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

Balance Sheet

Assets, liabilities, and equity

32 accounts · 10 years

Total assets $8.5B

Total liabilities $4.9B

Shareholders equity $3.6B

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash and Cash Equivalents	$125.0M -86.1%	$901.0M 557.7%	$137.0M 30.5%	$105.0M -68.4%	$332.0M 97.6%	$168.0M 460.0%	$30.0M -31.8%	$44.0M -29.0%	$62.0M -60.3%	$156.0M
Accounts Receivable	$801.0M 15.8%	$692.0M 32.8%	$521.0M -32.2%	$768.0M 2.1%	$752.0M 48.0%	$508.0M -17.1%	$613.0M 17.9%	$520.0M 8.6%	$479.0M -23.4%	$625.0M
Inventory	$729.0M 5.2%	$693.0M -13.8%	$804.0M -6.5%	$860.0M 75.2%	$491.0M -3.9%	$511.0M 7.8%	$474.0M -8.8%	$520.0M 13.5%	$458.0M 32.8%	$345.0M
Prepaid Expenses	$110.0M -17.9%	$134.0M -8.8%	$147.0M 18.5%	$124.0M 17.0%	$106.0M 51.4%	$70.0M 52.2%	$46.0M -14.8%	$54.0M 125.0%	$24.0M -62.5%	$64.0M
Other Current Assets	$31.0M 55.0%	$20.0M -68.3%	$63.0M 142.3%	$26.0M 225.0%	$8.0M -50.0%	$16.0M -50.0%	$32.0M 33.3%	$24.0M -40.0%	$40.0M 25.0%	$32.0M
Total Current Assets	$1.8B -26.4%	$2.4B 45.9%	$1.7B -11.2%	$1.9B 11.5%	$1.7B 32.7%	$1.3B 6.5%	$1.2B 2.8%	$1.2B 9.3%	$1.1B -13.0%	$1.2B
Property,Plant and Equipment	$353.0M 15.7%	$305.0M -1.3%	$309.0M 11.2%	$278.0M 2.2%	$272.0M -0.7%	$274.0M 5.8%	$259.0M 4.0%	$249.0M -5.7%	$264.0M -9.6%	$292.0M
Operating Lease Assets	$166.0M -0.6%	$167.0M -1.2%	$169.0M 8.3%	$156.0M 19.1%	$131.0M -3.0%	$135.0M 26.2%	$107.0M -2.7%	$110.0M	—	—
Goodwill	$4.7B 21.5%	$3.9B -0.1%	$3.9B -0.1%	$3.9B 19.4%	$3.3B 9.3%	$3.0B 14.0%	$2.6B 5.1%	$2.5B 1.2%	$2.5B 0.3%	$2.5B
Intangible Assets	$809.0M 91.7%	$422.0M -19.9%	$527.0M -16.3%	$630.0M 34.3%	$469.0M 16.7%	$402.0M 46.2%	$275.0M 18.5%	$232.0M -22.4%	$299.0M -37.7%	$480.0M
Deferred Tax Assets	$414.0M -19.1%	$512.0M 16.9%	$438.0M 7.6%	$407.0M 112.0%	$192.0M 38.1%	$139.0M 9.4%	$127.0M 11.4%	$114.0M -4.2%	$119.0M 5.3%	$113.0M
Other Noncurrent Assets	$237.0M 2.6%	$231.0M -22.0%	$296.0M 7.2%	$276.0M 40.1%	$197.0M 20.1%	$164.0M 30.2%	$126.0M 44.8%	$87.0M 33.8%	$65.0M -3.0%	$67.0M
Total Assets	$8.5B 6.7%	$8.0B 9.1%	$7.3B -3.0%	$7.5B 21.1%	$6.2B 15.6%	$5.4B 14.1%	$4.7B 8.6%	$4.3B 1.5%	$4.3B -7.7%	$4.6B
Liabilities
Accounts Payable	$695.0M 9.8%	$633.0M 38.8%	$456.0M -43.8%	$811.0M 15.9%	$700.0M 16.5%	$601.0M 8.9%	$552.0M 0.0%	$552.0M 30.2%	$424.0M 2.7%	$413.0M
Accrued Liabilities	$570.0M 5.8%	$539.0M 5.5%	$511.0M -42.1%	$882.0M 35.5%	$651.0M 12.6%	$578.0M 38.6%	$417.0M 9.2%	$382.0M 12.7%	$339.0M -1.7%	$345.0M
