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Zebra Technologies (ZBRA) Financials

Zebra Technologies logo
$247.15 -12.91 (-4.96%)
Closing price 04:00 PM Eastern
Extended Trading
$246.68 -0.47 (-0.19%)
As of 06:47 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Massive. Learn more.
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Annual Income Statements for Zebra Technologies

Annual Income Statements for Zebra Technologies

This table shows Zebra Technologies' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 -158 -137 3,437 421 544 504 837 463 296 528 419
Consolidated Net Income / (Loss)		 -158 -137 17 421 544 504 837 463 296 528 419
Net Income / (Loss) Continuing Operations		 -158 -137 3,437 421 544 504 837 463 296 528 419
Total Pre-Tax Income 		-180 -129 88 524 598 560 968 544 334 635 560
Total Operating Income		 37 80 322 610 692 651 979 529 481 742 700
Total Gross Profit		 1,644 1,642 3,420 1,981 2,100 2,003 2,628 2,624 2,123 2,413 2,593
Total Revenue		 3,650 3,574 7,444 4,218 4,485 4,448 5,627 5,781 4,584 4,981 5,396
Operating Revenue		 3,650 3,574 7,444 4,218 4,485 4,448 5,627 5,781 4,584 4,981 5,396
Total Cost of Revenue		 2,006 1,932 4,024 2,237 2,385 2,445 2,999 3,157 2,461 2,568 2,803
Operating Cost of Revenue		 2,006 1,932 4,024 2,237 2,385 2,445 2,999 3,157 2,461 2,568 2,803
Total Operating Expenses		 1,607 1,562 -322 1,371 1,408 1,352 1,649 2,095 1,642 1,671 1,893
Selling, General & Admin Expense		 283 307 301 328 323 304 348 375 334 381 433
Marketing Expense		 494 444 448 483 503 483 587 607 581 600 653
Research & Development Expense		 394 376 389 444 447 453 567 570 519 563 593
Amortization Expense		 251 229 184 97 103 78 115 136 104 104 114
Restructuring Charge		 185 144 66 19 32 34 32 35 104 23 100
Total Other Income / (Expense), net		 -217 -209 -234 -86 -94 -91 -11 15 -147 -107 -140
Interest & Investment Income		 - - - - - -76 -5.00 23 -133 -98 -108
Other Income / (Expense), net		 -24 -16 -7.00 5.00 -5.00 -15 -6.00 -8.00 -14 -9.00 -32
Income Tax Expense		 -22 8.00 71 103 54 56 131 81 38 107 141
Basic Earnings per Share		 ($3.10) ($2.65) $0.33 $7.86 $10.08 $9.43 $15.66 $8.86 $5.75 $10.25 $8.24
Weighted Average Basic Shares Outstanding		 51.00M 51.70M 53.02M 53.59M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M
Diluted Earnings per Share		 ($3.10) ($2.65) $0.32 $7.76 $9.97 $9.35 $15.52 $8.80 $5.72 $10.18 $8.18
Weighted Average Diluted Shares Outstanding		 51.00M 51.70M 53.02M 53.59M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M
Weighted Average Basic & Diluted Shares Outstanding		 51M 51.70M 53.02M 53.59M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M

Quarterly Income Statements for Zebra Technologies

This table shows Zebra Technologies' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/30/2024 6/29/2024 9/28/2024 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 4/4/2026
Net Income / (Loss) Attributable to Common Shareholders		 -15 17 115 113 137 163 136 112 101 70 135
Consolidated Net Income / (Loss)		 -15 17 115 113 137 163 136 112 101 70 135
Net Income / (Loss) Continuing Operations		 -15 17 115 113 137 163 136 112 101 70 135
Total Pre-Tax Income 		-24 2.00 142 136 149 208 165 138 159 98 167
Total Operating Income		 -12 74 159 167 191 225 195 183 183 139 215
Total Gross Profit		 427 448 563 589 613 648 645 616 634 698 742
Total Revenue		 956 1,009 1,175 1,217 1,255 1,334 1,308 1,293 1,320 1,475 1,495
Operating Revenue		 956 1,009 1,175 1,217 1,255 1,334 1,308 1,293 1,320 1,475 1,495
Total Cost of Revenue		 529 561 612 628 642 686 663 677 686 777 753
Operating Cost of Revenue		 529 561 612 628 642 686 663 677 686 777 753
Total Operating Expenses		 439 374 404 422 422 423 450 433 451 559 527
Selling, General & Admin Expense		 88 78 81 97 96 107 111 102 111 109 127
Marketing Expense		 138 136 148 150 151 151 161 158 159 175 189
Research & Development Expense		 127 116 138 146 141 138 151 144 146 152 165
Amortization Expense		 26 26 26 25 29 24 24 25 25 40 37
Restructuring Charge		 60 18 11 4.00 5.00 3.00 3.00 4.00 10 83 9.00
Total Other Income / (Expense), net		 -12 -72 -17 -31 -42 -17 -30 -45 -24 -41 -48
Interest & Investment Income		 -16 - -17 -23 -31 - -23 -25 -23 -37 -37
Other Income / (Expense), net		 4.00 -8.00 0.00 -8.00 -11 10 -7.00 -20 -1.00 -4.00 -11
Income Tax Expense		 -9.00 -15 27 23 12 45 29 26 58 28 32
Basic Earnings per Share		 ($0.28) $0.31 $2.24 $2.19 $2.65 $3.17 $2.64 $2.20 $1.98 $1.42 $2.74
Weighted Average Basic Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M
Diluted Earnings per Share		 ($0.28) $0.32 $2.23 $2.17 $2.64 $3.14 $2.62 $2.19 $1.97 $1.40 $2.72
Weighted Average Diluted Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M
Weighted Average Basic & Diluted Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M

Annual Cash Flow Statements for Zebra Technologies

This table details how cash moves in and out of Zebra Technologies' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 -202 -36 -94 -18 -14 162 152 -227 21 763 -776
Net Cash From Operating Activities		 122 380 478 785 685 962 1,069 488 -4.00 1,013 917
Net Cash From Continuing Operating Activities		 122 380 478 785 685 962 1,069 488 -4.00 1,013 917
Net Income / (Loss) Continuing Operations		 -158 -137 17 421 544 504 837 463 296 528 419
Consolidated Net Income / (Loss)		 -158 -137 17 421 544 504 837 463 296 528 419
Depreciation Expense		 320 304 263 175 175 146 187 204 176 172 185
Non-Cash Adjustments To Reconcile Net Income		 31 96 101 45 48 51 76 88 55 89 208
Changes in Operating Assets and Liabilities, net		 -87 94 59 129 -88 258 -31 -267 -531 224 105
Net Cash From Investing Activities		 -148 -39 -51 -137 -335 -641 -546 -968 -92 -57 -1,455
Net Cash From Continuing Investing Activities		 -148 -39 -51 -137 -335 -641 -546 -968 -92 -57 -1,455
Purchase of Property, Plant & Equipment		 -122 -77 -50 -64 -61 -67 -59 -75 -87 -59 -86
Acquisitions		 -52 0.00 0.00 -72 -262 -548 -452 -881 0.00 0.00 -1,365
Purchase of Investments		 -2.00 -1.00 -1.00 -3.00 -22 -32 -35 -12 -1.00 -3.00 -5.00
Sale and/or Maturity of Investments		 28 0.00 0.00 2.00 10 6.00 - 0.00 -4.00 5.00 1.00
Net Cash From Financing Activities		 -161 -384 -517 -661 -365 -157 -371 253 117 -190 -239
Net Cash From Continuing Financing Activities		 -161 -384 -517 -661 -365 -157 -371 253 117 -190 -239
Repayment of Debt		 -165 -489 -1,895 -1,569 -956 -343 -303 -255 -245 -703 -19
Repurchase of Common Equity		 - - 0.00 0.00 -47 -200 -57 -751 -52 -47 -587
Issuance of Debt		 0.00 102 1,371 909 637 302 46 1,284 440 651 347
Other Financing Activities, net		 -13 -8.00 7.00 -1.00 1.00 84 -57 -25 -26 -91 20
Effect of Exchange Rate Changes		 -15 7.00 - - 1.00 - - 0.00 - -3.00 1.00
Cash Interest Paid		 183 180 195 90 63 38 32 58 111 55 129
Cash Income Taxes Paid		 38 81 65 76 140 107 199 168 252 124 134

