Zebra Technologies Corporation

ZBRA · NASDAQ · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Valuation
Market cap	$12,301	$19,921	$14,038	$13,238	$31,808	$20,539	$13,651	$8,509	$5,547	$4,583	$3,722	$3,932	$2,741	$2,027	$1,927	$2,171	$1,681	$1,307	$2,376	$2,453	$3,058	$4,027	$3,128	$1,775	$1,701	$1,256	$1,824	$889	$722	$566	$834	$470	$679	$287	$200	$218
Enterprise value	$14,992	$21,382	$16,315	$15,471	$32,621	$21,775	$15,027	$10,056	$7,712	$7,075	$6,542	$6,704	$2,328	$1,638	$1,708	$1,998	$1,530	$1,192	$2,239	$2,192	$2,514	$3,469	$2,679	$1,428	$1,452	$1,100	$1,589	$889	$715	$561	$824	$459	$681	$291	$200	$218
P/E (TTM) at period end	29.36×	37.73×	47.43×	28.59×	38.00×	40.75×	25.09×	20.21×	326.31×	–	–	122.86×	20.46×	16.49×	11.03×	21.33×	35.69×	–	21.57×	34.58×	28.80×	34.98×	34.12×	24.80×	27.65×	17.54×	26.20×	22.17×	13.95×	15.68×	36.89×	22.25×	37.08×	24.34×	23.58×	33.09×
P/S (TTM) at period end	2.28×	4.00×	3.06×	2.29×	5.65×	4.62×	3.04×	2.02×	1.49×	1.28×	1.02×	2.35×	2.64×	2.03×	1.96×	2.43×	2.28×	1.34×	2.74×	3.23×	4.35×	6.07×	5.83×	3.73×	3.78×	2.61×	4.53×	2.62×	2.43×	2.24×	5.61×	4.38×	7.75×	4.89×	4.40×	5.75×
P/B at period end	3.43×	5.56×	4.62×	4.84×	10.66×	9.58×	7.42×	6.37×	6.65×	5.79×	4.17×	3.78×	2.86×	2.37×	2.48×	2.97×	2.36×	1.84×	2.63×	2.80×	3.60×	5.05×	4.80×	3.32×	3.82×	3.38×	5.22×	3.28×	4.02×	4.03×	7.71×	5.73×	11.20×	6.81×	6.53×	18.35×
EV / EBITDA (TTM)	16.94×	23.39×	24.83×	21.11×	27.98×	27.32×	17.33×	12.81×	13.18×	18.42×	18.33×	39.44×	12.13×	8.60×	8.29×	11.13×	14.83×	51.29×	13.16×	22.71×	15.80×	19.40×	19.03×	12.37×	13.58×	8.03×	13.34×	10.99×	9.90×	9.05×	23.75×	14.49×	26.17×	17.94×	15.15×	19.83×
EV / Sales (TTM)	2.78×	4.29×	3.56×	2.68×	5.80×	4.90×	3.35×	2.38×	2.07×	1.98×	1.79×	4.01×	2.24×	1.64×	1.74×	2.23×	2.07×	1.22×	2.58×	2.89×	3.58×	5.23×	4.99×	3.00×	3.23×	2.28×	3.95×	2.62×	2.41×	2.22×	5.55×	4.29×	7.78×	4.95×	4.39×	5.74×
Returns
Return on equity	11.7%	14.7%	9.7%	16.9%	28.0%	23.5%	29.6%	31.5%	2.0%	(17.3%)	(17.7%)	3.1%	14.0%	14.3%	22.5%	13.9%	6.6%	(5.4%)	12.2%	8.1%	12.5%	14.4%	14.1%	13.4%	13.8%	19.3%	19.9%	14.8%	28.8%	25.7%	20.9%	25.7%	30.2%	28.0%	27.7%	55.5%
Return on invested capital	8.3%	12.2%	8.0%	9.1%	22.3%	17.3%	19.6%	17.0%	2.1%	2.4%	0.9%	2.3%	14.6%	15.4%	17.8%	15.2%	7.0%	(2.3%)	10.9%	6.6%	11.7%	14.0%	13.7%	12.7%	14.1%	22.1%	22.6%	15.8%	26.4%	27.2%	19.6%	27.0%	25.6%	22.4%	26.8%	55.9%
Dividend yield	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Financial health
Current ratio	0.97×	1.43×	1.05×	0.81×	0.94×	0.69×	0.85×	0.89×	1.06×	1.29×	1.49×	1.75×	6.33×	7.47×	5.37×	4.34×	3.92×	3.17×	3.44×	6.41×	13.48×	12.16×	12.80×	12.59×	10.77×	6.48×	8.03×	7.24×	8.30×	7.38×	6.15×	7.15×	4.61×	4.28×	2.74×	3.74×
Debt / equity	0.70×	0.61×	0.73×	0.74×	0.33×	0.58×	0.69×	1.19×	2.67×	3.34×	3.37×	3.04×	–	–	–	–	–	–	–	–	–	0.00×	0.00×	0.00×	0.00×	0.00×	0.00×	0.04×	0.00×	0.00×	0.00×	0.00×	0.07×	0.10×	0.01×	0.04×
Effective tax rate	25.2%	16.9%	11.4%	14.9%	13.5%	10.0%	9.0%	19.7%	80.7%	(6.2%)	12.2%	(88.2%)	18.3%	25.8%	27.5%	30.1%	32.9%	(222.5%)	34.2%	31.5%	33.8%	34.6%	32.6%	35.4%	36.0%	36.0%	36.0%	38.4%	36.1%	37.5%	40.5%	35.9%	35.8%	33.7%	36.1%	38.3%
Share count
Diluted shares outstanding	51	52	52	53	54	54	55	54	54	52	51	51	51	52	54	57	59	65	69	71	72	72	72	70	69	70	71	70	55	54	54	54	54	54	54	54

