The strong beat and raised guidance signal accelerating demand momentum, particularly in manufacturing end markets. With FY EPS guidance raised ~3.4% at midpoint and organic growth accelerating, watch for continued margin expansion as Elo Touch synergies materialize. The $1B buyback authorization provides downside support.
Price Chart
Executive Summary
Zebra Technologies reported Q1 2026 results with net sales of $1.495B (+14.3% YoY) and non-GAAP diluted EPS of $4.75, beating consensus estimates of $4.25 by 11.9%. The company raised its full-year 2026 non-GAAP EPS guidance to $18.30-$18.70 (from $17.70-$18.30) and expects FY sales growth of 10-14%, signaling accelerating demand across segments.
Key Financial Metrics
Key Facts
- Q1 2026 net sales $1.495B, +14.3% YoY vs $1.308B
- Non-GAAP diluted EPS $4.75, +18.2% YoY vs $4.02, beating $4.25 consensus by 11.9%
- GAAP net income $135M, essentially flat YoY; GAAP diluted EPS $2.72 vs $2.62
- Organic net sales growth 4.3% YoY (CF +3.8%, AVA +4.8%)
- Adjusted EBITDA $347M, +18.8% YoY; margin expanded 90bps to 23.2%
- Raised FY2026 non-GAAP EPS guidance to $18.30-$18.70 from $17.70-$18.30
- Raised FY2026 sales growth outlook to 10-14% from 9-13%
- Q2 2026 guidance: non-GAAP EPS $4.20-$4.50; sales growth 14-17%
- Free cash flow $163M in Q1; $300M in share repurchases during the quarter
- Gross margin expanded 30bps to 49.6%; adjusted gross margin up 80bps to 50.4%
Financial Impact
EPS beat of $0.50 (11.9%) on $1.495B revenue; guidance raised by $0.60-$0.40 at midpoint
Risk Factors
- GAAP net income essentially flat YoY due to higher operating expenses from acquisitions and amortization
- Organic growth of 4.3% is modest relative to reported 14.3% — acquisitions driving majority of top-line growth
- Total debt increased to $2.66B from $2.51B at year-end 2025, raising leverage
- Foreign exchange headwinds of ~2.1% on reported sales growth
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001628280-26-033877 |
| Document: zbra-20260512.htm | 0001628280-26-033877 |
| Document: 0001628280-26-033877-index-headers.html | 0001628280-26-033877 |
| Document: 0001628280-26-033877-index.html | 0001628280-26-033877 |
| Document: 0001628280-26-033877.txt | 0001628280-26-033877 |
| 8-K Data (Synthetic) | 0001628280-26-033877 |
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%) |
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