Zebra Technologies Corporation (ZBRA) Income Statement
ZBRA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsZBRA revenue and net income
Where ZBRA's revenue goes
2025Each bar shows an amount and its share of revenue. ZBRA kept 7.8% of revenue as net income.
ZBRA profit margins
ZBRA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +8.3% | −2.3% | +3.9% | +4.0% |
| Gross profit | +2.7% | −1.9% | +4.4% | +4.2% |
| Operating income | +7.8% | +14.8% | +4.2% | +36.0% |
| Net income | −20.6% | −3.3% | −3.6% | — |
| EPS (diluted) | +17.2% | −3.2% | +4.3% | +11.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
ZBRA quarterly EPS vs estimates
Zebra beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: November 3, 2026 (estimate $4.21).
ZBRA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $5.40B | $4.98B | $4.58B | $5.78B | $5.63B | $4.45B | $4.49B | $4.22B | $3.72B | $3.57B |
| Cost of revenue | $2.92B | $2.57B | $2.46B | $3.16B | $3.00B | $2.44B | $2.38B | $2.24B | $2.01B | $1.93B |
| Gross profit | $2.48B | $2.41B | $2.12B | $2.62B | $2.63B | $2.00B | $2.10B | $1.98B | $1.71B | $1.64B |
| Research & development | $593.0M | $563.0M | $519.0M | $570.0M | $567.0M | $453.0M | $447.0M | $444.0M | $389.0M | $376.0M |
| Sales, general & admin | $1.09B | $981.0M | $915.0M | $982.0M | $935.0M | $787.0M | $826.0M | $811.0M | $749.0M | $751.0M |
| Total operating expenses | $1.68B | $1.67B | $1.64B | $2.10B | $1.65B | $1.35B | $1.41B | $1.37B | $1.39B | $1.56B |
| Operating income | $800.0M | $742.0M | $481.0M | $529.0M | $979.0M | $651.0M | $692.0M | $610.0M | $322.0M | $80.0M |
| Interest income | — | — | — | $23.0M | — | — | $95.0M | $96.0M | $228.0M | $198.0M |
| Interest expense | $108.0M | $129.0M | $133.0M | $60.0M | $5.0M | $76.0M | $89.0M | $91.0M | $227.0M | $193.0M |
| Income before taxes | $560.0M | $635.0M | $334.0M | $544.0M | $968.0M | $560.0M | $598.0M | $524.0M | $88.0M | −$129.0M |
| Income taxes | $141.0M | $107.0M | $38.0M | $81.0M | $131.0M | $56.0M | $54.0M | $103.0M | $71.0M | $8.0M |
| Net income | $419.0M | $528.0M | $296.0M | $463.0M | $837.0M | $504.0M | $544.0M | $421.0M | $17.0M | −$137.0M |
| EBITDA | $853.0M | $937.0M | $761.0M | $1.14B | $1.16B | $782.0M | $862.0M | $790.0M | $578.0M | $368.0M |
| EPS (diluted) | $15.84 | $13.51 | $9.81 | $17.49 | $18.45 | $12.81 | $12.93 | $11.02 | $7.08 | $5.71 |
| Gross margin | 45.9% | 48.4% | 46.3% | 45.4% | 46.7% | 45.0% | 46.8% | 47.0% | 45.9% | 45.9% |
| Operating margin | 14.8% | 14.9% | 10.5% | 9.2% | 17.4% | 14.6% | 15.4% | 14.5% | 8.7% | 2.2% |
| Net margin | 7.8% | 10.6% | 6.5% | 8.0% | 14.9% | 11.3% | 12.1% | 10.0% | 0.5% | −3.8% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $1.56B | $1.50B | $1.48B | $1.32B | $1.29B | $1.31B | $1.33B | $1.25B | $1.22B | $1.18B | $1.01B | $956.0M |
| Cost of revenue | $732.0M | $753.0M | $817.0M | $686.0M | $677.0M | $663.0M | $686.0M | $642.0M | $628.0M | $612.0M | $561.0M | $529.0M |
| Gross profit | $825.0M | $742.0M | $658.0M | $634.0M | $616.0M | $645.0M | $648.0M | $613.0M | $589.0M | $563.0M | $448.0M | $427.0M |
| Research & development | $159.0M | $165.0M | $152.0M | $146.0M | $144.0M | $151.0M | $138.0M | $141.0M | $146.0M | $138.0M | $116.0M | $127.0M |
