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Zebra Technologies

Zebra Technologies Corporation (: ZBRA) is an American multinational technology company headquartered in , specializing in solutions that connect physical and digital assets for enterprises across industries such as , , healthcare, and . The company designs, manufactures, and sells a range of products including rugged mobile computers, scanners, thermal printers, RFID readers and encoders, systems, and workforce optimization software, all aimed at enabling visibility, , and intelligent operations at the edge of . With approximately 9,900 employees operating in 54 countries and over 7,150 patents, Zebra supports partners and customers in more than 176 countries, driving innovations that empower frontline workers and optimize supply chains. Founded in 1969 as Data Specialties Incorporated by Ed Kaplan and Gerhard "Gary" Cless with an initial investment of $1,000, the company initially focused on high-speed electromechanical products like paper tape punches before pivoting to technology. Key early milestones include the introduction of its first handheld in 1979, the launch of "The Zebra" printer in 1982, and pioneering in 1989, which solidified its position in labeling and tracking solutions. The firm renamed itself Zebra Technologies Corporation in 1986 and went public in 1991; subsequent growth came through strategic acquisitions, such as Eltron International in 1998 for desktop printers, Comtec Information Systems in 2000 for mobile printers, ' Enterprise division in 2014 for expanded mobility and scanning capabilities, Antuit.ai in 2021 for AI-powered solutions, Fetch in 2021 for autonomous mobile robots, Matrox Imaging in 2022 for , Photoneo in 2025 for 3D solutions, and Touch Solutions in 2025 for customer-facing touch displays. Under the leadership of CEO Bill Burns since 2023 and Executive Chairman Anders Gustafsson, Zebra has emphasized sustainability, AI-driven software platforms like (launched in 2017), and R&D investment representing about 11% of sales. The company reported fiscal year 2024 revenue of $4.98 billion and, as of the third quarter of 2025, net sales of $1.32 billion, reflecting a 5.2% year-over-year increase amid ongoing expansion in and . Listed on the and ranked #680 on 1000 in 2024, Zebra continues to innovate with solutions like the TC8000 mobile computer (2016) and recent advancements in fixed industrial scanners and wearable devices showcased at events such as ProMat 2025.

History

Founding and early development

Zebra Technologies traces its origins to 1969, when Edward L. Kaplan and Gerhard Cless co-founded Data Specialties Incorporated in , with an initial investment of $1,000. The company initially specialized in manufacturing high-speed electromechanical products, such as paper tape punches, primarily for the U.S. Navy and other defense-related applications. These early products addressed the need for reliable data input in computing systems before widespread digital storage, helping the firm achieve initial revenues of $90,000 by 1970 and $330,000 by 1971 despite early challenges like canceled orders and legal disputes. In the late 1970s, as demand for paper tape technology waned with the rise of digital alternatives, Data Specialties shifted focus to emerging technology, recognizing its potential for efficient inventory tracking in sectors like and . Key innovations included the introduction of the first handheld in and a for a mechanical feature in paper tape punches that informed later designs, held by Cless based on his engineering background. By the early , the company developed its breakthrough product: the first thermal printer, named "The Zebra," launched in 1982 at a , enabling on-demand printing of durable labels capable of withstanding extreme temperatures from -110°F to 400°F. The 1982 launch marked the beginning of commercial sales, with initial customers in healthcare and pharmaceuticals adopting the printer for precise labeling and identification needs; by 1984, these sales had expanded domestically and internationally, establishing a foothold in the growing market. In 1986, reflecting its sharpened emphasis on printing solutions, the company rebranded to Zebra Technologies Corporation, solidifying its identity in the labeling and identification sectors. This period of organic innovation laid the groundwork for future growth, including a transition toward public markets in the .

Expansion and public offering

In 1991, Zebra Technologies went public with an (IPO) on the exchange under the ZBRA, offering 2.8 million shares at $15.50 each on August 15, which quickly rose to $18 per share. The IPO raised capital to fuel expansion in automatic identification technologies, with net sales reaching $45.6 million that year, of which 36% came from international markets. In March 1993, Zebra conducted a secondary offering of 2.6 million shares at $22.75 each, with the stock closing the year at $23.25, reflecting steady early growth amid increasing demand for solutions. During the 1990s, Zebra diversified its product lineup beyond early barcode printers into a broader range of scanners and thermal label printers, including the Value-Line series launched in 1993 for cost-sensitive markets and accessories like the Verifier and STRIPE cutter in 1994. This expansion drove significant revenue growth, from $38 million in 1990 to $297.1 million by 1997, establishing the company as a leader in on-demand labeling and tracking technologies. Zebra began international expansion in the mid-1990s, establishing subsidiaries in and , , in 1994 to support growing European demand, while extending operations into through regional sales networks that contributed to overseas sales surging 89% in early 1995 across 60 countries. Throughout this period, co-founder Edward Kaplan served as CEO, guiding the company's strategic scaling and public market presence until his later retirement.

