Slide 1: Zebra Technologies Second Quarter Earnings Results
Zebra Technologies Second Quarter Earnings Results August 4, 2026
Slide 2: Safe Harbor Statement
Safe Harbor Statement Forward-looking statements made in this presentation are subject to the safe harbor created by the Private Securities Litigation Reform Act of 1995 and are highly dependent upon a variety of important factors, which could cause actual results to differ materially from those exp
Slide 3: What you'll hear from us today
What you’ll hear from us today Record performance in Q2, demonstrating the strength of our business and supporting 01 an increased fiscal year 2026 outlook Customers are leveraging Zebra's AI-powered solutions to improve productivity, 02 visibility and decision-making Executing on our strategic prio
Slide 4: Q2 2026 Highlights
Q2 2026 Highlights (1) Results Highlights • 20.4% sales growth (9.2% organic (3)) $1.56B 53.3% 27.7% • Solid growth across all regions Sales Adjusted Gross Adjusted EBITDA Margin(2) Margin(2) • Retail, Manufacturing, Healthcare outperformance • Strong profitable growth of Elo Touch business 26.9% $6
Slide 5: Strong Q2 Performance and Momentum Across Primary End Markets
Strong Q2 Performance and Momentum Across Primary End Markets Retail & E-Commerce Double-digit growth in Q2 with e-commerce and convenience stores bright spots Elo Touch acquisition delivered strong growth benefiting from self-service trends Customers piloting Zebra Al Suite solutions Transportation
Slide 6: Enhancing Customer Value Through AI-Powered Solutions
Enhancing Customer Value Through AI-Powered Solutions Building on Zebra’s unique competitive advantage as the foundation for intelligent operations SENSE DECIDE Real-Time AI-Powered Frontline Orchestration Visibility LEARN ACT Continuous Workflow AI-Driven Improvement Frontline Execution 6
Slide 7: Strategic Priorities
Strategic Priorities 1. 2. 3. Growing our business Building on our Enhancing financial profitably industry leadership by strength and flexibility advancing innovation Driving sustainable Extending our #1 market Executing with discipline growth across a $35B+ positions in enterprise through a capital
Slide 8: Zebra offers a clear and compelling investment thesis
Zebra offers a clear & compelling Zebra offers a clear and compelling investment thesis investment thesis • Industry leader in mission-critical enterprise • Marketworkflows, leader in mission-critical enterprise workflows, with with a proven track record of innovationa and execution proven track rec
Slide 9: Q2 2026 Financials and Outlook
Q2 2026 Financials and Outlook 9
Slide 10: P&L Summary
P&L Summary (1) In millions, except per share data 2Q 26 2Q 25 Change SEGMENT ORGANIC NET SALES GROWTH Net Sales $1,557 $1,293 +20.4% • Connected Frontline +7.5% • Asset Visibility & Automation +11.4% Organic Net Sales Growth +9.2% REGIONAL ORGANIC NET SALES GROWTH Adjusted Gross Profit(2) $830 $619
Slide 11: Cash Flow & Balance Sheet
Cash Flow & Balance Sheet (1) Cash Flow: YTD 2Q 2026 Strong Liquidity Position: 2Q 2026 • $361M Free cash flow, $73M higher YoY • $157M cash & cash equivalents • $568M of share repurchases • $2.8B balance sheet debt • 1.9x net debt to adjusted EBITDA • $925M revolving credit facility capacity $871M
Slide 12: Successfully Managing Through Memory Component Supply Constraints
Successfully Managing Through Memory Component Supply Constraints Continuing to expect ~ $120M increase in FY26 memory component costs from prior year • Memory cost increases approximately in-line with expectations • Price increases mitigating memory impact • Suppliers delivering on commitments, sup
Slide 13: Outlook & Assumptions
Outlook & Assumptions 3Q 2026 FY 2026 • Sales growth between 17% and 20% • Sales growth between 14% and 16% o ~10.5 point favorable impact from acquisitions(1) and FX o ~8 point favorable impact from acquisitions(1) and FX • Adjusted EBITDA margin ~ 22% • Adjusted EBITDA margin between 23.5% and 24.
Slide 14: Closing Remarks
Closing Remarks Record performance in Q2, demonstrating the strength of our business and supporting 01 an increased fiscal year 2026 outlook Customers are leveraging Zebra's AI-powered solutions to improve productivity, 02 visibility and decision-making Executing on our strategic priorities to drive
Slide 15: Q&A
Q&A 15
Slide 16: Appendix
Appendix 16
Slide 17: Use of Non-GAAP Financial Information
Use of Non-GAAP Financial Information This presentation contains certain non-GAAP financial measures. The Company presents non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the business. M
Slide 18: GAAP to Non-GAAP Organic Net Sales Growth Reconciliation
GAAP to Non-GAAP Organic Net Sales Growth Reconciliation (Unaudited) 18
Slide 19: GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation
GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation (Unaudited) 19
Slide 20: GAAP to Non-GAAP Gross Margin and Operating Income Reconciliation
GAAP to Non-GAAP Gross Margin and Operating Income Reconciliation ($ in millions) (Unaudited) 20
Slide 21: GAAP to Non-GAAP Net Income Reconciliation
GAAP to Non-GAAP Net Income Reconciliation ($ in millions, except share data; Unaudited) 21
Slide 22: GAAP to Non-GAAP EBITDA Reconciliation
GAAP to Non-GAAP EBITDA Reconciliation ($ in millions) (Unaudited) 22
Slide 23: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non-GAAP Free Cash Flow Reconciliation ($ in millions) (Unaudited) 23
Slide 24: GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation
GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation ($ in millions) (Unaudited) 24
Slide 25: About Zebra
About Zebra Zebra (NASDAQ: ZBRA) provides the foundation for intelligent operations with an award-winning portfolio of connected frontline, asset visibility and automation solutions which empower our customers to deploy AI on the frontline. Organizations globally across retail, manufacturing, transp