Zebra Technologies
ZBRA · NasdaqGeneral Industrial Machinery & Equipment · Fiscal year ends Dec 31
Zebra Technologies reported revenue of $5.4B in the fiscal year ended Dec 2025, up 8.3% from the year before. Operating income was $700M, an operating margin of 13.0%, and net income was $419M. Operating cash flow of $917M less capital expenditure of $86M left free cash flow of $831M. Net debt was $2.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $5.6B | $5.8B | $4.6B | $5B | $5.4B |
| Cost of revenue | $3B | $3.2B | $2.5B | $2.6B | $2.8B |
| Gross profit | $2.6B | $2.6B | $2.1B | $2.4B | $2.6B |
| Research & development | $567M | $570M | $519M | $563M | $593M |
| Operating income | $979M | $529M | $481M | $742M | $700M |
| Interest expense | $5M | – | – | – | – |
| Pre-tax income | $968M | $544M | $334M | $635M | $560M |
| Income tax | $131M | $81M | $38M | $107M | $141M |
| Net income | $837M | $463M | $296M | $528M | $419M |
| Diluted EPS | 15.52 | 8.80 | 5.72 | 10.18 | 8.18 |
| Diluted shares | 54M | 53M | 52M | 52M | 51M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $332M | $105M | $137M | $901M | $125M |
| Receivables | $752M | $768M | $521M | $692M | $801M |
| Inventory | $491M | $860M | $804M | $693M | $729M |
| Current assets | $1.7B | $1.9B | $1.7B | $2.4B | $1.8B |
| Net PP&E | $272M | $278M | $309M | $305M | $353M |
| Goodwill | $3.3B | $3.9B | $3.9B | $3.9B | $4.7B |
| Total assets | $6.2B | $7.5B | $7.3B | $8B | $8.5B |
| Payables | $700M | $811M | $456M | $633M | $695M |
| Deferred revenue | $380M | $425M | $458M | $453M | $446M |
| Current liabilities | $1.8B | $2.3B | $1.6B | $1.7B | $1.9B |
| Short-term debt | $69M | $214M | $173M | $79M | $141M |
| Long-term debt | $922M | $1.8B | $2B | $2.1B | $2.4B |
| DepositsBanks | $12M | $12M | $1M | – | – |
| Total liabilities | $3.2B | $4.8B | $4.3B | $4.4B | $4.9B |
| Shareholders' equity | $3B | $2.7B | $3B | $3.6B | $3.6B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $1.1B | $488M | −$4M | $1B | $917M |
| Capital expenditure | $59M | $75M | $87M | $59M | $86M |
| Free cash flow | $1B | $413M | −$91M | $954M | $831M |
| Depreciation & amortisation | $187M | $204M | $176M | $172M | $185M |
| Stock-based compensation | $76M | $88M | $55M | $89M | $163M |
| Acquisitions | $452M | $881M | $0 | $0 | $1.4B |
| Share buybacks | $57M | $751M | $52M | $47M | $587M |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.7% | −20.7% | 8.7% | 8.3% |
| Operating income growth (YoY) | – | −46.0% | −9.1% | 54.3% | −5.7% |
| EPS growth (YoY) | – | −43.3% | −35.0% | 78.0% | −19.6% |
| Gross margin | 46.7% | 45.4% | 46.3% | 48.4% | 48.1% |
| Operating margin | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
| Net margin | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% |
| Return on equityBlank when equity is negative | 28.0% | 16.9% | 9.7% | 14.7% | 11.7% |
| ROCEEBIT ÷ (assets − current liabilities) | 22.2% | 10.2% | 8.4% | 11.8% | 10.5% |
| Free cash flow margin | 17.9% | 7.1% | −2.0% | 19.2% | 15.4% |
| Cash conversion (CFO ÷ net income) | 1.28x | 1.05x | −0.01x | 1.92x | 2.19x |
| Receivable days | 49 | 48 | 41 | 51 | 54 |
| Inventory days | 60 | 99 | 119 | 98 | 95 |
| Payable days | 85 | 94 | 68 | 90 | 91 |
| Interest cover | 196x | – | – | – | – |
| Debt ÷ equity | 0.33x | 0.74x | 0.73x | 0.61x | 0.70x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $659M | $1.9B | $2.1B | $1.3B | $2.4B |
| Current ratio | 0.94x | 0.81x | 1.05x | 1.43x | 0.97x |
Recent filings
More in General Industrial Machinery & Equipment
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.