Zebra Technologies

Information Technology Electronic Equipment & Instruments Lincolnshire, Illinois Last filing Feb 12, 2026 · FY2025

                    Revenue
                    FY2025
                
$5.4B
                    3y CAGR -2.3%
                    
                    P17
                    
                    +8.3%
                    
                    Net income
                    FY2025
                
$419.0M
                    Net margin +7.8%
                    
                    P22
                    
                    -20.6%
                    
                    Total assets
                    FY2025
                
$8.5B
                    ROA +4.9%
                    
                    P25
                    
                    +6.7%
                    
                    Operating cash flow
                    FY2025
                
$917.0M
                    FCF margin +15.4%
                    
                    P27
                    
                    -9.5%

18 yrs · FY2008–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Running CAGR since the earliest displayed year.

Balance Sheet

Assets, liabilities, and equity

32 accounts · 5 years

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	-21.7%	+39.5%	-35.8%	-68.4%	—
Accounts Receivable	+1.6%	-2.7%	-16.8%	+2.1%	—
Inventory	+10.4%	+12.2%	+28.0%	+75.2%	—
Prepaid Expenses	+0.9%	+8.1%	+17.8%	+17.0%	—
Other Current Assets	+40.3%	+35.7%	+180.6%	+225.0%	—
Total Current Assets	+1.5%	+13.0%	-0.5%	+11.5%	—
Property,Plant and Equipment	+6.7%	+3.9%	+6.6%	+2.2%	—
Operating Lease Assets	+6.1%	+8.4%	+13.6%	+19.1%	—
Goodwill	+9.7%	+6.0%	+9.2%	+19.4%	—
Intangible Assets	+14.6%	-3.5%	+6.0%	+34.3%	—
Deferred Tax Assets	+21.2%	+38.7%	+51.0%	+112.0%	—
Other Noncurrent Assets	+4.7%	+5.5%	+22.6%	+40.1%	—
Total Assets	+8.1%	+8.6%	+8.4%	+21.1%	—
Liabilities
Accounts Payable	-0.2%	-3.3%	-19.3%	+15.9%	—
Accrued Liabilities	-3.3%	-6.1%	-11.4%	+35.5%	—
Deferred Revenue	+4.1%	+6.0%	+9.8%	+11.8%	—
Current Portion of Long Term Debt	+19.6%	+4.6%	+58.3%	+210.1%	—
Total Current Liabilities	+0.7%	-1.8%	-5.8%	+29.6%	—
Long Term Debt	+26.5%	+31.4%	+49.0%	+96.2%	—
Deferred Revenue Noncurrent	+5.9%	-1.2%	-0.5%	+5.7%	—
Operating Lease Liabilities Noncurrent	+6.7%	+8.6%	+12.1%	+14.9%	—
Deferred Tax Liabilities	+52.0%	+111.8%	+234.2%	+1150.0%	—
Other Noncurrent Liabilities	+14.7%	+1.5%	+18.4%	+61.2%	—
Total Liabilities	+11.1%	+10.7%	+15.0%	+48.4%	—
Equity
Preferred Stock	—	—	—	—	—
Common Stock	+0.0%	+0.0%	+0.0%	+0.0%	—
Additional Paid In Capital	+15.2%	+13.1%	+15.4%	+21.4%	—
Retained Earnings	+10.3%	+10.8%	+10.1%	+13.0%	—
Treasury Stock	+24.9%	+22.9%	+34.8%	+75.9%	—
Accumulated Other Comprehensive Income	—	—	—	—	—
Total Stockholders Equity	+4.7%	+6.3%	+0.9%	-8.4%	—
Total Liabilitiesand Equity	+8.1%	+8.6%	+8.4%	+21.1%	—

