The earnings call reflected a balanced sentiment, with strong performance in the fourth quarter and strategic acquisitions and innovations, but tempered by challenges in the manufacturing sector, tariff impacts, and an uncertain outlook for 2025.

Company Guidance

During the call, Zebra Technologies provided several key metrics highlighting their strong performance in the fourth quarter of 2024 and their cautious outlook for 2025. The company reported a 32% year-over-year increase in sales, achieving over $1.3 billion, and an adjusted EBITDA margin of 22.1%, reflecting a 7% improvement. Non-GAAP diluted earnings per share more than doubled to $4. For the full year, Zebra generated $954 million in free cash flow, achieving a 136% free cash flow conversion rate. Looking forward, the company anticipates first-quarter sales growth of 8% to 11%, with adjusted EBITDA margin expected around 21%. For the full year 2025, Zebra projects sales growth between 3% and 7%, an adjusted EBITDA margin of 21% to 22%, and non-GAAP diluted earnings per share ranging from $14.75 to $15.25. Despite solid backlog and demand trends, the outlook remains cautious due to geopolitical and macroeconomic uncertainties, including new tariffs that are expected to impact gross profit by approximately $20 million in 2025.

Strong Fourth Quarter Performance

Zebra Technologies delivered results above their outlook with sales exceeding $1.3 billion, a 32% increase compared to the prior year. Adjusted EBITDA margin reached 22.1%, a nearly 7% increase, and non-GAAP diluted earnings per share doubled to $4.

Record Free Cash Flow

For the full year, Zebra generated $954 million of free cash flow with a 136% free cash flow conversion rate and ended the year with a 1.2x net debt to adjusted EBITDA leverage ratio.

Geographic Sales Growth

Sales grew 36% in North America, 24% in EMEA, 30% in Asia-Pacific, and 40% in Latin America, with particularly strong performance in Brazil.

Acquisition of Photoneo

Zebra agreed to purchase Photoneo, a leading 3D machine vision company, for approximately EUR 60 million, expanding their capabilities in automotive manufacturing, logistics, and other key markets.

Innovative AI Solutions

Zebra launched AI-based machine vision offerings and demonstrated AI-powered modern store solutions at the National Retail Federation trade show, showcasing their commitment to innovation in retail technology.

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Zebra Tech (ZBRA) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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ZBRA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Apr 29, 2025	2025 (Q1)	3.62 / -	2.84	―	―	―
Feb 13, 2025	2024 (Q4)	3.94 / 4.00	1.71	133.92% (+2.29)
Oct 29, 2024	2024 (Q3)	3.23 / 3.49	0.87	301.15% (+2.62)
Jul 30, 2024	2024 (Q2)	2.81 / 3.18	3.29	-3.34% (-0.11)
Apr 30, 2024	2024 (Q1)	2.44 / 2.84	3.94	-27.92% (-1.10)
Feb 15, 2024	2023 (Q4)	1.65 / 1.71	4.75	-64.00% (-3.04)
Oct 31, 2023	2023 (Q3)	0.81 / 0.87	4.12	-78.88% (-3.25)
Aug 01, 2023	2023 (Q2)	3.27 / 3.29	4.61	-28.63% (-1.32)
May 02, 2023	2023 (Q1)	3.92 / 3.94	4.01	-1.75% (-0.07)
Feb 16, 2023	2022 (Q4)	4.58 / 4.75	4.54	4.63% (+0.21)

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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ZBRA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Feb 13, 2025	$352.92	$323.42	-8.36%
Oct 29, 2024	$363.58	$384.68	+5.80%
Jul 30, 2024	$335.09	$348.12	+3.89%
Apr 30, 2024	$300.01	$314.56	+4.85%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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