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ZBRAZebra Technologies

Technology · Industrial Machinery · Nasdaq
Compare with peers → Embed
FY2025 at a glance

Sales up 8.3%, free cash flow down to $831.0M

XBRL, from each 10-K
$5.4B
from $5.0B in FY2024
FY2016FY2025
Net incomeStatements ↓
$419.0M
from $528.0M in FY2024
FY2016FY2025
Free cash flowStatements ↓
$831.0M
from $954.0M in FY2024
FY2016FY2025
EPS (diluted)Statements ↓
$8.18
from $10.18 in FY2024
FY2016FY2025
Operating marginStatements ↓
13.0%
from 14.9% in FY2024
FY2016FY2025
Total debtStatements ↓
$2.5B
from $2.2B in FY2024
FY2016FY2025
Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR
EPS (ttm)12.37Sales (ttm)6.1BNet income (ttm)602.0MSales growth+8.3%EPS growth-19.6%Sales Q/Q+22.3%
Free cash flow988.0MGross margin48.9%Oper. margin14.9%Net margin9.8%FCF margin16.1%ROE16.9%
ROA6.8%R&D / sales11.0%Dividend-Debt/Eq0.72Curr. ratio0.57Cash182.0M
Op. cash flow (ttm)1.1BEBITDA885.0MEBITDA margin16.4%Net debt2.4BQuick ratio0.39Interest cover5.43
ROIC8.5%Tax rate25.2%Stock pay / sales3.0%Shares out.47.1MShares Y/Y-1.3%Book / share75.77
Cash / share3.87Sales / share130.42Asset turnover0.70Inventory turns3.84Days sales out.54Sales 3Y CAGR-2.3%
Sales 5Y CAGR+3.9%EPS 3Y CAGR-2.4%EPS 5Y CAGR-2.6%Employees10,700Sales / employee574K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

ZBRA against Technology peers

Ten years, side by side → · All 75 →
GrowthProfitBalanceCleanInsiders
ZBRAPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 75 companies, the better end on the right. Hover a dot for the company.

Sales growth
+8.3%53rd of 75 · median +14.1%
Net margin
9.8%58th of 75 · median 19.1%
Return on equity
16.9%45th of 69 · median 23.9%
Free cash flow margin
16.1%50th of 71 · median 22.3%
Debt / equity (less is better)
0.7245th of 61 · median 0.46
ZBRA and the 5 peers closest in revenue
CompanyRevenue (ttm)Sales growthGross marginNet marginROEFCF marginDebt / equity
ZBRA Zebra Technologies$6.1B +8.3%48.9%9.8%16.9%16.1%0.72
IT Gartner$6.4B +3.7%70.6%14.8%---
ON ON Semiconductor$6.4B -15.3%38.7%10.8%9.1%25.4%0.60
CDNS Cadence Design Systems$6.1B +14.1%-22.5%20.1%28.8%0.36
CIEN Ciena$6.0B +18.8%44.1%10.9%21.4%13.5%1.06
TWLO Twilio$5.8B +13.7%48.6%21.8%13.9%-0.11
Where each dollar goes

From $5.6B of sales to $837.0M of profit

FY2021, from the 10-K income statement
Revenue to Gross profit: $2.6BRevenue to Cost of revenue: $3.0BGross profit to Operating profit: $979.0MGross profit to Operating expenses: $1.6BOperating profit to Net profit: $837.0MOperating profit to Tax & other: $142.0MOperating expenses to R&D: $567.0MOperating expenses to Sales, admin & other: $1.1B Revenue: $5.6B Revenue$5.6B +27% Y/Y Gross profit: $2.6B · 47% margin Gross profit$2.6B47% margin +31% Y/Y Cost of revenue: $3.0B · 53% of revenue Cost of revenue$3.0B53% of revenue Operating profit: $979.0M · 17% margin Operating profit$979.0M17% margin +50% Y/Y Operating expenses: $1.6B · 29% of revenue Operating expenses$1.6B29% of revenue Net profit: $837.0M · 15% margin Net profit$837.0M15% margin +66% Y/Y Tax & other: $142.0M · 3% of revenue Tax & other$142.0M3% of revenue R&D: $567.0M · 10% of revenue R&D$567.0M10% of revenue Sales, admin & other: $1.1B · 19% of revenue Sales, admin & other$1.1B19% of revenue

