Companies / Zebra COMPANY FILINGS
Zebra ZBRA In fiscal 2025, Zebra Technologies supplied automatic identification, data capture and workflow automation offerings, including mobile computing, radio frequency identification (RFID) and thermal barcode printing, alongside software subscriptions and maintenance, repair and professional services.
Business description: FY2025 CIK 0000877212 Source: SEC EDGAR
Overview 10-K summary Balance sheet Original filings
Annual reports 9
Report coverage 2017–2025
Financial statement focus Balance sheet READ THE FILING
Annual report insights AI summary AI-generated summaries of the cited 10-K filings. For informational purposes only; not personalized investment advice.
Choose a fiscal year FY2025 FY2024 FY2023 FY2022 FY2021 Fiscal 2025 net sales increased to $5,396 million from $4,981 million in 2024, while operating income fell to $700 million from $742 million and net income fell to $419 million from $528 million.
Source: 2025 Zebra acquired Elo on September 30, 2025 for $1,303 million in cash, net of acquired cash, expanding its self-service and consumer-facing workflow portfolio. It also acquired Photoneo on February 28, 2025 for $62 million in cash, net of acquired cash, expanding its machine vision offerings.
Source: 2025 View full 10-K summary 2025 Hide full 10-K summary 2025 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Negative signals Robotics exit decision and costs In the fourth quarter of 2025, Zebra decided to dispose of or exit its robotics automation solutions business. It incurred approximately $55 million in related one-time costs during 2025, principally $45 million of long-lived asset impairments. Separately, its 2025 Productivity Plan generated $21 million in exit and restructuring charges, primarily employee severance and benefits.
Source: 2025 Lower cash and higher debt Cash and cash equivalents declined to $125 million at December 31, 2025 from $901 million a year earlier, while total debt increased to $2,511 million from $2,183 million. Zebra increased revolving credit borrowings in the fourth quarter to help fund the Elo acquisition.
Source: 2025 Business context Segment reporting revised Zebra changed its reportable segments to Connected Frontline and Asset Visibility and Automation in the fourth quarter of 2025. Segment operating income now excludes share-based compensation, and historical segment results were recast to match the new presentation; these reporting changes did not affect consolidated results, cash flows or financial condition.
Source: 2025 Business in fiscal 2025 In fiscal 2025, Zebra Technologies supplied automatic identification, data capture and workflow automation offerings, including mobile computing, radio frequency identification (RFID) and thermal barcode printing, alongside software subscriptions and maintenance, repair and professional services.
Source: 2025
5-year changes FY2021–FY2025 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales decline and recovery The selected disclosures report consolidated net sales of US$5,627 million in 2021 and US$5,781 million in 2022, followed by US$4,584 million in 2023, US$4,981 million in 2024 and US$5,396 million in 2025. Sales recovered after 2023 but remained below the 2021 and 2022 amounts. Management attributed the 2023 decline to weaker demand for core products and distributor inventory reductions. In 2024, management reported that the recovery in demand broadened across offerings in both segments during the second half of the year. These observations do not establish a complete explanation of sales movements throughout the five-year period.
Source: 2021 , 2022 , 2023 , 2024 , 2025 Acquisition scope Selected acquisition disclosures show different additions to Zebra’s portfolio: autonomous mobile robot provider Fetch in August 2021 and Elo in September 2025, which Zebra said expanded its self-service and consumer-facing workflow offerings. Fetch’s US$301 million total consideration included US$290 million in cash, net of acquired cash, and an US$11 million existing ownership interest. Elo’s US$1,303 million consideration consisted of cash paid, net of acquired cash. The amounts therefore represent different consideration structures, rather than two directly equivalent cash outlays.
Source: 2021 , 2025 Segment realignment The 2023 disclosure identified Asset Intelligence & Tracking and Enterprise Visibility & Mobility as Zebra’s two reportable segments. In the fourth quarter of 2025, Zebra replaced that structure with Connected Frontline and Asset Visibility & Automation. It also began excluding share-based compensation from segment operating results and updated the presentation of historical segment results to match the new reporting rules. Consequently, figures under the former segment structure and those under the new structure should not be combined into an unchanged five-year segment series; both the business groupings and the expense measurement changed.
