Zebra Technologies (ZBRA)
Market Price (8/20/2026): $362.46 | Market Cap: $17.3 BilInvestor Relations Sector: Information Technology | Industry: Electronic Equipment & Instruments
Zebra Technologies (ZBRA)
Market Price (8/20/2026): $362.46Market Cap: $17.3 BilSector: Information TechnologyIndustry: Electronic Equipment & Instruments
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% Attractive yieldFCF Yield is 5.3% Stock buyback supportStock Buyback 3Y Total is 1.2 Bil Low stock price volatilityVol 12M is 50% Megatrend and thematic driversMegatrends include Automation & Robotics, and E-commerce & DTC Adoption. Themes include Process / Warehouse Automation, Factory Automation, Show more. | Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -37% | Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% Key risksZBRA key risks include [1] supply chain challenges adversely affecting its Asset Intelligence & Tracking segment and [2] a substantial and rapidly growing long-term debt load. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Attractive yieldFCF Yield is 5.3% |
| Stock buyback supportStock Buyback 3Y Total is 1.2 Bil |
| Low stock price volatilityVol 12M is 50% |
| Megatrend and thematic driversMegatrends include Automation & Robotics, and E-commerce & DTC Adoption. Themes include Process / Warehouse Automation, Factory Automation, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -35%, 3Y Excs Rtn is -37% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 58% |
| Key risksZBRA key risks include [1] supply chain challenges adversely affecting its Asset Intelligence & Tracking segment and [2] a substantial and rapidly growing long-term debt load. |
Qualitative Assessment
AI Analysis | Feedback
Zebra Technologies (ZBRA) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. Strong Earnings Performance and Upbeat Guidance in Fiscal Q1 2026.
On May 11, 2026, Zebra Technologies reported robust Fiscal Q1 2026 results (which ended March 31, 2026) that significantly surpassed analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $4.75, marking an 18.2% year-over-year increase, and net sales reached $1.495 billion, a 14.3% increase year-over-year, both exceeding estimates. Furthermore, Zebra raised its full-year 2026 non-GAAP EPS outlook to a midpoint of $18.50 (from a prior midpoint of $18) and increased its full-year sales growth expectation to between 10% and 14% (from 9% to 13%), which provided an initial positive catalyst for the stock.
2. Exceptional Fiscal Q2 2026 Results and Further Elevated Full-Year Forecast.
Zebra Technologies continued its strong performance by announcing record Fiscal Q2 2026 results (for the quarter ended July 4, 2026) on August 4, 2026. The company reported non-GAAP diluted EPS of $6.35, substantially beating the analyst consensus of $4.36 by $1.99. Net sales grew 20.4% year-over-year to $1.557 billion, exceeding the $1.50 billion estimate. This outstanding quarter led Zebra to again raise its full-year 2026 non-GAAP diluted EPS guidance to a range of $20.75-$21.25 and full-year sales growth to 14%-16%. This announcement triggered a significant stock rally, with shares surging approximately 26.47% on August 4, 2026.
Show more
Zebra Technologies (ZBRA) stock has gained about 55% since 4/30/2026 because of the following key factors:
1. Strong Earnings Performance and Upbeat Guidance in Fiscal Q1 2026.
On May 11, 2026, Zebra Technologies reported robust Fiscal Q1 2026 results (which ended March 31, 2026) that significantly surpassed analyst expectations. The company announced non-GAAP diluted earnings per share (EPS) of $4.75, marking an 18.2% year-over-year increase, and net sales reached $1.495 billion, a 14.3% increase year-over-year, both exceeding estimates. Furthermore, Zebra raised its full-year 2026 non-GAAP EPS outlook to a midpoint of $18.50 (from a prior midpoint of $18) and increased its full-year sales growth expectation to between 10% and 14% (from 9% to 13%), which provided an initial positive catalyst for the stock.
2. Exceptional Fiscal Q2 2026 Results and Further Elevated Full-Year Forecast.
Zebra Technologies continued its strong performance by announcing record Fiscal Q2 2026 results (for the quarter ended July 4, 2026) on August 4, 2026. The company reported non-GAAP diluted EPS of $6.35, substantially beating the analyst consensus of $4.36 by $1.99. Net sales grew 20.4% year-over-year to $1.557 billion, exceeding the $1.50 billion estimate. This outstanding quarter led Zebra to again raise its full-year 2026 non-GAAP diluted EPS guidance to a range of $20.75-$21.25 and full-year sales growth to 14%-16%. This announcement triggered a significant stock rally, with shares surging approximately 26.47% on August 4, 2026.
3. Positive Analyst Upgrades and Increased Price Targets.
Following the strong earnings reports, several prominent financial institutions upgraded Zebra Technologies' stock and substantially raised their price targets. For instance, after the Fiscal Q1 results, KeyCorp upgraded ZBRA from "sector weight" to "overweight" with a $305 price target on May 13, 2026. Following the Fiscal Q2 results, KeyBanc increased its price target to $430 from $305, maintaining an "Overweight" rating, while BNP Paribas Exane raised its target price to $455.00. This wave of positive analyst sentiment and increased price targets bolstered investor confidence.
4. Strategic Focus and Market Tailwinds in Automation and AI.
Zebra Technologies highlighted strong demand for its innovative solutions, emphasizing its foundational role in "intelligent operations and frontline AI" as customers increasingly prioritize digitization and automation. The company showcased its portfolio of RFID, machine vision, industrial scanning, and automation solutions at events like Automate 2026 in June 2026. This strategic focus aligns with broader industry trends, as evidenced by a Zebra-backed study indicating that 92% of manufacturing leaders prioritize digital transformation, and new research from Oxford Economics underscored that AI-driven workflow modernization can unlock significant profit and productivity gains for industries that Zebra serves.