Swipe sideways for the whole flow →

From $5.8B of sales to $463.0M of profit

FY2022, from the 10-K income statement and revenue by product
Tangible Products to Revenue: $4.9BServices and Software to Revenue: $866.0MRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $3.2BGross profit to Operating profit: $529.0MGross profit to Operating expenses: $2.1BOperating profit to Net profit: $463.0MOperating profit to Tax & other: $66.0MOperating expenses to R&D: $570.0MOperating expenses to Sales, admin & other: $1.5B Tangible Products: $4.9B · 85% Tangible Products$4.9B85% Services and Software: $866.0M · 15% Services and Software$866.0M15% Revenue: $5.8B Revenue$5.8B +3% Y/Y Gross profit: $2.6B · 45% margin Gross profit$2.6B45% margin +0% Y/Y Cost of revenue: $3.2B · 55% of revenue Cost of revenue$3.2B55% of revenue Operating profit: $529.0M · 9% margin Operating profit$529.0M9% margin −46% Y/Y Operating expenses: $2.1B · 36% of revenue Operating expenses$2.1B36% of revenue Net profit: $463.0M · 8% margin Net profit$463.0M8% margin −45% Y/Y Tax & other: $66.0M · 1% of revenue Tax & other$66.0M1% of revenue R&D: $570.0M · 10% of revenue R&D$570.0M10% of revenue Sales, admin & other: $1.5B · 26% of revenue Sales, admin & other$1.5B26% of revenue

Swipe sideways for the whole flow →

From $4.6B of sales to $296.0M of profit

FY2023, from the 10-K income statement and revenue by product
Tangible Products to Revenue: $3.7BServices and Software to Revenue: $919.0MRevenue to Gross profit: $2.1BRevenue to Cost of revenue: $2.5BGross profit to Operating profit: $481.0MGross profit to Operating expenses: $1.6BOperating profit to Net profit: $296.0MOperating profit to Tax & other: $185.0MOperating expenses to R&D: $519.0MOperating expenses to Sales, admin & other: $1.1B Tangible Products: $3.7B · 80% Tangible Products$3.7B80% Services and Software: $919.0M · 20% Services and Software$919.0M20% Revenue: $4.6B Revenue$4.6B −21% Y/Y Gross profit: $2.1B · 46% margin Gross profit$2.1B46% margin −19% Y/Y Cost of revenue: $2.5B · 54% of revenue Cost of revenue$2.5B54% of revenue Operating profit: $481.0M · 10% margin Operating profit$481.0M10% margin −9% Y/Y Operating expenses: $1.6B · 36% of revenue Operating expenses$1.6B36% of revenue Net profit: $296.0M · 6% margin Net profit$296.0M6% margin −36% Y/Y Tax & other: $185.0M · 4% of revenue Tax & other$185.0M4% of revenue R&D: $519.0M · 11% of revenue R&D$519.0M11% of revenue Sales, admin & other: $1.1B · 24% of revenue Sales, admin & other$1.1B24% of revenue