Source: 2023 , 2025 Request a correction Zebra’s 2024 net sales were $4,981 million, compared with $4,584 million in 2023, while operating income rose to $742 million from $481 million. Management said the recovery in demand broadened across offerings in both segments during the second half of 2024.
Source: 2024 Operating activities generated $1,013 million of cash in 2024, compared with $4 million used in 2023. The 2024 total included a $77 million cash receipt from terminating all interest rate swap agreements in the second quarter.
Source: 2024 View full 10-K summary 2024 Hide full 10-K summary 2024 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Productivity plan completed Zebra completed its 2022 Productivity Plan in 2024. Management reported that this plan and the U.S. voluntary retirement plan completed in 2023 had together generated approximately $120 million of annualized net cost savings, primarily in operating expenses. The programs affected over 9% of the global employee base and incurred $127 million in total charges, including $17 million in 2024.
Source: 2024 Negative signals Asset Intelligence and Tracking sales decline Asset Intelligence & Tracking net sales declined by $4 million, or 0.2%, in 2024 compared with 2023. Management attributed the decline primarily to lower printing-product and supplies sales, partly offset by favorable currency changes and higher RFID-product sales.
Source: 2024 Rate exposure At December 31, 2024, approximately $1.7 billion of Zebra’s $2.2 billion of outstanding debt carried variable interest rates. The filing estimated that a one percentage point increase or decrease in rates would increase or decrease annual interest expense by approximately $17 million; this was a sensitivity estimate, not a realized expense change.
Source: 2024 Business context Pending Photoneo acquisition On December 27, 2024, Zebra agreed to acquire Photoneo, a developer and manufacturer of 3D machine vision solutions, for approximately €60 million. The company expected to fund the purchase with cash on hand and close in the first quarter of 2025, subject to customary closing conditions; the filing described an agreement, not a completed acquisition.
Source: 2024 Business in fiscal 2024 In fiscal 2024, Zebra Technologies supplied automatic identification and data capture products, including mobile computers, barcode scanners, radio frequency identification (RFID) readers and specialty printers, alongside software and services. Its customers used these offerings across retail and e-commerce, manufacturing, transportation and logistics, healthcare and other industries.
Source: 2024
5-year changes FY2020–FY2024 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Demand and supply pressures change Zebra described pandemic-related weakness in customer demand and higher fulfillment costs in 2020, followed by broad demand for digitization and automation in 2021. Management reported that supply bottlenecks constrained both segments in 2022, particularly Enterprise Visibility & Mobility (EVM). It attributed the 2023 sales decline to weaker demand for core products and distributor inventory reductions. In 2024, management reported stabilizing distributor inventories and a demand recovery that broadened across both segments in the second half. Consolidated net sales reached US$4,981 million in 2024, compared with US$4,584 million in 2023 and US$5,781 million in 2022.
Source: 2020 , 2021 , 2022 , 2023 , 2024 Completed acquisitions and a pending deal Selected transactions added workforce-management software, robotics and machine vision (technology that extracts information from images) capabilities. Zebra acquired Reflexis in September 2020, autonomous mobile robot provider Fetch in August 2021, and machine vision components and software developer Matrox in June 2022. In December 2024, Zebra signed an agreement to acquire 3D machine vision developer Photoneo for approximately €60 million. The 2024 filing described that transaction as subject to closing conditions, with completion expected in the first quarter of 2025 and the business intended to join Enterprise Visibility & Mobility (EVM); it was not reported as a completed 2024 acquisition.
Source: 2020 , 2021 , 2024 Operating cash reversal Zebra reported US$488 million of net cash provided by operating activities in 2022, followed by US$4 million of net cash used in operating activities in 2023. Operating activities returned to a net cash inflow of US$1,013 million in 2024.
Source: 2023 , 2024 Request a correction Net sales were $4,584 million in 2023, down 20.7% from 2022. Management attributed declines in both segments to broadly weaker demand for core products and distributors reducing inventory.
Source: 2023 Net income fell to $296 million in 2023 from $463 million in 2022, while diluted earnings per share declined to $5.72 from $8.80.
Source: 2023 View full 10-K summary 2023 Hide full 10-K summary 2023 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Gross margin improvement Gross margin increased to 46.3% in 2023 from 45.4% in 2022. Management reported that both segments, especially Asset Intelligence & Tracking (AIT), benefited from lower premium freight and component costs, although lower volumes adversely affected both segments, particularly Enterprise Visibility & Mobility (EVM).
