NASDAQ : ZBRA
Zebra Technologies Corporation — Financial statements
Technology · Communication Equipment · United States
Last price 361.26 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 17.09B
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Financial statements
Zebra Technologies Corporation (ZBRA) reported revenue of 5.85B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 5.85B | 5.40B | 4.98B | 4.58B | 5.78B | 5.63B |
| Cost of Revenue | 2.95B | 2.80B | 2.57B | 2.46B | 3.16B | 3.00B |
| Gross Profit | 2.90B | 2.59B | 2.41B | 2.12B | 2.62B | 2.63B |
| Selling, General & Admin | 1.17B | 1.09B | 981.00M | 915.00M | 982.00M | 935.00M |
| Research & Development | 622.00M | 593.00M | 563.00M | 519.00M | 570.00M | 567.00M |
| Amortization of Goodwill & Intangibles | 139.00M | 114.00M | 104.00M | 104.00M | 136.00M | 115.00M |
| Operating Expenses | 1.93B | 1.79B | 1.65B | 1.54B | 1.69B | 1.62B |
| Operating Income | 970.00M | 800.00M | 765.00M | 585.00M | 936.00M | 1.01B |
| Interest Expense | -132.00M | -108.00M | -98.00M | -133.00M | -5.00M | |
| Interest & Investment Income | 23.00M | |||||
| Currency Exchange Gain (Loss) | -4.00M | -18.00M | 5.00M | -2.00M | -3.00M | -5.00M |
| Other Non Operating Income (Expenses) | -1.00M | -3.00M | -8.00M | -11.00M | -5.00M | -1.00M |
| EBT Excluding Unusual Items | 833.00M | 671.00M | 664.00M | 439.00M | 951.00M | 1.00B |
| Merger & Restructuring Charges | -112.00M | -100.00M | -23.00M | -104.00M | -35.00M | -32.00M |
| Gain (Loss) on Sale of Investments | -17.00M | -11.00M | -6.00M | -1.00M | ||
| Other Unusual Items | -372.00M | |||||
| Pretax Income | 709.00M | 560.00M | 635.00M | 334.00M | 544.00M | 968.00M |
| Income Tax Expense | 170.00M | 141.00M | 107.00M | 38.00M | 81.00M | 131.00M |
| Net Income | 539.00M | 419.00M | 528.00M | 296.00M | 463.00M | 837.00M |
| Net Income to Common | 539.00M | 419.00M | 528.00M | 296.00M | 463.00M | 837.00M |
| Shares Outstanding (Basic) | 49.43M | 50.82M | 51.49M | 51.38M | 52.21M | 53.45M |
| Shares Outstanding (Diluted) | 49.83M | 51.21M | 51.88M | 51.71M | 52.56M | 53.90M |
| EPS (Basic) | 10.91 | 8.24 | 10.25 | 5.76 | 8.87 | 15.66 |
| EPS (Diluted) | 10.81 | 8.18 | 10.18 | 5.72 | 8.80 | 15.52 |
| Free Cash Flow | 904.00M | 831.00M | 954.00M | -91.00M | 413.00M | 1.01B |
| Free Cash Flow Per Share | 18.14 | 16.23 | 18.39 | -1.76 | 7.86 | 18.74 |
| Gross Margin | 49.58% | 48.05% | 48.44% | 46.31% | 45.39% | 46.70% |
| Operating Margin | 16.59% | 14.83% | 15.36% | 12.76% | 16.19% | 17.97% |
| Profit Margin | 9.22% | 7.76% | 10.60% | 6.46% | 8.01% | 14.88% |
| Free Cash Flow Margin | 15.46% | 15.40% | 19.15% | -1.98% | 7.14% | 17.95% |
| EBITDA | 1.18B | 985.00M | 937.00M | 761.00M | 1.14B | 1.20B |
| EBITDA Margin | 20.25% | 18.25% | 18.81% | 16.60% | 19.72% | 21.29% |
| D&A For EBITDA | 214.00M | 185.00M | 172.00M | 176.00M | 204.00M | 187.00M |
| EBIT | 970.00M | 800.00M | 765.00M | 585.00M | 936.00M | 1.01B |
| EBIT Margin | 16.59% | 14.83% | 15.36% | 12.76% | 16.19% | 17.97% |
| Effective Tax Rate | 23.98% | 25.18% | 16.85% | 11.38% | 14.89% | 13.53% |