Deferred Revenue	$446.0M -1.5%	$453.0M -1.1%	$458.0M 7.8%	$425.0M 11.8%	$380.0M 23.4%	$308.0M 29.4%	$238.0M 13.3%	$210.0M 12.9%	$186.0M -2.6%	$191.0M
Current Portion of Long Term Debt	$141.0M 78.5%	$79.0M -54.3%	$173.0M -19.2%	$214.0M 210.1%	$69.0M -81.0%	$364.0M 84.8%	$197.0M 25.5%	$157.0M 207.8%	$51.0M	$0
Total Current Liabilities	$1.9B 8.7%	$1.7B 6.6%	$1.6B -31.5%	$2.3B 29.6%	$1.8B -2.8%	$1.9B 31.8%	$1.4B 7.9%	$1.3B 30.1%	$1.0B 5.4%	$949.0M
Long Term Debt	$2.4B 12.9%	$2.1B 2.2%	$2.0B 13.2%	$1.8B 96.2%	$922.0M 4.7%	$881.0M -18.4%	$1.1B -24.7%	$1.4B -34.1%	$2.2B -17.8%	$2.6B
Deferred Revenue Noncurrent	$396.0M 30.3%	$304.0M -2.6%	$312.0M -6.3%	$333.0M 5.7%	$315.0M 15.4%	$273.0M 23.5%	$221.0M 28.5%	$172.0M 16.2%	$148.0M 19.4%	$124.0M
Operating Lease Liabilities Noncurrent	$157.0M 1.3%	$155.0M 2.0%	$152.0M 9.4%	$139.0M 14.9%	$121.0M -6.2%	$129.0M 29.0%	$100.0M -2.9%	$103.0M	—	—
Deferred Tax Liabilities	$32.0M -43.9%	$57.0M -14.9%	$67.0M -10.7%	$75.0M 1150.0%	$6.0M	$0	—	$8.0M	$0 -100.0%	$3.0M
Other Noncurrent Liabilities	$116.0M 65.7%	$70.0M -25.5%	$94.0M -13.0%	$108.0M 61.2%	$67.0M -30.9%	$97.0M 44.8%	$67.0M -24.7%	$89.0M -23.9%	$117.0M 0.9%	$116.0M
Total Liabilities	$4.9B 12.1%	$4.4B 2.6%	$4.3B -11.0%	$4.8B 48.4%	$3.2B 0.0%	$3.2B 12.5%	$2.9B -4.4%	$3.0B -12.7%	$3.4B -10.4%	$3.8B
Equity
Preferred Stock	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Common Stock	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M 0.0%	$1.0M
Additional Paid In Capital	$814.0M 21.7%	$669.0M 8.8%	$615.0M 9.6%	$561.0M 21.4%	$462.0M 17.0%	$395.0M 16.5%	$339.0M 15.3%	$294.0M 14.4%	$257.0M 22.4%	$210.0M
Retained Earnings	$5.3B 8.6%	$4.9B 12.2%	$4.3B 7.3%	$4.0B 13.0%	$3.6B 30.6%	$2.7B 22.6%	$2.2B 32.2%	$1.7B 35.3%	$1.2B 0.6%	$1.2B
Treasury Stock	$2.5B 30.9%	$1.9B 2.3%	$1.9B 3.3%	$1.8B 75.9%	$1.0B 11.3%	$919.0M 33.4%	$689.0M 12.4%	$613.0M -1.1%	$620.0M 1.0%	$614.0M
Accumulated Other Comprehensive Income	$-18.0M 59.1%	$-44.0M 18.5%	$-54.0M 18.2%	$-66.0M -127.6%	$-29.0M 58.0%	$-69.0M -56.8%	$-44.0M -25.7%	$-35.0M 32.7%	$-52.0M -15.6%	$-45.0M
Total Stockholders Equity	$3.6B 0.1%	$3.6B 18.1%	$3.0B 11.1%	$2.7B -8.4%	$3.0B 39.2%	$2.1B 16.6%	$1.8B 37.8%	$1.3B 60.1%	$834.0M 5.3%	$792.0M
Total Liabilitiesand Equity	$8.5B 6.7%	$8.0B 9.1%	$7.3B -3.0%	$7.5B 21.1%	$6.2B 15.6%	$5.4B 14.1%	$4.7B 8.6%	$4.3B 1.5%	$4.3B -7.7%	$4.6B