Quarterly Cash Flow Statements for Zebra Technologies

This table details how cash moves in and out of Zebra Technologies' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/30/2024 6/29/2024 9/28/2024 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 4/4/2026
Net Change in Cash & Equivalents		 -7.00 77 -11 284 265 225 -22 -7.00 181 -928 -11
Net Cash From Operating Activities		 -35 141 125 288 294 306 178 147 235 357 176
Net Cash From Continuing Operating Activities		 -35 141 125 288 294 306 178 147 235 357 176
Net Income / (Loss) Continuing Operations		 -15 17 115 113 137 163 136 112 101 70 135
Consolidated Net Income / (Loss)		 -15 17 115 113 137 163 136 112 101 70 135
Depreciation Expense		 44 44 43 42 45 42 41 43 42 59 56
Non-Cash Adjustments To Reconcile Net Income		 19 16 17 31 20 21 51 32 47 78 68
Changes in Operating Assets and Liabilities, net		 -83 64 -50 102 92 80 -50 -40 45 150 -83
Net Cash From Investing Activities		 -14 -43 -11 -14 -17 -15 -82 -17 -22 -1,334 -2.00
Net Cash From Continuing Investing Activities		 -14 -43 -11 -14 -17 -15 -82 -17 -22 -1,334 -2.00
Purchase of Property, Plant & Equipment		 -14 -39 -14 -10 -17 -18 -20 -17 -19 -30 -13
Acquisitions		 - - 0.00 - - - -62 - - -1,303 0.00
Divestitures		 - - - - - - 0.00 - - - 9.00
Sale and/or Maturity of Investments		 - -4.00 3.00 -1.00 - 3.00 0.00 - 1.00 - 1.00
Other Investing Activities, net		 - - - - - - 0.00 - - - 1.00
Net Cash From Financing Activities		 43 -23 -124 9.00 -12 -63 -119 -138 -29 47 -185
Net Cash From Continuing Financing Activities		 43 -23 -124 9.00 -12 -63 -119 -138 -29 47 -185
Repayment of Debt		 -38 -24 -281 -420 1.00 -3.00 5.00 -5.00 4.00 -23 -37
Repurchase of Common Equity		 - - 0.00 - -16 -31 -125 -125 -34 -303 -300
Issuance of Debt		 101 -29 151 500 - - 0.00 2.00 -2.00 347 186
Other Financing Activities, net		 -20 30 6.00 -71 3.00 -29 1.00 -10 3.00 26 -34
Effect of Exchange Rate Changes		 -1.00 - -1.00 1.00 - -3.00 1.00 - - 2.00 0.00
Cash Interest Paid		 30 31 30 -47 20 52 16 39 24 50 26
Cash Income Taxes Paid		 15 25 3.00 40 47 34 9.00 86 29 10 15

Annual Balance Sheets for Zebra Technologies

This table presents Zebra Technologies' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 5,040 4,632 4,275 4,339 4,711 5,375 6,215 7,529 7,306 7,968 8,502
Total Current Assets		 1,334 1,222 1,063 1,162 1,195 1,273 1,689 1,883 1,672 2,440 1,796
Cash & Equivalents		 192 156 62 44 30 168 332 105 137 901 125
Accounts Receivable		 671 625 479 520 613 508 752 768 521 692 801
Inventories, net		 397 345 458 520 474 511 491 860 804 693 729
Prepaid Expenses		 70 64 24 54 46 70 106 124 147 134 110
Current Deferred & Refundable Income Taxes		 4.00 32 40 24 32 16 8.00 26 63 20 31
Plant, Property, & Equipment, net		 298 292 264 249 259 274 272 278 309 305 353
Total Noncurrent Assets		 3,408 3,118 2,948 2,928 3,257 3,828 4,254 5,368 5,325 5,223 6,353
Goodwill		 2,490 2,458 2,465 2,495 2,622 2,988 3,265 3,899 3,895 3,891 4,727
Intangible Assets		 757 480 299 232 275 402 469 630 527 422 809
Noncurrent Deferred & Refundable Income Taxes		 70 113 119 114 127 139 192 407 438 512 414
Other Noncurrent Operating Assets		 91 67 65 87 233 299 328 432 465 398 403
Total Liabilities & Shareholders' Equity		 5,040 4,632 4,275 4,339 4,711 5,375 6,215 7,529 7,306 7,968 8,502
Total Liabilities		 4,147 3,840 3,441 3,004 2,872 3,231 3,231 4,796 4,270 4,382 4,914
Total Current Liabilities		 895 949 1,000 1,301 1,404 1,851 1,800 2,332 1,598 1,704 1,852
Short-Term Debt		 - 0.00 51 157 197 364 69 214 173 79 141
Accounts Payable		 289 413 424 552 552 601 700 811 456 633 695
Accrued Expenses		 367 323 296 322 379 559 639 744 504 503 558
Current Deferred Revenue		 197 191 186 210 238 308 380 425 458 453 446
Current Deferred & Payable Income Tax Liabilities		 42 22 43 60 38 19 12 138 7.00 36 12
Total Noncurrent Liabilities		 3,252 2,891 2,441 1,703 1,468 1,380 1,431 2,464 2,672 2,678 3,062
Long-Term Debt		 3,012 2,648 2,176 1,434 1,080 881 922 1,809 2,047 2,092 2,361
Noncurrent Deferred Revenue		 124 124 148 172 221 273 315 333 312 304 396
Noncurrent Deferred & Payable Income Tax Liabilities		 1.00 3.00 0.00 8.00 - 0.00 6.00 75 67 57 32
Other Noncurrent Operating Liabilities		 115 116 117 89 167 226 188 247 246 225 273
Total Equity & Noncontrolling Interests		 893 792 834 1,335 1,839 2,144 2,984 2,733 3,036 3,586 3,588
Total Preferred & Common Equity		 893 792 834 1,335 1,839 2,144 2,984 2,733 3,036 3,586 3,588
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 893 792 834 1,335 1,839 2,144 2,984 2,733 3,036 3,586 3,588
Common Stock		 195 211 258 295 340 396 463 562 616 670 815
Retained Earnings		 1,377 1,240 1,248 1,688 2,232 2,736 3,573 4,036 4,332 4,860 5,279
Treasury Stock		 -631 -614 -620 -613 -689 -919 -1,023 -1,799 -1,858 -1,900 -2,488
Accumulated Other Comprehensive Income / (Loss)		 -48 -45 -52 -35 -44 -69 -29 -66 -54 -44 -18