| Revenue as Reported | 5.85B | 5.40B | 4.98B | 4.58B | 5.78B | 5.63B |
| Advertising Expenses | 27.00M | 28.00M | 31.00M | 33.00M | 35.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 157.00M | 125.00M | 901.00M | 137.00M | 105.00M | 332.00M |
| Trading Asset Securities | 34.00M | 25.00M | ||||
| Cash & Short-Term Investments | 157.00M | 125.00M | 901.00M | 171.00M | 130.00M | 332.00M |
| Accounts Receivable | 990.00M | 801.00M | 692.00M | 521.00M | 768.00M | 774.00M |
| Other Receivables | 56.00M | 31.00M | 20.00M | 63.00M | 26.00M | 8.00M |
| Receivables | 1.05B | 832.00M | 712.00M | 584.00M | 794.00M | 782.00M |
| Inventory | 733.00M | 729.00M | 693.00M | 804.00M | 860.00M | 491.00M |
| Prepaid Expenses | 107.00M | 49.00M | ||||
| Restricted Cash | 1.00M | 12.00M | 12.00M | |||
| Other Current Assets | 19.00M | 110.00M | 134.00M | 112.00M | 87.00M | 23.00M |
| Total Current Assets | 2.06B | 1.80B | 2.44B | 1.67B | 1.88B | 1.69B |
| Property, Plant & Equipment | 514.00M | 519.00M | 472.00M | 478.00M | 434.00M | 403.00M |
| Long-Term Investments | 96.00M | 103.00M | 110.00M | 162.00M | 160.00M | 101.00M |
| Goodwill | 4.70B | 4.73B | 3.89B | 3.90B | 3.90B | 3.27B |
| Other Intangible Assets | 725.00M | 809.00M | 422.00M | 527.00M | 630.00M | 469.00M |
| Long-Term Deferred Tax Assets | 396.00M | 414.00M | 512.00M | 438.00M | 407.00M | 192.00M |
| Long-Term Deferred Charges | 28.00M | |||||
| Other Long-Term Assets | 143.00M | 134.00M | 121.00M | 134.00M | 116.00M | 68.00M |
| Total Assets | 8.64B | 8.50B | 7.97B | 7.31B | 7.53B | 6.21B |
| Accounts Payable | 738.00M | 695.00M | 633.00M | 456.00M | 811.00M | 700.00M |
| Accrued Expenses | 356.00M | 385.00M | 386.00M | 256.00M | 343.00M | 424.00M |
| Current Portion of Long-Term Debt | 2.27B | 141.00M | 79.00M | 173.00M | 214.00M | 84.00M |
| Current Portion of Leases | 38.00M | 38.00M | 36.00M | 42.00M | 37.00M | 33.00M |
| Current Income Taxes Payable | 35.00M | 12.00M | 36.00M | 7.00M | 138.00M | 12.00M |
| Current Unearned Revenue | 444.00M | 446.00M | 453.00M | 458.00M | 425.00M | 380.00M |
| Other Current Liabilities | 112.00M | 135.00M | 81.00M | 206.00M | 364.00M | 167.00M |
| Total Current Liabilities | 4.00B | 1.85B | 1.70B | 1.60B | 2.33B | 1.80B |
| Long-Term Debt | 493.00M | 2.36B | 2.09B | 2.06B | 1.81B | 923.00M |
| Long-Term Leases | 156.00M | 157.00M | 155.00M | 152.00M | 139.00M | 121.00M |
| Long-Term Unearned Revenue | 391.00M | 396.00M | 304.00M | 312.00M | 333.00M | 315.00M |
| Long-Term Deferred Tax Liabilities | 31.00M | 32.00M | 57.00M | 67.00M | 75.00M | 6.00M |
| Other Long-Term Liabilities | 133.00M | 116.00M | 70.00M | 78.00M | 108.00M | 66.00M |
| Total Liabilities | 5.20B | 4.91B | 4.38B | 4.27B | 4.80B | 3.23B |
| Common Stock | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M | 1.00M |
| Additional Paid-In Capital | 882.00M | 814.00M | 669.00M | 615.00M | 561.00M | 462.00M |
| Retained Earnings | 5.65B | 5.28B | 4.86B | 4.33B | 4.04B | 3.57B |
| Treasury Stock | -3.06B | -2.49B | -1.90B | -1.86B | -1.80B | -1.02B |
