Operating cash flow to net income ranged from 0.91 in 2026Q2 to 5.10 in 2025Q4, and capital expenditure stayed between 0.8% and 2.0% of revenue, suggesting lumpy working capital timing rather than steady cash conversion while buybacks absorbed substantial cash.
Zebra Technologies Corporation (ZBRA) cash flow statement — 30-year operating, investing & financing cash flows
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Cash from Operations | 1.07B | 917M | 1.01B | -4M | 488M | 1.07B | 962M | 685M | 785M | 478M | 372M | 102.58M | 240.32M | 194.77M | 183.33M | 79.62M | 140.46M | 105.7M | 125.21M | 158.12M | 88.25M | 92.59M | 111.26M | 104.52M | -13.39M | 14.08M | 133.92M | 23M | 31.7M | -5.3M | 1.5M |
| Operating CF Margin % | - | 16.99% | 20.34% | -0.09% | 8.44% | 19% | 21.63% | 15.27% | 18.61% | 12.84% | 10.41% | 2.81% | 14.38% | 18.76% | 18.4% | 8.1% | 15.71% | 13.15% | 12.82% | 18.21% | 11.62% | 13.18% | 16.78% | 19.49% | -2.82% | 3.13% | 27.81% | 5.72% | 9.33% | -1.78% | 0.59% |
| Operating CF Growth % | 96.95% | -9.48% | 25425% | -100.82% | -54.35% | 11.12% | 40.44% | -12.74% | 64.23% | 28.49% | 262.65% | -57.32% | 23.39% | 6.24% | 130.25% | -43.31% | 32.89% | -15.58% | -20.82% | 79.17% | -4.69% | -16.78% | 6.45% | 880.4% | -195.15% | -89.49% | 482.27% | -27.44% | 698.11% | -453.33% | -87.18% |
| Net Income | 602M | 419M | 528M | 296M | 463M | 837M | 504M | 544M | 421M | 17M | -137M | -137.33M | 32.43M | 134.36M | 122.9M | 174.64M | 101.78M | 47.1M | -38.42M | 110.11M | 70.95M | 111.6M | 120.64M | 91.7M | 71.59M | 61.53M | 71.62M | 69.6M | 40.1M | 40.1M | 28.9M |
| Depreciation & Amortization | 229M | 185M | 172M | 176M | 204M | 187M | 146M | 175M | 175M | 263M | 304M | 319.88M | 81.37M | 32.11M | 26.18M | 24M | 31.21M | 32.91M | 38.58M | 26.9M | 16.09M | 13.1M | 12.26M | 11.58M | 13.62M | 14.48M | 17.34M | 9M | 11.3M | 4.3M | 3.8M |
| Stock-Based Compensation | 169M | 163M | 89M | 55M | 88M | 76M | 51M | 48M | 45M | 35M | 27M | 31.47M | 19.89M | 13.11M | 14.73M | 14.1M | 11.87M | 11.47M | 14.96M | 15.07M | 7.54M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Taxes | -34M | 21M | -94M | -36M | -210M | -69M | -40M | -42M | 2M | -9M | -44M | -123.5M | -44.34M | 7.93M | 8.07M | 10.8M | 6.36M | 16.25M | -23.14M | -5.48M | -6.74M | -834K | -2.36M | -697K | -616K | 2.87M | -6.08M | 1.2M | 2M | -3.2M | -500K |
| Other Non-Cash Items | 85M | 59M | 69M | 20M | -84M | -29M | 37M | 23M | 2M | 106M | 92M | 14.8M | 4.76M | -4.25M | 6.92M | -69.63M | -302K | 701K | 156.29M | 932K | 9.16M | 3.81M | 6.99M | 5.68M | 3.27M | 3.52M | 7.46M | 0 | 0 | -9.3M | -24M |
| Working Capital Changes | 17M | 70M | 249M | -515M | 27M | 67M | 264M | -63M | 140M | 66M | 130M | -2.74M | 146.21M | 11.51M | 4.54M | -74.28M | -10.46M | -2.73M | -23.07M | 10.58M | -8.74M | -35.1M | -26.27M | -3.74M | -101.27M | -68.32M | 43.58M | -56.8M | -21.7M | -37.2M | -6.7M |
