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FY2025 Q4
개선
Zebra Technologies Corporation 실적 발표
Buzzberg 분석
AI suite drives pay pilots and expected scale deployments this year
Zebra reported strong Q4 results, beating guidance, and provided an upbeat 2026 outlook driven by a robust pipeline and growth in RFID, machine vision, and manufacturing, despite headwinds from memory price increases and tariffs. Management highlighted the successful integration of Elo Touch and PhotoNeo, and emphasized its strategic pivot towards AI and automation. Q4 2025 revenue was $1.5 billion (+10.6% y/y), and non-GAAP EPS of $4.33 (+8% y/y), both beating outlook.
Buzzberg 분석 AI suite drives pay pilots and expected scale deployments this year Zebra reported strong Q4 results, beating guidance, and provided an upbeat 2026 outlook driven by a robust pipeline and growth in RFID, machine vision, and manufacturing, despite headwinds from memory price increases and tariffs. Management highlighted the successful integration of Elo Touch and PhotoNeo, and emphasized its strategic pivot towards AI and automation. Q4 2025 revenue was $1.5 billion (+10.6% y/y), and non-GAAP EPS of $4.33 (+8% y/y), both beating outlook. 전체 분석 보기분석 접기
Zebra reported strong Q4 results, beating guidance, and provided an upbeat 2026 outlook driven by a robust pipeline and growth in RFID, machine vision, and manufacturing, despite headwinds from memory price increases and tariffs. Management highlighted the successful integration of Elo Touch and PhotoNeo, and emphasized its strategic pivot towards AI and automation. Q4 2025 revenue was $1.5 billion (+10.6% y/y), and non-GAAP EPS of $4.33 (+8% y/y), both beating outlook.
- Full-year sales growth guidance for 2026 is 9-13%, with Q1 2026 sales growth guided to 11-15%.
- Management confirmed a ~2-point gross margin headwind from memory price increases starting in Q2 2026, which they plan to fully offset with price hikes.
- The company reported strong growth in Asia-Pac and Latin America, with EMEA returning to growth, while North America faced tough comparisons.
매출$1.475B보고값
주당순이익(EPS)$4.33보고값
매출총이익률44.61%보고값
영업이익률15.05%보고값
근거 있는 핵심 내용 6개
지금 중요한 점
이번 발표에서 가장 의미 있는 변화를 정리했습니다.
Margins
Memory price increases are fully mitigated within 2026 guidance
Demand
Machine vision expected to return to growth in 2026
핵심 내용 3개 더 보기
Demand
RFID adoption momentum broad-based across verticals
Guidance
Q1 sales growth guidance of 11-15% includes 10 points from acquisitions and FX
Buybacks
Share repurchases to continue aggressively, targeting 50% of FCF
보고 기간
보고 실적
| 지표 | 보고값 | 변화 |
|---|---|---|
| 매출 | $1.475B | 보고값 |
| 주당순이익(EPS) | $4.33 | 보고값 |
| 매출총이익률 | 44.61% | 보고값 |
| 영업이익률 | 15.05% | 보고값 |
| 잉여현금흐름 | $0.327B | 보고값 |
| 자본지출 | $0.03B | 보고값 |
향후 전망
향후 가이던스
| 지표 | 기간 | 범위 | 중간값 | 상태 |
|---|---|---|---|---|
| 주당순이익(EPS) | FY2026 | $17.70–$18.30 | $18.00 | 제시 |
| 주당순이익(EPS) | FY2026 Q1 | $4.05–$4.35 | $4.20 | 제시 |
| 잉여현금흐름 | FY2026 | $0.9B | $0.9B | 제시 |
AI, 자본지출 및 수요 분석
경영진 분석
Confident
Management expressed confidence in growth momentum, citing strong pipeline, successful mitigation of tariffs and memory headwinds, and progress in strategic areas like AI and RFID.
경영진의 AI 분석
Management is positioning Zebra as a leading AI solutions provider for the frontline, with a portfolio including AI enablers, blueprints, and a Zebra Companion agent. They note pay pilots are underway with scale deployments expected in 2026, and customers are adopting AI-capable devices, potentially driving upgrade cycles and higher ASPs.
투자 및 생산능력
Capex not explicitly discussed in the call, but management highlighted investments in AI, RFID, and machine vision, along with productivity initiatives. Free cash flow guidance of at least $900 million supports continued investment and capital returns.
아래에 언급된 기업 4개 모두 표시
기업발표 이후 수익률
고객
고객
Bill Burns
Zebra won a machine vision contract with a major parcel delivery company, likely a competitor to Amazon Logistics, indicating continued demand in this segment.
근거
“A large European parcel delivery company has selected Zebra's machine vision platform”
파트너
파트너
Bill Burns
Zebra is collaborating with Google on its operating system to ensure AI model support, a sign of an ongoing partnership.
근거
“working with our partners in Qualcomm and certainly Google on the OS to make sure that they can support AI models on the device”
공급망
공급망
Nathan Winters
Zebra is facing a ~2-point gross margin headwind from memory price increases starting Q2, which it plans to fully offset through price increases and supply chain actions. — Indicates significant memory supply constraint and pricing power in the industry, impacting companies like Micron, and shows Zebra's confidence in passing costs to customers.
근거
“We are currently facing industry-wide price increases for memory components beginning in Q2. Our full year guide reflects us fully mitigating this approximately two-point headwind”
외부 신호
공급망 알파 · 2발표 이후 수익률
Zebra is facing a ~2-point gross margin headwind from memory price increases starting Q2, which it plans to fully offset through price increases and supply chain actions.
Zebra management notes that discussions with large T&L customers for multi-year refresh cycles are progressing, with deals likely beginning in 2027, signaling a potential upgrade cycle ahead.
근거
“we would see, you know, about the same level as we saw in 25, but this is clearly an opportunity out there for us.”
방법론 및 범위
경영진 발언만 분석합니다. 검증된 기업 언급 4개를 모두 표시하며, 보고 실적과 향후 가이던스를 분리합니다. 공개 근거는 화자가 표시된 짧은 인용문 8개로 제한됩니다. AI 분석은 불완전하거나 틀릴 수 있으므로 중요한 주장은 원문에서 확인하세요.