ZBRA financial statements

The full income statement, balance sheet, and cash-flow statement for Zebra Technologies Corporation (ZBRA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	5.40B YoY+8.3%	4.98B YoY+8.7%	4.58B YoY-20.7%	5.78B YoY+2.7%	5.63B YoY+26.5%
	2.59B YoY+7.5%	2.41B YoY+13.7%	2.12B YoY-19.1%	2.62B YoY-0.2%	2.63B YoY+31.2%
Cost of revenue	2.80B YoY+9.2%	2.57B YoY+4.3%	2.46B YoY-22.0%	3.16B YoY+5.3%	3.00B YoY+22.7%
	1.89B YoY+13.3%	1.67B YoY+1.8%	1.64B YoY-21.6%	2.10B YoY+27.0%	1.65B YoY+22.0%
Research & development	593M YoY+5.3%	563M YoY+8.5%	519M YoY-8.9%	570M YoY+0.5%	567M YoY+25.2%
Selling, general & administrative	433M YoY+13.6%	381M YoY+14.1%	334M YoY-10.9%	375M YoY+7.8%	348M YoY+14.5%
General & administrative	433M YoY+13.6%	381M YoY+14.1%	334M YoY-10.9%	375M YoY+7.8%	348M YoY+14.5%
Selling & marketing	653M YoY+8.8%	600M YoY+3.3%	581M YoY-4.3%	607M YoY+3.4%	587M YoY+21.5%
Restructuring	29.0M YoY+70.6%	17.0M YoY-82.7%	98.0M YoY+600.0%	14.0M YoY+100.0%	7.00M YoY-36.4%
Amortization of intangibles	114M YoY+9.6%	104M YoY+0.0%	104M YoY-23.5%	136M YoY+18.3%	115M YoY+47.4%
Operating income	700M YoY-5.7%	742M YoY+54.3%	481M YoY-9.1%	529M YoY-46.0%	979M YoY+50.4%
Interest expense	—	—	—	—	5.00M YoY-93.4%
Other non-operating income	-14.0M YoY+0.0%	-14.0M YoY-16.7%	-12.0M YoY-140.0%	-5.00M YoY-400.0%	-1.00M YoY-133.3%
Gain (loss) on equity securities	—	-6.00M	0.00	0.00	—
Pre-tax income	560M YoY-11.8%	635M YoY+90.1%	334M YoY-38.6%	544M YoY-43.8%	968M YoY+72.9%
Income tax	141M YoY+31.8%	107M YoY+181.6%	38.0M YoY-53.1%	81.0M YoY-38.2%	131M YoY+133.9%
Net income	419M YoY-20.6%	528M YoY+78.4%	296M YoY-36.1%	463M YoY-44.7%	837M YoY+66.1%
	$8.18 YoY-19.6%	$10.18 YoY+78.0%	$5.72 YoY-35.0%	$8.80 YoY-43.3%	$15.52 YoY+66.0%
EPS (basic)	$8.24 YoY-19.6%	$10.25 YoY+78.3%	$5.75 YoY-35.1%	$8.86 YoY-43.4%	$15.66 YoY+66.1%
	50.8M YoY-1.3%	51.5M YoY+0.2%	51.4M YoY-1.6%	52.2M YoY-2.3%	53.4M YoY+0.0%
	51.2M YoY-1.3%	51.9M YoY+0.3%	51.7M YoY-1.6%	52.6M YoY-2.5%	53.9M YoY-0.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	1.80B YoY-26.4%	2.44B YoY+45.9%	1.67B YoY-11.2%	1.88B YoY+11.5%	1.69B YoY+32.7%
Cash & equivalents	125M YoY-86.1%	901M YoY+557.7%	137M YoY+30.5%	105M YoY-68.4%	332M YoY+97.6%
Accounts receivable	801M YoY+15.8%	692M YoY+32.8%	521M YoY-32.2%	768M YoY+2.1%	752M YoY+48.0%
Inventory	729M YoY+5.2%	693M YoY-13.8%	804M YoY-6.5%	860M YoY+75.2%	491M YoY-3.9%
Prepaid expenses	110M YoY-17.9%	134M YoY-8.8%	147M YoY+18.5%	124M YoY+17.0%	106M YoY+51.4%
	8.50B YoY+6.7%	7.97B YoY+9.1%	7.31B YoY-3.0%	7.53B YoY+21.1%	6.21B YoY+15.6%
Property, plant & equipment	353M YoY+15.7%	305M YoY-1.3%	309M YoY+11.2%	278M YoY+2.2%	272M YoY-0.7%
