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Dec 31, 2025
Zebra Q4 2025 Earnings Report
Zebra reported double-digit revenue growth in Q4 2025, with higher adjusted EBITDA and stable margins despite lower GAAP net income.
Key Takeaways
Zebra generated 1475000000 in revenue in Q4 2025, up 10.6% year over year. Net income was 70000000 with diluted EPS of 1.39, while non-GAAP EPS increased to 4.33. Adjusted EBITDA rose to 326000000 with a 22.1% margin.
Revenue increased 10.6% to 1475000000 in Q4 2025.
Adjusted EBITDA grew 10.5% to 326000000 with margin stable at 22.1%.
GAAP net income declined to 70000000 from 163000000 in the prior year.
The company repurchased 303000000 of shares during the quarter.
Revenue by Segment
Forward Guidance
For Q1 2026, Zebra expects sales growth between 11% and 15% and adjusted EBITDA margin between 21% and 22%. For full year 2026, sales growth is expected between 9% and 13% with adjusted EBITDA margin around 22%.
Positive Outlook
- Q1 2026 sales growth expected between 11% and 15%.
- Full year 2026 sales growth expected between 9% and 13%.
- Adjusted EBITDA margin expected to remain around 22%.
- Non-GAAP EPS guidance for Q1 2026 between 4.05 and 4.35.
- Free cash flow expected to be at least 900000000 in 2026.
Challenges Ahead
- Gross margin declined year over year.
- GAAP net income decreased significantly versus prior year.
- Exit and restructuring costs of 76000000 impacted results.
- Higher operating expenses due to acquisition integration.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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