Swipe sideways for the whole flow →

From $5.0B of sales to $528.0M of profit

FY2024, from the 10-K income statement and revenue by product
Tangible Products to Revenue: $4.0BServices and Software to Revenue: $965.0MRevenue to Gross profit: $2.4BRevenue to Cost of revenue: $2.6BGross profit to Operating profit: $742.0MGross profit to Operating expenses: $1.7BOperating profit to Net profit: $528.0MOperating profit to Tax & other: $214.0MOperating expenses to R&D: $563.0MOperating expenses to Sales, admin & other: $1.1B Tangible Products: $4.0B · 81% Tangible Products$4.0B81% Services and Software: $965.0M · 19% Services and Software$965.0M19% Revenue: $5.0B Revenue$5.0B +9% Y/Y Gross profit: $2.4B · 48% margin Gross profit$2.4B48% margin +14% Y/Y Cost of revenue: $2.6B · 52% of revenue Cost of revenue$2.6B52% of revenue Operating profit: $742.0M · 15% margin Operating profit$742.0M15% margin +54% Y/Y Operating expenses: $1.7B · 34% of revenue Operating expenses$1.7B34% of revenue Net profit: $528.0M · 11% margin Net profit$528.0M11% margin +78% Y/Y Tax & other: $214.0M · 4% of revenue Tax & other$214.0M4% of revenue R&D: $563.0M · 11% of revenue R&D$563.0M11% of revenue Sales, admin & other: $1.1B · 22% of revenue Sales, admin & other$1.1B22% of revenue

Swipe sideways for the whole flow →

From $5.4B of sales to $419.0M of profit

FY2025, from the 10-K income statement and revenue by product
Tangible Products to Revenue: $4.4BServices and Software to Revenue: $978.0MRevenue to Gross profit: $2.6BRevenue to Cost of revenue: $2.8BGross profit to Operating profit: $700.0MGross profit to Operating expenses: $1.9BOperating profit to Net profit: $419.0MOperating profit to Tax & other: $281.0MOperating expenses to R&D: $593.0MOperating expenses to Sales, admin & other: $1.3B Tangible Products: $4.4B · 82% Tangible Products$4.4B82% Services and Software: $978.0M · 18% Services and Software$978.0M18% Revenue: $5.4B Revenue$5.4B +8% Y/Y Gross profit: $2.6B · 48% margin Gross profit$2.6B48% margin +7% Y/Y Cost of revenue: $2.8B · 52% of revenue Cost of revenue$2.8B52% of revenue Operating profit: $700.0M · 13% margin Operating profit$700.0M13% margin −6% Y/Y Operating expenses: $1.9B · 35% of revenue Operating expenses$1.9B35% of revenue Net profit: $419.0M · 8% margin Net profit$419.0M8% margin −21% Y/Y Tax & other: $281.0M · 5% of revenue Tax & other$281.0M5% of revenue R&D: $593.0M · 11% of revenue R&D$593.0M11% of revenue Sales, admin & other: $1.3B · 24% of revenue Sales, admin & other$1.3B24% of revenue

Swipe sideways for the whole flow →

Where each $100 of sales went

FY2021
FY2022
FY2023
FY2024
FY2025
  • Cost of revenue
  • R&D
  • Sales, admin & other
  • Tax & other
  • Net profit

Band widths are the money. Gross profit is revenue less cost of revenue; operating expenses are gross profit less operating profit; R&D is from the income statement and the rest of the operating expenses is everything else; tax includes interest and other items when they are small. Y/Y is the change from the fiscal year before. Revenue by part only for the years in the last two 10-Ks' segment tables. The full income statement →

Profitability

2 of 4
  • !
    Net margin below the peer median9.8% vs 19.1%
  • ✓
    Gross margin up over 5 years45.0% → 48.1%
  • ✓
    Return on equity above 15%16.9%
  • !
    A profit in 9 of 10 years
Net margin, FY2016 to FY2025: -3.8% → 7.8%

Balance sheet

3 of 4
  • ✓
    Interest covered more than 5 timesOperating income is 5.4× interest expense
  • ✓
    Debt smaller than equityDebt / equity 0.72 on the latest balance sheet (peer median 0.46)
  • !
    Current ratio below 1Current ratio 0.57
  • ✓
    Net debt under 3 years of free cash flow$2.4B net debt, 2.4 years
Debt / equity at each year end, FY2016 to FY2025: 3.34 → 0.70
What the debt is made of ↓