Major acquisitions

Zebra Technologies' growth strategy has prominently featured strategic acquisitions to broaden its product portfolio in , , and software solutions. Beginning in the late , the company pursued mergers and purchases that enhanced its capabilities in specialized hardware and , enabling expansion into new markets such as and . In 1998, Zebra merged with Eltron International in a stock-for-stock transaction valued at approximately $350 million, integrating Eltron's expertise in desktop printers and printers to strengthen Zebra's position in technologies and increase its market share in identification solutions. The merger, completed on October 28, allowed Zebra to combine Eltron's compact printer innovations with its own industrial-grade offerings, targeting sectors like and healthcare. The acquisition of Comtec Information Systems on April 3, 2000, for $88.5 million in cash, introduced portable and wireless thermal printers to Zebra's lineup, focusing on mobile labeling solutions for field-based applications in warehousing and inventory management. This deal expanded Zebra's reach into handheld printing devices, complementing its stationary printer business and supporting growth in portable data capture technologies. In 2003, Zebra acquired Atlantek, Inc., on November 17 for $13.7 million in cash, gaining specialized printers for digital photo ID cards and wristbands used in and . Atlantek's thermal transfer technology for secure materials aligned with Zebra's strategy to diversify into niche segments, enhancing offerings for and healthcare . A pivotal expansion occurred in 2014 when Zebra acquired ' Enterprise business for $3.45 billion in cash, completed on October 27, incorporating rugged mobile computers, barcode scanners, and solutions to transform Zebra into a comprehensive provider of end-to-end visibility and tracking technologies. The deal, funded partly through cash on hand and debt, targeted asset-intensive industries like and , adding scale to Zebra's hardware ecosystem. In , Zebra acquired antuit.ai, completing the acquisition on for an undisclosed amount, integrating AI-powered solutions for and replenishment planning tailored to and consumer packaged goods sectors. This acquisition bolstered Zebra's software capabilities, enabling to optimize efficiency for customers. Also in 2021, Zebra completed the acquisition of Fetch Robotics on August 10 for $290 million, adding a portfolio of autonomous mobile robots for warehouse automation and material handling. In 2022, Zebra completed the acquisition of Matrox Imaging on June 6 for $875 million, acquiring advanced machine vision components, software, and development platforms to enhance automated inspection and quality control in manufacturing. The strategic move expanded Zebra's automation portfolio, providing industrial customers with integrated vision systems for real-time process optimization. In 2025, Zebra acquired Photoneo on March 3 for $62 million, enhancing its 3D capabilities for and , and completed the acquisition of Touch Solutions on October 1, adding touch-enabled interactive solutions for frontline operations.

