Zebra Technologies Corporation is a global leader in the Automatic Identification and Data Capture (AIDC) industry, providing Enterprise Asset Intelligence (EAI) solutions. The company offers a wide range of products, including mobile computing devices, barcode scanners and imagers, RFID readers, specialty printers for barcode labeling and personal identification, real-time location systems (RTLS), and related software applications . Additionally, Zebra Technologies provides machine vision and robotics automation solutions, along with comprehensive services such as maintenance, technical support, repair, managed and professional services, and cloud-based software subscriptions .
- Enterprise Visibility & Mobility (EVM) - Specializes in automatic information and data capture solutions, including mobile computing and data capture technologies.
- Asset Intelligence & Tracking (AIT) - Focuses on barcode printing and asset tracking technologies, including RFID and real-time location systems (RTLS) offerings.
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
William J. Burns ExecutiveBoard | Chief Executive Officer (CEO) | None | CEO since March 2023; joined Zebra in 2015; previously Chief Product & Solutions Officer; former CEO of Embrane and Spirent Communications. | View Report → |
Colleen M. O’Sullivan Executive | Chief Accounting Officer | None | Chief Accounting Officer since 2016; previously held senior finance roles at Career Education Corporation and Hewitt Associates. | |
Cristen L. Kogl Executive | Chief Legal Officer | Board Member at Crane NXT; Director at U.S. Chamber of Commerce; Trustee at Lake Forest College. | Chief Legal Officer since September 2018; joined Zebra in 2015; oversees legal and compliance functions. | |
Jeffrey F. Schmitz Executive | Chief People Officer | Member of Forbes HR Council. | Chief People Officer since March 2023; joined Zebra in 2016 as Chief Marketing Officer; led Zebra's PartnerConnect program and brand refresh. | |
Joseph R. White Executive | Chief Product & Solutions Officer | Board Member at Celcy. | Chief Product & Solutions Officer since March 2023; joined Zebra in 2001; holds 10 RFID patents; recipient of 2019 Richard R. Dilling Award. | |
Michael Cho Executive | Chief Strategy Officer | None | Chief Strategy Officer since February 2013; joined Zebra in 2010; previously held leadership roles at Amcor and CommScope. | |
Nathan Winters Executive | Chief Financial Officer (CFO) | Board Member at Junior Achievement of Chicago; Member of Accounting Advisory Board at University of Kentucky. | CFO since January 2021; joined Zebra in 2018; previously held leadership roles at GE Healthcare. | |
Richard E. Hudson Executive | Chief Revenue Officer (CRO) | None | CRO since November 2023; joined Zebra in 2014; previously SVP and GM for EMEA region; led major wins like Royal Mail. | |
Tamara D. Froese Executive | Chief Supply Chain Officer | None | Chief Supply Chain Officer since November 2022; joined Zebra in 2020; previously spent 20 years at General Motors. | |
Anders Gustafsson Board | Executive Chair of the Board | Board Member at NetApp and International Paper; Trustee at Shedd Aquarium; Member of Civic Committee of Chicago. | CEO from 2007 to March 2023; transitioned to Executive Chair; led Zebra's transformation into a global leader in enterprise asset intelligence. | |
Frank B. Modruson Board | Independent Class II Director | Board Member at Hy Cite Enterprises and Lyric Opera of Chicago. | Director since 2014; former CIO of Accenture; inducted into CIO Hall of Fame; expertise in technology, cybersecurity, and corporate governance. | |
Janice M. Roberts Board | Independent Class III Director | Partner at Benhamou Global Ventures; Board Member at NETGEAR, Totango, and Uneeq. | Director since 2013; nearly four decades of global technology and venture capital experience; expertise in marketing, sales, and business development. | |
Kenneth B. Miller Board | Independent Class I Director | EVP and CFO of Juniper Networks. | Director since May 2024; CFO of Juniper Networks; led strategic acquisitions and supply chain transformations; recognized for financial leadership. | |
Linda M. Connly Board | Independent Class III Director | Board Member at PortCo/Presidio; Advisor at Wasabi Technologies; Trustee at Saint Anselm College. | Director since 2020; expert in go-to-market strategies; previously led global sales transformations at EMC and Rackspace. | |
Nelda J. Connors Board | Independent Class II Director | CEO of Pine Grove Holdings; Board Member at Otis Worldwide; Advisor to Nissan North America. | Director since 2022; extensive experience in global manufacturing and diversified industrial companies; recognized for financial acumen and governance expertise. | |
Ross W. Manire Board | Independent Class I Director | Board Member at The Andersons and Hellen Systems; Chairman of Vivacity LLC. | Director since 2003; former CEO of ExteNet Systems; expertise in finance, technology, and corporate governance; Chair of Zebra's Audit Committee. | |
Satish Dhanasekaran Board | Independent Class I Director | President and CEO of Keysight Technologies. | Director since May 2023; CEO of Keysight Technologies; led Keysight's transformation into a software-centric company and leadership in 5G. |
- Given the macroeconomic uncertainty and higher interest rates raising hurdles for M&A, how do you plan to achieve your growth targets if acquisition opportunities are limited, and are you concerned that delaying M&A could hinder your strategic objectives?
