Cash conversion remains healthy with an OCF/NI ratio of 1.30 in 2026Q1, though liquidity has tightened as the current ratio compressed to 0.96 from 1.43 in 2024Q4.
| 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 | 915M | 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 % | -53.48% | -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 | 418M | 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 | 200M | 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 | 170M | 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 | 44M | 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 | 69M | 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 | 14M | 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 | -56M | -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 | 73M | 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 | -42M | 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 | -1.38B | -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 | -79M | -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 | 1.42% | 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 | 1M | 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 | -305M | -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) | 477M | 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) | -767M | -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 | -762M | -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 | -15M | 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 | -765M | -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 | 836M | 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 % | 14.97% | 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 % | -16.48% | -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 | 16.50 | 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) | 2.00x | 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 | 139M | 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 | 140M | 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 |
Cyclical channel inventory volatility
According to recent financial statements, Zebra's operating cash flow consistently exceeds net income, with the OCF/NI ratio reaching 1.30 in 2026Q1, suggesting that reported earnings may be conservative relative to the actual cash-generating capacity of the underlying business model during this recovery phase.
The persistent gap between net income and operating cash flow indicates that non-cash charges and working capital adjustments are significantly bolstering the company's cash position. Investors should monitor whether this conversion quality remains sustainable as the company moves past its recent restructuring phase and into a period of normalized operational activity.
As reported in quarterly filings, Zebra's free cash flow margin fluctuated significantly, ranging from a low of 9.4% in 2024Q1 to a peak of 22.8% in 2024Q2, highlighting the sensitivity of cash generation to the company's hardware-centric revenue model and its reliance on enterprise spending cycles.
The volatility in FCF margins appears to be driven by the timing of large-scale hardware deployments and the subsequent impact on working capital. While the trajectory shows improvement from the 2023Q4 trough, the inconsistency in cash flow generation warrants further investigation into the predictability of future cash flows.
Based on reported figures, working capital changes have been a primary driver of cash flow variance, with a notable $189.0 million inflow in 2025Q4 contrasting sharply with an $84.0 million outflow in 2026Q1, illustrating the impact of channel inventory management on the company's liquidity.
These swings suggest that Zebra's cash flow is highly susceptible to the bullwhip effect inherent in its distribution model. The recent outflow in 2026Q1 may indicate a strategic build-up of inventory to meet anticipated demand, though it highlights the operational risks associated with managing channel-level stock levels.
Analysis of recent SEC filings reveals that Zebra has prioritized share repurchases, with $300.0 million deployed in 2026Q1 alone, alongside significant acquisition activity, such as the $1.3 billion outlay in 2025Q4, signaling a management focus on inorganic growth and returning capital to shareholders.
The heavy reliance on share buybacks and acquisitions suggests a management team confident in the company's long-term competitive position. However, investors should monitor whether this aggressive deployment of cash limits the company's flexibility to navigate future cyclical downturns or unexpected supply chain disruptions.
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.