Overview
ZEBRA TECHNOLOGIES CORP
Latest 10-K: FY2025, filed Feb 12, 2026 · Open the 10-K (Inline XBRL) ↗
- Revenue
- $5.40B
- 8.3%YoYup from FY2024
- TotalRevenue
- Gross profit
- $2.59B
- 7.5%YoYup from FY2024
- GrossProfit
- Operating income
- $0.70B
- 5.7%YoYdown from FY2024
- OperatingIncome
- Net income
- $0.42B
- 20.6%YoYdown from FY2024
- NetIncome
- Diluted EPS
- $8.18
- 19.6%YoYdown from FY2024
- EPSDiluted
- Diluted shares
- 51.2M
- 1.3%YoYdown from FY2024
- WeightedAvgSharesDiluted
At a glance
Growth
- ZEBRA TECHNOLOGIES CORP reported revenue of $5.40B for fiscal 2025, up 8.3% from fiscal 2024.
- Revenue grew faster than the median S&P 500 member in 3 of the last 5 fiscal years.
Profitability
- Operating margin was 13.0% and net margin was 7.8%, against a median net margin of 12.8% across S&P 500 members for the same fiscal year.
Per share
- Diluted EPS was $8.18, down 19.6% from the prior year.
Written from the filed figures on this page by fixed rules — no AI.
Data as of Oct 31, 2026 · Sources: SEC EDGAR 10-K
Financial statements
Annual figures from the 10-K, most recent fiscal year first.
Income Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Revenue | $5.40B8.3%up Benchmark median 6.4% | $4.98B8.7%up Benchmark median 4.5% | $4.58B20.7%down Benchmark median 4.8% | $5.78B2.7%up Benchmark median 10.3% | $5.63B26.5%up Benchmark median 13.8% | -1.0% Benchmark median 6.6% |
| Gross Profit Median of 315 / 498 | $2.59B7.5%up Benchmark median 6.8% | $2.41B13.7%up Benchmark median 5.5% | $2.12B19.1%down Benchmark median 5.2% | $2.62B0.2%down Benchmark median 8.3% | $2.63B31.2%up Benchmark median 15.7% | -0.3% Benchmark median 6.2% |
| Operating Income Median of 373 / 498 | $700.00M5.7%down Benchmark median 7.3% | $742.00M54.3%up Benchmark median 7.4% | $481.00M9.1%down Benchmark median 4.9% | $529.00M46.0%down Benchmark median 7.5% | $979.00M50.4%up Benchmark median 23.5% | -8.0% Benchmark median 7.2% |
| Net Income | $419.00M20.6%down Benchmark median 4.8% | $528.00M78.4%up Benchmark median 5.7% | $296.00M36.1%down Benchmark median 1.9% | $463.00M44.7%down Benchmark median 1.3% | $837.00M66.1%up Benchmark median 33.9% | -15.9% Benchmark median 4.1% |
| EPS (Diluted) | $8.1819.6%down Benchmark median 6.2% | $10.1878.0%up Benchmark median 7.9% | $5.7235.0%down Benchmark median 1.9% | $8.8043.3%down Benchmark median 1.5% | $15.5266.0%up Benchmark median 34.8% | -14.8% Benchmark median 5.6% |
Balance Sheet
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Total Assets | $8.50B6.7%up Benchmark median 5.6% | $7.97B9.1%up Benchmark median 3.4% | $7.31B3.0%down Benchmark median 4.1% | $7.53B21.1%up Benchmark median 2.2% | $6.21B15.6%up Benchmark median 6.7% | 8.1% Benchmark median 4.7% |
| Total Liabilities Median of 357 / 498 | $4.91B12.1%up Benchmark median 6.4% | $4.38B2.6%up Benchmark median 1.9% | $4.27B11.0%down Benchmark median 2.9% | $4.80B48.4%up Benchmark median 2.0% | $3.23B0.0%unchanged Benchmark median 5.2% | 11.1% Benchmark median 4.4% |
| Stockholders' Equity | $3.59B0.1%up Benchmark median 6.8% | $3.59B18.1%up Benchmark median 5.4% | $3.04B11.1%up Benchmark median 7.3% | $2.73B8.4%down Benchmark median 2.5% | $2.98B39.2%up Benchmark median 9.0% | 4.7% Benchmark median 6.1% |
| Cash & Equivalents | $125.00M86.1%down Benchmark median 5.2% | $901.00M557.7%up Benchmark median 1.9% | $137.00M30.5%up Benchmark median 6.7% | $105.00M68.4%down Benchmark median -8.6% | $332.00M97.6%up Benchmark median -2.9% | -21.7% Benchmark median 2.0% |
| Total Debt | $2.50B15.2%up Benchmark median 2.1% | $2.17B2.2%down Benchmark median 0.2% | $2.22B9.7%up Benchmark median 0.3% | $2.02B104.1%up Benchmark median 0.1% | $0.99B20.4%down Benchmark median -0.1% | 26.1% Benchmark median 4.3% |
Cash Flow Statement
5 annual periodsChip: YoY change.