Cash and shareholders

2 of 3
  • !
    Free cash flow positive in 9 of 10 years$831.0M last year
  • ✓
    Share count down over 5 years−5.0%
  • ✓
    Cash from operations above net income$917.0M vs $419.0M
Free cash flow, FY2016 to FY2025: 303.0M → 831.0M

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$2.1B of principal due, schedule of Oct 3, 2026

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 5.4B Net income 419.0M
FY2016 revenue 3.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-19-000011 FY2016 net income -137.0M · NetIncomeLoss, 0000877212-19-000011 3.6B FY2016 FY2017 revenue 3.7B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-20-000006 FY2017 net income 17.0M · NetIncomeLoss, 0000877212-20-000006 3.7B FY2017 FY2018 revenue 4.2B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-21-000008 FY2018 net income 421.0M · NetIncomeLoss, 0000877212-21-000008 4.2B FY2018 FY2019 revenue 4.5B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-22-000026 FY2019 net income 544.0M · NetIncomeLoss, 0000877212-22-000026 4.5B FY2019 FY2020 revenue 4.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-23-000025 FY2020 net income 504.0M · NetIncomeLoss, 0000877212-23-000025 4.4B FY2020 FY2021 revenue 5.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-24-000029 FY2021 net income 837.0M · NetIncomeLoss, 0000877212-24-000029 5.6B FY2021 FY2022 revenue 5.8B · RevenueFromContractWithCustomerExcludingAssessedTax, 0000877212-25-000027 FY2022 net income 463.0M · NetIncomeLoss, 0000877212-25-000027 5.8B FY2022 FY2023 revenue 4.6B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007668 FY2023 net income 296.0M · NetIncomeLoss, 0001628280-26-007668 4.6B FY2023 FY2024 revenue 5.0B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007668 FY2024 net income 528.0M · NetIncomeLoss, 0001628280-26-007668 5.0B FY2024 FY2025 revenue 5.4B · RevenueFromContractWithCustomerExcludingAssessedTax, 0001628280-26-007668 FY2025 net income 419.0M · NetIncomeLoss, 0001628280-26-007668 5.4B FY2025

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

ZBRA's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Revenue5.4B
FY2016: 3.6BFY2017: 3.7BFY2018: 4.2BFY2019: 4.5BFY2020: 4.4BFY2021: 5.6BFY2022: 5.8BFY2023: 4.6BFY2024: 5.0BFY2025: 5.4B FY2017FY2019FY2021FY2023FY2025
Net income419.0M
FY2016: -137.0MFY2017: 17.0MFY2018: 421.0MFY2019: 544.0MFY2020: 504.0MFY2021: 837.0MFY2022: 463.0MFY2023: 296.0MFY2024: 528.0MFY2025: 419.0M FY2017FY2019FY2021FY2023FY2025
Free cash flow831.0M
FY2016: 303.0MFY2017: 428.0MFY2018: 721.0MFY2019: 624.0MFY2020: 895.0MFY2021: 1.0BFY2022: 413.0MFY2023: -91.0MFY2024: 954.0MFY2025: 831.0M FY2017FY2019FY2021FY2023FY2025
EPS (diluted)8.18
FY2016: -2.65FY2017: 0.32FY2018: 7.76FY2019: 9.97FY2020: 9.35FY2021: 15.52FY2022: 8.80FY2023: 5.72FY2024: 10.18FY2025: 8.18 FY2017FY2019FY2021FY2023FY2025
Diluted shares51.2M
FY2016: 51.6MFY2017: 53.7MFY2018: 54.3MFY2019: 54.6MFY2020: 53.9MFY2021: 53.9MFY2022: 52.6MFY2023: 51.7MFY2024: 51.9MFY2025: 51.2M FY2017FY2019FY2021FY2023FY2025

The segments changed

10-K filed 2026-02-12

Compared with the 10-K of Feb 13, 2025: new segments AVA, CF; no longer reported: Asset Intelligence Tracking AIT, Enterprise Visibility Mobility EVM.