Quarterly Balance Sheets for Zebra Technologies

This table presents Zebra Technologies' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 7/1/2023 9/30/2023 12/31/2023 3/30/2024 6/29/2024 9/28/2024 12/31/2024 3/29/2025 6/28/2025 9/27/2025 4/4/2026
Total Assets		 7,456 7,331 7,306 7,259 7,490 7,690 7,968 7,899 7,938 8,067 8,332
Total Current Assets		 1,753 1,652 1,672 1,627 1,953 2,133 2,440 2,291 2,334 2,576 1,695
Cash & Equivalents		 68 61 137 127 411 676 901 879 872 1,053 114
Accounts Receivable		 663 538 521 599 701 642 692 617 634 655 733
Inventories, net		 864 848 804 705 678 639 693 681 686 663 692
Prepaid Expenses		 138 162 147 160 122 109 134 94 92 99 126
Current Deferred & Refundable Income Taxes		 20 43 63 36 41 67 20 20 50 106 30
Plant, Property, & Equipment, net		 301 302 309 304 297 302 305 309 314 327 350
Total Noncurrent Assets		 5,402 5,377 5,325 5,328 5,240 5,255 5,223 5,299 5,290 5,164 6,287
Goodwill		 3,895 3,893 3,895 3,894 3,894 3,895 3,891 3,927 3,931 3,931 4,709
Intangible Assets		 578 552 527 501 476 447 422 423 400 376 765
Noncurrent Deferred & Refundable Income Taxes		 441 438 438 455 469 501 512 545 565 475 410
Other Noncurrent Operating Assets		 488 494 465 478 401 412 398 404 394 382 403
Total Liabilities & Shareholders' Equity		 7,456 7,331 7,306 7,259 7,490 7,690 7,968 7,899 7,938 8,067 8,332
Total Liabilities		 4,464 4,318 4,270 4,090 4,203 4,269 4,382 4,273 4,321 4,320 4,862
Total Current Liabilities		 1,770 1,562 1,598 1,643 1,522 1,562 1,704 1,581 1,594 1,603 1,763
Short-Term Debt		 166 152 173 272 89 89 79 69 44 66 264
Accounts Payable		 562 433 456 467 551 533 633 559 569 533 581
Accrued Expenses		 583 528 504 437 426 490 503 411 469 497 459
Current Deferred Revenue		 443 428 458 456 447 432 453 464 457 456 434
Current Deferred & Payable Income Tax Liabilities		 16 21 7.00 11 9.00 18 36 78 55 51 25
Total Noncurrent Liabilities		 2,694 2,756 2,672 2,447 2,681 2,707 2,678 2,692 2,727 2,717 3,099
Long-Term Debt		 2,042 2,121 2,047 1,815 2,080 2,080 2,092 2,103 2,128 2,107 2,387
Noncurrent Deferred Revenue		 331 318 312 304 298 304 304 309 315 318 398
Noncurrent Deferred & Payable Income Tax Liabilities		 75 75 67 66 66 66 57 57 58 65 32
Other Noncurrent Operating Liabilities		 246 242 246 262 237 257 225 223 226 227 282
Total Equity & Noncontrolling Interests		 2,992 3,013 3,036 3,169 3,287 3,421 3,586 3,626 3,617 3,747 3,470
Total Preferred & Common Equity		 2,992 3,013 3,036 3,169 3,287 3,421 3,586 3,626 3,617 3,747 3,470
Preferred Stock		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Common Equity		 2,992 3,013 3,036 3,169 3,287 3,421 3,586 3,626 3,617 3,747 3,470
Common Stock		 581 600 616 630 634 654 670 720 734 782 867
Retained Earnings		 4,330 4,315 4,332 4,447 4,560 4,697 4,860 4,996 5,108 5,209 5,414
Treasury Stock		 -1,859 -1,858 -1,858 -1,858 -1,855 -1,871 -1,900 -2,025 -2,147 -2,181 -2,787
Accumulated Other Comprehensive Income / (Loss)		 -60 -44 -54 -50 -52 -59 -44 -65 -78 -63 -24

Annual Metrics And Ratios for Zebra Technologies

This table displays calculated financial ratios and metrics derived from Zebra Technologies' official financial filings.

