stockrow
Sunday 1 November 2026
Export ZBRA’s income statement to Excel — free account
Zebra Technologies Corporation
ZBRA Technology Communication Equipment
Zebra Technologies Corporation’s revenue for fiscal 2025 (year ended December 2025) was $5.4 billion, up 8.33% from fiscal 2024.
- Revenue
- +20.4%
- EPS
- +122.3%
- Free cash flow
- +52.3%
- Total debt
- +27.4%
Quarter to June 2026, against a year earlier
361.26
16.12
−4.27%
Follow ZBRA
Alert me
Target Price Range
Analyst price targets
Free accountTen years at a glance Fiscal years to December
| Ten-year view | Analyst estimates Powerpack | |||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Group | Line | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | TTM Jun ’26 | Trend | 10 yrs | 2026e | 2027e | 2028e | Next 3/yr |
| Income, $m | ||||||||||||||||||
| Income, $m | Revenue | 3,574 | 3,722 | 4,218 | 4,485 | 4,448 | 5,627 | 5,781 | 4,584 | 4,981 | 5,396 | 5,847 | +4.7% | 6,227 | 6,620 | 7,012 | +9.1% | |
| Gross margin, % | 45.94 | 45.94 | 46.97 | 46.82 | 45.03 | 46.70 | 45.39 | 46.31 | 48.44 | 48.05 | 49.58 | +2.1 pt | ||||||
| EBT | (129) | 88 | 524 | 598 | 560 | 968 | 544 | 334 | 635 | 560 | 709 | n/m | ||||||
| EBT margin, % | (3.61) | 2.36 | 12.42 | 13.33 | 12.59 | 17.20 | 9.41 | 7.29 | 12.75 | 10.38 | 12.13 | +14.0 pt | ||||||
| Net income | (137) | 17 | 421 | 544 | 504 | 837 | 463 | 296 | 528 | 419 | 539 | n/m | ||||||
| Per share, $ | ||||||||||||||||||
| Per share, $ | Revenue | 69.29 | 70.20 | 78.71 | 83.07 | 83.23 | 105.28 | 110.73 | 89.22 | 96.73 | 106.18 | 122.53 | +4.9% | |||||
| Earnings | (2.65) | 0.33 | 7.86 | 10.08 | 9.43 | 15.66 | 8.86 | 5.75 | 10.25 | 8.24 | 11.01 | n/m | ||||||
| Cash flow | 7.37 | 9.02 | 14.65 | 12.69 | 18.00 | 20.00 | 9.35 | (0.08) | 19.67 | 18.04 | 20.52 | +10.5% | ||||||
| Capex | (1.49) | (0.94) | (1.19) | (1.13) | (1.25) | (1.10) | (1.44) | (1.69) | (1.15) | (1.69) | (1.57) | +1.4% | ||||||
| Free cash flow | 5.87 | 8.07 | 13.45 | 11.56 | 16.75 | 18.90 | 7.91 | (1.77) | 18.53 | 16.35 | 18.95 | +12.0% | ||||||
| Book value | 15.36 | 15.73 | 24.91 | 34.06 | 40.12 | 55.83 | 52.35 | 59.09 | 69.64 | 70.60 | 71.99 | +18.5% | ||||||
| Shares, m | 52 | 53 | 54 | 54 | 53 | 53 | 52 | 51 | 51 | 51 | 50 | (0.2%) | ||||||
| Valuation, × | ||||||||||||||||||
| Valuation, × | P/E | 0.00 | 314.27 | 20.26 | 25.39 | 40.71 | 38.01 | 29.40 | 46.52 | 37.68 | 29.54 | 32.74 | 58.2 | |||||
| P/S | 1.24 | 1.48 | 2.02 | 3.08 | 4.62 | 5.65 | 2.35 | 3.00 | 3.99 | 2.29 | 2.94 | 3.0 | ||||||
| P/B | 5.62 | 6.59 | 6.39 | 7.50 | 9.58 | 10.66 | 4.97 | 4.54 | 5.55 | 3.44 | 5.01 | 6.5 | ||||||
| EV/Sales | 1.94 | 2.06 | 2.39 | 3.35 | 4.86 | 5.77 | 2.68 | 3.46 | 4.25 | 2.73 | 3.39 | 3.3 | ||||||
| EV/FCF | 22.92 | 17.91 | 13.98 | 24.10 | 24.15 | 32.15 | 37.54 | (174.19) | 22.18 | 17.71 | 21.91 | 3.8 | ||||||
| Cash, $m | ||||||||||||||||||
| Cash, $m | Operating cash flow | 380 | 478 | 785 | 685 | 962 | 1,069 | 488 | (4) | 1,013 | 917 | 979 | +10.3% | |||||
| Capex | (77) | (50) | (64) | (61) | (67) | (59) | (75) | (87) | (59) | (86) | (75) | +1.2% | ||||||
| Free cash flow | 303 | 428 | 721 | 624 | 895 | 1,010 | 413 | (91) | 954 | 831 | 904 | +11.9% | ||||||
| Balance, $m | ||||||||||||||||||
| Balance, $m | Working capital | 273 | 63 | (139) | (209) | (578) | (111) | (449) | 74 | 736 | (56) | (1,936) | n/m | |||||
