AddedRisk Factors
•Managing logistical challenges common to complex, expansive international operations;
ZBRAZebra Technologies
We are a global leader in the Automatic Identification and Data Capture (“AIDC”) industry. 10-K, Item 1
- Employees
- 10,700
- Headquarters
- Lincolnshire, IL
- CEO
- Bill Burns
- Next results
- around Feb 11, 2027
10-K 0001628280-26-007668 (2026-02-12) vs 10-K 0000877212-25-000027 (2025-02-13)
| Section | Compared text | Words now | Changed |
|---|---|---|---|
| Risk Factors | Item 1A | 10,179 | 10.1% |
| MD&A | Item 7 | 4,150 | 38.3% |
| Legal Proceedings | Item 3, via Note 14 – Accrued Liabilities, Commitments and Contingencies | 361 | 18.0% |
| Accounting Policies | Item 8, Note 2 – Significant Accounting Policies | 2,906 | 11.5% |
The redline: what was cut and what was added
In each section, the paragraph that changed most, marked against last year's 10-K:
cut words struck through, new words highlighted and underlined.
Risk Factors 201 words changed in this paragraph; it is 45% similar to last year's version.
Source: Item 1A, 10-K 0001628280-26-007668 vs Item 1A, 10-K 0000877212-25-000027
MD&A 190 words changed in this paragraph; it is 44% similar to last year's version.
Source: Item 7, 10-K 0001628280-26-007668 vs Item 7, 10-K 0000877212-25-000027
Accounting Policies 79 words changed in this paragraph; it is 30% similar to last year's version.
Source: Item 8, Note 2 – Significant Accounting Policies, 10-K 0001628280-26-007668 vs Item 8, Note 2 – Significant Accounting Policies, 10-K 0000877212-25-000027
Legal Proceedings 25 words changed in this paragraph; it is 80% similar to last year's version.
December 31, 2025 2024 2023 Incentive compensation $ 150 $ 174 $ 47 Payroll and benefits 76 83 Customer rebates 56 40 Unremitted cash collections due to banks on factored accounts receivable 84 51 112 Payroll and benefits 75 76 Customer rebates 63 56 Current portion of lease liabilities 38 36 42 Warranty Current portion of warranty liabilities 28 26 27 Freight and duty 26 12 10 Exit and restructuring 23 4 22 Settlement — 45 Other 71 68 76 Accrued liabilities $ 558 $ 503 $ 504
Source: Item 3, via Note 14 – Accrued Liabilities, Commitments and Contingencies, 10-K 0001628280-26-007668 vs Item 3, via Note 14 – Accrued Liabilities, Commitments and Contingencies, 10-K 0000877212-25-000027
Every change, by type
Sentences and paragraphs of ZBRA's Risk Factors and MD&A, 10-K 2026-02-12 against 10-K 2025-02-13. Each links to the text at sec.gov.
Quiet changes are sentences kept from last year with one to four words changed, at least one of them a hedge, a modal or a qualifier
(may, could, will, not, significant, material…). A year or date rolling forward is not counted.
The full word list
adverse, adversely, all, although, anticipate, anticipates, any, approximately, believe, believes, can, cannot, certain, could, expect, expects, generally, however, if, intend, intends, largely, likely, many, material, materially, may, might, most, must, never, no, not, possible, primarily, probable, should, significant, significantly, some, substantial, substantially, unlikely, will, would
AddedRisk Factors
•Managing impacts of government shutdowns or disruptions, including any adverse effects due to limited government funding and services, such as import and export clearance, regulatory approvals or visa processing;
AddedRisk Factors
•Managing our organizational structure and workforce challenges, and ensuring a cohesive company culture among our employees;
AddedRisk Factors
On September 30, 2025, the Company acquired Elo Holdings, Inc. (“Elo”) for a purchase price of approximately $1.3 billion, a transaction that is significant in size, representing approximately 9% of the Company’s market capitalization on such date. This acquisition substantially increased the Company’s goodwill and other intangible assets, which could become impaired and result in material non-cash charges if we fail to achieve the expected operating results and cash flows. The Company may not be able to successfully integrate Elo's business operations and personnel and to realize the anticipated growth opportunities and cost synergies, and the integration process may divert management's attention from other business priorities. Failure to successfully manage these and other risks associated with this acquisition, including those outlined above, may have a material adverse effect on our business and operating results.
