Analyst Consensus ?
ConsensusBuy27 ratings
Bullish1970.4%
Neutral829.6%
Bearish00.0%
Zebra Technologies Corporation · ZBRA · FY2026 Q3 · Calendar Q4 2026
Zebra raises its full-year outlook as demand offsets memory-cost pressure
The call supports a constructive operating picture: management described record sales, broad end-market demand and growth in AI-enabled frontline products, then raised its full-year outlook. Whether those gains translate into durable growth depends partly on controlling memory costs, sustaining pricing offsets and executing the pipeline.
Reported Before market openNASDAQTechnology
$17.09B market cap
80quality score
Earnings scorecard
Reported versus consensus
Reported EPS
—
Consensus $4.89
EPS surprise
—
Reported versus consensus
Reported revenue
—
Consensus $1.57B
Revenue surprise
—
Reported versus consensus
Market reaction
prior-close to event-session close
Stock move
-9.5%
Event window
SPY move
+0.3%
Same window
Abnormal move
-9.8%
Stock minus SPY
Volume
3.4×
Versus trailing sessions
Subsequent drift
0.0%
Up to 20 sessions
ZBRASPY benchmark
Ask FN2 about ZBRA FY2026 Q3
Transcript, numbers and history already loaded
What drove ZBRA's -9.5% move after FY2026 Q3 earnings?What changed in ZBRA's guidance and outlook in FY2026 Q3?Give me the bull and bear case for ZBRA after FY2026 Q3 earnings.
Free account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
After raising its outlook in the prior quarter, Zebra raised it again following record Q3 sales. Management highlighted strong mobile-computing demand and growth in Connected Frontline, while detailing memory-cost mitigation through pricing, supply actions and efficiencies.
Guidance delta
Management raised the full-year sales-growth outlook to about 17%, cited an EBITDA margin target of about 23.5%, and put EPS guidance above $21. The supplied analysis does not provide actual-versus-consensus results.
Key takeaways
- Record quarterly sales rose more than 22% year over year; Connected Frontline grew nearly 35%, according to the supplied call analysis.
- Management pointed to mobile computing, RFID, machine vision and AI-enabled solutions as growth drivers.
- Management cited $145 million of memory-cost headwinds and described pricing, supply diversification and operational efficiencies as offsets.
- The supplied analysis reports about $661 million of free cash flow and continued share repurchases.
Management priorities
- Scale AI-enabled mobile computing and the Frontline AI Suite.
- Roll out new mobile computers with integrated RFID and AI processing, alongside next-generation RFID and 3D machine-vision solutions.
- Manage memory costs through pricing actions, inventory and supplier diversification, and operational efficiencies.
- Advance the transportation and logistics pipeline, healthcare mobility, and integration of recent acquisitions.
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Estimate
Beat
Miss
Match
Analyst 52W Price Targets
$329.5Current
$260Low
$374.36Average
$500High
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Nov 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 |
|---|---|---|---|---|
| Citigroup | Neutral | Neutral | Maintain | Oct 12, 2026 |
| Barclays | Overweight | Overweight | Maintain | Oct 12, 2026 |
| Truist Securities | Hold | Hold | Maintain | Oct 5, 2026 |
| Needham | Buy | Buy | Maintain | Sep 15, 2026 |
| TD Cowen | Buy | Buy | Maintain | Aug 5, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Aug 5, 2026 |
| BNP Paribas | Outperform | Outperform | 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 $329.5. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Jamie Cook | $378 | $374.64 | +14.7% | Oct 5, 2026 |
| Needham | Robert Jamieson | $435 | $351.81 | +32.0% | Sep 15, 2026 |
| Truist Financial | Analyst unavailable | $355 | $373.87 | +7.7% | Aug 5, 2026 |
| Morgan Stanley | Meta Marshall | $360 | $373.76 | +9.3% | Aug 5, 2026 |
| KeyBanc | Analyst unavailable | $430 | $368.83 | +30.5% | Aug 5, 2026 |
| Barclays | Analyst unavailable | $410 | $368.83 | +24.4% | Aug 5, 2026 |
| Wolfe Research | Analyst unavailable | $317 | $271 | -3.8% | Jul 9, 2026 |
| Truist Financial | Analyst unavailable | $296 | $267.85 | -10.2% | Jul 2, 2026 |
| Barclays | Analyst unavailable | $346 | $245.69 | +5.0% | Jun 23, 2026 |
| Barclays | Guy Hardwick | $345 | $241.79 | +4.7% | May 13, 2026 |