| Net debt | 2,492 | 2,165 | 1,547 | 1,247 | 1,077 | 659 | 1,918 | 2,083 | 1,270 | 2,377 | 2,611 | (0.5%) | ||||||
| Shareholders’ equity | 792 | 834 | 1,335 | 1,839 | 2,144 | 2,984 | 2,733 | 3,036 | 3,586 | 3,588 | 3,435 | +18.3% | ||||||
| Returns, % | ||||||||||||||||||
| Returns, % | ROA | (2.83) | 0.38 | 9.77 | 12.02 | 9.99 | 14.44 | 6.74 | 3.99 | 6.91 | 5.09 | 6.50 | +7.9 pt | |||||
| ROIC | 1.52 | 6.71 | 13.23 | 14.01 | 12.63 | 16.80 | 7.11 | 5.87 | 9.55 | 7.33 | 8.87 | +5.8 pt | ||||||
| ROE | (16.26) | 2.09 | 38.82 | 34.28 | 25.31 | 32.64 | 16.20 | 10.26 | 15.95 | 11.68 | 15.29 | +27.9 pt | ||||||
| People | ||||||||||||||||||
| People | Employees | 6,500 | 7,000 | 7,400 | 8,200 | 8,800 | 9,800 | 10,500 | 9,750 | 9,900 | 10,700 | — | +5.7% | |||||
| Revenue/emp, $m | 0.55 | 0.53 | 0.57 | 0.55 | 0.51 | 0.57 | 0.55 | 0.47 | 0.50 | 0.50 | — | (1.0%) | ||||||
Negative figures in brackets.
estimates
Fiscal years to Dec 2025 · latest quarter Jun 2026
Business profile
Where the money comes from and where it goes Fiscal 2025
| CF | 2,960 | 54.86% |
|---|---|---|
| AVA | 2,436 | 45.14% |
| Gross margin | 48.05% | |
| Operating margin | 12.97% | |
| Pre-tax margin | 10.38% |
Zebra Technologies Corporation vs peers in Communication Equipment (Q) = latest quarter vs a year earlier
| Company | Market cap | P/E | Fwd P/E | Revenue growth (Q) | EPS growth (Q) | FCF growth (Q) | Gross margin (Q) | EBIT margin (Q) | Compare |
|---|---|---|---|---|---|---|---|---|---|
| NOK Nokia Corporation | $52.7B | 4.6× | — | +8.48% (above 0%: growing) | n/m | −624.57% (below 0%: shrinking) | 44.57% | (1.04%) | Compare |
| CIEN Ciena Corporation | $49.6B | 69.3× | 55.3× | +37.05% (above 0%: growing) | +437.14% (above 0%: growing) | −13.59% (below 0%: shrinking) | 45.43% | 18.02% | Compare |
| UI Ubiquiti Inc. | $36.7B | 35.7× | 28.0× | +23.47% (above 0%: growing) | +6.80% (above 0%: growing) | +134.17% (above 0%: growing) | 45.80% | 36.27% | Compare |
| ERIC Ericsson | $33.4B | 14.3× | — | −3.14% (below 0%: shrinking) | −7.14% (below 0%: shrinking) | −89.23% (below 0%: shrinking) | 45.78% | 11.24% | Compare |
| ZBRA Zebra Technologies Corporation | $17.9B | 32.7× | 24.3× | +20.42% (above 0%: growing) | +122.27% (above 0%: growing) | +52.31% (above 0%: growing) | 52.99% | 20.62% | |
| ASTS AST SpaceMobile, Inc. | $16.8B | — (loss-making) | — (loss-making) | +2,626.64% (above 0%: growing) | n/m | −103.37% (below 0%: shrinking) | 25.23% | (944.09%) | Compare |
| VSAT Viasat Inc. | $10.7B | — (loss-making) | — (loss-making) | −1.24% (below 0%: shrinking) | n/m | −31.14% (below 0%: shrinking) | 35.70% | 4.09% | Compare |
| VIAV Viavi Solutions Inc. | $8.2B | — (loss-making) | 26.6× | +52.53% (above 0%: growing) | +250.00% (above 0%: growing) | +2,728.57% (above 0%: growing) | 59.06% | 13.83% | Compare |
| AAOI Applied Optoelectronics, Inc. | $6.7B | — (loss-making) | 19.6× | +86.42% (above 0%: growing) | n/m | −191.62% (below 0%: shrinking) | 27.72% | (12.88%) | Compare |
| Median of peers | $25.1B | 25.0× | 27.3× | +30.26% | +128.40% | −60.18% | 45.00% | 7.67% |
From the latest earnings call
- Bill Burns said demand was broad-based across segments, regions and vertical markets, while the company’s full-year outlook reflected potential memory-supply constraints.
