# ZBRA earnings call intelligence

LOPJLB CallCard / temporal rollup · freemium · [stock page](https://www.lopjlb.com/stock/ZBRA) · [Earnings tab](https://www.lopjlb.com/stock/ZBRA?tab=earnings)

Updated: 2026-08-04T06:07:00

Quarters analyzed: 8

## Cross-quarter narrative

Across the eight earnings calls, Zebra moved from a flat‑sales, macro‑cautious backdrop in Q2 2024 to a sustained period of double‑digit YoY revenue growth through Q1 2026. Early calls highlighted improved gross margins from mix and cost actions, but large‑order activity remained subdued and macro uncertainty drove cautious spending. By Q3 2024 sales accelerated sharply, and the company raised guidance despite lingering tariff and trade‑policy concerns that surfaced in mid‑2025. Integration of the Elo and Photoneo acquisitions progressed quickly, delivering new product capabilities and supporting the health‑care and public‑safety portfolios. AI initiatives debuted with a demonstration in 2024, faced a delayed commercial rollout, and re‑emerged as pilots and an AI‑integrated portfolio by early 2026. Memory supply headwinds were noted in late 2025, with mitigation progress reported in Q1 2026. Throughout, Zebra maintained disciplined capital actions—debt reduction, stock repurchases and expanding buyback authorizations—while navigating macro, shipping‑cost and competitive pressures that gradually receded or were mitigated.

## Latest CallCard · Q1

Zebra delivered strong Q1 with 14% sales growth, raised full-year outlook, and highlighted memory supply mitigation progress while advancing AI-integrated portfolio across segments.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management emphasized \"great start,\" \"strong Q1 results,\" \"continued mo

**Guidance:** vague

**Tone:** mgmt 0 · Q&A pressure 0 · divergence 0

## Quarter one-liners

- **2026 Q1:** Zebra delivered strong Q1 with 14% sales growth, raised full-year outlook, and highlighted memory supply mitigation progress while advancing AI-integrated portfolio across segments.','tone': {'mgmt': 0.8, 'mgmt_rationale': 'Management emphasized \"great start,\" \"strong Q1 results,\" \"continued mo
- **2025 Q4:** Zebra beat Q4 outlook with 10.6% sales growth, guided 9-13% FY26 growth including acquisitions, faces 2-point memory headwind but expects full mitigation, raised buyback by $1B.','tone': {'mgmt': 0.7, 'mgmt_rationale': 'Prepared remarks highlight above-outlook Q4 results, strong execution, positive 
- **2025 Q3:** Zebra Q3: $1.3B sales (+5%), EBITDA margin 21.6% (+20bps), EPS $3.88 (+11%); acquired Elo & Photoneo; $500M buyback; Q4 guide 8-11% sales growth (incl. ~850bps M&A/FX), EBITDA ~22%, EPS $4.20-4.40; FY sales ~8%, EPS ~$15.80 (+17%). Tariff impact reduced to $24M FY. AI pilots underway, revenue from '
- **2025 Q2:** Zebra posted Q2 sales above $1.3B, raised full-year guidance and highlighted the pending Elo acquisition while noting trade-policy uncertainty.
- **2025 Q1:** Zebra Q1 beats with 12% sales growth, 22.3% adj EBITDA margin; holds FY sales guide 3-7% but cuts EBITDA margin 100bps to 20-21% on $70M tariff hit; demand solid into Q2, mitigating via pricing and supply chain shifts.','tone': {'mgmt': 0.3, 'mgmt_rationale': 'Management highlighted strong Q1 execut
- **2024 Q4:** Zebra Q4 sales +32% YoY, EPS $4; 2025 guide 3-7% sales growth, EPS $14.75-15.25, cautious on macro/tariffs; Photoneo acquisition, AI push.','tone': {'mgmt': 0.1, 'mgmt_rationale': 'Management highlighted strong Q4 execution with sales above outlook and margin expansion, but emphasized caution for 20
- **2024 Q3:** Zebra Q3 sales +31% YoY to $1.3B, EBITDA margin 21.4% (+980bps), raised
- **2024 Q2:** Zebra delivered flat Q2 sales, raised full‑year outlook, saw double‑digit growth in healthcare mobile computing, improved gross margin, but large‑order activity remains subdued amid macro uncertainty.

## Theme arcs

- **Sales growth trajectory** (improving): Flat Q2 2024 sales turned to double‑digit YoY growth from Q3 2024 onward, sustaining 5‑10% annual increases through 2026.
- **Gross margin dynamics** (deteriorating): Margins improved in Q2 2024 but faced tariff‑related pressure in 2025; later pricing mitigated some impact.
- **AI and digital assistant initiatives** (new): AI assistant demo introduced Q2 2024 with rollout delayed to 2025; AI pilots and integrated portfolio reported by Q1 2026.
- **Trade policy and tariff environment** (deteriorating): Trade‑policy uncertainty and U.S. tariffs emerged Q2 2025, affecting demand and margins, with mitigation actions noted later.
- **Acquisition integration** (improving): Elo and Photoneo acquisitions announced Q2 2025 and delivered integration by Q3 2025, supporting product expansion.
- **Capital allocation and buybacks** (stable): Ongoing debt reduction, stock repurchases and increased buyback authorizations reported across calls without major shifts.
- **Memory supply constraints** (new): Memory headwinds mentioned Q4 2025 with mitigation progress highlighted Q1 2026.

## Guidance path

2024 Q2:raised → 2024 Q3:vague → 2024 Q4:vague → 2025 Q1:vague → 2025 Q2:raised → 2025 Q3:vague → 2025 Q4:vague → 2026 Q1:vague

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Research context only. Not personalized investment advice.

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