ZBRA

EX-99.1

2 zbraex99120260704.htm

EX-99.1

Document

Exhibit 99.1

Zebra Technologies Corporation

3 Overlook Point

Lincolnshire, IL 60069 USA

+1 847 634 6700

www.zebra.com

Zebra Technologies Announces Second Quarter 2026 Results

Delivers record performance with broad-based growth across segments and regions

Raises full year outlook

Lincolnshire, Ill., August 4, 2026 — Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitizing and automating workflows to deliver intelligent operations, today announced results for the second quarter ended July 4, 2026.

Second-Quarter Financial Highlights

•Net sales of $1,557 million; year-over-year increase of 20.4%

•Net income of $233 million and net income per diluted share of $4.85

•Non-GAAP diluted EPS increased year-over-year to $6.35

•Adjusted EBITDA increased year-over-year to $431 million

•Recorded IEEPA tariff recoveries of $73 million, of which $14 million received in the quarter

•Share repurchases of $268 million

“Our record results reflect broad-based demand for our innovative solutions and excellent execution on our growth and profitability priorities. We delivered for our customers by leveraging our long-standing supplier relationships to support our growth," said Bill Burns, Chief Executive Officer of Zebra Technologies. "The momentum we see across our business underscores Zebra's position as the foundation for intelligent operations and frontline AI as customers digitize and automate environments."

"Our strong balance sheet and cash flow continue to provide significant financial flexibility, enabling us to invest for growth while returning more than $560 million to shareholders in the first half of the year through disciplined share repurchases," said Nathan Winters, Chief Financial Officer of Zebra Technologies. "We believe this balanced approach positions Zebra to create long-term shareholder value."

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$ in millions, except per share amounts2Q262Q25Change

Select reported measures:

Net sales$1,557 $1,293 20.4%

Gross profit825 616 33.9%

Gross margin 53.0 %47.6 %540 bps

Net income233 112 108.0%

Net income margin15.0 %8.7 %630 bps

Net income per diluted share$4.85 $2.19 121.5%

Select Non-GAAP measures:

Adjusted net sales$1,557 $1,293 20.4%

Organic net sales growth9.2%

Adjusted gross profit830 619 34.1%

Adjusted gross margin53.3 %47.9 %540 bps

Adjusted EBITDA431 267 61.4%

Adjusted EBITDA margin27.7 %20.6 %710 bps

Non-GAAP net income$305 $186 64.0%

Non-GAAP earnings per diluted share$6.35 $3.61 75.9%

Second Quarter 2026 Compared to the Second Quarter 2025

Net sales were $1,557 million compared to $1,293 million in the prior year. Net sales in the Connected Frontline ("CF") segment were $903 million compared to $717 million in the prior year. Asset Visibility & Automation ("AVA") segment net sales were $654 million compared to $576 million in the prior year. Consolidated organic net sales increased 9.2% year-over-year, with a 7.5% increase in the CF segment and an 11.4% increase in the AVA segment.

Gross profit was $825 million compared to $616 million in the prior year. Gross margin increased to 53.0% compared to 47.6% in the prior year primarily due to IEEPA tariff recoveries and favorable foreign currency exchange. Adjusted gross margin was 53.3% compared to 47.9% in the prior year.

Operating expenses increased to $504 million from $433 million in the prior year primarily due to expenses associated with acquired businesses including amortization of intangible assets. Adjusted operating expenses increased to $419 million from $370 million in the prior year.

Net income was $233 million, or $4.85 per diluted share, compared to net income of $112 million, or $2.19 per diluted share, in the prior year. Non-GAAP net income increased to $305 million or $6.35 per diluted share, compared to $186 million, or $3.61 per diluted share for the prior year.

Adjusted EBITDA increased to $431 million, or 27.7% of adjusted net sales, compared to $267 million, or 20.6% of adjusted net sales in the prior year.

Balance Sheet and Cash Flow

As of July 4, 2026, the Company had cash and cash equivalents of $157 million and total debt of $2,776 million.

For the first six months of 2026, net cash provided by operating activities was $387 million and the Company invested $26 million in capital expenditures, resulting in free cash flow of $361 million. The Company also made share repurchases of $568 million.

Outlook

Mr. Burns added, "Strong demand momentum and progress on productivity and memory supply supports our significantly increased outlook for the full year. We are focused on driving sustainable growth across our business with our innovative portfolio of solutions, as we continue to benefit from trends in automation and Physical AI."

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Third Quarter 2026

The Company expects third quarter sales growth between 17% and 20% compared to the prior year. This expectation includes approximately 10.5 points of favorable impac

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zbra-202602120000877212false00008772122026-02-122026-02-12

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of report (Date of earliest event reported): February 12, 2026

ZEBRA TECHNOLOGIES CORPORATION

(Exact Name of Registrant as Specified in Charter)

Delaware000-1940636-2675536 (State or Other Jurisdiction of Incorporation)(Commission File Number)(IRS Employer Identification No.)

3 Overlook Point, Lincolnshire, Illinois 60069 (Address of Principal Executive Offices)(Zip Code)

Registrant’s telephone number, including area code: 847-634-6700

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading SymbolName of exchange on which registered Class A Common Stock, par value $.01 per shareZBRAThe NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth company  ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  ☐

Item 2.02.Results of Operations and Financial Conditions.

The information contained in this Form 8-K shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

On February 12, 2026, we announced our results of operations and financial position as of and for the fourth quarter and full year ended December 31, 2025. The press release is attached hereto as Exhibit 99.1 and is incorporated herein by reference.

Item 8.01.Other Events

On February 12, 2026, the Company issued a press release announcing that its Board of Directors had approved a $1.0 billion increase to the Company’s existing share repurchase authorization. The share repurchase authorization does not have a stated expiration date. The level of the Company’s repurchases depends on a number of factors, including its financial condition, capital requirements, cash flows, results of operations, future business prospects and other factors its management may deem relevant. The timing, volume and nature of repurchases are subject to market conditions, applicable securities laws and other factors and may be amended, suspended or discontinued at any time. Repurchases may be effected from time to time through open market purchases, including pursuant to a pre-set trading plan meeting the requirements of Rule 10b5-1(c) of the Securities Exchange Act of 1934, as amended. The press release is attached hereto as Exhibit 99.2 and is incorporated herein by reference.

Item 9.01.Financial Statements and Exhibits.

(d) Exhibits.

Exhibit NumberDescription of Exhibits 99.1Registrant’s Press Release dated February 12, 2026 99.2Registrant’s Press Release dated February 12, 2026 104Cover Page Interactive Data File (embedded within the inline XBRL)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

ZEBRA TECHNOLOGIES CORPORATION

Date:February 12, 2026 By: /s/ Cristen Kogl Cristen Kogl Chief Legal Officer, General Counsel & Corporate Secretary

EXHIBIT INDEX

Exhibit NumberDescription of Exhibits 99.1Registrant’s Press Release dated February 12, 2026

99.2Registrant's Press Release dated February 12, 2026

104Cover Page Interactive Data File (embedded within the inline XBRL)