Income Statement

Revenue, expense, and profitability

16 accounts · 10 years

Revenue $5.4B

Operating income $700.0M

Net income $419.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
IncomeStatement
Revenues Total Revenue	$5.4B 8.3%	$5.0B 8.7%	$4.6B -20.7%	$5.8B 2.7%	$5.6B 26.5%	$4.4B -0.8%	$4.5B 6.3%	$4.2B 13.3%	$3.7B 4.1%	$3.6B
Expenses Cost of Revenue	$2.8B 9.2%	$2.6B 4.3%	$2.5B -22.0%	$3.2B 5.3%	$3.0B 22.7%	$2.4B 2.5%	$2.4B 6.6%	$2.2B 11.2%	$2.0B 4.1%	$1.9B
Other Income Expense Gross Profit	$2.6B 7.5%	$2.4B 13.7%	$2.1B -19.1%	$2.6B -0.2%	$2.6B 31.2%	$2.0B -4.6%	$2.1B 6.0%	$2.0B 15.8%	$1.7B 4.1%	$1.6B
Expenses Research and Development	$593.0M 5.3%	$563.0M 8.5%	$519.0M -8.9%	$570.0M 0.5%	$567.0M 25.2%	$453.0M 1.3%	$447.0M 0.7%	$444.0M 14.1%	$389.0M 3.5%	$376.0M
Expenses Selling,General and Administrative	$1.1B 10.7%	$981.0M 7.2%	$915.0M -6.8%	$982.0M 5.0%	$935.0M 18.8%	$787.0M -4.7%	$826.0M 1.8%	$811.0M 8.3%	$749.0M -0.3%	$751.0M
Expenses Depreciation and Amortization	$114.0M 9.6%	$104.0M 0.0%	$104.0M -23.5%	$136.0M 18.3%	$115.0M 47.4%	$78.0M -24.3%	$103.0M 6.2%	$97.0M -47.3%	$184.0M -19.7%	$229.0M
Expenses Restructuring and Asset Impairment	$76.0M 347.1%	$17.0M -82.7%	$98.0M 600.0%	$14.0M 100.0%	$7.0M -36.4%	$11.0M 10.0%	$10.0M -9.1%	$11.0M -31.3%	$16.0M -80.2%	$81.0M
Expenses Other Operating Expenses	$24.0M 300.0%	$6.0M 0.0%	$6.0M -98.5%	$393.0M 1472.0%	$25.0M 8.7%	$23.0M 4.5%	$22.0M 175.0%	$8.0M -84.0%	$50.0M -60.0%	$125.0M
Expenses Operating Expenses	$1.9B 13.3%	$1.7B 1.8%	$1.6B -21.6%	$2.1B 27.0%	$1.6B 22.0%	$1.4B -4.0%	$1.4B 2.7%	$1.4B -1.2%	$1.4B -11.1%	$1.6B
Other Income Expense Operating Income	$700.0M -5.7%	$742.0M 54.3%	$481.0M -9.1%	$529.0M -46.0%	$979.0M 50.4%	$651.0M -5.9%	$692.0M 13.4%	$610.0M 89.4%	$322.0M 302.5%	$80.0M
Other Income Expense Other Income/expense	$-140.0M -30.8%	$-107.0M 27.2%	$-147.0M -1080.0%	$15.0M 236.4%	$-11.0M 87.9%	$-91.0M -1720.0%	$-5.0M -200.0%	$5.0M 171.4%	$-7.0M 56.3%	$-16.0M
Other Income Expense Income Before Tax	$560.0M -11.8%	$635.0M 90.1%	$334.0M -38.6%	$544.0M -43.8%	$968.0M 72.9%	$560.0M -6.4%	$598.0M 14.1%	$524.0M 495.5%	$88.0M 168.2%	$-129.0M
Income Tax Income Tax Expense	$141.0M 31.8%	$107.0M 181.6%	$38.0M -53.1%	$81.0M -38.2%	$131.0M 133.9%	$56.0M 3.7%	$54.0M -47.6%	$103.0M 45.1%	$71.0M 787.5%	$8.0M
net Income net Income	$419.0M -20.6%	$528.0M 78.4%	$296.0M -36.1%	$463.0M -44.7%	$837.0M 66.1%	$504.0M -7.4%	$544.0M 29.2%	$421.0M 2376.5%	$17.0M 112.4%	$-137.0M
net Income Comprehensive Income	$445.0M -17.3%	$538.0M 74.7%	$308.0M -27.7%	$426.0M -51.4%	$877.0M 83.1%	$479.0M -10.5%	$535.0M 22.1%	$438.0M 4280.0%	$10.0M 107.5%	$-134.0M
Earnings Per Share Diluted Eps	$8 -19.6%	$10 78.0%	$6 -35.0%	$9 -43.3%	$16 66.0%	$9 -6.2%	$10 28.5%	$8 2325.0%	$0 112.1%	$-3

