Screener / SEC EDGAR /CIK 0000877212 /10-K filed Feb 12, 2026, compared with Feb 13, 2025 /Numbers from the XBRL of the 10-Ks
Nasdaq Technology · Industrial Machinery

Zebra Technologies ZBRA

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Cash returned and share count, year to Dec 31, 2025

Bought back $587.0M of its own shares, 3.6× what it paid in stock

XBRL, latest 10-K
Buybacks $587.0M cash paid for its own shares
Paid in stock to employees $163.0M stock-based compensation
Share count, 1 year -1.3% fewer shares: each share owns more
Share count, 3 years -2.6% diluted average shares

New shares against shares bought back

Dilution: new shares, stock pay and buybacks · S-3 and 424B, 3 years; 10-K

Shares offered

No S-3 or 424B prospectus for shares since Nov 15, 2023.

Paid in stock

$163.0M

stock-based pay, year to Dec 31, 2025

Bought back

$587.0M

cash paid for its own shares, year to Dec 31, 2025: 3.6× the stock pay

Diluted shares: 51.21M in the year to Dec 31, 2025 2025 -1.3%2024 +0.3%2023 -1.6%2022 -2.5%

Change in the diluted weighted average share count from the fiscal year before, stock splits taken out. Bars use one scale for stock pay and buybacks. Prospectuses are read from their cover page; preliminary ones are left out. How

Net share count, 4 years

Shares, buybacks and stock pay, fiscal years 2021 to 2025 · 10-K XBRL

-5.0% shares
Share count -5.0% diluted average shares, 4 years to Dec 31, 2025, splits taken out
Bought back $1.4B cash paid for its own shares, summed over the 4 years
Paid in stock $395.0M stock-based compensation, summed over the same years
Fiscal yearShares, changeBought backPaid in stockCash from shares sold
Dec 31, 2025 -1.3% $587.0M $163.0M -
Dec 31, 2024 +0.3% $47.0M $89.0M -
Dec 31, 2023 -1.6% $52.0M $55.0M -
Dec 31, 2022 -2.5% $751.0M $88.0M -

Each year's change is the diluted weighted average share count against the year before, with stock splits taken out; the headline change compares the two ends of the span on one basis. Buybacks and stock pay are added up over the same years. Buybacks that only offset stock pay leave the count flat: both are shown, no verdict. How

Where the cash came from and where it went

FY2021 to FY2025, from the cash flow statements in the 10-Ks, added up

Operating cash flowDebt raisedCash on hand usedCapital spendingAcquisitionsBuybacksDebt repaidOther, net Operating cash flow: $3.5B Operating cash flow $3.5B Debt raised: $2.8B Debt raised $2.8B Cash on hand used: $67.0M Cash on hand used $67.0M Capital spending: $366.0M Capital spending $366.0M Acquisitions: $2.7B Acquisitions $2.7B Buybacks: $1.5B Buybacks $1.5B Debt repaid: $1.5B Debt repaid $1.5B Other, net: $252.0M Other, net $252.0M

The same cash, step by step

Operating cash flow: $3.5B · NetCashProvidedByUsedInOperatingActivities, 0000877212-24-000029; NetCashProvidedByUsedInOperatingActivities, 0000877212-25-000027; NetCashProvidedByUsedInOperatingActivities, 0001628280-26-007668 +$3.5B
Operating cash flow
Debt raised: $2.8B · ProceedsFromIssuanceOfLongTermDebt, 0000877212-24-000029; ProceedsFromIssuanceOfLongTermDebt, 0000877212-25-000027; ProceedsFromIssuanceOfLongTermDebt, 0001628280-26-007668 +$2.8B
Debt raised
Cash on hand used: $67.0M · CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000877212-24-000029; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000877212-25-000027; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001628280-26-007668 +$67.0M
Cash on hand used
Capital spending: $366.0M · PaymentsToAcquirePropertyPlantAndEquipment, 0000877212-24-000029; PaymentsToAcquirePropertyPlantAndEquipment, 0000877212-25-000027; PaymentsToAcquirePropertyPlantAndEquipment, 0001628280-26-007668 −$366.0M
Capital spending
Acquisitions: $2.7B · PaymentsToAcquireBusinessesNetOfCashAcquired, 0000877212-24-000029; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000877212-25-000027; PaymentsToAcquireBusinessesNetOfCashAcquired, 0001628280-26-007668 −$2.7B
Acquisitions
Buybacks: $1.5B · PaymentsForRepurchaseOfCommonStock, 0000877212-24-000029; PaymentsForRepurchaseOfCommonStock, 0000877212-25-000027; PaymentsForRepurchaseOfCommonStock, 0001628280-26-007668 −$1.5B
Buybacks
Debt repaid: $1.5B · RepaymentsOfLongTermDebt, 0000877212-24-000029; RepaymentsOfLongTermDebt, 0000877212-25-000027; RepaymentsOfLongTermDebt, 0001628280-26-007668 −$1.5B
Debt repaid
Other, net: $252.0M · investments bought and sold, other financing and investing lines, and exchange rates −$252.0M
Other, net

