Zebra Technologies stock (US9892071054): earnings, AI push and what matters for US investors

Zebra Technologies has reported fresh quarterly figures and is sharpening its focus on AI-driven automation and retail visibility solutions. What the latest numbers, guidance and technology strategy could mean for investors following the barcode and scanning specialist.

Zebra Technologies recently presented its latest quarterly figures and updated its outlook, while continuing to emphasize artificial intelligence and software as key growth drivers alongside its traditional barcode scanners and mobile computers. The company reported first?quarter 2025 results on May 7, 2025, including revenue of around 1.11 billion USD, down year over year but above its own guidance range, according to Zebra investor update as of 05/07/2025. On the same day, the company reiterated its focus on AI?enabled inventory visibility, automation solutions and software subscriptions.

In addition to the earnings release, Zebra Technologies also provided an outlook for the second quarter of 2025, targeting net sales growth in the low?single?digit percentage range year over year at the midpoint, and projecting an adjusted EBITDA margin in the mid?to?high?teens, as stated in its guidance commentary on May 7, 2025, according to Zebra investor update as of 05/07/2025. Management highlighted stabilizing demand trends in North America retail and logistics, while enterprise customers continue to evaluate automation projects carefully.

As of: 22.05.2026

By the editorial team – specialized in equity coverage.

At a glance

• Name: Zebra Technologies
• Sector/industry: Auto-ID, scanning, mobility and automation solutions
• Headquarters/country: Lincolnshire, Illinois, United States
• Core markets: Retail, transportation and logistics, healthcare, manufacturing and public sector
• Key revenue drivers: Barcode scanners, mobile computers, printers, RFID, software and services
• Home exchange/listing venue: Nasdaq (ticker: ZBRA)
• Trading currency: US dollar (USD)

Zebra Technologies: core business model

Zebra Technologies is best known for its barcode scanners, mobile computers and thermal printers, which are widely used in warehouses, retail stores, hospitals and manufacturing plants. The company generates most of its revenue by selling hardware devices that help enterprises capture data at the edge of their operations, such as barcodes on packages or wristbands on patients, and routing those data into back?end systems to support inventory management, workflows and analytics.

Over the years, Zebra Technologies has complemented this hardware focus with software, RFID and computer?vision solutions. The company offers workflow optimization tools, device management software and task?management applications that help enterprises orchestrate workers on the shop floor, in the warehouse or in the store. Management has repeatedly said that recurring revenue from software and services is becoming more important, although hardware still makes up the majority of total revenue, according to commentary in the first?quarter 2025 earnings release published May 7, 2025, by Zebra investor update as of 05/07/2025.

The company operates globally but has a strong base of customers in the United States, particularly among large retailers, logistics providers and healthcare systems. Zebra Technologies’ solutions are designed to integrate with warehouse management software, retail point?of?sale systems and electronic medical records platforms. These integrations can make the product portfolio sticky: once a customer standardizes on Zebra devices and software, switching to another vendor can involve retraining, software customization and device replacement, which creates a degree of customer loyalty.

Another pillar of the business model is Zebra Technologies’ partner ecosystem. The company sells much of its product through resellers, systems integrators and independent software vendors. This network helps Zebra reach mid?sized enterprises that may rely on local or regional integrators to design and operate their logistics or retail technology stacks. The partner?driven go?to?market approach is important in the United States, where many regional value?added resellers support specific verticals like grocery retail or healthcare laboratories.

Main revenue and product drivers for Zebra Technologies

Zebra Technologies breaks its business into segments around asset intelligence and enterprise visibility. Core revenue still comes from mobile computers and barcode scanners used in warehouses and stores, as well as printers for labels and receipts. These products are critical for tasks such as picking and packing in e?commerce fulfillment centers, shelf replenishment in stores and tracking samples in laboratories. Each device sale can also lead to follow?on revenue from supplies such as labels and ribbons, as well as service contracts for maintenance.

RFID and real?time location systems are important growth areas. Retailers use RFID tags and readers to track apparel, electronics and other items, allowing near real?time inventory visibility. Zebra Technologies supplies handheld RFID readers, fixed readers and antennas that can identify tagged items as they pass through doorways or conveyors. Demand for such solutions tends to rise when retailers push to reduce out?of?stock situations and shrink, and when e?commerce volumes remain strong. Management noted during the May 7, 2025 update that adoption of RFID and inventory visibility tools remains a strategic focus, according to Zebra investor update as of 05/07/2025.

Software and services represent another key driver. Zebra Technologies offers workforce management, task execution and analytics software that can be sold as recurring subscriptions. These tools help store managers assign tasks, track completion and respond to real?time events such as online orders or stockouts. In warehouses, Zebra’s software can optimize picking paths and prioritize urgent orders. Because such applications are tightly integrated with the hardware fleet, they can enhance the company’s recurring revenue mix and may smooth out some of the cyclicality inherent in hardware replacement cycles.

Healthcare is a specialized area where Zebra Technologies provides barcode wristbands for patient identification, scanners for medication administration and printers for specimen labeling. Accurate patient identification and medication tracking are essential for avoiding errors, and hospitals in the United States are under regulatory pressure to document these processes. This dynamic supports demand for reliable scanning and printing equipment, as well as software that connects to clinical systems. Zebra’s healthcare portfolio can therefore benefit from ongoing digitization and patient?safety initiatives in US hospitals.

Conclusion

Zebra Technologies has recently updated investors with first?quarter 2025 figures and guidance that indicate stabilizing, but still mixed, demand in core markets such as North American retail and logistics. Revenue remains tied heavily to hardware cycles, yet management is emphasizing AI?enabled inventory visibility, software and services to deepen its value proposition and expand recurring revenue. For US?focused investors watching digitization and automation trends in retail, healthcare and logistics, the stock offers exposure to data capture and workflow optimization technologies, but also depends on macro conditions, capital spending budgets and the pace at which customers adopt new automation solutions.

Disclaimer: This article does not constitute investment advice. Stocks are volatile financial instruments.