ZEBRA TECHNOLOGIES (ZBRA) Company Report

North America and Asia-Pacific delivered strong growth while Europe remained a headwind; Latin America Q3 set a quarterly revenue record.
Emphasized AI as a growth catalyst, developing frontline “companions” that integrate LLMs with proprietary data; multiple proofs-of-concept in 2025 and commercial rollout in 2026.
Mobile computing install base has grown 35% since 2020, underpinning a sustained multi-year refresh cycle.
RFID achieved double-digit growth and now represents mid-single-digit percent of revenue; machine vision portfolio enhanced by the Photoneo 3D acquisition as semiconductor headwinds show signs of bottoming.
Closed the Elo acquisition, targeting $25 million in synergies over three years to expand self-service touchscreen solutions and accelerate global footprint.

3 days ago

Transcript

Zebra Technologies outlines AI, RFID growth and Elo acquisition at UBS Conference

ZBRA

M&A

New Projects/Investments

Share Buyback

CFO Nathan Winters reported the second half of 2025 is tracking as expected, with North America, Asia-Pacific and Latin America driving growth while Europe remains a headwind.
The company views AI as a key growth catalyst, building frontline worker agents and running proofs of concept in 2025 ahead of commercialization in 2026.
RFID revenue has grown double-digits for several years and now represents mid-single-digit % of total sales; machine vision, bolstered by the Photoneo acquisition, is poised to benefit from a semiconductor and automotive recovery.
The recently closed Elo acquisition integrates touchscreen and self-service solutions, targets $25 million of synergies over three years, and enables expansion into new geographies and workflows.
Through supply-chain diversification, tariff-related costs of $25 million in 2025 are expected to flip to a tailwind in Q1 2026; the company also committed to $500 million in share repurchases over the next 12 months.

3 days ago

Transcript

Zebra Technologies outlines 2026 growth drivers and AI strategy at UBS Global Technology and AI Conference

ZBRA

M&A

Share Buyback

New Projects/Investments

End-market trends: Strong North America retail/e-commerce and Asia-Pacific growth contrasted with European headwinds; expects continued digitization and double-digit RFID growth into 2026.
AI strategy: Developing frontline-focused AI agents (Companion) combining LLMs with proprietary data; proofs-of-concept in 2025 and commercial launch in 2026 likely to drive device refreshes.
Install-base refresh: Mobile computing units grew 35% since 2020, aligning with long-term CAGR; embedded RFID and new AI applications to support sustained refresh cycles.
Capital allocation & M&A: Closed Elo acquisition to enhance frontline experience with $25 m synergies over three years ; committed $500 m share repurchase and ~10% revenue R&D investment, maintaining M&A discipline.

3 days ago

Transcript

Zebra Technologies outlines intelligent operations vision and ELO acquisition rationale

ZBRA

M&A

Demand Weakening

New Projects/Investments

Zebra resegmented into Connected Frontline, Asset Visibility, and Automation segments to align with its intelligent operations vision.
Completed $1.3 billion ELO acquisition, emphasizing model alignment, day-one accretion, synergy potential, and global expansion.
Demand was uneven, with strong growth in North America retail, e-commerce, and Latin America versus weakness in Europe and manufacturing amid macro uncertainties.
Mitigated tariff headwinds from an expected $70 million to < $25 million in 2025 through supply chain diversification and price actions.
Advancing frontline AI deployments (e.g., product recommendations, shelf monitoring) and expanding machine vision via Matrox, Photoneo, and Adaptive Vision acquisitions.

Nov 18, 2025, 5:00 PM

Transcript

Zebra Technologies outlines new segmentation, Elo acquisition, and outlook at Stephens conference

ZBRA

M&A

Guidance Update

Zebra formally updated its vision to “enabling intelligent operations” and resegmented into Connected Frontline, Asset Visibility, and Automation to better align with its current portfolio and strategy.
Closed the $1.3 billion acquisition of Elo Systems, adding $400 million of revenue and enabling a unified Android platform for both fixed and mobile deployments, with global expansion opportunities.
Maintains full-year guidance of ~6% organic revenue growth and 17% EPS growth, viewing 4Q flattish volumes as reflective of macro uncertainty rather than a shift in the demand trajectory.
Has reduced 2025 tariff headwinds from $70 million to under $25 million through April price actions (annualized $60 million benefit) and diversifying supply chain so that < 20% of North American volumes are sourced from China.

