Revenue growth re-accelerated to 22.3% year over year in 2026Q3, but gross margin swung between 44.6% and 53.0% across recent quarters and operating margin compressed from 20.6% to 14.7%, suggesting sensitivity to product mix and pricing.
Zebra Technologies Corporation (ZBRA) annual income statement — 30-year revenue, gross profit & net income history
| 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 | 6.14B | 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 % | 16.86% | 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 | 3.18B | 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 | 2.96B | 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 % | 48.25% | 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 | 1.97B | 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 | 1.2B | 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 | 634M | 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 | 995M | 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 % | 16.2% | 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 | 1.22B | 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 % | 19.93% | 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 % | 28.3% | 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) | 229M | 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 | 892M | 668M | 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 | -144M | -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 | 144M | 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 | -247M | -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 | 748M | 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 % | 12.18% | 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 | 146M | 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 % | 19.52% | 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 | 602M | 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 % | 9.8% | 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 % | 17.58% | -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) | 602M | 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) | 12.59 | 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 % | 21.88% | -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 | 47.81M | 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 | 47.28M | 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 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Volatile net income conversion
Metrics are mathematically derived from official filings.
Revenue Re-Accelerates Off a Flat Base
Based on reported quarterly figures, ZBRA's revenue grew 22.3% year over year in 2026Q3 after bottoming near 0.2% in 2024Q2, suggesting a sharp reacceleration that investors should test for durability beyond the current cycle.
The series shows a cyclical pattern rather than a steady compounding trajectory, with growth oscillating between roughly 0% and over 30% across the ten quarters. The most recent acceleration coincides with a step up in quarterly revenue to about $1.6B, which may reflect a recovery in enterprise hardware and scanning demand rather than a structural shift. Investors should monitor whether sequential revenue holds above the $1.5B level, since a return to low single-digit growth would undermine the current narrative.
Gross Margin Swings Signal Mix Sensitivity
As reported in financial statements, ZBRA's gross margin ranged from 44.6% in 2025Q4 to 53.0% in 2026Q2, a 840 basis point spread that points to meaningful sensitivity in product mix or pricing.
The wide quarterly range is more consistent with variable hardware and channel mix than with stable recurring software economics. The 2026Q2 peak at 53.0% appears to have been followed by a decline to 45.7% in 2026Q3 as COGS rose sharply to $876.0M, which warrants further investigation into whether this reflects component cost inflation or discounting. Peer gross margins vary widely, so the gap to structurally higher-margin peers such as TRMB at 68.3% suggests ZBRA's pricing power is more limited.
Operating Leverage Remains Uneven
Based on ZBRA's reported figures, operating margin moved from 13.7% in 2024Q2 to 20.6% in 2026Q2 before compressing to 14.7% in 2026Q3, indicating operating income has not consistently scaled with gross profit.
SG&A has risen from $247.0M to $305.0M over the period, growing more slowly than revenue overall but absorbing a larger share of gross profit in the latest quarter. The 2026Q3 operating income of $237.0M against gross profit of $738.0M implies that cost absorption, rather than volume alone, is driving margin outcomes. This suggests operating leverage is conditional on gross margin stability, which the data does not yet demonstrate.
Net Income Diverges From Operating Trend
According to reported financial statements, ZBRA's net margin fell from 15.0% in 2026Q2 to 10.2% in 2026Q3 while operating margin fell less sharply, suggesting non-operating or tax items are influencing reported earnings.
The gap between operating and net income is material in several quarters, such as 2025Q4 where operating income of $222.0M produced net income of only $70.0M. Stock-based compensation is volatile, ranging from $21.0M to $58.0M, and its effect on reported EPS should be weighed alongside these swings. Without disclosure of tax rates or non-operating line items in the supplied data, the cause of the divergence cannot be confirmed and should be treated as data unavailable.
Bear Case Centers on Cyclical Peaks
Based on reported quarterly figures, the 2026Q2 peak in revenue growth and margins may prove non-recurring, since EPS growth swung from 110.0% to 74.1% within one quarter and net margin fell by nearly 5 points.
A skeptical reading would argue that the recent earnings strength reflects a cyclical restocking pulse rather than durable demand, given the reversal in gross margin and net income in 2026Q3. Peer revenue growth is flat to negative for several comparable companies, which may indicate that ZBRA's recent reacceleration is company-specific and therefore harder to sustain. Investors should weigh whether trailing EPS growth extrapolates reliably, since the quarterly data shows substantial mean reversion.