Products and services

Hardware offerings

Zebra Technologies offers a diverse of designed for , data capture, and optimization in industries such as , , , and healthcare. These products emphasize , high-performance scanning, and seamless integration into demanding environments, enabling efficient inventory management and operational visibility. The company's printers include , , and mobile models, with the ZD series representing a key line of compact, reliable devices for on-demand labeling. For instance, the ZD400 series supports both transfer and direct methods, allowing users to produce durable labels using ribbon-based transfer for enhanced longevity on synthetic materials or direct for shorter-term paper applications. These printers feature standard 203 dpi , easy media loading via a , and compatibility with ZPL programming for versatile label formats up to 4 inches wide, making them suitable for small to medium-volume printing in and light settings. Industrial models like the ZT series extend this capability to high-volume operations, offering robust construction for continuous use in warehouses and centers. Zebra's scanners and readers encompass handheld and fixed-mount options, with the DS series providing advanced imager for capturing 1D and 2D barcodes, as well as direct part marks. Handheld models such as the DS2200 series deliver corded (DS2208) and (DS2278) configurations with high-speed scanning up to 60 inches away, featuring intuitive aiming and decode feedback for point-of-sale and tasks in and . Fixed-mount like the DS457 series enable hands-free, high-volume scanning in constrained spaces, supporting omnidirectional reads of barcodes on passing items at speeds up to 40 inches per second, ideal for conveyor lines, kiosks, and automated checkout systems. These devices incorporate PRZM Intelligent for reliable performance on damaged or low-contrast codes. In 2025, Zebra introduced advancements in fixed industrial as part of its portfolio, showcased at ProMat 2025. In RFID solutions, Zebra provides readers, tags, printers, and encoders supporting ultra-high frequency (UHF) and (NFC) standards for real-time and inventory management. UHF RFID readers, such as the handheld RFD40 sleds and fixed FX series portals, enable long-range tag detection up to 20 feet, facilitating bulk reads in warehouses for rapid stock audits and visibility. RFID printers like the ZT231 integrate encoding capabilities to print and UHF tags on labels or cards, supporting on-metal applications with adaptive encoding for challenging environments. NFC-enabled options, including contactless readers in mobile devices, allow secure short-range interactions for and smart labeling in and healthcare. These solutions reduce manual errors by automating data capture across operations. At Automate 2025, Zebra showcased enhanced RFID solutions integrated with for improved visibility in . Zebra's mobile computers include rugged tablets and handhelds in the TC series, built for frontline workers in harsh conditions. Models like the TC5X series (including TC53 and TC58) feature ultra-rugged designs with IP65 ratings, connectivity, and integrated scanning, providing all-day battery life for tasks in warehousing, field service, and . These Android-based devices offer 6-inch touchscreens, up to 8GB , and drop protection up to 6 feet, enabling real-time data access and workflow execution. In June 2025, Zebra introduced a new sleek enterprise mobile computer to boost frontline productivity. Complementing these are wearables such as ring scanners in the RS series, like the RS5100, which provide hands-free capture via connectivity, allowing warehouse operators to scan items at up to 36 inches while keeping hands free for picking and packing, thereby boosting productivity in high-motion environments. Zebra also offers systems for industrial inspection, track-and-trace, and applications. Following the 2022 acquisition of Imaging, the portfolio includes smart cameras, sensors, and fixed industrial scanners. For example, the AltiZ 4200 sensor and MotionCam-3D (Blue) camera enable accurate data capture from stationary or moving objects in and , supporting real-time analysis for and process optimization. The suite of software complements this hardware by providing tools for image processing and integration. At Automate 2025, Zebra demonstrated the VGR Assistant for vision-guided . In addition, Zebra provides autonomous mobile robots (AMRs) for warehouse and manufacturing automation, acquired through the 2021 purchase of Fetch Robotics. The portfolio includes the Flex Series for flexible and movement and the Roller Series for conveyor , using and sensors for navigation without fixed infrastructure. These AMRs automate tasks, scaling to needs and integrating with Zebra's for enhanced visibility. In 2025, Zebra showcased new fulfillment solutions like Symmetry Fulfillment at industry events.

Software and analytics solutions

Zebra Technologies offers a suite of platforms designed to orchestrate from connected devices, enabling and AI-driven in supply chains and frontline operations. Central to this ecosystem is Zebra , a cloud-based launched in 2017, with Savanna Data Services introduced in 2019, that aggregates real-time edge from Zebra hardware and third-party sources via modern . Savanna facilitates by providing actionable workflow insights, such as identifying operational bottlenecks and integrating for , particularly in sectors like , , and . This powers next-generation applications by combining with tools for traceability and , enhancing overall visibility and efficiency. Complementing Savanna are Zebra's analytics tools, which leverage IoT data for asset tracking and predictive maintenance. VisibilityIQ Foresight, for instance, uses machine learning to monitor device locations in real time and forecast potential losses, helping organizations reduce downtime and optimize asset utilization across warehouses and facilities. These tools integrate with Savanna to deliver predictive insights, such as equipment failure alerts, enabling proactive interventions that minimize disruptions in dynamic environments like distribution centers. By focusing on real-time data analysis, Zebra's analytics solutions support end-to-end visibility, allowing businesses to streamline operations without extensive manual oversight. For industry-specific applications, Zebra provides tailored software solutions, including retail execution tools acquired through the 2021 purchase of Antuit.ai, a provider of AI-powered SaaS platforms for , assortment optimization, and . Integrated into Zebra's portfolio, Antuit's capabilities enable retailers to combine historical sales data with real-time inputs for precise planning and promotion strategies, reducing stockouts and overstock. In January 2025, Zebra introduced the Mobile Computing AI Suite, including an AI data capture (SDK) and the Zebra Companion AI assistant for real-time guidance in operations. In healthcare, Zebra's applications, such as those within the Workcloud , facilitate secure clinician communication and data access, optimizing tasks like administration and to improve care delivery. At HIMSS 2025, Zebra showcased AI-enhanced solutions for care and management. Workcloud, a modular enterprise platform, further supports these sectors by digitizing workflows for labor scheduling, , and , using AI to align staffing with demand and enhance frontline productivity. Zebra complements its software offerings with managed support and consulting services to ensure seamless implementation of visibility solutions. The Managed Service provides 24/7 expert oversight for software deployments, including automated updates and troubleshooting, allowing IT teams to focus on core operations. consulting services organizations through and of platforms like and Workcloud, delivering end-to-end solutions for data-driven automation tailored to specific industry needs.

