Filing Flows › Zebra Technologies (ZBRA) › Q2 2026 › vs Q2 2025
Zebra Technologies (ZBRA) Q2 2026 vs Q2 2025 (year over year)
Zebra Technologies's revenue rose $264M (+20%) from $1.3B in Q2 2025 to $1.6B in Q2 2026. The biggest changes: Tangible Products +$261M (+25%); Services and Software +$3.0M (+1%). Gross margin 53.0% against 47.6% (+5.3 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 53.0% | 47.6% | +5.3 pts |
| Operating margin | 20.6% | 14.2% | +6.5 pts |
| Net margin | 15.0% | 8.7% | +6.3 pts |
| Free cash flow margin | 12.7% | 10.1% | +2.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Tangible Products | $1.3B | $1.1B | $261M | +25% |
| Services and Software | $241M | $238M | $3.0M | +1% |
| Revenue | $1.6B | $1.3B | $264M | +20% |
| Gross profit | $825M | $616M | $209M | +34% |
| Cost of revenue | $732M | $677M | $55.0M | +8% |
| Operating profit | $321M | $183M | $138M | +75% |
| Operating expenses | $504M | $433M | $71.0M | +16% |
| Pre-tax earnings | $285M | $138M | $147M | +107% |
| Other expense, net | $36.0M | $45.0M | −$9.0M | -20% |
| Research & development | $159M | $144M | $15.0M | +10% |
| Sales & marketing | $184M | $158M | $26.0M | +16% |
| General & admin | $114M | $102M | $12.0M | +12% |
| Other operating costs | $47.0M | $29.0M | $18.0M | +62% |
| Net earnings | $233M | $112M | $121M | +108% |
| Income tax | $52.0M | $26.0M | $26.0M | +100% |
| Depreciation & amortization | $57.0M | $43.0M | $14.0M | +33% |
| Share-based compensation | $36.0M | $32.0M | $4.0M | +12% |
| Working capital & other | $115M | $40.0M | $75.0M | +188% |
| Operating cash flow | $211M | $147M | $64.0M | +44% |
| Free cash flow (OCF − capex) | $198M | $130M | $68.0M | +52% |
| Capital expenditures | $13.0M | $17.0M | −$4.0M | -24% |
Questions
How much did Zebra Technologies's revenue grow year over year in Q2 2026?
Zebra Technologies's revenue rose $264M (+20%) from $1.3B in Q2 2025 to $1.6B in Q2 2026.
What drove Zebra Technologies's revenue change in Q2 2026?
Tangible Products +$261M (+25%); Services and Software +$3.0M (+1%).