Operating lease right-of-use	166M YoY-0.6%	167M YoY-1.2%	169M YoY+8.3%	156M YoY+19.1%	131M YoY-3.0%
Goodwill	4.73B YoY+21.5%	3.89B YoY-0.1%	3.90B YoY-0.1%	3.90B YoY+19.4%	3.27B YoY+9.3%
Intangible assets	809M YoY+91.7%	422M YoY-19.9%	527M YoY-16.3%	630M YoY+34.3%	469M YoY+16.7%
Long-term investments	103M YoY-6.4%	110M YoY-2.7%	113M YoY+0.0%	113M	—
Deferred tax assets	414M YoY-19.1%	512M YoY+16.9%	438M YoY+7.6%	407M YoY+112.0%	192M YoY+38.1%
Other non-current assets	237M YoY+2.6%	231M YoY-22.0%	296M YoY+7.2%	276M YoY+40.1%	197M YoY+20.1%
	1.85B YoY+8.7%	1.70B YoY+6.6%	1.60B YoY-31.5%	2.33B YoY+29.6%	1.80B YoY-2.8%
Accounts payable	695M YoY+9.8%	633M YoY+38.8%	456M YoY-43.8%	811M YoY+15.9%	700M YoY+16.5%
Accrued liabilities	558M YoY+10.9%	503M YoY-0.2%	504M YoY-32.3%	744M YoY+16.4%	639M YoY+14.3%
Deferred revenue	446M YoY-1.5%	453M YoY-1.1%	458M YoY+7.8%	425M YoY+11.8%	380M YoY+23.4%
Short-term & current debt	141M YoY+78.5%	79.0M YoY-54.3%	173M YoY-19.2%	214M YoY+210.1%	69.0M YoY-81.0%
Current lease liability	38.0M YoY+5.6%	36.0M YoY-14.3%	42.0M YoY+13.5%	37.0M YoY+12.1%	33.0M YoY+10.0%
	4.91B YoY+12.1%	4.38B YoY+2.6%	4.27B YoY-11.0%	4.80B YoY+48.4%	3.23B YoY+0.0%
Long-term debt	2.36B YoY+12.9%	2.09B YoY+2.2%	2.05B YoY+13.2%	1.81B YoY+96.2%	922M YoY+4.7%
Deferred revenue (non-current)	396M YoY+30.3%	304M YoY-2.6%	312M YoY-6.3%	333M YoY+5.7%	315M YoY+15.4%
Non-current lease liability	157M YoY+1.3%	155M YoY+2.0%	152M YoY+9.4%	139M YoY+14.9%	121M YoY-6.2%
Operating lease liability (total)	195M YoY+2.1%	191M YoY-1.5%	194M YoY+10.2%	176M YoY+14.3%	154M YoY-3.1%
Deferred tax liabilities	32.0M YoY-43.9%	57.0M YoY-14.9%	67.0M YoY-10.7%	75.0M YoY+1150.0%	6.00M
Other non-current liabilities	116M YoY+65.7%	70.0M YoY-25.5%	94.0M YoY-13.0%	108M YoY+61.2%	67.0M YoY-30.9%
	3.59B YoY+0.1%	3.59B YoY+18.1%	3.04B YoY+11.1%	2.73B YoY-8.4%	2.98B YoY+39.2%
Preferred stock	0.00	0.00	0.00	0.00	0.00
Common stock	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%	1.00M YoY+0.0%
Additional paid-in capital	814M YoY+21.7%	669M YoY+8.8%	615M YoY+9.6%	561M YoY+21.4%	462M YoY+17.0%
Retained earnings	5.28B YoY+8.6%	4.86B YoY+12.2%	4.33B YoY+7.3%	4.04B YoY+13.0%	3.57B YoY+30.6%
Treasury stock	2.49B YoY+30.9%	1.90B YoY+2.3%	1.86B YoY+3.3%	1.80B YoY+75.9%	1.02B YoY+11.3%
Accumulated other comprehensive income	-18.0M YoY+59.1%	-44.0M YoY+18.5%	-54.0M YoY+18.2%	-66.0M YoY-127.6%	-29.0M YoY+58.0%
Total liabilities & equity	8.50B YoY+6.7%	7.97B YoY+9.1%	7.31B YoY-3.0%	7.53B YoY+21.1%	6.21B YoY+15.6%
	72.2M YoY+0.0%	72.2M YoY+0.0%	72.2M YoY+0.0%	72.2M YoY+0.0%	72.2M YoY+0.0%
	49.2M YoY-4.3%	51.4M YoY-0.0%	51.4M YoY-0.0%	51.4M YoY-3.2%	53.1M YoY-0.7%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	917M YoY-9.5%	1.01B YoY+25425.0%	-4.00M YoY-100.8%	488M YoY-54.3%	1.07B YoY+11.1%
