Filing Flows › Zebra Technologies (ZBRA) › Q2 2026 › vs Q1 2026
Zebra Technologies (ZBRA) Q2 2026 vs Q1 2026 (quarter over quarter)
Zebra Technologies's revenue rose $62.0M (+4%) from $1.5B in Q1 2026 to $1.6B in Q2 2026. The biggest changes: Tangible Products +$85.0M (+7%); Services and Software −$23.0M (-9%). Gross margin 53.0% against 49.6% (+3.4 pts).
Zebra Technologies, Q2 2026: revenue $1.6B (+20% year over year), operating margin 20.6%, net earnings $233M, operating cash flow $211M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 53.0% | 49.6% | +3.4 pts |
| Operating margin | 20.6% | 14.4% | +6.2 pts |
| Net margin | 15.0% | 9.0% | +5.9 pts |
| Free cash flow margin | 12.7% | 10.9% | +1.8 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Tangible Products | $1.3B | $1.2B | $85.0M | +7% |
| Services and Software | $241M | $264M | −$23.0M | -9% |
| Revenue | $1.6B | $1.5B | $62.0M | +4% |
| Gross profit | $825M | $742M | $83.0M | +11% |
| Cost of revenue | $732M | $753M | −$21.0M | -3% |
| Operating profit | $321M | $215M | $106M | +49% |
| Operating expenses | $504M | $527M | −$23.0M | -4% |
| Pre-tax earnings | $285M | $167M | $118M | +71% |
| Other expense, net | $36.0M | $48.0M | −$12.0M | -25% |
| Research & development | $159M | $165M | −$6.0M | -4% |
| Sales & marketing | $184M | $189M | −$5.0M | -3% |
| General & admin | $114M | $127M | −$13.0M | -10% |
| Other operating costs | $47.0M | $46.0M | $1.0M | +2% |
| Net earnings | $233M | $135M | $98.0M | +73% |
| Income tax | $52.0M | $32.0M | $20.0M | +62% |
| Depreciation & amortization | $57.0M | $56.0M | $1.0M | +2% |
| Share-based compensation | $36.0M | $58.0M | −$22.0M | -38% |
| Working capital & other | $115M | $73.0M | $42.0M | +58% |
| Operating cash flow | $211M | $176M | $35.0M | +20% |
| Free cash flow (OCF − capex) | $198M | $163M | $35.0M | +21% |
| Capital expenditures | $13.0M | $13.0M | $0 | 0% |
Questions
How much did Zebra Technologies's revenue grow quarter over quarter in Q2 2026?
Zebra Technologies's revenue rose $62.0M (+4%) from $1.5B in Q1 2026 to $1.6B in Q2 2026.
What drove Zebra Technologies's revenue change in Q2 2026?
Tangible Products +$85.0M (+7%); Services and Software −$23.0M (-9%).