Zebra Technologies (ZBRA) Q2 FY2026 earnings: revenue $1.6 billion, up 20.4% on the year

Zebra Technologies Corp. (ZBRA) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 4 July 2026, up 20.4% on the same quarter a year earlier. Net income was $233 million, up 108.0% on the year, and diluted earnings per share $4.85. The figures are the company's own, from the 10-Q it filed with the SEC on 4 August 2026.

Revenue

$1.6 billion

+20.4% on the year · +4.1% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

20.6%

14.2% a year earlier

Q3 FY2024Q2 FY2026

Net income

$233 million

+108.0% on the year · +72.6% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$4.85

+121.5% on the year · +78.3% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 5 raised, 4 new, 2 kept.

Net sales rose 20.4%: Net sales were $1,557 million against $1,293 million a year earlier. Organic growth was 9.2%, with acquisitions adding 8.7 points and currency 2.5 points.
Non-GAAP EPS reached $6.35: Non-GAAP net income was $305 million, and non-GAAP diluted EPS was $6.35 against $3.61. First-half non-GAAP diluted EPS was $11.08.
Adjusted EBITDA margin was 27.7%: Adjusted EBITDA was $431 million, or 27.7% of adjusted net sales, against $267 million, or 20.6%. First-half adjusted EBITDA margin was 25.5%.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	1,557	1,495	1,293	+4.1%	+20.4%
Cost of revenue	732	753	677	-2.8%	+8.1%
Gross profit	825	742	616	+11.2%	+33.9%
Gross margin	53.0%	49.6%	47.6%
Research and development	159	165	144	-3.6%	+10.4%
Operating income	321	215	183	+49.3%	+75.4%
Operating margin	20.6%	14.4%	14.2%
Interest expense	35.0	37.0	25.0	-5.4%	+40.0%
Pre-tax income	285	167	138	+70.7%	+106.5%
Income tax	52.0	32.0	26.0	+62.5%	+100.0%
Effective tax rate	18.2%	19.2%	18.8%
Net income	233	135	112	+72.6%	+108.0%
Net margin	15.0%	9.0%	8.7%
Diluted EPS	$4.85	$2.72	$2.19	+78.3%	+121.5%

$ 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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	211	176	147	+19.9%	+43.5%
Capital expenditure	13.0	13.0	17.0	0.0%	-23.5%
Free cash flow	198	163	130	+21.5%	+52.3%
Free cash flow margin	12.7%	10.9%	10.1%
Cash from investing	-13.0	-2.0	-17.0
Cash from financing	-156	-185	-138
Depreciation and amortisation	57.0	56.0	43.0	+1.8%	+32.6%
Share-based compensation	36.0	58.0	32.0	-37.9%	+12.5%
Buybacks	268	300	125	-10.7%	+114.4%
Diluted shares, weighted	48m	49m	51m	-2.6%	-6.1%
Shares outstanding at period end	47m	48m	51m	-0.7%	-7.0%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	3,435	3,470	3,617	-1.0%	-5.0%
Debt	2,776	2,660	2,183	+4.4%	+27.2%
Operating lease liabilities	156	158	152	-1.3%	+2.6%
Other liabilities	2,270	2,044	1,986	+11.1%	+14.3%
Total liabilities and equity	8,637	8,332	7,938	+3.7%	+8.8%
Fixed assets	346	350	314	-1.1%	+10.2%
Goodwill	4,701	4,709	3,931	-0.2%	+19.6%
Intangible assets	725	765	400	-5.2%	+81.2%
Investments	96.0	96.0	100	0.0%	-4.0%
Cash and equivalents	157	114	872	+37.7%	-82.0%
Receivables	990	733	634	+35.1%	+56.2%
Inventory	733	692	686	+5.9%	+6.9%
Other assets	889	873	1,001	+1.8%	-11.2%
Total assets	8,637	8,332	7,938	+3.7%	+8.8%

Questions

What was Zebra Technologies' revenue in Q2 FY2026?

Zebra Technologies (ZBRA) reported revenue of $1.6 billion for Q2 FY2026, the quarter ended 4 July 2026, up 20.4% on the same quarter a year earlier.

How much did Zebra Technologies earn in Q2 FY2026?

Net income for Q2 FY2026 was $233 million, up 108.0% on the year, and diluted earnings per share $4.85.

When did Zebra Technologies report Q2 FY2026 results?

Zebra Technologies filed its 10-Q for the quarter ended 4 July 2026 with the SEC on 4 August 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 July 2026, filed 4 August 2026: the filing.