Revenue momentum has accelerated to 14.3% growth in 2026Q1, while gross margins have recovered to 49.6% from the 44.4% trough observed in 2023Q4.
| 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 |
|---|
| Sales/Revenue | 5.58B | 5.4B | 4.98B | 4.58B | 5.78B | 5.63B | 4.45B | 4.49B | 4.22B | 3.72B | 3.57B | 3.65B | 1.67B | 1.04B | 996.17M | 983.49M | 894.36M | 803.59M | 976.7M | 868.28M | 759.52M | 702.27M | 663.05M | 536.4M | 475.61M | 450.01M | 481.57M | 402.2M | 339.7M | 297.1M | 252.5M |
| Revenue Growth % | 9.17% | 8.33% | 8.66% | -20.71% | 2.74% | 26.51% | -0.83% | 6.33% | 13.33% | 4.14% | -2.08% | 118.43% | 60.98% | 4.2% | 1.29% | 9.97% | 11.3% | -17.72% | 12.49% | 14.32% | 8.15% | 5.91% | 23.61% | 12.78% | 5.69% | -6.55% | 19.73% | 18.4% | 14.34% | 17.66% | 69.92% |
| Cost of Goods Sold | 2.93B | 2.92B | 2.57B | 2.46B | 3.16B | 3B | 2.44B | 2.38B | 2.24B | 2.01B | 1.93B | 2.01B | 893M | 535M | 504.52M | 496.72M | 473.58M | 442.86M | 497.39M | 451.16M | 401.1M | 348.85M | 320.95M | 263.32M | 244.86M | 240.12M | 235.85M | 190M | 172.7M | 152.4M | 132.5M |
| COGS % of Revenue | - | 54.06% | 51.56% | 53.69% | 54.61% | 53.3% | 54.97% | 53.18% | 53.03% | 54.06% | 54.06% | 54.96% | 53.44% | 51.54% | 50.65% | 50.51% | 52.95% | 55.11% | 50.93% | 51.96% | 52.81% | 49.67% | 48.41% | 49.09% | 51.48% | 53.36% | 48.98% | 47.24% | 50.84% | 51.3% | 52.48% |
| Gross Profit | 2.65B | 2.48B | 2.41B | 2.12B | 2.62B | 2.63B | 2B | 2.1B | 1.98B | 1.71B | 1.64B | 1.64B | 778M | 503M | 491.64M | 486.77M | 420.77M | 360.72M | 479.31M | 417.12M | 358.42M | 353.42M | 342.1M | 273.08M | 230.75M | 209.89M | 245.72M | 212.2M | 167M | 144.7M | 120M |
| Gross Margin % | 47.47% | 45.94% | 48.44% | 46.31% | 45.39% | 46.7% | 45.03% | 46.82% | 46.97% | 45.94% | 45.94% | 45.04% | 46.56% | 48.46% | 49.35% | 49.49% | 47.05% | 44.89% | 49.07% | 48.04% | 47.19% | 50.33% | 51.59% | 50.91% | 48.52% | 46.64% | 51.02% | 52.76% | 49.16% | 48.7% | 47.52% |
| Gross Profit Growth % | - | 2.74% | 13.66% | -19.09% | -0.15% | 31.2% | -4.62% | 6.01% | 15.85% | 4.14% | -0.12% | 111.31% | 54.67% | 2.31% | 1% | 15.68% | 16.65% | -24.74% | 14.91% | 16.38% | 1.41% | 3.31% | 25.28% | 18.34% | 9.94% | -14.58% | 15.79% | 27.07% | 15.41% | 20.58% | 63.93% |
| Operating Expenses | 1.85B | 1.68B | 1.67B | 1.64B | 2.1B | 1.65B | 1.35B | 1.41B | 1.37B | 1.39B | 1.56B | 1.61B | 689M | 343M | 327.29M | 304.73M | 272.56M | 291.92M | 494.65M | 273.93M | 277.99M | 207.39M | 175.49M | 143.86M | 128.94M | 117.43M | 125.98M | 102.1M | 97.4M | 73.4M | 61M |
| OpEx % of Revenue | - | 31.12% | 33.55% | 35.82% | 36.24% | 29.31% | 30.4% | 31.39% | 32.5% | 37.29% | 43.7% | 44.03% | 41.23% | 33.04% | 32.86% | 30.98% | 30.48% | 36.33% | 50.65% | 31.55% | 36.6% | 29.53% | 26.47% | 26.82% | 27.11% | 26.1% | 26.16% | 25.39% | 28.67% | 24.71% | 24.16% |