| Change in Receivables | -325M | -39M | -181M | 249M | -5M | -239M | 130M | -96M | -31M | 161M | 34M | -6.45M | -69.63M | -6.49M | -8.65M | -3.27M | -4.6M | 8.75M | -33.75M | 4.45M | -4.29M | -20.42M | -11.49M | -5.14M | -1.63M | 16.22M | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | -101M | 54M | 105M | 50M | -341M | 18M | -42M | 51M | -43M | -110M | 34M | -9.83M | -2.4M | 2.74M | 11.53M | -19.55M | -33.88M | 22.32M | -26.22M | -134K | -13.43M | -6.2M | -15.46M | -1.66M | 2.92M | 17.28M | -7.18M | -2.7M | 4.2M | -900K | -1.1M |
| Change in Payables | 310M | 1M | 176M | -365M | 92M | 96M | 47M | -5M | 122M | -40M | 125M | -29.32M | 62.19M | 7.54M | -14.61M | -5.44M | 6.62M | -16.11M | 17.9M | -3.42M | -1.87M | 3.79M | 6.42M | -3.16M | -939K | -9.42M | 0 | 0 | 0 | 0 | 0 |
| Cash from Investing | -1.37B | -1.46B | -57M | -92M | -968M | -546M | -641M | -335M | -137M | -51M | -39M | -139.33M | -3.1B | -153.15M | -105.53M | 53.22M | -39.62M | -40.65M | 25.84M | -56.74M | -18.53M | -24.33M | -122.67M | -127.63M | -8.48M | -9.61M | -97.42M | -4.4M | -25.6M | 6.2M | -6.7M |
| Capital Expenditures | -80M | -86M | -59M | -87M | -75M | -59M | -67M | -61M | -64M | -50M | -77M | -114.25M | -31.29M | -21.71M | -25.94M | -28.15M | -34.22M | -25.32M | -42.24M | -26.87M | -37.29M | -14.29M | -16.24M | -8.41M | -8.48M | -9.61M | -8.95M | -11.3M | -25.6M | -5.3M | -6M |
| CapEx % of Revenue | 1.3% | 1.59% | 1.18% | 1.9% | 1.3% | 1.05% | 1.51% | 1.36% | 1.52% | 1.34% | 2.15% | 3.13% | 1.87% | 2.09% | 2.6% | 2.86% | 3.83% | 3.15% | 4.32% | 3.09% | 4.91% | 2.03% | 2.45% | 1.57% | 1.78% | 2.14% | 1.86% | 2.81% | 7.54% | 1.78% | 2.38% |
| Acquisitions | -1.3B | -1.36B | 0 | 0 | -881M | -452M | -548M | -262M | -72M | 0 | 39M | -51.89M | -3.4B | -95.33M | -32.3M | 161.21M | 3.5M | 425K | -18.59M | -286.76M | -2.68M | -7.66M | 0 | -13.68M | 0 | 0 | -88.48M | 0 | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 10M | 0 | 0 | 0 | 0 | -7M | 0 | 0 | -1M | -1M | 39M | 26M | 327M | -38M | -83.09M | 159.97M | -3.5M | -425K | 14.8M | -26.73M | -18.09M | -13.75M | 0 | 0 | 107.14M | 80.08M | 0 | 0 | 0 | 0 | -1M |
| Cash from Financing | -570M | -239M | -190M | 117M | 253M | -371M | -157M | -365M | -661M | -517M | -376M | -149.17M | 3.19B | -44.17M | -49.43M | -145.8M | -92.87M | -60.46M | -150.25M | -102.8M | -56.3M | -58.84M | 14.86M | 17.42M | 13.03M | 8.86M | -48.67M | 10M | -6.3M | 1M | 400K |
| Debt Issued (Net) | 395M | 328M | -43M | 195M | 1.03B | -257M | -41M | -319M | -660M | -524M | -382M | -165M | 3.19B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -171K | -434K | -200K | -74K | -31K | -462K | -200K | -300K | -900K | -900K |