Show less
Stock Movement Drivers
Fundamental Drivers
The 56.7% change in ZBRA stock from 4/30/2026 to 8/19/2026 was primarily driven by a 18.7% change in the company's Net Income Margin (%).| (LTM values as of) | 4302026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 226.26 | 354.65 | 56.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,396 | 5,847 | 8.4% |
| Net Income Margin (%) | 7.8% | 9.2% | 18.7% |
| P/E Multiple | 27.1 | 31.4 | 15.9% |
| Shares Outstanding (Mil) | 50 | 48 | 5.1% |
| Cumulative Contribution | 56.7% |
Market Drivers
4/30/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| ZBRA | 56.7% | |
| Market (SPY) | 7.0% | 43.7% |
| Sector (XLK) | 15.1% | 35.2% |
Fundamental Drivers
The 50.9% change in ZBRA stock from 1/31/2026 to 8/19/2026 was primarily driven by a 34.7% change in the company's P/E Multiple.| (LTM values as of) | 1312026 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 234.98 | 354.65 | 50.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,255 | 5,847 | 11.3% |
| Net Income Margin (%) | 9.7% | 9.2% | -5.4% |
| P/E Multiple | 23.3 | 31.4 | 34.7% |
| Shares Outstanding (Mil) | 51 | 48 | 6.5% |
| Cumulative Contribution | 50.9% |
Market Drivers
1/31/2026 to 8/19/2026| Return | Correlation | |
|---|---|---|
| ZBRA | 50.9% | |
| Market (SPY) | 11.4% | 42.0% |
| Sector (XLK) | 27.8% | 35.1% |
Fundamental Drivers
The 4.6% change in ZBRA stock from 7/31/2025 to 8/19/2026 was primarily driven by a 14.3% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 7312025 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 339.02 | 354.65 | 4.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,114 | 5,847 | 14.3% |
| Net Income Margin (%) | 10.7% | 9.2% | -14.1% |
| P/E Multiple | 31.7 | 31.4 | -1.0% |
| Shares Outstanding (Mil) | 51 | 48 | 7.6% |
| Cumulative Contribution | 4.6% |
Market Drivers
7/31/2025 to 8/19/2026| Return | Correlation | |
|---|---|---|
| ZBRA | 4.6% | |
| Market (SPY) | 22.7% | 47.2% |
| Sector (XLK) | 40.4% | 37.7% |
Fundamental Drivers
The 15.2% change in ZBRA stock from 7/31/2023 to 8/19/2026 was primarily driven by a 30.0% change in the company's Net Income Margin (%).| (LTM values as of) | 7312023 | 8192026 | Change |
|---|---|---|---|
| Stock Price ($) | 307.96 | 354.65 | 15.2% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 5,754 | 5,847 | 1.6% |
| Net Income Margin (%) | 7.1% | 9.2% | 30.0% |
| P/E Multiple | 38.8 | 31.4 | -19.1% |
| Shares Outstanding (Mil) | 51 | 48 | 7.8% |
| Cumulative Contribution | 15.2% |
Market Drivers
7/31/2023 to 8/19/2026| Return | Correlation | |
|---|---|---|
| ZBRA | 15.2% | |
| Market (SPY) | 73.9% | 55.7% |
| Sector (XLK) | 109.8% | 47.9% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| ZBRA Return | 55% | -57% | 7% | 41% | -37% | 51% | -5% |
| Peers Return | 15% | -21% | 5% | 5% | 0% | 15% | 15% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 12% | 105% |
Monthly Win Rates [3] | |||||||
| ZBRA Win Rate | 83% | 25% | 50% | 58% | 33% | 62% | |
| Peers Win Rate | 63% | 37% | 50% | 45% | 45% | 52% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| ZBRA Max Drawdown | -17% | -62% | -43% | -12% | -49% | -27% | |
| Peers Max Drawdown | -15% | -35% | -26% | -21% | -27% | -23% | |
| S&P 500 Max Drawdown | -5% | -25% | -10% | -8% | -19% | -9% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: HON, CGNX, TRMB, AVY, FTV. See ZBRA Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 8/19/2026 (YTD)
How Low Can It Go
| Event | ZBRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.2% | -18.8% |
| % Gain to Breakeven | 52.1% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.3% | -9.5% |
| % Gain to Breakeven | 52.2% | 10.5% |
| Time to Breakeven | 148 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -19.9% | -6.7% |
| % Gain to Breakeven | 24.9% | 7.1% |
| Time to Breakeven | 372 days | 31 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.8% | -33.7% |
| % Gain to Breakeven | 48.9% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| Q4 2018 Fed Policy Error / Growth Scare | ||
| % Loss | -15.6% | -19.2% |
| % Gain to Breakeven | 18.6% | 23.8% |
| Time to Breakeven | 24 days | 105 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.9% | -12.2% |
| % Gain to Breakeven | 66.4% | 13.9% |
| Time to Breakeven | 382 days | 62 days |
In The Past
Zebra Technologies's stock fell -34.2% during the 2025 US Tariff Shock. Such a loss loss requires a 52.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
| Event | ZBRA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -34.2% | -18.8% |
| % Gain to Breakeven | 52.1% | 23.1% |
| Time to Breakeven | 93 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -34.3% | -9.5% |
| % Gain to Breakeven | 52.2% | 10.5% |
| Time to Breakeven | 148 days | 24 days |
| 2020 COVID-19 Crash | ||
| % Loss | -32.8% | -33.7% |
| % Gain to Breakeven | 48.9% | 50.9% |
| Time to Breakeven | 48 days | 140 days |
| 2015-2016 China Devaluation / Global Growth Scare | ||
| % Loss | -39.9% | -12.2% |
| % Gain to Breakeven | 66.4% | 13.9% |
| Time to Breakeven | 382 days | 62 days |
| 2014-2016 Oil Price Collapse | ||
| % Loss | -30.2% | -6.8% |
| % Gain to Breakeven | 43.3% | 7.3% |
| Time to Breakeven | 289 days | 15 days |
| 2011 US Debt Ceiling Crisis & European Contagion | ||
| % Loss | -33.0% | -17.9% |
| % Gain to Breakeven | 49.2% | 21.8% |
| Time to Breakeven | 490 days | 123 days |
| 2010 Eurozone Sovereign Debt Crisis / Flash Crash | ||
| % Loss | -20.6% | -15.4% |
| % Gain to Breakeven | 25.9% | 18.2% |
| Time to Breakeven | 66 days | 125 days |
| 2008-2009 Global Financial Crisis | ||
| % Loss | -53.3% | -53.4% |
| % Gain to Breakeven | 114.1% | 114.4% |
| Time to Breakeven | 592 days | 1085 days |
In The Past
Zebra Technologies's stock fell -34.2% during the 2025 US Tariff Shock. Such a loss loss requires a 52.1% gain to breakeven.
