Zebra Technologies (ZBRA) FY2024 results: revenue $5.0 billion, up 8.7% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $5.0 billion for fiscal 2024, the year ended 31 December 2024, up 8.7% on the year before. Net income was $528 million, up 78.4%, and diluted earnings per share $10.18. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2025.

Revenue

$5.0 billion

+8.7% on the year

FY2017FY2024

Operating margin

14.9%

10.5% a year earlier

FY2017FY2024

Net income

$528 million

+78.4% on the year

FY2017FY2024

Diluted EPS

$10.18

+78.0% on the year

FY2017FY2024

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2024 · Q2 FY2024 · Q3 FY2024 · Q4 FY2024

Income statement (profit and loss)

$ million	FY2024	FY2023	FY2022	On the year
Revenue	4,981	4,584	5,781	+8.7%
Cost of revenue	2,568	2,461	3,157	+4.3%
Gross profit	2,413	2,123	2,624	+13.7%
Gross margin	48.4%	46.3%	45.4%
Research and development	563	519	570	+8.5%
Operating income	742	481	529	+54.3%
Operating margin	14.9%	10.5%	9.2%
Interest expense	98.0	133	n/a	-26.3%
Pre-tax income	635	334	544	+90.1%
Income tax	107	38.0	81.0	+181.6%
Effective tax rate	16.9%	11.4%	14.9%
Net income	528	296	463	+78.4%
Net margin	10.6%	6.5%	8.0%
Diluted EPS	$10.18	$5.72	$8.80	+78.0%

$ 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	FY2024	FY2023	FY2022	On the year
Operating cash flow	1,013	-4.0	488
Capital expenditure	59.0	87.0	75.0	-32.2%
Free cash flow	954	-91.0	413
Free cash flow margin	19.2%	-2.0%	7.1%
Cash from investing	-57.0	-92.0	-968
Cash from financing	-190	117	253
Depreciation and amortisation	172	176	204	-2.3%
Share-based compensation	89.0	55.0	88.0	+61.8%
Buybacks	47.0	52.0	751	-9.6%
Diluted shares, weighted	52m	52m	53m	+0.3%

Balance sheet

$ million	FY2024	FY2023	FY2022	On the year
Shareholders' equity	3,586	3,036	2,733	+18.1%
Deposits	n/a	1.0	12.0
Debt	2,171	2,220	2,023	-2.2%
Operating lease liabilities	155	152	139	+2.0%
Other liabilities	2,056	1,897	2,622	+8.4%
Total liabilities and equity	7,968	7,306	7,529	+9.1%
Fixed assets	305	309	278	-1.3%
Goodwill	3,891	3,895	3,899	-0.1%
Intangible assets	422	527	630	-19.9%
Investments	110	113	113	-2.7%
Cash and equivalents	901	137	105	+557.7%
Receivables	692	521	768	+32.8%
Inventory	693	804	860	-13.8%
Other assets	954	1,000	876	-4.6%
Total assets	7,968	7,306	7,529	+9.1%

10-K for the year ended 31 December 2024, filed 13 February 2025: the filing.