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February 12, 2026 Zebra Technologies Investor Presentation February 12, 2026
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Safe Harbor Statement Statements made in this presentation which are not statements of historical fact are forward - looking statements and are subject to the safe harbor provisions created by the Private Securities Litigation Reform Act of 1995 . Actual results may differ from those expressed or implied in the company’s forward - looking statements . Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward - looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release . These forward - looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors . These factors include customer acceptance of Zebra’s offerings and competitors’ offerings, and the potential effects of emerging technologies and changes in customer requirements . The effect of global market conditions and the availability of credit and capital markets volatility may have adverse effects on Zebra, its suppliers and its customers . In addition, natural disasters, man - made disasters, public health issues (including pandemics), and cybersecurity incidents may have negative effects on Zebra’s business and results of operations . Zebra’s ability to purchase sufficient materials, parts, and components, and ability to provide services, software, and products to meet customer demand could negatively impact Zebra’s results of operations and customer relationships . Profits and profitability will be affected by Zebra’s ability to control manufacturing and operating costs . Because of its debt, interest rates and financial market conditions may also have an adverse impact on Zebra’s results . Foreign exchange rates, customs duties and trade policies may have an adverse effect on financial results because of the global nature of Zebra’s business . The impacts of changes in foreign and domestic governmental policies, regulations, or laws, as well as the outcome of litigation or tax matters in which Zebra may be involved are other factors that could adversely affect Zebra’s business and results of operations . The success of integrating acquisitions could also adversely affect profitability, reported results and the company’s competitive position in its industry . These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of operations and increase the volatility of Zebra’s financial results . When used in this presentation, the words “anticipate,” “believe,” “outlook,” and “expect” and similar expressions, as they relate to the company or its management, are intended to identify such forward - looking statements, but are not the exclusive means of identifying these statements . Descriptions of certain risks, uncertainties and other factors that could adversely affect the company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission . In particular, please refer to Zebra’s latest filing of its Form 10 - K and Form 10 - Q . This presentation includes certain non - GAAP financial measures and we refer to the reconciliations to the comparable GAAP financial measures and related information contained in the appendix . 2
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3 Zebra is well positioned to extend our lead in the industry, offering a compelling investment opportunity 3 Secular trends to digitize & automate operations Market leader with track record of innovation Enhancing profitable growth Global reach & scale through extensive partner ecosystem Diversified customer base Capital light business Strong cash flow profile & financial flexibility
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4 Company Overview $ 5.4 B Adj Net sales FY ‘25 ~10,700 Employees worldwide ~8,000 US & int’l patents issued and pending 10K+ Channel partners worldwide #1 Enterprise mobile computing* #1 Thermal barcode printing* #1 Data capture* #1 RFID readers* *Source: VDC Research and Zebra Analysis Zebra provides the foundation for intelligent operations with an award - winning portfolio of connected frontline, asset visibilit y and automation solutions powered by AI . Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely on us to deliver outcomes today while driving innovation for what’s next. Together with our partners, we create new ways of working that improve productivity and empower organizations to be better every day .
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5 Intelligent Operations Asset Visibility Giving assets a digital voice to power better decisions and actions Intelligent Automation Augmenting people with powerful technology that scales their impact Connected Frontline Unifying workers and customers for better frontline experiences Real - time insight Automation that empowers people Adaptable processes and systems Continuous improvement embedded in daily work Zebra delivers Intelligent Operations and makes work better every day
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Global megatrends impact investments on the frontline DIGITIZATION & IOT ANALYTICS RFID Tag ICs sold + 19 % Ecommerce Revenue + 9 % ON - DEMAND ECONOMY ARTIFICIAL INTELLIGENCE + 19 % AI Software Fulfillment Warehouse Footprint + 7 % AUTOMATION Public Cloud Spend MOBILITY & CLOUD + 20 % Flywheel, Gartner, Transport Intelligence, Interact 6
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Enterprise Mobile Computers Frontline Software AI Agents & Toolkits Connected Frontline Self - Service & Point - of - Sale 7 Advanced Data Capture Printing Supplies & Environmental Sensors RFID & Location Solutions Machine Vision Robotics Automation Asset Visibility & Automation Rugged Tablets Expect 5 - 7% organic sales growth CAGR in a >$35 billion served addressable market (SAM) 1 Zebra’s Portfolio of Solutions Provides the Foundation for Intelligent Operations Announced plans in December 2025 to exit business 2 1 Connected Frontline and Asset Visibility & Automation each have 5 - 7% sales growth profile; Connected Frontline SAM >$20B, Asset Visibility & Automation SAM >$15B. 2 Form 8 - K .