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998	FY1997	FY1996	FY1995	FY1994	FY1993	FY1992	FY1991	FY1990
Revenue and gross profit
Revenue	$5,847	$5,396	$4,981	$4,584	$5,781	$5,627	$4,448	$4,485	$4,218	$3,722	$3,574	$3,650	$1,671	$1,038	$996	$983	$894	$738	$977	$868	$760	$702	$663	$536	$476	$450	$482	$402	$340	$297	$252	$149	$107	$88	$59	$46	$38
Cost of revenue	($2,948)	($2,803)	($2,568)	($2,461)	($3,157)	($2,999)	($2,445)	($2,385)	($2,237)	($2,012)	($1,932)	($2,006)	($893)	($535)	($505)	($497)	($474)	($421)	($497)	($451)	($401)	($349)	($321)	($263)	($245)	($240)	($236)	($190)	($173)	($152)	($132)	($75)	($54)	($43)	($29)	($23)	($20)
Gross profit	$2,899	$2,593	$2,413	$2,123	$2,624	$2,628	$2,003	$2,100	$1,981	$1,710	$1,642	$1,644	$778	$503	$492	$487	$421	$318	$479	$417	$358	$353	$342	$273	$231	$210	$246	$212	$167	$145	$120	$73	$53	$45	$30	$23	$18
Operating expenses
Research and development	($622)	($593)	($563)	($519)	($570)	($567)	($453)	($447)	($444)	($389)	($376)	($394)	($151)	($91)	($87)	($90)	($83)	($66)	($96)	($58)	($49)	($46)	($37)	($32)	($29)	($28)	($27)	($22)	($21)	($11)	($13)	–	–	–	–	–	–
Selling, general and administrative	($461)	($433)	($381)	($334)	($375)	($348)	($304)	($323)	($328)	($301)	($307)	($283)	($138)	($96)	($92)	($81)	($73)	($76)	($82)	($203)	($159)	($150)	($126)	($109)	($95)	($82)	($82)	($71)	($65)	($35)	($29)	($38)	($22)	($19)	($14)	($9)	($8)
Total operating expenses	($2,041)	($1,893)	($1,671)	($1,642)	($2,095)	($1,649)	($1,352)	($1,408)	($1,371)	($1,388)	($1,562)	($1,607)	($689)	($343)	($327)	($305)	($273)	($247)	($495)	($274)	($278)	($207)	($175)	($144)	($129)	($117)	($126)	($102)	($97)	($73)	($61)	($41)	($23)	($20)	($14)	($10)	($8)
Total costs and expenses	($4,989)	($4,696)	($4,239)	($4,103)	($5,252)	($4,648)	($3,797)	($3,793)	($3,608)	($3,400)	($3,494)	($3,613)	($1,582)	($878)	($832)	($801)	($746)	($668)	($992)	($725)	($679)	($556)	($496)	($407)	($374)	($358)	($362)	($292)	($270)	($226)	($194)	($116)	($77)	($62)	($43)	($33)	($27)
Operating income	$858	$700	$742	$481	$529	$979	$651	$692	$610	$322	$80	$37	$89	$160	$164	$182	$148	$70	($15)	$143	$80	$146	$167	$129	$102	$92	$120	$110	$70	$71	$59	$32	$30	$25	$15	$13	$11
Earnings
EBITDA	$1,072	$885	$914	$657	$733	$1,166	$797	$867	$785	$585	$384	$357	$170	$192	$191	$206	$179	$103	$23	$170	$97	$159	$179	$141	$115	$107	$137	$119	$81	$72	$62	$35	$32	$26	$16	$13	$11
