Slide 1: Zebra Technologies First Quarter Earnings Results
Zebra Technologies First Quarter Earnings Results February 12, 2026 May 12, 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 01 Strong Q1 2026 performance and momentum underpin increased outlook for the year Zebra’s integrated portfolio of solutions is a powerful differentiator, enabling customers to 02 automate frontline workflows and improve visibility, execution and productivity Executing
Slide 4: Q1 2026 Highlights
Q1 2026 Highlights(1) Q1 Results Q1 Highlights • 14.3% sales growth (4.3% organic) $1,495M 23.2% 50.4% • Growth across all regions, outperformance in Latin Sales Adjusted EBITDA Adjusted Gross America and Asia Pacific Margin Margin • Manufacturing end market outperformance 28.4% $4.75 $300M • 90 bps
Slide 5: Zebra offers a clear & compelling investment thesis
Zebra offers a clear & compelling Zebra offers a investment thesisclear & compelling investment thesis • Industry leader in mission -critical enterprise workflows, • with a proven Market leadertrack record of in mission innovation -critical and execution enterprise workflows, with a proven track rec
Slide 6: Zebra provides the foundation for intelligent operations across the front line
Zebra provides the foundation for intelligent operations across the fron by connecting data, assets and workflows WORKFLOWS Integrated operations Connected Frontline Asset Visibility & Automation and frontline processes DATA Provides digital touchpoints to improve Enables real -time insights from as
Slide 7: Global megatrends make Zebra's solutions increasingly essential
Global megatrends make Zebra’s solutions increasingly essential Frontline environments are becoming more complex, increasing demand for technologies that improve visibility, automation and productivity ARTIFICIAL AUTOMATION ON- DEMAND INTELLIGENCE Opportunity ECONOMY + 47% + 7% + 9% AI Software Spen
Slide 8: Zebra's end-to-end presence across the supply chain is a core differentiator
Zebra’s end -to-end presence across the supply chain is a core differentiat WAREHOUSE LAST MILE Advanced Data Capture Printing Supplies & Sensors Enterprise Mobile Machine Vision Computers RFID & Location Workcloud Software Rugged Tablets Solutions Self -Service & Point - AI Agents & Toolkits of-Sal
Slide 9: Well-positioned at the center of large and growing end markets
Well-positioned at the center of large and growing end markets MARKETSERVED Retail & Transportation Other Manufacturing Healthcare E -Commerce & Logistics Markets • E -commerce growth with • On -demand economy • Investments in supply • Digitally connecting • Modernizing end -to-end shorter lead time
Slide 10: 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 durable growth Extending our #1 market Executing with discipline across a $35B+ served positions in enterprise through a capi
Slide 11: Q1 Financials and Outlook
Q1 Financials and Outlook 11
Slide 12: P&L Summary
P&L Summary(1) In millions, except per share data 1Q26 1Q25 Change SEGMENT ORGANIC NET SALES GROWTH (2) Net Sales $1,495 $1,308 +14.3% • Connected Frontline + 3 .8 % • Asset Visibility & Automation + 4 .8 % Organic Net Sales Growth +4.3% REGIONAL ORGANIC NET SALES GROWTH Adjusted Gross Profit $753 $
Slide 13: Cash Flow & Balance Sheet
(1) Cash Flow & Balance Sheet Cash Flow: 1Q26 Strong Liquidity Position: 1Q26 • Free cash flow of $163M, $5M higher YoY • $114M cash & cash equivalents • $300M of share repurchases • $2.7B balance sheet debt • 2.1x net debt to adjusted EBITDA • $1.1B revolving credit facility capacity $300M share re
Slide 14: Leveraging Our Proven Track Record of Successfully Navigating Supply Chain Challenges
Leveraging Our Proven Track Record of Successfully Navigating Supply Chain Challenges Executing on plans to manage through memory component supply constraints and cost inflation: • Global price increases on mobile computers effective late March • Suppliers delivering on commitments, with capacity pl
Slide 15: Outlook & Assumptions
Outlook & Assumptions 2Q26 FY26 • Sales growth between 14% and 17% • Sales growth between 10% and 14% o ~10.5 point favorable impact from acquisitions (1) and FX o ~7 point favorable impact from acquisitions (1) and FX • Adjusted EBITDA margin slightly higher than 21% • Adjusted EBITDA margin ~ 22%
Slide 16: Closing Remarks
Closing Remarks 01 Strong Q1 2026 performance and momentum underpin increased outlook for the year Zebra’s integrated portfolio of solutions is a powerful differentiator, enabling customers to 02 automate frontline workflows and improve visibility, execution and productivity Executing a clear strate
Slide 17: Q&A
Q&A 17
Slide 18: Appendix
Appendix 18
Slide 19: Use of Non-GAAP Financial Information
Use of Non -GAAP Financial Information This presentation contains certain non -GAAP financial measures . The Company presents non -GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the busines
Slide 20: GAAP to Non-GAAP Organic Net Sales Growth Reconciliation
GAAP to Non -GAAP Organic Net Sales Growth Reconciliation (Unaudited) 20
Slide 21: GAAP to Non-GAAP Regional Organic Net Sales Growth Reconciliation
GAAP to Non -GAAP Regional Organic Net Sales Growth Reconciliation (Unaudited) 21
Slide 22: GAAP to Non-GAAP Gross Margin and Operating Income Reconciliation
GAAP to Non -GAAP Gross Margin and Operating Income Reconciliation ($ in millions) (Unaudited) 22
Slide 23: GAAP to Non-GAAP Net Income Reconciliation
GAAP to Non -GAAP Net Income Reconciliation ($ in millions, except share data; Unaudited ) 23
Slide 24: GAAP to Non-GAAP EBITDA Reconciliation
GAAP to Non -GAAP EBITDA Reconciliation ($ in millions) (Unaudited ) 24
Slide 25: GAAP to Non-GAAP Free Cash Flow Reconciliation
GAAP to Non -GAAP Free Cash Flow Reconciliation ($ in millions) (Unaudited ) 25
Slide 26: GAAP to Non-GAAP Net Debt to Adjusted EBITDA Reconciliation
GAAP to Non -GAAP Net Debt to Adjusted EBITDA Reconciliation ($ in millions) (Unaudited ) 26
Slide 27: 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