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Zebra Technologies (ZBRA) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · Zebra Technologies (ZBRA) Q3 2026 earnings results →
Q3 2026 Revenue up 22% year over year to $1.6B · 10¢ of every $1 of revenue kept as net profit · operating margin 14.7%
Zebra Technologies made $1.6B in Q3 2026 (+22% Y/Y): Tangible Products $1.4B, Services and Software $244M. Operating margin 14.7%, net earnings $164M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $1.6B in Q3 2026, up 22% year over year and up 4% from the previous quarter. Tangible Products was the largest line at 85% of revenue. Tangible Products added $0.29B year over year (up 27%), 98% of the total change.
Gross margin was 45.7%, down 2.3 points from Q3 2025. Operating profit was $0.24B, a 14.7% margin (up 0.8 points year over year). Of the extra revenue versus Q3 2025, 18% reached operating profit, above the 14% margin then. Operating expenses grew 11% against revenue growth of 22%. The fastest-growing cost line was Sales & marketing (+15%). Net earnings were $0.16B, up 62% year over year. The effective tax rate was 17.2%.
Operating cash flow was $0.32B (up 38% year over year), 198% of net earnings. Non-cash charges added back $0.06B of depreciation and amortization and $0.04B of share-based compensation. Working capital and other items added $0.06B. Capital expenditures of $0.02B left free cash flow of $0.30B.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $1.6B | +22% | 14.7% | $164M | $324M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $1.6B | +20% | 20.6% | $233M | $211M |
| Q1 2026 | 10-Q | May 12, 2026 | $1.5B | +14% | 14.4% | $135M | $176M |
| Q4 2025 | 10-K | Feb 12, 2026 | $1.5B | +11% | 9.4% | $70.0M | $357M |
| Q3 2025 | 10-Q | Oct 28, 2025 | $1.3B | +5% | 13.9% | $101M | $235M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $1.3B | +6% | 14.2% | $112M | $147M |
| Q1 2025 | 10-Q | Apr 29, 2025 | $1.3B | +11% | 14.9% | $136M | $178M |
Charts
In supply chains and themes
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About Zebra Technologies
We are a global leader in the Automatic Identification and Data Capture (“AIDC”) industry. The AIDC market consists of mobile computing, data capture, radio frequency identification devices (“RFID”), thermal barcode printing, and other workflow automation products and services. The Company’s products, services, and software solutions (“offerings”) are proven to help our customers and end-users digitize and automate their workflows to achieve their critical business objectives, including improved productivity and operational efficiency, optimized regulatory compliance, and better customer experiences.
In its own words, from its 10-K, filed Feb 12, 2026.
Zebra Technologies against its General Industrial Machinery & Equipment peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +22% against the peers' median +9%. Operating margin: 14.7% against the peers' median 20.0%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ZBRA Zebra Technologies | Q3 2026 | $1.6B | +22% | 14.7% |
| ITW Illinois Tool Works | Q3 2026 | $4.2B | +4% | 27.8% |
| IR Ingersoll Rand | Q3 2026 | $2.1B | +6% | 37.9% |
| GTES Gates Industrial | Q3 2026 | $904M | +6% | 14.5% |
| ZWS Zurn Elkay Water Solutions | Q3 2026 | $495M | +9% | 21.9% |
| TWIN Twin Disc | Q1 FY27 | $88.7M | +11% | 5.2% |
| GHM Graham | Q2 FY27 | $69.8M | +6% | 8.4% |
| GTEC Greenland Technologies Holding | Q2 2026 | $29.9M | +38% | 20.0% |
Source: Zebra Technologies 10-Q on SEC EDGAR · CIK 877212 · General Industrial Machinery & Equipment
Guidance and outlook
13F: who owns ZBRA and who is buying
More on ZBRA
- How Zebra Technologies makes money: revenue by segment
- Zebra Technologies next earnings date and what analysts expect
- Zebra Technologies stock forecast, price target and fair value
- Who owns Zebra Technologies stock: holders, funds and Congress trades
- Zebra Technologies guidance and outlook
- Is Zebra Technologies a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- Zebra Technologies guidance history: guided vs reported
- Zebra Technologies gross margin by quarter
- Zebra Technologies operating margin by quarter
- Zebra Technologies net income by quarter
- Zebra Technologies free cash flow by quarter
- Zebra Technologies R&D spending by quarter
- Zebra Technologies capital expenditures by quarter
- Zebra Technologies Tangible Products revenue by quarter
- Zebra Technologies Services and Software revenue by quarter