ZEBRA TECHNOLOGIES CORP

Listed Company

ZBRACIK 0000877212NasdaqLarge AcceleratedGeneral Industrial Machinery & EquipmentFY ends Dec 31

Period

FY 2025

Revenue

$5.40B

Net Income

$419.00M

Total Assets

$8.50B

Equity

$3.59B

Shares Out

49.19M

Op. Cash Flow

$917.00M

Business

ZEBRA TECHNOLOGIES CORP is a global leader in automatic identification and data capture (AIDC) that designs, manufactures, and sells hardware, software, and services to digitize and automate enterprise workflows. Its main offerings include mobile computers, barcode scanners and imagers, RFID readers, thermal barcode and card printers, real-time location systems (RTLS), machine vision and robotic automation, consumable supplies, cloud-based software subscriptions, and a full range of services. The company reports two operating segments: Asset Intelligence & Tracking (AIT) and Enterprise Visibility & Mobility (EVM). It serves global end markets—retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector—through a direct sales force and an extensive network of channel partners operating in approximately 176 countries.

Summary from filing dated 2025-02-13

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Total Net sales	5,396	4,981	4,584	5,781	5,627
Total Cost of sales	2,803	2,568	2,461	3,157	2,999
Gross profit	2,593	2,413	2,123	2,624	2,628
Selling and marketing	653	600	581	607	587
Research and development	593	563	519	570	567
General and administrative	433	381	334	375	348
Amortization of intangible assets	114	104	104	136	115
Acquisition and integration costs	24	6	6	21	25
Exit and restructuring costs	76	17	98	14	7
Total Operating expenses	1,893	1,671	1,642	2,095	1,649
Operating income	700	742	481	529	979
Foreign exchange (loss) gain	−18	5	−2	−3	−5
Interest expense, net	−108	−98	−133	23	−5
Other expense, net	−14	−14	−12	−5	−1
Total Other expense, net	−140	−107	−147	15	−11
Income before income tax	560	635	334	544	968
Income tax expense	141	107	38	81	131
Net income	419	528	296	463	837
Basic earnings per share (in USD per share)	8.24	10.25	5.75	8.86	15.66
Diluted earnings per share (in USD per share)	8.18	10.18	5.72	8.8	15.52

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	125	901	137	105	332
Accounts receivable, net of allowances for doubtful accounts of $1 million each as of December 31, 2025 and 2024	801	692	521	768	752
Inventories, net	729	693	804	860	491
Income tax receivable	31	20	63	26	8
Prepaid expenses and other current assets	110	134	147	124	106
Total Current assets	1,796	2,440	1,672	1,883	1,689
Property, plant and equipment, net	353	305	309	278	272
Right-of-use lease assets	166	167	169	156	131
Goodwill	4,727	3,891	3,895	3,899	3,265
Other intangibles, net	809	422	527	630	469
Deferred income taxes	414	512	438	407	192
Other long-term assets	237	231	296	276	197
Total Assets	8,502	7,968	7,306	7,529	6,215
Current portion of long-term debt	141	79	173	214	69
Accounts payable	695	633	456	811	700
Accrued liabilities	558	503	504	744	639
Deferred revenue	446	453	458	425	380
Income taxes payable	12	36	7	138	12
Total Current liabilities	1,852	1,704	1,598	2,332	1,800
Long-term debt	2,361	2,092	2,047	1,809	922
Long-term lease liabilities	157	155	152	139	121
Deferred income taxes	32	57	67	75	6
Long-term deferred revenue	396	304	312	333	315
Other long-term liabilities	116	70	94	108	67
Total Liabilities	4,914	4,382	4,270	4,796	3,231
Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued	0	0	0	0	0
Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares	1	1	1	1	1
Additional paid-in capital	814	669	615	561	462
Treasury stock at cost, 22,558,911 and 20,645,798 shares as of December 31, 2025 and 2024, respectively	−2,488	−1,900	−1,858	−1,799	−1,023
Retained earnings	5,279	4,860	4,332	4,036	3,573
Accumulated other comprehensive loss	−18	−44	−54	−66	−29
Total Stockholders Equity	3,588	3,586	3,036	2,733	2,984
Total Liabilities and Stockholders Equity	8,502	7,968	7,306	7,529	6,215

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Depreciation and amortization	185	172	176	204	187
Impairment of goodwill, intangibles and other assets	45	0	0	—	—
Equity-settled share-based compensation	163	89	55	88	76
Deferred income taxes	21	−94	−36	−210	−69
Unrealized gain on forward interest rate swaps	0	−31	−9	−83	−30
Other, net	14	14	3	5	1
Accounts receivable, net	−39	−181	249	−5	−239
Inventories, net	54	105	50	−341	18
Other assets	6	9	−25	−48	−23
Accounts payable	1	176	−365	92	96
Accrued liabilities	−29	131	−97	−51	110
Deferred revenue	75	−13	12	60	113
Income taxes	−1	68	−168	108	1
Settlement liability	0	−45	−180	225	0
Cash receipts on forward interest rate swaps	0	86	26	−6	—
Other operating activities	3	−1	9	−13	−9
Net cash provided by (used in) operating activities	917	1,013	−4	488	1,069
Acquisition of businesses, net of cash acquired	−1,365	0	0	−881	−452
Purchases of property, plant and equipment	−86	−59	−87	−75	−59
Proceeds from sale (purchases) of short-term investments	0	5	−4	0	—
Proceeds from the sale of long-term investments	1	0	0	0	0
Purchases of long-term investments	−5	−3	−1	−12	−34
Net cash used in investing activities	−1,455	−57	−92	−968	−546
Proceeds from issuance of debt	347	651	440	1,284	46
Payments of debt	−19	−694	−245	−247	−303
Payment of debt issuance costs, extinguishment costs and discounts	0	−9	0	−8	0
Payments for repurchases of common stock	−587	−47	−52	−751	−57
Net payments related to share-based compensation plans	−14	−30	−8	−14	−56
Change in unremitted cash collections from servicing factored receivables	34	−61	−18	−11	−1
Net cash (used in) provided by financing activities	−239	−190	117	253	−371
Effect of exchange rate changes on cash and cash equivalents, including restricted cash	1	−3	0	0	0
Net (decrease) increase in cash and cash equivalents, including restricted cash	−776	763	21	−227	152
Income taxes paid	134	124	252	168	199
Interest paid, net of forward interest rate swaps	129	55	111	58	32

Filings

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