Preserve Wealth
Limiting losses and compounding gains is essential to preserving wealth.
Asset Allocation
Actively managed asset allocation strategies protect wealth. Learn more.
About Zebra Technologies (ZBRA)
Zebra Technologies Corporation is a global leader in enterprise asset intelligence solutions, specializing in automatic identification and data capture (AIDC) technologies. The company helps businesses worldwide achieve greater operational visibility and efficiency by enabling them to track, manage, and optimize their physical assets and workflows. Essentially, Zebra provides the tools and systems that allow companies to know where their inventory, equipment, and personnel are at all times, streamlining complex operations.
The company's extensive product portfolio includes a variety of essential hardware and software. Key hardware offerings include industrial and mobile printers for labels, barcodes, wristbands, and plastic cards, as well as RFID printers and tags for advanced asset tracking. Zebra also manufactures barcode scanners, image capture devices, enterprise-grade mobile computers, and rugged tablets. Complementing this hardware are real-time location systems (RTLS), sensors, middleware, and application software, along with cloud-based software subscriptions, robotics automation solutions, and a suite of maintenance and professional services.
Zebra Technologies serves a broad range of critical industries that rely on efficient asset management and data capture. Their primary customers include businesses in retail and e-commerce, manufacturing, transportation and logistics, healthcare, and the public sector. By providing robust solutions for inventory management, supply chain visibility, workforce management, and operational analytics, Zebra empowers these organizations to enhance productivity, reduce errors, and improve customer service.
AI Analysis | Feedback
Here are 1-2 brief analogies to describe Zebra Technologies:
- The Honeywell of enterprise data capture and asset tracking.
- Like the technology that powers Amazon's vast logistics and inventory tracking, but built and sold to any business.
AI Analysis | Feedback
- Specialty Printers: Zebra manufactures printers for labels, wristbands, tickets, receipts, plastic cards, and RFID tags, encompassing thermal, dye-sublimation, and RFID printer types.
- Mobile Computing Devices: The company offers rugged tablets and enterprise-grade mobile computers designed for demanding industrial and commercial environments.
- Data Capture Devices: Zebra provides barcode scanners, image capture devices, and RFID readers for efficient data collection and inventory management.
- Consumables: They supply a range of media such as thermal labels, wristbands, receipts, ribbons, plastic cards, RFID tags, and temperature-monitoring labels.
- Location Tracking Hardware: Essential for real-time location systems (RTLS), Zebra produces tags, sensors, and exciters.
- Robotics Automation Solutions: The company offers various robotics systems to automate operational tasks and processes.
- Support & Managed Services: Zebra provides comprehensive maintenance, technical support, repair, and ongoing managed and professional services for its products.
- Asset Intelligence & Tracking Software: This includes real-time location systems (RTLS) software, physical inventory management solutions, and related application software.
- Workforce & Workflow Management Solutions: Offerings comprise software for workforce management, workflow execution, task management, and communication/collaboration.
- Analytics Solutions: Zebra provides prescriptive analytics solutions to help businesses gain actionable insights from their operational data.
- Cloud-based Software Subscriptions: The company offers various software services delivered via a cloud-based subscription model.
AI Analysis | Feedback
Zebra Technologies (ZBRA) sells primarily to other companies (B2B).
Based on the provided company description, Zebra Technologies serves a wide range of industries, which represent its major customer categories. While specific customer company names are not listed in the background information, the industries served include:
- Retail and E-commerce
- Manufacturing
- Transportation and Logistics
- Healthcare
- Public Sector
The company also serves "other industries" through its direct sales force and network of channel partners.
AI Analysis | Feedback
AI Analysis | Feedback
Bill Burns, Chief Executive Officer
Bill Burns was appointed Chief Executive Officer of Zebra Technologies in March 2023. He brings over 30 years of experience in the technology sector and joined Zebra in 2015. Prior to his CEO role, he served as Zebra's Chief Product & Solutions Officer. Before joining Zebra, Mr. Burns was the Chief Executive Officer of Embrane, a Silicon Valley-based venture capital-backed startup that was acquired by Cisco in 2015. He also held the position of Chief Executive Officer at Spirent Communications, a global leader in test and measurement solutions publicly traded on the London Stock Exchange. Mr. Burns holds an MBA from Temple University.
Nathan Winters, Chief Financial Officer
Nathan Winters assumed the role of Chief Financial Officer for Zebra Technologies in January 2021, after serving as interim CFO since August 2020. He joined Zebra in 2018 and has over 20 years of finance experience. His background includes multiple CFO roles at GE Healthcare Global Supply Chain. Mr. Winters earned a bachelor's degree in finance and economics from the University of Kentucky.
Robert Armstrong, Chief Marketing Officer
Robert Armstrong was named Chief Marketing Officer of Zebra Technologies in March 2023. He joined Zebra in 2014 and has nearly 20 years of experience in the B2B technology sector. Previously, he was Zebra's Senior Vice President of Integrated Marketing & Channels, overseeing go-to-market strategy and marketing execution. Before Zebra, he held various global and regional roles in product development, business development, operations, and marketing at Motorola Solutions. Mr. Armstrong holds a Bachelor of Science degree in Electrical Engineering from the University of Notre Dame.
