ZEBRA TECHNOLOGIES CORP
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 12, 2026
ZBRA$321.38-1.6%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Item 15. Exhibits and Financial Statement Schedules
Index to Consolidated Financial Statements
| PAGE | |
|---|---|
| Report of Independent Registered Public Accounting Firm (PCAOB ID: 42) | 42 |
| Consolidated Balance Sheets as of December 31, 2025 and 2024 | 45 |
| Consolidated Statements of Operations for the years ended December 31, 2025, 2024 and 2023 | 46 |
| Consolidated Statements of Comprehensive Income for the years ended December 31, 2025, 2024 and 2023 | 47 |
| Consolidated Statements of Stockholders’ Equity for the years ended December 31, 2025, 2024 and 2023 | 48 |
| Consolidated Statements of Cash Flows for the years ended December 31, 2025, 2024 and 2023 | 49 |
| Notes to Consolidated Financial Statements | 50 |
Index to Financial Statement Schedules
Schedules are omitted because the information is not required or because the information required is included in the
Notes to Consolidated Financial Statements.
Index to Exhibits
| Incorporated by Reference | ||||
|---|---|---|---|---|
| Exhibit Number · Exhibit Description · Form · Exhibit Number · Filing Date or Period End Date · Filed or Furnished Within | ||||
| 1.1 | Stock Purchase Agreement, dated as of August 3, 2025 among Zebra Technologies Corporation, Elo Investors, L.P., and Elo Holdings, Inc. | 8-K | 2.1 | August 5, 2025 |
| 3.1(i) | Restated Certificate of Incorporation of the Company. | 8-K | 3.1(i) | August 6, 2012 |
| 3.1(ii) | Amended and Restated By-Laws of Zebra Technologies Corporation dated October 30, 2025 | 8-K | 3.1 | November 5, 2025 |
| 4.1 | Specimen stock certificate representing Class A Common Stock. | 10-K | 4.1 | December 31, 2017 |
| 4.2 | Description of Securities Registered Under Section 12 of the Securities Exchange Act | 10-K | 4.2 | December 31, 2019 |
| 4.3 | Indenture, dated as of May 28, 2024, by and among Zebra Technologies Corporation, Temptime Corporation, Zebra Technologies International, LLC and U.S. Bank Trust Company, National Association | 8-K | 4.1 | May 22, 2024 |
| 4.4 | Form of 6.500% Senior Notes due 2032 (included in the Indenture – Exhibit 4.3) | 8-K | 4.2 | May 22, 2024 |
| 10.1 | Employee Agreement between Nathan Winters and the Company Dated January 11, 2021. + | 10-K | 10.1 | December 31, 2020 |
| 10.2 | Form of indemnification agreement between Zebra Technologies Corporation and each director and executive officer. | 10-K | 10.6 | December 31, 2016 |
| 10.3 | 2011 Long-Term Incentive Plan (Amended and Restated as of May 15, 2014). + | 10-Q | 10.1 | June 28, 2014 |
| 10.4 | 2015 Long-Term Incentive Plan. + | 10-K | 10.11 | December 31, 2017 |
| 10.5 | 2018 Long-Term Incentive Plan. + | S-8 | 4.1 | June 1, 2018 |
| 10.6 | 2005 Executive Deferred Compensation Plan, as amended and restated as of January 1, 2022. + | 10-K | 10.6 | December 31, 2021 |
| 10.7 | Employment Agreement between Zebra Technologies Corporation and William Burns dated as of March 1, 2023 + | 8-K | 10.1 | December 8, 2022 |
| 10.8 | Form of 2019 stock appreciation rights agreement for employees other than the CEO. + | 10-Q | 10.2 | June 29, 2019 |
| 10.9 | Form of 2020 stock appreciation rights agreement for employees other than the CEO. + | 10-Q | 10.2 | June 27, 2020 |
| 10.10 | Form of 2021 stock settled stock appreciation rights agreement for employees other than the CEO. + | 10-Q | 10.3 | July 3, 2021 |
| 10.11 | Form of 2022 stock appreciation rights agreement for employees other than the CEO + | 10-Q | 10.3 | July 2, 2022 |
| 10.12 | Form of 2023 stock-settled stock appreciation rights agreement for employees (including the CEO). + | 10-Q | 10.3 | July 1, 2023 |
| 10.13 | Form of 2024 stock-settled stock appreciation rights agreement for employees (including the CEO). + | 10-Q | 10.3 | June 29, 2024 |