RemovedRisk Factors
RemovedRisk Factors
RemovedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
We enter into large, multi-year contracts with our customers customers, some of which are on a fixed-price basis, that expose could subject us to risks, including among others: financial risks if we fail to properly estimate our costs.
RewordedRisk Factors
The insolvency of customers a customer could result in collectability risk of outstanding trade receivables, and/or a loss of anticipated future revenue attributable to that program or offering, which could have an adverse impact on our profitability. offering.
RewordedRisk Factors
RewordedRisk Factors
RewordedRisk Factors
We are not always successful in passing along customer requirements to our subcontractors, and thus in some cases may be required to absorb contractual risks from our customers without corresponding back-to-back coverage from our subcontractors.
RewordedRisk Factors
If one of our suppliers, subcontractors, distributors, resellers, or TPSRs these parties violates labor or other laws laws, or implements labor or other business practices that are regarded as unethical, negligent, or reckless, operations could be disrupted, the shipment of finished products to us could be interrupted, orders could be canceled, relationships could be terminated, and our reputation could be damaged.
RewordedRisk Factors
We seek to limit such risk these risks through insurance protection as well as protection, product design, manufacturing quality control processes, product testing and contractual indemnification from suppliers.
RewordedRisk Factors
We periodically perform vulnerability assessments, remediate vulnerabilities, review log/access, perform system maintenance, manage network perimeter protection, implement and manage disaster recovery testing, and provide periodic educational sessions to our employees to foster awareness of schemes to access sensitive information.
RewordedRisk Factors
We have been subject to product liability claims, and may continue to be subject to such product liability claims, including claims for property or economic damages or personal injury, where damages arose, and may continue to arise, arose from our products as a result of actual or apparent design or manufacturing defects.
RewordedRisk Factors
In addition to our own sales force, we provide our offerings through a variety our global channel partner network of third-party dealers, distributors, VARs, ISVs, direct marketers, and resellers OEMs who may also market other offerings that compete with ours.
RewordedRisk Factors
We rely on third-party dealers, distributors, and resellers our channel partner network to sell many of our offerings, and their failure of channel partners to effectively bring our offerings to market may negatively affect our results of operations and financial results.
Quiet changesRisk Factors
Because we rely on these third-party electronics manufacturers to manufacture certain of our hardware products, we may incur increased business continuity risks.
AddedMD&A
•The CF segment is focused on unifying teams, customers, and AI agents to deliver enhanced frontline experiences. This segment brings together solutions that empower frontline workers with the information and tools they need to make smarter decisions and improve customer service. Principal product categories include mobile computing, point of sale solutions, self-service kiosks and interactive touchscreen displays, workflow optimization software solutions, and related services.
AddedMD&A
•The AVA segment provides solutions that track critical assets and automate workflows to provide the real-time, data-driven insights necessary to optimize supply chains, manufacturing, and logistics. The principal product categories include thermal barcode printing and related supplies and sensors, data capture, fixed industrial scanning, machine vision, RFID, real-time location systems (RTLS), and related services.
AddedMD&A
•We repurchased $587 million of common shares, including $303 million in the fourth quarter.
AddedMD&A
In the fourth quarter of 2025, we announced our intention to dispose of or exit our robotics automation solutions business in an effort to better align resources with our strategic priorities. In relation to this decision, we incurred approximately $55 million in one-time costs in the fourth quarter, principally consisting of long-lived asset impairments of $45 million, including an intangible asset impairment of $34 million, a right-of-use lease asset impairment of $8 million, and property, plant and equipment impairment of $3 million. The other one-time costs consisted of employee severance and working capital-related charges. These one-time costs are classified as Exit and restructuring on the Consolidated Statement of Operations. Additional costs may be incurred in 2026, as we complete the divestiture of this business.
AddedMD&A
We expect annualized pre-tax operating costs savings of at least $20 million from these actions, net of re-investment into advancing the Company’s AI product portfolio, reorganizing our sales force, and absorbing increased employee-related costs.
AddedMD&A
On September 30, 2025, the Company acquired Elo Holdings, Inc. (“Elo”) for $1,303 million in cash, net of cash on hand. Elo is an innovator of solutions that engage customers, enhance self-service, and accelerate automation across a wide range of end
AddedMD&A
markets. The Elo acquisition expands our portfolio of self-service and consumer-facing workflow offerings. The operating results of Elo are included in the CF segment.
