1991

Website

www.zebra.com

Key Metrics TTM

Revenue

$5.4B

+8.3% YoY

Net Income

$419M

EPS (Diluted)

$8.17

Free Cash Flow

$831M

Revenue / Share

$106.53

Gross Margin

47.3%

Operating Margin

14.5%

Net Margin

7.8%

FCF Margin

15.4%

P/S

2.1x

P/E

26.6x

Earnings Reports

Q1 2026

May 12, 2026

PENDING

FY 2025

Feb 12, 2026

$5.4B+8.3%EPS $8.18

Q4 2025

Feb 12, 2026

$1.5B+10.6%EPS $1.39

Q3 2025

Oct 28, 2025

$1.3B+5.2%EPS $1.97

Q2 2025

Aug 5, 2025

$1.3B+6.2%EPS $2.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$1.4B	$637M	$212M
Q2 22	$1.5B	$674M	-$145M
Q3 22	$1.4B	$628M	$202M
Q4 22	$1.5B	$685M	$260M
Q1 23	$1.4B	$667M	$225M
Q2 23	$1.2B	$581M	$194M
Q3 23	$956M	$427M	-$12M
Q4 23	$1.0B	$448M	$74M
Q1 24	$1.2B	$563M	$159M
Q2 24	$1.2B	$589M	$167M
Q3 24	$1.3B	$613M	$191M
Q4 24	$1.3B	$648M	$225M
Q1 25	$1.3B	$645M	$195M
Q2 25	$1.3B	$616M	$183M
Q3 25	$1.3B	$634M	$183M
Q4 25	$1.5B	$658M	$222M

Valuation

Quarter	P/S	P/E
Q1 22	3.9x	27.6x
Q2 22	2.8x	32.5x
Q3 22	2.4x	30.0x
Q4 22	2.5x	31.0x
Q1 23	2.8x	39.2x
Q2 23	2.8x	23.4x
Q3 23	2.4x	25.8x
Q4 23	2.9x	45.3x
Q1 24	3.6x	59.4x
Q2 24	3.6x	68.7x
Q3 24	4.1x	50.0x
Q4 24	4.0x	37.5x
Q1 25	2.8x	26.4x
Q2 25	3.1x	28.9x
Q3 25	2.9x	29.8x
Q4 25	2.3x	30.1x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$54M	$40M
Q2 22	$100M	$83M
Q3 22	$67M	$47M
Q4 22	$267M	$243M
Q1 23	-$76M	-$92M
Q2 23	-$34M	-$52M
Q3 23	-$35M	-$49M
Q4 23	$141M	$102M
Q1 24	$125M	$111M
Q2 24	$288M	$278M
Q3 24	$294M	$277M
Q4 24	$306M	$288M
Q1 25	$178M	$158M
Q2 25	$147M	$130M
Q3 25	$235M	$216M
Q4 25	$357M	$327M

Capital Expenditures

Quarter	CapEx
Q1 22	$14M
Q2 22	$17M
Q3 22	$20M
Q4 22	$24M
Q1 23	$16M
Q2 23	$18M
Q3 23	$14M
Q4 23	$39M
Q1 24	$14M
Q2 24	$10M
Q3 24	$17M
Q4 24	$18M
Q1 25	$20M
Q2 25	$17M
Q3 25	$19M
Q4 25	$30M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+6.3%	+13.5%
Q2 22	+6.6%	+42.7%
Q3 22	-4.0%	-1.9%
Q4 22	+2.5%	-0.1%
Q1 23	-1.9%	-3.3%
Q2 23	-17.3%	-36.8%
Q3 23	-30.6%	-17.7%
Q4 23	-32.9%	-24.8%
Q1 24	-16.4%	-13.9%
Q2 24	+0.2%	+2.9%
Q3 24	+31.3%	+9.9%
Q4 24	+32.2%	+18.6%
Q1 25	+11.3%	+9.5%
Q2 25	+6.2%	+5.7%
Q3 25	+5.2%	+6.9%
Q4 25	+10.6%	+13.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$17M	1.2%
Q2 22	$25M	1.7%
Q3 22	$28M	2.0%
Q4 22	$18M	1.2%
Q1 23	$18M	1.3%
Q2 23	$2M	0.2%
Q3 23	$19M	2.0%
Q4 23	$16M	1.6%
Q1 24	$17M	1.4%
Q2 24	$31M	2.5%
Q3 24	$20M	1.6%
Q4 24	$21M	1.6%
Q1 25	$51M	3.9%
Q2 25	$32M	2.5%
Q3 25	$47M	3.6%
Q4 25	$33M	2.2%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q1 22	$137M	$99M	$152M
Q2 22	$148M	$97M	$151M
Q3 22	$143M	$92M	$149M
Q4 22	$142M	$87M	$155M
Q1 23	$146M	$99M	$161M
Q2 23	$130M	$69M	$146M
Q3 23	$127M	$88M	$138M
Q4 23	$116M	$78M	$136M
Q1 24	$138M	$81M	$148M
Q2 24	$146M	$97M	$150M
Q3 24	$141M	$96M	$151M
Q4 24	$138M	$107M	$151M
Q1 25	$151M	$111M	$161M
Q2 25	$144M	$102M	$158M
Q3 25	$146M	$111M	$159M
Q4 25	$152M	$109M	$175M

