ZEBRA TECHNOLOGIES CORP
For the period ended Apr 4, 2026. Filed May 12, 2026.
View on SEC.govAbout this filing
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.
Apr 4, 2026 · Filed May 12, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Liquidity and Capital Resources
The primary factors that influence our liquidity include the amount and timing of cash collections from our customers, cash payments to our suppliers, capital expenditures, acquisitions, and share repurchases. Management believes that our existing capital resources, inclusive of available borrowing capacity on debt and other financing facilities and funds generated from operations, are sufficient to meet anticipated capital requirements and service our indebtedness. The following table summarizes our cash flow activities for the periods indicated (in millions):
| Three Months Ended | |||
|---|---|---|---|
| Cash flow provided by (used in): | April 4,2026 | March 29,2025 | $ Change |
| Operating activities | $176 | $178 | $(2) |
| Investing activities | (2) | (82) | 80 |
| Financing activities | (185) | (119) | (66) |
| Effect of exchange rates on cash balances | — | 1 | (1) |
| Net change in cash and cash equivalents | $(11) | $(22) | $11 |
| Cash flow provided by (used in): | |||
| Operating activities | $176 | $178 | $(2) |
| Less: Purchases of property, plant and equipment | (13) | (20) | 7 |
| Free cash flow (Non-GAAP)(1) | $163 | $158 | $5 |
(1)Free cash flow, a non-GAAP measure, is defined as Net cash provided by (used in) operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period.
2026 compared to 2025
The change in our cash and cash equivalents balance during the three months ended April 4, 2026 compared to the prior year was primarily due to the following:
$2 million decrease in net operating cash inflows primarily due to the timing of vendor payments and customer collections, largely offset by lower incentive compensation payments in the current year.
$80 million decrease in net investing cash outflows primarily due to the acquisition of Photoneo in the prior year.
$66 million increase in net financing cash outflows primarily due to higher share repurchases, partially offset by net borrowings on our debt facilities.
Company Debt
The following table shows the carrying value of the Company’s debt (in millions):
| April 4,2026 | December 31,2025 | |
|---|---|---|
| Term Loan A | $1,553 | $1,575 |
| Senior Notes | 500 | 500 |
| Revolving Credit Facility | 430 | 275 |
| Receivables Financing Facility | 177 | 161 |
| Total debt | $2,660 | $2,511 |
| Less: Debt issuance costs | (7) | (8) |
| Less: Unamortized discounts | (2) | (2) |
| Less: Current portion of debt | (264) | (141) |
| Total long-term debt | $2,387 | $2,361 |
In the first quarter of 2026, we increased our borrowings under the Revolving Credit and Receivables Financing Facilities to help fund share repurchases. See Note 10, Long-Term Debt in the Notes to Consolidated Financial Statements for further details related to the Company’s debt instruments.
Share Repurchases
During the first quarter of 2026, the Company repurchased 1,294,028 shares of common stock for approximately $300 million. An additional 888,963 shares of common stock for approximately $200 million were repurchased as of the date of this filing.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.