FirmAtlas
Company handbook · ZBRA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
ZBRA · CIK 877212 · LATEST FILING: 10-Q JUL '26 · FILED AUG 4, 2026
Zebra Technologies Corporation
$369.01
−8.50 (−2.25%)
Close, Oct 16, 2026 · 52-week $199–391
Last fiscal year
Zebra Technologies Corporation reported revenue of $5.4B for the year ended Dec 31, 2025 (FY25), up 8.3% from FY24. Net income was $419M, operating cash flow $917M and free cash flow $831M. Source: 10-K filed Feb 12, 2026.
Market cap
$18.9B
P/E
35.1
EV/EBITDA
24.0x
P/B
5.5
ROIC
9.7%
Revenue 1Y
8.3%/yr
EPS 1Y
−19.6%/yr
Shares 1Y
−1%
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Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOWilliam Burns
HQLincolnshire, IL
AuditorErnst & Young LLP
Employees10,700
Year endsDecember
Revenue by segment · FY25
Connected Frontline55%
Asset Visibility And Automation45%
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.0%
−6.5%
19.7%
25.5%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$2.1B deployed
Capex
$145M
6.8%
Acquisitions
$1.4B
63.7%
Buybacks
$634M
29.6%
Operating cash flow over the period: $1.9B. Total debt changed by +$331M. R&D of $1.2B is already inside operating costs.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jul '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
4,981
5,396+8.3%
5,847
YoY
+8.3%
Gross profit
2,413
2,593+7.5%
2,899
Gross margin
48.4%
48.1%−0.4 pp
—
Operating income
742
700−5.7%
858
Operating margin
14.9%
13.0%−1.9 pp
—
EBITDA
914
885−3.2%
—
EBITDA margin
18.3%
16.4%−1.9 pp
—
Interest expense
55
129+134.5%
—
Interest coverage
16.62x
6.86x−9.76x
—
Net income
528
419−20.6%
539
YoY
−20.6%
Net margin
10.6%
7.8%−2.8 pp
—
EPS (diluted, $)
10.18
8.18−19.6%
10.91
YoY
−19.6%
Balance sheet
Total assets
7,968
8,502+6.7%
8,637
Cash & short-term investments
901
125−86.1%
—
Accounts receivable
692
801+15.8%
—
Inventory
693
729+5.2%
—
Net PP&E
305
353+15.7%
—
Other assets
5,377
6,494+20.8%
—
Total liabilities
4,382
4,914+12.1%
5,202
Accounts payable
633
695+9.8%
—
Total debt
2,171
2,502+15.2%
5,051
Other liabilities
1,578
1,717+8.8%
—
Shareholders’ equity
3,586
3,588+0.1%
3,435
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
1,013
917−9.5%
979
Net income
528
419−20.6%
—
Depreciation & amortization
172
185+7.6%
—
Stock-based compensation
89
163+83.1%
—
Working capital & other
224
150−33.0%
—
Cash from investing
(57)
(1,455)n/m
—
Capex
(59)
(86)n/m
—
Acquisitions
0
(1,365)n/m
—
Other investing
2
(4)−300.0%
—
Cash from financing
(190)
(239)n/m
—
Debt raised
651
347−46.7%
—
Debt repaid
(694)
(19)n/m
—
Buybacks
(47)
(587)n/m
—
Other financing
(100)
20n/m
—
Net change in cash
763
(776)−201.7%
—
Free cash flow (OCF − capex)
954
831−12.9%
904
Where the cash went
Operating cash flow
1,013
917−9.5%
979
Reinvested in the business
59
1,451+2359.3%
—
% of operating cash flow
5.8%
158.2%
Capex
59
86+45.8%
75
Acquisitions
0
1,365n/m
—
R&D (memo, already in costs)
563
593+5.3%
—
Free cash flow
954
831−12.9%
904
YoY
−12.9%
Returned to shareholders
47
587+1148.9%
—
% of free cash flow
4.9%
70.6%
Buybacks
47
587+1148.9%
—
Change in total debt
—
331
—
Cash left over
—
(790)
—
FCF conversion (FCF ÷ net income)
180.7%
198.3%+17.6 pp
—
Owner earnings
—
435
—
Owner earnings margin
—
8.1%
—
Returns & ratios
ROIC (all capital)
12.7%
9.7%−3.0 pp
—
ROIC (operating)
58.4%
46.7%−11.7 pp
—
Net debt / EBITDA
1.39x
2.69x+1.30x
—
Debt / equity
0.61x
0.70x+0.09x
—
Cash conversion cycle (days)
59
59−1 d
—
ROE
14.7%
11.7%−3.0 pp
—
ROA
6.6%
4.9%−1.7 pp
—
ROCE
11.8%
10.5%−1.3 pp
—
NOPAT
617
524−15.1%
—
Invested capital (operating)
1,057
1,188+12.4%
—
Invested capital (all)
4,856
5,965+22.8%
—
Reinvestment rate
—
25.0%
—
Debtor days
51
54+3 d
—
Inventory days
98
95−4 d
—
Days payable
90
91+1 d
—
Income
Sep '25
Dec '25
Apr '26
Jul '26
Revenue
1,320
1,475
1,495
1,557
vs year-ago quarter
Gross profit
634
698
742
825
Gross margin
48.0%
47.3%
49.6%
53.0%
Operating income
183
139
215
321
Net income
101
70
135
233
vs year-ago quarter
Net margin
7.7%
4.7%
9.0%
15.0%
EPS (diluted, $)
1.97
1.37
2.72
4.85
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Apr '26
Jul '26
Total assets
8,067
8,502
8,332
8,637
Cash & equivalents
1,053
125
114
157
Total debt
2,249
2,502
2,924
5,051
Shareholders’ equity
3,747
3,588
3,470
3,435
Cash flow
Sep '25
Dec '25
Apr '26
Jul '26
Operating cash flow
235
357
176
211
Capex
19
30
13
13
Free cash flow
216
327
163
198
vs year-ago quarter