Nov 18, 2025, 5:00 PM

Transcript

Zebra Technologies discusses strategic update and outlook at Stephens Annual Investment Conference

ZBRA

M&A

Demand Weakening

Share Buyback

The company resegmented into three operating units—connected frontline, asset visibility, and automation—to better reflect its intelligent operations vision and simplify investor messaging.
Closed the $1.3 billion ELO acquisition, adding $400 million of accretive revenue and enabling unified Android applications across fixed and mobile devices with global expansion potential.
Maintains a balanced Q4 guide amid uneven macro signals, delivering 6% organic growth and 17% EPS growth in FY2025, and deploying $300 million of share buybacks with $500 million committed for the next 12 months.
Reduced 2025 tariff headwinds from an expected $70 million to under $25 million through April price increases and supply-chain diversification, cutting China-sourced volumes to below 20%.
Piloting AI-driven frontline tools—such as real-time product recommendations and automated shelf analytics—to drive device upgrades and explore new monetization models.

Nov 18, 2025, 5:00 PM

Transcript

Zebra Technologies reports Q3 2025 results

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Earnings

Guidance Update

M&A

Zebra Technologies delivered 5% sales growth to $1.3 billion, with an adjusted EBITDA margin of 21.6% and non-GAAP EPS of $3.88, up 11% year-over-year.
Enterprise Visibility & Mobility segment sales rose 2%, Asset Intelligence & Tracking grew 11%, and regional performance was North America +6%, Asia Pacific +23%, Latin America +8%, EMEA –3%.
Full-year 2025 outlook: Q4 sales growth of 8–11%, adjusted EBITDA margin of ~22%, Q4 EPS of $4.20–$4.40, implying full-year EPS of $15.80.
Completed acquisitions of Elo Touch Solutions and Photoneo, expanding the addressable market by ~$20 billion, and authorized $500 million of share repurchases (>$300 million executed YTD).

Oct 28, 2025, 12:30 PM

Transcript

Zebra Technologies reports Q3 2025 results and Q4 outlook

ZBRA

Earnings

Guidance Update

Share Buyback

Zebra delivered sales of $1.3 billion (+5% y/y), an adjusted EBITDA margin of 21.6% (+20 bps), and non-GAAP EPS of $3.88 (+11%) in Q3 2025.
Regional performance: Asia Pacific +23%, Latin America +8%, North America +6%, EMEA –3%; segment growth: Enterprise Visibility & Mobility +2% (mobile computing up, scanning down), Asset Intelligence & Tracking +11% (RFID and printing).
Q4 guidance: 8–11% sales growth (including ~850 bps from Elo/Photoneo and FX), ~22% adjusted EBITDA margin, and non-GAAP EPS of $4.20–4.40, implying FY 2025 sales +8%, adj. EBITDA margin ~21.5%, and EPS ~$15.80.
Committed to a $500 million share repurchase program over the next 12 months, with over $300 million repurchased year-to-date through October 2025.
Completed acquisitions of Elo Touch Solutions and Photoneo to bolster connected frontline and AI-enabled touchscreen offerings; Elo is modeled at ~$100 million in Q4 revenue.

Oct 28, 2025, 12:30 PM

Transcript

Zebra announces Q3 2025 results

ZBRA

Earnings

Guidance Update

Share Buyback

Zebra reported Q3 2025 net sales of $1,320 M, organic net sales growth of 4.8%, and non-GAAP diluted EPS of $3.88; adjusted EBITDA margin was 21.6%.
YTD free cash flow was $504 M, including $284 M of share repurchases; the company held $1,053 M in cash with a 1.0× net debt to adjusted EBITDA ratio at quarter end.
For Q4 2025, Zebra expects sales growth of 8–11%, an adjusted EBITDA margin of ~22%, and non-GAAP EPS of $4.20–$4.40; for FY25, it forecasts non-GAAP EPS of $15.80 and free cash flow ≥$800 M.

Oct 28, 2025, 12:30 PM

Presentation

Zebra Technologies reports Q3 2025 results

ZBRA

Earnings

Guidance Update

M&A

Zebra posted Q3 sales of $1.3 billion (+5% yoy), with an adjusted EBITDA margin of 21.6% (+20 bps) and non-GAAP EPS of $3.88 (+11%).
By segment, enterprise visibility and mobility grew 2% and asset intelligence and tracking rose 11%, led by RFID and printing; regionally North America +6%, Asia Pacific +23%, Latin America +8%, and EMEA –3%.
Adjusted gross margin declined 90 bps to 48.2% due to higher U.S. import tariffs; management expects a net $6 million tariff impact in Q4 and $24 million for full-year 2025 after mitigation.
Q4 guidance calls for 8–11% sales growth (including ~850 bps from Elo and Photoneo acquisitions and FX), ~22% adjusted EBITDA margin, and non-GAAP EPS of $4.20–4.40; full-year EPS of $15.80.
Completed the acquisitions of Elo Touch Solutions and Photoneo and has authorized $500 million of share repurchases through Q3 2026, with ~$300 million repurchased YTD.

Oct 28, 2025, 12:30 PM

Transcript

Earnings Transcripts

Quarterly earnings call transcripts for ZEBRA TECHNOLOGIES.

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