Cash Flow Statement

Operating, investing, and financing flows

20 accounts · 10 years

Operating cash flow $917.0M

Investing cash flow $-1.5B

Financing cash flow $-239.0M

Account	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
CashFlow
Operating Activities net Income	$419.0M -20.6%	$528.0M 78.4%	$296.0M -36.1%	$463.0M -44.7%	$837.0M 66.1%	$504.0M -7.4%	$544.0M 29.2%	$421.0M 2376.5%	$17.0M 112.4%	$-137.0M
Operating Activities Depreciation and Amortization	$185.0M 7.6%	$172.0M -2.3%	$176.0M -13.7%	$204.0M 9.1%	$187.0M 28.1%	$146.0M -16.6%	$175.0M 0.0%	$175.0M -33.5%	$263.0M	—
Operating Activities Stock Based Compensation	$163.0M 83.1%	$89.0M 61.8%	$55.0M -37.5%	$88.0M 15.8%	$76.0M 49.0%	$51.0M 6.3%	$48.0M 6.7%	$45.0M 28.6%	$35.0M 29.6%	$27.0M
Operating Activities Deferred Income Taxes	$21.0M 122.3%	$-94.0M -161.1%	$-36.0M 82.9%	$-210.0M -204.3%	$-69.0M -72.5%	$-40.0M 4.8%	$-42.0M -2200.0%	$2.0M 122.2%	$-9.0M 79.5%	$-44.0M
Operating Activities Changes In Operating Assets and Liabilities	$70.0M -79.1%	$335.0M 168.5%	$-489.0M -2428.6%	$21.0M -68.7%	$67.0M -74.6%	$264.0M 519.0%	$-63.0M -145.0%	$140.0M 112.1%	$66.0M -51.1%	$135.0M
Operating Activities Other Non Cash Items	$59.0M 447.1%	$-17.0M -183.3%	$-6.0M 92.3%	$-78.0M -169.0%	$-29.0M -178.4%	$37.0M 60.9%	$23.0M 1050.0%	$2.0M -98.1%	$106.0M 11.6%	$95.0M
Operating Activities net Cash From Operating Activities	$917.0M -9.5%	$1.0B 25425.0%	$-4.0M -100.8%	$488.0M -54.3%	$1.1B 11.1%	$962.0M 40.4%	$685.0M -12.7%	$785.0M 64.2%	$478.0M 25.8%	$380.0M
Investing Activities Capital Expenditures	$-86.0M -45.8%	$-59.0M 32.2%	$-87.0M -16.0%	$-75.0M -27.1%	$-59.0M 11.9%	$-67.0M -9.8%	$-61.0M 4.7%	$-64.0M -28.0%	$-50.0M 35.1%	$-77.0M
Investing Activities Business Acquisitions	$-1.4B	$0	$0 100.0%	$-881.0M -94.9%	$-452.0M 17.5%	$-548.0M -109.2%	$-262.0M -263.9%	$-72.0M	$0	$0
Investing Activities Purchases of Investments	$-5.0M -66.7%	$-3.0M -200.0%	$-1.0M 91.7%	$-12.0M 65.7%	$-35.0M -9.4%	$-32.0M -45.5%	$-22.0M -633.3%	$-3.0M -200.0%	$-1.0M 0.0%	$-1.0M
Investing Activities Other Investing Activities	$1.0M -80.0%	$5.0M 225.0%	$-4.0M	$0	—	$6.0M -40.0%	$10.0M 400.0%	$2.0M	$0 -100.0%	$39.0M
Investing Activities net Cash From Investing Activities	$-1.5B -2452.6%	$-57.0M 38.0%	$-92.0M 90.5%	$-968.0M -77.3%	$-546.0M 14.8%	$-641.0M -91.3%	$-335.0M -144.5%	$-137.0M -168.6%	$-51.0M -30.8%	$-39.0M
Financing Activities Proceeds From Debt	$347.0M -46.7%	$651.0M 48.0%	$440.0M -65.7%	$1.3B 2691.3%	$46.0M -84.8%	$302.0M -52.6%	$637.0M -29.9%	$909.0M -33.7%	$1.4B 1244.1%	$102.0M
Financing Activities Repayment of Debt	$-19.0M 97.3%	$-694.0M -183.3%	$-245.0M 0.8%	$-247.0M 18.5%	$-303.0M 11.4%	$-342.0M 64.0%	$-950.0M 39.4%	$-1.6B 17.1%	$-1.9B -290.5%	$-484.0M
Financing Activities Repurchase of Common Stock	$-587.0M -1148.9%	$-47.0M 9.6%	$-52.0M 93.1%	$-751.0M -1217.5%	$-57.0M 71.5%	$-200.0M -325.5%	$-47.0M	$0	$0	—
Financing Activities Tax Withholding On Stock Based Compensation	$-14.0M 53.3%	$-30.0M -275.0%	$-8.0M 42.9%	$-14.0M 75.0%	$-56.0M -124.0%	$-25.0M 21.9%	$-32.0M -3100.0%	$-1.0M -114.3%	$7.0M 187.5%	$-8.0M
Financing Activities Other Financing Activities	$34.0M 148.6%	$-70.0M -288.9%	$-18.0M 5.3%	$-19.0M -1800.0%	$-1.0M -100.9%	$108.0M 300.0%	$27.0M 1450.0%	$-2.0M 60.0%	$-5.0M 0.0%	$-5.0M
Financing Activities net Cash From Financing Activities	$-239.0M -25.8%	$-190.0M -262.4%	$117.0M -53.8%	$253.0M 168.2%	$-371.0M -136.3%	$-157.0M 57.0%	$-365.0M 44.8%	$-661.0M -27.9%	$-517.0M -34.6%	$-384.0M
Cash Reconciliation Effect of Exchange Rate On Cash	$1.0M 133.3%	$-3.0M	$0	$0	$0 100.0%	$-2.0M -300.0%	$1.0M 120.0%	$-5.0M -25.0%	$-4.0M -157.1%	$7.0M
Cash Reconciliation net Change In Cash	$-776.0M -201.7%	$763.0M 3533.3%	$21.0M 109.3%	$-227.0M -249.3%	$152.0M -6.2%	$162.0M 1257.1%	$-14.0M 22.2%	$-18.0M 80.9%	$-94.0M -161.1%	$-36.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 10 years

