Form 8-K

8-K — ZEBRA TECHNOLOGIES CORP

Accession: 0001628280-26-052158

Filed: 2026-08-04

Period: 2026-08-04

CIK: 0000877212

SIC: 3560 (GENERAL INDUSTRIAL MACHINERY & EQUIPMENT)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — zbra-20260804.htm (Primary)

EX-99.1 (zbraex99120260704.htm)

GRAPHIC (zebralogostacked.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: zbra-20260804.htm · Sequence: 1

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0000877212false00008772122026-05-122026-05-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of report (Date of earliest event reported): August 4, 2026

ZEBRA TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware 000-19406 36-2675536

(State or Other Jurisdiction

of Incorporation) (Commission

File Number) (IRS Employer

Identification No.)

3 Overlook Point, Lincolnshire, Illinois

60069

(Address of Principal Executive Offices) (Zip Code)

Registrant’s telephone number, including area code: 847-634-6700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol Name of exchange on which registered

Class A Common Stock, par value $.01 per share ZBRA The NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Conditions.

The information contained in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On August 4, 2026, we announced our results of operations and financial position as of and for the second quarter ended July 4, 2026. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits.

Exhibit Number Description of Exhibits

99.1

Registrant’s Press Release dated August 4, 2026.

104 Cover Page Interactive Data File (embedded within the inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZEBRA TECHNOLOGIES CORPORATION

Date: August 4, 2026 By: /s/ Cristen Kogl

Cristen Kogl

Chief Legal Officer, General Counsel & Corporate Secretary

EXHIBIT INDEX

Exhibit Number Description of Exhibits

99.1

Registrant’s Press Release dated August 4, 2026

104 Cover Page Interactive Data File (embedded within the inline XBRL)

EX-99.1

Filename: zbraex99120260704.htm · Sequence: 2

Document

Exhibit 99.1

Zebra Technologies Corporation

3 Overlook Point

Lincolnshire, IL 60069 USA

+1 847 634 6700

www.zebra.com

Zebra Technologies Announces Second Quarter 2026 Results

Delivers record performance with broad-based growth across segments and regions

Raises full year outlook

Lincolnshire, Ill., August 4, 2026 — Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitizing and automating workflows to deliver intelligent operations, today announced results for the second quarter ended July 4, 2026.

Second-Quarter Financial Highlights

•Net sales of $1,557 million; year-over-year increase of 20.4%

•Net income of $233 million and net income per diluted share of $4.85

•Non-GAAP diluted EPS increased year-over-year to $6.35

•Adjusted EBITDA increased year-over-year to $431 million

•Recorded IEEPA tariff recoveries of $73 million, of which $14 million received in the quarter

•Share repurchases of $268 million

“Our record results reflect broad-based demand for our innovative solutions and excellent execution on our growth and profitability priorities. We delivered for our customers by leveraging our long-standing supplier relationships to support our growth," said Bill Burns, Chief Executive Officer of Zebra Technologies. "The momentum we see across our business underscores Zebra's position as the foundation for intelligent operations and frontline AI as customers digitize and automate environments."

"Our strong balance sheet and cash flow continue to provide significant financial flexibility, enabling us to invest for growth while returning more than $560 million to shareholders in the first half of the year through disciplined share repurchases," said Nathan Winters, Chief Financial Officer of Zebra Technologies. "We believe this balanced approach positions Zebra to create long-term shareholder value."

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$ in millions, except per share amounts 2Q26 2Q25 Change

Select reported measures:

Net sales $ 1,557 $ 1,293 20.4 %

Gross profit 825 616 33.9 %

Gross margin 53.0 % 47.6 % 540 bps

Net income 233 112 108.0 %

Net income margin 15.0 % 8.7 % 630 bps

Net income per diluted share $ 4.85 $ 2.19 121.5 %

Select Non-GAAP measures:

Adjusted net sales $ 1,557 $ 1,293 20.4 %

Organic net sales growth 9.2 %

Adjusted gross profit 830 619 34.1 %

Adjusted gross margin 53.3 % 47.9 % 540 bps

Adjusted EBITDA 431 267 61.4 %

Adjusted EBITDA margin 27.7 % 20.6 % 710 bps

Non-GAAP net income $ 305 $ 186 64.0 %

Non-GAAP earnings per diluted share $ 6.35 $ 3.61 75.9 %

Second Quarter 2026 Compared to the Second Quarter 2025

Net sales were $1,557 million compared to $1,293 million in the prior year. Net sales in the Connected Frontline ("CF") segment were $903 million compared to $717 million in the prior year. Asset Visibility & Automation ("AVA") segment net sales were $654 million compared to $576 million in the prior year. Consolidated organic net sales increased 9.2% year-over-year, with a 7.5% increase in the CF segment and an 11.4% increase in the AVA segment.

Gross profit was $825 million compared to $616 million in the prior year. Gross margin increased to 53.0% compared to 47.6% in the prior year primarily due to IEEPA tariff recoveries and favorable foreign currency exchange. Adjusted gross margin was 53.3% compared to 47.9% in the prior year.

Operating expenses increased to $504 million from $433 million in the prior year primarily due to expenses associated with acquired businesses including amortization of intangible assets. Adjusted operating expenses increased to $419 million from $370 million in the prior year.

Net income was $233 million, or $4.85 per diluted share, compared to net income of $112 million, or $2.19 per diluted share, in the prior year. Non-GAAP net income increased to $305 million or $6.35 per diluted share, compared to $186 million, or $3.61 per diluted share for the prior year.

Adjusted EBITDA increased to $431 million, or 27.7% of adjusted net sales, compared to $267 million, or 20.6% of adjusted net sales in the prior year.

Balance Sheet and Cash Flow

As of July 4, 2026, the Company had cash and cash equivalents of $157 million and total debt of $2,776 million.

For the first six months of 2026, net cash provided by operating activities was $387 million and the Company invested $26 million in capital expenditures, resulting in free cash flow of $361 million. The Company also made share repurchases of $568 million.

Outlook

Mr. Burns added, "Strong demand momentum and progress on productivity and memory supply supports our significantly increased outlook for the full year. We are focused on driving sustainable growth across our business with our innovative portfolio of solutions, as we continue to benefit from trends in automation and Physical AI."

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Third Quarter 2026

The Company expects third quarter sales growth between 17% and 20% compared to the prior year. This expectation includes approximately 10.5 points of favorable impact from business acquisitions, dispositions and foreign currency.

Adjusted EBITDA margin for the third quarter is expected to be approximately 22%. Non-GAAP diluted earnings per share are expected to be in the range of $4.70 to $4.90. This assumes an adjusted effective tax rate of approximately 19%.

Full Year 2026

The Company expects full year sales growth between 14% and 16% compared to the prior year. This expectation includes approximately 8 points of favorable impact from business acquisitions, dispositions and foreign currency.

Adjusted EBITDA margin for the full year is expected to be between 23.5% and 24.0%. Non-GAAP diluted earnings per share are expected to be in the range of $20.75 to $21.25. This assumes an adjusted effective tax rate of approximately 19%.

Free Cash Flow for the full year is expected to be greater than $1 billion.

The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of the most directly comparable forward-looking GAAP financial measure as discussed under the "Forward-Looking Statements" caption below. This would include items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

Conference Call Notification

Investors are invited to listen to a live webcast of Zebra’s conference call regarding the Company’s financial results. The conference call will be held today at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To view the webcast, visit the investor relations section of the Company’s website at investors.zebra.com.

Who is Zebra Technologies?

Zebra (NASDAQ: ZBRA) provides the foundation for intelligent operations with an award-winning portfolio of connected frontline, asset visibility and automation solutions which empower our customers to deploy AI on the frontline. Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely on us to deliver outcomes today while driving innovation for what’s next. Together with our partners, we create new ways of working that improve productivity and empower organizations to be better every day. Learn more at www.zebra.com.

Follow Zebra on our Blog, LinkedIn, Facebook, X, Instagram and YouTube.