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 118.43% -2.08% 108.28% -43.34% 6.33% -0.83% 26.51% 2.74% -20.71% 8.66% 8.33%
EBITDA Growth		 115.43% 12.03% 57.54% 30.68% 7.83% -9.56% 47.77% -37.50% -11.31% 40.75% -5.75%
EBIT Growth		 -83.54% 392.31% 392.19% 95.24% 11.71% -7.42% 52.99% -46.45% -10.36% 56.96% -8.87%
NOPAT Growth		 -84.54% 116.22% 11.08% 687.88% 28.45% -6.93% 44.48% -46.81% -5.32% 44.74% -15.11%
Net Income Growth		 -593.75% 13.29% 112.41% 2,376.47% 29.22% -7.35% 66.07% -44.68% -36.07% 78.38% -20.64%
EPS Growth		 -592.06% 14.52% 112.08% 2,325.00% 28.48% -6.22% 65.99% -43.30% -35.00% 77.97% -19.65%
Operating Cash Flow Growth		 -58.22% 211.48% 25.79% 64.23% -12.74% 40.44% 11.12% -54.35% -100.82% 25,425.00% -9.48%
Free Cash Flow Firm Growth		 103.09% 411.06% -28.41% 74.85% -29.91% 5.97% -5.85% -231.39% 92.52% 2,209.00% -166.51%
Invested Capital Growth		 -1.82% -11.55% -8.68% -3.90% 7.08% 4.37% 13.10% 27.67% 10.06% -5.14% 22.84%
Revenue Q/Q Growth		 4.58% -0.25% 104.62% -46.12% 1.24% 2.68% 2.91% 0.63% -9.73% 6.98% 2.68%
EBITDA Q/Q Growth		 20.19% 18.13% -0.48% 12.90% -1.70% 6.80% 0.52% 3.42% -22.44% 22.63% -8.87%
EBIT Q/Q Growth		 170.67% 3,300.00% 24.02% 10.41% -0.58% 6.71% -0.21% 5.89% -28.26% 29.96% -13.02%
NOPAT Q/Q Growth		 463.08% 433.33% -76.08% 27.26% 6.65% 6.33% -2.76% 6.57% -23.45% 17.24% -12.80%
Net Income Q/Q Growth		 13.71% 24.31% -43.33% 35.81% 11.02% 6.33% -0.95% -1.07% -36.34% 38.22% -18.16%
EPS Q/Q Growth		 13.65% 24.72% -45.76% 35.90% 10.78% 6.86% -0.96% 0.46% -36.30% 38.32% -17.54%
Operating Cash Flow Q/Q Growth		 -56.17% 47.29% 41.42% 7.83% -8.05% 20.85% -15.63% 7.49% -103.28% 19.46% 5.89%
Free Cash Flow Firm Q/Q Growth		 103.00% 26.39% -7.41% 14.96% -11.03% 65.75% -48.83% 31.52% -160.62% 5.10% -190.37%
Invested Capital Q/Q Growth		 0.37% -1.26% -6.60% -6.06% -2.96% -6.88% 4.09% -1.82% -2.03% -1.18% 22.56%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 45.04% 45.94% 45.94% 46.97% 46.82% 45.03% 46.70% 45.39% 46.31% 48.44% 48.05%
EBITDA Margin		 9.56% 10.94% 8.28% 19.08% 19.35% 17.65% 20.61% 12.54% 14.03% 18.17% 15.81%
Operating Margin		 1.01% 2.24% 4.33% 14.46% 15.43% 14.64% 17.40% 9.15% 10.49% 14.90% 12.97%
EBIT Margin		 0.36% 1.79% 4.23% 14.58% 15.32% 14.30% 17.29% 9.01% 10.19% 14.72% 12.38%
Profit (Net Income) Margin		 -4.33% -3.83% 0.23% 9.98% 12.13% 11.33% 14.87% 8.01% 6.46% 10.60% 7.77%
Tax Burden Percent		 87.78% 106.20% 19.32% 80.34% 90.97% 90.00% 86.47% 85.11% 88.62% 83.15% 74.82%
Interest Burden Percent		 -1,384.62% -201.56% 27.94% 85.20% 87.05% 88.05% 99.49% 104.41% 71.52% 86.63% 83.83%
Effective Tax Rate		 0.00% 0.00% 80.68% 19.66% 9.03% 10.00% 13.53% 14.89% 11.38% 16.85% 25.18%
Return on Invested Capital (ROIC)		 0.69% 1.60% 1.98% 16.67% 21.10% 18.58% 24.67% 10.86% 8.73% 12.37% 9.68%
ROIC Less NNEP Spread (ROIC-NNEP)		 -5.92% -5.67% 0.04% 12.94% 14.98% 11.53% 23.57% 11.85% 2.21% 7.06% 3.94%
Return on Net Nonoperating Assets (RNNOA)		 -17.04% -17.86% 0.11% 22.15% 13.18% 6.73% 7.98% 5.34% 1.54% 3.58% 2.00%
Return on Equity (ROE)		 -16.35% -16.26% 2.09% 38.82% 34.28% 25.31% 32.64% 16.20% 10.26% 15.95% 11.68%
Cash Return on Invested Capital (CROIC)		 2.53% 13.86% 11.05% 20.65% 14.26% 14.30% 12.37% -13.45% -0.85% 17.64% -10.82%
Operating Return on Assets (OROA)		 0.25% 1.32% 7.07% 14.28% 15.18% 12.61% 16.79% 7.58% 6.30% 9.60% 8.11%
Return on Assets (ROA)		 -2.99% -2.83% 0.38% 9.77% 12.02% 9.99% 14.44% 6.74% 3.99% 6.91% 5.09%
Return on Common Equity (ROCE)		 -16.35% -16.26% 2.09% 38.82% 34.28% 25.31% 32.64% 16.20% 10.26% 15.95% 11.68%
Return on Equity Simple (ROE_SIMPLE)		 -17.69% -17.30% 2.04% 31.54% 29.58% 23.51% 28.05% 16.94% 9.75% 14.72% 0.00%
Net Operating Profit after Tax (NOPAT)		 26 56 62 490 630 586 847 450 426 617 524
NOPAT Margin		 0.71% 1.57% 0.84% 11.62% 14.04% 13.17% 15.04% 7.79% 9.30% 12.39% 9.71%
Net Nonoperating Expense Percent (NNEP)		 6.61% 7.27% 1.94% 3.72% 6.12% 7.05% 1.10% -0.99% 6.51% 5.31% 5.74%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 9.47% 8.11% 10.72% 8.60%
Cost of Revenue to Revenue		 54.96% 54.06% 54.06% 53.03% 53.18% 54.97% 53.30% 54.61% 53.69% 51.56% 51.95%
SG&A Expenses to Revenue		 7.75% 8.59% 4.04% 7.78% 7.20% 6.83% 6.18% 6.49% 7.29% 7.65% 8.02%
R&D to Revenue		 10.79% 10.52% 5.23% 10.53% 9.97% 10.18% 10.08% 9.86% 11.32% 11.30% 10.99%
Operating Expenses to Revenue		 44.03% 43.70% -4.33% 32.50% 31.39% 30.40% 29.31% 36.24% 35.82% 33.55% 35.08%
Earnings before Interest and Taxes (EBIT)		 13 64 315 615 687 636 973 521 467 733 668
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 349 391 616 805 868 785 1,160 725 643 905 853
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.06 5.72 6.62 6.42 7.49 9.56 10.66 4.84 4.62 5.56 3.43
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 0.99 1.27 0.74 2.03 3.07 4.61 5.65 2.29 3.06 4.00 2.28
Price to Earnings (P/E)		 0.00 0.00 1.61 20.35 25.32 40.66 38.00 28.59 47.43 37.73 29.36
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 0.00% 0.00% 62.25% 4.91% 3.95% 2.46% 2.63% 3.50% 2.11% 2.65% 3.41%
Enterprise Value to Invested Capital (EV/IC)		 1.74 2.14 2.56 3.51 4.87 6.70 8.91 3.26 3.15 4.36 2.46
Enterprise Value to Revenue (EV/Rev)		 1.77 1.96 1.03 2.40 3.35 4.85 5.77 2.62 3.52 4.25 2.72
Enterprise Value to EBITDA (EV/EBITDA)		 18.48 17.95 12.48 12.56 17.31 27.48 27.99 20.91 25.07 23.42 17.21
Enterprise Value to EBIT (EV/EBIT)		 496.06 109.67 24.40 16.45 21.86 33.91 33.37 29.09 34.52 28.91 21.97
Enterprise Value to NOPAT (EV/NOPAT)		 248.99 125.34 123.56 20.64 23.86 36.81 38.35 33.66 37.82 34.35 28.03
Enterprise Value to Operating Cash Flow (EV/OCF)		 52.86 18.47 16.08 12.88 21.93 22.42 30.37 31.06 0.00 20.92 16.01
Enterprise Value to Free Cash Flow (EV/FCFF)		 67.95 14.47 22.14 16.66 35.30 47.83 76.48 0.00 0.00 24.08 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 3.37 3.34 2.67 1.19 0.69 0.58 0.33 0.74 0.73 0.61 0.70
Long-Term Debt to Equity		 3.37 3.34 2.61 1.07 0.59 0.41 0.31 0.66 0.67 0.58 0.66