AddedMD&A
On February 28, 2025, the Company acquired Photoneo for approximately $62 million in cash. Photoneo is a leading developer and manufacturer of 3D machine vision offerings. The Photoneo acquisition complements and expands our machine vision offerings across several industries. The operating results of Photoneo are included in the AVA segment.
AddedMD&A
Gross margin decreased to 48.1% for the current year compared to 48.4% in the prior year. The decrease was primarily due to unfavorable impacts of tariffs, net of mitigating actions, along with lower services and software margins, largely offset by volume leverage favorability. Gross margin was higher in AVA and declined in CF. As we exited 2025, the unfavorable impacts of existing import tariffs have been fully mitigated.
AddedMD&A
(1)Free cash flow, a non-GAAP measure, is defined as Net cash provided by (used in) operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period.
AddedMD&A
•$96 million decrease in net operating cash inflows primarily due to larger reductions in inventory in the prior year, higher employee incentive compensation payments in the current year, and cash receipts from the settlements of terminated interest rate swap agreements in the prior year. These items were partly offset by favorable timing of customer collections.
AddedMD&A
•$1,398 million increase in net investing cash outflows primarily due to the acquisitions of Elo and Photoneo and higher capital expenditures in the current year.
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RemovedMD&A
RewordedMD&A
Total Net sales for EVM CF increased $401 million $434 million, or 13.7% 19.0%, compared to the prior year 2023 primarily due to higher sales of mobile computing products, and favorable foreign currency changes, as well as higher services and software, partially offset by lower sales of data capture products. software sales.
RewordedMD&A
Total Net sales for EVM AVA increased $401 million $169 million, or 13.7% 7.5%, compared to the prior year primarily due to higher sales of mobile computing printing products, and services and software, partially offset by lower as well as higher sales of RFID, supplies and sensors, and data capture products.
RewordedMD&A
To the extent applicable, segment operating income excludes Share-based Compensation, Amortization of intangible assets, Acquisition and integration costs, Exit and restructuring costs, as well as certain other non-recurring costs (such as the Settlement costs in 2022, impairment (impairment of goodwill and other intangibles, intangible assets, and business acquisition purchase accounting adjustments). adjustments) are excluded from segment results.
RewordedMD&A
Total Net sales for AIT AVA decreased $4 million $37 million, or 0.2% 1.6%, compared to the prior year 2023 primarily due to lower sales of data capture and printing products and supplies, partially products, partly offset by favorable foreign currency changes and higher sales of services and software and RFID products.
RewordedMD&A
Total Net sales for EVM CF increased $401 million $246 million, or 13.7% 9.1%, compared to the prior year primarily due to higher sales of mobile computing products, products and services and software, partially offset by lower the net sales of data capture products. Elo.
RewordedMD&A
Gross margin increased to 48.6% 50.0% in the current year compared to 45.6% 48.0% for the prior year primarily due to volume leverage, primarily due to favorable business mix, higher service and software margins, lower inventory-related inventory related charges, and lower freight rates. volume leverage favorability.
RewordedMD&A
Gross margin increased to 48.6% 49.2% in the current year 2024 compared to 45.6% for the prior year 45.2% in 2023 primarily due to volume leverage, favorable business mix, higher service and software margins, lower inventory-related charges, freight rates, and lower freight rates. inventory-related charges.
RewordedMD&A
Gross margin increased to 48.1% 48.0% in the current year 2024 compared to 47.7% for in the prior previous year primarily due to favorable foreign currency changes, partially business mix, partly offset by higher inventory-related inventory related charges.
RewordedMD&A
The Company is a global leader in providing Enterprise Asset Intelligence (“EAI”) offerings in the Automatic Identification and Data Capture (“AIDC”) industry. industry, ensuring frontline operations everywhere are digitized, automated and intelligent.
RewordedMD&A
(2)For purposes of computing Organic Net sales growth (decline), growth, amounts directly attributable to business acquisitions the acquisition of Elo are excluded for twelve months following their respective acquisitions. the September 30, 2025 acquisition date.
RewordedMD&A
Operating income for the current year increased 55.7% 70.4% in 2024 compared to the prior year 2023 due to higher Gross profit partially profit, partly offset by higher Operating expenses.
RewordedMD&A
(2)For purposes of computing AVA Organic Net sales growth (decline), amounts directly attributable to business acquisitions the acquisition of Photoneo are excluded for twelve months following their respective acquisitions. the February 28, 2025 acquisition date.
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