The earnings call presented a generally positive outlook with strong financial performance, significant sales growth in key geographic regions, and an optimistic guidance increase. The strategic acquisition of Elo Touch Solutions is expected to enhance Zebra's market leadership. However, there were some challenges, including a sales decline in the EMEA region, the impact of U.S. import tariffs, and continued difficulties in the manufacturing sector.

Company Guidance

During Zebra's second quarter 2025 earnings call, the company provided robust guidance, highlighting a revised full-year sales growth expectation between 5% and 7%, which includes a favorable 50 basis points from foreign exchange and the Photoneo acquisition. For Q3, sales growth is projected between 2% and 6%, with an adjusted EBITDA margin of approximately 21%, considering a $10 million net impact from U.S. import tariffs. Zebra also increased its full-year adjusted EBITDA margin guidance by a full point to a range of 21% to 22% and anticipates non-GAAP diluted earnings per share between $15.25 and $15.75. The company expects to generate at least $800 million in free cash flow, reflecting favorable impacts from recent U.S. tax legislation. Despite strong growth in North America, Latin America, and Asia Pacific, Zebra remains cautious due to ongoing uncertainties in global trade policy and geopolitical challenges. The recent acquisition of Elo Touch Solutions is expected to be immediately accretive to earnings, with anticipated annual EBITDA synergies of $25 million by year three.

Strong Financial Performance

Zebra Technologies reported sales of $1.3 billion in Q2 2025, a 6% increase year-over-year. Adjusted EBITDA margin improved by 10 basis points to 20.6%, and non-GAAP diluted earnings per share of $3.61 was 14% higher than the previous year.

Geographic Sales Growth

Sales grew 8% in North America, 20% in Asia Pacific, and 11% in Latin America, indicating strong performance in these regions.

Positive Outlook and Guidance

Full-year sales growth guidance was raised to 5% to 7%. The adjusted EBITDA margin guidance for the full year was increased by 1 point to between 21% and 22%, and the free cash flow guidance was raised to at least $800 million.

Strategic Acquisition of Elo Touch Solutions

The acquisition of Elo Touch Solutions was announced, aiming to strengthen Zebra's position in customer-facing solutions with an expected $25 million of annual EBITDA synergies by year 3.

Zebra Tech (ZBRA) Earnings, Revenues Date & History

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ZBRA Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
Oct 28, 2025	2025 (Q3)	3.73 / -	3.49	―	―	―
Aug 05, 2025	2025 (Q2)	3.34 / 3.61	3.18	13.52% (+0.43)
Apr 29, 2025	2025 (Q1)	3.62 / 4.02	2.84	41.55% (+1.18)
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)

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

ZBRA Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Aug 05, 2025	$341.36	$302.60	-11.35%
Apr 29, 2025	$243.49	$256.05	+5.16%
Feb 13, 2025	$352.92	$323.42	-8.36%
Oct 29, 2024	$363.58	$384.68	+5.80%

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.