Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1970.4%
Neutral829.6%
Bearish00.0%
Zebra Technologies Corporation · ZBRA · FY2025 Q4 · Calendar Q1 2026
Zebra Posts 10.6% Q4 Growth as RFID and AI Momentum Builds
The quarter provides evidence for a constructive operating trajectory: demand in RFID, machine vision and AI solutions, together with acquisitions, supported strong growth and maintained guidance. The main test is whether pricing and execution can offset memory costs while preserving margins and sustaining demand.
Reported Before market openNASDAQTechnology
$17.78B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$4.33
Consensus $4.34
EPS surprise
-0.2%
Reported versus consensus
Reported revenue
$1.48B
Consensus $1.47B
Revenue surprise
+0.6%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+8.6%
Event window
SPY move
-1.5%
Same window
Abnormal move
+10.1%
Stock minus SPY
Volume
2.7×
Versus trailing sessions
Subsequent drift
-26.1%
Up to 20 sessions
ZBRASPY benchmark
Ask FN2 about ZBRA FY2025 Q4
Transcript, numbers and history already loaded
Why did ZBRA rise 8.6% after missing EPS estimates in FY2025 Q4?What changed in ZBRA's guidance and outlook in FY2025 Q4?Give me the bull and bear case for ZBRA after FY2025 Q4 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, reported growth accelerated from 5% to 10.6%, the company introduced a two-point memory-cost headwind and described mitigation through pricing and sourcing, while adding detail on the Frontline AI Suite and exiting robotics to refocus on RFID, machine vision and AI.
Guidance delta
Management maintained its outlook: 2026 sales growth of 9–13% and adjusted EBITDA margin around 22%, with the two-point memory-cost headwind expected to be fully offset.
Key takeaways
- Q4 2025 revenue grew 10.6% year over year to $1.5 billion, exceeding guidance; non-GAAP EPS was $4.33.
- RFID, machine vision, AI solutions and the Elo Touch and Fotoneo acquisitions were central growth drivers.
- Free cash flow was $831 million; Zebra repurchased $587 million and added $1 billion to its repurchase authorization.
- Management is using pricing actions and higher-density memory sourcing to address a two-point gross-margin headwind.
Management priorities
- Expand the Frontline AI Suite, including AI Enablers, Blueprints and Zebra Companion.
- Scale RFID-enabled mobile computers and machine-vision initiatives across targeted verticals.
- Use Elo Touch to deepen the modern-store offering in retail, quick-service and hospitality.
- Continue share repurchases while integrating recent acquisitions and focusing on RFID, machine vision and AI.
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Beat
Miss
Match
Analyst 52W Price Targets
$373.31Previous close
$256Low
$368.82Average
$500High
Latest persisted target per named analyst; persisted previous close from FN2's market snapshot as of Oct 1, 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 previous close $373.31. 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 | +16.5% | Sep 15, 2026 |
| Truist Financial | Analyst unavailable | $355 | $373.87 | -4.9% | Aug 5, 2026 |
| Morgan Stanley | Meta Marshall | $360 | $373.76 | -3.6% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $430 | $368.83 | +15.2% | Aug 5, 2026 |
| Barclays | Analyst unavailable | $410 | $368.83 | +9.8% | Aug 5, 2026 |
| Wolfe Research | Analyst unavailable | $317 | $271 | -15.1% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $296 | $267.85 | -20.7% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $346 | $245.69 | -7.3% | Jun 23, 2026 |
| Barclays | Guy Hardwick | $345 | $241.79 | -7.6% | May 13, 2026 |
| KeyBanc | Analyst unavailable | $305 | $241.79 | -18.3% | May 13, 2026 |