Richard Hudson, Chief Revenue Officer
Richard Hudson was appointed Chief Revenue Officer in November 2023. In this role, he is responsible for managing global sales and services for Zebra Technologies. Mr. Hudson brings over 20 years of experience in technology sales leadership, including holding Vice President roles at Motorola. He earned a bachelor's degree in mechanical engineering from Brunel University London.
Michael Cho, Chief Strategy Officer
Michael Cho joined Zebra Technologies as Chief Strategy Officer in 2010. With over 25 years of experience in business development, he is responsible for the company's strategy, mergers and acquisitions (M&A), and venture investments. Prior to Zebra, he served as Vice President of Business Development for the healthcare division of Amcor and CommScope. Mr. Cho also worked as a management consultant with McKinsey Company, Accenture, and PwC. He holds an MBA from Harvard Graduate School of Business and a bachelor's degree in finance from the University of Illinois.
AI Analysis | Feedback
The key risks to Zebra Technologies (ZBRA) include:
- Technological Disruption and Obsolescence: Zebra Technologies operates in the rapidly evolving automatic identification and data capture (AIDC) industry, relying on technologies such as barcode scanning, RFID, mobile computing, and real-time location systems. The emergence of new, disruptive technologies or significant advancements by competitors could render Zebra's existing product portfolio less competitive or obsolete. This necessitates continuous and substantial investment in research and development to maintain its technological edge and adapt to changing market demands.
- Intense Competition and Pricing Pressure: The markets for enterprise asset intelligence solutions, including printers, scanners, mobile computers, and related software and services, are highly competitive. Zebra Technologies faces competition from a variety of global and regional players, some of whom may have greater resources, established market positions, or lower cost structures. This intense competition can lead to pricing pressure, reduced profit margins, and challenges in maintaining market share.
- Economic Sensitivity and Fluctuations in Customer Capital Expenditures: Zebra Technologies serves industries such as retail, e-commerce, manufacturing, transportation and logistics, and healthcare. Many of its products and solutions represent capital expenditures for its customers. Economic downturns, geopolitical instability, or industry-specific challenges can lead to reduced IT spending and delayed or canceled capital projects by customers, directly impacting Zebra's sales and revenue generation.
AI Analysis | Feedback
The clear emerging threat for Zebra Technologies is the rapid advancement and adoption of AI-powered computer vision and autonomous robotics for inventory management and asset tracking. These technologies are increasingly capable of identifying, counting, and tracking items and assets in warehouses, retail stores, and manufacturing facilities without the need for traditional physical barcodes, RFID tags, or manual scanning using dedicated hardware. This could reduce demand for Zebra's core products such as label and RFID printers, barcode scanners, RFID readers, physical tags, and rugged mobile computers used for manual data capture and inventory tasks.
AI Analysis | Feedback
Zebra Technologies (ZBRA) operates in several significant addressable markets globally for its main products and services:
- RFID Readers: The global RFID readers market was valued at USD 15.74 billion in 2023 and is projected to reach USD 35.91 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 9.6% from 2024 to 2032. North America held the largest market share in 2023. The broader global RFID market, which includes tags, is expected to expand from USD 17.12 billion in 2025 to USD 37.71 billion by 2032.
- Barcode Scanners: The global barcode scanner market size was valued at USD 7.8 billion in 2025 and is estimated to reach USD 13.3 billion by 2034, with a CAGR of 5.89% from 2026 to 2034. Another report indicates a market size of USD 9 billion in 2026, growing to USD 16.9 billion by 2036, at a CAGR of 6.5%. North America is a major market, accounting for approximately 40% of the global share, while Asia Pacific held a 38% market share in 2025.
- Real-Time Location Systems (RTLS): The global real-time location systems (RTLS) market is projected to expand from USD 6.68 billion in 2025 to USD 15.67 billion by 2030, registering a robust CAGR of 18.6%. The Asia Pacific RTLS market, a rapidly growing region, is projected to reach USD 4.71 billion by 2030, from USD 1.64 billion in 2025, at a CAGR of 23.4%. The European RTLS market is projected to grow from USD 1.67 billion in 2025 to USD 3.47 billion by 2030.
- Industrial Label Printers: The global industrial label printer market was estimated at USD 23.8 billion in 2025 and is expected to grow to USD 38.8 billion by 2035, at a CAGR of 5.1% from 2026 to 2035. North America holds the largest share of the thermal printing market (a broader category including industrial label printers).
- Enterprise Mobile Devices/Mobile Computers: The global enterprise mobile device market size was valued at USD 26.03 billion in 2024 and is expected to grow to USD 89.43 billion by 2033, at a CAGR of 14.7% from 2025 to 2033. The North America mobile computer market held a 41.5% revenue share in 2024.
- Warehouse Automation: The global warehouse automation market size was valued at USD 26.5 billion in 2024 and is estimated to grow at a 15.9% CAGR from 2025 to 2034. The global warehouse robotics market (a sub-segment of automation) was valued at USD 7.0 billion in 2024 and is expected to reach USD 16.0 billion by 2033, exhibiting a CAGR of 9.72% from 2025 to 2033.
AI Analysis | Feedback
Expected Drivers of Future Revenue Growth for Zebra Technologies (ZBRA)
Zebra Technologies (ZBRA) is anticipated to drive future revenue growth over the next 2-3 years through several key strategies and market trends:
-
Accelerated Demand for Automation and Digital Solutions: Zebra Technologies is benefiting from the increasing global demand for automation and digital solutions across various industries. The company's focus on digitizing and automating workflows in supply chain and customer-facing technologies, particularly within retail, manufacturing, transportation and logistics, and healthcare sectors, is expected to fuel sustained growth.
