Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1970.4%
Neutral829.6%
Bearish00.0%
Zebra Technologies Corporation · ZBRA · FY2026 Q1 · Calendar Q2 2026
Zebra Technologies Beats Q1 Estimates, Raises Full-Year Outlook on RFID and AI Demand
Zebra Technologies entered FY2026 with stronger-than-expected demand across RFID, machine vision, and AI-enabled solutions, producing a 14% revenue increase and a 90-basis-point EBITDA margin expansion to 23.2%. Management raised full-year guidance on both the top and bottom lines, expressed confidence in offsetting memory cost pressures through pricing and supply actions with line-of-sight to memory supply through 2027, and accelerated share repurchases to $500 million year-to-date. The Elo Touch acquisition is contributing mid-single-digit growth, while investments in the Frontline AI Suite and next-generation RFID-enabled hardware position Zebra to capitalize on enterprise automation trends.
Reported Before market openNASDAQTechnology
$13.75B market cap
100quality score
Company 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.…
Earnings scorecard
Reported versus consensus
Reported EPS
$4.75
Consensus $4
EPS surprise
+12.8%
Reported versus consensus
Reported revenue
$1.50B
Consensus $1.48B
Revenue surprise
+1.1%
Reported versus consensus
Earnings History
Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$291.74Current
$256Low
$352.1Average
$500High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Jul 31, 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 |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Jul 13, 2026 |
| Truist Securities | Hold | Hold | Maintain | Jul 2, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jun 23, 2026 |
| BNP Paribas | Outperform | Outperform | Maintain | May 14, 2026 |
| Needham | Buy | Buy | Maintain | May 13, 2026 |
| Keybanc | Overweight | Sector Weight | Upgrade | May 13, 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 |
| TD Cowen | Buy | Buy | Maintain | Oct 30, 2024 |
| 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 $291.74. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Wolfe Research | Analyst unavailable | $317 | $271 | +8.7% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $296 | $267.85 | +1.5% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $346 | $245.69 | +18.6% | Jun 23, 2026 |
| Barclays | Guy Hardwick | $345 | $241.79 | +18.3% | May 13, 2026 |
| KeyBanc | Analyst unavailable | $305 | $241.79 | +4.5% | May 13, 2026 |
| Robert W. Baird | Analyst unavailable | $310 | $241.79 | +6.3% | May 13, 2026 |
| Truist Financial | Jamie Cook | $256 | $236.14 | -12.2% | Apr 20, 2026 |
| UBS | Damian Karas | $335 | $268.88 | +14.8% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $330 | $274.15 | +13.1% | Feb 13, 2026 |
| Morgan Stanley | Meta Marshall | $323 | $274.15 | +10.7% | Feb 12, 2026 |
| Barclays | Guy Hardwick | $351 | $241.08 | +20.3% | Feb 6, 2026 |
| Barclays | Guy Hardwick | $368 | $259.48 | +26.1% | Jan 12, 2026 |
| Truist Financial | Jamie Cook | $291 | $254.22 | -0.3% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $331 | $275.96 | +13.5% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $360 | $274.31 | +23.4% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $350 | $296.64 | +20.0% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $375 | $296.64 | +28.5% | Oct 7, 2025 |
| Barclays | Tim Long | $301 | $302.6 | +3.2% | Aug 5, 2025 |
| UBS | Damian Karas | $425 | $318.36 | +45.7% | Feb 18, 2025 |
| Robert W. Baird | Analyst unavailable | $380 | $331.08 | +30.3% | Feb 18, 2025 |
| Truist Financial | Jamie Cook | $383 | $384.68 | +31.3% | Oct 29, 2024 |
| Robert W. Baird | Richard Eastman | $375 | $348.12 | +28.5% | Jul 31, 2024 |
| Truist Financial | Jamie Cook | $345 | $348.12 | +18.3% | Jul 31, 2024 |
| BNP Paribas | Andrew Buscaglia | $305 | $304.56 | +4.5% | Jun 13, 2024 |
| Needham | James Ricchiuti | $370 | $323.87 | +26.8% | May 16, 2024 |
