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Sentiment · FY2026 Q2
Zebra delivered Q1 total company sales growth of 14.3% (4.3% organic) with non-GAAP EPS of $4.75 up 18% and record gross margin of 50.4% up 80 basis points. Full-year guidance was raised with EPS midpoint lifted to $18.50 as manufacturing and machine vision reached an inflection point. The Elo integration progressed with first wins in new geographies and the frontline AI suite launched with paid pilots underway, while aggressive capital returns included $500M in year-to-date repurchases.
Demand | Trade Tariffs | Guidance Reliability | Supply Chain | Margin | M&A | Innovation & R&D | Cloud & AI | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 11 | 5 | 3 | 3 | 2 | 1 | 2 | 2 |
| 2025Q1 | 9 | 9 | 2 | 4 | 2 | 1 | 3 | |
| 2025Q2 | 7 | 2 | 2 | 1 | 2 | 11 | 2 | |
| 2025Q3 | 14 | 2 | 6 | 1 | 4 | 2 | 2 | 3 |
| 2025Q4 | 10 | 1 | 3 | 4 | 1 | 2 | 1 | |
| 2026Q1 | 6 | 2 | 1 | 2 | 3 | 4 | 4 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Demand | 11 | 9 | 7 | 14 | 10 | 6 |
| Trade Tariffs | 5 | 9 | 2 | 2 | 1 | 2 |
| Guidance Reliability | 3 | 2 | 2 | 6 | 3 | 1 |
| Supply Chain | 3 | 4 | 1 | 1 | 4 | 2 |
| Margin | 2 | 2 | 2 | 4 | 1 | 3 |
| M&A | 1 | 11 | 2 | |||
| Innovation & R&D | 2 | 1 | 2 | 2 | 2 | 4 |
| Cloud & AI | 2 | 3 | 3 | 1 | 4 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Joe Giordano | TD Cowen | 14 (7%) |
| Piyush Avasthy | Citigroup | 13 (0%) |
| Tommy Moll | Stephens |
| Keith Housum | Northcoast Research | 12 (17%) |
| Brad Hewitt | Wolfe Research | 11 (9%) |
| Andrew Buscaglia | BNP Paribas | 11 (27%) |
| Guy Hardwick | Barclays | 11 (0%) |
| Rob Mason | Robert W. Baird | 9 (0%) |
| Brian Drab | William Blair | 7 (0%) |
| Jim Ricchiuti | Needham | 7 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| TD Cowen | 2 | 17 (6%) |
| Stephens | 1 | 13 (0%) |
| Citigroup | 1 | 13 (0%) |
| Northcoast Research | 1 | 12 (17%) |
| Barclays | 2 | 12 (0%) |
| Wolfe Research | 1 | 11 (9%) |
| BNP Paribas | 1 | 11 (27%) |
| Robert W. Baird | 2 | 11 (0%) |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Gross margin | Op margin | Net margin | FCF |
|---|---|---|---|---|---|---|---|---|
| FY2024 Q4 | $1.33B | +32.2% | $3.14 | +851.5% | 48.6% | 16.9% | 12.2% | $288M |
| FY2025 Q1 | $1.31B | +11.3% | $2.62 | +18.0% | 49.3% | 14.9% | 10.4% | $158M |
| FY2025 Q2 | $1.29B | +6.2% | $2.19 | +0.5% | 47.6% | 14.2% | 8.7% | $130M |
| FY2025 Q3 | $1.32B | +5.2% | $1.97 | -25.4% | 48.0% | 13.9% | 7.7% | $216M |
| FY2025 Q4 | $1.48B | +10.6% | $1.39 | -55.7% | 44.6% | 15.1% | 4.7% | $327M |
| FY2026 Q1 | $1.50B | +14.3% | $2.67 | +1.9% | 49.6% | 14.4% | 9.0% | $163M |
| FY2026 Q2 | $1.56B | +20.4% | $4.85 | +121.5% | 53.0% | 20.6% | 15.0% | $198M |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
What ZBRA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“including the strategic investments like the Apera AI or CoreVision for factory automation”
Zebra has made a strategic venture investment in CoreVision for factory automation, part of its physical-AI ecosystem strategy.
“including the strategic investments like the Apera AI or CoreVision for factory automation”
Zebra has made a strategic venture investment in Apera AI, part of its factory-automation and physical-AI ecosystem strategy.
“the result of potential changes in the competitive landscape as it relates to the pending transaction with Brady and Aiva”
Aiva is the target in a pending transaction with Brady that an analyst raises as a potential competitive-landscape shift for Zebra.
“the result of potential changes in the competitive landscape as it relates to the pending transaction with Brady and Aiva”
An analyst probes whether Brady's pending transaction with Aiva changes Zebra's competitive landscape; management sees no change to its outlook.
“We've expanded the portfolio with the Photoneo acquisition.”
Zebra expanded its machine vision portfolio through the Photoneo acquisition, supporting AI/deep-learning capabilities.
“Elo Touch also contributed solid profitable growth, and we are encouraged by our customers' interest in our combined portfolio of solutions and our progress in driving synergies.”
Zebra's acquired Elo Touch business delivered profitable growth and is contributing to portfolio and synergy progress in the connected frontline segment.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
ZBRA Zebra Technologies | 8 | +14.3% | |
| CIEN Ciena Corporation | 10 | +33.1% | |
| CSCO Cisco Systems, Inc. | 9 | +9.7% | |
| ECHO EchoStar Corporation | 4 | -5.2% | |
| HPE Hewlett Packard Enterprise | 8 | +19.1% | |
| LITE Lumentum Holdings Inc. | 9 | +90.1% | |
| MSI Motorola Solutions | 7 | +7.4% |