Source: 2023 Negative signals Operating cash outflow Operating activities used $4 million of cash in 2023, compared with generating $488 million in 2022. Management cited reduced operating profits and higher payments for income taxes, restructuring, interest, inventory purchases and the patent-litigation settlement, partly offset by favorable customer collection timing and lower employee incentive payments.
Source: 2023 Business context Restructuring During 2023, Zebra expanded its 2022 Productivity Plan and introduced a voluntary retirement plan for eligible U.S. employees. These programs incurred $98 million of charges in 2023. Management reported approximately $50 million of net savings to date, primarily in the third and fourth quarters of 2023.
Source: 2023 Business in fiscal 2023 In fiscal 2023, Zebra Technologies supplied automatic identification and data capture products, including mobile computers, barcode scanners, radio frequency identification (RFID) readers and specialty printers, alongside software and services. Its two reportable segments were Asset Intelligence & Tracking and Enterprise Visibility & Mobility.
Source: 2023
5-year changes FY2019–FY2023 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales decline in final year The selected disclosures report consolidated net sales of $4,485 million in 2019, $4,448 million in 2020, $5,627 million in 2021, $5,781 million in 2022 and $4,584 million in 2023. Management attributed the 2021 increase primarily to customer demand for digitization and automation, including purchases it believed customers had postponed in 2020. For 2023, management reported a 20.7% decline from 2022 and attributed the decline to weaker demand for core products and reductions in distributors’ inventories.
Source: 2019 , 2021 , 2023 Segment reclassifications Segment boundaries changed within the window. Retail Solutions moved to Enterprise Visibility & Mobility (EVM) effective January 1, 2021. In the first quarter of 2022, location solutions moved from Asset Intelligence & Tracking (AIT) to EVM; Zebra said historical results reflected that change on a comparable basis. In the second quarter of 2023, advanced location technology solutions, primarily radio frequency identification (RFID) devices and real-time location systems (RTLS) offerings, moved from EVM to AIT. The 2023 filing also says historical segment results reflect that reclassification on a comparable basis. These selected disclosures therefore do not establish a consistent five-year segment series, and figures from different filing presentations should not be combined without reconciling their scope.
Source: 2021 , 2022 , 2023 Request a correction Zebra's 2022 net sales reached $5,781 million, compared with $5,627 million in 2021. Operating income fell to $529 million from $979 million.
Source: 2022 Operating cash flow declined to $488 million in 2022 from $1,069 million in 2021. Management attributed the decline primarily to higher inventories, settlement payments and higher payments of 2021 incentive compensation, partly offset by favorable customer collection timing and receivables factoring activity.
Source: 2022 View full 10-K summary 2022 Hide full 10-K summary 2022 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals Matrox acquisition completed Zebra acquired Matrox Electronic Systems on June 3, 2022, for $881 million in cash, net of Matrox's cash on hand. The acquisition expanded Zebra's machine vision products and software offerings within its Enterprise Visibility & Mobility segment.
Source: 2022 Negative signals Patent settlement charge The 2022 Honeywell patent settlement resulted in a $372 million pre-tax charge, including $12 million in external legal fees. Zebra agreed to pay $360 million in eight quarterly installments of $45 million beginning in the second quarter. Both parties denied liability; management identified the settlement charge as the primary reason operating income declined.
Source: 2022 Distribution center disruption Zebra extended the transition of its North American distribution center in 2022. Management reported that the transition impaired product fulfillment and operating results in the third quarter and contributed to elevated inventories. Zebra resumed servicing customer orders through its existing logistics provider to mitigate the disruption.
Source: 2022 Business in fiscal 2022 In fiscal 2022, Zebra Technologies provided enterprise asset intelligence solutions, including mobile computers, barcode scanners, radio frequency identification (RFID) readers and specialty printers. Its offerings also included maintenance, repair, cloud-based software subscriptions and robotics automation.
Source: 2022
5-year changes FY2018–FY2022 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales growth varied The selected disclosures report consolidated net sales of $4,218 million in 2018, $4,485 million in 2019, $4,448 million in 2020, $5,627 million in 2021 and $5,781 million in 2022. Sales therefore did not rise every year within this window. Reported year-over-year sales growth slowed from 26.5% in 2021 to 2.7% in 2022.