| Selling, General & Admin | 1.13B | 1.09B | 981M | 915M | 982M | 935M | 787M | 826M | 811M | 749M | 751M | 763.02M | 351.52M | 234.24M | 222.07M | 209.45M | 202.4M | 185.23M | 218.65M | 203.35M | 159.44M | 149.62M | 126.16M | 108.53M | 94.86M | 82.18M | 81.9M | 71.1M | 64.7M | 34.6M | 29.2M |
| SG&A % of Revenue | - | 20.13% | 19.69% | 19.96% | 16.99% | 16.62% | 17.69% | 18.42% | 19.23% | 20.12% | 21.01% | 20.9% | 21.04% | 22.57% | 22.29% | 21.3% | 22.63% | 23.05% | 22.39% | 23.42% | 20.99% | 21.3% | 19.03% | 20.23% | 19.95% | 18.26% | 17.01% | 17.68% | 19.05% | 11.65% | 11.56% |
| Research & Development | 607M | 593M | 563M | 519M | 570M | 567M | 453M | 447M | 444M | 389M | 376M | 394.11M | 151.1M | 91.15M | 87.36M | 89.93M | 101.93M | 85.09M | 85.12M | 57.6M | 48.96M | 46M | 37.09M | 31.76M | 29.21M | 28.18M | 26.75M | 22M | 21.4M | 10.8M | 13.4M |
| R&D % of Revenue | - | 10.99% | 11.3% | 11.32% | 9.86% | 10.08% | 10.18% | 9.97% | 10.53% | 10.45% | 10.52% | 10.8% | 9.04% | 8.78% | 8.77% | 9.14% | 11.4% | 10.59% | 8.72% | 6.63% | 6.45% | 6.55% | 5.59% | 5.92% | 6.14% | 6.26% | 5.55% | 5.47% | 6.3% | 3.64% | 5.31% |
| Other Operating Expenses | 3M | 0 | 127M | 208M | 543M | 147M | 112M | 135M | 116M | 250M | 435M | 436M | 187M | 18M | 17.86M | 5.67M | 4.39M | 21.6M | 190.88M | 12.98M | 69.59M | 4.35M | 4.69M | 3.57M | 4.87M | 7.07M | 17.34M | 9M | 11.3M | 1M | 3M |
| Operating Income | 803M | 800M | 742M | 481M | 529M | 979M | 651M | 692M | 610M | 322M | 80M | 37M | 89M | 160M | 164.35M | 182.04M | 148.22M | 68.8M | -15.35M | 143.19M | 80.43M | 146.03M | 166.61M | 129.22M | 101.81M | 92.46M | 119.74M | 110.1M | 69.6M | 71.3M | 59M |
| Operating Margin % | 14.38% | 14.83% | 14.9% | 10.49% | 9.15% | 17.4% | 14.64% | 15.43% | 14.46% | 8.65% | 2.24% | 1.01% | 5.33% | 15.41% | 16.5% | 18.51% | 16.57% | 8.56% | -1.57% | 16.49% | 10.59% | 20.79% | 25.13% | 24.09% | 21.41% | 20.55% | 24.86% | 27.37% | 20.49% | 24% | 23.37% |
| Operating Income Growth % | - | 7.82% | 54.26% | -9.07% | -45.97% | 50.38% | -5.92% | 13.44% | 89.44% | 302.5% | 116.22% | -58.43% | -44.38% | -2.65% | -9.72% | 22.82% | 115.42% | 548.34% | -110.72% | 78.03% | -44.92% | -12.35% | 28.94% | 26.93% | 10.11% | -22.78% | 8.75% | 58.19% | -2.38% | 20.85% | 81.54% |
| EBITDA | 947M | 985M | 914M | 657M | 733M | 1.17B | 797M | 867M | 785M | 585M | 384M | 357M | 170M | 192M | 190.53M | 206.04M | 179.42M | 101.72M | 23.23M | 170.09M | 96.52M | 159.13M | 178.86M | 140.8M | 115.42M | 106.94M | 137.07M | 119.1M | 80.9M | 72.3M | 62M |
| EBITDA Margin % | 16.96% | 18.25% | 18.35% | 14.33% | 12.68% | 20.72% | 17.92% | 19.33% | 18.61% | 15.72% | 10.74% | 9.78% | 10.17% | 18.5% | 19.13% | 20.95% | 20.06% | 12.66% | 2.38% | 19.59% | 12.71% | 22.66% | 26.98% | 26.25% | 24.27% | 23.76% | 28.46% | 29.61% | 23.82% | 24.34% | 24.55% |