Interest income	–	($108)	($98)	($133)	–	–	–	–	–	–	–	–	–	–	–	$2	$3	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Interest expense	($228)	($108)	($129)	($133)	$23	($5)	($76)	($89)	($91)	($227)	($193)	($193)	($62)	–	($0)	($2)	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Pre-tax income	$709	$560	$635	$334	$544	$968	$560	$598	$524	$88	($129)	($180)	$17	$164	$164	$180	$150	$72	($12)	$167	$102	$160	$176	$136	$111	$96	$112	$109	$65	$85	$61	$38	$33	$28	$18	$13	$11
Income tax expense	($170)	($141)	($107)	($38)	($81)	($131)	($56)	($54)	($103)	($71)	($8)	$22	$15	($30)	($42)	($49)	($45)	($24)	($27)	($57)	($32)	($54)	($61)	($44)	($39)	($35)	($40)	($39)	($25)	($31)	($23)	($15)	($12)	($10)	($6)	($5)	($4)
Net income	$539	$419	$528	$296	$463	$837	$504	$544	$421	$17	($137)	($158)	$32	$134	$123	$175	$102	$47	($38)	$110	$71	$106	$115	$92	$72	$62	$72	$70	$40	$52	$36	$23	$21	$18	$12	$8	$7
Per share
Diluted EPS (GAAP)	$10.93	$8.18	$10.18	$5.72	$8.80	$15.52	$9.35	$9.97	$7.76	$0.32	($2.65)	($3.10)	$0.63	$2.63	$2.37	$3.22	$1.77	$0.79	($0.60)	$1.60	$1.00	$1.47	$1.59	$1.28	$1.02	$0.88	$1.02	$0.98	$0.57	$0.33	$0.21	$0.18	$0.086	$0.0751	$0.0494	$0.0376	$0.0306
Basic EPS (GAAP)	$11.00	$8.24	$10.25	$5.75	$8.86	$15.66	$9.43	$10.08	$7.86	$0.33	($2.65)	($3.10)	$0.64	$2.65	$2.38	$3.24	$1.78	$0.79	($0.60)	$1.61	$1.01	$1.49	$1.61	$0.81	$1.03	$0.89	$1.04	$0.99	$0.58	$0.33	$0.23	$0.19	$0.087	$0.0751	$0.0494	$0.0376	$0.0306
Basic shares outstanding	49	51	51	51	52	53	53	54	54	53	52	51	51	51	52	54	57	59	65	68	71	71	72	71	70	69	69	70	70	55	54	54	54	54	54	54	54
Margins
Gross margin	49.6%	48.1%	48.4%	46.3%	45.4%	46.7%	45.0%	46.8%	47.0%	45.9%	45.9%	45.0%	46.6%	48.5%	49.4%	49.5%	47.0%	43.0%	49.1%	48.0%	47.2%	50.3%	51.6%	50.9%	48.5%	46.6%	51.0%	52.8%	49.2%	48.7%	47.5%	49.3%	49.9%	51.1%	50.8%	49.6%	48.7%
Operating margin	14.7%	13.0%	14.9%	10.5%	9.2%	17.4%	14.6%	15.4%	14.5%	8.7%	2.2%	1.0%	5.3%	15.4%	16.5%	18.5%	16.6%	9.5%	(1.6%)	16.5%	10.6%	20.8%	25.1%	24.1%	21.4%	20.5%	24.9%	27.4%	20.5%	24.0%	23.4%	21.9%	28.3%	28.6%	26.2%	27.9%	27.9%
Net margin	9.2%	7.8%	10.6%	6.5%	8.0%	14.9%	11.3%	12.1%	10.0%	0.5%	(3.8%)	(4.3%)	1.9%	12.9%	12.3%	17.8%	11.4%	6.4%	(3.9%)	12.7%	9.3%	15.1%	17.4%	17.1%	15.1%	13.7%	14.9%	17.3%	11.8%	17.4%	14.3%	15.2%	19.7%	20.9%	20.1%	18.6%	17.4%

