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ZBRA

Zebra Technologies Corporation

ZBRA

Zebra Technologies Corporation • NASDAQ
$252.75 ▲ 0.90% (+2.25)
Market Cap $12.80 B
52w High $427.76
52w Low $205.73
Dividend Yield 0%
P/E 25.5
Volume 171.31K
Outstanding Shares 50.66M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $1.32B ▲ $451M ▲ $101M ▼ 7.652% ▼ $-4.83 ▼ $320M ▲
Q2-2025 $1.293B ▼ $433M ▼ $112M ▼ 8.662% ▼ $2.2 ▼ $206M ▼
Q1-2025 $1.308B ▼ $450M ▲ $136M ▼ 10.398% ▼ $2.64 ▼ $229M ▼
Q4-2024 $1.334B ▲ $423M ▲ $163M ▲ 12.219% ▲ $3.16 ▲ $309M ▲
Q3-2024 $1.255B $422M $137M 10.916% $2.66 $225M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $1.053B ▲ $8.067B ▲ $4.32B ▼ $3.747B ▲
Q2-2025 $872M ▼ $7.938B ▲ $4.321B ▲ $3.617B ▼
Q1-2025 $879M ▼ $7.899B ▼ $4.273B ▼ $3.626B ▲
Q4-2024 $901M ▲ $7.968B ▲ $4.382B ▲ $3.586B ▲
Q3-2024 $676M $7.69B $4.269B $3.421B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $101M ▼ $235M ▲ $-22M ▼ $-29M ▲ $181M ▲ $216M ▲
Q2-2025 $112M ▼ $147M ▼ $-17M ▲ $-138M ▼ $-7M ▲ $130M ▼
Q1-2025 $136M ▼ $178M ▼ $-82M ▼ $-119M ▼ $-22M ▼ $158M ▼
Q4-2024 $163M ▲ $306M ▲ $-15M ▲ $-63M ▼ $225M ▼ $288M ▲
Q3-2024 $137M $294M $-17M $-12M $265M $277M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Asset Intelligence Tracking AIT
Asset Intelligence Tracking AIT
 $450.00M ▲$460.00M ▲$420.00M ▼$460.00M ▲
Enterprise Visibility Mobility EVM
Enterprise Visibility Mobility EVM
 $890.00M ▲$850.00M ▼$880.00M ▲$860.00M ▼

Five-Year Company Overview

Income Statement

Income Statement Revenue has moved in cycles over the past few years: strong growth coming out of the pandemic, a noticeable slowdown more recently, and then a clear rebound in the latest year. Profitability followed a similar arc. Margins were very healthy at the peak, compressed when demand softened and costs rose, and have improved again but remain below the prior high point. Earnings per share dropped meaningfully during the weaker year and have since recovered at a good pace, showing that the business is still solidly profitable but not back to its prior earnings power yet. Overall, this looks like a high-quality, cyclical technology business working through a down cycle and gradually regaining traction.

Balance Sheet

Balance Sheet The balance sheet shows a company that has grown in size over time while steadily building its equity base. Debt sits at a moderate level: not trivial, but not excessive given the scale of the business. Cash was tight in the weaker year but has been rebuilt to a more comfortable level recently, which improves financial flexibility. Assets have expanded consistently, reflecting acquisitions and ongoing investment. In simple terms, Zebra appears reasonably well-capitalized with manageable leverage and a stronger liquidity position now than a couple of years ago.

Cash Flow

Cash Flow Underlying cash generation is a key strength. Operating cash flow was robust in most years, with one clear weak spot when working capital likely absorbed cash as demand slowed and inventories or receivables moved unfavorably. Free cash flow has generally been solidly positive, except for a small dip in that same weak year, and capital spending needs are relatively modest and stable. The latest year shows a healthy return to strong cash generation, suggesting that the business model remains cash-rich even through a tougher demand environment.

Competitive Edge

Competitive Edge Zebra holds a leading position in barcode, scanning, rugged mobile computing, and related enterprise data-capture gear, especially in retail, logistics, manufacturing, and healthcare. Its ecosystem is a major advantage: hardware, software, and services are tightly integrated, which makes life easier for customers and raises switching costs. A large global partner network, long customer relationships, and a reputation for reliability further reinforce its moat. Competition from other industrial tech players is real, but Zebra’s focus on full solutions rather than stand-alone devices helps it differentiate and defend share.

Innovation and R&D

Innovation and R&D The company has clearly moved beyond simple hardware into smart, software-driven solutions. It invests heavily in research and development, supported by a large patent portfolio. Key themes include cloud platforms for real-time asset intelligence, AI-driven analytics that recommend actions rather than just report data, machine vision for automated inspection, and robotics for warehouse and fulfillment automation. Zebra supplements internal R&D with targeted acquisitions in imaging, robotics, and displays. Execution risk is mainly about successfully integrating these technologies and scaling new offerings, but the strategic direction is coherent and forward-looking.

Summary

Zebra today is a mature, profitable technology company with strong positions in niche but critical parts of the enterprise infrastructure stack. Financially, it went from a period of strong growth to a noticeable slowdown, then to a recovery phase, with margins and earnings improving again but not yet at prior peak levels. The balance sheet and cash flow support ongoing investment and selective acquisitions without obvious financial strain. Competitively, its integrated ecosystem, brand, and partner network create meaningful barriers to entry, while its innovation focus on AI, automation, and software deepens customer lock-in. The main watchpoints are the normal cyclicality of enterprise spending, the pace of adoption of its newer software and automation solutions, and its ability to keep integrating acquisitions and emerging technologies smoothly.

NEWS

November 24, 2025 · 8:30 AM UTC

Zebra Technologies Appoints Melissa Luff Loizides as Chief People Officer

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November 13, 2025 · 10:00 AM UTC

Zebra Technologies to Present at Investor Conferences

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November 11, 2025 · 8:00 AM UTC

Zebra Study: 87% of Retailers Believe Gen AI to Have Significant Impact on Loss Prevention

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October 28, 2025 · 6:30 AM UTC

Zebra Technologies Announces Third-Quarter 2025 Results

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October 14, 2025 · 8:00 AM UTC

Zebra and Salesforce Introduce Retail Cloud POS Solution on Android to Streamline Store Operations

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