| EBITDA Growth % | -0.11% | 7.77% | 39.12% | -10.37% | -37.14% | 46.3% | -8.07% | 10.45% | 34.19% | 52.34% | 7.56% | 110% | -11.46% | 0.77% | -7.53% | 14.83% | 76.4% | 337.77% | -86.34% | 76.23% | -39.35% | -11.03% | 27.04% | 21.98% | 7.93% | -21.98% | 15.09% | 47.22% | 11.89% | 16.61% | 78.67% |
| D&A (Non-Cash Add-back) | 144M | 185M | 172M | 176M | 204M | 187M | 146M | 175M | 175M | 263M | 304M | 320M | 81M | 32M | 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 | 1M | 3M |
| EBIT | 878M | 800M | 765M | 585M | 936M | 973M | 636M | 687M | 615M | 315M | 64M | 13M | 79M | 171M | 164.38M | 184.38M | 149.4M | 79.94M | 156.96M | 145.04M | 80.43M | 146.03M | 166.63M | 129.92M | 105.18M | 94.3M | 119.74M | 110.1M | 69.6M | 71.3M | 59M |
| Net Interest Income | -218M | -108M | -129M | -133M | -60M | -5M | -76M | -89M | -91M | -227M | -193M | -193M | -62M | 0 | -207K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 218M | 108M | 129M | 133M | 60M | 5M | 76M | 89M | 91M | 227M | 193M | 193.96M | 62M | 0 | 207K | 1.94M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -241M | -240M | -107M | -147M | 15M | -11M | -91M | -94M | -86M | -234M | -209M | -217M | -72M | 4M | -177K | -2.32M | 1.39M | 1.72M | 3.43M | 24.19M | 21.21M | 14.25M | 9.47M | 6.77M | 9.08M | 3.68M | -7.83M | -1.3M | -4.5M | 14M | 1.8M |
| Pretax Income | 562M | 560M | 635M | 334M | 544M | 968M | 560M | 598M | 524M | 88M | -129M | -180M | 17M | 164M | 164.17M | 179.72M | 149.61M | 70.52M | -11.91M | 167.38M | 101.64M | 160.28M | 176.08M | 135.99M | 110.88M | 96.14M | 111.91M | 108.8M | 65.1M | 85.3M | 60.8M |
| Pretax Margin % | 10.07% | 10.38% | 12.75% | 7.29% | 9.41% | 17.2% | 12.59% | 13.33% | 12.42% | 2.36% | -3.61% | -4.93% | 1.02% | 15.8% | 16.48% | 18.27% | 16.73% | 8.78% | -1.22% | 19.28% | 13.38% | 22.82% | 26.56% | 25.35% | 23.31% | 21.36% | 23.24% | 27.05% | 19.16% | 28.71% | 24.08% |
| Income Tax | 144M | 141M | 107M | 38M | 81M | 131M | 56M | 54M | 103M | 71M | 8M | -22M | -15M | 30M | 42.28M | 49.38M | 44.99M | 23.42M | 26.51M | 57.26M | 32.02M | 54.1M | 60.94M | 44.3M | 39.29M | 34.61M | 40.29M | 39.2M | 25M | 30.8M | 22.8M |
| Effective Tax Rate % | 25.62% | 25.18% | 16.85% | 11.38% | 14.89% | 13.53% | 10% | 9.03% | 19.66% | 80.68% | -6.2% | 12.22% | -88.24% | 18.29% | 25.75% | 27.47% | 30.07% | 33.21% | -222.51% | 34.21% | 31.5% | 33.75% | 34.61% | 32.57% | 35.43% | 36% | 36% | 36.03% | 38.4% | 36.11% | 37.5% |
| Net Income | 418M | 419M | 528M | 296M | 463M | 837M | 504M | 544M | 421M | 17M | -137M | -158M | 32M | 134M | 122.9M | 174.64M | 101.78M | 47.1M | -38.42M | 110.11M | 70.95M | 106.18M | 115.14M | 91.7M | 71.59M | 61.53M | 71.62M | 69.6M | 40.1M | 51.8M | 36.1M |
| Net Margin % | 7.49% | 7.76% | 10.6% | 6.46% | 8.01% | 14.87% | 11.33% | 12.13% | 9.98% | 0.46% | -3.83% | -4.33% | 1.92% | 12.91% | 12.34% | 17.76% | 11.38% | 5.86% | -3.93% | 12.68% | 9.34% | 15.12% | 17.37% | 17.09% | 15.05% | 13.67% | 14.87% | 17.3% | 11.8% | 17.44% | 14.3% |
