Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1970.4%
Neutral829.6%
Bearish00.0%
Zebra Technologies Corporation · ZBRA · FY2025 Q3 · Calendar Q4 2025
Zebra maintains outlook as RFID and acquisitions support growth
The supplied analysis supports a constructive but qualified view: demand in mobile computing, printing and RFID, plus the Elo and Photoneo integrations, supports growth; maintained guidance, uneven regional demand, tariffs and uncertainty around AI monetization temper the case.
Reported Before market openNASDAQTechnology
$17.90B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$3.88
Consensus $3.75
EPS surprise
+3.5%
Reported versus consensus
Reported revenue
$1.32B
Consensus $1.47B
Revenue surprise
-10.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-11.7%
Event window
SPY move
+0.3%
Same window
Abnormal move
-11.9%
Stock minus SPY
Volume
5.6×
Versus trailing sessions
Subsequent drift
-9.1%
Up to 20 sessions
ZBRASPY benchmark
Ask FN2 about ZBRA FY2025 Q3
Transcript, numbers and history already loaded
Why did ZBRA fall 11.7% after beating EPS estimates in FY2025 Q3?What changed in ZBRA's guidance and outlook in FY2025 Q3?Give me the bull and bear case for ZBRA after FY2025 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
Compared with the prior-quarter analysis, the current analysis shifts emphasis toward the Elo and Photoneo contributions to Q4 growth, continued RFID momentum and a planned $500 million share repurchase, while guidance sentiment is maintained. It also identifies AI-related revenue timing and Q4 project spending as open questions.
Guidance delta
Guidance sentiment was maintained; the supplied analysis does not identify a new numerical guidance change.
Key takeaways
- The current analysis describes 5% year-over-year revenue growth and double-digit adjusted EBITDA margin expansion.
- RFID is identified as a bright spot, with double-digit growth and expanding use cases across retail, logistics and healthcare.
- Elo Touch Solutions and Photoneo are described as contributing about 850 basis points to Q4 growth.
- The analysis points to EMEA softness, macro uncertainty and tariffs as the main counterweights.
Management priorities
- Develop AI companion agents and a broader frontline AI suite.
- Integrate Elo Touch Solutions and cross-sell point-of-sale and self-service kiosks.
- Expand machine-vision capabilities through Photoneo integration.
- Continue supply-chain resiliency, share repurchases and disciplined capital allocation.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$375.86Current
$256Low
$368.82Average
$500High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 3, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Needham | Buy | Buy | Maintain | Sep 15, 2026 |
| Truist Securities | Hold | Hold | Maintain | Aug 5, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 5, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Citigroup | Neutral | Neutral | Maintain | Aug 5, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | Aug 5, 2026 |
| Barclays | Overweight | Overweight | Maintain | Aug 5, 2026 |
| Baird | Outperform | Outperform | Maintain | May 13, 2026 |
| Morgan Stanley | Equal Weight | Equal Weight | Maintain | Aug 6, 2025 |
| UBS | Buy | Buy | Maintain | Apr 30, 2025 |
| Stephens & Co. | Overweight | Overweight | Maintain | Aug 2, 2024 |
| Exane BNP Paribas | Neutral | Underperform | Upgrade | Jun 13, 2024 |
| Wolfe Research | Outperform | Peer Perform | Upgrade | Apr 8, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Aug 2, 2023 |
| JP Morgan | Overweight | Neutral | Upgrade | Apr 4, 2022 |
| Northcoast Research | Buy | Neutral | Upgrade | Mar 23, 2021 |
| Imperial Capital | Outperform | Outperform | Maintain | Nov 20, 2019 |
| Atlantic Equities | Overweight | Overweight | Maintain | Aug 27, 2019 |
| Berenberg | Buy | Buy | Maintain | Mar 7, 2019 |
| Wells Fargo | Market Perform | Market Perform | Maintain | Feb 27, 2018 |
| Wellington Shields | Buy | Hold | Upgrade | Nov 8, 2017 |
| CLSA | Buy | Buy | Maintain | Aug 3, 2016 |
| Goldman Sachs | Neutral | Neutral | Maintain | Jun 8, 2016 |
| Avondale Partners | Perform | Market Perform | Maintain | Mar 28, 2016 |
| Oppenheimer | Outperform | Outperform | Maintain | Jan 20, 2016 |
| Barrington Research | Outperform | Outperform | Maintain | Aug 26, 2015 |
| Sidoti & Co. | Neutral | Buy | Downgrade | Jan 28, 2013 |
Named analyst price targets
Upside is calculated against the persisted current price $375.86. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Needham | Robert Jamieson | $435 | $351.81 | +15.7% | Sep 15, 2026 |
| Truist Financial | Analyst unavailable | $355 | $373.87 | -5.5% | Aug 5, 2026 |
| Morgan Stanley | Meta Marshall | $360 | $373.76 | -4.2% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $430 | $368.83 | +14.4% | Aug 5, 2026 |
| Barclays | Analyst unavailable | $410 | $368.83 | +9.1% | Aug 5, 2026 |
| Wolfe Research | Analyst unavailable | $317 | $271 | -15.7% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $296 | $267.85 | -21.2% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $346 | $245.69 | -7.9% | Jun 23, 2026 |