- Nathan Winters said Zebra expects to mitigate its full-year memory-cost headwind through targeted pricing, direct memory initiatives, restructuring savings, volume leverage and foreign exchange.
Largest institutional holders 13F, quarter to 30 June 2026
Held by institutions
103.34%
Held by the ten largest
46.21%
| Holder | Shares | Stake | Change |
|---|---|---|---|
| Vanguard | 6.21m | 13.13% | −226.88k |
| BlackRock | 3.31m | 7.00% | −891.45k |
| Boston Partners | 2.62m | 5.53% | +1.15m |
| State Street | 1.88m | 3.98% | −273.04k |
| Invesco | 1.77m | 3.73% | +236.41k |
| Geode Capital Management | 1.35m | 2.86% | +11.71k |
| Alyeska Investment Group, L.P. | 1.25m | 2.64% | −76.32k |
| FULLER & THALER ASSET MANAGEMENT, INC. | 1.21m | 2.56% | +963.27k |
| UBS | 1.18m | 2.49% | +41.36k |
| Nordea Investment Management | 1.08m | 2.29% | −934.23k |
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.
Pay and ownership Proxy statement filed 3 April 2026
Chief executive’s pay
| Year | Total pay | Actually paid | $100 invested |
|---|---|---|---|
| 2025 | 4.12m | 1.65m | 63.18 |
| 2024 | 4.26m | 5.85m | 151.00 |
| 2023 | 3.21m | 3.35m | 107.00 |
| 2022 | 3.55m | (1.91m) | 100.38 |
| 2021 | 3.26m | 6.94m | 233.01 |
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards
at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s
shares at the start of the earliest year shown was worth at each year’s end.
Read the proxy statement
Zebra Technologies Corporation (ZBRA) Latest News
29 Oct
28 Oct
12 Oct
5 Oct
16 Sep
5 Aug
4 Aug
ZBRA metrics, ten years each
- Revenue
- Net income
- EPS (diluted)
- EBITDA
- Free cash flow
- Operating cash flow
- Gross margin
- Operating margin
- Net margin
- Free cash flow margin
- P/E ratio
- P/S ratio
- P/B ratio
- Price to free cash flow
- EV/EBITDA
- EV/Sales
- EV/FCF
- Return on equity
- Return on assets
- Return on invested capital
- Debt to equity
- Current ratio
- Total debt
- Shares outstanding
- Book value per share
- Revenue growth
- Piotroski F-score
- Altman Z-score
- Beneish M-score
Zebra Technologies Corporation is a global Automatic Identification and Data Capture company. It sells the tools that let businesses identify products, people and assets; capture operational data; and use that data to manage work in real time. Its customers use the offerings in retail and e-commerce, manufacturing, transportation and logistics, healthcare, hospitality and the public sector.
The portfolio includes rugged handheld, wearable, vehicle-mounted and tablet mobile computers; barcode scanners and imagers; thermal label and card printers; RFID readers and tags; real-time location systems; industrial scanners; machine-vision cameras and software; self-service kiosks, point-of-sale systems and interactive displays. It also sells labels, wristbands, ribbons, cards and other consumables. Software analyzes operational information such as inventory, labor, location and transaction data, while services support deployment, device management, maintenance, repair and technical support.