Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1970.4%
Neutral829.6%
Bearish00.0%
Zebra Technologies Corporation · ZBRA · FY2026 Q2 · Calendar Q3 2026
Zebra raises outlook as AI, RFID and machine vision drive Q2 growth
Zebra’s Q2 evidence supports a constructive operating trajectory: strong reported growth, margin expansion and a higher full-year sales outlook were accompanied by continued investment in AI, RFID and machine vision. The durability of that trajectory depends on memory costs, pricing execution, regional demand and delivery of the multiyear pipeline.
Reported Before market openNASDAQTechnology
$16.71B market cap
100quality score
Earnings scorecard
Reported versus consensus
Reported EPS
$6.35
Consensus $4.36
EPS surprise
+45.6%
Reported versus consensus
Reported revenue
$1.56B
Consensus $1.50B
Revenue surprise
+4.0%
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
+26.5%
Event window
SPY move
+1.8%
Same window
Abnormal move
+24.7%
Stock minus SPY
Volume
3.7×
Versus trailing sessions
Subsequent drift
-6.8%
Up to 20 sessions
ZBRASPY benchmark
Ask FN2 about ZBRA FY2026 Q2
Transcript, numbers and history already loaded
Why did ZBRA rise 26.5% after beating EPS estimates in FY2026 Q2?What changed in ZBRA's guidance and outlook in FY2026 Q2?Give me the bull and bear case for ZBRA after FY2026 Q2 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current quarter showed record sales growth and higher adjusted EBITDA margin, while management raised the full-year sales outlook to 14–16% growth. The call also identified $73 million of IEEPA tariff recovery, qualification of 10 new memory suppliers, $10 million of early Elo synergies and plans for an additional $150 million of share repurchases in the second half.
Guidance delta
Management raised the full-year sales outlook to 14–16% growth from the prior quarter’s 10–14% outlook.
Key takeaways
- Q2 sales exceeded $1.5 billion, up 20% year over year, with 9% organic growth.
- Adjusted EBITDA margin expanded to 27.7%.
- Management cited AI-powered solutions, RFID, machine vision and Elo Touch as growth drivers.
- Memory constraints were described as largely mitigated through supplier co-planning and diversification.
- Transportation and logistics has a multiyear deployment pipeline, with major deployments starting in 2027.
Management priorities
- Deploy AI-enabled mobile computers and wearables with integrated RFID.
- Scale new 3D machine-vision solutions.
- Execute the multiyear transportation and logistics deployment pipeline.
- Continue the share repurchase program, including approximately $700 million planned for the full year.
- Complete restructuring actions to improve operating-expense leverage.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$361.61Current
$256Low
$368.82Average
$500High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Sep 23, 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 $361.61. 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 | +20.3% | Sep 15, 2026 |
| Truist Financial | Analyst unavailable | $355 | $373.87 | -1.8% | Aug 5, 2026 |
| Morgan Stanley | Meta Marshall | $360 | $373.76 | -0.4% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $430 | $368.83 | +18.9% | Aug 5, 2026 |
| Barclays | Analyst unavailable | $410 | $368.83 | +13.4% | Aug 5, 2026 |
| Wolfe Research | Analyst unavailable | $317 | $271 | -12.3% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $296 | $267.85 | -18.1% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $346 | $245.69 | -4.3% | Jun 23, 2026 |
| Barclays | Guy Hardwick | $345 | $241.79 | -4.6% | May 13, 2026 |
| KeyBanc | Analyst unavailable | $305 | $241.79 | -15.7% | May 13, 2026 |