| Robert W. Baird | Richard Eastman | $330 | $314.56 | +13.1% | May 1, 2024 |
| Stephens | Tommy Moll | $380 | $314.56 | +30.3% | May 1, 2024 |
| Wolfe Research | Brad Hewitt | $337 | $290.38 | +15.5% | Apr 8, 2024 |
| Truist Financial | Jamie Cook | $300 | $284.5 | +2.8% | Mar 13, 2024 |
| Needham | James Ricchiuti | $255 | $196.82 | -12.6% | Nov 1, 2023 |
| Morgan Stanley | Analyst unavailable | $260 | $270.82 | -10.9% | Dec 13, 2022 |
| Credit Suisse | Analyst unavailable | $319 | $258.1 | +9.3% | Dec 13, 2022 |
| UBS | Analyst unavailable | $495 | $325.44 | +69.7% | Aug 4, 2022 |
| Stephens | Analyst unavailable | $500 | $323.32 | +71.4% | Aug 3, 2022 |
| Needham | Analyst unavailable | $450 | $323.32 | +54.2% | Aug 3, 2022 |
| Needham | Analyst unavailable | $500 | $368.14 | +71.4% | May 4, 2022 |
| Morgan Stanley | Meta Marshall | $400 | $393.68 | +37.1% | Apr 16, 2022 |
| Wolfe Research | Brian Lau | $469 | $437.18 | +60.8% | Mar 20, 2022 |
| Needham | James Ricchiuti | $535 | $388.79 | +83.4% | Mar 10, 2022 |
Track every rating change on ZBRA the moment it posts. Free to start.
Start freeMarket reaction
prior-close to event-session close
Stock move
+11.4%
Event window
SPY move
-0.2%
Same window
Abnormal move
+11.6%
Stock minus SPY
Volume
3.6×
Versus trailing sessions
Subsequent drift
-10.3%
Up to 20 sessions
ZBRASPY benchmark
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Try FN2 freeTranscript intelligence
What changed
Compared to Q4 2025, where management guided 9-13% sales growth and approximately 22% EBITDA margin, Q1 results exceeded the high end of the outlook with 14% revenue growth and 23.2% EBITDA margin. The company raised full-year sales growth guidance to 10-14% and introduced EPS guidance of $18.30-$18.70. Share repurchases accelerated to $500 million year-to-date, surpassing the prior 50% free-cash-flow allocation plan. Management disclosed line-of-sight to memory supply through 2027, a new detail that de-risks the projected two-point memory cost headwind. A new on-device AI picture-proof-of-delivery solution for logistics was launched, extending the Frontline AI Suite.
Guidance delta
Full-year sales growth outlook raised from 9-13% to 10-14%. Full-year EPS guidance introduced at $18.30-$18.70. Q1 EBITDA margin of 23.2% exceeded the prior ~22% full-year target. Guidance sentiment shifted from maintained to raised.
Key takeaways
- Q1 revenue of $1.5B grew 14% YoY, beating consensus of $1.48B; non-GAAP EPS of $4.75 beat estimates of $4.21 by 12.8%.
- Adjusted EBITDA margin expanded 90 bps to 23.2%, above the high end of management's outlook range.
- Full-year sales growth guidance raised to 10-14% from 9-13%; EPS guidance introduced at $18.30-$18.70.
- Memory cost headwind now has line-of-sight supply through 2027, with pricing actions expected to fully offset the two-point margin impact.
- Share repurchases reached $500M year-to-date, exceeding the prior 50% free-cash-flow allocation plan.
- Elo Touch acquisition delivering mid-single-digit growth and expanding the integrated retail portfolio.
Management priorities
- Scale the Frontline AI Suite, including the new AI picture-proof-of-delivery solution for logistics.
- Roll out next-generation enterprise mobile computers with embedded RFID and AI processing.
- Integrate Photoneo and Elo Touch capabilities into the broader portfolio.
- Maintain disciplined capital allocation with aggressive share repurchases and targeted investments.
- Enhance go-to-market model and channel partner ecosystem.
Related earnings events
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- Earnings call transcript and parsed analysis · 2026-05-12T18:17:53.399359+00:00
- FN2 earnings calendar · 2026-07-26T00:37:12.209961+00:00
- Polygon adjusted daily market bars · 2026-07-31T14:13:29.618503+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-07-31T14:13:29.615606+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 . For educational purposes only; not investment advice.