Financial Leverage		 2.88 3.15 2.86 1.71 0.88 0.58 0.34 0.45 0.69 0.51 0.51
Leverage Ratio		 5.47 5.74 5.48 3.97 2.85 2.53 2.26 2.40 2.57 2.31 2.30
Compound Leverage Factor		 -75.78 -11.57 1.53 3.38 2.48 2.23 2.25 2.51 1.84 2.00 1.92
Debt to Total Capital		 77.13% 76.98% 72.75% 54.37% 40.98% 36.74% 24.93% 42.54% 42.24% 37.71% 41.08%
Short-Term Debt to Total Capital		 0.00% 0.00% 1.67% 5.37% 6.32% 10.74% 1.74% 4.50% 3.29% 1.37% 2.32%
Long-Term Debt to Total Capital		 77.13% 76.98% 71.09% 49.01% 34.66% 26.00% 23.20% 38.04% 38.95% 36.34% 38.77%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 22.87% 23.02% 27.25% 45.63% 59.02% 63.26% 75.07% 57.46% 57.76% 62.29% 58.92%
Debt to EBITDA		 8.63 6.77 3.62 1.98 1.47 1.59 0.85 2.79 3.45 2.40 2.93
Net Debt to EBITDA		 8.08 6.37 3.51 1.92 1.44 1.37 0.57 2.65 3.24 1.40 2.79
Long-Term Debt to EBITDA		 8.63 6.77 3.53 1.78 1.24 1.12 0.79 2.50 3.18 2.31 2.77
Debt to NOPAT		 116.29 47.29 35.80 3.25 2.03 2.12 1.17 4.49 5.21 3.52 4.78
Net Debt to NOPAT		 108.88 44.50 34.80 3.16 1.98 1.84 0.78 4.26 4.89 2.06 4.54
Long-Term Debt to NOPAT		 116.29 47.29 34.98 2.93 1.72 1.50 1.09 4.02 4.80 3.39 4.51
Altman Z-Score		 1.74 1.97 3.37 3.66 4.92 5.61 8.11 3.33 3.65 4.62 3.26
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.49 1.29 1.06 0.89 0.85 0.69 0.94 0.81 1.05 1.43 0.97
Quick Ratio		 0.96 0.82 0.54 0.43 0.46 0.37 0.60 0.37 0.41 0.93 0.50
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 95 485 347 607 426 451 425 -558 -42 880 -585
Operating Cash Flow to CapEx		 100.00% 493.51% 956.00% 1,226.56% 1,122.95% 1,435.82% 1,811.86% 650.67% -4.60% 1,716.95% 1,066.28%
Free Cash Flow to Firm to Interest Expense		 0.49 2.51 1.53 6.67 4.78 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.63 1.97 2.11 8.63 7.70 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 1.57 1.89 7.92 7.01 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.74 1.67 0.98 0.99 0.88 0.97 0.84 0.62 0.65 0.66
Accounts Receivable Turnover		 5.44 5.52 13.49 8.44 7.92 7.94 8.93 7.61 7.11 8.21 7.23
Inventory Turnover		 5.07 5.21 10.02 4.57 4.80 4.96 5.99 4.67 2.96 3.43 3.94
Fixed Asset Turnover		 13.20 12.12 26.78 16.44 17.66 16.69 20.61 21.02 15.62 16.22 16.40
Accounts Payable Turnover		 6.51 5.50 9.62 4.58 4.32 4.24 4.61 4.18 3.88 4.72 4.22
Days Sales Outstanding (DSO)		 67.10 66.18 27.07 43.22 46.10 45.99 40.87 47.98 51.32 44.44 50.50
Days Inventory Outstanding (DIO)		 71.96 70.09 36.42 79.79 76.06 73.52 60.98 78.10 123.40 106.39 92.58
Days Payable Outstanding (DPO)		 56.04 66.31 37.96 79.62 84.48 86.06 79.17 87.35 93.96 77.39 86.46
Cash Conversion Cycle (CCC)		 83.02 69.96 25.52 43.39 37.69 33.45 22.67 38.74 80.76 73.44 56.62
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 3,713 3,284 2,999 2,882 3,086 3,221 3,643 4,651 5,119 4,856 5,965
Invested Capital Turnover		 0.97 1.02 2.37 1.43 1.50 1.41 1.64 1.39 0.94 1.00 1.00
Increase / (Decrease) in Invested Capital		 -69 -429 -285 -117 204 135 422 1,008 468 -263 1,109
Enterprise Value (EV)		 6,449 7,019 7,686 10,114 15,021 21,568 32,467 15,156 16,121 21,191 14,678
Market Capitalization		 3,629 4,527 5,521 8,567 13,774 20,491 31,808 13,238 14,038 19,921 12,301
Book Value per Share		 $17.14 $15.00 $15.68 $24.81 $34.11 $40.21 $55.84 $52.93 $59.11 $69.52 $70.82
Tangible Book Value per Share		 ($45.18) ($40.65) ($36.29) ($25.87) ($19.62) ($23.37) ($14.03) ($34.79) ($26.99) ($14.09) ($38.45)
Total Capital		 3,905 3,440 3,061 2,926 3,116 3,389 3,975 4,756 5,256 5,757 6,090
Total Debt		 3,012 2,648 2,227 1,591 1,277 1,245 991 2,023 2,220 2,171 2,502
Total Long-Term Debt		 3,012 2,648 2,176 1,434 1,080 881 922 1,809 2,047 2,092 2,361
Net Debt		 2,820 2,492 2,165 1,547 1,247 1,077 659 1,918 2,083 1,270 2,377
Capital Expenditures (CapEx)		 122 77 50 64 61 67 59 75 87 59 86
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 247 117 52 -26 -42 -382 -374 -340 110 -86 -40
Debt-free Net Working Capital (DFNWC)		 439 273 114 18 -12 -214 -42 -235 247 815 85
Net Working Capital (NWC)		 439 273 63 -139 -209 -578 -111 -449 74 736 -56
Net Nonoperating Expense (NNE)		 184 193 45 69 86 82 9.51 -13 130 89 105
Net Nonoperating Obligations (NNO)		 2,820 2,492 2,165 1,547 1,247 1,077 659 1,918 2,083 1,270 2,377
Total Depreciation and Amortization (D&A)		 336 327 301 190 181 149 187 204 176 172 185
Debt-free, Cash-free Net Working Capital to Revenue		 6.77% 3.27% 0.70% -0.62% -0.94% -8.59% -6.65% -5.88% 2.40% -1.73% -0.74%
Debt-free Net Working Capital to Revenue		 12.03% 7.64% 1.53% 0.43% -0.27% -4.81% -0.75% -4.07% 5.39% 16.36% 1.58%
Net Working Capital to Revenue		 12.03% 7.64% 0.85% -3.30% -4.66% -12.99% -1.97% -7.77% 1.61% 14.78% -1.04%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 ($2.65) $0.33 $7.86 $10.08 $9.43 $15.66 $8.86 $5.75 $10.25 $8.24
Adjusted Weighted Average Basic Shares Outstanding		 0.00 51.58M 53.02M 53.87M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M
Adjusted Diluted Earnings per Share		 $0.00 ($2.65) $0.32 $7.76 $9.97 $9.35 $15.52 $8.80 $5.72 $10.18 $8.18
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 51.58M 53.69M 53.87M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 52.88M 53.25M 53.87M 54.01M 53.47M 53.08M 51.40M 51.38M 51.38M 49.19M
Normalized Net Operating Profit after Tax (NOPAT)		 155 200 272 505 659 617 874 797 518 636 599
Normalized NOPAT Margin		 4.26% 5.60% 3.65% 11.98% 14.69% 13.86% 15.54% 13.78% 11.31% 12.77% 11.09%
Pre Tax Income Margin		 -4.93% -3.61% 1.18% 12.42% 13.33% 12.59% 17.20% 9.41% 7.29% 12.75% 10.38%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.07 0.33 1.39 6.76 7.72 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.13 0.29 0.27 5.39 7.07 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 -0.56 -0.07 1.17 6.05 7.03 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 -0.50 -0.11 0.05 4.68 6.39 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 0.00% 0.00% 0.00% 0.00% 8.64% 39.68% 6.81% 162.20% 17.57% 8.90% 140.10%