Operations and structure

Global locations and facilities

Zebra Technologies Corporation maintains its corporate headquarters at 3 Overlook Point in , USA, which serves as the central hub for executive administration, strategic planning, and key activities. Established following the company's relocation from its original site in Holtsville, New York, the Lincolnshire facility supports global operations by housing core teams focused on innovation in enterprise technologies such as printing and RFID solutions. The company's manufacturing footprint spans multiple continents, with production facilities for supplies and hardware located in the United States and . In the US, the Holtsville, facility serves as a primary site for manufacturing, production, and testing of and scanning devices. In , a key manufacturing operation is the factory in Preston, , dedicated to producing Zebra Certified Supplies for global distribution. For Asia, Zebra maintains offices and support facilities in alongside expanded service and repair capabilities in , where a center in was established in 2021 and further developed in 2022 amid rising regional demand. Zebra operates sales and support offices in over 170 countries, enabling localized and market adaptation across industries like and . Key regional management hubs include the EMEA office in for European coordination, the headquarters in —which was expanded in to include advanced R&D and operations facilities—and an office in Hawthorn East serving as a hub for the region, with proximity to for sales oversight. In response to post-2020 supply chain challenges, Zebra has pursued targeted expansions, such as enhancing distribution capabilities at existing centers for faster reconfiguration and customization of products through updates and packaging. Additionally, a major 250,000 square foot R&D facility in , , was announced in 2022 and completed in late 2023 to bolster innovation in APAC. These moves, partly influenced by acquisitions like the 2021 purchase of Fetch Robotics adding California-based assets, strengthen Zebra's global operational resilience.

Leadership and corporate governance

Bill Burns has served as Chief Executive Officer of Zebra Technologies since March 2023, bringing over 30 years of experience in the technology sector. Prior to his CEO role, Burns joined Zebra in 2015 as Chief Product and Solutions Officer and later served as President, where he oversaw product strategy and operations. Before Zebra, he was CEO of Communications and Embrane, with earlier roles at . He holds an MBA from and a BS in from . Anders Gustafsson, who led as CEO from 2007 to 2023, now serves as Chair of the Board, providing continuity in strategic oversight with his background in from and an MBA from . Other key C-suite executives include Nathan Winters, since January 2021, who manages financial planning and reporting with over 20 years in finance and a BS in Finance and Economics from the University of Kentucky; and Tom Bianculli, CTO since September 2016, focusing on engineering innovation with more than 25 years in the field and MS/BS degrees in from . Zebra's Board of Directors consists of 11 members as of November 2025, including the CEO and Chair, with nine comprising approximately 82% of the board. The board includes diverse expertise in , , and operations, with members such as Michael A. Smith (Lead ), Ross W. Manire ( Chair), Janice M. Roberts (Compensation and Culture Committee Chair), and the recently appointed Mary McDowell ( member, effective July 2025), a with prior roles at and Poly. Diversity metrics reflect 36% gender diversity (four women: Linda M. Connly, Nelda J. Connors, Janice M. Roberts, and Mary McDowell) and at least 9% ethnic diversity (e.g., Satish Dhanasekaran). Corporate governance at Zebra is guided by established policies emphasizing ethical conduct and , including a comprehensive that mandates compliance with laws, promotes integrity, and prohibits conflicts of interest across all operations. The board operates through three standing committees—all composed entirely of independent directors: the (overseeing financial reporting and risk), the Compensation and Culture Committee (managing executive pay and corporate culture), and the Nominating and Governance Committee (handling director nominations and governance practices). Zebra adheres to reporting standards, integrating into board oversight via annual disclosures aligned with frameworks like the . Zebra's sustainability initiatives underscore its commitment to environmental responsibility, with science-based targets validated by the (SBTi) aiming for a 50% absolute reduction in Scope 1 and 2 by 2030 from a 2020 baseline, alongside a 27.5% reduction in Scope 3 emissions from purchased goods and services. Unique programs include a Supplier enforcing ethical labor practices, for forced labor, and an industry-leading initiative that engages suppliers on emissions tracking and principles to minimize environmental impact across Zebra's global operations.

