ZEBRA TECHNOLOGIES CORP ZBRA

Industrials SIC 3560 - General Industrial Machinery & Equipment NAICS Manufacturing › Machinery Manufacturing › Other General Purpose Machinery Manufacturing derived Nasdaq

We are a global leader in the Automatic Identification and Data Capture ("AIDC") industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices ("RFID"), thermal barcode printing, and other workflow automation products and services. The Company's products, services, and software solutions ("offerings") are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences.

We design, manufacture, and sell a broad range of AIDC offerings, including: mobile computers, barcode scanners and imagers, RFID readers, specialty printers for barcode labeling and personal identification, real-time location systems ("RTLS"), related accessories and supplies, such as labels and other consumables, and related software applications. We also provide

Last close 386.45 2026-10-23
Market cap $18.28B 2026-07-04 share count
52-week range 199.05 - 392.78

Valuation FY2025 figures against the last close

P/S3.4x
P/E47.2x
P/FCF22.0x
EV/EBITDA26.8x
Dividend yield—
Diluted EPS8.18

Where the revenue comes from as reported in the latest 10-K

Revenue by segment

  • CF
  • AVA
Revenue by segment, 2 categories over 3 years. The same figures are in the table below. FY2025 CF, FY2025: 3B (54.9%) 55% CF AVA, FY2025: 2.4B (45.1%) 45% AVA FY2024 CF, FY2024: 2.7B (54.5%) 54% AVA, FY2024: 2.3B (45.5%) 46% FY2023 CF, FY2023: 2.3B (49.7%) 50% AVA, FY2023: 2.3B (50.3%) 50%
Segment FY2025FY2024FY2023
CF $2.96B $2.71B $2.28B
AVA $2.44B $2.27B $2.30B