Quarterly Metrics And Ratios for Zebra Technologies

This table displays calculated financial ratios and metrics derived from Zebra Technologies' official financial filings.

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/30/2024 6/29/2024 9/28/2024 12/31/2024 3/29/2025 6/28/2025 9/27/2025 12/31/2025 4/4/2026
DEI Shares Outstanding		 - - - - - - - - - - 49,191,704.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 49,191,704.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 2.74
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -30.62% -32.87% -16.37% 0.25% 31.28% 32.21% 11.32% 6.24% 5.18% 10.57% 14.30%
EBITDA Growth		 -85.94% -62.84% -24.06% -12.99% 525.00% 151.82% 13.37% 2.49% -0.44% -29.96% 13.54%
EBIT Growth		 -103.98% -73.60% -28.38% -14.97% 2,350.00% 256.06% 18.24% 2.52% 1.11% -42.55% 8.51%
NOPAT Growth		 -105.43% 192.65% -29.42% -15.06% 2,190.68% -71.97% 24.82% 7.04% -33.81% -43.69% 8.14%
Net Income Growth		 -108.82% -90.86% -23.33% -21.53% 1,013.33% 858.82% 18.26% -0.89% -26.28% -57.06% -0.74%
EPS Growth		 -108.59% -91.06% -23.10% -21.94% 1,042.86% 881.25% 17.49% 0.92% -25.38% -55.41% 3.82%
Operating Cash Flow Growth		 -152.24% -47.19% 264.47% 947.06% 940.00% 117.02% 42.40% -48.96% -20.07% 16.67% -1.12%
Free Cash Flow Firm Growth		 54.14% 120.30% 88.43% 157.50% 198.03% 172.87% 473.60% 22.49% -66.45% -329.83% -346.60%
Invested Capital Growth		 10.30% 10.06% 4.65% -1.70% -5.95% -5.14% -4.09% -2.54% -0.96% 22.84% 22.12%
Revenue Q/Q Growth		 -21.25% 5.54% 16.45% 3.57% 3.12% 6.29% -1.95% -1.15% 2.09% 11.74% 1.36%
EBITDA Q/Q Growth		 -84.42% 205.56% 83.64% -0.50% 11.94% 23.11% -17.33% -10.04% 8.74% -13.39% 34.02%
EBIT Q/Q Growth		 -104.28% 925.00% 140.91% 0.00% 13.21% 30.56% -20.00% -13.30% 11.66% -25.82% 51.11%
NOPAT Q/Q Growth		 -105.14% 7,588.10% -79.53% 7.76% 26.56% 0.40% -8.84% -7.59% -21.73% -14.59% 75.05%
Net Income Q/Q Growth		 -110.42% 213.33% 576.47% -1.74% 21.24% 18.98% -16.56% -17.65% -9.82% -30.69% 92.86%
EPS Q/Q Growth		 -110.07% 214.29% 596.88% -2.69% 21.66% 18.94% -16.56% -16.41% -10.05% -28.93% 94.29%
Operating Cash Flow Q/Q Growth		 -2.94% 502.86% -11.35% 130.40% 2.08% 4.08% -41.83% -17.42% 59.86% 51.91% -50.70%
Free Cash Flow Firm Q/Q Growth		 -26.43% 132.43% -161.64% 327.50% 115.55% -9.72% -15.61% -25.41% -40.96% -718.53% 9.46%
Invested Capital Q/Q Growth		 1.81% -2.03% 0.20% -1.64% -2.60% -1.18% 1.30% -0.04% -1.02% 22.56% 0.70%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 44.67% 44.40% 47.91% 48.40% 48.84% 48.58% 49.31% 47.64% 48.03% 47.32% 49.63%
EBITDA Margin		 3.77% 10.90% 17.19% 16.52% 17.93% 20.76% 17.51% 15.93% 16.97% 13.15% 17.39%
Operating Margin		 -1.26% 7.33% 13.53% 13.72% 15.22% 16.87% 14.91% 14.15% 13.86% 9.42% 14.38%
EBIT Margin		 -0.84% 6.54% 13.53% 13.06% 14.34% 17.62% 14.37% 12.61% 13.79% 9.15% 13.65%
Profit (Net Income) Margin		 -1.57% 1.68% 9.79% 9.29% 10.92% 12.22% 10.40% 8.66% 7.65% 4.75% 9.03%
Tax Burden Percent		 62.50% 850.00% 80.99% 83.09% 91.95% 78.37% 82.42% 81.16% 63.52% 71.43% 80.84%
Interest Burden Percent		 300.00% 3.03% 89.31% 85.53% 82.78% 88.51% 87.77% 84.66% 87.36% 72.59% 81.86%
Effective Tax Rate		 0.00% -750.00% 19.01% 16.91% 8.05% 21.63% 17.58% 18.84% 36.48% 28.57% 19.16%
Return on Invested Capital (ROIC)		 -0.90% 58.50% 9.51% 9.76% 12.85% 13.20% 12.51% 11.97% 9.46% 6.71% 11.88%
ROIC Less NNEP Spread (ROIC-NNEP)		 -1.20% 27.91% 8.82% 8.44% 10.77% 12.41% 10.99% 9.58% 8.30% 5.11% 9.85%
Return on Net Nonoperating Assets (RNNOA)		 -0.91% 19.35% 5.78% 5.24% 6.20% 6.28% 5.26% 4.24% 3.02% 2.60% 5.32%
Return on Equity (ROE)		 -1.81% 77.85% 15.29% 15.00% 19.05% 19.48% 17.77% 16.21% 12.49% 9.31% 17.20%
Cash Return on Invested Capital (CROIC)		 1.38% -0.85% 2.88% 8.56% 16.52% 17.64% 17.10% 15.81% 13.24% -10.82% -10.11%
Operating Return on Assets (OROA)		 -0.58% 4.04% 8.00% 7.62% 8.89% 11.49% 9.70% 8.48% 9.20% 6.00% 9.39%
Return on Assets (ROA)		 -1.08% 1.04% 5.78% 5.41% 6.77% 7.97% 7.02% 5.83% 5.10% 3.11% 6.21%
Return on Common Equity (ROCE)		 -1.81% 77.85% 15.29% 15.00% 19.05% 19.48% 17.77% 16.21% 12.49% 9.31% 17.20%
Return on Equity Simple (ROE_SIMPLE)		 15.43% 0.00% 8.24% 7.00% 11.17% 0.00% 15.14% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 -8.40 629 129 139 176 176 161 149 116 99 174
NOPAT Margin		 -0.88% 62.34% 10.96% 11.40% 13.99% 13.22% 12.29% 11.49% 8.81% 6.73% 11.63%
Net Nonoperating Expense Percent (NNEP)		 0.31% 30.59% 0.69% 1.32% 2.08% 0.79% 1.52% 2.39% 1.17% 1.61% 2.03%
Return On Investment Capital (ROIC_SIMPLE)		 - 11.97% - - - 3.06% 2.77% 2.57% 1.96% 1.63% 2.84%
Cost of Revenue to Revenue		 55.33% 55.60% 52.09% 51.60% 51.16% 51.42% 50.69% 52.36% 51.97% 52.68% 50.37%
SG&A Expenses to Revenue		 9.21% 7.73% 6.89% 7.97% 7.65% 8.02% 8.49% 7.89% 8.41% 7.39% 8.50%
R&D to Revenue		 13.28% 11.50% 11.74% 12.00% 11.24% 10.34% 11.54% 11.14% 11.06% 10.31% 11.04%
Operating Expenses to Revenue		 45.92% 37.07% 34.38% 34.68% 33.63% 31.71% 34.40% 33.49% 34.17% 37.90% 35.25%
Earnings before Interest and Taxes (EBIT)		 -8.00 66 159 159 180 235 188 163 182 135 204
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 36 110 202 201 225 277 229 206 224 194 260
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 4.03 4.62 4.89 4.83 5.56 5.56 3.98 4.35 4.07 3.43 2.88
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 2.39 3.06 3.56 3.65 4.08 4.00 2.82 3.03 2.90 2.28 1.79
Price to Earnings (P/E)		 26.11 47.43 59.32 69.07 49.77 37.73 26.28 28.70 29.77 29.36 23.87
Dividend Yield		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Earnings Yield		 3.83% 2.11% 1.69% 1.45% 2.01% 2.65% 3.81% 3.48% 3.36% 3.41% 4.19%
Enterprise Value to Invested Capital (EV/IC)		 2.75 3.15 3.40 3.50 4.17 4.36 3.20 3.46 3.36 2.46 2.08
Enterprise Value to Revenue (EV/Rev)		 2.83 3.52 4.01 4.05 4.40 4.25 3.07 3.28 3.11 2.72 2.24
Enterprise Value to EBITDA (EV/EBITDA)		 17.32 25.07 30.12 32.14 27.79 23.42 16.87 18.17 17.48 17.21 14.16
Enterprise Value to EBIT (EV/EBIT)		 22.05 34.52 43.17 46.92 36.36 28.91 20.63 22.23 21.30 21.97 18.30
Enterprise Value to NOPAT (EV/NOPAT)		 25.78 37.82 46.86 50.61 38.97 34.35 24.22 25.83 27.24 28.03 23.37
Enterprise Value to Operating Cash Flow (EV/OCF)		 117.66 0.00 88.54 33.99 24.18 20.92 14.75 18.41 18.89 16.01 13.68
