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Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide. It operates in two segments, Connected Frontline, and Asset Visibility and Automation. The company designs, manufactures, and sells printers that produce labels, wristbands, tickets, receipts, and plastic cards; dye-sublimination thermal card printers that produce images, which are used for personal identification, access control, and financial transactions; radio frequency identification device (RFID) printers that encode data into passive RFID transponders; accessories and options for printers, including carrying cases, vehicle mounts, and battery chargers; stock and customized thermal labels, receipts, ribbons, plastic cards, and RFID tags for printers; and electronic sensors and temperature-monitoring labels. It also provides various maintenance, technical support, repair, and managed and professional services; fixed readers, RFID enabled mobile computers, and RFID sleds; tags, sensors, exciters, middleware software, and application software; and physical inventory management solutions; rugged and enterprise-grade mobile computing products and accessories, as well as real-time location systems and services. In addition, the company offers barcode scanners and imagers, RFID readers, industrial machine vision cameras, and fixed industrial scanners; point-of-sale solutions, self-serve kiosks, and interactive touchscreen displays; workflow optimization solutions, such as workforce management, workflow execution and task management, and prescriptive analytics, and communications and collaboration solutions; and cloud-based software. The company serves retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries through direct sales force and network of channel partners. The company was founded in 1969 and is headquartered in Lincolnshire, Illinois.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $5.4B | $853M | $419M | $831M | 11.7% | 8.3% | -20.6% |
| 2024 | $5.0B | $905M | $528M | $954M | 14.7% | 8.7% | 78.4% |
| 2023 | $4.6B | $643M | $296M | $-91M | 9.7% | -20.7% | -36.1% |
| 2022 | $5.8B | $1.1B | $463M | $413M | 16.9% | - | - |
| 2021 |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 5,781 | 4,584 | 4,981 | 5,396 |
| Operating Revenue | - | 5,781 | 4,584 | 4,981 | 5,396 |
| Cost Of Revenue | - | 3,157 | 2,461 | 2,568 | 2,803 |
| Gross Profit | - | 2,624 | 2,123 | 2,413 | 2,593 |
| Operating Expense | - | 1,688 | 1,538 | 1,648 | 1,793 |
| Research And Development | - | 570 | 519 | 563 | 593 |
| Selling General And Administration | - | 982 | 915 | 981 | 1,086 |
| Total Expenses | - | 4,845 | 3,999 | 4,216 | 4,596 |
| Operating Income | - | 936 | 585 | 765 | 800 |
| Total Operating Income As Reported | - | 529 | 481 | 742 | 700 |
| EBITDA | - | 1,140 | 643 | 905 | 853 |
| Normalized EBITDA | - | 1,550 | 749 | 923 | 971 |
| EBIT | - | 936 | 467 | 733 | 668 |
| Interest Income | - | 23 | - | - | - |
| Interest Expense | 5 | - | 133 | 98 | 108 |
| Net Interest Income | - | 23 | -133 | -98 | -108 |
| Other Non Operating Income Expenses | - | -5 | -12 | -14 | -14 |
| Other Income Expense | - | -415 | -118 | -32 | -132 |
| Interest Income Non Operating | - | 23 | - | - | - |
| Interest Expense Non Operating | 5 | - | 133 | 98 | 108 |
| Net Non Operating Interest Income Expense | - | 23 | -133 | -98 | -108 |
| Pretax Income | - | 544 | 334 | 635 | 560 |
| Tax Provision | - | 81 | 38 | 107 | 141 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -61.09 | -12.08 | -3.04 | -29.74 |
| Net Income Continuous Operations | - | 463 | 296 | 528 | 419 |
| Net Income From Continuing And Discontinued Operation | - | 463 | 296 | 528 | 419 |
| Net Income From Continuing Operation Net Minority Interest | - | 463 | 296 | 528 | 419 |
| Net Income | - | 463 | 296 | 528 | 419 |
| Net Income Common Stockholders | - | 463 | 296 | 528 | 419 |
| Net Income Including Noncontrolling Interests | - | 463 | 296 | 528 | 419 |
| Normalized Income | - | 811.91 | 389.92 | 542.96 | 507.26 |
| Diluted NI Availto Com Stockholders | - | 463 | 296 | 528 | 419 |
| Basic Average Shares | - | 52.21 | 51.38 | 51.49 | 50.82 |
| Diluted Average Shares | - | 52.56 | 51.71 | 51.88 | 51.21 |
| Reconciled Depreciation | - | 204 | 176 | 172 | 185 |
| Reconciled Cost Of Revenue | - | 3,089 | 2,389 | 2,500 | 2,732 |
| Total Unusual Items | - | -410 | -106 | -18 | -118 |
| Total Unusual Items Excluding Goodwill | - | -410 | -106 | -18 | -118 |
| Special Income Charges | - | -407 | -104 | -23 | -100 |
| Other Special Charges | - | 372 | - | - | - |
| Restructuring And Mergern Acquisition | - | 35 | 104 | 23 | 100 |
| Gain On Sale Of Security | - | -3 | -2 | 5 | -18 |
| Depreciation Amortization Depletion Income Statement | - | 136 | 104 | 104 | 114 |
| Depreciation And Amortization In Income Statement | - | 136 | 104 | 104 | 114 |
| General And Administrative Expense | - | 375 | 334 | 381 | 433 |
| Other Gand A | - | 375 | 334 | 381 | 433 |
| Total Other Finance Cost | 5 | -23 | 133 | 98 | - |
| Selling And Marketing Expense | - | 607 | 581 | 600 | 653 |
| Amortization | - | 136 | 104 | 104 | 114 |
| Amortization Of Intangibles Income Statement | - | 136 | 104 | 104 | 114 |
Technology sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Zebra Technologies Corporationthis co. | ZBRA | $11.7B | 27.91 | 3.26 | 11.7% | 16.72 |
| Leidos Holdings, Inc. | LDOS | $15.7B | 10.82 | 3.19 | 29.5% | 8.24 |
| Sanmina Corporation | SANM | $15.0B | 61.06 | 6.38 | 10.4% | 30.04 |
| Trimble Inc. | TRMB | $13.0B | 30.62 | 2.22 | 7.3% | 18.02 |
| Tyler Technologies, Inc. | TYL | $12.7B |
| - |
| - |
| - |
| - |
| - |
| - |
| - |
| 40.17 |
| 3.42 |
| 8.5% |
| 22.50 |
| GoDaddy Inc. | GDDY | $11.2B | 12.84 | 52.23 | 406.8% | 10.88 |
| Gartner, Inc. | IT | $11.0B | 15.14 | 34.50 | 228.0% | 9.79 |
| FormFactor, Inc. | FORM | $9.9B | 181.56 | 9.53 | 5.3% | 89.55 |
| Jack Henry & Associates, Inc. | JKHY | $9.3B | 20.38 | 4.36 | 21.4% | 11.65 |
| Peer Median | - | 25.50 | 5.37 | 15.9% | 14.84 | |