| Line item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | 4Y CAGR |
|---|---|---|---|---|---|---|
| Operating Cash Flow | $0.92B9.5%down Benchmark median 6.3% | $1.01Bn/m Benchmark median 4.8% | negative: -$4.00M100.8%down Benchmark median 9.9% | $0.49B54.3%down Benchmark median -0.7% | $1.07B11.1%up Benchmark median 10.7% | -3.8% Benchmark median 7.0% |
| Capital Expenditures | $86.00M45.8%up Benchmark median 5.4% | $59.00M32.2%down Benchmark median 2.8% | $87.00M16.0%up Benchmark median 11.3% | $75.00M27.1%up Benchmark median 14.0% | $59.00M11.9%down Benchmark median 8.1% | 9.9% Benchmark median 9.0% |
| Free Cash Flow Median of 378 / 498 | $0.83B12.9%down Benchmark median 7.3% | $0.95Bn/m Benchmark median 6.1% | negative: -$0.09B122.0%down Benchmark median 8.8% | $0.41B59.1%down Benchmark median -11.3% | $1.01B12.8%up Benchmark median 10.2% | -4.8% Benchmark median 4.9% |
n/m: not meaningful — the base (the prior year, or the first year for the CAGR) was zero or negative, or a per-share figure’s share basis changed (stock split). “—” means the figure is not available.
Benchmark median = median of the companies in the benchmark universe on Dec 31 of each fiscal year, from their own 10-K filings; a change counts only companies whose prior year was positive. Each median uses every member that reports the line item; where fewer than 80% do (banks and insurers file no gross profit), the row names how many. Published where at least 250 companies report it. Updated 2026-10-27. This compares reported figures, not share-price returns. Methodology
Ratios & valuation
FY2025Every ratio read two ways: Wall Street’s popular formula and the value investor’s stricter one. Same question, same unit. Pick a ratio.
Valuation · Earnings yield
What a dollar of market value earned
3.4%
Wall Street
on net earnings
FY2024 2.6%
6.7%
Value investor
on free cash flow
FY2024 4.8%
Gap +3.3 pts: Value-investor figure 3.3 points higher
How it’s calculated
Wall Street · on net earnings
Diluted EPS ÷ fiscal-year-end share price (1 ÷ P/E)
pe_ratio (ratio table)
P/E 29.7×Value investor · on free cash flow
(Operating cash flow − capital expenditures) ÷ market capitalisation (fiscal-year-end close × weighted-average diluted shares)
free cash flow ÷ market cap
Valuation · Enterprise yield
What a dollar of enterprise value earned
6.0%
Wall Street
on EBITDA
FY2024 4.3%
4.7%
Value investor
on EBIT
FY2024 3.5%
Gap −1.3 pts: Value-investor figure 1.3 points lower
How it’s calculated
Wall Street · on EBITDA
EBITDA ÷ enterprise value (1 ÷ EV/EBITDA)
ev_ebitda (ratio table)
EV/EBITDA 16.7×Value investor · on EBIT
Operating income (EBIT) ÷ enterprise value: depreciation counts as a real cost
operating income ÷ (ev_ebitda × ebitda)
Valuation · Book yield
Net assets behind a dollar of market value
28.9%
Wall Street
on book equity
FY2024 17.9%
n/m
Value investor
on tangible book
FY2024 n/m
How it’s calculated
Wall Street · on book equity
Book value of equity ÷ market capitalisation (1 ÷ P/B)
pb_ratio (ratio table)
P/B 3.5×Value investor · on tangible book
Tangible book value (equity less goodwill and intangibles) ÷ market capitalisation
tangible_book_value_per_share ÷ (pb_ratio × book_value_per_share)
Quality · Return on capital
Profit earned on the money in the business
11.7%
Wall Street
ROE: net income ÷ equity
FY2024 15.9%
7.9%
Value investor
ROIC: after-tax operating profit ÷ invested capital
FY2024 11.3%
Gap −3.8 pts: Value-investor figure 3.8 points lower
How it’s calculated
Wall Street · ROE: net income ÷ equity
Net income ÷ average stockholders' equity (start and end of year), including noncontrolling interests. Buybacks shrink equity and lift it.
