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Zebra Technologies (ZBRA) FY2025 results: revenue $5.4 billion, up 8.3% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $5.4 billion for fiscal 2025, the year ended 31 December 2025, up 8.3% on the year before. Net income was $419 million, down 20.6%, and diluted earnings per share $8.18. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2026.

Revenue
$5.4 billion
+8.3% on the year
FY2018FY2025
Operating margin
13.0%
14.9% a year earlier
FY2018FY2025
Net income
$419 million
-20.6% on the year
FY2018FY2025
Diluted EPS
$8.18
-19.6% on the year
FY2018FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

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.
  • Operating expenses rose on exit charges: Reported operating expenses rose to $559 million from $423 million, primarily due to exit and restructuring charges.
  • GAAP gross margin fell on services and software: GAAP gross margin was 47.3% against 48.6%, down 130 basis points; management attributed the decrease mainly to lower services and software margin.
Read the Q4 FY2025 earnings call summary

From this 10-K

Zebra Technologies makes the equipment that captures data at the point where work happens: rugged handheld computers, barcode scanners, RFID readers, label and card printers, real-time location systems, machine vision cameras and self-service touchscreens, with the consumables, software and services around them. Its market is automatic identification and data capture. End-users sit in retail and e-commerce, manufacturing, transportation and logistics, healthcare, hospitality and the public sector. The company operates 129 facilities with approximately 10,700 employees worldwide and sells through a direct sales force and a network of over 10,000 channel partners across 179 countries. From the fourth quarter of 2025 it reports two segments.

Zebra Technologies Corp., the 10-K for 2025

Zebra Technologies makes the equipment that captures data at the point where work happens: rugged handheld computers, barcode scanners, RFID readers, label and card printers, real-time location systems, machine vision cameras and self-service touchscreens, with the consumables, software and services around them. Its market is automatic identification and data capture. End-users sit in retail and e-commerce, manufacturing, transportation and logistics, healthcare, hospitality and the public sector. The company operates 129 facilities with approximately 10,700 employees worldwide and sells through a direct sales force and a network of over 10,000 channel partners across 179 countries. From the fourth quarter of 2025 it reports two segments.

Connected Frontline

Mobile computing plus the software and services attached to it. The hardware is rugged, enterprise-grade handheld and wearable computers, vehicle-mounted computers, tablets and kiosks, built to survive years of rough handling, mostly running Android with enterprise extensions and supporting local-area and wide-area voice and data. Uses run from inventory management in warehouses and distribution centres, through field service, post and parcel and direct store delivery, to mobile point of sale and inventory look-up in shops. Workflow optimisation software covers workforce management, task management, communication and collaboration, demand-sensing, price optimisation and prescriptive analytics, usually sold as cloud subscriptions under multi-year agreements. Services run from configuration and staging, design, testing and deployment through managed device and application services to maintenance, technical support, repair and recycling.

Asset Visibility and Automation

Printing, scanning and tracking. The printers use thermal printing, heating pixels on an electrical printhead to image a ribbon or heat-sensitive substrate, and produce labels, wristbands, tickets, receipts and plastic cards for routing and tracking, patient safety, transaction processing, personal identification, product authentication and ticketing. Dye-sublimation card printers make identification cards, driving licences, access cards and payment cards, and RFID printers encode data into passive transponders embedded in a label or card. The data capture range covers laser scanners and imagers in fixed, handheld and embedded original equipment manufacturer forms, fixed industrial scanners that track items from production through distribution, and machine vision cameras, controllers, frame grabbers and 3D sensors used in factory automation, semiconductor inspection, pharmaceutical packaging and food and beverage. RFID and real-time location products cover fixed readers, RFID-enabled mobile computers and sleds using passive ultra-high frequency to read hundreds or thousands of tags without line of sight, along with tags, sensors, exciters, middleware and application software.

Two acquisitions in 2025

On 30 September 2025 the company acquired Elo Holdings, Inc. for $1,303 million in cash, net of Elo's cash on hand, adding self-service and consumer-facing workflow products; Elo sits in Connected Frontline. On 28 February 2025 it acquired Photoneo for $62 million in cash, net of cash on hand, a developer and manufacturer of 3D machine vision products; Photoneo sits in Asset Visibility and Automation.

Selling and competing

Sales go directly and through the channel partner network. The filing points to the installed base, the breadth of the portfolio and the global distribution reach as the sources of its position, and notes that many deployments carry specialised product performance and software requirements, which it says could make switching costly for a customer. It describes the environment as highly competitive, with the same secular trends in artificial intelligence, cloud computing, automation and mobility that create its opportunities also creating openings for established and new competitors. The competitive factors it lists are the breadth and quality of offerings, pricing, design, performance, durability, geographic availability, warranty coverage, relationships with customers and channel partners, reputation and brand recognition.

From Zebra Technologies' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 12 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue5,3964,9814,584+8.3%
Cost of revenue2,8032,5682,461+9.2%
Gross profit2,5932,4132,123+7.5%
Gross margin48.1%48.4%46.3%
Research and development593563519+5.3%
Operating income700742481-5.7%
Operating margin13.0%14.9%10.5%
Interest expense10898.0133+10.2%
Pre-tax income560635334-11.8%
Income tax14110738.0+31.8%
Effective tax rate25.2%16.9%11.4%
Net income419528296-20.6%
Net margin7.8%10.6%6.5%
Diluted EPS$8.18$10.18$5.72-19.6%
$ million except per share.
Read moreFree 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

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow9171,013-4.0-9.5%
Capital expenditure86.059.087.0+45.8%
Free cash flow831954-91.0-12.9%
Free cash flow margin15.4%19.2%-2.0%
Cash from investing-1,455-57.0-92.0
Cash from financing-239-190117
Depreciation and amortisation185172176+7.6%
Share-based compensation16389.055.0+83.1%
Buybacks58747.052.0+1,148.9%
Diluted shares, weighted51m52m52m-1.3%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity3,5883,5863,036+0.1%
Depositsn/an/a1.0
Debt2,5022,1712,220+15.2%
Operating lease liabilities157155152+1.3%
Other liabilities2,2552,0561,897+9.7%
Total liabilities and equity8,5027,9687,306+6.7%
Fixed assets353305309+15.7%
Goodwill4,7273,8913,895+21.5%
Intangible assets809422527+91.7%
Investments103110113-6.4%
Cash and equivalents125901137-86.1%
Receivables801692521+15.8%
Inventory729693804+5.2%
Other assets8559541,000-10.4%
Total assets8,5027,9687,306+6.7%

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