ZEBRA TECHNOLOGIES CORP

We are a global leader in the Automatic Identification and Data Capture (“AIDC”) industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices (“RFID”), barcode printing, and other workflow automation offerings. The Company’s offerings are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences.

We design, manufacture, and sell a broad range of AIDC offerings, including: mobile computers, barcode scanners and imagers, RFID readers, specialty printers for barcode labeling and personal identification, real-time location systems (“RTLS”), related accessories and supplies, such as labels and other consumables, and related software applications. We also provide machine vision and robotics automation solutions; a full range of services, including maintenance, technical support, repair, managed and professional services; as well as cloud-based software subscriptions. End-users of our offerings include those in retail and e-commerce, manufacturing, transportation and logistics, healthcare, public sector, and other industries within North America; Europe, Middle East, and Africa (“EMEA”); Asia Pacific; and Latin America.

We continue to advance our Enterprise Asset Intelligence (“EAI”) vision: every asset and front-line worker visible, connected, and fully optimized. Through continual innovation, we have expanded beyond the traditional AIDC market to transform activities such as factory production, packages moving through a supply chain, retail shopping, the hospital patient journey and first responders addressing public safety and emergency situations. Data from enterprise assets, including status, condition, location, utilization, and preferences, is analyzed in the cloud to provide prioritized actionable insights. As a result, our offerings enable enterprises to “sense, analyze, and act” more effectively to optimize their activities.

The Company’s operations consist of two reportable segments that provide complementary offerings to our customers: Asset Intelligence & Tracking (“AIT”) and Enterprise Visibility & Mobility (“EVM”).

•The AIT segment is an industry leader in barcode printing and asset tracking technologies. Its major product lines include barcode and card printers, RFID and RTLS offerings, and supplies, including temperature-monitoring labels, and services.

•The EVM segment is an industry leader in automatic information and data capture offerings. Its major product lines include mobile computing, data capture, fixed industrial scanning and machine vision, services, and workflow optimization solutions. Our workflow optimization solutions include cloud-based software subscriptions, retail solutions, and robotic automation solutions.

We are a market leader in our core businesses, which are generally considered to be comprised of our mobile computing and data capture offerings, printing and supplies offerings, as well as support and repair services. We continue to focus on growth opportunities within adjacent and expansion markets by scaling and integrating our recent business acquisitions.

Third Quarter 2025 Financial Summary and Other Recent Developments

•Net sales were $1,320 million in the current quarter compared to $1,255 million in the prior year third quarter.

•Operating income was $183 million in the current quarter compared to $191 million in the prior year third quarter.

•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.

•We repurchased $284 million of common shares year to date, including $34 million in the third quarter.

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.

Subsequent events:

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.

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.

See Note 17, Subsequent Events in the Notes to Consolidated Financial Statements included in this report for additional information.