| Equity Issued (Net) | -951M | -587M | -47M | -52M | -751M | -57M | -200M | -47M | 0 | 0 | 0 | 0 | 21.73M | -63M | -54.37M | -160.2M | -102.09M | -65.44M | -157.58M | -103.72M | -57.82M | -58.67M | 15.53M | 17.76M | 13.11M | 8.89M | -48.21M | 10.2M | -6.1M | 2M | 100K |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -946M | -587M | -47M | -52M | -751M | -57M | -200M | -47M | 0 | 0 | -8M | -13M | -5M | -63M | -54.37M | -160.2M | -102.09M | -65.44M | -157.58M | -112.09M | -68.22M | -70.42M | 0 | 0 | 0 | 0 | -55.51M | 0 | -8.1M | 0 | -800K |
| Other Financing | -14M | 20M | -100M | -26M | -25M | -57M | 84M | 1M | -1M | 7M | 6M | 15.83M | -18.49M | 19M | 4.94M | 14.4M | 9.22M | 4.99M | 7.34M | 921K | 1.51M | 0 | -238K | -142K | 0 | -1K | 0 | 0 | 100K | -100K | 100K |
| Net Change in Cash | -871M | -776M | 763M | 21M | -227M | 140M | 162M | -14M | -18M | -94M | -36M | -201.56M | 331.12M | -1.91M | 28.32M | -11.12M | 8.53M | 5.68M | -4.94M | -1.44M | 15.39M | 7.64M | 3.72M | -4.15M | -7.91M | 12.55M | -13.69M | 27.1M | 500K | 1M | 400K |
| Free Cash Flow | 988M | 831M | 954M | -91M | 413M | 1.01B | 895M | 624M | 721M | 428M | 295M | -11.68M | 209.03M | 173.06M | 157.39M | 51.47M | 106.24M | 80.38M | 82.97M | 131.25M | 50.96M | 78.3M | 95.01M | 96.11M | -21.87M | 4.46M | 124.97M | 11.7M | 6.1M | -10.6M | -4.5M |
| FCF Margin % | 16.09% | 15.4% | 19.15% | -1.99% | 7.14% | 17.95% | 20.12% | 13.91% | 17.09% | 11.5% | 8.25% | -0.32% | 12.51% | 16.67% | 15.8% | 5.23% | 11.88% | 10% | 8.49% | 15.12% | 6.71% | 11.15% | 14.33% | 17.92% | -4.6% | 0.99% | 25.95% | 2.91% | 1.8% | -3.57% | -1.78% |
| FCF Growth % | 24.75% | -12.89% | 1148.35% | -122.03% | -59.11% | 12.85% | 43.43% | -13.45% | 68.46% | 45.08% | 2626.77% | -105.59% | 20.79% | 9.95% | 205.78% | -51.55% | 32.17% | -3.11% | -36.79% | 157.53% | -34.92% | -17.59% | -1.14% | 539.39% | -590.12% | -96.43% | 968.15% | 91.8% | 157.55% | -135.56% | -160.81% |
| FCF per Share | 20.66 | 16.23 | 18.39 | -1.76 | 7.86 | 18.74 | 16.60 | 11.43 | 13.29 | 7.97 | 5.72 | -0.23 | 4.07 | 3.39 | 3.04 | 0.95 | 1.85 | 1.35 | 1.29 | 1.90 | 0.72 | 1.09 | 1.31 | 1.34 | -0.31 | 0.06 | 1.78 | 0.16 | 0.09 | -0.19 | -0.08 |
| FCF Conversion (FCF/Net Income) | 1.64x | 2.19x | 1.92x | -0.01x | 1.05x | 1.28x | 1.91x | 1.26x | 1.86x | 28.12x | -2.72x | -0.65x | 7.51x | 1.45x | 1.49x | 0.46x | 1.38x | 2.24x | -3.26x | 1.44x | 1.24x | 0.87x | 0.97x | 1.14x | -0.19x | 0.23x | 1.87x | 0.33x | 0.79x | -0.10x | 0.04x |
| Interest Paid | 121M | 129M | 55M | 111M | 58M | 32M | 38M | 63M | 90M | 195M | 180M | 183M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 85M | 134M | 124M | 252M | 168M | 199M | 107M | 140M | 76M | 65M | 81M | 38M | 17M | 18M | 20.06M | 65.36M | 26.56M | 10.74M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Quick answers to the most common questions about buying ZBRA stock.
