Zebra Technologies Corporation · NASDAQ:ZBRA
Zebra Technologies — Q3 2026 Earnings Presentation
25 slides from Zebra Technologies's earnings presentation, Nov 3, 2026
Slide 1: Zebra Technologies Third Quarter Earnings Results
Zebra Technologies Third Quarter Earnings Results November 3, 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 ex
Slide 3: What you'll hear from us today
What you’ll hear from us today Strong broad -based growth in Q3, with continued momentum in our business 01 supporting an increased full -year 2026 outlook Customers are leveraging Zebra's AI -powered portfolio of solutions to improve 02 productivity, visibility and decision -making on the frontline
Slide 4: Q3 2026 Highlights
Q3 2026 Highlights(1) Results Highlights $1.61B 46.0% 21.6% • 22.3 % sales growth (11.3 % organic (2) ) Sales Adjusted Gross Adjusted EBITDA Margin Margin • Strong g rowth across segments, regions , end markets • S trong contribution from Elo Touch business 25.6% $4.95 $75M • Flat EBITDA margin impa
Slide 5: Strong Growth Across Primary End Markets
Strong Growth Across Primary End Markets Transportation & Retail & E -Commerce Logistics Manufacturing Healthcare • E -commerce and S pecialty • Highest growth end market • Continued automation • Clinical mobility drove Retail helped drive HSD with DD growth across trends drove HSD growth DD growth
Slide 6: Enhancing Customer Value Through Zebra-Powered AI Solutions
Enhancing Customer Value Through -Powered AI 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 workflows, • Market leader in mission -critical enterprise workflows, with with a proven track record of innovation anda execution proven track
Slide 9: Q3 2026 Financials and Q4 Outlook
Q3 2026 Financials and Q4 Outlook 9
Slide 10: P&L Summary
P&L Summary(1) In millions, except per share data 3Q 26 3Q 25 Change $1,614 $1,320 +22.3% SEGMENT ORGANIC Net Sales NET SALES GROWTH • Connected Frontline + 15 .0 % Organic Net Sales Growth +11.3% • Asset Visibility & Automation + 7.0 % Adjusted Gross Profit $742 $636 +16.7% REGIONAL ORGANIC NET SAL
Slide 11: Cash Flow & Balance Sheet
(1) Cash Flow & Balance Sheet Cash Flow: YTD 3Q26 Strong Balance Sheet: 3Q26 • $661M Free cash flow, $157M higher YoY • $182M cash & cash equivalents • $643M of share repurchases • $2.6B balance sheet debt • 1.6x net debt to adjusted EBITDA • $1B revolving credit facility capacity $ 946 M share repu
Slide 12: Successfully Managing Through Memory Component Supply Constraint
Successfully Managing Through Memory Component Supply Constraint Expect ~ $145M increase in FY26 memory component costs from prior year • Product memory cost increases approximately in -line with expectations • Aggregate impact to business has increased this year as we drive higher -than - expected
Slide 13: Outlook & Assumptions
Outlook & Assumptions 4Q 2026 FY 2026 • Sales growth between 10% and 14% • ~ 17% sales growth (based on Q4 outlook midpoint) o ~150 basis point favorable impact from FX o ~8 point favorable impact from acquisitions (1) and FX • Adjusted EBITDA margin ~ 22% • Adjusted EBITDA margin ~ 23.5% (2) (based
Slide 14: Closing Remarks
Closing Remarks Strong broad -based growth in Q3, with continued momentum in our business 01 supporting an increased full -year 2026 outlook Customers are leveraging Zebra's AI -powered portfolio of solutions to improve 02 productivity, visibility and decision -making on the frontline Executing on o
Slide 15: Q&A
Q&A 15
Slide 16: Appendix
Appendix 16
Slide 17: Use of Non-GAAP Financial Information
Use of Non -GAAP Financial Information This presentation contains certain non -GAAP financial measures . The Company presents non -GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the busines
Slide 18: GAAP to Non-GAAP Organic Net Sales Growth Reconciliation
GAAP to Non -GAAP Organic Net Sales Growth Reconciliation (Unaudited) 18
Slide 19: GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation
GAAP to Non -GAAP Regional Organic Net Sales Growth Reconciliation (Unaudited) 19
Slide 20: GAAP to Non-GAAP Gross Margin and Operating Income Reconciliation
GAAP to Non -GAAP Gross Margin and Operating Income Reconciliation ($ 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