Zebra Technologies (ZBRA) FY2025 10-K Annual Report
Zebra Technologies (ZBRA) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Feb 12, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Zebra Technologies FY2025 10-K Analysis
Business Overview
- • Core business: Technologies for barcode printing, mobile computing, data capture, and related software/services
- • New segment structure effective Q4 2025, integrating Elo Holdings, Inc. acquisition expanding self-service and consumer-facing automation solutions
- • Strategic expansion into self-service and consumer-facing workflows via $1.303 billion acquisition of Elo Holdings, diversifying product portfolio
- • Net sales grew to $5.396 billion in 2025 from $4.981 billion in 2024; tangible products $4.418 billion, services/software $978 million
- • Deferred revenue increased to $842 million in 2025 vs $757 million in 2024 indicating growing contract-based recurring revenue streams
Management Discussion & Analysis
- • No revenue or profit figures disclosed for fiscal year 2026
- • Segment realignment: former EVM and AIT changed to Connected Frontline (CF) and Asset Visibility and Automation (AVA)
- • CF and AVA segment operating income excludes share-based compensation expense starting Q4 2025
- • No cash flow, capital allocation, or forward-looking guidance disclosed in provided text
Risk Factors
- • Regulatory risk from compliance with EU Artificial Intelligence Act (EU) 2024/1689 imposing costly AI system obligations
- • Geopolitical exposure to Russia-Ukraine war, suspension of operations in Russia; $1.3B Elo acquisition representing ~9% of market cap
- • Operational risk from supply chain dependence on non-U.S. contract manufacturers, many with Chinese operations
- • Competitive threat from faster tech innovation and established local competitors in new markets impacting market share
- • Financial risk from $1.3B goodwill and intangible assets on Elo acquisition subject to impairment if expected synergies fail
Zebra Technologies FY2025 Key Financial MetricsXBRL
Revenue
$5.4B
▲ +8.3% YoY
Net Income
$419M
▼ -20.6% YoY
Gross Margin
48.1%
▼ -39bp YoY
Operating Margin
13.0%
▼ -192bp YoY
Net Margin
7.8%
▼ -284bp YoY
ROE
11.7%
▼ -305bp YoY
Total Assets
$8.5B
▲ +6.7% YoY
EPS (Diluted)
$8.18
▼ -19.6% YoY
Operating Cash Flow
$917M
▼ -9.5% YoY
Source: XBRL data from Zebra Technologies FY2025 10-K filing on SEC EDGAR. All figures in USD.
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