Analyst consensus

Buy27 analysts

Bearish · 0 · Hold · 8 · Bullish · 19

Earnings history

	EPS	Estimate
Q3 2024	$3.49	$3.23	Beat
Q4 2024	$4.00	$3.95	Beat
Q1 2025	$4.02	$3.60	Beat
Q2 2025	$3.61	$3.34	Beat
Q3 2025	$3.88	$3.75	Beat
Q4 2025	$4.33	$4.34	Miss
Q1 2026	$4.75	$4.21	Beat
Q2 2026	$6.35	$4.36	Beat

Peers

Company overview

IPO dateAug 15, 1991

CEOWilliam J. Burns

Employees10,700

SectorTechnology

IndustryCommunication Equipment

CountryUS

ExchangeNASDAQ Global Select

Websitewww.zebra.com

Zebra Technologies Corporation, alongside its affiliated entities, delivers enterprise asset intelligence solutions globally within the automatic identification and data capture (AIDC) sector. Operating through its Asset Intelligence & Tracking and Enterprise Visibility & Mobility segments, the company provides a comprehensive suite of products and services. Its hardware lineup includes specialized printers for generating labels, wristbands, tickets, receipts, and plastic cards, alongside advanced dye-sublimation thermal card printers for secure identification and financial transactions, and RFID printers for data encoding. Complementing these are various accessories and essential consumables such as thermal labels, ribbons, RFID tags, and critical temperature-monitoring labels, notably used in vaccine distribution. Zebra also manufactures barcode scanners, image capture devices, RFID readers, robust rugged tablets, and enterprise-grade mobile computing solutions. Their technology extends to real-time location systems, incorporating tags, sensors, and exciters, supported by middleware and application software. Beyond hardware, Zebra offers a diverse range of software solutions, including physical inventory management, workforce management, workflow execution, prescriptive analytics, and communication and collaboration tools, enriched by cloud-based subscriptions and robotics automation. The company provides extensive support services, encompassing maintenance, technical assistance, repairs, and comprehensive managed and professional services. Zebra serves a broad spectrum of industries, including retail, e-commerce, manufacturing, transportation, logistics, healthcare, and the public sector, reaching clients through a direct sales force and a widespread network of channel partners. Established in 1969, Zebra Technologies is headquartered in Lincolnshire, Illinois.

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