Ratio	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Profitability
Gross margin	+48.1%	+48.4%	+46.3%	+45.4%	+46.7%	+45.0%	+46.8%	+47.0%	+45.9%	+45.9%
Operating margin	+13.0%	+14.9%	+10.5%	+9.2%	+17.4%	+14.6%	+15.4%	+14.5%	+8.7%	+2.2%
Net margin	+7.8%	+10.6%	+6.5%	+8.0%	+14.9%	+11.3%	+12.1%	+10.0%	+0.5%	-3.8%
FCF margin	+15.4%	+19.2%	-2.0%	+7.1%	+17.9%	+20.1%	+13.9%	+17.1%	+11.5%	+8.5%
Growth
Revenue CAGR (3y)	-2.3%	-4.0%	+1.0%	+8.8%	+10.1%	+6.1%	+7.9%	+4.9%	+30.6%	—
Returns
ROE	+11.7%	+14.7%	+9.7%	+16.9%	+28.0%	+23.5%	+29.6%	+31.5%	+2.0%	-17.3%
ROA	+4.9%	+6.6%	+4.1%	+6.1%	+13.5%	+9.4%	+11.5%	+9.7%	+0.4%	-3.0%
ROIC	+8.8%	+12.7%	+8.3%	+9.7%	+23.2%	+18.2%	+20.4%	+17.0%	+2.1%	+2.4%
Liquidity
Current ratio	0.97x	1.43x	1.05x	0.81x	0.94x	0.69x	0.85x	0.89x	1.06x	1.29x
Quick ratio	0.50x	0.93x	0.41x	0.37x	0.60x	0.37x	0.46x	0.43x	0.54x	0.82x
Leverage
D/E	1.37x	1.22x	1.41x	1.75x	1.08x	1.51x	1.56x	2.25x	4.13x	4.85x
Interest coverage	—	—	—	—	—	—	7.78x	6.70x	1.42x	0.41x
Efficiency
Asset turnover	0.63x	0.63x	0.63x	0.77x	0.91x	0.83x	0.95x	0.97x	0.87x	0.77x
Cash conversion cycle	+59d	+59d	+93d	+54d	+23d	+28d	+38d	+40d	+53d	+51d

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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