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Global industry leadership across a diverse customer base 8 1 Net s ales for FY 2025 Source: VDC, Internal Estimates, Public Financials Industry leadership Diversified global customer base Segment Sales 1 : $ 2.96 B Segment Sales 1 : $2.44B North America EMEA Asia Pacific Latin America Retail & Ecommerce Manufacturing Transportation & logistics Healthcare Other OVERVIEW | MARKET LEADERSHIP #1 in Thermal Barcode Printing & Data Capture Solutions #1 in Enterprise Mobile Computing Asset Visibility & Automation (AVA) Connected Frontline (CF) A leader in retail, T&L, manufacturing, and healthcare verticals Operating across 179 countries Sales by vertical market Sales by geography Services Software Enterprise Mobile Computing, Tablets, Interactive Displays Printing Data Capture, RFID, Machine Vision, Robotics Automation, Other Supplies & Sensors Services
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9 ¹ Refer to the appendix of this presentation for reconciliations of GAAP to non - GAAP financial results . ² Assumes constant FX to prior - year period and excludes amounts directly attributable to business acquisitions for 12 months following their respective acquisition . ³ Free Cash Flow Conversion equals Free Cash Flow divided by Non - GAAP Net Income . Historical financials FY20 FY21 FY22 FY23 FY24 FY25 Net sales in millions of $ 4,455 5,633 5,781 4,584 4,981 5,396 Organic net sales decline/growth ² - 0.9% 23.2% 3.2% - 19.8% 8.1% 6.2% Adjusted EBITDA margin 20.5% 23.0% 21.4% 18.0% 21.0% 21.7% Non - GAAP earnings per diluted share $ 12.80 $ 18.45 $ 17.47 $ 9.82 $ 13.52 $15.84 Free cash flow in millions of $ 895 1,010 413 - 91 954 831 Free cash flow conversion ³ 130% 102% 45% - 18% 136% 102%
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Enabling Improved Outcomes Across our End Markets 10 Retail & E - Commerce Engaged Associates Optimized Inventory Elevated Customer Experience Transportation & Logistics Enhanced Worker Productivity Increased Asset and Inventory Visibility Meet Customer Expectations Manufacturing Actionable Visibility Optimized Quality Augmented Workforce Healthcare Patient Safety Unified Staff Collaboration Operational Efficiency Other Markets Supply Chain & Asset Management Public Safety & Field Mobility Restaurant / Hospitality Secular trends to digitize & automate workflows support sustainable growth
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11 Financial strategy and capital allocation approach Drive profitable growth Advance our vision through impactful organic and inorganic investments Disciplined financial management and operating efficiency Invest to accelerate organic growth with R&D (~ 10% of sales ) Capital allocation approach Inorganic investment to advance vision and strategy to deliver intelligent operations Return Excess capital via share repurchase tFinancial strategy Net leverage target < 2.5x
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12 Zebra is well positioned to extend our lead in the industry, offering a compelling investment opportunity 12 Secular trends to digitize & automate operations Enhancing profitable growth Global reach & scale through extensive partner ecosystem Diversified customer base Capital light business Strong cash flow profile & financial flexibility Market leader with track record of innovation
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13 Appendix
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Use of Non - GAAP Financial Information This presentation contains certain Non - GAAP financial measures, consisting of “Adjusted EBITDA,” “Adjusted EBITDA margin,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “EBITDA,” “free cash flow,” “free cash flow conversion,” “net debt,” “net debt to adjusted EBITDA ratio,” “non - GAAP diluted earnings per share,” “non - GAAP earnings per share,” “non - GAAP net income,” “organic net sales,” “organic net sales growth,” “segment organic net sales growth” and “regional organic net sales growth (decline) . ” Management presents these measures to focus on the on - going operations and believes it is useful to investors because they enable them to perform meaningful comparisons of past and present operating results . The company believes it is useful to present non - GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the business . Please see the “Reconciliation of GAAP to non - GAAP Financial Measures” tables and accompanying