| Sales, general & admin | $298.0M | $316.0M | $284.0M | $270.0M | $260.0M | $272.0M | $258.0M | $247.0M | $247.0M | $229.0M | $214.0M | $226.0M |
| Total operating expenses | $504.0M | $527.0M | $436.0M | $451.0M | $433.0M | $450.0M | $423.0M | $422.0M | $422.0M | $404.0M | $374.0M | $439.0M |
| Operating income | $321.0M | $215.0M | $222.0M | $183.0M | $183.0M | $195.0M | $225.0M | $191.0M | $167.0M | $159.0M | $74.0M | −$12.0M |
| Interest expense | $35.0M | $37.0M | $37.0M | $119.0M | $25.0M | $23.0M | $27.0M | $31.0M | $23.0M | $17.0M | $39.0M | $16.0M |
| Income before taxes | $285.0M | $167.0M | $98.0M | $159.0M | $138.0M | $165.0M | $208.0M | $149.0M | $136.0M | $142.0M | $2.0M | −$24.0M |
| Income taxes | $52.0M | $32.0M | $28.0M | $58.0M | $26.0M | $29.0M | $45.0M | $12.0M | $23.0M | $27.0M | −$15.0M | −$9.0M |
| Net income | $233.0M | $135.0M | $70.0M | $101.0M | $112.0M | $136.0M | $163.0M | $137.0M | $113.0M | $115.0M | $17.0M | −$15.0M |
| EBITDA | $377.0M | $260.0M | $194.0M | $320.0M | $206.0M | $229.0M | $309.0M | $225.0M | $201.0M | $213.0M | $18.0M | $36.0M |
| EPS (diluted) | $5.64 | $4.75 | $4.33 | $3.88 | $3.61 | $4.02 | $4.00 | $3.49 | $3.18 | $2.84 | $1.71 | $0.87 |
| Gross margin | 53.0% | 49.6% | 44.6% | 48.0% | 47.6% | 49.3% | 48.6% | 48.8% | 48.4% | 47.9% | 44.4% | 44.7% |
| Operating margin | 20.6% | 14.4% | 15.1% | 13.9% | 14.2% | 14.9% | 16.9% | 15.2% | 13.7% | 13.5% | 7.3% | −1.3% |
| Net margin | 15.0% | 9.0% | 4.7% | 7.7% | 8.7% | 10.4% | 12.2% | 10.9% | 9.3% | 9.8% | 1.7% | −1.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in ZBRA's financial statements (latest annual report filed February 12, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
ZBRA financial results
In fiscal year 2025 (ended December 31, 2025), Zebra reported revenue of $5.4 billion, up 8.3% from the year before. It had net income of $419.0 million (down 20.6%), a net profit margin of 7.8%. Diluted earnings per share came to $15.84. Over five years revenue grew at an average rate of 3.9% a year.
See the ZBRA stock overview for the latest quote and news, or the ZBRA chart for price history and technical indicators.
ZBRA income statement FAQ
What is Zebra's annual revenue?
Zebra reported total revenue of $5.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 8.3% from $5.0 billion the previous year.
Is Zebra profitable?
Yes. Zebra reported net income of $419.0 million in fiscal 2025, a net profit margin of 7.8%; its operating margin was 14.8%.
What is Zebra's gross margin?
Zebra's gross margin was 45.9% in fiscal 2025: for every $100 of revenue, Zebra kept $46 after the direct cost of its products and services.
How much does Zebra spend on research and development?
Zebra spent $593.0 million on research and development in fiscal 2025, 11.0% of revenue.
How fast is Zebra growing?
Revenue grew 3.9% a year on average over the last five fiscal years, from $4.4 billion to $5.4 billion.
What are Zebra's earnings per share?
Zebra earned $15.84 per diluted share in fiscal 2025, compared with $13.51 a year earlier.
When will Zebra report its next earnings?
Zebra is expected to report results for the quarter ending September 30, 2026 on November 3, 2026 before the market opens.
When does Zebra's fiscal year end?
Zebra's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 12, 2026.