| 10.14 | Form of 2013-16 time-vested stock appreciation rights agreement for CEO. + | 10-Q | 10.4 | March 30, 2013 |
| 10.15 | Form of 2019 stock appreciation rights agreement for CEO. + | 10-Q | 10.5 | June 29, 2019 |
| 10.16 | Form of 2020 stock appreciation rights agreement for CEO. + | 10-Q | 10.5 | June 27, 2020 |
| 10.17 | Form of 2023 time-restricted stock unit agreement for all employees (including the CEO). + | 10-Q | 10.2 | July 1, 2023 |
| 10.18 | Form of 2024 time-restricted stock unit agreement for all employees (including the CEO). + | 10-Q | 10.2 | June 29, 2024 |
| 10.19 | Form of 2025 time-vested restricted stock unit agreement for all employees (including the CEO) | 10-Q | 10.2 | April 29, 2025 |
| 10.20 | Form of 2023 performance-vested restricted stock unit agreement for all employees (including the CEO). + | 10-Q | 10.1 | July 1, 2023 |
| 10.21 | Form of 2024 performance-vested restricted stock unit agreement for all employees (including the CEO). + | 10-Q | 10.1 | June 29, 2024 |
| 10.22 | Form of 2025 performance-vested restricted stock unit agreement for all employees (including the CEO) | 10-Q | 10.1 | April 29, 2025 |
| 10.23 | Amended and Restated Credit Agreement, dated July 26, 2017 (originally dated as of October 27, 2014), by and among Zebra, the lenders and issuing banks party thereto, JPMorgan Chase Bank, N.A., and Morgan Stanley Senior Funding, Inc. | 10-Q | 10.1 | July 1, 2017 |
| 10.24 | Amendment No. 1, dated May 31, 2018, to the Amended and Restated Credit Agreement of July 26, 2017 (originally dated as of October 27, 2014), by and among Zebra, the lenders and issuing banks party thereto, JPMorgan Chase Bank, N.A., and Morgan Stanley Senior Funding, Inc. | 10-Q | 10.7 | June 30, 2018 |
| 10.25 | Amendment No. 2, dated August 9, 2019, to the Amended and Restated Credit Agreement of July 26, 2017 (originally dated as of October 27, 2014 and amended by Amendment No. 1 dated May 31, 2018), by and among, Zebra, the lenders party thereto, JPMorgan Chase Bank, N.A. | 10-Q | 10.1 | September 28, 2019 |
| 10.26 | Conformed Amended and Restated Credit Agreement, dated July 26, 2017 (originally dated as of October 27, 2014 and amended by Amendment No. 1 dated May 31, 2018, Amendment No. 2 dated August 9, 2019, and Amendment No. 3 dated May 25, 2022), by and among, Zebra, the lenders party thereto, JPMorgan Chase Bank, N.A. | 10-Q | 10.7 | July 2, 2022 |
| 10.27 | Conformed Amended and Restated Credit Agreement, dated July 26, 2017 (originally dated as of October 27, 2014 and amended by Amendment No. 1 dated May 31, 2018 and Amendment No. 2 dated August 9, 2019), by and among Zebra, the lenders party thereto, JPMorgan Chase Bank, N.A. | 10-Q | 10.2 | September 28, 2019 |
| 10.28 | 364-Day Credit Agreement dated September 1, 2020, by and among, Zebra, the lenders party thereto, and JPMorgan Chase Bank, N.A. | 10-Q | 10 | September 26, 2020 |
| 10.29 | Office Lease dated November 14, 2013 between Griffin Capital Corporation (as assignee from Northwestern Mutual Life Insurance Company) and Zebra Technologies Corporation. | 10-K | 10.34 | December 31, 2017 |
| 10.30 | First Amendment to Lease dated June 6, 2014 between Griffin Capital Corporation (as assignee from Northwestern Mutual Life Insurance Company) and Zebra Technologies Corporation. | 10-K | 10.35 | December 31, 2017 | |
| 10.31 | Second Amendment to Lease dated as of June 1, 2022 between Griffin Capital Corporation (as assignee from Northwestern Mutual Life Insurance Company) and Zebra Technologies Corporation. | 10-Q | 10.6 | July 2, 2022 | |
| 10.32 | Receivables Purchase Agreement dated as of December 1, 2017 among Zebra Technologies International, LLC, as the Originator, and Zebra Technologies RSC, LLC, as Buyer. | 10-K | 10.36 | December 31, 2017 | |