disclosures at the end of this presentation for more detailed information regarding non - GAAP financial measures herein, including the items reflected in adjusted net earnings calculations . These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP . The company does not provide a reconciliation for non - GAAP estimates on a forward - looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort . This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the company’s control and/or cannot be reasonably predicted, and that would impact net income, the most directly comparable forward - looking GAAP financial measure . For the same reasons, the company is unable to address the probable significance of the unavailable information . Forward - looking non - GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures . As a global company, Zebra's operating results reported in U . S . dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which the company transacts change in value over time compared to the U . S . dollar ; accordingly, the company presents certain organic growth financial information, which includes impacts of foreign currency translation, to provide a framework to assess how the company’s businesses performed excluding the impact of foreign currency exchange rate fluctuations . Foreign currency impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U . S . dollar . This impact is calculated by translating the current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flow hedge gains and losses from both the current and prior year periods . The company believes these measures should be considered a supplement to and not in lieu of the company’s performance measures calculated in accordance with GAAP . 14
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15 Twelve months ended December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Reported GAAP consolidated net sales (decline) growth (0.8)% 26.5% 2.7% (20.7)% 8.7% 8.3% Adjustments: Impact of foreign currency translations ¹ 0.6% (2.1)% 2.0% 1.4% (0.6)% -- % Impact of acquisitions ² (0.7)% (1.2)% (1.5)% (0.5)% -- % (2.1)% Consolidated organic net sales (decline) growth (0.9)% 23.2% 3.2% (19.8)% 8.1% 6.2% ¹ Operating results reported in U.S. Dollars are affected by foreign currency exchange rate fluctuations. Foreign currency tran sla tion impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is no t t he U.S. Dollar. This impact is calculated by translating the current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flo w h edge gains and losses from both the current and prior year periods. ² For purposes of computing Organic Net sales (decline) growth, amounts directly attributable to business acquisitions are excl ude d for twelve months following their respective acquisitions. GAAP to non - GAAP organic net sales (decline) growth reconciliation (Unaudited)
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16 ¹ Adjusted Gross profit excludes business acquisition purchase accounting adjustments, share - based compensation expense, and produ ct sourcing diversification costs. GAAP to non - GAAP gross margin reconciliation ($ in millions) (Unaudited) Twelve months ended December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 GAAP Reported net sales $ 4,448 $ 5,627 $ 5,781 $ 4,584 $ 4,981 $ 5,396 Reported gross profit 2,003 2,628 2,624 2,123 2,413 2,593 Gross margin 45.0% 46.7% 45.4% 46.3% 48.4% 48.1% Non - GAAP Adjusted net sales $ 4,455 $ 5,633 $ 5,781 $ 4,584 $ 4,981 $ 5,396 Adjusted gross profit ¹ 2,022 2,642 2,630 2,129 2,422 2,615 Adjusted gross margin 45.4% 46.9% 45.5% 46.4% 48.6% 48.5%
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17 GAAP to non - GAAP net income reconciliation Twelve months ended December 31, 2020 December 31 , 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 GAAP net income $ 504 $ 837 $ 463 $ 296 $ 528 $ 419 Adjustments to net sales ¹ Purchase accounting adjustments 7 6 — — — - Total adjustments to net sales 7 6 - — — - Adjustments to cost of sales ¹ Share - based compensation 6 8 6 6 9 12 Purchase Accounting Adjustments - - - - - 10 Product sourcing diversification initiative 6 — — — — — Total adjustments to cost of sales 12 8 6 6 9 22 Adjustments to operating expenses ¹ Amortization of intangible assets 78 115 136 104 104 114 Acquisition and integration costs 23 25 21 6 6 24 Settlement and related costs — — 372 — — — Share - based compensation 53 85 90 60 101 163 Exit and restructuring costs 11 7 