ZEBRA TECHNOLOGIES CORP
For the period ended Sep 27, 2025. Filed Oct 28, 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.
Sep 27, 2025 · Filed Oct 28, 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 14 previous paragraphs and 18 current paragraphs.
8 unchanged; 4 reworded; 6 added; 2 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 (6)
Current report
•Net sales were $1,320 million in the current quarter compared to $1,255 million in the prior year third quarter.
Current report
Both of our segments benefited from growth in demand across most of our primary end markets. We continued to mitigate the negative impacts of tariffs through product sourcing diversification, the impacts of targeted list price increases, and product portfolio optimization efforts.
Current report
On September 30, 2025, the Company acquired Elo Touch Solutions, Inc. (“Elo”) for approximately $1.3 billion in cash. Elo is an innovator of solutions that engage customers, enhance self-service, and accelerate automation across a wide range of end markets. The Elo acquisition expands our portfolio of self-service and consumer-facing workflow offerings. The operating results of Elo will be included in our newly established Connected Frontline segment beginning in the fourth quarter. The Elo acquisition was funded with cash on hand and borrowings from our existing credit facilities.
Current report
Effective with the fourth quarter, the Company’s reportable segments will be changed to Connected Frontline and Asset Visibility & Automation to align with how we operate our business to advance our strategy.
Current report
See Note 17, Subsequent Events in the Notes to Consolidated Financial Statements included in this report for additional information.
Removed paragraphs (2)
Previous report
•Net sales were $1,293 million in the current quarter compared to $1,217 million in the prior year second quarter.
Previous report
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.
Reworded paragraphs (4)
Previous wording
Second Quarter 2025 Financial Summary and Other Recent Developments
Current wording
Third Quarter 2025 Financial Summary and Other Recent Developments
Previous wording
•Operating income was $183 million in the current quarter compared to $167 million in the prior year second quarter.
Current wording
•Operating income was $183 million in the current quarter compared to $191 million in the prior year third quarter.
Previous 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.
Current wording
•Net income was $101 million, or $1.97 per diluted share in the current quarter, compared to net income of $137 million, or $2.64 per diluted share in the prior year third quarter.
Previous wording
•We repurchased $250 million of common shares year to date, including $125 million in the second quarter.
Current wording
•We repurchased $284 million of common shares year to date, including $34 million in the third quarter.