| Comprehensive Income & Other | -38.00M | -18.00M | -44.00M | -54.00M | -66.00M | -29.00M |
| Shareholders' Equity | 3.44B | 3.59B | 3.59B | 3.04B | 2.73B | 2.98B |
| Total Liabilities & Equity | 8.64B | 8.50B | 7.97B | 7.31B | 7.53B | 6.21B |
| Total Debt | 2.96B | 2.70B | 2.36B | 2.43B | 2.20B | 1.16B |
| Net Cash (Debt) | -2.81B | -2.57B | -1.46B | -2.26B | -2.07B | -829.00M |
| Net Cash Per Share | -56.29 | -50.22 | -28.16 | -43.69 | -39.37 | -15.38 |
| Filing Date Shares Outstanding | 47.31M | 49.19M | 51.38M | 51.38M | 51.40M | 53.08M |
| Total Common Shares Outstanding | 47.39M | 49.59M | 51.51M | 51.38M | 51.45M | 53.42M |
| Working Capital | -1.94B | -56.00M | 736.00M | 74.00M | -449.00M | -111.00M |
| Book Value Per Share | 72.49 | 72.35 | 69.62 | 59.09 | 53.12 | 55.86 |
| Tangible Book Value | -1.99B | -1.95B | -727.00M | -1.39B | -1.80B | -750.00M |
| Tangible Book Value Per Share | -42.01 | -39.28 | -14.11 | -26.98 | -34.91 | -14.04 |
| Land | 8.00M | 7.00M | 8.00M | 7.00M | 7.00M | |
| Buildings | 114.00M | 99.00M | 86.00M | 75.00M | 75.00M | |
| Machinery | 457.00M | 410.00M | 377.00M | 342.00M | 302.00M | |
| Construction In Progress | 60.00M | 43.00M | 44.00M | 48.00M | 40.00M | |
| Leasehold Improvements | 141.00M | 115.00M | 112.00M | 88.00M | 94.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 539.00M | 419.00M | 528.00M | 296.00M | 463.00M | 837.00M |
| Depreciation & Amortization | 214.00M | 185.00M | 172.00M | 176.00M | 204.00M | 187.00M |
| Asset Writedown & Restructuring Costs | 45.00M | 45.00M | ||||
| Loss (Gain) From Sale of Investments | 5.00M | -31.00M | -9.00M | -83.00M | -30.00M | |
| Stock-Based Compensation | 174.00M | 163.00M | 89.00M | 55.00M | 88.00M | 76.00M |
| Other Operating Activities | 72.00M | 35.00M | -80.00M | -33.00M | -205.00M | -68.00M |
| Change in Accounts Receivable | -313.00M | -39.00M | -181.00M | 249.00M | -5.00M | -239.00M |
| Change in Inventory | 36.00M | 54.00M | 105.00M | 50.00M | -341.00M | 18.00M |
| Change in Accounts Payable | 107.00M | 1.00M | 176.00M | -365.00M | 92.00M | 96.00M |
| Change in Unearned Revenue | 54.00M | 75.00M | -13.00M | 12.00M | 60.00M | 113.00M |
| Change in Income Taxes | 20.00M | -1.00M | 68.00M | -168.00M | 108.00M | 1.00M |
| Change in Other Net Operating Assets | 31.00M | -20.00M | 180.00M | -267.00M | 107.00M | 78.00M |
| Operating Cash Flow | 979.00M | 917.00M | 1.01B | -4.00M | 488.00M | 1.07B |
| Capital Expenditures | -75.00M | -86.00M | -59.00M | -87.00M | -75.00M | -59.00M |
| Cash Acquisitions | -1.30B | -1.36B | -881.00M | -452.00M | ||
| Divestitures | 9.00M | |||||
| Investment in Securities | -3.00M | -4.00M | 2.00M | -5.00M | -12.00M | -35.00M |
| Investing Cash Flow | -1.37B | -1.46B | -57.00M | -92.00M | -968.00M | -546.00M |
| Long-Term Debt Issued | 347.00M | 651.00M | 440.00M | 1.28B | 46.00M | |
| Long-Term Debt Repaid | -19.00M | -694.00M | -245.00M | -247.00M | -303.00M | |
| Net Debt Issued (Repaid) | 594.00M | 328.00M | -43.00M | 195.00M | 1.04B | -257.00M |
| Repurchase of Common Stock | -905.00M | -587.00M | -47.00M | -52.00M | -751.00M | -57.00M |