14 98 17 76 Product sourcing diversification initiative 12 — — — — — Total adjustments to operating expenses 177 232 633 268 228 377 Adjustments to other expense, net ¹ Amortization of debt issuance costs and discounts 3 2 4 3 2 2 Investment (gain) loss (5) (2) — 1 6 11 Foreign exchange loss (gain) 18 5 3 2 (5) 18 Forward interest rate swap loss (gain) 46 (13) (83) (9) (31) — Total adjustments to other expense, net 62 (8) (76) (3) (28) 31 Income tax effect of adjustments ² Reported income tax expense 56 131 81 38 107 141 Adjusted income tax (128) (211) (189) (97) (143) (179) Total adjustments to income tax (72) (80) (108) (59) (36) (38) Total adjustments 186 158 455 212 173 392 Non - GAAP net income $ 690 $ 995 $ 918 $ 508 $ 701 $ 811 GAAP earnings per share Basic $ 9.43 $ 15.66 $ 8.86 $ 5.75 $ 10.25 $ 8.24 Diluted $ 9.35 $ 15.52 $ 8.80 $ 5.72 $ 10.18 $ 8.18 Non - GAAP earnings per share Basic $ 12.91 $ 18.61 $ 17.59 $ 9.88 $ 13.62 $ 15.96 Diluted $ 12.80 $ 18.45 $ 17.47 $ 9.82 $ 13.52 $ 15.84 Basic weighted average shares outstanding 53,441,375 53,446,399 52,207,903 51,378,051 51,494,957 50,820,589 Diluted weighted average shares outstanding 53,913,245 53,902,430 52,558,712 51,710,962 51,879,709 51,212,395 ¹ Presented on a pre - tax basis. ² Represents adjustments to GAAP income tax expense commensurate with pre - tax non - GAAP adjustments (including the resulting impact s to U.S. BEAT/GILTI provisions), as well as adjustments to exclude the impacts of certain discrete income tax items and incorporate the anticipated annualized effects of cu rrent year tax planning. ($ in millions, except share data) (Unaudited)
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18 Twelve months ended December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 GAAP net income $ 504 $ 837 $ 463 $ 296 $ 528 $ 419 Add back: Depreciation (excluding exit and restructuring costs) 67 72 67 69 68 71 Amortization of intangible assets 78 115 136 104 104 114 Total other expense (income), net 91 11 (15) 147 107 140 Income tax expense 56 131 81 38 107 141 EBITDA (non - GAAP) 796 1,166 732 654 914 885 Adjustments to net sales Purchase accounting adjustments 7 6 — — — - Total adjustments to net sales 7 6 — — — - Adjustments to cost of sales Share - based compensation 6 8 6 6 9 12 Purchase Accounting Adjustments - - - - - 10 Product sourcing diversification initiative 6 — — — — — Total adjustments to cost of sales 12 8 6 6 9 22 Adjustments to operating expenses Acquisition and integration costs 23 25 21 6 6 24 Settlement and related costs — — 372 — — — Share - based compensation 53 85 90 60 101 163 Exit and restructuring costs 11 7 14 98 17 76 Product sourcing diversification initiative 12 — — — — — Total adjustments to operating expenses 99 117 497 164 124 263 Total adjustments to EBITDA 118 131 503 170 133 285 Adjusted EBITDA (non - GAAP) $ 914 $ 1,297 $ 1,235 $ 824 $ 1,047 $ 1170 Adjusted EBITDA margin (non - GAAP) 20.5% 23.0% 21.4% 18.0% 21.0% 21.7% ($ in millions) (Unaudited) GAAP to non - GAAP EBITDA reconciliation
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19 Twelve months ended December 31, 2020 December 31, 2021 December 31, 2022 December 31, 2023 December 31, 2024 December 31, 2025 Net cash provided by (used in) operating activities $ 962 $ 1,069 $ 488 $ (4) $ 1,013 $ 917 Less: purchases of property, plant and equipment (67) (59) (75) (87) (59) (86) Free cash flow (non - GAAP) ¹ $ 895 $ 1,010 $ 413 $ (91) $ 954 $ 831 Free cash flow conversion (non - GAAP) ² 130% 102% 45% (18)% 136% 102% ¹ Free cash flow, a non - GAAP measure, is defined as Net cash provided by (used in) operating activities in a period minus purchase s of property, plant and equipment (capital expenditures) made in that period. ² Free cash flow conversion, a non - GAAP measure, is defined as Free cash flow divided by Non - GAAP Net income for the period. GAAP to non - GAAP free cash flow reconciliation ($ in millions) (Unaudited)
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20 About Zebra Zebra provides the foundation for intelligent operations with an award - winning portfolio of connected frontline, asset visibility and automation solutions powered by AI. Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely on us to deliver outcomes today while driving innovation for what’s next. Together with our partners, we create new ways of working that improve productivity and empower organizations to be better every day . www.zebra.com investors.zebra.com