Filing Flows › Zebra Technologies (ZBRA) › Q3 2026 › vs Q3 2025
Zebra Technologies (ZBRA) Q3 2026 vs Q3 2025 (year over year)
Zebra Technologies's revenue rose $294M (+22%) from $1.3B in Q3 2025 to $1.6B in Q3 2026. The biggest changes: Tangible Products +$289M (+27%); Services and Software +$5.0M (+2%). Gross margin 45.7% against 48.0% (-2.3 pts).
Zebra Technologies, Q3 2026: revenue $1.6B (+22% year over year), operating margin 14.7%, net earnings $164M, operating cash flow $324M. The chart draws each line against Q3 2025, the increases inside each band.
Margins
| Q3 2026 | Q3 2025 | Change | |
|---|---|---|---|
| Gross margin | 45.7% | 48.0% | -2.3 pts |
| Operating margin | 14.7% | 13.9% | +0.8 pts |
| Net margin | 10.2% | 7.7% | +2.5 pts |
| Free cash flow margin | 18.6% | 16.4% | +2.2 pts |
Every line
| Line | Q3 2026 | Q3 2025 | Change | % |
|---|---|---|---|---|
| Tangible Products | $1.4B | $1.1B | $289M | +27% |
| Services and Software | $244M | $239M | $5.0M | +2% |
| Revenue | $1.6B | $1.3B | $294M | +22% |
| Gross profit | $738M | $634M | $104M | +16% |
| Cost of revenue | $876M | $686M | $190M | +28% |
| Operating profit | $237M | $183M | $54.0M | +30% |
| Operating expenses | $501M | $451M | $50.0M | +11% |
| Pre-tax earnings | $198M | $159M | $39.0M | +25% |
| Other expense, net | $39.0M | $24.0M | $15.0M | +62% |
| Research & development | $158M | $146M | $12.0M | +8% |
| Sales & marketing | $183M | $159M | $24.0M | +15% |
| General & admin | $122M | $111M | $11.0M | +10% |
| Other operating costs | $38.0M | $35.0M | $3.0M | +9% |
| Net earnings | $164M | $101M | $63.0M | +62% |
| Income tax | $34.0M | $58.0M | −$24.0M | -41% |
| Depreciation & amortization | $57.0M | $42.0M | $15.0M | +36% |
| Share-based compensation | $42.0M | $47.0M | −$5.0M | -11% |
| Working capital & other | $61.0M | $45.0M | $16.0M | +36% |
| Operating cash flow | $324M | $235M | $89.0M | +38% |
| Free cash flow (OCF − capex) | $300M | $216M | $84.0M | +39% |
| Capital expenditures | $24.0M | $19.0M | $5.0M | +26% |
Questions
How much did Zebra Technologies's revenue grow year over year in Q3 2026?
Zebra Technologies's revenue rose $294M (+22%) from $1.3B in Q3 2025 to $1.6B in Q3 2026.
What drove Zebra Technologies's revenue change in Q3 2026?
Tangible Products +$289M (+27%); Services and Software +$5.0M (+2%).