Depreciation & amortization	185M YoY+7.6%	172M YoY-2.3%	176M YoY-13.7%	204M YoY+9.1%	187M YoY+28.1%
Share-based compensation	163M YoY+83.1%	89.0M YoY+61.8%	55.0M YoY-37.5%	88.0M YoY+15.8%	76.0M YoY+49.0%
Deferred income taxes	—	-94.0M YoY-168.6%	-35.0M YoY+83.2%	-208M YoY-205.9%	-68.0M YoY-70.0%
Change in receivables	39.0M YoY-78.5%	181M YoY+172.7%	-249M YoY-5080.0%	5.00M YoY-97.9%	239M YoY+283.8%
Change in inventory	-54.0M YoY+48.6%	-105M YoY-110.0%	-50.0M YoY-114.7%	341M YoY+1994.4%	-18.0M YoY-142.9%
Change in payables	1.00M YoY-99.4%	176M YoY+148.2%	-365M YoY-496.7%	92.0M YoY-4.2%	96.0M YoY+104.3%
Other operating activities	14.0M YoY+0.0%	14.0M YoY+366.7%	3.00M YoY-40.0%	5.00M YoY+400.0%	1.00M YoY+0.0%
	-1.46B YoY-2452.6%	-57.0M YoY+38.0%	-92.0M YoY+90.5%	-968M YoY-77.3%	-546M YoY+14.8%
Capital expenditure	86.0M YoY+45.8%	59.0M YoY-32.2%	87.0M YoY+16.0%	75.0M YoY+27.1%	59.0M YoY-11.9%
Free cash flow	831M YoY-12.9%	954M YoY+1148.4%	-91.0M YoY-122.0%	413M YoY-59.1%	1.01B YoY+12.8%
Acquisitions	1.36B	0.00	0.00 YoY-100.0%	881M YoY+94.9%	452M YoY-17.5%
	-239M YoY-25.8%	-190M YoY-262.4%	117M YoY-53.8%	253M YoY+168.2%	-371M YoY-136.3%
Long-term debt issued	347M YoY-46.7%	651M YoY+48.0%	440M YoY-65.7%	1.28B YoY+2691.3%	46.0M YoY-84.8%
Long-term debt repaid	19.0M YoY-97.3%	694M YoY+183.3%	245M YoY-0.8%	247M YoY-18.5%	303M YoY-11.4%
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	587M YoY+1148.9%	47.0M YoY-9.6%	52.0M YoY-93.1%	751M YoY+1217.5%	57.0M YoY-71.5%
Dividends paid	0.00	0.00	0.00	0.00	0.00
FX effect on cash	1.00M YoY+133.3%	-3.00M	0.00	0.00	0.00 YoY+100.0%
Net change in cash	-776M YoY-201.7%	763M YoY+3533.3%	21.0M YoY+109.3%	-227M YoY-249.3%	152M YoY-6.2%
Interest paid	129M YoY+134.5%	55.0M YoY-50.5%	111M YoY+91.4%	58.0M YoY+81.3%	32.0M YoY-15.8%
Income taxes paid	134M YoY+8.1%	124M YoY-50.8%	252M YoY+50.0%	168M YoY-15.6%	199M YoY+86.0%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	11.9B YoY-39.8%	19.8B YoY+41.4%	14.0B YoY+6.0%	13.2B YoY-58.1%	31.6B YoY+53.7%
P/E	28.5× YoY-24.1%	37.6× YoY+24.5%	30.2× YoY+6.7%	28.3× YoY-25.1%	37.7× YoY-7.4%
P/S	2.2× YoY-44.4%	4.0× YoY+44.1%	2.8× YoY+20.0%	2.3× YoY-59.0%	5.6× YoY+21.5%
P/B	3.3× YoY-39.8%	5.5× YoY+18.8%	4.7× YoY-6.5%	5.0× YoY-52.9%	10.6× YoY+10.5%
P/FCF	14.4× YoY-30.9%	20.8× YoY-92.6%	280.8× YoY+710.2%	34.7× YoY+10.8%	31.3× YoY+36.2%
	3.5% YoY+31.8%	2.7% YoY-19.7%	3.3% YoY-6.3%	3.5% YoY+33.4%	2.6% YoY+8.0%
	7.0% YoY+44.7%	4.8% YoY+1249.8%	0.36% YoY-87.7%	2.9% YoY-9.7%	3.2% YoY-26.6%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: ZBRA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ZBRA filings on SEC EDGAR → Not investment advice.