Company file · ZBRA

Zebra Technologies

Zebra Technologies' revenue rose 8.3% in FY2025, to $5.4B, and net income fell 20.6% to $419M

Revenue rose 8.3% to $5.4B in FY2025, from $5.0B in FY2024. Net income fell 20.6% to $419M. Connected Frontline was the largest segment, at 55% of revenue.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 12, 2026) · Latest quarter: 10-Q for the quarter ended Oct 3, 2026 (filed Nov 3, 2026) · Data pulled Nov 11, 2026

Key facts

Zebra Technologies (Nasdaq: ZBRA) reported revenue of $5.4B for fiscal 2025, the year ended Dec 31, 2025, up 8.3% from fiscal 2024. Net income was $419M, down 20.6%. In its latest 10-Q, for the quarter ended Oct 3, 2026, revenue was $1.6B, up 22.3% from the same quarter a year earlier, and net income was $164M. The largest piece by segment was Connected Frontline, at 55% of fiscal 2025 revenue. Sources: 10-K for fiscal 2025 (filed Feb 12, 2026) and 10-Q for the quarter ended Oct 3, 2026 (filed Nov 3, 2026).

Revenue$5.4BFY2025 · +8.3% vs FY2024

Net income$419MFY2025 · −20.6% vs FY2024

Operating cash flow$917MFY2025 · −9.5% vs FY2024

Cash & equivalents$182Mat Oct 3, 2026 · +45.6% vs FY2025 end

Total debt$2.6Bat Oct 3, 2026 · +2.8% vs FY2025 end

Diluted shares51MFY2025 avg · −1.3% vs FY2024

Revenue and net income, three fiscal yearsBy fiscal year, $bn

RevenueNet income

Source: 10-K FY2025, filed Feb 12, 2026

Quarterly revenue: fiscal 2026 vs a year earlierFiscal Q1–Q3, $bn (each quarter from that quarter's 10-Q)

FY2025FY2026

Source: 10-Q filed May 12, 2026 · 10-Q filed Aug 4, 2026 · 10-Q filed Nov 3, 2026

How it makes money

By segment, FY2025

LineAmountSharevs FY2024
Connected Frontline$3.0B55%+9.1%
Asset Visibility and Automation$2.4B45%+7.5%

Source: 10-K FY2025, XBRL breakdown

By segment in FY2025: Connected Frontline (55%) and Asset Visibility and Automation (45%), as shares of total revenue. Total revenue was $5.4B.

By segment: three-year mixShare of the total each fiscal year

FY2023

50%50%

FY2024

54%46%

FY2025

55%45%

Connected FrontlineAsset Visibility and Automation

Source: 10-K FY2025

By product or service, FY2025

Tangible Products$4.4B82%+10.0%

Service and Software$978M18%+1.3%

Share is of the FY2025 total; the last column is the change from FY2024.

Learn more: Revenue vs. net income · Gross, operating and net margin

What changed last quarter

How the quarter compared with a year earlier

Comparing Q3 FY2026 (Jul to Sep 2026) compared with Q3 FY2025 (Jul to Sep 2025)

Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.

Q3 FY2026Q3 FY2025

Company

Revenue

$1.6B Q3 FY2026

$1.3B Q3 FY2025

22.3% increase

Net income

$164M Q3 FY2026

$101M Q3 FY2025

62.4% increase

Source: Zebra Technologies 10-Q for the quarter ended Oct 3, 2026, filed Nov 3, 2026

Cash & equivalents $182M at Oct 3, 2026, vs $125M at FY2025 end.
Total debt $2.6B at Oct 3, 2026, vs $2.5B at FY2025 end.
Operating cash flow, first 9 months of fiscal 2026: $711M vs $560M a year earlier.

The bull case and the bear case

The bull case

Revenue rose 8.3% in FY2025 to $5.4B, from $5.0B a year earlier. 10-K, FY2025
Diluted shares fell 1.3% in FY2025, so each share represents a larger slice of profit. 10-K, FY2025
Revenue in the quarter ended Oct 3, 2026 was $1.6B, up 22.3% on a year earlier. 10-Q, quarter ended Oct 3, 2026
Net income in the quarter ended Oct 3, 2026 was $164M, up 62.4% on a year earlier. 10-Q, quarter ended Oct 3, 2026

The bear case

Net income fell 20.6% in FY2025 to $419M, from $528M. 10-K, FY2025
Operating cash flow fell 9.5% in FY2025 to $917M. 10-K, FY2025
Total debt rose 15.2% in FY2025 to $2.5B. 10-K, FY2025

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Zebra Technologies is in the electronic equipment & instruments industry, part of the information technology sector. The SEC files it under General Industrial Machinery & Equipment.

Zebra Technologies reports 2 segments: Connected Frontline and Asset Visibility and Automation.

Its fiscal year ends in December; the latest, FY2025, ended Dec 31, 2025.

Source: 10-K, Item 1 Business

Risks common in this industry

These are general risks for companies in the electronic equipment & instruments industry. They are not a summary of Zebra Technologies’s own risk factors; for those, read Item 1A of its latest 10-K, linked below.

CompetitionTechnology markets move fast, and rivals large and small can change prices or products.
Customer demandSpending by customers on technology rises and falls with their budgets and the economy.
Security and privacyCyberattacks, outages and data-privacy rules can raise costs or harm customer trust.
Supply and tradeReliance on suppliers and exposure to tariffs or export rules can limit what it can sell or build.
Intellectual propertyPatent claims and licensing disputes can lead to costs or limits on products.

