ZEBRA TECHNOLOGIES CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data ZEBRA TECHNOLOGIES CORP files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	3,574	3,722	4,218	4,485	4,448	5,627	5,781	4,584	4,981	5,396
Cost of revenue	1,932	2,012	2,237	2,385	2,445	2,999	3,157	2,461	2,568	2,803
Gross profit	1,642	1,710	1,981	2,100	2,003	2,628	2,624	2,123	2,413	2,593
Research and development	376	389	444	447	453	567	570	519	563	593
Selling and marketing	444	448	483	503	483	587	607	581	600	653
General and administrative	307	301	328	323	304	348	375	334	381	433
Operating expenses	1,562	1,388	1,371	1,408	1,352	1,649	2,095	1,642	1,671	1,893
Operating income	80	322	610	692	651	979	529	481	742	700
Interest expense	193	227	91	89	76	5
Other non-operating income	-209	-234	-86	-94	-91	-11	15	-147	-107	-140
Pre-tax income	-129	88	524	598	560	968	544	334	635	560
Income tax	8	71	103	54	56	131	81	38	107	141
Income from continuing operations	-137	17	421
Net income	-137	17	421	544	504	837	463	296	528	419
EBITDA	384	585	785	867	797	1,166	733	657	914	885
EPS, basic	-2.65	0.33	7.86	10.08	9.43	15.66	8.86	5.75	10.25	8.24
EPS, diluted	-2.65	0.32	7.76	9.97	9.35	15.52	8.80	5.72	10.18	8.18
Shares, basic (weighted)	51.6	53	53.6	54	53.4	53.4	52.2	51.4	51.5	50.8
Shares, diluted (weighted)	51.6	53.7	54.3	54.6	53.9	53.9	52.6	51.7	51.9	51.2

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	156	62	44	30	168	332	105	137	901	125
Receivables	625	479	520	613	508	752	768	521	692	801
Inventory	345	458	520	474	511	491	860	804	693	729
Other current assets	41	24	38	46	70	106	124	147	134	110
Total current assets	1,222	1,063	1,162	1,195	1,273	1,689	1,883	1,672	2,440	1,796
Property, plant and equipment	292	264	249	259	274	272	278	309	305	353
Lease right-of-use assets			0	107	135	131	156	169	167	166
Goodwill	2,458	2,465	2,495	2,622	2,988	3,265	3,899	3,895	3,891	4,727
Intangible assets	480	299	232	275	402	469	630	527	422	809
Long-term investments							113	113	110	103
Other non-current assets	67	65	87	126	164	197	276	296	231	237
Total assets	4,632	4,275	4,339	4,711	5,375	6,215	7,529	7,306	7,968	8,502
Accounts payable	413	424	552	552	601	700	811	456	633	695
Accrued liabilities	323	296	322	379	559	639	744	504	503	558
Deferred revenue	191	186	210	238	308	380	425	458	453	446
Short-term debt	0	51	157	197	364	69	214	173	79	141
Total current liabilities	949	1,000	1,301	1,404	1,851	1,800	2,332	1,598	1,704	1,852
Long-term debt	2,648	2,176	1,434	1,080	881	922	1,809	2,047	2,092	2,361
Lease liabilities			0	100	129	121	139	152	155	157
Other non-current liabilities	116	117	89	67	97	67	108	94	70	116
Total liabilities	3,840	3,441	3,004	2,872	3,231	3,231	4,796	4,270	4,382	4,914
Total debt	2,648	2,176	1,591	266	1,245	991	2,023	2,220	2,171	2,502
Paid-in capital	210	257	294	339	395	462	561	615	669	814
Retained earnings	1,240	1,248	1,688	2,232	2,736	3,573	4,036	4,332	4,860	5,279
Treasury stock	-614	-620	-613	-689	-919	-1,023	-1,799	-1,858	-1,900	-2,488
Other comprehensive income	-45	-52	-35	-44	-69	-29	-66	-54	-44	-18
Shareholders' equity	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586	3,588
Total equity	792	834	1,335	1,839	2,144	2,984	2,733	3,036	3,586	3,588
Total liabilities and equity	4,632	4,275	4,339	4,711	5,375	6,215	7,529	7,306	7,968	8,502