Zebra Technologies Corporation (ZBRA) generated $917.0M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Zebra Technologies Corporation (ZBRA) generated $831.0M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Zebra Technologies Corporation (ZBRA) spent $86.0M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Zebra Technologies Corporation (ZBRA) spent $587.0M on share repurchases. This shows the company's commitment to returning capital to its equity investors.
Key Metrics
Top Statement Risk
Lumpy operating cash conversion
Metrics are mathematically derived from official filings.
Operating Cash Conversion Swings Sharply Quarter to Quarter
Based on reported quarterly figures, ZBRA's operating cash flow to net income ratio ranged from 0.91 in 2026Q2 to 5.10 in 2025Q4, a spread so wide that it suggests working capital timing rather than steady earnings quality is driving reported cash generation.
The ratio exceeding 2.0 in most quarters indicates operating cash flow has generally run well ahead of reported net income, which would normally support earnings quality. However, the 5.10x reading in 2025Q4 and the sub-1.0x reading in 2026Q2 point to large swings in working capital rather than a stable underlying conversion rate. Investors should treat the trailing average as more informative than any single quarter, and monitor whether working capital releases reverse in coming periods.
Free Cash Flow Margins Rebuild From Trough
According to reported financial statements, ZBRA's free cash flow margin recovered from 10.1% in 2025Q2 to 18.6% in 2026Q3, though it remains below the 22.8% peak reached in 2024Q2 and the trend is not yet monotonic.
The recent recovery in free cash flow margin is meaningful, but the 2026Q3 reading of 18.6% sits well below the 2024 level, suggesting the business has not yet regained its prior cash productivity. Free cash flow has been consistently positive across all ten quarters, which limits downside concern on liquidity. The gap between free cash flow and reported net income in several quarters, particularly 2026Q3 where free cash flow was roughly 1.8 times net income, warrants further investigation into the sustainability of that spread.
Capital Intensity Remains Structurally Low
Based on ZBRA's reported figures, capital expenditure has consistently run between 0.8% and 2.0% of revenue, indicating a light asset base where cash generation is driven primarily by working capital and earnings rather than reinvestment needs.
Low capital intensity means depreciation and amortization of roughly 40 to 60 million per quarter is largely being offset by modest reinvestment, which may indicate limited need for maintenance spending. The 2025Q4 CapEx-to-revenue reading of 2.0% is the highest in the set and appears to be a modest outlier rather than a trend. Investors should note that low capex supports free cash flow conversion but does not by itself confirm growth capacity.
Buybacks Absorb Cash in Volatile Pattern
As reported in financial statements, ZBRA repurchased shares for 300 million in 2026Q1 and 268 million in 2026Q2, while paying no dividends across the period, suggesting management has prioritized equity repurchases as the primary use of excess cash.
Share repurchases have been sizable and irregular, reaching roughly 300 million in a single quarter, which is significant relative to quarterly free cash flow in the 130 to 330 million range. Zero dividend payments indicate the capital return strategy is concentrated in buybacks, which may be less predictable for shareholders. The Acquisitions line shows a 1.3 billion outflow in 2025Q4, a figure that dwarfs any other deployment and warrants further investigation into its strategic rationale and return profile.
Working Capital Could Be Masking Underlying Weakness
Based on reported quarterly figures, large swings in working capital change, including a 151 million outflow in 2026Q2 and a 189 million inflow in 2025Q4, may obscure the underlying cash trend that the headline free cash flow figures suggest.
When working capital moves by this magnitude in both directions, reported operating cash flow can overstate or understate the durable cash generation of the business. The strong 2025Q4 operating cash flow of 357 million coincided with a 1.3 billion acquisition outflow in the same period, so the quarter's net cash position is hard to interpret without further detail. Investors should avoid extrapolating any single quarter and should test whether free cash flow remains positive once working capital is normalized over a full cycle.