Source: 2018 , 2019 , 2020 , 2021 , 2022 Acquisitions add different capabilities Selected acquisitions covered different capabilities: Xplore’s rugged tablets in 2018, Reflexis’ task and workforce management solutions in 2020, and Fetch’s autonomous mobile robots in 2021. The 2022 disclosure also linked Matrox acquisition goodwill (purchase price above identifiable net assets) to planned global expansion and integration into Zebra’s machine vision (technology that extracts information from images) offerings. That integration was described as a plan, rather than a demonstrated outcome.
Source: 2018 , 2020 , 2021 , 2022 Final-year operating profit and cash decline Consolidated operating income fell from $979 million in 2021 to $529 million in 2022. Management attributed the decrease primarily to a legal settlement charge; the disclosed $372 million pre-tax charge included $12 million in external legal fees. Operating cash flow also declined, from $1,069 million in 2021 to $488 million in 2022. These figures do not establish the settlement’s contribution to the cash-flow decline.
Source: 2021 , 2022 Request a correction Consolidated net sales increased 26.5% in 2021 versus 2020. Management attributed the increase primarily to broad-based customer demand to digitize and automate their businesses.
Source: 2021 Enterprise Visibility & Mobility (EVM) net sales increased 28.8% in 2021 versus 2020. Management said mobile computing products contributed the vast majority of the increase.
Source: 2021 View full 10-K summary 2021 Hide full 10-K summary 2021 Signals describe observations in the selected filing, not forecasts or investment ratings. Risk disclosures do not establish that a loss occurred.
Positive signals No positive signals are highlighted in this summary. This does not mean the filing contains none.
Negative signals Segment gross margin fell The Asset Intelligence & Tracking (AIT) segment's gross margin (sales less cost of sales, as a share of sales) declined to 45.6% in 2021 from 47.3% in 2020. Management attributed the decline primarily to higher premium freight costs, partially offset by favorable business mix, higher sales volumes and other benefits.
Source: 2021 Patent litigation Zebra faced patent lawsuits in multiple U.S. and foreign jurisdictions seeking damages and injunctive relief (court orders restricting activities). The company warned that the litigation could negatively affect its business or operating results; the disclosure does not establish infringement.
Source: 2021 Business context Productivity plan Zebra recorded $7 million in exit and restructuring charges under its 2021 Productivity Plan for the year ended December 31, 2021, primarily for employee benefits and severance. Management expected remaining costs of up to $3 million and completion by 2022.
Source: 2021 Business in fiscal 2021 In fiscal 2021, Zebra Technologies sold printing, mobile computing and data capture products, as well as services and software.
Source: 2021
5-year changes FY2017–FY2021 Selected changes based on passages from the cited five fiscal-year filings, ending in this report year. This is not an exhaustive review of the filings. Later fiscal-year filings are excluded.
Sales rise despite an intervening decline The selected consolidated tables report net sales of $3,722 million in 2017, $4,218 million in 2018, $4,485 million in 2019, $4,448 million in 2020 and $5,627 million in 2021. Sales therefore did not rise every year. Management attributed the 2021 increase primarily to customers' demand to digitize and automate their businesses.
Source: 2019 , 2021 Acquisitions add tablets, software and robots Selected acquisition disclosures span rugged tablets, workforce management and robotics. Zebra acquired Xplore in 2018, whose business sold rugged tablets; Reflexis in 2020, a provider of task and workforce management solutions; and Fetch in 2021, a provider of autonomous mobile robot solutions. Zebra described the Fetch acquisition as intended to expand its automation offerings for manufacturing, distribution and fulfillment customers.
Source: 2018 , 2020 , 2021 Pandemic pressures shift toward supply The selected pandemic disclosures describe a change in the main reported pressures. In its 2020 filing, Zebra identified lower customer demand and higher fulfillment costs as the primary adverse effects. Its 2021 filing emphasized more recent supply-chain disruption, including higher fulfillment costs and component shortages, together with labor constraints. These descriptions do not establish that the earlier demand pressures had disappeared.
Source: 2020 , 2021 Request a correction FINANCIAL STATEMENTS
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Annual reports & SEC 10-K filings SEC EDGAR 9 reports in this collection
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