Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $3.57B | $3.72B | $4.22B | $4.49B | $4.45B | $5.63B | $5.78B | $4.58B | $4.98B | $5.40B |
| Revenue growth | — | 4.1% | 13.3% | 6.3% | -0.8% | 26.5% | 2.7% | -20.7% | 8.7% | 8.3% |
| Gross profit | $1.64B | $1.71B | $1.98B | $2.10B | $2.00B | $2.63B | $2.62B | $2.12B | $2.41B | $2.59B |
| Gross margin | 45.9% | 45.9% | 47.0% | 46.8% | 45.0% | 46.7% | 45.4% | 46.3% | 48.4% | 48.1% |
| Operating income | $80.0M | $322M | $610M | $692M | $651M | $979M | $529M | $481M | $742M | $700M |
| Operating margin | 2.2% | 8.7% | 14.5% | 15.4% | 14.6% | 17.4% | 9.2% | 10.5% | 14.9% | 13.0% |
| Net income | -$137M | $17.0M | $421M | $544M | $504M | $837M | $463M | $296M | $528M | $419M |
| Net margin | -3.8% | 0.5% | 10.0% | 12.1% | 11.3% | 14.9% | 8.0% | 6.5% | 10.6% | 7.8% |
| EPS (diluted) | -$2.65 | $0.32 | $7.76 | $9.97 | $9.35 | $15.52 | $8.80 | $5.72 | $10.18 | $8.18 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $380M | $478M | $785M | $685M | $962M | $1.07B | $488M | -$4.00M | $1.01B | $917M |
| Capital expenditures | $77.0M | $50.0M | $64.0M | $61.0M | $67.0M | $59.0M | $75.0M | $87.0M | $59.0M | $86.0M |
| Free cash flow | $303M | $428M | $721M | $624M | $895M | $1.01B | $413M | -$91.0M | $954M | $831M |
| Share buybacks | — | $0.00 | $0.00 | $47.0M | $200M | $57.0M | $751M | $52.0M | $47.0M | $587M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $156M | $62.0M | $44.0M | $30.0M | $168M | $332M | $105M | $137M | $901M | $125M |
| Total assets | $4.63B | $4.28B | $4.34B | $4.71B | $5.38B | $6.21B | $7.53B | $7.31B | $7.97B | $8.50B |
| Total liabilities | $3.84B | $3.44B | $3.00B | $2.87B | $3.23B | $3.23B | $4.80B | $4.27B | $4.38B | $4.91B |
| Long-term debt | $2.65B | $2.18B | $1.43B | $1.08B | $881M | $922M | $1.81B | $2.05B | $2.09B | $2.36B |
| Shareholders' equity | $792M | $834M | $1.33B | $1.84B | $2.14B | $2.98B | $2.73B | $3.04B | $3.59B | $3.59B |
| Retained earnings | $1.24B | $1.25B | $1.69B | $2.23B | $2.74B | $3.57B | $4.04B | $4.33B | $4.86B | $5.28B |
| Shares (wtd avg diluted) | 51.6M | 53.7M | 54.3M | 54.6M | 53.9M | 53.9M | 52.6M | 51.7M | 51.9M | 51.2M |
Every figure is extracted from ZEBRA TECHNOLOGIES CORP’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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