Came from

Operating cash flow
NetCashProvidedByUsedInOperatingActivities, 0000877212-24-000029; NetCashProvidedByUsedInOperatingActivities, 0000877212-25-000027; NetCashProvidedByUsedInOperatingActivities, 0001628280-26-007668
$3.5B
Debt raised
ProceedsFromIssuanceOfLongTermDebt, 0000877212-24-000029; ProceedsFromIssuanceOfLongTermDebt, 0000877212-25-000027; ProceedsFromIssuanceOfLongTermDebt, 0001628280-26-007668
$2.8B
Cash on hand used
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000877212-24-000029; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0000877212-25-000027; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001628280-26-007668
$67.0M

Went to

Capital spending
PaymentsToAcquirePropertyPlantAndEquipment, 0000877212-24-000029; PaymentsToAcquirePropertyPlantAndEquipment, 0000877212-25-000027; PaymentsToAcquirePropertyPlantAndEquipment, 0001628280-26-007668
$366.0M
Acquisitions
PaymentsToAcquireBusinessesNetOfCashAcquired, 0000877212-24-000029; PaymentsToAcquireBusinessesNetOfCashAcquired, 0000877212-25-000027; PaymentsToAcquireBusinessesNetOfCashAcquired, 0001628280-26-007668
$2.7B
Buybacks
PaymentsForRepurchaseOfCommonStock, 0000877212-24-000029; PaymentsForRepurchaseOfCommonStock, 0000877212-25-000027; PaymentsForRepurchaseOfCommonStock, 0001628280-26-007668
$1.5B
Debt repaid
RepaymentsOfLongTermDebt, 0000877212-24-000029; RepaymentsOfLongTermDebt, 0000877212-25-000027; RepaymentsOfLongTermDebt, 0001628280-26-007668
$1.5B
Other, net
investments bought and sold, other financing and investing lines, and exchange rates
$252.0M

Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.

Where the operating cash went, year by year

FY2016 to FY2025 · cash flow statements, 10-K XBRL

10 years
Operating cash, added up $6.8B 10 fiscal years, FY2016 to FY2025
Reinvested - not shown: operating cash was negative in a year of the span
Returned to owners - not shown: operating cash was negative in a year of the span
Debt repaid $6.7B gross repayments added up; debt that was refinanced counts each time
Fiscal yearOperating cashCapital spendingAcquisitionsBuybacksDebt repaid
Dec 31, 2025 $917.0M $86.0M$1.4B$587.0M$19.0M
Dec 31, 2024 $1.0B $59.0M-$47.0M$694.0M
Dec 31, 2023 -$4.0M $87.0M-$52.0M$245.0M
Dec 31, 2022 $488.0M $75.0M$881.0M$751.0M$247.0M
Dec 31, 2021 $1.1B $59.0M$452.0M$57.0M$303.0M
Dec 31, 2020 $962.0M $67.0M$548.0M$200.0M$342.0M
Dec 31, 2019 $685.0M $61.0M$262.0M$47.0M$949.0M
Dec 31, 2018 $785.0M $64.0M$72.0M-$1.6B
Dec 31, 2017 $478.0M $50.0M--$1.8B
Dec 31, 2016 $380.0M $77.0M--$484.0M
Added up$6.8B $685.0M$3.6B$1.7B$6.7B