- With customers continuing to scrutinize their budgets and large deal activity not returning to historic levels, how confident are you in achieving your raised sales growth guidance, and what specific factors give you confidence in a second-half rebound?
- As some customers consider trading down to lower-tier devices affecting pricing and margins, are you experiencing any margin erosion in specific segments, and how are you mitigating these risks amid competitive pressures?
- Your cautious approach to inventory management has led you to supply distributors with less product than requested; could this risk missing potential sales if demand picks up faster than expected, and how are you balancing this with the need to prevent overstocking?
- Considering the modest increase in shipping rates and cost inflation, to what extent could rising logistics costs impact your margins in the second half, and what strategies do you have in place to offset these cost pressures?
Research analysts who have asked questions during ZEBRA TECHNOLOGIES earnings calls.
Joseph Giordano
TD Cowen
4 questions for ZBRA
Keith Housum
Northcoast Research
4 questions for ZBRA
Andrew Buscaglia
BNP Paribas
3 questions for ZBRA
Bradley Hewitt
Wolfe Research
3 questions for ZBRA
Brian Drab
William Blair & Company
3 questions for ZBRA
Chris Grenga
Needham & Company
3 questions for ZBRA
Damian Karas
UBS
3 questions for ZBRA
Guy Hardwick
Freedom Capital Markets
3 questions for ZBRA
Meta Marshall
Morgan Stanley
3 questions for ZBRA
Piyush Avasthy
Citi
3 questions for ZBRA
Robert Mason
Robert W. Baird & Co.
3 questions for ZBRA
Thomas Moll
Stephens Inc.
3 questions for ZBRA
Jamie Cook
Truist Securities
2 questions for ZBRA
Brad Hewitt
Wolfe Research, LLC
1 question for ZBRA
Edward Magi
BNP Paribas
1 question for ZBRA
James Ricchiuti
Needham & Company, LLC
1 question for ZBRA
Karan Juvekar
Morgan Stanley
1 question for ZBRA
Kenneth Newman
KeyBanc Capital Markets
1 question for ZBRA
Ken Newman
KeyBanc Capital Markets
1 question for ZBRA
Rob Jamieson
TD Cowen
1 question for ZBRA
Tommy Moll
Stephens Inc.
1 question for ZBRA
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
Datalogic | Competitors in mobile computing and related services include companies that have historically served enterprises with ruggedized devices. For some applications, we compete with companies that provide tablets and smart phones. Competitors include: Datalogic, Honeywell, and Panasonic. |
Competitors in mobile computing and related services include companies that have historically served enterprises with ruggedized devices. For some applications, we compete with companies that provide tablets and smart phones. Competitors include: Datalogic, Honeywell, and Panasonic. | |
Panasonic | Competitors in mobile computing and related services include companies that have historically served enterprises with ruggedized devices. For some applications, we compete with companies that provide tablets and smart phones. Competitors include: Datalogic, Honeywell, and Panasonic. |
Newland | We also compete against smaller companies that focus on limited product subsets or specific regions, including Newland and Impinj. |
We also compete against smaller companies that focus on limited product subsets or specific regions, including Newland and Impinj. | |
Competitors in our fixed industrial scanning and machine vision business include Cognex, SICK, and Keyence. | |
SICK | Competitors in our fixed industrial scanning and machine vision business include Cognex, SICK, and Keyence. |
Keyence | Competitors in our fixed industrial scanning and machine vision business include Cognex, SICK, and Keyence. |
Fargo Electronics | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
Sato | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
Toshiba TEC | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
TSC | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
Brother | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
Dymo | Competitors include: Fargo Electronics (a unit of HID Global), Honeywell, Sato, Toshiba TEC, TSC, Brother, and Dymo. |
Chainway | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
Alien | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
Rodinbell | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
JADAK | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
Ubisense | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
Invengo | We compete with numerous companies operating in this market including Impinj, Chainway, Alien, Rodinbell, JADAK, Ubisense, and Invengo. |
| Customer | Relationship | Segment | Details |
|---|---|---|---|
Customer A | Distributor of the company's offerings | AIT and EVM | 21% of 2024 net sales ($1,046 million ) and 24% of 2024 accounts receivable ($166 million ) |
Customer B | Distributor of the company's offerings | AIT and EVM | 19% of 2024 net sales ($946 million ) and 13% of 2024 accounts receivable ($90 million ) |
Customer C | Distributor of the company's offerings | AIT and EVM | 14% of 2024 net sales ($697 million ) and 11% of 2024 accounts receivable ($76 million ) |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Photoneo | 2025 | The acquisition is planned to close in Q1 2025 after a definitive agreement signed on December 27, 2024, with a €60 million cash purchase, aiming to expand Zebra’s 3D machine vision solutions into automotive manufacturing and logistics while contributing around 30 basis points of incremental revenue. |
Matrox Imaging | 2022 | Completed on June 3, 2022, this deal was executed for a total of $878 million (with a mix of cash on hand and financing), integrating advanced machine vision components and systems into Zebra’s Enterprise Visibility & Mobility (EVM) segment, and creating significant goodwill and intangible assets to bolster global expansion and automation offerings. |
Recent press releases and 8-K filings for ZBRA.
