Zebra Technologies (ZBRA) FY2021 results: revenue $5.6 billion, up 26.5% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $5.6 billion for fiscal 2021, the year ended 31 December 2021, up 26.5% on the year before. Net income was $837 million, up 66.1%, and diluted earnings per share $15.52. The figures are the company's own, from the 10-K it filed with the SEC on 10 February 2022.

Revenue

$5.6 billion

+26.5% on the year

FY2014FY2021

Operating margin

17.4%

14.6% a year earlier

FY2014FY2021

Net income

$837 million

+66.1% on the year

FY2014FY2021

Diluted EPS

$15.52

+66.0% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	5,627	4,448	4,485	+26.5%
Cost of revenue	2,999	2,445	2,385	+22.7%
Gross profit	2,628	2,003	2,100	+31.2%
Gross margin	46.7%	45.0%	46.8%
Research and development	567	453	447	+25.2%
Operating income	979	651	692	+50.4%
Operating margin	17.4%	14.6%	15.4%
Interest expense	5.0	76.0	89.0	-93.4%
Pre-tax income	968	560	598	+72.9%
Income tax	131	56.0	54.0	+133.9%
Effective tax rate	13.5%	10.0%	9.0%
Net income	837	504	544	+66.1%
Net margin	14.9%	11.3%	12.1%
Diluted EPS	$15.52	$9.35	$9.97	+66.0%

$ million except per share.

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.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	1,069	962	685	+11.1%
Capital expenditure	59.0	67.0	61.0	-11.9%
Free cash flow	1,010	895	624	+12.8%
Free cash flow margin	17.9%	20.1%	13.9%
Cash from investing	-546	-641	-335
Cash from financing	-371	-157	-365
Depreciation and amortisation	187	146	175	+28.1%
Share-based compensation	76.0	51.0	48.0	+49.0%
Buybacks	57.0	200	47.0	-71.5%
Diluted shares, weighted	54m	54m	55m	-0.0%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	2,984	2,144	1,839	+39.2%
Deposits	12.0	24.0	n/a	-50.0%
Debt	991	1,245	1,277	-20.4%
Operating lease liabilities	121	129	100	-6.2%
Other liabilities	2,107	1,833	1,495	+14.9%
Total liabilities and equity	6,215	5,375	4,711	+15.6%
Fixed assets	272	274	259	-0.7%
Goodwill	3,265	2,988	2,622	+9.3%
Intangible assets	469	402	275	+16.7%
Cash and equivalents	332	168	30.0	+97.6%
Receivables	752	508	613	+48.0%
Inventory	491	511	474	-3.9%
Other assets	634	524	438	+21.0%
Total assets	6,215	5,375	4,711	+15.6%

10-K for the year ended 31 December 2021, filed 10 February 2022: the filing.