ZEBRA TECHNOLOGIES CORP
For the period ended Dec 31, 2025. Filed Feb 12, 2026.
View on SEC.govAbout this filing
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 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 · 2024 · 2023 | |||
| Cash flows from operating activities: | |||
| Net income | $419 | $528 | $296 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Depreciation and amortization | 185 | 172 | 176 |
| Impairment of goodwill, intangibles and other assets | 45 | — | — |
| Equity-settled share-based compensation | 163 | 89 | 55 |
| Deferred income taxes | 21 | (94) | (36) |
| Unrealized gain on forward interest rate swaps | — | (31) | (9) |
| Other, net | 14 | 14 | 3 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable, net | (39) | (181) | 249 |
| Inventories, net | 54 | 105 | 50 |
| Other assets | 6 | 9 | (25) |
| Accounts payable | 1 | 176 | (365) |
| Accrued liabilities | (29) | 131 | (97) |
| Deferred revenue | 75 | (13) | 12 |
| Income taxes | (1) | 68 | (168) |
| Settlement liability | — | (45) | (180) |
| Cash receipts on forward interest rate swaps | — | 86 | 26 |
| Other operating activities | 3 | (1) | 9 |
| Net cash provided by (used in) operating activities | 917 | 1,013 | (4) |
| Cash flows from investing activities: | |||
| Acquisition of businesses, net of cash acquired | (1,365) | — | — |
| Purchases of property, plant and equipment | (86) | (59) | (87) |
| Proceeds from sale (purchases) of short-term investments | — | 5 | (4) |
| Proceeds from the sale of long-term investments | 1 | — | — |
| Purchases of long-term investments | (5) | (3) | (1) |
| Net cash used in investing activities | (1,455) | (57) | (92) |
| Cash flows from financing activities: | |||
| Proceeds from issuance of debt | 347 | 651 | 440 |
| Payments of debt | (19) | (694) | (245) |
| Payment of debt issuance costs, extinguishment costs and discounts | — | (9) | — |
| Payments for repurchases of common stock | (587) | (47) | (52) |
| Net payments related to share-based compensation plans | (14) | (30) | (8) |
| Change in unremitted cash collections from servicing factored receivables | 34 | (61) | (18) |
| Net cash (used in) provided by financing activities | (239) | (190) | 117 |
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | 1 | (3) | — |
| Net (decrease) increase in cash and cash equivalents, including restricted cash | (776) | 763 | 21 |
| Cash and cash equivalents, including restricted cash, at beginning of period | 901 | 138 | 117 |
| Cash and cash equivalents, including restricted cash, at end of period | $125 | $901 | $138 |
| Less restricted cash, included in Prepaid expenses and other current assets | — | — | (1) |
| Cash and cash equivalents at end of period | $125 | $901 | $137 |
| Supplemental disclosures of cash flow information: | |||
| Income taxes paid | $134 | $124 | $252 |
| Interest paid, net of forward interest rate swaps | $129 | $55 | $111 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.