| Robert W. Baird | Analyst unavailable | $310 | $241.79 | -14.3% | May 13, 2026 |
| Truist Financial | Jamie Cook | $256 | $236.14 | -29.2% | Apr 20, 2026 |
| UBS | Damian Karas | $335 | $268.88 | -7.4% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $330 | $274.15 | -8.7% | Feb 13, 2026 |
| Morgan Stanley | Meta Marshall | $323 | $274.15 | -10.7% | Feb 12, 2026 |
| Barclays | Guy Hardwick | $351 | $241.08 | -2.9% | Feb 6, 2026 |
| Barclays | Guy Hardwick | $368 | $259.48 | +1.8% | Jan 12, 2026 |
| Truist Financial | Jamie Cook | $291 | $254.22 | -19.5% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $331 | $275.96 | -8.5% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $360 | $274.31 | -0.4% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $350 | $296.64 | -3.2% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $375 | $296.64 | +3.7% | Oct 7, 2025 |
| Barclays | Tim Long | $301 | $302.6 | -16.8% | Aug 5, 2025 |
| UBS | Damian Karas | $425 | $318.36 | +17.5% | Feb 18, 2025 |
| Robert W. Baird | Analyst unavailable | $380 | $331.08 | +5.1% | Feb 18, 2025 |
| Truist Financial | Jamie Cook | $383 | $384.68 | +5.9% | Oct 29, 2024 |
| Robert W. Baird | Richard Eastman | $375 | $348.12 | +3.7% | Jul 31, 2024 |
| Truist Financial | Jamie Cook | $345 | $348.12 | -4.6% | Jul 31, 2024 |
| BNP Paribas | Andrew Buscaglia | $305 | $304.56 | -15.7% | Jun 13, 2024 |
| Needham | James Ricchiuti | $370 | $323.87 | +2.3% | May 16, 2024 |
| Robert W. Baird | Richard Eastman | $330 | $314.56 | -8.7% | May 1, 2024 |
| Stephens | Tommy Moll | $380 | $314.56 | +5.1% | May 1, 2024 |
| Wolfe Research | Brad Hewitt | $337 | $290.38 | -6.8% | Apr 8, 2024 |
| Truist Financial | Jamie Cook | $300 | $284.5 | -17.0% | Mar 13, 2024 |
| Needham | James Ricchiuti | $255 | $196.82 | -29.5% | Nov 1, 2023 |
| Morgan Stanley | Analyst unavailable | $260 | $270.82 | -28.1% | Dec 13, 2022 |
| Credit Suisse | Analyst unavailable | $319 | $258.1 | -11.8% | Dec 13, 2022 |
| UBS | Analyst unavailable | $495 | $325.44 | +36.9% | Aug 4, 2022 |
| Stephens | Analyst unavailable | $500 | $323.32 | +38.3% | Aug 3, 2022 |
| Needham | Analyst unavailable | $450 | $323.32 | +24.4% | Aug 3, 2022 |
| Needham | Analyst unavailable | $500 | $368.14 | +38.3% | May 4, 2022 |
| Morgan Stanley | Meta Marshall | $400 | $393.68 | +10.6% | Apr 16, 2022 |
| Wolfe Research | Brian Lau | $469 | $437.18 | +29.7% | Mar 20, 2022 |
| Needham | James Ricchiuti | $535 | $388.79 | +47.9% | 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 |
|---|---|---|---|---|
| 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 |
| 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 |
| IOT Samsara Inc. | FY2027 Q2 · Calendar Q3 2026 | +25.0% | +3.7% | Samsara: AI adoption expands as FY27 guidance holds |
Latest beats and misses
Who reports nextBeat on EPS
- FPSFY2026 Q4 · September 15, 2026+4.3% EPS+9.5% move
- TCOMFY2026 Q2 · September 15, 2026+22.3% EPS+3.0% move
- KRFY2026 Q2 · September 11, 2026+2.8% EPS+2.7% move
- ADBEFY2026 Q3 · September 10, 2026+0.8% EPS+1.4% move
- ORCLFY2027 Q1 · September 10, 2026+10.3% EPS-1.7% move
- CASYFY2027 Q1 · September 8, 2026+8.7% EPS-14.2% move
Get the ZBRA recap when the next report posts
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Sources
- Earnings call transcript and parsed analysis · 2026-08-04T20:12:16.797705+00:00
- FN2 earnings calendar · 2026-09-09T01:23:14.388487+00:00
- Polygon adjusted daily market bars · 2026-09-23T00:30:55.985236+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-09-23T00:30:55.982511+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 2026-09-23. For educational purposes only; not investment advice.