📈 Price History

Ratio Health

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By Category

📊 Sector Averages

About

Zebra Technologies Corporation, together with its subsidiaries, operates in the automatic identification and data capture solutions industry worldwide.

Key Ratios Snapshot

📈 Growth Pattern

⚡ Latest Quarter —

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⭐ Superinvestors Holding ZBRA

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Manager	Shares	Value	% of Fund	Period
Jim Simons Renaissance Technologies LLC	288.3K	$60.3M	0.09%	Mar 2026

SEC Form 13F data. 45-day lag from quarter end.

🔍 Concall Decoded

🎙 Management Tone Tracker Confident Specific → Stable 4 quarters analysed

Q2 2025

Confident Specific

Management used specific numbers (e.g., sales of $1.3B, 6% growth, EPS $3.61, raised full-year guidance to 5-7% revenue, 21-22% EBITDA margin) and explicitly cited lower tariff impact ($30M vs prior $70M) and strong demand across regions. However, they hedged with cautious language like 'remain cautious as our customers navigate through uncertain trade policy' and acknowledged softness in Europe.

Q3 2025

Confident Specific

Management consistently describes Q3 as 'executed well' with results 'above our outlook', cites specific sales growth of 5% to $1.3B and EPS up 11%, but also acknowledges 'uneven demand' and 'cautious' customers, showing confidence backed by numbers while tempering with macro uncertainty.

Q4 2025

Confident Specific

Management repeatedly used phrases like 'above our outlook', 'strong execution', 'solid growth', 'double-digit EPS growth', and provided specific numerical guidance and offset plans for the memory headwind, indicating confidence with concrete details.

Q1 2026 latest

Confident Specific

Management used definitive language like 'great start', 'strong Q1 results', 'increased outlook', and provided specific figures (sales $1.5B, EBITDA 23.2%, EPS $4.75) to support their confidence. They emphasized successful memory mitigation and raised full-year guidance.

Guidance Reliability Pending · <3Q data

Investor Lens

The investment thesis is stronger after this call. Q1 results beat expectations, and management raised full-year guidance, demonstrating confidence in demand and ability to manage memory headwinds. The competitive position is reinforced by broad-based growth across segments and regions, particularly in manufacturing and Machine Vision. The strategic pivot to AI and automation is gaining traction without diluting margins. However, memory supply remains a near-term constraint (capped at mid-point guidance) and tariff uncertainty lingers. Next quarter, focus on the actual memory cost trajectory, the pace of price realization, and whether demand in T&L refreshes materializes in 2027 as indicated. The active buyback signals management's view of undervaluation, but investors should watch for any escalation in tariff or memory risks that could pressure the second half.

AI-generated concall tone analysis · Updated 2026-06-08 · Not investment advice

🎙 Management Tone Confident Specific → Stable 4 quarters Full tone analysis in Intelligence →

📊 MIXED Zebra Q1 sales $1.5B, +14%; raises EPS guide to $18.30-$18.70

Revenue & Profitability

Q1 2026 total sales increased 14.3% (4.3% organic) to approximately $1.5 billion. Non-GAAP diluted EPS was $4.75, up 18% year-over-year. Adjusted EBITDA margin was 23.2%, and free cash flow was $163 million. For the full year 2026, management raised sales growth guidance to 10%-14%, adjusted EBITDA margin to approximately 22%, and non-GAAP diluted EPS to $18.30-$18.70. Free cash flow is expected to be at least $900 million.

Outlook

Management sees durable demand drivers from automation, digitization, and AI adoption across industries. Customers continue to invest in mobility, intelligent automation, asset visibility, and Physical AI. While memory supply is constrained, the company is confident in its ability to mitigate impacts through direct supplier relationships, alternative sourcing, and product transitions. The team noted no pull-forward from price increases and positive demand trends across all regions and verticals.

Growth Drivers

Key growth drivers include strength in manufacturing end markets, double-digit growth in Machine Vision, and building momentum in RFID across retail, logistics, and healthcare. Regionally, sales grew 4% in North America, 2% in EMEA, 11% in Asia Pacific, and 10% in Latin America. The Elo Touch acquisition contributed mid-single-digit growth and is expected to generate revenue synergies. The company also highlighted large refresh opportunities in transportation and logistics beginning in 2027.

Balance Sheet & CapEx

Not discussed in this earnings call beyond general mentions of investments in innovation (e.g., new mobile computers, RFID, Machine Vision, AI tools). No specific capital expenditure guidance or capacity plans were provided.

Margins

Q1 adjusted EBITDA margin was 23.2%, up 90 basis points year-over-year, driven by a record 50.4% gross margin and operating expense leverage. For Q2, EBITDA margin is expected to be slightly above 21% due to higher memory costs. Full year adjusted EBITDA margin is guided to approximately 22%. The company reiterated that it will fully mitigate the two-point memory headwind through price increases, cost actions, and volume leverage.

Key Risks

Key risks flagged include memory cost and supply constraints, which could pressure margins and volume if not mitigated. Tariff regime changes (e.g., elimination of IEPA rates, potential Section 301 or 232 tariffs) are being monitored but are not expected to materially impact full-year guidance. Freight cost increases of 20%-30% have been experienced but are being managed and are less than 2% of revenue.

Generated by AI · Q1 2026 results · Not investment advice

✓ 📞 Earnings Call Transcripts (5 quarters) submit a missing quarter

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📞 Earnings Call Transcripts (5)

Q2 2026 Q2 2026 2026-08-04

Record Q2 results featured 20% sales growth, 27.7% adjusted EBITDA margin, and a 76% EPS increase, driven by strong demand, AI-powered solutions, and successful integration of Elo Touch. Full-year outlook was raised, with continued focus on mitigating memory supply risks and disciplined capital allocation.

Q1 2026 Q1 2026 2026-05-12

Strong Q1 results with 14% sales growth and 23.2% EBITDA margin led to an increased full-year outlook. Robust demand, successful memory cost mitigation, and broad-based segment and geographic growth support confidence in achieving 10–14% sales growth and $900M+ free cash flow for the year.

Q4 2025 Q4 2025 2026-02-12

Q4 and full-year results exceeded expectations, with strong growth in Asia-Pacific, Latin America, and EMEA. 2026 guidance calls for 9%-13% sales growth, robust free cash flow, and continued investment in AI, RFID, and machine vision, while mitigating memory cost headwinds.

Q3 2025 Q3 2025 2025-10-28

Q3 sales rose 5% year-over-year to $1.3B, with strong growth in Asia Pacific, Latin America, and North America, and double-digit gains in RFID and printing. Full-year sales growth is forecast at 8%, with a 17% EPS increase, while $500M in share repurchases is planned.

Q2 2025 Q2 2025 2025-08-05

Q2 sales grew over 6% to $1.3B, with strong demand and margin improvement. Full-year guidance was raised for sales, EBITDA margin, and EPS, supported by robust pipeline and the pending Elo acquisition, which expands the addressable market and is expected to be accretive.

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