$ZBRA

ZEBRA TECHNOLOGIES CORP/DE

CIK:0000877212|SEC Filings

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jul. 04, 2026	Jun. 28, 2025	Jul. 04, 2026	Jun. 28, 2025
Net sales:
Total Net sales	$ 1,557	$ 1,293	$ 3,052	$ 2,601
Cost of sales:
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	0	16	0
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 (in USD per share)	$ 4.89	$ 2.20	$ 7.61	$ 4.85
Diluted earnings per share (in USD per share)	$ 4.85	$ 2.19	$ 7.54	$ 4.81
Tangible Products
Net sales:
Total Net sales	$ 1,316	$ 1,055	$ 2,547	$ 2,117
Cost of sales:
Total Cost of sales	615	553	1,238	1,095
Services and Software
Net sales:
Total Net sales	241	238	505	484
Cost of sales:
Total Cost of sales	$ 117	$ 124	$ 247	$ 245

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Millions	6 Months Ended
	Jul. 04, 2026	Jun. 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)	0
Other, net	0	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	0	(5)
Net cash provided by operating activities	387	325
Cash flows from investing activities:
Acquisition of business	0	(62)
Proceeds from the sale of business	9	0
Purchases of property, plant and equipment	(26)	(37)
Proceeds from sale of long-term investments	1	0
Other investing activities	1	0
Net cash used in investing activities	(15)	(99)
Cash flows from financing activities:
Payments of debt	(59)	0
Proceeds from issuance of debt	325	0
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

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Millions	Jul. 04, 2026	Dec. 31, 2025
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
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	0	0
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