Income Statement

Revenue, expense, and profitability

16 accounts · 5 years

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	-1.0%	-4.0%	-9.7%	+2.7%	—
Expenses Cost of Revenue	-1.7%	-5.0%	-9.4%	+5.3%	—
Other Income Expense Gross Profit	-0.3%	-2.8%	-10.1%	-0.2%	—
Expenses Research and Development	+1.1%	-0.2%	-4.3%	+0.5%	—
Expenses Selling,General and Administrative	+3.8%	+1.6%	-1.1%	+5.0%	—
Expenses Depreciation and Amortization	-0.2%	-3.3%	-4.9%	+18.3%	—
Expenses Restructuring and Asset Impairment	+81.5%	+34.4%	+274.2%	+100.0%	—
Expenses Other Operating Expenses	-1.0%	-37.9%	-51.0%	+1472.0%	—
Expenses Operating Expenses	+3.5%	+0.4%	-0.2%	+27.0%	—
Other Income Expense Operating Income	-8.0%	-8.8%	-29.9%	-46.0%	—
Other Income Expense Other Income/expense	—	—	—	—	—
Other Income Expense Income Before Tax	-12.8%	-13.1%	-41.3%	-43.8%	—
Income Tax Income Tax Expense	+1.9%	-6.5%	-46.1%	-38.2%	—
net Income net Income	-15.9%	-14.2%	-40.5%	-44.7%	—
net Income Comprehensive Income	-15.6%	-15.0%	-40.7%	-51.4%	—
Earnings Per Share Diluted Eps	-14.8%	-13.1%	-39.3%	-43.3%	—

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 5 years

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	-15.9%	-14.2%	-40.5%	-44.7%	—
Operating Activities Depreciation and Amortization	-0.3%	-2.7%	-3.0%	+9.1%	—
Operating Activities Stock Based Compensation	+21.0%	+5.4%	-14.9%	+15.8%	—
Operating Activities Deferred Income Taxes	—	—	—	—	—
Operating Activities Changes In Operating Assets and Liabilities	+1.1%	+71.0%	—	-68.7%	—
Operating Activities Other Non Cash Items	—	—	—	—	—
Operating Activities net Cash From Operating Activities	-3.8%	-1.8%	—	-54.3%	—
Investing Activities Capital Expenditures	—	—	—	—	—
Investing Activities Business Acquisitions	—	—	—	—	—
Investing Activities Purchases of Investments	—	—	—	—	—
Investing Activities Other Investing Activities	—	—	—	—	—
Investing Activities net Cash From Investing Activities	—	—	—	—	—
Financing Activities Proceeds From Debt	+65.7%	+141.9%	+209.3%	+2691.3%	—
Financing Activities Repayment of Debt	—	—	—	—	—
Financing Activities Repurchase of Common Stock	—	—	—	—	—
Financing Activities Tax Withholding On Stock Based Compensation	—	—	—	—	—
Financing Activities Other Financing Activities	—	—	—	—	—
Financing Activities net Cash From Financing Activities	—	—	—	—	—
Cash Reconciliation Effect of Exchange Rate On Cash	—	—	—	—	—
Cash Reconciliation net Change In Cash	—	+71.2%	-62.8%	—	—

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	+48.1%	+48.4%	+46.3%	+45.4%	+46.7%
Operating margin	+13.0%	+14.9%	+10.5%	+9.2%	+17.4%
Net margin	+7.8%	+10.6%	+6.5%	+8.0%	+14.9%
FCF margin	+15.4%	+19.2%	-2.0%	+7.1%	+17.9%
Growth
Revenue CAGR (3y)	-2.3%	-4.0%	+1.0%	+8.8%	+10.1%
Returns
ROE	+11.7%	+14.7%	+9.7%	+16.9%	+28.0%
ROA	+4.9%	+6.6%	+4.1%	+6.1%	+13.5%
ROIC	+8.8%	+12.7%	+8.3%	+9.7%	+23.2%
Liquidity
Current ratio	0.97x	1.43x	1.05x	0.81x	0.94x
Quick ratio	0.50x	0.93x	0.41x	0.37x	0.60x
Leverage
D/E	1.37x	1.22x	1.41x	1.75x	1.08x
Interest coverage	—	—	—	—	—
Efficiency
Asset turnover	0.63x	0.63x	0.63x	0.77x	0.91x
Cash conversion cycle	+59d	+59d	+93d	+54d	+23d

Valuation

Price against fundamentals

FY2025 fundamentals · no price

No multiples without a share count — this filer reports no diluted or basic weighted-average shares.

Notes

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