-
Impact of Strategic Acquisitions: Recent strategic acquisitions, such as Elo Touch and Photoneo in 2025, are projected to contribute significantly to Zebra's sales growth in the near term. These acquisitions are expected to add approximately 7 percentage points to sales growth in 2026, with Elo Touch specifically strengthening the company's position in the retail sector. Acquisitions in machine vision and robotics are also enhancing Zebra's automation capabilities.
-
Expansion of Artificial Intelligence (AI) Capabilities: The company is making significant advancements in its AI suite for frontline operations, aiming to become a leader in intelligent automation. Zebra anticipates generating its first AI-related revenues in 2026 and expects technology refresh cycles driven by its enhanced AI capabilities to be a key bolster for future performance.
-
Growth in Adjacencies and RFID Performance: Zebra is targeting double-digit growth in "adjacencies" such as rugged tablets and supplies. Additionally, strong performance in RFID technologies is identified as a significant driver for future revenue.
-
Geographic Market Expansion: The company is actively pursuing expansion into new geographic markets, with specific mentions of growth initiatives in Mexico and Latin America, which are expected to contribute to its overall revenue growth.
AI Analysis | Feedback
Share Repurchases
- Zebra Technologies repurchased $587 million of its common stock in full year 2025. The company returned more than $580 million to shareholders through buybacks in full year 2025.
- In full year 2024, Zebra Technologies made share repurchases of $47 million. In full year 2023, repurchases totaled $52 million.
- On February 12, 2026, the Board of Directors approved an additional $1 billion share repurchase authorization, bringing the total remaining authorization to over $1.1 billion. This builds upon prior $1 billion authorizations in July 2019 and May 2022.
Share Issuance
- Zebra Technologies' shares outstanding were approximately 50.66 million in 2025, representing a 1.29% decline from 2024.
- Shares outstanding were around 51.58 million in 2024, a 0.43% increase from 2023.
- In 2023, shares outstanding were approximately 51.36 million, a 0.52% decline from 2022.
Outbound Investments
- In August 2025, Zebra Technologies acquired Elo Touch for $1.3 billion.
- Zebra Technologies acquired Photoneo for approximately €60 million (or $62 million) in January 2025, expanding its 3D machine vision solutions.
- In June 2022, Zebra Technologies acquired Matrox Electronic Systems Ltd. for $881 million in cash, which significantly expanded its machine vision product and software offerings.
Capital Expenditures
- Capital expenditures for the full year 2025 were $86 million.
- In 2024, capital expenditures amounted to $59 million. For 2023, capital expenditures were $87 million.
- The company's capital allocation priorities include investments that enhance its offerings and competitive edge, leveraging a capital-light business model.
Peer Outperformance in Electronic Equipment & Instruments
| Ticker | Name | Rev Growth 3Y Avg | P/E | 1Y | 3Y | 5Y | 5Y Gap |
|---|---|---|---|---|---|---|---|
| ZBRA | Zebra Technologies | 3.7% | 31.4x | 13.6% | 30.4% | -37.9% | — |
| PI | Impinj | 5.6% | -186.3x | -0.9% | 186.7% | 228.5% | +266pp |
| KEYS | Keysight Technologies | 3.5% | 51.8x | 95.4% | 146.9% | 89.3% | +127pp |
| TDY | Teledyne Technologies | 4.5% | 30.8x | 19.4% | 60.7% | 44.0% | +82pp |
| ITRI | Itron | 6.8% | 15.9x | -21.4% | 47.1% | 28.6% | +67pp |
| NOVT | Novanta | 5.0% | 96.9x | 21.4% | -2.3% | -2.4% | +36pp |
| Industry | Names | 1Y med | 3Y med | 5Y med | Top 3 by 5Y |
|---|---|---|---|---|---|
| Electronic Manufacturing Services | 9 | 66.2% | 217.0% | 336.9% | FLEX 770% · TTMI 729% · JBL 450% |
| Semiconductor Materials & Equipment | 27 | 157.9% | 81.2% | 129.3% | AEHR 1838% · AXTI 753% · KLAC 514% |
| Technology Distributors | 9 | 21.3% | 59.6% | 74.1% | CLMB 337% · AVT 153% · SNX 114% |
| Electronic Components | 26 | 63.1% | 63.2% | 60.4% | CLS 3340% · BELFA 1394% · LPTH 616% |
| Communications Equipment | 35 | 39.6% | 86.5% | 49.3% | AAOI 1746% · LITE 878% · FEIM 710% |
| Semiconductors | 54 | 32.0% | 45.1% | 35.0% | POET 1972% · MU 1268% · NVDA 949% |
