Slide 1: Fourth Quarter and Full Year 2025 Earnings Results
Zebra Technologies Fourth Quarter and Full Year 2025 Earnings Results February 12, 2026 February 12, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward -looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995 . Actual results may differ from those expressed or imp
Slide 3: Agenda
Agenda Q4 Summary 01 Bill Burns, CEO 02 Q4 Financials and 2026 Outlook Nathan Winters, CFO Advancing Our Vision 03 Bill Burns, CEO Q&A 04 Bill Burns, CEO Nathan Winters, CFO 3
Slide 4: Fourth Quarter 2025 Summary
(1) Fourth Quarter 2025 Summary • Delivered results exceeding our outlook • Sales of $1,475M, reflecting 2.5% organic net sales growth – Exceptional growth in Asia Pacific – Relative outperformance in mobile computing, printing, supplies – Strength in Healthcare, Manufacturing, Retail & E -Commerce
Slide 5: Agenda
Agenda Q4 Summary 01 Bill Burns, CEO Q4 Financials and 2026 Outlook 02 Nathan Winters, CFO Advancing Our Vision 03 Bill Burns, CEO Q&A 04 Bill Burns, CEO Nathan Winters, CFO 5
Slide 6: Fourth Quarter P&L Summary
(1) Fourth Quarter P&L Summary In millions, except per share data 4Q25 4Q24 Change SEGMENT ORGANIC NET SALES GROWTH (2) Net Sales $1,475 $1,334 +10.6% • Connected Frontline + 3 .6 % • Asset Visibility and Automation + 1 .3 % Organic Net Sales Growth +2.5% REGIONAL ORGANIC NET SALES Adjusted Gross Pr
Slide 7: Cash Flow & Balance Sheet
(1) Cash Flow & Balance Sheet Cash Flow: FY 2025 Strong Liquidity Position: FYE 2025 • Free cash flow of $831M, $123M lower YoY • $125M cash & cash equivalents – Timing of inventory purchases • $2.5B balance sheet debt – Higher incentive compensation payments on FY 2024 performance • 2.0x net debt t
Slide 8: Outlook & Assumptions
Outlook & Assumptions 1Q26 FY26 • Sales growth between 11% and 15% • Sales growth between 9% and 13% o ~10 point favorable impact from acquisitions (1) and FX o ~7 point favorable impact from acquisitions (1) and FX • Adjusted EBITDA margin between 21% and 22% • Adjusted EBITDA margin ~ 22% • Non -G
Slide 9: Agenda
Agenda Q4 Summary 01 Bill Burns, CEO 02 Q4 Financials and 2026 Outlook Nathan Winters, CFO Advancing Our Vision 03 Bill Burns, CEO Q&A 04 Bill Burns, CEO Nathan Winters, CFO 9
Slide 10: Zebra Delivers Intelligent Operations
Zebra Delivers Intelligent Operations Connected Asset Visibility & Frontline Automation UNIFYING WORKERS AND CUSTOMERS FOR GIVING ASSETS A DIGITAL VOICE TO AUTOMATE BETTER FRONTLINE EXPERIENCES ENVIRONMENTS WITH TECHNOLOGY THAT SCALES 10
Slide 11: Enabling Improved Outcomes Across our End Markets
Enabling Improved Outcomes Across our End Markets Retail & Transportation Manufacturing Healthcare Other Markets E -Commerce & Logistics Engaged Associates Enhanced Worker Actionable Visibility Patient Safety Supply Chain & Asset Optimized Inventory Productivity Optimized Quality Unified Staff Manag
Slide 12: Zebra + Elo Touch: Advancing the Modern Store
Zebra + Elo Touch: Advancing the Modern Store EMPOWERING RETAIL FRONTLINE OPERATIONS WITH ROBUST PORTFOLIO OF INNOVATIVE SOLUTIONS Engaged Associates Optimized Inventory Elevated Customer Experience • Improve task completion time • Reduce product shrink rates • Increase checkout speed • Increase tim
Slide 13: Intelligent Frontline Operations: Powered By Zebra's AI Suite
Intelligent Frontline Operations: Powered By Zebra’s AI Suite SUITE OF OPTIONS TO FIT CUSTOMERS’ NEEDS AND RESOURCES, RANGINGFROM FOUNDATION TOOLS TO FULL AGENTS Zebra Frontline Foundational t oolkit ofAIonEnablers -device Zebra Frontline AI Blueprints Zebra Companion AI models and APIs that empower
Slide 14: Opportunity Across our End Markets
Opportunity Across our End Markets Market Served Opportunity • E-commerce growth with shorter lead time expectations • Reimagining point-of-sale, self-service, and solutions to address shrink Retail & E-commerce • Frontline workers driving productivity and effectiveness with AI solutions • Prolifera
Slide 15: Agenda
Agenda Q4 Summary 01 Bill Burns, CEO 02 Q4 Financials and 2026 Outlook Nathan Winters, CFO Advancing Our Vision 03 Bill Burns, CEO Q&A 04 Bill Burns, CEO Nathan Winters, CFO 15
Slide 16: Q&A
Q&A 16 16
Slide 17: Appendix
Appendix 17 17
Slide 18: Use of Non-GAAP Financial Information
Use of Non -GAAP Financial Information This presentation contains certain Non -GAAP financial measures, consisting of “Adjusted EBITDA,” “Adjusted EBITDA margin,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “EBITDA,” “free cash flow,” “free
Slide 19: GAAP to Non-GAAP Organic Net Sales Growth Reconciliation
GAAP to Non -GAAP Organic Net Sales Growth Reconciliation (Unaudited) 19
Slide 20: GAAP to Non-GAAP Regional Organic Net Sales (Decline)/Growth Reconciliation
GAAP to Non -GAAP Regional Organic Net Sales (Decline)/Growth Reconciliation (Unaudited) 20
Slide 21: GAAP to Non-GAAP Gross Margin Reconciliation
-GAAP Gross Margin Reconciliation ($(Unaudited) GAAP to Non in millions) 21
Slide 22: GAAP to Non-GAAP Net Income Reconciliation
GAAP to Non -GAAP Net Income Reconciliation ($ in millions, except share data) (Unaudited ) 22
Slide 23: GAAP to Non-GAAP EBITDA Reconciliation
GAAP to Non -GAAP EBITDA Reconciliation ($ in millions) (Unaudited ) 23
Slide 24: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non -GAAP Free Cash Flow Reconciliation ($ in millions) (Unaudited ) 24
Slide 25: GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation
GAAP to Non -GAAP Net Debt to Adjusted EBITDA Reconciliation ($ in millions) (Unaudited ) 25
Slide 26: About Zebra
About Zebra Zebra provides the foundation for intelligent operations with an award- winning portfolio of connected frontline, asset visibility and automation solutions powered by AI. Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely