Cover and table of contents

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Cover and table of contents

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended April 4, 2026

OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from to

Commission File Number: 000-19406

Zebra Technologies Corporation

(Exact name of registrant as specified in its charter)

Delaware36-2675536
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification No.)

3 Overlook Point, Lincolnshire, IL 60069

(Address of principal executive offices) (Zip Code)

Registrant’s telephone number, including area code: (847) 634-6700

Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of exchange on which registered
Class A Common Stock, par value $.01 per shareZBRAThe NASDAQ Stock Market, LLC

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer☒Accelerated filer☐
Non-accelerated filer☐Smaller reporting company☐
Emerging growth company☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 5, 2026, there were 47,633,392 shares of Class A Common Stock, $.01 par value, outstanding.

ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES

QUARTER ENDED APRIL 4, 2026

TABLE OF CONTENTS

PAGE
PART I - FINANCIAL INFORMATION3
Item 1.Consolidated Financial Statements3
Consolidated Balance Sheets as of April 4, 2026 (unaudited) and December 31, 20253
Consolidated Statements of Operations (unaudited) for the three months ended April 4, 2026 and March 29, 20254
Consolidated Statements of Comprehensive Income (unaudited) for the three months ended April 4, 2026 and March 29, 20255
Consolidated Statements of Stockholders’ Equity (unaudited) for the three months ended April 4, 2026 and March 29, 20256
Consolidated Statements of Cash Flows (unaudited) for the three months ended April 4, 2026 and March 29, 20257
Notes to Consolidated Financial Statements (unaudited)7
Note 1: Description of Business and Basis of Presentation8
Note 2: Significant Accounting Policies8
Note 3: Revenues9
Note 4: Inventories10
Note 5: Business Acquisitions10
Note 6: Investments10
Note 7: Exit and Restructuring Activities10
Note 8: Fair Value Measurements11
Note 9: Derivative Instruments13
Note 10: Long-Term Debt14
Note 11: Leases16
Note 12: Accrued Liabilities, Commitments and Contingencies16
Note 13: Share-Based Compensation17
Note 14: Income Taxes18
Note 15: Earnings Per Share19
Note 16: Accumulated Other Comprehensive (Loss) Income19
Note 17: Accounts Receivable Factoring20
Note 18: Segment Information & Geographic Data20
Item 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21
Overview21
Results of Operations23
Results of Operations by Segment25
Liquidity and Capital Resources27
Safe Harbor28
New Accounting Pronouncements28
Non-GAAP Measures29
Item 3.Quantitative and Qualitative Disclosures About Market Risk29
Item 4.Controls and Procedures29
PART II - OTHER INFORMATION31
Item 1.Legal Proceedings31
Item 1A.Risk Factors31
Item 2.Unregistered Sales of Equity Securities and Use of Proceeds31
Item 5.Other Information31
Item 6.Exhibits32
Signatures33

PART I - FINANCIAL INFORMATION

Next: Item 1. Consolidated Financial Statements