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$326.71+1.5%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Table of Contents
YEAR ENDED DECEMBER 31, 2025
TABLE OF CONTENTS
| PAGE | ||
|---|---|---|
| PART I | ||
| Item 1. | Business | 4 |
| Item 1A. | Risk Factors | 13 |
| Item 1B. | Unresolved Staff Comments | 24 |
| Item 1C. | Cybersecurity | 24 |
| Item 2. | Properties | 25 |
| Item 3. | Legal Proceedings | 26 |
| Item 4. | Mine Safety Disclosures | 26 |
| PART II | ||
| Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities | 27 |
| Item 6. | [Reserved] | 29 |
| Item 7. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 30 |
| Overview | 30 | |
| Results of Operations | 32 | |
| Liquidity and Capital Resources | 36 | |
| Critical Accounting Estimates | 38 | |
| New Accounting Pronouncements | 39 | |
| Non-GAAP Measures | 39 | |
| Item 7A. | Quantitative and Qualitative Disclosures About Market Risk | 40 |
| Item 8. | Financial Statements and Supplementary Data | 41 |
| Report of Independent Registered Public Accounting Firm | 42 | |
| Consolidated Balance Sheets | 45 | |
| Consolidated Statements of Operations | 46 | |
| Consolidated Statements of Comprehensive Income | 47 | |
| Consolidated Statements of Stockholders’ Equity | 48 | |
| Consolidated Statements of Cash Flows | 49 | |
| Notes to Consolidated Financial Statements | 50 | |
| Note 1: Description of Business and Basis of Presentation | 50 | |
| Note 2: Significant Accounting Policies | 50 | |
| Note 3: Revenues | 54 | |
| Note 4: Inventories | 56 | |
| Note 5: Business Acquisitions | 56 | |
| Note 6: Goodwill and Other Intangibles | 57 | |
| Note 7: Property, Plant and Equipment | 58 | |
| Note 8: Investments | 59 | |
| Note 9: Exit and Restructuring Costs | 59 | |
| Note 10: Fair Value Measurements | 59 | |
| Note 11: Derivative Instruments | 60 | |
| Note 12: Long-Term Debt | 63 | |
| Note 13: Leases | 64 | |
| Note 14: Accrued Liabilities, Commitments and Contingencies | 65 | |
| Note 15: Share-Based Compensation | 66 | |
| Note 16: Income Taxes | 69 | |
| Note 17: Earnings Per Share | 73 | ||
| Note 18: Accumulated Other Comprehensive (Loss) Income | 73 | ||
| Note 19: Accounts Receivables Factoring | 74 | ||
| Note 20: Segment Information & Geographic Data | 75 | ||
| Note 21: Subsequent Events | 77 | ||
| Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure | 78 | |
|---|---|---|---|
| Item 9A. | Controls and Procedures | 78 | |
| Item 9B. | Other Information | 80 | |
| Item 9C. | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections | 80 | |
| PART III | |||
| Item 10. | Directors, Executive Officers and Corporate Governance | 81 | |
| Item 11. | Executive Compensation | 81 | |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters | 81 | |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence | 81 | |
| Item 14. | Principal Accounting Fees and Services | 81 | |
| PART IV | |||
| Item 15. | Exhibits and Financial Statement Schedules | 82 | |
| Signatures | 86 | ||
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