The massive EPS beat and raised full-year guidance are powerful catalysts. Traders should watch for continued momentum in the AVA segment (organic +11.4%) and monitor Q3 guidance for sales growth of 17-20% YoY. The >$1B FCF outlook supports further capital returns.
Price Chart
Executive Summary
Zebra Technologies reported a record Q2 2026 with net sales of $1.557B (+20.4% YoY) and non-GAAP diluted EPS of $6.35, crushing the $4.38 consensus by 45.1%. The company raised its full-year 2026 non-GAAP EPS guidance to $20.75-$21.25 (from $18.30-$18.70) and expects FY free cash flow >$1B. The massive beat and raised outlook signal accelerating demand across both segments, making this a strong bullish catalyst.
Key Financial Metrics
Key Facts
- Q2 2026 net sales of $1.557B, +20.4% YoY (organic +9.2%)
- Non-GAAP diluted EPS of $6.35 vs consensus $4.38 (+45.1% beat)
- GAAP net income $233M ($4.85/diluted share), +108% YoY
- Adjusted EBITDA $431M (27.7% margin), +61.4% YoY
- Full-year 2026 non-GAAP EPS guidance raised to $20.75-$21.25 (from $18.30-$18.70)
- Full-year 2026 free cash flow expected >$1B
- Recorded $73M in IEEPA tariff recoveries; $14M received in Q2
- Share repurchases of $268M in Q2, $568M YTD
Financial Impact
Q2 non-GAAP EPS of $6.35 beat consensus by $1.97 (45.1%); FY guidance raised by ~$2.50 at midpoint
Risk Factors
- IEEPA tariff recoveries ($73M) may not recur at same magnitude
- Q3 adjusted EBITDA margin guided ~22%, down from Q2's 27.7%
- Debt of $2.776B vs cash $157M; refinancing risk with $2.275B current portion due
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-052158 |
| Document: zbra-20260804.htm | 0001628280-26-052158 |
| Document: 0001628280-26-052158-index-headers.html | 0001628280-26-052158 |
| Document: 0001628280-26-052158-index.html | 0001628280-26-052158 |
| Document: 0001628280-26-052158.txt | 0001628280-26-052158 |
| 8-K Data (Synthetic) | 0001628280-26-052158 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 11, 2026 7w ago | Insider Cluster | $383.06 $344.83 | ▼ −9.98% | ▼ −8.92% | $378.26 (−1.25%) |
Aug 4, 2026 8w ago | 8-K | $366.28 $343.70 | ▼ −6.17% | ▼ −4.93% | $378.26 (+3.27%) |
May 12, 2026 20w ago | 8-K | $241.66 $216.79 | ▼ −10.29% | ▼ −8.57% | $378.26 (+56.52%) |
Apr 3, 2026 26w ago | DEFA14A | $210.86 $223.33 | ▲ +5.91% | ▼ −3.07% | $378.26 (+79.39%) |
US Market Status
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