ZEBRA TECHNOLOGIES CORP
For the period ended Jun 28, 2025. Filed Aug 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 28, 2025 · Filed Aug 5, 2025
What changed in Management’s Discussion and Analysis?
Read the current filingThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 16 previous paragraphs and 14 current paragraphs.
8 unchanged; 4 reworded; 2 added; 4 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 0 previous and 0 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (2)
Current report
•Net sales were $1,293 million in the current quarter compared to $1,217 million in the prior year second quarter.
Current report
•Operating income was $183 million in the current quarter compared to $167 million in the prior year second quarter.
Removed paragraphs (4)
Previous report
•Net sales were $1,308 million in the current quarter compared to $1,175 million in the prior year.
Previous report
•Operating income was $195 million in the current quarter compared to $159 million in the prior year.
Previous report
•Net cash provided by operating activities was $178 million in the current quarter compared to $125 million in the prior year.
Previous report
On February 28, 2025, the Company acquired Photoneo, a leading developer and manufacturer of 3D machine vision offerings, for $62 million in cash. The acquisition complements and expands our machine vision offerings across several industries. The operating results of Photoneo are included in the EVM segment.
Reworded paragraphs (4)
Previous wording
First Quarter 2025 Financial Summary and Other Recent Developments
Current wording
Second Quarter 2025 Financial Summary and Other Recent Developments
Previous wording
•Net income was $136 million, or $2.62 per diluted share in the current quarter, compared to net income of $115 million, or $2.23 per diluted share in the prior year.
Current wording
•Net income was $112 million, or $2.19 per diluted share in the current quarter, compared to net income of $113 million, or $2.17 per diluted share in the prior year second quarter.
Previous wording
•We repurchased $125 million of common shares in the current year.
Current wording
•We repurchased $250 million of common shares year to date, including $125 million in the second quarter.
Previous wording
In the first quarter, both of our segments benefited from the continuation of improving demand trends that began in the second half of last year. Recent developments in the trade policies of the U.S. and other countries, including China, are complex and rapidly evolving. The impacts, including the amount and timing of proposed tariffs, remain fluid and are expected to negatively impact our 2025 operating results based on facts as we understand them today. We expect to partially mitigate those impacts through a combination of diversifying our product sourcing footprint, targeted list price increases, and product portfolio optimization.
Current wording
Largely consistent with the first quarter of this year, both of our segments benefited from improved demand trends that began in the second half of last year. Developments in the trade policies of the U.S. and other countries, including China, negatively impacted our second quarter operating results. The impacts, including the amount and timing of proposed tariffs, remain complex and rapidly evolving and are expected to negatively impact our operating results in the second half of 2025 as well, based on facts as we understand them today. We have partially mitigated, and expect to continue to further mitigate, the impacts of these trade policies through a combination of diversifying our product sourcing footprint, targeted list price increases, and product portfolio optimization.