Companies /Technology

Zebra Technologies Corp - Class A

NASDAQ: ZBRA Communication Equipment
$361.11
â–² $1.27 (+0.35%) today
Markets closed · 4:43pm ET

Q4 2025 Earnings

Reported Feb 12, 2026, 7:48am ET · SEC source
$4.33
Miss −0.11%
EPS · est. $4.33
$1.5B
Beat +0.60%
Revenue · est. $1.5B
−22.2%
Trailing market
ZBRA vs S&P since report
1 quarter
Consecutive EPS beats

Market Reaction

% change · around the report
−10%−5%0+5%Feb 12Feb 13report 7:48am ETearnings−1.4%−4.9%
−10%−5%0+5%Feb 12Feb 13earnings−1.4%−4.9%
ZBRA −4.9%S&P 500 −1.4%
−10%−5%0+5%Feb 12Feb 13report 7:48am ETearnings−1.7%−4.9%
−10%−5%0+5%Feb 12Feb 13earnings−1.7%−4.9%
ZBRA −4.9%NASDAQ −1.7%
−12%−6%0+6%Feb 11Feb 20report 7:48am ETearnings−1.5%−10.1%
−12%−6%0+6%Feb 11Feb 20earnings−1.5%−10.1%
ZBRA −10.1%S&P 500 −1.5%
−12%−6%0+6%Feb 11Feb 20report 7:48am ETearnings−2.0%−10.1%
−12%−6%0+6%Feb 11Feb 20earnings−2.0%−10.1%
ZBRA −10.1%NASDAQ −2.0%
+8.57%
Day of report
−3.48%
Next session
−6.84%
One week
−23.74%
30 days

S&P 500 over the same 30 days: −1.54%.

Did ZBRA Beat Earnings? Q4 2025 Results

Zebra Technologies delivered a mixed fourth quarter, edging past revenue expectations while falling just short on the bottom line as restructuring costs tied to a major strategic retreat weighed on results. The enterprise technology company posted Q4 2025 revenue of $1.48 billion, a 10.6% year-over-year gain that cleared the $1.47 billion consensus by 0.60%, though reported growth was flattered by acquisitions; organic net sales rose a more modest 2.5%. Non-GAAP diluted EPS of $4.33 narrowly missed the $4.33 consensus by 0.11%, while GAAP earnings cratered 57.1% to $1.39 per diluted share after the company absorbed $76 million in charges related to its decision to exit the robotics business. Analysts have been watching Zebra's acquisition-led expansion closely, with the $1.36 billion combined purchase of Elo Touch and Photoneo reshaping its segment mix. Looking ahead, Zebra guided full-year 2026 non-GAAP EPS of $17.70 to $18.30 on sales growth of 9% to 13%, and authorized an additional $1 billion in share repurchases, signaling management confidence in the path forward.

Key Takeaways
  • 10.6% year-over-year net sales growth driven by acquisitions (Elo Touch, Photoneo) and organic growth of 2.5%
  • Connected Frontline segment organic net sales growth of 3.6%
  • Non-GAAP diluted EPS growth of 8.3% year over year
  • Adjusted EBITDA margin maintained at 22.1%
  • Improved operating expense leverage on adjusted basis

“We delivered a strong finish to the year as our team continued to advance the strategic priorities that strengthen Zebra's leadership in digitizing and automating workflows. We entered 2026 with a healthy backlog and pipeline, momentum from the Elo Touch acquisition, and a sharper focus on our highest-growth opportunities. We have also made strong progress on our commitment to return capital to shareholders, and our Board of Directors approved an additional $1 billion share repurchase authorization. Zebra is well positioned to deliver innovative solutions for our customers and long-term shareholder value.”

Zebra Technologies CEO, on the earnings call

Forward Guidance & Outlook

For Q1 2026, Zebra expects sales growth of 11%–15% year over year (including ~10 points from acquisitions and FX), adjusted EBITDA margin of 21%–22%, and non-GAAP diluted EPS of $4.05–$4.35. For full-year 2026, the company expects sales growth of 9%–13% (including ~7 points from acquisitions and FX), adjusted EBITDA margin of approximately 22%, non-GAAP diluted EPS of $17.70–$18.30 (assuming ~19% adjusted effective tax rate), and free cash flow of at least $900 million.

ZBRA YoY Financials

Q4 2025 vs Q4 2024 · SEC filings Q4 2024 Q4 2025
$0$500.0M$1.0B$1.5B$1.3B$1.5BRevenue$648.0M$698.0MGross Profit$225.0M$139.0MOperating Income$163.0M$70.0MNet Income
$0$500.0M$1.0B$1.5BRevenueGross ProfitOperating IncomeNet Income

ZBRA Revenue by Segment

Tangible Products$1.2B
Connected Frontline$854.0M+17.6%
Enterprise Visibility & Mobility
Asset Visibility & Automation$621.0M+2.1%
Asset Intelligence & Tracking
Services and Software$255.0M

Figures from SEC filings and company reports. Not investment advice.