Z 
Zebra Technologies ZBRA · USD
Information Technology · Electronic Equipment, Instruments & Components · US listing · 🇺🇸 United States
S&P 500
326.71
+1.46%
Close of 9 Nov 2026, in USD
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At a glance
Figures in USD, from our data supplier.
Revenue
$5.40bn
FY2016FY2025
Net income
$419.0m
FY2016FY2025
Free cash flow
$831.0m
FY2016FY2025
Shareholders' equity
$3.59bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.40bn | $4.98bn | $4.58bn | $5.78bn | $5.63bn | $4.45bn | $4.49bn | $4.22bn | $3.72bn | $3.57bn |
| Gross profit | $2.48bn | $2.41bn | $2.12bn | $2.62bn | $2.63bn | $2.00bn | $2.10bn | $1.98bn | $1.71bn | $1.64bn |
| Research and development | $593.0m | $563.0m | $519.0m | $570.0m | $567.0m | $453.0m | $447.0m | $444.0m | $389.0m | $376.0m |
| Operating income | $800.0m | $742.0m | $481.0m | $529.0m | $979.0m | $651.0m | $692.0m | $610.0m | $315.0m | $80.0m |
| Net income | $419.0m | $528.0m | $296.0m | $463.0m | $837.0m | $504.0m | $544.0m | $421.0m | $17.0m | −$137.0m |
| Diluted earnings per share | 8.27 | 10.17 | 5.73 | 8.91 | 15.54 | 9.37 | 9.97 | 7.72 | 0.32 | -2.61 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | $8.50bn | $7.97bn | $7.31bn | $7.53bn | $6.21bn | $5.38bn | $4.71bn | $4.34bn | $4.28bn | $4.63bn |
| Cash and short-term investments | $125.0m | $901.0m | $137.0m | $105.0m | $332.0m | $168.0m | $30.0m | $44.0m | $62.0m | $156.0m |
| Total liabilities | $4.91bn | $4.38bn | $4.27bn | $4.80bn | $3.23bn | $3.23bn | $2.87bn | $3.00bn | $3.44bn | $3.84bn |
| Debt | $2.50bn | $2.17bn | $2.22bn | $2.02bn | $991.0m | $1.25bn | $1.28bn | $1.59bn | $2.23bn | $2.65bn |
| Shareholders' equity | $3.59bn | $3.59bn | $3.04bn | $2.73bn | $2.98bn | $2.14bn | $1.84bn | $1.33bn | $834.0m | $792.0m |
| Shares outstanding | 51m | 52m | 52m | 52m | 54m | 54m | 55m | 55m | 54m | 53m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | $917.0m | $1.01bn | −$4.0m | $488.0m | $1.07bn | $962.0m | $685.0m | $785.0m | $478.0m | $372.0m |
| Capital spending | −$86.0m | −$59.0m | −$87.0m | −$75.0m | −$59.0m | −$67.0m | −$61.0m | −$64.0m | −$50.0m | −$77.0m |
| Free cash flow | $831.0m | $954.0m | −$91.0m | $413.0m | $1.01bn | $895.0m | $624.0m | $721.0m | $428.0m | $295.0m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56bn | $1.50bn | $1.48bn | $1.32bn | $1.29bn | $1.31bn | $1.33bn | $1.25bn |
| Gross profit | $825.0m | $742.0m | $658.0m | $634.0m | $616.0m | $645.0m | $648.0m | $613.0m |
| Operating income | $321.0m | $215.0m | $135.0m | $193.0m | $187.0m | $198.0m | $225.0m | $196.0m |
| Net income | $233.0m | $135.0m | $70.0m | $101.0m | $112.0m | $136.0m | $163.0m | $137.0m |
| Diluted earnings per share | 4.60 | 2.67 | 1.38 | 1.97 | 2.18 | 2.63 | 3.14 | 2.64 |
| Cash from operations | $211.0m | $176.0m | $357.0m | $235.0m | $147.0m | $178.0m | $306.0m | $294.0m |
| Capital spending | −$13.0m | −$13.0m | −$30.0m | −$19.0m | −$17.0m | −$20.0m | −$18.0m | −$17.0m |
| Free cash flow | $198.0m | $163.0m | $327.0m | $216.0m | $130.0m | $158.0m | $288.0m | $277.0m |
| Total assets | $8.64bn | $8.33bn | $8.50bn | $8.07bn | $7.94bn | $7.90bn | $7.97bn | $7.69bn |
| Cash and short-term investments | $157.0m | $114.0m | $125.0m | $1.05bn | $872.0m | $879.0m | $901.0m | $676.0m |
| Debt | $2.81bn | $2.69bn | $2.50bn | $2.11bn | $2.13bn | $2.10bn | $2.21bn | $2.08bn |
| Shareholders' equity | $3.44bn | $3.47bn | $3.59bn | $3.75bn | $3.62bn | $3.63bn | $3.59bn | $3.42bn |
Financial ratios
Data as of 2 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 45.9% | 48.4% | 46.3% | 45.4% | 46.7% | 45.0% |
| Operating margin | 14.8% | 14.9% | 10.5% | 9.2% | 17.4% | 14.6% |
| Net margin | 7.8% | 10.6% | 6.5% | 8.0% | 14.9% | 11.3% |
| Return on equity | 11.7% | 14.7% | 9.7% | 16.9% | 28.0% | 23.5% |
| Return on assets | 4.9% | 6.6% | 4.1% | 6.1% | 13.5% | 9.4% |
| Free cash flow yield | 5.3% | 5.5% | 0.4% | 2.9% | 5.6% | 5.1% |
| Revenue growth | 8.3% | 8.7% | -20.7% | 2.7% | 26.5% | -0.8% |
| Earnings growth | -20.6% | 78.4% | -36.1% | -44.7% | 66.1% | -7.4% |
| Current ratio | 0.97x | 1.43x | 1.05x | 0.81x | 0.94x | 0.69x |
| Debt to equity | 0.70x | 0.62x | 0.75x | 0.75x | 0.34x | 0.59x |
| Equity ratio | 42.2% | 45.0% | 41.6% | 36.3% | 48.0% | 39.9% |
| Interest coverage | 7.41x | 5.75x | 3.62x | 8.82x | 195.80x | 8.57x |
| R&D as a share of sales | 11.0% | 11.3% | 11.3% | 9.9% | 10.1% | 10.2% |
| Buybacks as a share of market value | 2.4% | -0.4% | 0.5% | 3.6% | -0.2% | 1.4% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -2.3% | 3.9% | 4.0% |
| Operating income | 14.8% | 4.2% | 36.0% |
| Net income | -3.3% | -3.6% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 47.1% | 46.5% | 46.3% | 46.3% |
| Operating margin | 14.9% | 12.3% | 13.6% | 11.7% |
| Net margin | 9.1% | 8.2% | 9.9% | 7.4% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 29.4 | 38.0 | 47.7 | 28.8 | 38.3 | 41.0 | 25.6 | 20.6 | 328.8 | -32.9 |
| Price to sales | 2.3 | 4.0 | 3.1 | 2.3 | 5.7 | 4.7 | 3.1 | 2.1 | 1.5 | 1.3 |
Market value over time
30 Nov 2016 to 1 Oct 2026, in USD
$4.11bn$19.02bn
Share price return
Finished calendar years
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Return | -34% | 42% | 11% | -57% | 52% | 49% | 67% | 42% | 22% | 32% |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 3-for-2 split · 26 Aug 2004
- 3-for-2 split · 22 Aug 2003
- 2-for-1 split · 29 Dec 1995
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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