return_on_equity (ratio table)
Value investor · ROIC: after-tax operating profit ÷ invested capital
Operating profit after tax ÷ invested capital (total assets − cash − non-interest-bearing current liabilities), so leverage cannot flatter it
roic (ratio table)
Quality · Cash margin
Cash profit kept from each dollar of sales
16.4%
Wall Street
EBITDA margin
FY2024 18.3%
15.4%
Value investor
Free-cash-flow margin
FY2024 19.2%
Gap −1.0 pts: Value-investor figure 1.0 points lower
How it’s calculated
Wall Street · EBITDA margin
EBITDA ÷ revenue
ebitda ÷ revenue
Value investor · Free-cash-flow margin
(Operating cash flow − capital expenditures) ÷ revenue: taxes, interest, working capital and capex all paid
free cash flow ÷ revenue
Balance sheet · Liquidity
Short-term assets per dollar of bills due within a year
0.97×
Wall Street
Current ratio
FY2024 1.43×
0.58×
Value investor
Quick ratio, inventory excluded
FY2024 1.03×
Gap −0.39×: Value-investor figure 0.39 lower
How it’s calculated
Wall Street · Current ratio
Current assets ÷ current liabilities
current_ratio (ratio table)
Value investor · Quick ratio, inventory excluded
(Current assets − inventory) ÷ current liabilities
quick_ratio (ratio table)
Balance sheet · Debt cover
How many times one year of earnings repays all debt
0.35×
Wall Street
EBITDA ÷ total debt
FY2024 0.42×
0.33×
Value investor
FCF ÷ total debt
FY2024 0.44×
Gap −0.02×: Value-investor figure 0.02 lower
How it’s calculated
Wall Street · EBITDA ÷ total debt
EBITDA ÷ total debt (short-term + long-term)
ebitda ÷ total debt
Net debt/EBITDA 2.69×Value investor · FCF ÷ total debt
Free cash flow ÷ total debt: what is actually left to repay it
free cash flow ÷ total debt
Each ratio measures one thing two ways, in the same unit: the popular formula, then a stricter one, so a lower figure is the stricter reading. Gap = value-investor figure minus Wall Street figure, from the figures shown.
Price-based ratios use the fiscal-year-end closing price. Free cash flow = operating cash flow − capital expenditures (we compute it; filings rarely report it). n/m = not meaningful (denominator ≤ 0); “—” = not reported. Each ratio’s formulas are under “How it’s calculated”.
Smart money
Showing the most recent 5 annual periods. Get longer history on the Pro plan, or the full history (1993–present) plus the smart-money dataset and webhooks on Institutional.
Peers, filings & research
Research Reports
No published research on ZBRA yet.
Reports appear here as analysts publish research on this company — built with Valuein's agentic workflows on data pinned to its SEC filing. Be the first: run equity_research_brief on ZBRA and publish the result to your public profile.
Cite this page
Data as of Oct 31, 2026. Canonical address: https://valuein.biz/data/ZBRA
Valuein. (2026, October 31). ZEBRA TECHNOLOGIES CORP (ZBRA) financial statements, earnings power and smart-money summary [Data set]. Source: SEC EDGAR filings. https://valuein.biz/data/ZBRA
@misc{valuein_zbra_2026,
author = {{Valuein}},
title = {ZEBRA TECHNOLOGIES CORP (ZBRA) financial statements, earnings power and smart-money summary},
year = {2026},
howpublished = {\url{https://valuein.biz/data/ZBRA}},
note = {Data as of 2026-10-31; source: SEC EDGAR filings}
}10-K filed Feb 12, 2026 · accession 0001628280-26-007668
Agents: every figure Valuein's tools return carries a fact_id that traces to its SEC filing.
point-in-time · survivorship-free · every number traceable to its SEC filing
Index names are trademarks of their owners; Valuein is not affiliated with or endorsed by any index provider.