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Stocks / United States / ZBRA · General Industrial Machinery & Equipment · Nasdaq

Zebra Technologies Corp. (ZBRA)

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Zebra Technologies Corp. (ZBRA) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 4 July 2026, up 20.4% on the same quarter a year earlier. Net income was $233 million, up 108.0% on the year, and diluted earnings per share $4.85. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue$1.6 billionup 20.4%
Net income$233 millionup 108.0%
Diluted EPS$4.85
QuarterQ2 FY2026ended 4 July 2026

Ratios

From the filings

ROE15.7%
ROCE13.8%
Operating margin14.7%
Net margin9.2%
FCF margin15.5%
Interest covern/a
Debt to equity0.81
Cash conversion1.82
Share count, 1 year-7.0%
Sales CAGR, 3 years-2.3%
Profit CAGR, 3 years-3.3%
EPS, TTM$10.94

At the close of 21 September 2026

Price$350.84
Market cap$16.6 billion
Stock P/E32.07
Price to book4.83
EV / EBITDA17.93
Dividend yieldn/a
Market cap / sales2.84
52-week high$383.06
52-week low$199.30
Price, 1 year10.1%
Price CAGR, 3 years15.6%
Price CAGR, 5 years-8.5%

Every figure is arithmetic on the filed lines (hover a name for the formula); the priced ones use the latest daily close, CBOE delayed quotes, daily history, by CBOE, for splits. Debt to equity here stands on long-term debt as Zebra Technologies Corp. files it, with lease liabilities counted separately and never inside it. Nothing here is a valuation or a view.

Price, 17 September 2021 to 21 September 2026

Daily closes from CBOE delayed quotes, daily history, by CBOE, for splits; the last is 21 September 2026. P/E is the close over the trailing four quarters' EPS as filed at each filing date, on the current share count; the dashed line is the median over the range shown. Sales and margin are quarterly revenue and the operating margin from the tables above. EV/EBITDA, price to book and market cap to sales use the latest filed balance sheet and share count at each date. Drawn in your browser; the range and overlay you pick are remembered here only.

The public record on ZBRA

Filings19 in twelve months: 10 current reports (8-K), about 4 results of operations; 3 officer or director change; 1 shareholder vote; 1 other events; 1 exit or disposal costs
Planned insider sales6 Form 144 notices in twelve months, $2.4 million; latest 10 August 2026
Options tapeput/call 1.39 by open interest on 23 September 2026; the straddle prices a 7.3% move to 16 October 2026
Holders10 of the followed funds hold it; largest Geode Capital Management; 5 Schedule 13D or 13G filings in twelve months
Insider trading6 sales and 4 purchases on Form 4 in twelve months
Congress0 House trades disclosed in six months
Short interest1.9 million shares short, 3.16 days to cover at 31 August 2026
Documentsthe 10-K, the 10-Qs, the proxy and 4 earnings press releases, each linked

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025Q2 FY2025Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue9561,0091,1751,2171,2551,3341,3081,2931,3201,4751,4951,557
Cost of revenue529561612628642686663677686777753732
Gross profit427448563589613648645616634698742825
Gross margin45%44%48%48%49%49%49%48%48%47%50%53%
R&D127116138146141138151144146152165159
Operating income-12.074.0159167191225195183183139215321
Operating margin-1%7%14%14%15%17%15%14%14%9%14%21%
Pre-tax income-24.02.014213614920816513815998.0167285
Tax raten/a-750%19%17%8%22%18%19%36%29%19%18%
Net income-15.017.011511313716313611210170.0135233
Net margin-2%2%10%9%11%12%10%9%8%5%9%15%
Diluted EPS-$0.28$0.32$2.23$2.17$2.64$3.14$2.62$2.19$1.97$1.40$2.72$4.85
Operating cash flow-35.0141125288294306178147235357176211
Capital expenditure14.039.014.010.017.018.020.017.019.030.013.013.0
Free cash flow-49.0102111278277288158130216327163198
Buybacks0.00.00.00.016.031.012512534.0303300268
Shares outstanding51m51m51m52m52m51m51m51m51m49m48m47m
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Profit and loss, 12 fiscal years and the trailing twelve months

