Zebra Technologies (ZBRA) Investor presentation summary

Strategic positioning and market leadership

• Positioned as a market leader in digitizing and automating operations, with a strong track record of innovation and global reach through an extensive partner ecosystem.

• Serves a diversified customer base across 179 countries, leading in enterprise mobile computing, thermal barcode printing, data capture, and RFID readers.

• Portfolio includes connected frontline, asset visibility, and automation solutions powered by AI, supporting industries such as retail, manufacturing, logistics, and healthcare.

• Capital-light business model with strong cash flow and financial flexibility.

Financial performance and outlook

• FY25 adjusted net sales reached $5.4B, with 6.2% organic net sales growth and a 21.7% adjusted EBITDA margin.

• Free cash flow for FY25 was $831M, with a free cash flow conversion rate of 102%.

• Expects 5-7% organic sales growth CAGR in a served addressable market exceeding $35B.

• Maintains a net leverage target below 2.5x and invests ~10% of sales in R&D to drive organic growth.

Solutions and industry trends

• Solutions unify workers and customers, provide real-time asset visibility, and augment people with automation and AI.

• Global megatrends such as AI, automation, digitization, IoT analytics, mobility, and cloud are driving increased investment in frontline operations.

• Exited robotics automation business in December 2025 to focus on core growth areas.

• Solutions enable improved outcomes in retail, logistics, manufacturing, healthcare, and other markets by optimizing productivity, inventory, and customer experience.