Effective in the fourth quarter of 2025, we realigned our reportable segments from the former Enterprise Visibility & Mobility (EVM) and Asset Intelligence & Tracking (AIT) segments to two new segments: Connected Frontline (“CF”) and Asset Visibility and Automation (“AVA”). 10-K

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025
RevenueSharevs year before
CF 3.0B54.9% +9.1%
AVA 2.4B45.1% +7.5%

10-K 0001628280-26-007668, segment and revenue notes (XBRL).

Revenue by product or service

year to Dec 31, 2025
RevenueSharevs year before
Tangible Products 4.4B81.9% +10.0%
Services and Software 978.0M18.1% +1.3%

10-K 0001628280-26-007668, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025
RevenueSharevs year before
North America 2.7B49.9% +8.1%
United States 2.6B49.0% +8.7%
Other 1.9B35.0% +7.8%
EMEA 1.7B31.9% +5.4%
Germany 864.0M16.0% +8.4%
Asia-Pacific 613.0M11.4% +16.5%
Latin America 364.0M6.7% +11.0%

10-K 0001628280-26-007668, segment and revenue notes (XBRL).

Income statement

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue3.6B3.7B4.2B4.5B4.4B5.6B5.8B4.6B5.0B5.4B
Cost of revenue1.9B2.0B2.2B2.4B2.4B3.0B3.2B2.5B2.6B2.8B
Gross profit1.6B1.7B2.0B2.1B2.0B2.6B2.6B2.1B2.4B2.6B
R&D376.0M389.0M444.0M447.0M453.0M567.0M570.0M519.0M563.0M593.0M
SG&A307.0M301.0M328.0M323.0M304.0M348.0M375.0M334.0M381.0M433.0M
Operating income80.0M322.0M610.0M692.0M651.0M979.0M529.0M481.0M742.0M700.0M
Interest expense193.0M227.0M91.0M89.0M76.0M5.0M58.0M111.0M55.0M129.0M
Pretax income-129.0M88.0M524.0M598.0M560.0M968.0M544.0M334.0M635.0M560.0M
Income tax8.0M71.0M103.0M54.0M56.0M131.0M81.0M38.0M107.0M141.0M
Net income-137.0M17.0M421.0M544.0M504.0M837.0M463.0M296.0M528.0M419.0M
EPS (diluted)-2.650.327.769.979.3515.528.805.7210.188.18
Diluted shares51.6M53.7M54.3M54.6M53.9M53.9M52.6M51.7M51.9M51.2M
Depreciation & amortization304.0M263.0M175.0M175.0M146.0M187.0M204.0M176.0M172.0M185.0M
EBITDA384.0M585.0M785.0M867.0M797.0M1.2B733.0M657.0M914.0M885.0M
Gross margin45.9%45.9%47.0%46.8%45.0%46.7%45.4%46.3%48.4%48.1%
Operating margin2.2%8.7%14.5%15.4%14.6%17.4%9.2%10.5%14.9%13.0%
Net margin-3.8%0.5%10.0%12.1%11.3%14.9%8.0%6.5%10.6%7.8%
Revenue growth-+4.1%+13.3%+6.3%-0.8%+26.5%+2.7%-20.7%+8.7%+8.3%
EPS growth--+2325%+28.5%-6.2%+66.0%-43.3%-35.0%+78.0%-19.6%

Stock-based pay and leases

From EDGAR
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Stock-based pay (expense)27.0M35.0M45.0M48.0M51.0M76.0M88.0M55.0M89.0M163.0M
Stock-based pay / revenue0.8%0.9%1.1%1.1%1.1%1.4%1.5%1.2%1.8%3.0%
Operating lease cost---37.0M35.0M39.0M48.0M52.0M50.0M48.0M
Operating lease cash paid---67.0M69.0M76.0M93.0M82.0M72.0M67.0M
Right-of-use assets--0107.0M135.0M131.0M156.0M169.0M167.0M166.0M
Operating lease liabilities---129.0M159.0M154.0M176.0M194.0M191.0M195.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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