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-137	17	421	544	504	837	463	296	528	419
Depreciation and amortization	304	263	175	175	146	187	204	176	172	185
Stock-based compensation	27	35	45	48	51	76	88	55	89	163
Deferred income tax	-43	-9	3	-42	-40	-68	-208	-35	-94	21
Change in receivables	34	161	-31	-96	130	-239	-5	249	-181	-39
Change in inventory	34	-110	-43	51	-42	18	-341	50	105	54
Change in payables	122	-49	122	-5	47	96	92	-365	176	1
Cash from operations	380	478	785	685	962	1,069	488	-4	1,013	917
Capital expenditures	-77	-50	-64	-61	-67	-59	-75	-87	-59	-86
Acquisitions	0	0	-72	-262	-548	-452	-881	0	0	-1,365
Purchases of investments	0	0		0	0	-1	0	-4
Sales and maturities of investments	0
Cash from investing	-39	-51	-137	-335	-641	-546	-968	-92	-57	-1,455
Debt issued	102	1,371	909	637	302	46	1,284	440	651	347
Debt repaid	-484	-1,825	-1,566	-949	-342	-303	-247	-245	-694	-19
Share buybacks		0	0	-47	-200	-57	-751	-52	-47	-587
Cash from financing	-384	-517	-661	-365	-157	-371	253	117	-190	-239
Exchange rate effect	7	-4	-5	1	-2	0	0	0	-3	1
Net change in cash	-36	-94	-18	-14	162	152	-227	21	763	-776
Free cash flow	303	428	721	624	895	1,010	413	-91	954	831
Interest paid	180	195	90	63	38	32	58	111	55	129
Income taxes paid	81	65	76	140	107	199	168	252	124	134

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to July 4, 2026; growth uses fiscal years. Valuation uses the share price of $370.04 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	49.6%	Gross profit / revenue.
Operating margin	14.7%	Operating income / revenue.
EBITDA margin	18.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	12.1%	Pre-tax income / revenue.
Net margin	9.2%	Net income / revenue.
FCF margin	15.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	16.7%	Cash from operations / revenue.
Effective tax rate	24.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	15.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.2%	Net income / average total assets.
Return on invested capital (ROIC)	10.8%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	10.6%	Research and development expense / revenue.
Stock-based pay / revenue	3.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.3%	Capital expenditures / revenue.
D&A / revenue	3.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	8.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-2.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	3.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	7.5%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	-0.4%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	5.3%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-5.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	9.8%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	1.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-3.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	6.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	2.1%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-20.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-3.3%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	-3.6%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-19.6%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-2.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	-2.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-9.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	23.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-1.0%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-12.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	26.2%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.5%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	0.1%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	9.5%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	10.8%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	6.7%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	4.1%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-1.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-0.9%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-1.0%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.52x	Current assets / current liabilities.
Quick ratio	0.29x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.04x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.81x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	32.1%	Total debt / total assets.
Liabilities / assets	60.2%	Total liabilities / total assets.
Net debt	$2.62B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	2.44x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Working capital	-$1.94B	Current assets - current liabilities.
Goodwill and intangibles / assets	62.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$1.99B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.68x	Revenue / average total assets.
Fixed asset turnover	16.9x	Revenue / average property, plant and equipment.
Inventory turnover	4.02x	Cost of revenue / average inventory.
Days inventory	91 days	365 x average inventory / cost of revenue.
Receivables turnover	5.91x	Revenue / average receivables.
Days sales outstanding	62 days	365 x average receivables / revenue.
Days payables	91 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	61 days	Days inventory + days sales outstanding - days payables.
FCF conversion	167.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.7%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$11.20	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$121.49	Revenue / diluted weighted shares.
FCF per share	$18.78	Free cash flow / diluted weighted shares.
Operating cash flow per share	$20.34	Cash from operations / diluted weighted shares.
Book value per share	$71.37	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$41.37	Tangible book value / shares outstanding.
Cash per share	$3.26	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	100.1%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$17.51B	Share price x shares outstanding.
Enterprise value	$20.13B	Market cap + total debt - cash - short-term investments.
P/E	32.5x	Market cap / net income. Only when net income is positive.
P/S	2.99x	Market cap / revenue.
P/B	5.10x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	19.4x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	17.9x	Market cap / cash from operations, when positive.
EV/Sales	3.44x	Enterprise value / revenue.
EV/EBIT	23.5x	Enterprise value / operating income, when both are positive.
EV/EBITDA	18.8x	Enterprise value / EBITDA, when both are positive.
EV/FCF	22.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	5.2%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Shareholder yield	5.2%	(Dividends paid + share buybacks) / market cap.

What was ZEBRA TECHNOLOGIES CORP's revenue in fiscal 2025?

ZEBRA TECHNOLOGIES CORP reported revenue of $5.40B for fiscal 2025, 8.3% higher than the year before.

Was ZEBRA TECHNOLOGIES CORP profitable in fiscal 2025?

Yes. Net income was $419.0M, a net margin of 7.8%.

How much free cash flow did ZEBRA TECHNOLOGIES CORP generate in fiscal 2025?

Cash from operations of $917.0M minus capital expenditures of $86.0M left free cash flow of $831.0M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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