Enterprise Value to Free Cash Flow (EV/FCFF)		 208.55 0.00 120.94 40.50 24.49 24.08 18.30 21.63 25.26 0.00 0.00
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.75 0.73 0.66 0.66 0.63 0.61 0.60 0.60 0.58 0.70 0.76
Long-Term Debt to Equity		 0.70 0.67 0.57 0.63 0.61 0.58 0.58 0.59 0.56 0.66 0.69
Financial Leverage		 0.76 0.69 0.66 0.62 0.58 0.51 0.48 0.44 0.36 0.51 0.54
Leverage Ratio		 2.61 2.57 2.43 2.38 2.33 2.31 2.23 2.23 2.20 2.30 2.29
Compound Leverage Factor		 7.82 0.08 2.17 2.04 1.93 2.04 1.96 1.89 1.92 1.67 1.87
Debt to Total Capital		 43.00% 42.24% 39.71% 39.75% 38.80% 37.71% 37.46% 37.52% 36.71% 41.08% 43.31%
Short-Term Debt to Total Capital		 2.88% 3.29% 5.18% 1.63% 1.59% 1.37% 1.19% 0.76% 1.11% 2.32% 4.31%
Long-Term Debt to Total Capital		 40.12% 38.95% 34.53% 38.12% 37.21% 36.34% 36.27% 36.76% 35.59% 38.77% 39.00%
Preferred Equity to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 57.00% 57.76% 60.29% 60.25% 61.20% 62.29% 62.54% 62.48% 63.29% 58.92% 56.69%
Debt to EBITDA		 2.74 3.45 3.60 3.95 2.94 2.40 2.33 2.32 2.32 2.93 3.00
Net Debt to EBITDA		 2.67 3.24 3.39 3.20 2.02 1.40 1.39 1.39 1.20 2.79 2.87
Long-Term Debt to EBITDA		 2.56 3.18 3.13 3.79 2.82 2.31 2.26 2.27 2.25 2.77 2.70
Debt to NOPAT		 4.08 5.21 5.61 6.22 4.12 3.52 3.35 3.29 3.62 4.78 4.95
Net Debt to NOPAT		 3.97 4.89 5.27 5.04 2.84 2.06 1.99 1.97 1.86 4.54 4.74
Long-Term Debt to NOPAT		 3.81 4.80 4.88 5.97 3.95 3.39 3.24 3.23 3.51 4.51 4.46
Altman Z-Score		 3.22 3.47 3.80 3.84 4.30 4.41 3.75 3.92 3.89 3.05 2.88
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.06 1.05 0.99 1.28 1.37 1.43 1.45 1.46 1.61 0.97 0.96
Quick Ratio		 0.38 0.41 0.44 0.73 0.84 0.93 0.95 0.94 1.07 0.50 0.48
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -496 161 -99 226 487 439 371 277 163 -1,010 -914
Operating Cash Flow to CapEx		 -250.00% 361.54% 892.86% 2,880.00% 1,729.41% 1,700.00% 890.00% 864.71% 1,236.84% 1,190.00% 1,353.85%
Free Cash Flow to Firm to Interest Expense		 0.00 0.00 -5.84 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow to Interest Expense		 0.00 0.00 7.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense		 0.00 0.00 6.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.69 0.62 0.59 0.58 0.62 0.65 0.67 0.67 0.67 0.66 0.69
Accounts Receivable Turnover		 7.57 7.11 6.52 6.39 7.89 8.21 8.41 7.78 8.10 7.23 8.27
Inventory Turnover		 3.27 2.96 3.03 3.02 3.29 3.43 3.78 3.91 4.17 3.94 4.21
Fixed Asset Turnover		 17.69 15.62 14.91 14.57 15.42 16.22 16.69 16.99 16.71 16.40 16.94
Accounts Payable Turnover		 4.29 3.88 4.37 4.19 5.06 4.72 5.11 4.76 5.09 4.22 5.08
Days Sales Outstanding (DSO)		 48.23 51.32 55.96 57.13 46.25 44.44 43.39 46.94 45.04 50.50 44.13
Days Inventory Outstanding (DIO)		 111.59 123.40 120.36 120.78 111.08 106.39 96.58 93.30 87.62 92.58 86.61
Days Payable Outstanding (DPO)		 85.14 93.96 83.55 87.18 72.16 77.39 71.49 76.61 71.73 86.46 71.92
Cash Conversion Cycle (CCC)		 74.69 80.76 92.77 90.74 85.17 73.44 68.48 63.63 60.92 56.62 58.83
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 5,225 5,119 5,129 5,045 4,914 4,856 4,919 4,917 4,867 5,965 6,007
Invested Capital Turnover		 1.02 0.94 0.87 0.86 0.92 1.00 1.02 1.04 1.07 1.00 1.02
Increase / (Decrease) in Invested Capital		 488 468 228 -87 -311 -263 -210 -128 -47 1,109 1,088
Enterprise Value (EV)		 14,355 16,121 17,442 17,643 20,506 21,191 15,720 17,027 16,362 14,678 12,515
Market Capitalization		 12,143 14,038 15,482 15,885 19,013 19,921 14,427 15,727 15,242 12,301 9,978
Book Value per Share		 $58.69 $59.11 $61.63 $63.93 $66.32 $69.52 $70.57 $71.12 $73.69 $70.82 $70.54
Tangible Book Value per Share		 ($27.89) ($26.99) ($23.84) ($21.06) ($17.86) ($14.09) ($14.09) ($14.04) ($11.01) ($38.45) ($40.74)
Total Capital		 5,286 5,256 5,256 5,456 5,590 5,757 5,798 5,789 5,920 6,090 6,121
Total Debt		 2,273 2,220 2,087 2,169 2,169 2,171 2,172 2,172 2,173 2,502 2,651
Total Long-Term Debt		 2,121 2,047 1,815 2,080 2,080 2,092 2,103 2,128 2,107 2,361 2,387
Net Debt		 2,212 2,083 1,960 1,758 1,493 1,270 1,293 1,300 1,120 2,377 2,537
Capital Expenditures (CapEx)		 14 39 14 10 17 18 20 17 19 30 13
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 181 110 129 109 -16 -86 -100 -88 -14 -40 82
Debt-free Net Working Capital (DFNWC)		 242 247 256 520 660 815 779 784 1,039 85 196
Net Working Capital (NWC)		 90 74 -16 431 571 736 710 740 973 -56 -68
Net Nonoperating Expense (NNE)		 6.60 612 14 26 39 13 25 37 15 29 39
Net Nonoperating Obligations (NNO)		 2,212 2,083 1,960 1,758 1,493 1,270 1,293 1,300 1,120 2,377 2,537
Total Depreciation and Amortization (D&A)		 44 44 43 42 45 42 41 43 42 59 56
Debt-free, Cash-free Net Working Capital to Revenue		 3.56% 2.40% 2.96% 2.50% -0.34% -1.73% -1.96% -1.70% -0.27% -0.74% 1.47%
Debt-free Net Working Capital to Revenue		 4.77% 5.39% 5.88% 11.93% 14.18% 16.36% 15.23% 15.11% 19.77% 1.58% 3.51%
Net Working Capital to Revenue		 1.77% 1.61% -0.37% 9.89% 12.26% 14.78% 13.88% 14.26% 18.52% -1.04% -1.22%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 ($0.28) $0.31 $2.24 $2.19 $2.65 $3.17 $2.64 $2.20 $1.98 $1.42 $2.74
Adjusted Weighted Average Basic Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M
Adjusted Diluted Earnings per Share		 ($0.28) $0.32 $2.23 $2.17 $2.64 $3.14 $2.62 $2.19 $1.97 $1.40 $2.72
Adjusted Weighted Average Diluted Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 51.36M 51.38M 51.42M 51.58M 51.58M 51.38M 50.85M 50.85M 50.66M 49.19M 47.63M
Normalized Net Operating Profit after Tax (NOPAT)		 34 64 138 142 180 179 163 152 123 159 181
Normalized NOPAT Margin		 3.51% 6.38% 11.72% 11.67% 14.36% 13.39% 12.48% 11.74% 9.29% 10.75% 12.11%
Pre Tax Income Margin		 -2.51% 0.20% 12.09% 11.18% 11.87% 15.59% 12.61% 10.67% 12.05% 6.64% 11.17%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 0.00 0.00 9.35 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT to Interest Expense		 0.00 0.00 7.57 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense		 0.00 0.00 8.53 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense		 0.00 0.00 6.75 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Augmented Payout Ratio		 31.83% 17.57% 14.18% 0.00% 4.19% 8.90% 31.33% 54.20% 61.52% 140.10% 182.30%