| Technology Hardware, Storage & Peripherals | 22 | 35.0% | 78.8% | 27.2% | STX 981% · WDC 934% · SMCI 926% |
| Internet Services & Infrastructure | 6 | 13.7% | 38.3% | 19.3% | DOCN 119% · GDDY 37% · VRSN 30% |
| Electronic Equipment & Instruments ← | 27 | -1.3% | 14.3% | -2.7% | PI 229% · SOTK 129% · NSSC 126% |
| IT Consulting & Other Services | 28 | -24.2% | -6.5% | -18.6% | CHRN 623584% · APLD 2082% · TSSI 731% |
| Application Software | 123 | -19.0% | -6.8% | -42.4% | VIDA 125456% · INLX 5620% · PLTR 630% |
| Systems Software | 69 | -9.0% | 21.1% | -49.1% | QNC 958% · PANW 487% · PAYS 443% |
Latest Trefis Analyses
Research & Analysis
Invest in Strategies
Wealth Management
Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 121.86 |
| Mkt Cap | 15.4 |
| Rev LTM | 5,081 |
| Op Inc LTM | 878 |
| FCF LTM | 968 |
| FCF 3Y Avg | 753 |
| CFO LTM | 1,015 |
| CFO 3Y Avg | 904 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 5.8% |
| Rev Chg 3Y Avg | 2.1% |
| Rev Chg Q | 11.0% |
| QoQ Delta Rev Chg LTM | 2.7% |
| Op Inc Chg LTM | 14.6% |
| Op Inc Chg 3Y Avg | 11.0% |
| Op Mgn LTM | 17.1% |
| Op Mgn 3Y Avg | 15.1% |
| QoQ Delta Op Mgn LTM | 0.4% |
| CFO/Rev LTM | 18.9% |
| CFO/Rev 3Y Avg | 16.4% |
| FCF/Rev LTM | 17.9% |
| FCF/Rev 3Y Avg | 14.4% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 15.4 |
| P/S | 3.3 |
| P/Op Inc | 19.0 |
| P/EBIT | 21.4 |
| P/E | 25.6 |
| P/CFO | 17.2 |
| Total Yield | 3.2% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 5.3% |
| D/E | 0.2 |
| Net D/E | 0.2 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 4.8% |
| 3M Rtn | 3.6% |
| 6M Rtn | -2.0% |
| 12M Rtn | 11.6% |
| 3Y Rtn | 21.3% |
| 1M Excs Rtn | 3.0% |
| 3M Excs Rtn | 0.2% |
| 6M Excs Rtn | -14.0% |
| 12M Excs Rtn | -8.8% |
| 3Y Excs Rtn | -55.1% |
Comparison Analyses
Segment Financials
Revenue by Segment| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Connected Frontline (CF) | 2,960 | 2,714 | 2,280 | ||
| Asset Visibility and Automation (AVA) | 2,436 | 2,267 | 2,304 | ||
| Asset Intelligence & Tracking (AIT) | 1,837 | 1,734 | |||
| Enterprise Visibility & Mobility (EVM) | 3,944 | 3,899 | |||
| Corporate | -6 | ||||
| Total | 5,396 | 4,981 | 4,584 | 5,781 | 5,627 |
| $ Mil | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|
| Connected Frontline (CF) | 585 | 559 | 328 | ||
| Asset Visibility and Automation (AVA) | 514 | 420 | 427 | ||
| Corporate | -399 | -237 | -274 | -543 | -153 |
| Asset Intelligence & Tracking (AIT) | 361 | 386 | |||
| Enterprise Visibility & Mobility (EVM) | 711 | 746 | |||
| Total | 700 | 742 | 481 | 529 | 979 |
| $ Mil | 2010 | 2009 | 2008 |
|---|---|---|---|
| Specialty Printing Group | 393 | ||
| Corporate and other | 307 | 309 | 284 |
| Zebra Enterprise Solutions | 179 | ||
| SPG | 336 | 377 | |
| ZES | 185 | ||
| ESG | 191 | ||
| Total | 879 | 830 | 851 |
Price Behavior
| Market Price | $354.65 | |
| Market Cap ($ Bil) | 17.4 | |
| First Trading Date | 08/15/1991 | |
| Distance from 52W High | -7.4% | |
| 50 Days | 200 Days | |
| DMA Price | $284.55 | $250.98 |
| DMA Trend | indeterminate | up |
| Distance from DMA | 24.6% | 41.3% |
| 3M | 1YR | |
| Volatility | 66.9% | 49.7% |
| Downside Capture | 80.50 | 150.87 |
| Upside Capture | 240.53 | 132.51 |
| Correlation (SPY) | 48.9% | 47.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.90 | 1.71 | 1.47 | 1.37 | 1.64 | 1.53 |
| Up Beta | 0.02 | 1.23 | 1.30 | 1.63 | 1.84 | 1.49 |
| Down Beta | 0.89 | 3.07 | 3.16 | 1.90 | 2.06 | 1.69 |
| Up Capture | 205% | 222% | 154% | 135% | 129% | 248% |
| Bmk +ve Days | 11 | 22 | 35 | 67 | 138 | 427 |
| Stock +ve Days | 11 | 24 | 34 | 63 | 124 | 382 |
| Down Capture | 29% | 74% | 39% | 98% | 136% | 109% |
| Bmk -ve Days | 11 | 21 | 28 | 59 | 114 | 326 |
| Stock -ve Days | 11 | 19 | 29 | 63 | 127 | 368 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBRA | |
|---|---|---|---|---|
| ZBRA | 11.8% | 49.6% | 0.37 | - |
| Sector ETF (XLK) | 38.7% | 26.1% | 1.22 | 37.2% |
| Equity (SPY) | 20.7% | 12.8% | 1.19 | 47.1% |
| Gold (GLD) | 35.0% | 28.8% | 1.04 | 3.8% |
| Commodities (DBC) | 41.4% | 20.2% | 1.60 | -17.6% |
| Real Estate (VNQ) | 15.3% | 13.9% | 0.78 | 21.1% |
| Bitcoin (BTCUSD) | -44.7% | 42.7% | -1.27 | 23.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBRA | |
|---|---|---|---|---|
| ZBRA | -8.9% | 42.6% | -0.09 | - |
| Sector ETF (XLK) | 20.0% | 25.9% | 0.69 | 57.8% |