| Net Income Growth % | -23.86% | -20.64% | 78.38% | -36.07% | -44.68% | 66.07% | -7.35% | 29.22% | 2376.47% | 112.41% | 13.29% | -593.75% | -76.12% | 9.03% | -29.63% | 71.59% | 116.07% | 222.6% | -134.89% | 55.21% | -33.19% | -7.78% | 25.57% | 28.08% | 16.36% | -14.09% | 2.91% | 73.57% | -22.59% | 43.49% | 59.73% |
| Net Income (Continuing) | 418M | 419M | 528M | 296M | 463M | 837M | 504M | 544M | 421M | 17M | -137M | -158M | 32M | 134M | 121.9M | 130.34M | 104.61M | 47.1M | -38.42M | 110.11M | 69.63M | 106.18M | 115.14M | 91.7M | 71.59M | 61.53M | 71.62M | 69.6M | 40.1M | 54.5M | 38M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 133K | 1.01M | 44.3M | -2.84M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -2.7M | -1.9M |
| Minority Interest | 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 |
| EPS (Diluted) | 8.25 | 8.18 | 10.18 | 5.72 | 8.81 | 15.53 | 9.35 | 9.96 | 7.76 | 0.32 | -2.66 | -2.69 | 0.63 | 2.63 | 2.37 | 3.22 | 1.77 | 0.79 | -0.60 | 1.60 | 1.00 | 1.47 | 1.59 | 1.28 | 1.02 | 0.88 | 1.02 | 0.98 | 0.57 | 0.33 | 0.21 |
| EPS Growth % | -22.31% | -19.65% | 77.97% | -35.07% | -43.27% | 66.1% | -6.12% | 28.35% | 2325% | 112.03% | 1.12% | -526.98% | -76.05% | 10.97% | -26.4% | 81.92% | 124.05% | 231.67% | -137.5% | 60% | -31.97% | -7.55% | 24.22% | 25.49% | 15.91% | -13.73% | 4.08% | 71.93% | 72.73% | 57.14% | 16.67% |
| EPS (Basic) | - | 8.24 | 10.25 | 5.76 | 8.87 | 15.66 | 9.43 | 10.08 | 7.86 | 0.33 | -2.66 | -2.69 | 0.83 | 2.65 | 2.38 | 3.24 | 1.78 | 0.79 | -0.60 | 1.61 | 1.01 | 1.49 | 1.61 | 0.81 | 1.03 | 0.89 | 1.04 | 0.99 | 0.58 | 0.33 | 0.23 |
| Diluted Shares Outstanding | 50.65M | 51.21M | 51.88M | 51.71M | 52.56M | 53.9M | 53.91M | 54.59M | 54.25M | 53.69M | 51.58M | 51M | 51.38M | 51.06M | 51.84M | 54.19M | 57.43M | 59.42M | 64.52M | 68.91M | 70.96M | 72M | 72.4M | 71.51M | 70.35M | 69.48M | 70.1M | 70.92M | 70.15M | 54.63M | 54.49M |
| Basic Shares Outstanding | 50.36M | 50.82M | 51.49M | 51.38M | 52.21M | 53.45M | 53.44M | 53.99M | 53.56M | 53.02M | 51.58M | 50.97M | 50.79M | 50.69M | 51.57M | 53.85M | 57.14M | 59.31M | 64.52M | 68.46M | 70.52M | 71.36M | 71.56M | 70.7M | 69.71M | 68.95M | 69.28M | 70.14M | 69.57M | 54.63M | 54.49M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Cyclical channel inventory volatility
According to recent financial disclosures, Zebra Technologies achieved a 14.3% year-over-year revenue growth in 2026Q1, signaling a robust recovery from the significant contraction observed in 2023Q4, when sales plummeted by 32.9% as the company navigated a difficult period of channel inventory destocking and enterprise spending caution.
The recent acceleration suggests that the company is successfully moving past the inventory overhang that plagued its performance throughout 2024. Investors should monitor whether this growth is sustainable or merely a reflection of easier year-over-year comparisons following the prior period's sharp decline.