Forward-Looking Statements

This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company’s outlook. Actual results may differ from those expressed or implied in the company’s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.

These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra’s offerings and competitors' offerings, and the potential effects of emerging technologies and changes in customer requirements. The effect of global market conditions, and the availability of credit and capital markets volatility may have adverse

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effects on Zebra, its suppliers and its customers. In addition, natural disasters, man-made disasters, public health issues (including pandemics), and cybersecurity incidents may have negative effects on Zebra's business and results of operations. Zebra's ability to purchase sufficient materials, parts, and components, and ability to provide services, software and products to meet customer demand could negatively impact Zebra's results of operations and customer relationships. Profits and profitability will be affected by Zebra’s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions may also have an adverse impact on results. Foreign exchange rates, customs duties and trade policies may have an adverse effect on financial results because of the global nature of Zebra's business. The impacts of changes in foreign and domestic governmental policies, regulations, or laws, as well as the outcome of litigation or tax matters in which Zebra may be involved are other factors that could adversely affect Zebra's business and results of operations. The success of integrating acquisitions could also adversely affect profitability, reported results and the company’s competitive position in its industry. These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of operations and increase the volatility of Zebra's financial results. When used in this release and documents referenced, the words “anticipate,” “believe,” “outlook,” and “expect” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of certain risks, uncertainties and other factors that could adversely affect the Company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission, including the Company’s most recent Form 10-K and Form 10-Q.

Use of Non-GAAP Financial Information

This press release contains certain Non-GAAP financial measures, consisting of “Adjusted EBITDA,” “Adjusted EBITDA margin,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “adjusted operating income,” “EBITDA,” “free cash flow,” “non-GAAP diluted earnings per share,” “non-GAAP earnings per share,” “non-GAAP net income,” “organic net sales,” and “organic net sales growth.” Management presents these measures to focus on the on-going operations and believes it is useful to investors because they enable them to perform meaningful comparisons of past and present operating results. The company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the business. Please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables and accompanying disclosures at the end of this press release for more detailed information regarding non-GAAP financial measures herein, including the items reflected in adjusted net earnings calculations. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.

The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis (including the information under “Outlook” above) where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share, the most directly comparable forward-looking GAAP financial measure. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.

As a global company, Zebra's operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which the company transacts change in value over time compared to the U.S. dollar; accordingly, the company presents certain organic growth financial information, which includes impacts of foreign currency translation, to provide a framework to assess how the company’s businesses performed excluding the impact of foreign currency exchange rate fluctuations. Foreign currency impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. dollar. This impact is calculated by translating current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flow hedge gains and losses from both the current and prior year periods. The company believes these measures should be considered a supplement to and not in lieu of the company’s performance measures calculated in accordance with GAAP.

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Contacts

Investors Media

Michael Steele, CFA, IRC Therese Van Ryne

Vice President, Investor Relations Senior Director, External Communications

Phone: + 1 847 518 6432 Phone: + 1 847 370 2317

InvestorRelations@zebra.com therese.vanryne@zebra.com

ZEBRA and the stylized Zebra head are trademarks of Zebra Technologies Corp., registered in many jurisdictions worldwide. You may quote this release with attribution.

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED BALANCE SHEETS

(In millions, except share data)

July 4,

2026 December 31, 2025

(Unaudited)

Assets

Current assets:

Cash and cash equivalents $ 157 $ 125

Accounts receivable, net of allowances for doubtful accounts of $1 million each as of July 4, 2026 and December 31, 2025

990 801

Inventories, net 733 729

Income tax receivable 56 31

Prepaid expenses and other current assets 126 110

Total Current assets 2,062 1,796

Property, plant and equipment, net 346 353

Right-of-use lease assets 168 166

Goodwill 4,701 4,727

Other intangibles, net 725 809

Deferred income taxes 396 414

Other long-term assets 239 237

Total Assets $ 8,637 $ 8,502

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt $ 2,275 $ 141

Accounts payable 738 695

Accrued liabilities 506 558

Deferred revenue 444 446

Income taxes payable 35 12

Total Current liabilities 3,998 1,852

Long-term debt 493 2,361

Long-term lease liabilities 156 157

Deferred income taxes 31 32

Long-term deferred revenue 391 396

Other long-term liabilities 133 116

Total Liabilities 5,202 4,914

Stockholders’ Equity:

Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued — —

Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares 1 1

Additional paid-in capital 882 814

Treasury stock at cost, 24,762,921 and 22,558,911 shares as of July 4, 2026 and December 31, 2025, respectively (3,057) (2,488)

Retained earnings 5,647 5,279

Accumulated other comprehensive loss (38) (18)

Total Stockholders’ Equity 3,435 3,588

Total Liabilities and Stockholders’ Equity $ 8,637 $ 8,502

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF OPERATIONS

(In millions, except share data)

(Unaudited)

Three Months Ended Six Months Ended

July 4,

2026 June 28,

2025 July 4,

2026 June 28,

2025

Net sales:

Tangible products $ 1,316 $ 1,055 $ 2,547 $ 2,117

Services and software 241 238 505 484

Total Net sales 1,557 1,293 3,052 2,601

Cost of sales:

Tangible products 615 553 1,238 1,095

Services and software 117 124 247 245

Total Cost of sales 732 677 1,485 1,340

Gross profit 825 616 1,567 1,261

Operating expenses:

Selling and marketing 184 158 373 319

Research and development 159 144 324 295

General and administrative 114 102 241 213

Amortization of intangible assets 37 25 74 49

Acquisition and integration costs 2 4 3 7

Exit and restructuring costs 8 — 16 —

Total Operating expenses 504 433 1,031 883

Operating income 321 183 536 378

Other (loss) income, net:

Foreign exchange loss (2) (11) (2) (16)

Interest expense, net (35) (25) (72) (48)

Other income (expense), net 1 (9) (10) (11)

Total Other expense, net (36) (45) (84) (75)

Income before income tax 285 138 452 303

Income tax expense 52 26 84 55

Net income $ 233 $ 112 $ 368 $ 248

Basic earnings per share $ 4.89 $ 2.20 $ 7.61 $ 4.85

Diluted earnings per share $ 4.85 $ 2.19 $ 7.54 $ 4.81

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF CASH FLOWS

(In millions)

(Unaudited)

Six Months Ended

July 4,

2026 June 28,

2025

Cash flows from operating activities:

Net income $ 368 $ 248

Adjustments to reconcile net income to net cash provided by operating activities:

Depreciation and amortization 113 84

Losses on long-term investments 15 10

Share-based compensation 94 83

Deferred income taxes 9 (30)

Gain on sale of business (5) —

Other, net — 2

Changes in operating assets and liabilities:

Accounts receivable, net (193) 81

Inventories, net (7) 11

Other assets (10) 10

Accounts payable 35 (71)

Accrued liabilities (35) (101)

Deferred revenue (8) 13

Income taxes 11 (10)

Other operating activities — (5)

Net cash provided by operating activities 387 325

Cash flows from investing activities:

Acquisition of business — (62)

Proceeds from the sale of business 9 —

Purchases of property, plant and equipment (26) (37)

Proceeds from sale of long-term investments 1 —

Other investing activities 1 —

Net cash used in investing activities (15) (99)

Cash flows from financing activities:

Payments of debt (59) —

Proceeds from issuance of debt 325 —

Payments for repurchases of common stock (568) (250)

Net payments related to share-based compensation plans (21) (16)

Change in unremitted cash collections from servicing factored receivables (17) 7

Other financing activities (1) 2

Net cash used in financing activities (341) (257)

Effect of exchange rate changes on cash and cash equivalents 1 2

Net increase (decrease) in cash and cash equivalents 32 (29)

Cash and cash equivalents at beginning of period 125 901

Cash and cash equivalents at end of period $ 157 $ 872

Supplemental disclosures of cash flow information:

Income taxes paid $ 75 $ 95

Interest paid $ 71 $ 55

Certain prior period amounts included in Net cash provided by operating activities have been reclassified to conform with the current period presentation.

