Zebra Technologies Corporation
Financial Performance
Zebra Technologies Revenue & Financials
Revenue
$5.4B (FY2025)
Market Cap
$13.5B
Net Income
$419M
Employees
10,000
What is Zebra Technologies's revenue?
Zebra Technologies had $5.4B in revenue for fiscal year 2025, up 8.3% from 2024. Net income was $419M.
- Latest revenue
- $5.4B (FY2025)
- Year-over-year
- +8.3%
- Growth rate (CAGR)
- 4.7% over 9 years
- Peak revenue
- $5.8B (FY2022)
- Years of data
- 10
- Employees
- 10,000
- What is Zebra Technologies's operating income?
- Zebra Technologies reported operating income of $700M for fiscal year 2025. sec.gov
- How much profit does Zebra Technologies make?
- Zebra Technologies reported net income of $419M for fiscal year 2025. zebra.com
- How many employees does Zebra Technologies have?
- Zebra Technologies has about 10,000 employees.
Financial Analysis
Net sales fell from $5.781 billion in 2022 to $4.584 billion in 2023 as customers worked through device inventory, then recovered to $4.981 billion in 2024 and $5.396 billion in 2025. GAAP net income was $419 million in 2025 versus $528 million in 2024. Second-quarter 2026 net sales were $1.557 billion, up 20.4% (9.2% organic), with adjusted gross margin of 53.3%.
Revenue Trend Analysis
YoY Change
+8.3%
9-Year CAGR
+4.7%
Peak Year
2022
Trend
Consistent Growth
Zebra Technologies Corporation has 10 full fiscal year figures on this page, compounding at +4.7% annually over 9 years. The most recent year saw a 8.3% increase versus the prior year. Annual revenue peaked in fiscal year 2022 at $5.8B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $5.4B | $700Mfiling | $419M | +8.3% | Zebra Technologies Form 10-K and Q4 2025 results release Fiscal year ended December 31, 2025. |
| FY2024 | $5B | $742Mfiling | $528M | +8.7% | Zebra Technologies Form 10-K Fiscal year ended December 31, 2024. |
| FY2023 | $4.6B | $481Mfiling | $296M | -20.7% | Zebra Technologies Form 10-K Fiscal year ended December 31, 2023. |
| FY2022 | $5.8B | $529Mfiling | $463M | +2.7% | Zebra Technologies Form 10-K Fiscal year ended December 31, 2022. |
| FY2021 | $5.6B | $979Mfiling | $837M | +26.5% | Zebra Technologies Form 10-K Fiscal year ended December 31, 2021. |
| FY2020 | $4.4B | $651M | $504M | -0.8% | Zebra Technologies Corporation annual report (Form 10-K, SEC EDGAR, filed 2023-02-16) Fiscal year ended 2020-12-31. |
| FY2019 | $4.5B | $692M | $544M | +6.3% | Zebra Technologies Corporation annual report (Form 10-K, SEC EDGAR, filed 2022-02-10) Fiscal year ended 2019-12-31. |
| FY2018 | $4.2B | $610M | $421M | +13.3% | Zebra Technologies Corporation annual report (Form 10-K, SEC EDGAR, filed 2021-02-11) Fiscal year ended 2018-12-31. |
| FY2017 | $3.7B | $322M | $17M | +4.1% | Zebra Technologies Corporation annual report (Form 10-K, SEC EDGAR, filed 2020-02-13) Fiscal year ended 2017-12-31. |
| FY2016 | $3.6B | $80M | -$137M | — | Zebra Technologies Corporation annual report (Form 10-K, SEC EDGAR, filed 2019-02-14) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Zebra Technologies Corporation balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $917M | $86M | $8.5B | $4.9B | $3.6B | $831M | Form 10-K |
| FY2024ended Dec 31, 2024 | $1B | $59M | $8B | $4.4B | $3.6B | $954M | Form 10-K |
| FY2023ended Dec 31, 2023 | -$4M | $87M | $7.3B | $4.3B | $3B | -$91M | Form 10-K |
| FY2022ended Dec 31, 2022 | $488M | $75M | $7.5B | $4.8B | $2.7B | $413M | Form 10-K |
| FY2021ended Dec 31, 2021 | $1.1B | $59M | $6.2B | $3.2B | $3B | $1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $962M | $67M | $5.4B | $3.2B | $2.1B | $895M | Form 10-K |
| FY2019ended Dec 31, 2019 | $685M | $61M | $4.7B | $2.9B | $1.8B | $624M | Form 10-K |
| FY2018ended Dec 31, 2018 | $785M | $64M | $4.3B | $3B | $1.3B | $721M | Form 10-K |
| FY2017ended Dec 31, 2017 | $478M | $50M | $4.3B | $3.4B | $834M | $428M | Form 10-K |
| FY2016ended Dec 31, 2016 | $380M | $77M | $4.6B | $3.8B | $792M | $303M | Form 10-K |
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Zebra Technologies Revenue and Financial FAQ
What is Zebra Technologies' typical annual revenue scale?
Zebra generates between $4.5 billion and $5.5 billion in annual net sales, fluctuating according to enterprise capital expenditure and global supply chain warehouse construction cycles.
What is Zebra Technologies' gross margin and adjusted EBITDA profile?
Zebra consistently delivers gross margins around 45% to 48% and adjusted EBITDA margins between 18% and 22%, driven by specialized industrial hardware pricing power and software mix.
How did post-pandemic inventory destocking affect Zebra's financials in 2023?
After supply chain panic buying in 2021-2022, enterprise customers and distributors drew down existing inventory in 2023, temporarily depressing Zebra's revenue before recovering in 2024.
What is Zebra's corporate debt and balance sheet leverage target?
Zebra maintains an investment-grade financial profile with net debt-to-adjusted EBITDA typically kept under 2.5x, rapidly paying down debt after major acquisitions like Motorola Solutions.
How does Zebra deploy its free cash flow for shareholders?
Zebra allocates free cash flow toward strategic bolt-on software acquisitions, internal research and development, and opportunistic share repurchases, without paying a regular cash dividend.
What percentage of sales does Zebra reinvest into research and development?
Zebra reinvests approximately 9% to 10% of total revenue annually into research and development, maintaining industry leadership in rugged hardware design, optical sensors, and RFID.
How does geographic diversification protect Zebra's revenue?
North America represents roughly 50% of revenue, EMEA contributes approximately 30%, and the Asia-Pacific and Latin American regions make up the remaining 20%, spreading regional economic risk.
What is Zebra's historical free cash flow conversion rate?
Zebra converts 80% to 100% of adjusted net income into free cash flow over full business cycles, reflecting low manufacturing asset intensity due to outsourced assembly partnerships.
Cite or embed this data
Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Zebra Technologies Revenue & Financials." CorpDigest, https://corpdigest.com/company/zebra/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Zebra Technologies reported $5.4B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/zebra/financials" target="_blank" rel="noopener">CorpDigest — Zebra Technologies financials</a></div>Related Financial Audits
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