Zebra Technologies (ZBRA) Q1 FY2026 earnings: revenue $1.5 billion, up 14.3% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $1.5 billion for Q1 FY2026, the quarter ended 4 April 2026, up 14.3% on the same quarter a year earlier. Net income was $135 million, down 0.7% on the year, and diluted earnings per share $2.72. The figures are the company's own, from the 10-Q it filed with the SEC on 12 May 2026.

Revenue

$1.5 billion

+14.3% on the year · +1.4% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

14.4%

14.9% a year earlier

Q2 FY2024Q1 FY2026

Net income

$135 million

-0.7% on the year · +92.9% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$2.72

+3.8% on the year · +95.7% on the quarter

Q2 FY2024Q1 FY2026

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

What management said

Guidance figures: 2 raised, 4 new, 4 kept.

Net sales rose 14.3% year over year: Net sales were $1,495 million, against $1,308 million a year earlier. Reported growth was 14.3%.
Connected Frontline grew 20.6%: CF net sales were $825 million, up 20.6%. Organic growth was 3.8%, and acquisitions added 14.7 points.
Adjusted EBITDA margin rose to 23.2%: Adjusted EBITDA was $347 million, up 18.8%. Management attributed the margin gain to higher gross margin and lower adjusted operating expense as a share of sales.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	1,495	1,475	1,308	+1.4%	+14.3%
Cost of revenue	753	777	663	-3.1%	+13.6%
Gross profit	742	698	645	+6.3%	+15.0%
Gross margin	49.6%	47.3%	49.3%
Research and development	165	152	151	+8.6%	+9.3%
Operating income	215	139	195	+54.7%	+10.3%
Operating margin	14.4%	9.4%	14.9%
Interest expense	37.0	37.0	23.0	0.0%	+60.9%
Pre-tax income	167	98.0	165	+70.4%	+1.2%
Income tax	32.0	28.0	29.0	+14.3%	+10.3%
Effective tax rate	19.2%	28.6%	17.6%
Net income	135	70.0	136	+92.9%	-0.7%
Net margin	9.0%	4.7%	10.4%
Diluted EPS	$2.72	$1.39	$2.62	+95.7%	+3.8%

$ 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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	176	357	178	-50.7%	-1.1%
Capital expenditure	13.0	30.0	20.0	-56.7%	-35.0%
Free cash flow	163	327	158	-50.2%	+3.2%
Free cash flow margin	10.9%	22.2%	12.1%
Cash from investing	-2.0	-1,334	-82.0
Cash from financing	-185	47.0	-119
Depreciation and amortisation	56.0	59.0	41.0	-5.1%	+36.6%
Share-based compensation	58.0	33.0	51.0	+75.8%	+13.7%
Buybacks	300	303	125	-1.0%	+140.0%
Diluted shares, weighted	49m	51m	52m	-3.5%	-4.6%
Shares outstanding at period end	48m	49m	51m	-3.2%	-6.3%

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	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	3,470	3,588	3,626	-3.3%	-4.3%
Debt	2,660	2,502	2,183	+6.3%	+21.9%
Operating lease liabilities	158	157	153	+0.6%	+3.3%
Other liabilities	2,044	2,255	1,937	-9.4%	+5.5%
Total liabilities and equity	8,332	8,502	7,899	-2.0%	+5.5%
Fixed assets	350	353	309	-0.8%	+13.3%
Goodwill	4,709	4,727	3,927	-0.4%	+19.9%
Intangible assets	765	809	423	-5.4%	+80.9%
Investments	96.0	103	110	-6.8%	-12.7%
Cash and equivalents	114	125	879	-8.8%	-87.0%
Receivables	733	801	617	-8.5%	+18.8%
Inventory	692	729	681	-5.1%	+1.6%
Other assets	873	855	953	+2.1%	-8.4%
Total assets	8,332	8,502	7,899	-2.0%	+5.5%

Questions

What was Zebra Technologies' revenue in Q1 FY2026?

Zebra Technologies (ZBRA) reported revenue of $1.5 billion for Q1 FY2026, the quarter ended 4 April 2026, up 14.3% on the same quarter a year earlier.

How much did Zebra Technologies earn in Q1 FY2026?

Net income for Q1 FY2026 was $135 million, down 0.7% on the year, and diluted earnings per share $2.72.

When did Zebra Technologies report Q1 FY2026 results?

Zebra Technologies filed its 10-Q for the quarter ended 4 April 2026 with the SEC on 12 May 2026.

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-Q for the period ended 4 April 2026, filed 12 May 2026: the filing.