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Revenue1,6713,6523,5743,7224,2184,4854,4485,6275,7814,5844,9815,3965,847
Cost of revenue8932,0081,9322,0122,2372,3852,4452,9993,1572,4612,5682,8032,948
Gross profit7781,6441,6421,7101,9812,1002,0032,6282,6242,1232,4132,5932,899
Gross margin46.6%45.0%45.9%45.9%47.0%46.8%45.0%46.7%45.4%46.3%48.4%48.1%49.6%
Research and development151394376389444447453567570519563593622
Operating income89.037.080.0322610692651979529481742700858
Operating margin5.3%1.0%2.2%8.7%14.5%15.4%14.6%17.4%9.2%10.5%14.9%13.0%14.7%
Interest expense62.019319322791.089.076.05.0n/an/an/an/an/a
Pre-tax income17.0-180-12988.0524598560968544334635560709
Income tax-15.0-22.08.071.010354.056.013181.038.0107141170
Effective tax rate-88.2%n/an/a80.7%19.7%9.0%10.0%13.5%14.9%11.4%16.9%25.2%24.0%
Net income32.0-158-13717.0421544504837463296528419539
Net margin1.9%-4.3%-3.8%0.5%10.0%12.1%11.3%14.9%8.0%6.5%10.6%7.8%9.2%
Diluted EPS$0.63-$2.69-$2.65$0.32$7.76$9.97$9.35$15.52$8.80$5.72$10.18$8.18$10.94
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Income statement lines from each year's 10-K, the year linked to its filing; TTM is the sum of the last four quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are. † The year as the company last restated it in a later filing; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Operating cash flown/a1223804787856859621,069488-4.01,013917979
Capital expenditure39.012277.050.064.061.067.059.075.087.059.086.075.0
Free cash flown/a0.03034287216248951,010413-91.0954831904
Free cash flow marginn/a0.0%8.5%11.5%17.1%13.9%20.1%17.9%7.1%-2.0%19.2%15.4%15.5%
Depreciation and amortisation81.0320304263175175146187204176172185214
Share-based compensation20.031.027.035.045.048.051.076.088.055.089.0163174
Buybacks0.00.0n/a0.00.047.020057.075152.047.0587905
Diluted shares, weighted51m51m52m54m54m55m54m54m53m52m52m51m48m
Shares outstanding at period end52mn/an/an/an/an/an/an/an/an/an/an/a47m
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

Buybacks and dividends are the cash paid in the year, from the cash flow statement; the dividend per share is as declared. Diluted shares are the weighted average for the year; a falling count is the buybacks net of issuance. TTM sums the last four quarters; the share counts are the latest quarter's.

Balance sheet at year end

FY2014 FY2015 FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025TTM
Total assets5,5395,0404,6324,2754,3394,7115,3756,2157,5297,3067,9688,5028,637
Cash and equivalents39419215662.044.030.0168332105137901125157
Receivables670671625479520613508752768521692801990
Inventory394397345458520474511491860804693729733
Goodwill2,4902,4932,4582,4652,4952,6222,9883,2653,8993,8953,8914,7274,701
Long-term debt3,1613,0122,6482,1761,4342668819221,8092,0472,0922,3612,776
Borrowings, as the company tags themn/an/a2,7032,2491,6001,2861,2529962,0322,2262,1832,5112,776
Operating lease liabilitiesn/an/an/an/a0.0100129121139152155157156
Shareholders' equity1,0408937928341,3351,8392,1442,9842,7333,0363,5863,5883,435
Filing10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K10-K

At the fiscal year end; the TTM column is the latest quarter end. A line the company does not tag under the usual name is left out.

Compounded growth

10 years5 years3 yearsTTM
Sales growth, compounded4.0%3.9%-2.3%12.7%
Profit growth, compoundedn/a-3.6%-3.3%-1.6%
Return on equity, average15.1%16.2%12.1%11.7%

Compounded growth is the latest fiscal year over the year that many years earlier, annualised; the TTM column is the last four quarters over the four before. Return on equity is net income over shareholders' equity at each year end, averaged over the window (the TTM column is the latest year alone); equity is the parent's shareholders' equity as tagged in the 10-K. Arithmetic on filed numbers, nothing forecast.

Peers: General Industrial Machinery & Equipment

CompanyMarket capP/EROEOp. marginSales growth
TTM
Debt to equityDiv. yield
Illinois Tool Works Inc. ITW$76.2 billion24.25110.3%26.5%4.3%3.352.3%
Ingersoll Rand Inc. IR$28.1 billion29.769.4%18.1%7.8%0.40n/a
Zebra Technologies Corp. ZBRA$16.6 billion32.0715.7%14.7%12.7%0.81n/a

The names on this site in the same industry (the SEC's SIC description), by market capitalisation. Each figure is the same arithmetic as the ratio box above, on each company's own filings and latest close.

Filings

FilingPeriodFiledWhere
10-Q4 July 20264 August 2026EDGAR
10-Q4 April 202612 May 2026EDGAR
10-K31 December 202512 February 2026EDGAR
10-Q27 September 202528 October 2025EDGAR
10-Q28 June 20255 August 2025EDGAR
10-Q29 March 202529 April 2025EDGAR
10-K31 December 202413 February 2025EDGAR
10-Q28 September 202429 October 2024EDGAR
10-Q29 June 202430 July 2024EDGAR
10-Q30 March 202430 April 2024EDGAR

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