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF ORGANIC NET SALES GROWTH

(Unaudited)

Three Months Ended

July 4, 2026

CF AVA Consolidated

Consolidated Reported GAAP Net sales growth 25.9 % 13.5 % 20.4 %

Adjustments:

Impact of foreign currency translations (1)

(2.5) % (2.3) % (2.5) %

Impact of acquisitions and dispositions (2)

(15.9) % 0.2 % (8.7) %

Consolidated Organic Net sales growth 7.5 % 11.4 % 9.2 %

Six Months Ended

July 4, 2026

CF AVA Consolidated

Reported GAAP Consolidated Net sales growth 23.3 % 10.3 % 17.3 %

Adjustments:

Impact of foreign currency translations (1)

(2.3) % (2.2) % (2.2) %

Impact of acquisitions and dispositions (2)

(15.3) % (0.1) % (8.3) %

Consolidated Organic Net sales growth 5.7 % 8.0 % 6.8 %

(1)Operating results reported in U.S. Dollars are affected by foreign currency exchange rate fluctuations. Foreign currency translation impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. Dollar. This impact is calculated by translating the current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flow hedge gains and losses from both the current and prior year periods.

(2)For purposes of computing Organic Net sales growth, amounts attributable to business acquisitions or dispositions are excluded for twelve months following or preceding the respective acquisition or disposition, respectively.

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGIN AND OPERATING INCOME

($ In millions)

(Unaudited)

Three Months Ended

July 4, 2026 June 28, 2025

CF AVA Consolidated CF AVA Consolidated

GAAP

Reported Net sales $ 903 $ 654 $ 1,557 $ 717 $ 576 $ 1,293

Reported Gross profit (1)

462 368 825 339 280 616

Gross Margin 51.2 % 56.3 % 53.0 % 47.3 % 48.6 % 47.6 %

Operating Income (2)

219 192 321 142 107 183

Non-GAAP

Adjusted Net sales $ 903 $ 654 $ 1,557 $ 717 $ 576 $ 1,293

Adjusted Gross profit (1)

462 368 830 339 280 619

Adjusted Gross Margin 51.2 % 56.3 % 53.3 % 47.3 % 48.6 % 47.9 %

Adjusted Operating Income (2)

219 192 411 142 107 249

Six Months Ended

July 4, 2026 June 28, 2025

CF AVA Consolidated CF AVA Consolidated

GAAP

Reported Net sales $ 1,728 $ 1,324 $ 3,052 $ 1,401 $ 1,200 $ 2,601

Reported Gross profit (1)

867 716 1,567 672 596 1,261

Gross Margin 50.2 % 54.1 % 51.3 % 48.0 % 49.7 % 48.5 %

Operating Income (2)

388 351 536 282 242 378

Non-GAAP

Adjusted Net sales $ 1,728 $ 1,324 $ 3,052 $ 1,401 $ 1,200 $ 2,601

Adjusted Gross profit (1)

867 716 1,583 672 596 1,268

Adjusted Gross Margin 50.2 % 54.1 % 51.9 % 48.0 % 49.7 % 48.8 %

Adjusted Operating Income (2)

388 351 739 282 242 524

(1)Segment and Adjusted Gross profit excludes share-based compensation expense and business acquisition purchase accounting adjustments.

(2)Segment and Non-GAAP Operating income excludes share-based compensation expense, business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, exit and restructuring costs, as well as certain other non-recurring costs (impairment of goodwill and other intangible assets).

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

RECONCILIATION OF GAAP TO NON-GAAP NET INCOME

($ In millions, except share data)

(Unaudited)

Three Months Ended Six Months Ended

July 4,

2026 June 28,

2025 July 4,

2026 June 28,

2025

GAAP Net income $ 233 $ 112 $ 368 $ 248

Adjustments to Cost of sales(1)

Purchase accounting adjustments — — 5 —

Share-based compensation 5 3 11 7

Total adjustments to Cost of sales 5 3 16 7

Adjustments to Operating expenses(1)

