Zebra Technologies (ZBRA) Q4 FY2025 earnings: revenue $1.5 billion, up 10.6% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $1.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.6% on the same quarter a year earlier. Net income was $70 million, down 57.1% on the year, and diluted earnings per share $1.39. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue

$1.5 billion

+10.6% on the year · +11.7% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

9.4%

16.9% a year earlier

Q1 FY2024Q4 FY2025

Net income

$70 million

-57.1% on the year · -30.7% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$1.39

-55.7% on the year · -29.4% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 9 new.

Fourth-quarter net sales rose 10.6%: Net sales were $1,475 million, up 10.6% from $1,334 million, and full-year net sales were $5,396 million, up 8.3%.
Quarterly net income and EPS declined: Net income was $70 million, or $1.39 per diluted share, down 57.1% and 55.7% year over year. Non-GAAP diluted EPS rose 8.3% to $4.33; non-GAAP measures exclude certain significant items.
Full-year non-GAAP EPS rose 17.2%: Full-year non-GAAP diluted EPS was $15.84, up 17.2%, while reported full-year diluted EPS was $8.18, against $10.18 in 2024.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	1,475	1,320	1,334	+11.7%	+10.6%
Cost of revenue	777	686	686	+13.3%	+13.3%
Gross profit	698	634	648	+10.1%	+7.7%
Gross margin	47.3%	48.0%	48.6%
Research and development	152	146	138	+4.1%	+10.1%
Operating income	139	183	225	-24.0%	-38.2%
Operating margin	9.4%	13.9%	16.9%
Interest expense	37.0	23.0	27.0	+60.9%	+37.0%
Pre-tax income	98.0	159	208	-38.4%	-52.9%
Income tax	28.0	58.0	45.0	-51.7%	-37.8%
Effective tax rate	28.6%	36.5%	21.6%
Net income	70.0	101	163	-30.7%	-57.1%
Net margin	4.7%	7.7%	12.2%
Diluted EPS	$1.39	$1.97	$3.14	-29.4%	-55.7%

$ million except per share.

Fourth quarters are the year less the first three 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.

Cash flow

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	357	235	306	+51.9%	+16.7%
Capital expenditure	30.0	19.0	18.0	+57.9%	+66.7%
Free cash flow	327	216	288	+51.4%	+13.5%
Free cash flow margin	22.2%	16.4%	21.6%
Cash from investing	-1,334	-22.0	-15.0
Cash from financing	47.0	-29.0	-63.0
Depreciation and amortisation	59.0	42.0	42.0	+40.5%	+40.5%
Share-based compensation	33.0	47.0	21.0	-29.8%	+57.1%
Buybacks	303	34.0	31.0	+791.2%	+877.4%
Diluted shares, weighted	51m	51m	52m	+0.1%	-1.3%
Shares outstanding at period end	49m	51m	51m	-2.9%	-4.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	3,588	3,747	3,586	-4.2%	+0.1%
Debt	2,502	2,183	2,171	+14.6%	+15.2%
Operating lease liabilities	157	151	155	+4.0%	+1.3%
Other liabilities	2,255	1,986	2,056	+13.5%	+9.7%
Total liabilities and equity	8,502	8,067	7,968	+5.4%	+6.7%
Fixed assets	353	327	305	+8.0%	+15.7%
Goodwill	4,727	3,931	3,891	+20.2%	+21.5%
Intangible assets	809	376	422	+115.2%	+91.7%
Investments	103	102	110	+1.0%	-6.4%
Cash and equivalents	125	1,053	901	-88.1%	-86.1%
Receivables	801	655	692	+22.3%	+15.8%
Inventory	729	663	693	+10.0%	+5.2%
Other assets	855	960	954	-10.9%	-10.4%
Total assets	8,502	8,067	7,968	+5.4%	+6.7%

Questions

What was Zebra Technologies' revenue in Q4 FY2025?

Zebra Technologies (ZBRA) reported revenue of $1.5 billion for Q4 FY2025, the quarter ended 31 December 2025, up 10.6% on the same quarter a year earlier.

How much did Zebra Technologies earn in Q4 FY2025?

Net income for Q4 FY2025 was $70 million, down 57.1% on the year, and diluted earnings per share $1.39.

When did Zebra Technologies report Q4 FY2025 results?

Zebra Technologies filed its 10-K for the year that ended with the quarter on 12 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	1,467	1,432	1,468	1,378	1,503	1,405	1,214	956	1,009	1,175	1,217	1,255	1,334	1,308	1,293	1,320	1,475	1,495	1,557	1,614
Cost of revenue	798	795	794	750	818	738	633	529	561	612	628	642	686	663	677	686	777	753	732	876
Gross profit	669	637	674	628	685	667	581	427	448	563	589	613	648	645	616	634	698	742	825	738
Gross margin	46%	44%	46%	46%	46%	47%	48%	45%	44%	48%	48%	49%	49%	49%	48%	48%	47%	50%	53%	46%
R&D	145	137	148	143	142	146	130	127	116	138	146	141	138	151	144	146	152	165	159	158
Operating income	223	212	-145	202	260	225	194	-12.0	74.0	159	167	191	225	195	183	183	139	215	321	237
Operating margin	15%	15%	-10%	15%	17%	16%	16%	-1%	7%	14%	14%	15%	17%	15%	14%	14%	9%	14%	21%	15%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	16.0	16.0	n/a	17.0	23.0	31.0	27.0	23.0	25.0	23.0	37.0	37.0	35.0	35.0
Pre-tax income	226	250	-153	222	225	185	171	-24.0	2.0	142	136	149	208	165	138	159	98.0	167	285	198
Tax rate	15%	18%	n/a	23%	17%	19%	16%	n/a	-750%	19%	17%	8%	22%	18%	19%	36%	29%	19%	18%	17%
Net income	191	205	-98.0	170	186	150	144	-15.0	17.0	115	113	137	163	136	112	101	70.0	135	233	164
Net margin	13%	14%	-7%	12%	12%	11%	12%	-2%	2%	10%	9%	11%	12%	10%	9%	8%	5%	9%	15%	10%
Diluted EPS	$3.54	$3.83	-$1.87	$3.26	$3.57	$2.90	$2.78	-$0.28	$0.32	$2.23	$2.17	$2.64	$3.14	$2.62	$2.19	$1.97	$1.39	$2.72	$4.85	$3.43
Operating cash flow	233	54.0	100	67.0	267	-76.0	-34.0	-35.0	141	125	288	294	306	178	147	235	357	176	211	324
Capital expenditure	21.0	14.0	17.0	20.0	24.0	16.0	18.0	14.0	39.0	14.0	10.0	17.0	18.0	20.0	17.0	19.0	30.0	13.0	13.0	24.0
Free cash flow	212	40.0	83.0	47.0	243	-92.0	-52.0	-49.0	102	111	278	277	288	158	130	216	327	163	198	300
Buybacks	32.0	305	300	50.0	96.0	15.0	37.0	0.0	0.0	0.0	0.0	16.0	31.0	125	125	34.0	303	300	268	75.0
Shares outstanding	53m	53m	52m	52m	51m	51m	51m	51m	51m	51m	52m	52m	51m	51m	51m	51m	49m	48m	47m	47m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* 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. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. 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.

10-K for the period ended 31 December 2025, filed 12 February 2026: the filing.