| Robert W. Baird | Analyst unavailable | $310 | $241.79 | -17.0% | May 13, 2026 |
| Truist Financial | Jamie Cook | $256 | $236.14 | -31.4% | Apr 20, 2026 |
| UBS | Damian Karas | $335 | $268.88 | -10.3% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $330 | $274.15 | -11.6% | Feb 13, 2026 |
| Morgan Stanley | Meta Marshall | $323 | $274.15 | -13.5% | Feb 12, 2026 |
| Barclays | Guy Hardwick | $351 | $241.08 | -6.0% | Feb 6, 2026 |
| Barclays | Guy Hardwick | $368 | $259.48 | -1.4% | Jan 12, 2026 |
| Truist Financial | Jamie Cook | $291 | $254.22 | -22.0% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $331 | $275.96 | -11.3% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $360 | $274.31 | -3.6% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $350 | $296.64 | -6.2% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $375 | $296.64 | +0.5% | Oct 7, 2025 |
| Barclays | Tim Long | $301 | $302.6 | -19.4% | Aug 5, 2025 |
| UBS | Damian Karas | $425 | $318.36 | +13.8% | Feb 18, 2025 |
| Robert W. Baird | Analyst unavailable | $380 | $331.08 | +1.8% | Feb 18, 2025 |
| Truist Financial | Jamie Cook | $383 | $384.68 | +2.6% | Oct 29, 2024 |
| Robert W. Baird | Richard Eastman | $375 | $348.12 | +0.5% | Jul 31, 2024 |
| Truist Financial | Jamie Cook | $345 | $348.12 | -7.6% | Jul 31, 2024 |
| BNP Paribas | Andrew Buscaglia | $305 | $304.56 | -18.3% | Jun 13, 2024 |
| Needham | James Ricchiuti | $370 | $323.87 | -0.9% | May 16, 2024 |
| Robert W. Baird | Richard Eastman | $330 | $314.56 | -11.6% | May 1, 2024 |
| Stephens | Tommy Moll | $380 | $314.56 | +1.8% | May 1, 2024 |
| Wolfe Research | Brad Hewitt | $337 | $290.38 | -9.7% | Apr 8, 2024 |
| Truist Financial | Jamie Cook | $300 | $284.5 | -19.6% | Mar 13, 2024 |
| Needham | James Ricchiuti | $255 | $196.82 | -31.7% | Nov 1, 2023 |
| Morgan Stanley | Analyst unavailable | $260 | $270.82 | -30.4% | Dec 13, 2022 |
| Credit Suisse | Analyst unavailable | $319 | $258.1 | -14.5% | Dec 13, 2022 |
| UBS | Analyst unavailable | $495 | $325.44 | +32.6% | Aug 4, 2022 |
| Stephens | Analyst unavailable | $500 | $323.32 | +33.9% | Aug 3, 2022 |
| Needham | Analyst unavailable | $450 | $323.32 | +20.5% | Aug 3, 2022 |
| Needham | Analyst unavailable | $500 | $368.14 | +33.9% | May 4, 2022 |
| Morgan Stanley | Meta Marshall | $400 | $393.68 | +7.1% | Apr 16, 2022 |
| Wolfe Research | Brian Lau | $469 | $437.18 | +25.6% | Mar 20, 2022 |
| Needham | James Ricchiuti | $535 | $388.79 | +43.3% | 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
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|---|---|---|---|---|
| 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 |
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| ORCL Oracle Corporation | FY2027 Q1 · Calendar Q3 2026 | +10.3% | -1.7% | Oracle raises FY27 outlook as AI demand accelerates cloud growth |
| SAIL SailPoint, Inc. | FY2027 Q2 · Calendar Q3 2026 | +13.8% | -1.2% | SailPoint pairs 25% ARR growth with accelerating AI-driven adoption |
| CIEN Ciena Corporation | FY2026 Q3 · Calendar Q3 2026 | +22.0% | -10.4% | Ciena raises outlook as AI networking demand lifts backlog |
| DOCU DocuSign, Inc. | FY2027 Q2 · Calendar Q3 2026 | +6.4% | +3.7% | DocuSign Q2 FY27: IAM momentum supports a raised outlook |
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Get the ZBRA recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-05-11T10:29:34.698584+00:00
- FN2 earnings calendar · 2026-07-26T00:36:15.940040+00:00
- Polygon adjusted daily market bars · 2026-10-01T05:56:07.849834+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-01T05:56:07.846374+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 2026-10-01. For educational purposes only; not investment advice.