Revenue Segments

Quarter	Asset Intelligence Tracking, AIT	Enterprise Visibility Mobility, EVM
Q1 22	$394M	$1.0B
Q2 22	$446M	$1.0B
Q3 22	$415M	$963M
Q4 22	$481M	$1.0B
Q1 23	$491M	$914M
Q2 23	$459M	$755M
Q3 23	$324M	$632M
Q4 23	$377M	$632M
Q1 24	$392M	$783M
Q2 24	$397M	$820M
Q3 24	$410M	$845M
Q4 24	$448M	$886M
Q1 25	$462M	$846M
Q2 25	$418M	$875M
Q3 25	$455M	$865M

Revenue by Geography

Quarter	Asia Pacific	Emea	Latin America	North America
Q1 22	$149M	$500M	$84M	$699M
Q2 22	$152M	$521M	$81M	$714M
Q3 22	$158M	$456M	$74M	$690M
Q4 22	$150M	$443M	$94M	$816M
Q1 23	$154M	$443M	$83M	$725M
Q2 23	$122M	$374M	$76M	$642M
Q3 23	$106M	$269M	$64M	$517M
Q4 23	$99M	$328M	$61M	$521M
Q1 24	$112M	$380M	$71M	$612M
Q2 24	$118M	$419M	$81M	$599M
Q3 24	$132M	$405M	$90M	$628M
Q4 24	$128M	$413M	$85M	$708M
Q1 25	$125M	$443M	$84M	$656M
Q2 25	$141M	$415M	$90M	$647M
Q3 25	$163M	$394M	$97M	$666M
Q4 25	$184M	$472M	$93M	$726M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$141M	$0	$141M
Q2 22	$98M	$0	$98M
Q3 22	$81M	$0	$81M
Q4 22	$105M	$0	$105M
Q1 23	$85M	$0	$85M
Q2 23	$68M	$0	$68M
Q3 23	$61M	$0	$61M
Q4 23	$137M	$0	$137M
Q1 24	$127M	$0	$127M
Q2 24	$411M	$0	$411M
Q3 24	$676M	$0	$676M
Q4 24	$901M	$0	$901M
Q1 25	$879M	$0	$879M
Q2 25	$872M	$0	$872M
Q3 25	$1.1B	$0	$1.1B
Q4 25	$125M	$0	$125M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	53M	-0.8%	-1.0%
Q2 22	52M	-2.4%	-3.3%
Q3 22	52M	+0.0%	-3.2%
Q4 22	52M	-0.4%	-3.6%
Q1 23	52M	-0.4%	-3.2%
Q2 23	52M	-0.1%	-0.8%
Q3 23	51M	-0.7%	-1.6%
Q4 23	52M	+0.7%	-0.5%
Q1 24	52M	+0.2%	+0.1%
Q2 24	52M	+0.1%	+0.2%
Q3 24	52M	+0.2%	+1.1%
Q4 24	52M	0.0%	+0.4%
Q1 25	52M	-0.2%	+0.0%
Q2 25	52M	0.0%	-0.0%
Q3 25	52M	0.0%	-0.2%
Q4 25	51M	-2.2%	-2.4%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$511.4K	3K
Q2 22	$524.3K	3K
Q3 22	$492.1K	3K
Q4 22	$143.1K	11K
Q1 23	$133.8K	11K
Q2 23	$115.6K	11K
Q3 23	$91.0K	11K
Q4 23	$103.5K	10K
Q1 24	$120.5K	10K
Q2 24	$124.8K	10K
Q3 24	$128.7K	10K
Q4 24	$134.7K	10K
Q1 25	$132.1K	10K
Q2 25	$130.6K	10K
Q3 25	$133.3K	10K
Q4 25	$137.9K	11K

Revenue / Employee