Source: 10-K, Item 1A Risk Factors (the company's own list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$	FY2023	FY2024	FY2025
Revenue	$4.6B	$5.0B	$5.4B
Net income	$296M	$528M	$419M
Operating cash flow	−$4M	$1.0B	$917M
Cash & equivalents (year end)	$137M	$901M	$125M
Total debt (year end)	$2.2B	$2.2B	$2.5B
Diluted shares	52M	52M	51M

Revenue: Total revenue for the fiscal year, as the company reports it on its income statement.
Net income: Net income attributable to the company's shareholders, after all costs, interest and taxes.
Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
Total debt: The current part of long-term debt plus long-term debt, at carrying value.
Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

Learn more: How to read an income statement · Earnings per share, basic and diluted · Free cash flow · How to read a balance sheet · Growth rate calculator · P/E calculator · Market cap calculator · Free cash flow calculator · Return on equity and assets calculator

Explainers for this page

Plain-English guides to terms this file uses, with real numbers from filings.

About these numbers

Recent filings

Form	Filed	Period
10-Q	Nov 3, 2026	Oct 3, 2026
10-Q	Aug 4, 2026	Jul 4, 2026
10-Q	May 12, 2026	Apr 4, 2026
DEF 14A	Apr 3, 2026	May 19, 2026
10-K	Feb 12, 2026	Dec 31, 2025

Learn more: 10-K vs. 10-Q vs. 8-K · Form 4 insider filings · Fiscal years and quarters

Common questions about Zebra Technologies

How does Zebra Technologies make money?

Zebra Technologies's revenue was $5.4B in fiscal 2025. By segment in FY2025: Connected Frontline (55%) and Asset Visibility and Automation (45%), as shares of total revenue. Total revenue was $5.4B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What was Zebra Technologies's revenue in fiscal 2025?

$5.4B of revenue for the fiscal year ended Dec 31, 2025, up 8.3% from $5.0B in fiscal 2024. Fiscal 2023 was $4.6B. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

Is Zebra Technologies profitable?

Zebra Technologies reported net income of $419M for fiscal 2025, down 20.6% from $528M in fiscal 2024. That is a profit under US accounting rules (GAAP). In the quarter ended Oct 3, 2026, net income was $164M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 12, 2026.

What did Zebra Technologies report in its latest quarterly filing?

Revenue was $1.6B in the quarter ended Oct 3, 2026, up 22.3% from $1.3B a year earlier. Net income was $164M, up 62.4% from $101M. Source: 10-Q for the quarter ended Oct 3, 2026, filed Nov 3, 2026.

How much cash and debt does Zebra Technologies have?

Zebra Technologies had $182M in cash and cash equivalents and $2.6B of total debt on Oct 3, 2026. Total debt here is the current part of long-term debt plus long-term debt, at carrying value. Source: 10-Q filed Nov 3, 2026.

What are the main risks Zebra Technologies faces?

Zebra Technologies's own risk factors are in Item 1A of its 10-K for fiscal 2025, filed Feb 12, 2026. Risks that are common among companies in the electronic equipment & instruments industry include Competition; customer demand; security and privacy; supply and trade; intellectual property. The first: Technology markets move fast, and rivals large and small can change prices or products. Source: 10-K, Item 1A Risk Factors.

Where do these Zebra Technologies numbers come from?

From Zebra Technologies's own SEC filings: the 10-K for fiscal 2025 (filed Feb 12, 2026) and the 10-Q for the quarter ended Oct 3, 2026 (filed Nov 3, 2026), read through the SEC's public XBRL data. Each number on this page links to its filing. Methodology explains how fiscal years and missing numbers are handled.

Tracked funds that report owning Zebra Technologies

Millennium Management: 823,465 shares, reported value $216.8M at Jun 30, 2026 (+869.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Renaissance Technologies: 251,911 shares, reported value $66.3M at Jun 30, 2026 (−12.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 13, 2026.
Bridgewater Associates: 151,328 shares, reported value $39.8M at Jun 30, 2026 (+947.8% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Point72 Asset Management: 46,570 shares, reported value $12.3M at Jun 30, 2026 (new in this filing). Form 13F filed Aug 14, 2026.
Citadel Advisors: 42,221 shares, reported value $11.1M at Jun 30, 2026 (−74.9% in shares since the filing for Mar 31, 2026). Form 13F filed Sep 2, 2026.
Two Sigma Investments: 12,930 shares, reported value $3.4M at Jun 30, 2026 (−78.6% in shares since the filing for Mar 31, 2026). Form 13F filed Aug 14, 2026.
Markel Group: 6,300 shares, reported value $2.4M at Sep 30, 2026 (new in this filing). Form 13F filed Oct 30, 2026.

From each fund’s latest Form 13F, which is filed up to 45 days after quarter end and lists long positions in US-listed stocks only. A listing here is a fact about a filing, not a view on the stock. What a 13F does and doesn’t show.

Disclosures

Editor holdings in ZBRA: The editor holds no position in Zebra Technologies (ZBRA). As of Nov 11, 2026.
Trading rule: The editor does not buy or sell ZBRA from 3 days before to 3 days after this page is published or substantively updated.
Compensation: Nobody paid for this page. No affiliate links on this page.
Sources: The company's SEC filings, linked next to each number or, for charts, in the source line under them.
Last updated: Nov 10, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold ZBRA, and it doesn't consider your situation.

Compare with peers

Company	Fiscal year	Revenue	Revenue growth	Net income
Zebra TechnologiesZBRA	FY2025	$5.4B	+8.3%	$419M
Keysight TechnologiesKEYS	FY2025	$5.4B	+8.0%	$850M
Roper TechnologiesROP	FY2025	$7.9B	+12.3%	$1.5B
Teledyne TechnologiesTDY	FY2025	$6.1B	+7.9%	$895M

Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

More company files

New to filings? Learn has plain-English explainers and Tools has calculators. Methodology & Disclosures covers where every number comes from.