EarningsQ2 2026 Earnings Report
MX:ZBRA Q2 2026 EPS Results
Actual EPS$115.33
Consensus EPS$79.24
Beat/MissBeat by +$36.09
One Year Ago EPS$65.57
MX:ZBRA Q2 2026 Revenue Results
Actual Revenue$28.24B
Expected Revenue$27.19B
Beat/MissBeat by +$1.05B
YoY Revenue Growth+19.07%
Earnings Announcement Details
QuarterQ2 2026
Date08/04/2026
TimeBefore Open
Conference CallTuesday, August 4, 2026
MX:ZBRA Upcoming Earnings
Zebra Tech's next earnings date is estimated for November 3, 2026, based on past reporting schedules.
Q2 2026 Earnings Call Audio
MX:ZBRA Q2 2026 Earnings Call
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Q2 2026 Earnings Slide Deck
Q2 2026 Earnings Call Summary
Earnings Call Sentiment|Positive
The call communicated strong operational and financial performance with record revenue, substantial EPS and margin improvement, a raised full-year outlook, robust cash generation and active capital returns. These positives are tempered by ongoing memory supply and cost risks, a sizable one-time tariff benefit that boosted Q2 margins, and some regional/segment variability. Management laid out concrete mitigation (supplier co-planning, pricing, supplier qualification, restructuring) and continues to see broad demand and long-term growth opportunities in AI, machine vision, RFID and healthcare.Company Guidance
Record Quarterly Revenue and Organic Growth
Total company sales > $1.5 billion, up 20.4% year-over-year and +9.2% on an organic basis, exceeding the high end of guidance.
Strong Profitability and Margin Expansion
Adjusted EBITDA margin of 27.7%; expanded adjusted EBITDA margin by 7.1 points year-over-year to 27.7% (note: includes $73M tariff recovery). Excluding the tariff recovery, adjusted EBITDA margin still expanded by ~2 points.
Significant EPS Improvement
Non-GAAP diluted EPS of $6.35 in Q2, a 76% year-over-year increase, significantly above prior guidance.
Gross Margin Improvement Driven by One-Time Tariff Recovery and FX
Adjusted gross margin improved ~540 basis points to 53.3%, largely driven by a $73M IEEPA tariff recovery and favorable foreign currency exchange.
Raised Full-Year Outlook and Strong Backlog
Full-year sales growth guidance increased to 14%–16% (midpoint +3 points vs prior), adjusted EBITDA margin raised to 23.5%–24% and full-year EPS guide to $20.75–$21.25; third-quarter sales guidance 17%–20% and Q3 adjusted EBITDA margin ~22%.
Cash Generation and Capital Returns
Year-to-date free cash flow $361M; full-year free cash flow expected at least $1B (~100% conversion). Repurchased $568M of stock in H1 with ~$150M planned for H2 (~$700M total assumed for year).
Broad-Based End-Market and Regional Strength
Double-digit growth in retail, manufacturing and healthcare (healthcare was highest growth). Segment/regional performance: Connected Frontline grew nearly 26% including Elo (organic +7.5%), Asset Visibility & Automation grew 11.4%; North America +9%, EMEA +7%, Asia Pacific +13%, Latin America +15%.
Product & Strategic Momentum — AI, Machine Vision, Elo Integration
Notable traction in AI-powered frontline solutions, new AI-optimized mobile devices, machine vision outperformance (Photoneo acquisition contribution), and strong early commercial synergies from Elo (about $10M identified; accelerating cross-sell pipeline).
Supply-Chain Actions and Pricing Realization
Secured increased memory supply, fully mitigated a $20M memory cost increase in Q2 via pricing and actions; company increased expected pricing realization from ~$60M to ~$90M of mitigation against an approximate $120M memory headwind.
MX:ZBRA Earnings History
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