Each bar is one fiscal year; its colours add up to what the cash flow statement says the company spent on each line, and the line across it is that year's operating cash flow. Spending above the line was paid from new debt, shares sold or cash on hand. A bar part links to the 10-K it comes from. A line the company did not report is left out, not estimated, so the shares are of operating cash only and can add up to more or less than 100%. Debt repaid is the gross amount, so refinanced debt is counted each time it is repaid. A reading aid, not a grade: Tickdelta does not say whether a split was good. Banks and insurers are left out.

Buybacks, dividends and share count

Year by year · XBRL, each 10-K

Fiscal year toBuybacksDividendsDiluted shares
Dec 31, 2025$587.0M - 51.21M
Dec 31, 2024$47.0M - 51.88M
Dec 31, 2023$52.0M - 51.71M
Dec 31, 2022$751.0M - 52.56M
Dec 31, 2021$57.0M - 53.90M

From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; sbc = ShareBasedCompensation; diluted_shares = WeightedAverageNumberOfDilutedSharesOutstanding.

Buybacks month by month, and what is left to buy

Share buybacks · 10-Q, Part II Item 2, latest 4 quarters

Still open to buy $616.0M under the programme, end of Oct 2026
Latest month 71,389 shares Oct 2026, average $352.13

“On February 4, 2026, the Company’s Board of Directors newly authorized share repurchases of up to $1 billion of outstanding shares of common stock, expanding upon the existing authorization that was in effect since 2022.”

10-Q, Part II Item 2
MonthShares boughtAverage price
Oct 2026 71,389 $352.13
Aug 2026 78,612 $262.40
Aug 2026 79,205 $364.40
Jul 2026 202,935 $236.67
May 2026 888,963 $224.98
May 2026 82,095 $249.01
Apr 2026 592,910 $215.40
Feb 2026 299,478 $241.38
Jan 2026 401,640 $248.97
Sep 2025 46,345 $309.97
Aug 2025 65,519 $306.84

Shares and average price are the numbers in the 10-Q table, row by row; "shares × price" is our multiplication of the two. A row with a price of "-" is an accelerated repurchase paid up front, where the 10-Q does not give a price yet. A 10-Q that counts shares in millions gives a rounded number, shown as "about". Shares withheld for employees' taxes are not in this table. A month that no 10-Q table gives, or that this page could not read with confidence, is not shown.

What it paid for each share it bought back

Price paid · 10-K, statement of shareholders' equity

Cheapest year $20.62 fiscal year to Dec 31, 2009
Dearest year $46.43 fiscal year to Dec 31, 2013
Average over these years $32.47 $445.1M spent

What ZBRA paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.

Fiscal year toShares boughtSpentAverage price
Dec 31, 2013 1.36M$63.0M $46.43
Dec 31, 2012 1.47M$54.4M $36.89
Dec 31, 2011 4.35M$160.2M $36.80
Dec 31, 2010 3.35M$102.1M $30.48
Dec 31, 2009 3.17M$65.4M $20.62

Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2013.

What the 10-Ks show for each CEO's years

Each CEO's years · the CEO of each fiscal year as named in the proxy's pay versus performance table

William Burns

FY2025 · 1 year in the table
Operating cash flow
$917.0M
Capital spending
$86.0M
Acquisitions
$1.4B
Buybacks
$587.0M
Stock-based pay
$163.0M
Diluted shares since FY2024
-1.3%
Revenue since FY2024
+8%
Debt since FY2024
+$331.0M
CEO pay (reported)
$4.1M
The proxy that names the CEO

Sources

The cash flow statement, dividends per share and diluted share count in each 10-K's XBRL; Part II Item 2 of each 10-Q for monthly buybacks; offering prospectuses (S-3, 424B) for new shares; Form D data sets for private raises.

Also

CEO pay: what the CEO was paid over the same years.

Work with it

Excel workbook · CSV. Google Sheet that stays up to date: paste =IMPORTDATA("https://tickdelta.com/company/ZBRA/export.csv") into a cell.

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