| Equity (SPY) | 13.1% | 17.2% | 0.59 | 63.0% |
| Gold (GLD) | 20.4% | 18.6% | 0.89 | 4.8% |
| Commodities (DBC) | 9.8% | 19.6% | 0.39 | 9.1% |
| Real Estate (VNQ) | 2.4% | 18.9% | 0.03 | 46.9% |
| Bitcoin (BTCUSD) | 7.2% | 52.6% | 0.32 | 25.3% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with ZBRA | |
|---|---|---|---|---|
| ZBRA | 19.0% | 40.1% | 0.56 | - |
| Sector ETF (XLK) | 24.1% | 24.9% | 0.88 | 59.6% |
| Equity (SPY) | 15.2% | 17.9% | 0.72 | 62.5% |
| Gold (GLD) | 12.5% | 16.2% | 0.63 | 2.1% |
| Commodities (DBC) | 7.9% | 18.1% | 0.35 | 17.6% |
| Real Estate (VNQ) | 4.9% | 20.7% | 0.20 | 45.2% |
| Bitcoin (BTCUSD) | 60.0% | 66.0% | 1.00 | 17.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Updated 8/13/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 26.5% | 29.6% | |
| 5/12/2026 | 11.4% | 19.9% | -0.1% |
| 2/12/2026 | 8.6% | -0.3% | -19.7% |
| 10/28/2025 | -11.7% | -12.9% | -19.7% |
| 8/5/2025 | -11.4% | -8.5% | -10.4% |
| 4/29/2025 | 5.2% | 3.0% | 19.4% |
| 2/13/2025 | -8.4% | -9.1% | -21.0% |
| 10/29/2024 | 5.8% | 3.7% | 10.7% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 10 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 8.2% | 10.2% | 10.7% |
| Median Negative | -9.8% | -8.5% | -11.8% |
| Max Positive | 26.5% | 29.6% | 25.3% |
| Max Negative | -17.3% | -19.4% | -23.7% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 8/4/2026 | 26.5% | 29.6% | |
| 5/12/2026 | 11.4% | 19.9% | -0.1% |
| 2/12/2026 | 8.6% | -0.3% | -19.7% |
| 10/28/2025 | -11.7% | -12.9% | -19.7% |
| 8/5/2025 | -11.4% | -8.5% | -10.4% |
| 4/29/2025 | 5.2% | 3.0% | 19.4% |
| 2/13/2025 | -8.4% | -9.1% | -21.0% |
| 10/29/2024 | 5.8% | 3.7% | 10.7% |
| 7/30/2024 | 3.9% | -5.1% | 3.3% |
| 4/30/2024 | 4.8% | 5.3% | 5.6% |
| 2/15/2024 | 12.2% | 10.5% | 13.0% |
| 10/31/2023 | -0.2% | -1.8% | 12.8% |
| 8/1/2023 | -17.3% | -19.4% | -11.2% |
| 5/2/2023 | -11.1% | -3.3% | -8.7% |
| 2/16/2023 | 2.0% | -8.0% | -11.7% |
| 11/1/2022 | -15.9% | -16.5% | -4.6% |
| 8/2/2022 | -9.8% | -7.8% | -15.5% |
| 5/3/2022 | -3.0% | -13.4% | -11.9% |
| 2/10/2022 | -7.8% | -14.8% | -23.7% |
| 11/2/2021 | 7.9% | 10.0% | 7.1% |
| 5/4/2021 | -1.8% | 1.0% | 5.4% |
| 2/11/2021 | 10.0% | 11.7% | 10.6% |
| 11/3/2020 | 8.9% | 20.4% | 25.3% |
| SUMMARY STATS | |||
| # Positive | 12 | 10 | 10 |
| # Negative | 11 | 13 | 12 |
| Median Positive | 8.2% | 10.2% | 10.7% |
| Median Negative | -9.8% | -8.5% | -11.8% |
| Max Positive | 26.5% | 29.6% | 25.3% |
| Max Negative | -17.3% | -19.4% | -23.7% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 06/30/2026 | 08/04/2026 | 10-Q |
| 03/31/2026 | 05/12/2026 | 10-Q |
| 12/31/2025 | 02/12/2026 | 10-K |
| 09/30/2025 | 10/28/2025 | 10-Q |
| 06/30/2025 | 08/05/2025 | 10-Q |
| 03/31/2025 | 04/29/2025 | 10-Q |
| 12/31/2024 | 02/13/2025 | 10-K |
| 09/30/2024 | 10/29/2024 | 10-Q |
| 06/30/2024 | 07/30/2024 | 10-Q |
| 03/31/2024 | 04/30/2024 | 10-Q |
| 12/31/2023 | 02/15/2024 | 10-K |
| 09/30/2023 | 10/31/2023 | 10-Q |
| 06/30/2023 | 08/01/2023 | 10-Q |
| 03/31/2023 | 05/02/2023 | 10-Q |
| 12/31/2022 | 02/16/2023 | 10-K |
| 09/30/2022 | 11/01/2022 | 10-Q |
| 06/30/2022 | 08/02/2022 | 10-Q |
| 03/31/2022 | 05/03/2022 | 10-Q |
| 12/31/2021 | 02/10/2022 | 10-K |
| 09/30/2021 | 11/02/2021 | 10-Q |
| 06/30/2021 | 08/03/2021 | 10-Q |
| 03/31/2021 | 05/04/2021 | 10-Q |
| 12/31/2020 | 02/11/2021 | 10-K |
| 09/30/2020 | 11/03/2020 | 10-Q |
| 06/30/2020 | 07/28/2020 | 10-Q |
| 03/31/2020 | 04/28/2020 | 10-Q |
| 12/31/2019 | 02/13/2020 | 10-K |
| 09/30/2019 | 10/30/2019 | 10-Q |
Recent Forward Guidance
Updated 8/5/2026Latest: Q2 2026 Earnings Reported 8/4/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q3 2026 Sales Growth | 17.0% | 18.5% | 20.0% | 3.0% | Higher New | Guidance: 15.5% for Q2 2026 | |
| Q3 2026 Adjusted EBITDA Margin | 22.0% | 1.0% | Higher New | Guidance: 21.0% for Q2 2026 | |||
| Q3 2026 Non-GAAP Diluted EPS | 4.7 | 4.8 | 4.9 | 10.3% | Higher New | Guidance: 4.35 for Q2 2026 | |
| 2026 Sales Growth | 14.0% | 15.0% | 16.0% | 3.0% | Raised | Guidance: 12.0% for 2026 | |
| 2026 Adjusted EBITDA Margin | 23.5% | 23.75% | 24.0% | 1.8% | Raised | Guidance: 22.0% for 2026 | |
| 2026 Non-GAAP Diluted EPS | 20.8 | 21 | 21.2 | 13.5% | Raised | Guidance: 18.5 for 2026 | |
| 2026 Free Cash Flow | 1.00 Bil | 11.1% | Raised | Guidance: 900.00 Mil for 2026 | |||