As the company reported it, from the “Segment Information & Geographic Data - Schedule of Financial Information by Segment (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Segments are the filer's own reporting structure, which is a decision about how it runs itself rather than a standard taxonomy: two companies in the same industry routinely divide themselves along different lines, so these are worth reading down a single company rather than across two. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $5.40B$4.98B$4.58B$5.78B$5.63B$4.45B$4.49B$4.22B$3.72B$3.57B
Cost of revenue $2.80B$2.57B$2.46B$3.16B$3.00B$2.44B$2.38B$2.24B$2.01B$1.93B
Gross profit $2.59B$2.41B$2.12B$2.62B$2.63B$2.00B$2.10B$1.98B$1.71B$1.64B
R&D $593.0M$563.0M$519.0M$570.0M$567.0M$453.0M$447.0M$444.0M$389.0M$376.0M
SG&A $433.0M$381.0M$334.0M$375.0M$348.0M$304.0M$323.0M$328.0M$301.0M$307.0M
Total operating expenses $1.89B$1.67B$1.64B$2.10B$1.65B$1.35B$1.41B$1.37B$1.39B$1.56B
Operating income $700.0M$742.0M$481.0M$529.0M$979.0M$651.0M$692.0M$610.0M$322.0M$80.0M
Interest expense ————$5.0M$76.0M$89.0M$91.0M$227.0M$193.0M
Pre-tax income $560.0M$635.0M$334.0M$544.0M$968.0M$560.0M$598.0M$524.0M$88.0M-$129.0M
Income tax $141.0M$107.0M$38.0M$81.0M$131.0M$56.0M$54.0M$103.0M$71.0M$8.0M
Net income $419.0M$528.0M$296.0M$463.0M$837.0M$504.0M$544.0M$421.0M$17.0M-$137.0M
EPS, basic 8.2410.255.758.8615.669.4310.087.860.33-2.65
EPS, diluted 8.1810.185.728.8015.529.359.977.760.32-2.65
Shares, diluted (wtd. avg.) 51.2M51.9M51.7M52.6M53.9M53.9M54.6M54.3M53.7M51.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $125.0M$901.0M$137.0M$117.0M$344.0M$192.0M$30.0M$44.0M$62.0M$156.0M
Receivables $801.0M$692.0M$521.0M$768.0M$752.0M$508.0M$613.0M$520.0M$479.0M$625.0M
Inventory $729.0M$693.0M$804.0M$860.0M$491.0M$511.0M$474.0M$520.0M$458.0M$345.0M
Total current assets $1.80B$2.44B$1.67B$1.88B$1.69B$1.27B$1.20B$1.16B$1.06B$1.22B
Property, plant and equipment $353.0M$305.0M$309.0M$278.0M$272.0M$274.0M$259.0M$249.0M$264.0M$292.0M
Goodwill $4.73B$3.89B$3.90B$3.90B$3.27B$2.99B$2.62B$2.50B$2.46B$2.46B
Other intangibles $809.0M$422.0M$527.0M$630.0M$469.0M$402.0M$275.0M$232.0M$299.0M$480.0M
Total assets $8.50B$7.97B$7.31B$7.53B$6.21B$5.38B$4.71B$4.34B$4.28B$4.63B
Accounts payable $695.0M$633.0M$456.0M$811.0M$700.0M$601.0M$552.0M$552.0M$424.0M$413.0M
Short-term debt $141.0M$79.0M$173.0M$214.0M$69.0M$364.0M$197.0M$157.0M$51.0M$0
Total current liabilities $1.85B$1.70B$1.60B$2.33B$1.80B$1.85B$1.40B$1.30B$1.00B$949.0M
Long-term debt $2.36B$2.09B$2.05B$1.81B$922.0M$881.0M$1.08B$1.43B$2.18B$2.65B
Total liabilities $4.91B$4.38B$4.27B$4.80B$3.23B$3.23B$2.87B$3.00B$3.44B$3.84B
Retained earnings $5.28B$4.86B$4.33B$4.04B$3.57B$2.74B$2.23B$1.69B$1.25B$1.24B
Total equity $3.59B$3.59B$3.04B$2.73B$2.98B$2.14B$1.84B$1.33B$834.0M$792.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $917.0M$1.01B-$4.0M$488.0M$1.07B$962.0M$685.0M$785.0M$478.0M$380.0M
Depreciation and amortisation $71.0M$68.0M$72.0M$68.0M$72.0M$68.0M$72.0M$78.0M$79.0M$75.0M
Stock-based compensation $163.0M$89.0M$55.0M$88.0M$76.0M$51.0M$48.0M$45.0M$35.0M$27.0M
Capital expenditure $86.0M$59.0M$87.0M$75.0M$59.0M$67.0M$61.0M$64.0M$50.0M$77.0M
Investing cash flow -$1.46B-$57.0M-$92.0M-$968.0M-$546.0M-$641.0M-$335.0M-$137.0M-$51.0M-$39.0M
Financing cash flow -$239.0M-$190.0M$117.0M$253.0M-$371.0M-$157.0M-$365.0M-$661.0M-$517.0M-$384.0M
Buybacks $587.0M$47.0M$52.0M$751.0M$57.0M$200.0M$47.0M$0$0$8.0M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-007668.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -2B 0 2B 4B 6B Revenue, FY2016: 3.6B Gross profit, FY2016: 1.6B Net income, FY2016: -137M Revenue, FY2017: 3.7B Gross profit, FY2017: 1.7B Net income, FY2017: 17M Revenue, FY2018: 4.2B Gross profit, FY2018: 2B Net income, FY2018: 421M Revenue, FY2019: 4.5B Gross profit, FY2019: 2.1B Net income, FY2019: 544M Revenue, FY2020: 4.4B Gross profit, FY2020: 2B Net income, FY2020: 504M Revenue, FY2021: 5.6B Gross profit, FY2021: 2.6B Net income, FY2021: 837M Revenue, FY2022: 5.8B Gross profit, FY2022: 2.6B Net income, FY2022: 463M Revenue, FY2023: 4.6B Gross profit, FY2023: 2.1B Net income, FY2023: 296M Revenue, FY2024: 5B Gross profit, FY2024: 2.4B Net income, FY2024: 528M Revenue, FY2025: 5.4B Gross profit, FY2025: 2.6B Net income, FY2025: 419M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $3.57B $3.72B $4.22B $4.49B $4.45B $5.63B $5.78B $4.58B $4.98B $5.40B
Gross profit $1.64B $1.71B $1.98B $2.10B $2.00B $2.63B $2.62B $2.12B $2.41B $2.59B
Net income -$137.0M $17.0M $421.0M $544.0M $504.0M $837.0M $463.0M $296.0M $528.0M $419.0M

Recent filings and events

  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Restructuring or exit costs A restructuring: layoffs, a plant closure, a business being wound down. Item 2.05
  • Material impairment The company has written down the carrying value of an asset - often goodwill from an acquisition that did not work out. Item 2.06
  • Officer or director change Item 5.02
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Results announced Item 2.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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