Amortization of intangible assets 37 25 74 49

Acquisition and integration costs 2 4 3 7

Share-based compensation 38 34 94 83

Exit and restructuring costs 8 — 16 —

Total adjustments to Operating expenses 85 63 187 139

Adjustments to Other expense, net(1)

Amortization of debt issuance costs and discounts 1 — 2 1

Losses on long-term investments — 10 15 10

Foreign exchange loss 2 11 2 16

Gain on sale of business — — (5) —

Other adjustments to Other expense, net (3) — (3) —

Total adjustments to Other expense, net — 21 11 27

Income tax effect of adjustments(2)

Reported income tax expense 52 26 84 55

Adjusted income tax (70) (39) (126) (82)

Total adjustments to income tax (18) (13) (42) (27)

Total adjustments 72 74 172 146

Non-GAAP Net income $ 305 $ 186 $ 540 $ 394

GAAP earnings per share

Basic $ 4.89 $ 2.20 $ 7.61 $ 4.85

Diluted $ 4.85 $ 2.19 $ 7.54 $ 4.81

Non-GAAP earnings per share

Basic $ 6.40 $ 3.63 $ 11.17 $ 7.69

Diluted $ 6.35 $ 3.61 $ 11.08 $ 7.63

Basic weighted average shares outstanding 47,717,205 50,939,474 48,364,994 51,154,241

Diluted weighted average and equivalent shares outstanding 48,129,265 51,282,273 48,776,549 51,546,410

(1)Presented on a pre-tax basis.

(2)Represents adjustments to GAAP income tax expense commensurate with pre-tax non-GAAP adjustments (including the resulting impacts to U.S. BEAT/GILTI provisions), as well as adjustments to exclude the impacts of certain discrete income tax items and incorporate the anticipated annualized effects of current year tax planning.

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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

GAAP to NON-GAAP RECONCILIATION TO EBITDA

($ In millions)

(Unaudited)

Three Months Ended Six Months Ended

July 4,

2026 June 28,

2025 July 4,

2026 June 28,

2025

GAAP Net income $ 233 $ 112 $ 368 $ 248

Add back:

Depreciation (excluding exit and restructuring) 20 18 39 35

Amortization of intangible assets 37 25 74 49

Total Other expense, net 36 45 84 75

Income tax expense 52 26 84 55

EBITDA (Non-GAAP) 378 226 649 462

Adjustments to Cost of sales

Purchase accounting adjustments — — 5 —

Share-based compensation 5 3 11 7

Total adjustments to Cost of sales 5 3 16 7

Adjustments to Operating expenses

Acquisition and integration costs 2 4 3 7

Share-based compensation 38 34 94 83

Exit and restructuring costs 8 — 16 —

Total adjustments to Operating expenses 48 38 113 90

Total adjustments to EBITDA 53 41 129 97

Adjusted EBITDA (Non-GAAP) $ 431 $ 267 $ 778 $ 559

Adjusted EBITDA margin (Non-GAAP) 27.7 % 20.6 % 25.5 % 21.5 %

FREE CASH FLOW

Six Months Ended

July 4,

2026 June 28,

2025

Net cash provided by operating activities $ 387 $ 325

Less: Purchases of property, plant and equipment (26) (37)

Free cash flow (Non-GAAP)(1)

$ 361 $ 288

(1) Free cash flow, a non-GAAP measure, is defined as Net cash provided by (used in) operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period.

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v3.26.1

Cover Document

May 12, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

Aug. 04, 2026

Entity Registrant Name

ZEBRA TECHNOLOGIES CORPORATION

Entity Incorporation, State or Country Code

Entity File Number

000-19406

Entity Tax Identification Number

36-2675536

Entity Address, Address Line One

3 Overlook Point

Entity Address, City or Town

Lincolnshire

Entity Address, State or Province

Entity Address, Postal Zip Code

60069

City Area Code

847

Local Phone Number

634-6700

Written Communications

false

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false

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false

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Title of 12(b) Security

Class A Common Stock, par value $.01 per share

Trading Symbol

ZBRA

Security Exchange Name

NASDAQ

Entity Emerging Growth Company

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Entity Central Index Key

0000877212

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