Prior: Q1 2026 Earnings Reported 5/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q2 2026 Revenue Growth | 14.0% | 15.5% | 17.0% | 19.2% | 2.5% | Higher New | Guidance: 13.0% for Q1 2026 |
| Q2 2026 Adjusted EBITDA Margin | 21.0% | -0.5% | Lower New | Guidance: 21.5% for Q1 2026 | |||
| Q2 2026 Non-GAAP Diluted EPS | 4.2 | 4.35 | 4.5 | 3.6% | Higher New | Guidance: 4.2 for Q1 2026 | |
| 2026 Revenue Growth | 10.0% | 12.0% | 14.0% | 1.0% | Raised | Guidance: 11.0% for 2026 | |
| 2026 Adjusted EBITDA Margin | 22.0% | 0.0% | Affirmed | Guidance: 22.0% for 2026 | |||
| 2026 Non-GAAP Diluted EPS | 18.3 | 18.5 | 18.7 | 2.8% | Raised | Guidance: 18 for 2026 | |
| 2026 Free Cash Flow | 900.00 Mil | 0.0% | Affirmed | Guidance: 900.00 Mil for 2026 | |||
Q4 2025 Earnings Reported 2/12/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q1 2026 Sales Growth | 11.0% | 13.0% | 15.0% | 36.8% | 3.5% | Higher New | Guidance: 9.5% for Q4 2025 |
| Q1 2026 Adjusted EBITDA margin | 21.0% | 21.5% | 22.0% | -0.5% | Lower New | Guidance: 22.0% for Q4 2025 | |
| Q1 2026 Non-GAAP diluted earnings per share | 4.05 | 4.2 | 4.35 | -2.3% | Lower New | Guidance: 4.3 for Q4 2025 | |
| 2026 Sales Growth | 9.0% | 11.0% | 13.0% | ||||
| 2026 Adjusted EBITDA margin | 22.0% | ||||||
| 2026 Non-GAAP diluted earnings per share | 17.7 | 18 | 18.3 | ||||
| 2026 Free cash flow | 900.00 Mil | 12.5% | Higher New | Guidance: 800.00 Mil for 2025 | |||
Q3 2025 Earnings Reported 10/28/2025
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| Q4 2025 Sales Growth | 8.0% | 9.5% | 11.0% | 5.5% | Higher New | Guidance: 4.0% for Q3 2025 | |
| Q4 2025 Adjusted EBITDA margin | 22.0% | 1.0% | Higher New | Guidance: 21.0% for Q3 2025 | |||
| Q4 2025 Non-GAAP diluted earnings per share | 4.2 | 4.3 | 4.4 | 16.2% | Higher New | Guidance: 3.7 for Q3 2025 | |
| 2025 Free Cash Flow | 800.00 Mil | 0 | Affirmed | Guidance: 800.00 Mil for 2025 | |||
| 2026 Share Repurchases | 500.00 Mil | ||||||
Insider Activity
Updated 8/11/2026| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Connly, Linda | Direct | Sell | 8112026 | 377.68 | 500 | 188,840 | 1,400,437 | Form | |
| 2 | Cho, Michael | Chief Strategy Officer | Direct | Sell | 8112026 | 375.20 | 3,500 | 1,313,200 | 1,939,784 | Form |
| 3 | Luff, Loizides Melissa | Chief People Officer | Direct | Sell | 5282026 | 253.95 | 500 | 126,975 | 940,123 | Form |
| 4 | Roberts, Janice M | Direct | Sell | 5152026 | 249.54 | 3,000 | 748,620 | 1,542,906 | Form | |
| 5 | Dhanasekaran, Satish | Direct | Buy | 3162026 | 205.40 | 200 | 41,080 | 833,102 | Form |
| # | Owner | Title | Holding | Action | Filing Date | Price | Shares | Transacted Value | Value of Held Shares | Form |
|---|---|---|---|---|---|---|---|---|---|---|
| 1 | Connly, Linda | Direct | Sell | 8112026 | 377.68 | 500 | 188,840 | 1,400,437 | Form | |
| 2 | Cho, Michael | Chief Strategy Officer | Direct | Sell | 8112026 | 375.20 | 3,500 | 1,313,200 | 1,939,784 | Form |
| 3 | Luff, Loizides Melissa | Chief People Officer | Direct | Sell | 5282026 | 253.95 | 500 | 126,975 | 940,123 | Form |
| 4 | Roberts, Janice M | Direct | Sell | 5152026 | 249.54 | 3,000 | 748,620 | 1,542,906 | Form | |
| 5 | Dhanasekaran, Satish | Direct | Buy | 3162026 | 205.40 | 200 | 41,080 | 833,102 | Form | |
| 6 | Kogl, Cristen L | Chief Legal Officer | Direct | Sell | 3052026 | 235.71 | 145 | 34,178 | 5,583,263 | Form |
| 7 | Armstrong, Robert John JR | Chief Marketing Officer | Direct | Sell | 3052026 | 229.73 | 9 | 2,068 | 1,867,705 | Form |
| 8 | Dhanasekaran, Satish | Direct | Buy | 3032026 | 225.25 | 500 | 112,625 | 868,564 | Form | |
| 9 | Dhanasekaran, Satish | Direct | Buy | 11202025 | 233.12 | 1,000 | 233,118 | 782,345 | Form | |
| 10 | Connly, Linda | Direct | Sell | 8142025 | 322.00 | 1,107 | 356,454 | 1,048,754 | Form |
Investor Activity (13F)
Updated Aug 20, 2026Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.
| Active Manager |
|---|
Zebra Technologies — Investor Video Playlist
Industry Resources
| Information Technology Resources |
| TechCrunch |
| Wired |
| CIO |
| MIT Technology Review |
| Gartner Insights |
| Ars Technica |
| Electronic Equipment & Instruments Resources |
| EDN |
| Electronic Design |
| EE Journal |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
Prefer one of these to Trefis? Tell us why.