Business performance and impact

Financial overview

Zebra Technologies reported annual net sales of $4.584 billion in 2023, marking a decline of 20.7% from the previous year, primarily due to softened demand in certain markets. In 2024, rebounded to $4.981 billion, an 8.7% increase year-over-year, driven by growth across both business segments. For the trailing twelve months ending September 2025, net sales reached $5.26 billion, reflecting continued momentum with a 5.2% year-over-year increase in the third quarter of 2025 alone. streams are divided into two main segments: Enterprise Visibility & Mobility (EVM), which focuses on and data capture solutions, and Asset Intelligence & Tracking (AIT), centered on and tracking technologies. In 2024, EVM accounted for approximately 67% of at $3.334 billion, while AIT contributed 33% with $1.647 billion; this represented a slight shift from 2023, when EVM comprised 64% ($2.933 billion) and AIT 36% ($1.651 billion). Tangible products, primarily , drove about 82% of overall in recent years, with services and software making up the remaining 18%. The company's has stabilized around 48% in recent years, improving to 48.6% in the fourth quarter of 2024 from lower levels in due to favorable product mix and cost controls, though it dipped slightly to 48.0% in the third quarter of 2025 amid higher freight and inventory-related expenses. Adjusted EBITDA trended upward, reaching $914 million in 2024 (18.3% margin) from $657 million in (14.3% margin), supported by and operational efficiencies. In the third quarter of 2025, adjusted EBITDA was $285 million, or 21.6% of net sales, highlighting sustained profitability. These metrics have been influenced by challenges, including elevated costs for components and , which pressured margins but were partially offset by pricing actions and inventory management. Zebra Technologies' Class A trades on the under the ticker symbol ZBRA, with a of approximately $15.04 billion as of November 7, 2025. The stock closed at $259.54 per share on that date, reflecting a year-to-date performance influenced by broader dynamics in technology and sectors. The company does not currently pay dividends, maintaining a focused on reinvesting into growth initiatives and share repurchases rather than distributions to shareholders. emphasize long-term value creation through and , as highlighted in quarterly communications. Economic factors such as and policies have notably affected Zebra's 2024-2025 fiscal results, with persistent inflationary pressures on raw materials and freight contributing to margin variability. Additionally, proposed U.S. tariffs are projected to negatively impact gross profit by about $70 million in 2025, prompting adjustments to EBITDA margin guidance to 20-21% for the full year. These headwinds, combined with geopolitical tensions in supply chains, have led to strategic shifts toward diversification of manufacturing sources to mitigate risks.

Innovations and market reception

Zebra Technologies has driven significant advancements in (AIDC) through innovations like -integrated RFID systems, enabling real-time asset tracking and operational visibility in dynamic environments. In July 2025, the company made a strategic investment in Xemelgo to accelerate , combining , , and RFID for seamless workflows that provide unprecedented real-time data insights. Additionally, Zebra's RFID solutions paired with have been showcased at events like the 2025 RFID Forum, where they demonstrated enhanced analysis for and frontline decision-making. The company has also pioneered integrations in enterprise solutions, transforming how processes data at the source to reduce latency and boost productivity. At Automate 2025, Zebra highlighted new tools incorporating for and warehousing, allowing real-time processing of complex data streams without reliance on centralized infrastructure. These innovations, including the EM45 RFID reader—an all-in-one device for mobile operations—earned Zebra a finalist spot in RFID Journal's 2025 Best New Product Award. In the AIDC market, Zebra holds a leading position with 24-28% share in printers as of 2025, dominating through and RFID-enabled models that support high-volume needs. Key competitors include International, which maintains a strong presence in integrated scanning solutions, and , focused on industrial automation tools, yet Zebra's broad portfolio solidifies its dominance in overall AIDC and software. Zebra's contributions have received notable external validation, including recognition as a Leader in the 2024 for Indoor Location Services—encompassing RFID and real-time tracking—for the fifth consecutive year, underscoring its vision and execution in location-based technologies. Industry analysts have also praised its sustainability initiatives, such as the 2024 launch of the Sustainability Partner Recognition Program, which honors partners advancing eco-friendly practices in supply chains, as detailed in Zebra's reporting. Zebra's solutions have been well-received in critical sectors, particularly for addressing post-pandemic challenges in visibility. In , AI-powered RFID and tools have improved accuracy and reduced shrinkage; for instance, implementations have enabled real-time stock monitoring to support fulfillment amid heightened demands. In healthcare, adoption has surged for RFID-based , as seen in Chec's 2025 deployment, which integrated Zebra readers to automate tracking of medical supplies, enhancing and in high-stakes environments. In logistics, firms like Logistics Plus have leveraged Zebra's technologies for modernization, achieving streamlined operations and greater in s as of 2025.

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