Financials Breakdown Chart

Key Financial Trends

MarketBeat analysis of Zebra Technologies (NASDAQ: ZBRA) uses the latest four years of quarterly statements to identify trends in revenue, profitability, cash flow, and leverage. The highlights below focus on the most important, data-driven signals for retail investors.

  • Revenue recovery in 2025: Q4 2025 revenue reached $1.475B, up from $1.334B in Q4 2024, indicating a solid year-over-year improvement in top-line momentum.
  • Gross margin remains solid: Gross margin has stayed in the high-40% range across 2023–2025 (roughly 47%–50%), signaling stable cost control despite higher expenses.
  • Robust quarterly operating cash flow: Net cash from continuing operating activities was $357M in Q4 2025, with consistent positive cash generation across 2025 (Q3: $235M; Q2: $147M; Q1: $178M).
  • Active share repurchases signaling capital discipline: 2025 saw notable buybacks (Q2: $125M; Q3: $34M; Q4: $303M), supporting per-share value and signaling confidence by management.
  • Liquidity level remains solid but variable: Zebra carried cash and equivalents around $0.9B–$1.05B in 2025, indicating available liquidity with some quarterly fluctuations.
  • Debt level relatively moderate but elevated: Long-term debt hovered around $2.1B through 2025 alongside smaller short-term debt, implying manageable leverage but potential higher financing costs if interest rates rise.
  • Profitability softness in Q4 2025: Net income attributable to common shareholders fell to $70M (EPS $1.40) from Q4 2024's $163M (EPS $3.17), marking a material quarterly decline in profitability.
  • Significant cash outflow in Q4 2025 due to investments: Net change in cash and equivalents was -$928M, driven largely by acquisitions and investing activities (Acquisitions: $1.303B; net investing: -$1.334B).
  • Operating income and margin pressured in Q4 2025: Total Operating Income was $139M in Q4 2025, with rising operating expenses contributing to a lower margin versus prior quarters (Q4 2024 and Q3 2025 were higher).
  • Acquisition activity weighs on near-term metrics: The large acquisition spend in Q4 2025 (~$1.303B) suggests meaningful near-term cash use and potential earnings dilution before the benefits materialize.
05/19/26 06:45 PM ETAI Generated. May Contain Errors.

Zebra Technologies Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Zebra Technologies' fiscal year ends in December. Their fiscal year 2025 ended on December 31, 2025.

Zebra Technologies' net income appears to be on an upward trend, with a most recent value of $419 million in 2025, falling from -$158 million in 2015. The previous period was $528 million in 2024. Find out what analysts predict for Zebra Technologies in the coming months.

Zebra Technologies' total operating income in 2025 was $700 million, based on the following breakdown:
  • Total Gross Profit: $2.59 billion
  • Total Operating Expenses: $1.89 billion

Over the last 10 years, Zebra Technologies' total revenue changed from $3.65 billion in 2015 to $5.40 billion in 2025, a change of 47.8%.

Zebra Technologies' total liabilities were at $4.91 billion at the end of 2025, a 12.1% increase from 2024, and a 18.5% increase since 2015.

In the past 10 years, Zebra Technologies' cash and equivalents has ranged from $30 million in 2019 to $901 million in 2024, and is currently $125 million as of their latest financial filing in 2025.

Over the last 10 years, Zebra Technologies' book value per share changed from 17.14 in 2015 to 70.82 in 2025, a change of 313.2%.


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Financial statements for NASDAQ:ZBRA last updated on 5/17/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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