| 10.33 | Receivables Financing Agreement, dated as of December 1, 2017, by and among Zebra Technologies RSC, LLC, the lenders from time to time party thereto, PNC Bank, National Association, Zebra Technologies, LLC, and PNC Capital Markets, LLC. | 10-K | 10.37 | December 31, 2017 | |
| 10.34 | Second Amendment to Receivables Financing Agreement, dated as of March 19, 2021 by and among Zebra Technologies RSC, LLC, the lenders from time to time party thereto, PNC Bank, National Association, Zebra Technologies, LLC, and PNC Capital Markets, LLC | 10-Q | 10 | April 3, 2021 | |
| 10.35 | Third Amendment to Receivables Financing Agreement, dated as of March 19, 2024 by and among Zebra Technologies RSC, LLC, the lenders from time to time party thereto, PNC Bank, National Association, Zebra Technologies, LLC, and PNC Capital Markets, LLC | 10-Q | 10 | March 30, 2024 | |
| 10.36 | Master Accounts Receivable Purchase Agreement dated December 19, 2018 among Zebra Technologies Europe Limited, Zebra Technologies Corporation, and MUFG Bank, Ltd. | 10-K | 10.43 | December 31, 2018 | |
| 10.37 | Master Framework Agreement dated April 29, 2020 among Zebra Technologies Europe Limited, Zebra Technologies Asia Pacific PTE.LTD., Zebra Technologies Corporation, Ester Finance Titrisation, Credit Agricole Corporate & Investment Bank and Credit Agricole Leasing & Factoring | 10-Q | 10.7 | June 27, 2020 | |
| 10.38 | First Deed of Amendment relating to the Master Framework Agreement dated April 29, 2020 among Zebra Technologies Europe Limited, Zebra Technologies Asia Pacific PTE.LTD., Zebra Technologies Corporation, Ester Finance Titrisation, Credit Agricole Corporate & Investment Bank and Credit Agricole Leasing & Factoring | 10-K | 10.50 | December 31, 2020 | |
| 10.39 | English Receivables Purchase Agreement dated April 29, 2020 Zebra Technologies Europe Limited, Zebra Technologies Corporation, Credit Agricole Corporate & Investment Bank, Credit Agricole Leasing & Factoring, and Ester Finance Titrisation | 10-Q | 10.8 | June 27, 2020 | |
| 10.40 | Singapore Receivables Purchase Agreement dated April 29, 2020 Zebra Technologies Asia Pacific PTE.LTD., Zebra Technologies Corporation, Credit Agricole Corporate & Investment Bank, Credit Agricole Leasing & Factoring, and Ester Finance Titrisation | 10-Q | 10.9 | June 27, 2020 | |
| 19 | Securities Transactions and Confidentiality Policy | 10-K | 19 | December 31, 2024 | |
| 21 | Subsidiaries of the Company. | X | |||
| 23 | Consent of Ernst & Young LLP, independent registered public accounting firm. | X | |||
| 31.1 | Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer. | X | |||
| 31.2 | Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer. | X | |||
| 32.1 | Certification of Principal Executive Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. | X | |||
| 32.2 · Certification of Principal Financial Officer Pursuant to 18 U.S.C Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. · X | ||||
|---|---|---|---|---|
| 97 | Accounting Restatement Clawback Policy | 10-K | 97 | December 31, 2023 |
| 101 | The following financial information from Zebra Technologies Corporation Annual Report on Form 10-K, for the year ended December 31, 2025, formatted in Inline XBRL: (i) the Consolidated Balance Sheets; (ii) the Consolidated Statements of Operations; (iii) the Consolidated Statements of Comprehensive Income; (iv) the Consolidated Statements of Stockholders’ Equity; (v) the Consolidated Statements of Cash Flows; and (vi) Notes to Consolidated Financial Statements. The instance document does not appear in the interactive data file because Inline XBRL tags are embedded in the iXBRL document. | |||
| 104 | The cover page from the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, formatted in Inline XBRL (included in Exhibit 101). | |||
- Management contract or compensatory plan or arrangement required to be filed as an exhibit to this Annual Report on Form 10-K.
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