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Zebra Technologies cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$300M in Q3 2026 · $988M over twelve months

Operating cash flow$324M
Capital spending−$24.0M
Free cash flow+$300M
Cash / net income2.0×
Cash conversion cycle54 days

Analysis

In Q3 2026, Zebra Technologies generated $324M of operating cash flow and spent $24.0M on capital projects, leaving free cash flow of $300M.

Over the twelve months to Oct 3, 2026, operating cash flow was $1.1B; the largest uses were acquisitions ($1.3B), buybacks ($946M), capital spending ($80.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($395M), other investing ($10.0M); the cash balance fell by $871M.

Operating cash flow was $324M against net income of $164M — 2.0× profit, cash ran ahead of reported earnings. The largest differences: payables +$159M, inventory −$118M, depreciation & amortization +$57.0M.

Its cash conversion cycle was 54 days (receivables 57 + inventory 82 − payables 85).

Free cash flow

Zebra Technologies: free cash flow by quarterZebra Technologies: free cash flow by quarter$288MQ4 2024$158MQ1 2025$130MQ2 2025$216MQ3 2025$327MQ4 2025$163MQ1 2026$198MQ2 2026$300MQ3 2026
Operating cash flow less capital spending.
Zebra Technologies: operating cash flow against capital spendingZebra Technologies: operating cash flow against capital spendingOperating cash flowCapital spending$306M$18.0MQ4 2024$178M$20.0MQ1 2025$147M$17.0MQ2 2025$235M$19.0MQ3 2025$357M$30.0MQ4 2025$176M$13.0MQ1 2026$211M$13.0MQ2 2026$324M$24.0MQ3 2026
Latest (Q3 2026): Operating cash flow $324M, Capital spending $24.0M.

Capital allocation, year by year

Zebra Technologies: where the cash came from (up) and went (down), by fiscal yearZebra Technologies: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingCapital spendingAcquisitionsBuybacksFY2021: Operating cash flow $1.1BFY2021: Net borrowing −$257MFY2021: Capital spending −$59.0MFY2021: Acquisitions −$452MFY2021: Buybacks −$57.0M$1.1BFY2021FY2022: Operating cash flow $488MFY2022: Net borrowing $1.0BFY2022: Capital spending −$75.0MFY2022: Acquisitions −$881MFY2022: Buybacks −$751M$1.5BFY2022FY2023: Operating cash flow −$4.0MFY2023: Net borrowing $195MFY2023: Capital spending −$87.0MFY2023: Buybacks −$52.0M$195MFY2023FY2024: Operating cash flow $1.0BFY2024: Net borrowing −$43.0MFY2024: Capital spending −$59.0MFY2024: Buybacks −$47.0M$1.0BFY2024FY2025: Operating cash flow $917MFY2025: Net borrowing $347MFY2025: Capital spending −$86.0MFY2025: Acquisitions −$1.4BFY2025: Buybacks −$587M$1.3BFY2025
Over these 5 years operating cash flow totalled $3.5B; the largest uses were acquisitions ($2.7B) and buybacks ($1.5B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$182M
Debt$2.6B
Net debt$2.4B
Due within a year$141M

Zebra Technologies funds itself: free cash flow was $988M over the last twelve months, and $182M of cash and investments stands against $2.6B of debt ($141M due within a year, 1.3× covered by cash).

Zebra Technologies: debt maturities by year (FY2025)Zebra Technologies: debt maturities by year (FY2025)$141MYear 1$1.9BYear 2$500MAfter year 5
Principal due in each year as disclosed in the annual report, against $182M of cash and investments now.

Where the cash came from and went

Zebra Technologies: sources (+) and uses (−) of cash, Q3 2026Zebra Technologies: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$324MNet borrowing (+) / repaid (−)−$199MBuybacks−$75.0MCash drawn (+) / kept (−)−$25.0MCapital spending−$24.0MOther financing−$2.0MExchange rates$1.0M
Zebra Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Zebra Technologies: sources (+) and uses (−) of cash, TTM to Q3 2026Acquisitions−$1.3BOperating cash flow$1.1BBuybacks−$946MCash drawn (+) / kept (−)$871MNet borrowing (+) / repaid (−)$395MCapital spending−$80.0MOther financing−$19.0MOther investing$10.0MExchange rates$4.0M

From profit to cash

Zebra Technologies: net income to operating cash flow, Q3 2026Zebra Technologies: net income to operating cash flow, Q3 2026Net income$164MDepreciation & amortization$57.0MStock-based pay$42.0MDeferred taxes−$3.0MReceivables−$36.0MInventory−$118MPayables$159MAccrued liabilities$52.0MDeferred revenue$17.0MPrepaid and other assets−$11.0MIncome taxes payable−$3.0MOther operating capital$3.0MOperating cash flow$324M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202657828554
Q2 202650898257
Q1 202648898057
Q4 202547857557
Q3 202544897361
Q2 202544927660
Q1 202544917956
Q4 202447918058

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$324M−$24.0M—−$75.0M−$199M−$25.0M$300M
Q2 2026$211M−$13.0M—−$268M$117M−$43.0M$198M
Q1 2026$176M−$13.0M—−$300M$149M$11.0M$163M
Q4 2025$357M−$30.0M−$1.3B−$303M$328M$928M$327M
Q3 2025$235M−$19.0M—−$34.0M—−$181M$216M
Q2 2025$147M−$17.0M—−$125M—$7.0M$130M
Q1 2025$178M−$20.0M−$62.0M−$125M—$22.0M$158M
Q4 2024$306M−$18.0M—−$31.0M—−$225M$288M

Zebra Technologies: income statement and cash flow

Zebra Technologies, Q3 2026: revenue $1.6B (+22% year over year), operating margin 14.7%. The chart follows the revenue to costs, profit and cash.

Zebra Technologies: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.