| Other Financing Activities | -12.00M | 20.00M | -100.00M | -26.00M | -33.00M | -57.00M |
| Financing Cash Flow | -323.00M | -239.00M | -190.00M | 117.00M | 253.00M | -371.00M |
| Foreign Exchange Rate Adjustments | 1.00M | -3.00M | ||||
| Net Cash Flow | -715.00M | -776.00M | 763.00M | 21.00M | -227.00M | 152.00M |
| Free Cash Flow | 904.00M | 831.00M | 954.00M | -91.00M | 413.00M | 1.01B |
| Free Cash Flow Margin | 15.46% | 15.40% | 19.15% | -1.98% | 7.14% | 17.95% |
| Free Cash Flow Per Share | 18.14 | 16.23 | 18.39 | -1.76 | 7.86 | 18.74 |
| Levered Free Cash Flow | 576.75M | 658.50M | 807.88M | -8.50M | 812.00M | 840.75M |
| Unlevered Free Cash Flow | 659.25M | 726.00M | 869.12M | 74.62M | 812.00M | 843.88M |
| Cash Interest Paid | 145.00M | 129.00M | 55.00M | 111.00M | 58.00M | 32.00M |
| Cash Income Tax Paid | 114.00M | 134.00M | 124.00M | 252.00M | 168.00M | 199.00M |
| Change in Working Capital | -65.00M | 70.00M | 335.00M | -489.00M | 21.00M | 67.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 17.09B | 12.30B | 19.92B | 14.04B | 13.24B | 31.81B |
| Enterprise Value | 19.90B | 13.61B | 21.62B | 16.44B | 15.49B | 32.64B |
| Last Close Price | 361.26 | 242.82 | 386.22 | 273.33 | 256.41 | 595.20 |
| PE Ratio | 33.41 | 29.36 | 37.73 | 47.43 | 28.59 | 38.00 |
| Forward PE | 17.21 | 14.13 | 24.89 | 29.45 | 14.45 | 31.82 |
| PS Ratio | 2.92 | 2.28 | 4.00 | 3.06 | 2.29 | 5.65 |
| PB Ratio | 4.98 | 3.43 | 5.55 | 4.62 | 4.84 | 10.66 |
| P/FCF Ratio | 18.91 | 14.80 | 20.88 | 32.05 | 31.49 | |
| P/OCF Ratio | 17.46 | 13.41 | 19.67 | 27.13 | 29.75 | |
| PEG Ratio | 1.52 | 0.71 | 3.02 | 3.02 | 1.08 | 1.58 |
| EV/Sales Ratio | 3.40 | 2.52 | 4.34 | 3.59 | 2.68 | 5.80 |
| EV/EBITDA Ratio | 16.80 | 13.82 | 23.07 | 21.60 | 13.58 | 27.25 |
| EV/EBIT Ratio | 20.51 | 17.01 | 28.26 | 28.10 | 16.54 | 32.29 |
| EV/FCF Ratio | 22.01 | 16.38 | 22.66 | 37.49 | 32.32 | |
| Debt / Equity Ratio | 0.86 | 0.75 | 0.66 | 0.80 | 0.81 | 0.39 |
| Debt / EBITDA Ratio | 2.38 | 2.57 | 2.35 | 2.87 | 1.79 | 0.91 |
| Debt / FCF Ratio | 3.28 | 3.25 | 2.48 | 5.32 | 1.15 | |
| Net Debt / Equity Ratio | 0.82 | 0.72 | 0.41 | 0.74 | 0.76 | 0.28 |
| Net Debt / EBITDA Ratio | 2.37 | 2.61 | 1.56 | 2.97 | 1.81 | 0.69 |
| Net Debt / FCF Ratio | 3.10 | 3.10 | 1.53 | -24.82 | 5.01 | 0.82 |
| Asset Turnover | 0.71 | 0.66 | 0.65 | 0.62 | 0.84 | 0.97 |
| Inventory Turnover | 4.16 | 3.94 | 3.43 | 2.96 | 4.67 | 5.99 |
| Quick Ratio | 0.30 | 0.52 | 0.95 | 0.47 | 0.40 | 0.62 |
| Current Ratio | 0.52 | 0.97 | 1.43 | 1.05 | 0.81 | 0.94 |
| Return on Equity (ROE) | 15.29% | 11.68% | 15.95% | 10.26% | 16.20% | 32.64% |
| Return on Assets (ROA) | 7.32% | 6.07% | 6.26% | 4.93% | 8.51% | 10.90% |
| Return on Invested Capital (ROIC) | 11.85% | 10.68% | 12.30% | 10.27% | 18.49% | 24.15% |
| Return on Capital Employed (ROCE) | 20.90% | 12.00% | 12.20% | 10.20% | 18.00% | 22.90% |
| Earnings Yield | 2.99% | 3.41% | 2.65% | 2.11% | 3.50% | 2.63% |
| FCF Yield | 5.29% | 6.75% | 4.79% | -0.65% | 3.12% | 3.17% |
| Buyback Yield / Dilution | 3.71% | 1.29% | -0.33% | 1.61% | 2.49% | 0.02% |