As reported in quarterly filings, Zebra's gross margin reached 49.6% in 2026Q1, demonstrating a notable recovery from the 44.4% trough seen in 2023Q4, which suggests that the company maintains significant pricing power despite the inherent cyclicality of its hardware-centric business model and reliance on third-party manufacturing.
The expansion in gross margins indicates that the company has successfully mitigated the impact of component cost fluctuations and freight premiums. However, the structural reliance on outsourced manufacturing warrants caution, as any future supply chain disruptions could quickly compress these margins back toward the mid-40% range.
Based on the provided income statement data, operating margins have struggled to scale proportionally with revenue, hovering near 14.4% in 2026Q1, which indicates that fixed costs like R&D and SG&A continue to exert significant pressure on the company's ability to translate top-line gains into bottom-line profitability.
While revenue is trending upward, the lack of significant operating margin expansion suggests that the company's cost structure remains relatively rigid. This may imply that management is prioritizing long-term R&D investments over short-term margin optimization, a strategy that requires consistent revenue growth to justify.
Analysis of recent SEC filings reveals that stock-based compensation reached $58.0 million in 2026Q1, a substantial increase from the $16.0 million reported in 2023Q4, which raises questions regarding the quality of earnings and the potential for ongoing shareholder dilution as the company incentivizes its workforce.
The rising trend in stock-based compensation suggests that non-cash expenses are becoming a more meaningful component of the company's cost structure. Investors should carefully evaluate how these charges impact the long-term growth of earnings per share, as they may mask underlying operational inefficiencies.
Quick answers to the most common questions about buying ZBRA stock.
For fiscal year 2025, Zebra Technologies Corporation (ZBRA) reported total revenue of $5.40B. This represents a 2037.0% increase compared to $252.5M in 1996.
Zebra Technologies Corporation (ZBRA) is profitable, generating $419.0M in net income for the fiscal year ending 2025 with a net profit margin of 7.8%.
Zebra Technologies Corporation (ZBRA) reported an operating income of $800.0M, resulting in an operating profit margin of 14.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Zebra Technologies Corporation (ZBRA) generated $2.48B in gross profit for the year, representing a gross profit margin of 45.9%. This demonstrates the company's core pricing power and production efficiency.