| KeyBanc | Analyst unavailable | $305 | $241.79 | -7.4% | May 13, 2026 |
| Robert W. Baird | Analyst unavailable | $310 | $241.79 | -5.9% | May 13, 2026 |
| Truist Financial | Jamie Cook | $256 | $236.14 | -22.3% | Apr 20, 2026 |
| UBS | Damian Karas | $335 | $268.88 | +1.7% | Feb 13, 2026 |
| Barclays | Analyst unavailable | $330 | $274.15 | +0.2% | Feb 13, 2026 |
| Morgan Stanley | Meta Marshall | $323 | $274.15 | -2.0% | Feb 12, 2026 |
| Barclays | Guy Hardwick | $351 | $241.08 | +6.5% | Feb 6, 2026 |
| Barclays | Guy Hardwick | $368 | $259.48 | +11.7% | Jan 12, 2026 |
| Truist Financial | Jamie Cook | $291 | $254.22 | -11.7% | Dec 18, 2025 |
| Truist Financial | Analyst unavailable | $331 | $275.96 | +0.5% | Oct 29, 2025 |
| Barclays | Analyst unavailable | $360 | $274.31 | +9.3% | Oct 29, 2025 |
| Truist Financial | Analyst unavailable | $350 | $296.64 | +6.2% | Oct 8, 2025 |
| Barclays | Analyst unavailable | $375 | $296.64 | +13.8% | Oct 7, 2025 |
| Barclays | Tim Long | $301 | $302.6 | -8.6% | Aug 5, 2025 |
| UBS | Damian Karas | $425 | $318.36 | +29.0% | Feb 18, 2025 |
| Robert W. Baird | Analyst unavailable | $380 | $331.08 | +15.3% | Feb 18, 2025 |
| Truist Financial | Jamie Cook | $383 | $384.68 | +16.2% | Oct 29, 2024 |
| Robert W. Baird | Richard Eastman | $375 | $348.12 | +13.8% | Jul 31, 2024 |
| Truist Financial | Jamie Cook | $345 | $348.12 | +4.7% | Jul 31, 2024 |
| BNP Paribas | Andrew Buscaglia | $305 | $304.56 | -7.4% | Jun 13, 2024 |
| Needham | James Ricchiuti | $370 | $323.87 | +12.3% | May 16, 2024 |
| Robert W. Baird | Richard Eastman | $330 | $314.56 | +0.2% | May 1, 2024 |
| Stephens | Tommy Moll | $380 | $314.56 | +15.3% | May 1, 2024 |
| Wolfe Research | Brad Hewitt | $337 | $290.38 | +2.3% | Apr 8, 2024 |
| Truist Financial | Jamie Cook | $300 | $284.5 | -9.0% | Mar 13, 2024 |
| Needham | James Ricchiuti | $255 | $196.82 | -22.6% | Nov 1, 2023 |
| Morgan Stanley | Analyst unavailable | $260 | $270.82 | -21.1% | Dec 13, 2022 |
| Credit Suisse | Analyst unavailable | $319 | $258.1 | -3.2% | Dec 13, 2022 |
| UBS | Analyst unavailable | $495 | $325.44 | +50.2% | Aug 4, 2022 |
| Stephens | Analyst unavailable | $500 | $323.32 | +51.7% | Aug 3, 2022 |
| Needham | Analyst unavailable | $450 | $323.32 | +36.6% | Aug 3, 2022 |
| Needham | Analyst unavailable | $500 | $368.14 | +51.7% | May 4, 2022 |
| Morgan Stanley | Meta Marshall | $400 | $393.68 | +21.4% | Apr 16, 2022 |
| Wolfe Research | Brian Lau | $469 | $437.18 | +42.3% | Mar 20, 2022 |
| Needham | James Ricchiuti | $535 | $388.79 | +62.4% | 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 |
|---|---|---|---|---|
| DT Dynatrace, Inc. | FY2027 Q2 · Calendar Q4 2026 | — | -12.7% | Dynatrace grew revenue 17%, while enterprise deal timing held back net new ARR |
| DOCN DigitalOcean Holdings, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -0.7% | DigitalOcean raises 2026 and 2027 growth outlook as AI workloads scale |
| SHOP Shopify Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -5.7% | Shopify pairs Q3 growth with agentic commerce investment |
| BR Broadridge Financial Solutions, Inc. | FY2027 Q1 · Calendar Q4 2026 | — | +0.2% | Broadridge Q1 FY2027: 11% recurring-revenue growth; outlook reaffirmed |
| IT Gartner, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | -13.0% | Gartner Raises FY2026 Guidance as Contract Value Growth Accelerates |
| FISV Fiserv, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +12.4% | Fiserv Holds FY2026 Guidance as Merchant Trends Improve, Risks Persist |
Latest beats and misses
Who reports nextBeat on EPS
- FANGFY2026 Q3 · November 2, 2026+2.4% EPS-3.7% move
- RRXFY2026 Q3 · November 3, 2026+41.1% EPS+11.8% move
- UDRFY2026 Q3 · November 2, 2026+340.8% EPS+0.1% move
- VNOMFY2026 Q3 · November 2, 2026+3.9% EPS-2.6% move
- EQH-PAFY2026 Q3 · November 2, 2026+14.5% EPS— move
- WMBFY2026 Q3 · November 2, 2026+0.2% EPS+3.5% 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 · 2026-11-03T20:17:23.444517+00:00
- FN2 earnings calendar · 2026-11-03T01:23:13.143323+00:00
- Polygon adjusted daily market bars · 2026-11-03T21:00:45.287606+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-11-03T21:00:45.285843+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 2026-11-03. For educational purposes only; not investment advice.