- Zebra Technologies announced the closing of its acquisition of Elo Touch Solutions for approximately $1.3 billion, with the transaction completed on September 30, 2025.
- The deal expands Zebra’s addressable market by about $8 billion, bolstering its customer-facing frontline offerings.
- Elo brings decades of touchscreen innovation across POS systems, self-service kiosks and interactive digital displays serving retail, QSR, healthcare and industrial sectors.
- The combined platform will integrate Zebra’s compute and scanning capabilities with Elo’s display solutions to enable unified commerce and more intelligent frontline operations.
- Zebra Technologies (NASDAQ: ZBRA) completed its acquisition of Elo Touch Solutions, expanding its customer-facing workflows and increasing its addressable market by approximately $8 billion.
- Elo brings decades of touchscreen innovation and over hundreds of patents, supplying POS systems, self-serve kiosks and interactive displays across retail, hospitality, QSR, healthcare and industrial markets.
- The combined portfolio will deliver a unified platform across mobile and fixed digital touchpoints, enhancing frontline efficiency and elevating customer experiences in key industries.
- Q2 net sales of $1,293 M with 6.3% organic growth, driven by North America (+8%), Asia Pacific (+20%) and Latin America (+11%)
- Adjusted EBITDA margin of 20.6% (+10 bps) and non-GAAP diluted EPS of $3.61 (+13.5%)
- YTD free cash flow of $288 M, $250 M of share repurchases and a net debt to adjusted EBITDA ratio of 1.2x
- FY25 guidance raised to 5–7% sales growth, 21–22% adjusted EBITDA margin, non-GAAP EPS $15.25–$15.75 and free cash flow ≥ $800 M (includes ~50 bps benefit from Photoneo and pending Elo acquisition)
- Overview of business segmentation and growth strategy: Zebra discussed its dual segments—enterprise visibility & mobility and asset tracking—with emphasis on digitizing and automating workflows to drive efficiency across key markets like retail, T&L, manufacturing, and healthcare.
- Focus on supply chain diversification and pricing adjustments: The company highlighted its progress in reducing reliance on China—from 85% pre-2019 to an expected 30% by mid-2025—and noted a 10% price increase for North American products contributing incremental revenue, while managing tariff exposures.
- Emphasis on innovation and strategic investments: Zebra underscored its commitment to consistently invest about 10% of sales in R&D, drive margin expansion, and pursue opportunistic share repurchases and M&A to support long-term growth.
- Zebra is focusing on a vision that makes every asset and frontline worker visible and connected, leveraging technologies like AI, robotics, and machine vision to digitize environments and drive productivity.
- The company reported approximately $5 billion in revenue and emphasized its strong, global customer base—including over 80% of Fortune 500 companies—to support broad-based growth across retail, transportation, health care, and manufacturing segments.
- Zebra is investing in both organic growth and selective M&A opportunities, while also increasing its recurring revenue through software, services (about 25% of the business), and share buybacks to enhance overall profitability and market leadership.
- 2025 revenue guidance remains in the 3% to 7% range with strong Q1 performance and mid-single-digit growth expected in Q2, reflecting ongoing confidence despite customer and macro uncertainty.
- The company is managing tariff headwinds, estimating a current direct cost impact of approximately $70 million for the year, mitigated in part by proactive pricing increases (around 10% on its mobile computing platform).
- Zebra is accelerating its expansion in machine vision and software, highlighted by strategic acquisitions like Photoneo to cover solutions from low-end to high-end applications.
- A robust balance sheet underpins a capital allocation strategy that generated over $1 billion in free cash flow over four quarters, supported by an active share repurchase program of approximately $200 million in recent months.
- Sales Growth: Net sales reached over $1.3 billion with approximately 11–12% YoY and 11.9% organic growth, driven by broad‐based improvement across product categories and regions
- Profitability Highlights: Achieved non‐GAAP diluted EPS of $4.02, an adjusted EBITDA margin of 22.3%, alongside GAAP results of $2.62 EPS and $136M net income
- Tariff Impact & Outlook: Reported an annualized gross profit headwind of $80–90M from tariffs—with mitigation via supply chain diversification—and maintained a positive outlook amid robust demand
- Cash Performance: Generated $158M in free cash flow and maintained strong liquidity at $879M
- Capital & Investments: Executed share repurchases totaling $125–200M and advanced growth initiatives with a $62M acquisition of Photoneo