| Barclays | Guy Hardwick | $345 | $241.79 | -8.2% | May 13, 2026 |
| KeyBanc | Analyst unavailable | $305 | $241.79 | -18.9% | May 13, 2026 |
| Robert W. Baird | Analyst unavailable | $310 | $241.79 | -17.5% | May 13, 2026 |
| Truist Financial | Jamie Cook | $256 | $236.14 | -31.9% | Apr 20, 2026 |
| UBS | Damian Karas | $335 | $268.88 | -10.9% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $330 | $274.15 | -12.2% | Feb 13, 2026 |
| Morgan Stanley | Meta Marshall | $323 | $274.15 | -14.1% | Feb 12, 2026 |
| Barclays | Guy Hardwick | $351 | $241.08 | -6.6% | Feb 6, 2026 |
| Barclays | Guy Hardwick | $368 | $259.48 | -2.1% | Jan 12, 2026 |
| Truist Financial | Jamie Cook | $291 | $254.22 | -22.6% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $331 | $275.96 | -11.9% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $360 | $274.31 | -4.2% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $350 | $296.64 | -6.9% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $375 | $296.64 | -0.2% | Oct 7, 2025 |
| Barclays | Tim Long | $301 | $302.6 | -19.9% | Aug 5, 2025 |
| UBS | Damian Karas | $425 | $318.36 | +13.1% | Feb 18, 2025 |
| Robert W. Baird | Analyst unavailable | $380 | $331.08 | +1.1% | Feb 18, 2025 |
| Truist Financial | Jamie Cook | $383 | $384.68 | +1.9% | Oct 29, 2024 |
| Robert W. Baird | Richard Eastman | $375 | $348.12 | -0.2% | Jul 31, 2024 |
| Truist Financial | Jamie Cook | $345 | $348.12 | -8.2% | Jul 31, 2024 |
| BNP Paribas | Andrew Buscaglia | $305 | $304.56 | -18.9% | Jun 13, 2024 |
| Needham | James Ricchiuti | $370 | $323.87 | -1.6% | May 16, 2024 |
| Robert W. Baird | Richard Eastman | $330 | $314.56 | -12.2% | May 1, 2024 |
| Stephens | Tommy Moll | $380 | $314.56 | +1.1% | May 1, 2024 |
| Wolfe Research | Brad Hewitt | $337 | $290.38 | -10.3% | Apr 8, 2024 |
| Truist Financial | Jamie Cook | $300 | $284.5 | -20.2% | Mar 13, 2024 |
| Needham | James Ricchiuti | $255 | $196.82 | -32.2% | Nov 1, 2023 |
| Morgan Stanley | Analyst unavailable | $260 | $270.82 | -30.8% | Dec 13, 2022 |
| Credit Suisse | Analyst unavailable | $319 | $258.1 | -15.1% | Dec 13, 2022 |
| UBS | Analyst unavailable | $495 | $325.44 | +31.7% | Aug 4, 2022 |
| Stephens | Analyst unavailable | $500 | $323.32 | +33.0% | Aug 3, 2022 |
| Needham | Analyst unavailable | $450 | $323.32 | +19.7% | Aug 3, 2022 |
| Needham | Analyst unavailable | $500 | $368.14 | +33.0% | May 4, 2022 |
| Morgan Stanley | Meta Marshall | $400 | $393.68 | +6.4% | Apr 16, 2022 |
| Wolfe Research | Brian Lau | $469 | $437.18 | +24.8% | Mar 20, 2022 |
| Needham | James Ricchiuti | $535 | $388.79 | +42.3% | Mar 10, 2022 |
Track every rating change on ZBRA the moment it posts. Free to start.
Start freeCompany context
Snapshot as of publicationZebra Technologies Corporation, alongside its affiliated entities, delivers enterprise asset intelligence solutions globally within the automatic identification and data capture (AIDC) sector. Operating through its Asset Intelligence & Tracking and Enterprise Visibility & Mobility segments, the company provides a comprehensive suite of products and services. Its hardware lineup includes specialized printers for generating labels, wristbands, tickets, receipts, and plastic cards, alongside advanced dye-sublimation thermal card printers for secure identification and financial transactions, and RFID printers for data encoding. Complementing these are various accessories and essential consumables such as thermal labels, ribbons, RFID tags, and critical temperature-monitoring labels, notably used in vaccine distribution.…
Historical context
All ZBRA earningsTechnology peers this season
Latest reports in the same sector| Company | Quarter | EPS surprise | Market move | Headline |
|---|---|---|---|---|
| ACN Accenture plc | FY2026 Q4 · Calendar Q4 2026 | +3.5% | +15.8% | Accenture: AI demand supports strong Q4, while pricing and geopolitics remain risks |
| JBL Jabil Inc. | FY2026 Q4 · Calendar Q3 2026 | +8.1% | -10.0% | Jabil enters FY2027 with AI-led growth and capacity risks |
| MU Micron Technology, Inc. | FY2026 Q4 · Calendar Q3 2026 | +5.4% | +0.0% | Micron: Strong AI Memory Demand, Higher Capex, and HBM4E Ahead |
| SNX TD Synnex Corp | FY2026 Q3 · Calendar Q3 2026 | +20.9% | -9.9% | TD SYNNEX: AI-led growth accelerates, but mix and cash flow matter |
| ADBE Adobe Inc. | FY2026 Q3 · Calendar Q3 2026 | +0.8% | +1.4% | Adobe raises FY26 outlook as AI strategy broadens |
| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
Latest beats and misses
Who reports nextBeat on EPS
- ACNFY2026 Q4 · October 1, 2026+3.5% EPS+15.8% move
- MKCFY2026 Q3 · October 1, 2026+13.9% EPS-4.9% move
- NKEFY2027 Q1 · October 1, 2026+10.0% EPS-0.7% move
- CAGFY2027 Q1 · September 30, 2026+44.4% EPS-4.9% move
- FDSFY2026 Q4 · September 30, 2026+3.9% EPS+3.8% move
- JBLFY2026 Q4 · September 30, 2026+8.1% EPS-10.0% move
Get the ZBRA recap when the next report posts
One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-10-03T18:20:43.881858+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-03T18:20:43.879086+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-03. For educational purposes only; not investment advice.