ZBRA FINANCIAL STATEMENTS

Zebra Technologies Corporation — balance sheet, income statement and cash flow trends

ZBRAZebra Technologies Corporation

🇺🇸 USA · US · Technology · Communication Equipment

Value it Duel

Income Statement

Quarterly progression — trailing-twelve-month values

RevenueNet Income

Profit Funnel

Q1 2026 · TTM

Percentages are relative to revenue.

Key Figures

YoY change

Revenue5.6 B $+9.2%

Gross Profit2.7 B $+6.2%

Operating Income803 M $+3.2%

EBITDA980 M $+1.7%

Net Income418 M $-23.9%

Peer Comparison· Communication Equipment

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZBRA	9.2%	47.5%	17.6%	7.5%
ERIC-B	-7.4%	48.0%	20.4%	10.9%
Industry median	9.2%	38.0%	10.3%	0.3%

Company	Rev. Growth	Gross Margin	EBITDA Margin	Net Margin
ZBRA	9.2%	47.5%	17.6%	7.5%
VSAT	2.7%	30.2%	39.1%	-0.7%
VIAV	30.6%	55.7%	8.8%	-4.0%
ASTS	1,732.1%	-27.0%	-641.0%	-573.7%
UI	33.3%	46.0%	36.3%	30.4%
BDC	9.3%	35.8%	16.1%	8.5%
Industry median	9.2%	38.0%	10.3%	0.3%

Balance Sheet

Quarterly period-end values

Total AssetsTotal LiabilitiesEquity

Capital Structure

Q1 2026

Equity3.5 B $42%
Current Liabilities1.8 B $21%
Long-term Liabilities3.1 B $37%

Key Figures

YoY change

Total Assets8.3 B $+5.5%

Total Liabilities4.9 B $+13.8%

Total Equity3.5 B $-4.3%

Cash & ST Investments114 M $-87.0%

Total Debt2.8 B $+20.7%

Net Debt2.7 B $+84.5%

Peer Comparison· Communication Equipment

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZBRA	0.96	82.1%	2.79	41.6%
ERIC-B	1.12	38.4%	-0.51	35.3%
Industry median	1.61	73.1%	0.85	37.5%

Company	Current Ratio	Debt/Equity	NetDebt/EBITDA	Equity/Assets
ZBRA	0.96	82.1%	2.79	41.6%
VSAT	2.41	148.9%	2.86	30.6%
VIAV	1.61	134.3%	5.30	33.5%
ASTS	18.47	143.9%	0.07	34.4%
UI	3.56	5.6%	-0.27	70.1%
BDC	2.09	105.2%	2.40	37.1%
Industry median	1.61	73.1%	0.85	37.5%

Cash Flow Statement

Quarterly progression — trailing-twelve-month values

Operating Cash FlowCapital ExpendituresFree Cash Flow

Cash Flow Bridge

Q1 2026 · TTM

Key Figures

YoY change

Operating Cash Flow915 M $-14.2%

Capital Expenditures79 M $+21.5%

Free Cash Flow836 M $-16.5%

Dividends Paid——

Peer Comparison· Communication Equipment

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZBRA	16.4%	15.0%	1.4%	218.9%
ERIC-B	15.5%	14.4%	1.1%	142.3%
Industry median	12.5%	11.1%	2.3%	65.9%

Company	CF Margin	FCF Margin	CapEx Ratio	CF/Net Income
ZBRA	16.4%	15.0%	1.4%	218.9%
VSAT	34.3%	12.9%	21.4%	-4,664.3%
VIAV	5.2%	3.3%	1.9%	-128.9%
ASTS	-107.2%	-1,526.9%	1,419.8%	18.7%
UI	24.6%	24.2%	0.7%	80.7%
BDC	11.8%	6.5%	5.3%	138.9%
Industry median	12.5%	11.1%	2.3%	65.9%

Amounts are in the company’s reporting currency. Peer comparison tables use ratio-based metrics so currency differences do not distort the picture.

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Data on this page refreshes once per day. Price data as of Jul 6, 26. This content is for informational purposes only and is not investment advice.