Zebra Technologies (ZBRA) financial statements
Zebra Technologies reported revenue of $5.4B in fiscal 2025, up 4.7% a year over 9 years.
Net income was $419M and the operating margin 13.0%, against 2.2% in 2016.
Free cash flow was $831M, and the company returned $587M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Zebra Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.6B | $3.7B | $4.2B | $4.5B | $4.4B | $5.6B | $5.8B | $4.6B | $5.0B | $5.4B |
| Cost of revenue | $1.9B | $2.0B | $2.2B | $2.4B | $2.4B | $3.0B | $3.2B | $2.5B | $2.6B | $2.8B |
| Gross profit | $1.6B | $1.7B | $2.0B | $2.1B | $2.0B | $2.6B | $2.6B | $2.1B | $2.4B | $2.6B |
| Research and development | $376M | $389M | $444M | $447M | $453M | $567M | $570M | $519M | $563M | $593M |
| Selling, general and admin | $751M | $749M | $811M | $826M | $787M | $935M | $982M | $915M | $981M | $1.1B |
| Operating income | $80M | $322M | $610M | $692M | $651M | $979M | $529M | $481M | $742M | $700M |
| Interest expense | $193M | $227M | $91M | $89M | $76M | $5M | — | — | — | — |
| Pre-tax income | -$129M | $88M | $524M | $598M | $560M | $968M | $544M | $334M | $635M | $560M |
| Income tax | $8M | $71M | $103M | $54M | $56M | $131M | $81M | $38M | $107M | $141M |
| Net income | -$137M | $17M | $421M | $544M | $504M | $837M | $463M | $296M | $528M | $419M |
| EPS (diluted) | -$2.65 | $0.32 | $7.76 | $9.97 | $9.35 | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
| Diluted shares | 52M | 54M | 54M | 55M | 54M | 54M | 53M | 52M | 52M | 51M |
| Gross margin | 45.9% | 45.9% | 47.0% | 46.8% | 45.0% | 46.7% | 45.4% | 46.3% | 48.4% | 48.1% |
| Operating margin | 2.2% | 8.7% | 14.5% | 15.4% | 14.6% | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
| Net margin | -3.8% | 0.5% | 10.0% | 12.1% | 11.3% | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% |
Balance sheet
Fiscal years, from Zebra Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $156M | $62M | $44M | $30M | $168M | $332M | $105M | $137M | $901M | $125M |
| Receivables | $625M | $479M | $520M | $613M | $508M | $752M | $768M | $521M | $692M | $801M |
| Inventory | $345M | $458M | $520M | $474M | $511M | $491M | $860M | $804M | $693M | $729M |
| Total current assets | $1.2B | $1.1B | $1.2B | $1.2B | $1.3B | $1.7B | $1.9B | $1.7B | $2.4B | $1.8B |
| Property, plant and equipment | $292M | $264M | $249M | $259M | $274M | $272M | $278M | $309M | $305M | $353M |
| Goodwill | $2.5B | $2.5B | $2.5B | $2.6B | $3.0B | $3.3B | $3.9B | $3.9B | $3.9B | $4.7B |
| Total assets | $4.6B | $4.3B | $4.3B | $4.7B | $5.4B | $6.2B | $7.5B | $7.3B | $8.0B | $8.5B |
| Total current liabilities | $949M | $1.0B | $1.3B | $1.4B | $1.9B | $1.8B | $2.3B | $1.6B | $1.7B | $1.9B |
| Long-term debt | $2.6B | $2.2B | $1.4B | $1.1B | $881M | $922M | $1.8B | $2.0B | $2.1B | $2.4B |
| Total liabilities | $3.8B | $3.4B | $3.0B | $2.9B | $3.2B | $3.2B | $4.8B | $4.3B | $4.4B | $4.9B |
| Shareholders' equity | $792M | $834M | $1.3B | $1.8B | $2.1B | $3.0B | $2.7B | $3.0B | $3.6B | $3.6B |
| Net debt | $2.5B | $2.2B | $1.5B | $1.2B | $1.1B | $659M | $1.9B | $2.1B | $1.3B | $2.4B |
Cash flow
Fiscal years, from Zebra Technologies's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $380M | $478M | $785M | $685M | $962M | $1.1B | $488M | -$4M | $1.0B | $917M |
| Capital spending | $77M | $50M | $64M | $61M | $67M | $59M | $75M | $87M | $59M | $86M |
| Free cash flow | $303M | $428M | $721M | $624M | $895M | $1.0B | $413M | -$91M | $954M | $831M |
| Stock-based compensation | $27M | $35M | $45M | $48M | $51M | $76M | $88M | $55M | $89M | $163M |
| Share buybacks (net) | — | $0 | $0 | -$47M | -$200M | -$57M | -$751M | -$52M | -$47M | -$587M |
| Net borrowing | -$382M | -$454M | -$657M | -$312M | -$40M | -$257M | $1.0B | $195M | -$43M | $328M |
| Free cash flow margin | 8.5% | 11.5% | 17.1% | 13.9% | 20.1% | 17.9% | 7.1% | -2.0% | 19.2% | 15.4% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ZBRA.
Open ZBRA in InvestinglyQuestions
What was Zebra Technologies's revenue in 2025?
$5.4B in fiscal 2025, from its 10-K filing.
How much free cash flow does Zebra Technologies generate?
$831M in fiscal 2025 (operating cash flow minus capital spending).
From Zebra Technologies's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.