NASDAQ$ZBRA

Zebra Technologies Corp. · Q4 2024 earnings

Q4 2024 earnings · · Before market open · Investor relations

Briefing

Zebra Technologies posted strong Q4 performance with 32.2% YoY revenue growth, driven by robust demand in North America. Gross and operating margins improved significantly, while net income surged due to higher sales and cost efficiencies.

Headline financials

Total Revenue

$1.33B

Previous: $1.01B+32.3%
EPS (adj)

$4.00

Previous: $1.71+133.9%
Gross Margin

48.6%

Previous: 44.4%+9.5%
Adjusted EBITDA

$295M

Previous: $155M+90.3%
Adjusted EBITDA Margin

22.1%

Previous: 15.4%+43.5%
Net Income Margin

12.2%

Previous: 1.7%+617.6%
Capital Expenditures

-$18M

Previous: -$39M+53.8%
Net Income

$163M

Previous: $17M+858.8%
Operating Income

$225M

Previous: $74M+204.1%
Gross Profit

$648M

Previous: $448M+44.6%
R&D Expense

$138M

Previous: $116M+19.0%

Revenue & EPS history

Zebra · Revenue · Quarterly

$1.33B

Q4 2024+32.3%vs Q4 2023
Beat estimate in 9 of 13 quarters(69%)
ActualEstimate

Revenue by segment

Zebra · $956M total across 2 segments · Q3 2023

  • Connected Frontline (CF)
    $632M-34.4%
  • Asset Visibility & Automation
    $324M-21.9%

Forward guidance

Zebra expects continued growth in 2025, with Q1 revenue projected to increase by 8-11% and full-year revenue growth between 3-7%. However, macroeconomic uncertainty and import tariffs may impact profitability.

Tailwinds

  • Q1 2025 revenue expected to grow 8-11% YoY.
  • Full-year 2025 revenue expected to grow 3-7% YoY.
  • Adjusted EBITDA margin forecasted between 21-22%.
  • Projected FY25 adjusted EPS in the range of $14.75 - $15.25.
  • Strong backlog supports Q1 growth.

Headwinds

  • Macroeconomic uncertainty may impact customer spending.
  • Geopolitical risks and trade policies remain a concern.
  • Foreign currency translation expected to have a negative impact.
  • Import tariffs from Mexico and China expected to reduce gross profit by $20M.
  • Cautious outlook for the remainder of 2025.

Historical earnings impact

How earnings announcements have historically affected this stock's price.

Avg. return before/after earnings

Based on 19 quarterly earnings reports · overlaid with Q4 2024

Historical avgQ4 2024

+0.3%

Avg return

Earnings day

+2.2%

Avg return

5 days after

+2.4%

Avg return

30 days after

53%

36 / 68 earnings

Positive

+17.9%

Q4 2017

Best reaction

-21.7%

Q2 2023

Worst reaction

Earnings price reactions
QuarterReport dateReaction (Day 0)+5 days+30 days
Q1 2026+0.6%+19.7%+0.5%
Q4 2025+8.6%+3.3%-19.7%
Q3 2025-11.7%-13.3%-19.3%
Q1 2025+5.2%+5.1%+20.1%
Q4 2024-8.4%-6.2%-21.0%
Q3 2024+5.6%+5.8%+11.6%
Q2 2024+4.8%-3.8%+2.1%
Q1 2024+3.0%+3.2%+5.5%
Q4 2023+8.9%+7.5%+13.0%
Q3 2023-5.6%+2.2%+13.0%
Q2 2023-21.7%-18.4%-10.7%
Q1 2023-10.1%-4.7%-7.4%
Q4 2022-1.4%-6.1%-11.7%
Q3 2022-16.7%-18.6%-5.1%
Q2 2022-8.9%-7.5%-13.6%
Q1 2022-3.1%-9.7%-8.6%
Q4 2021-12.7%-14.0%-23.7%
Q3 2021+6.6%+12.0%+10.0%
Q2 2021+1.6%+2.1%+6.8%
Q1 2021+0.7%+2.0%+5.6%
Q4 2020+11.8%+13.7%+10.6%
Q3 2020+12.3%+18.2%+27.1%
Q2 2020+0.2%+2.7%+1.4%
Q1 2020+10.9%+2.1%+16.5%
Q4 2019-5.2%-6.1%-27.0%
Q3 2019+7.2%+6.8%+14.5%
Q2 2019+11.3%+5.0%+10.1%
Q1 2019-9.6%-9.0%-25.2%
Q4 2018+8.6%+8.3%+14.9%
Q3 2018+7.3%+8.0%+2.7%
Q2 2018+10.7%+13.4%+17.5%
Q1 2018+8.8%+13.2%+15.0%
Q4 2017+17.9%+16.6%+13.3%
Q3 2017-7.9%-9.8%-7.0%
Q2 2017+6.8%+6.4%+3.6%
Q1 2017+2.3%+3.1%+11.7%
Q4 2016+8.4%+5.8%+1.2%
Q3 2016+9.2%+12.3%+27.5%
Q2 2016+11.8%+15.1%+17.6%
Q1 2016-17.8%
Q4 2015-15.0%
Q3 2015-9.3%
Q2 2015-20.4%
Q1 2015+15.5%
Q4 2014-3.5%
Q3 2014-1.1%
Q2 2014-8.1%
Q1 2014+3.5%
Q4 2013+15.3%
Q3 2013+6.3%
Q2 2013-1.3%
Q1 2013+0.3%
Q4 2012+3.5%
Q3 2012+3.5%
Q2 2012-2.0%
Q1 2012+0.7%
Q4 2011+1.9%
Q3 2011-1.5%
Q2 2011-11.6%
Q1 2010-1.0%
Q4 2010-1.0%
Q1 2011+0.1%
Q4 2008-0.3%
Q3 2010-1.1%
Q3 2009-1.1%
Q2 2009-0.0%
Q2 2010-0.0%
Q4 2009-0.0%

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