Zebra Technologies debt and dilution44

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$2,768M

Cash & equivalents

USD millions

$157M

Net debt

USD millions

$2,611M

Debt / equity

0.81×

Debt / assets

32.05%

Net debt / EBITDA

× · TTM

2.44×

Debt / FCF

× · TTM

3.06×

Interest coverage

× · TTM

—

Current ratio

0.52×

Diluted shares

Million shares

48.13M shares

Basic shares

Million shares

47.72M shares

Share count growth

-6.33%

Share repurchases

USD millions

$268M

Quarterly data

Zebra Technologies capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal period	Ended	Total debtUSD millions	Cash & equivalentsUSD millions	Net debtUSD millions	Debt / equity×	Debt / assets%	Net debt / EBITDA×	Debt / FCF×	Interest coverage×	Current ratio×	Diluted sharesMillion shares	Basic sharesMillion shares	Share count growth%	Share repurchasesUSD millions
FY 2026 Q2	Jul 4, 2026	2,768	157	2,611	0.81×	32.05%	2.44×	3.06×	—	0.52×	48.13	47.72	-6.33%	268
FY 2026 Q1	Apr 4, 2026	2,651	114	2,537	0.76×	31.82%	2.76×	3.17×	—	0.96×	49.43	49.02	-4.57%	300
FY 2025 Q4	Dec 31, 2025	2,502	125	2,377	0.7×	29.43%	2.69×	3.01×	—	0.97×	50.6	50.18	-2.62%	303
FY 2025 Q3	Sep 27, 2025	2,173	1,053	1,120	0.58×	26.94%	1.17×	2.74×	—	1.61×	51.17	50.8	-1.49%	34
FY 2025 Q2	Jun 28, 2025	2,172	872	1,300	0.6×	27.36%	1.35×	2.55×	—	1.46×	51.28	50.94	-1.07%	125
FY 2025 Q1	Mar 29, 2025	2,172	879	1,293	0.6×	27.5%	1.36×	2.17×	—	1.45×	51.81	51.37	-0.04%	125
FY 2024 Q4	Dec 31, 2024	2,171	901	1,270	0.61×	27.25%	1.39×	2.28×	—	1.43×	51.98	51.54	0.32%	31
FY 2024 Q3	Sep 28, 2024	2,169	676	1,493	0.63×	28.21%	1.95×	2.82×	—	1.37×	51.92	51.57	0.45%	16
FY 2024 Q2	Jun 29, 2024	2,169	411	1,758	0.66×	28.96%	3.13×	4.91×	—	1.28×	51.83	51.49	0.22%	0
FY 2024 Q1	Mar 30, 2024	2,087	127	1,960	0.66×	28.75%	3.32×	18.63×	—	0.99×	51.79	51.39	-0.06%	0
FY 2023 Q4	Dec 31, 2023	2,220	137	2,083	0.73×	30.39%	3.17×	—	—	1.05×	51.69	51.37	-0.57%	0
FY 2023 Q3	Sep 30, 2023	2,273	61	2,212	0.75×	31.01%	2.62×	45.46×	—	1.06×	51.34	51.34	-0.96%	0
FY 2023 Q2	Jul 1, 2023	2,208	68	2,140	0.74×	29.61%	2×	15.12×	—	0.99×	51.71	51.38	-1.46%	37
FY 2023 Q1	Apr 1, 2023	2,095	85	2,010	0.72×	28.03%	2.72×	7.46×	—	0.88×	51.75	51.42	-3.02%	15
FY 2022 Q4	Dec 31, 2022	2,023	105	1,918	0.74×	26.87%	2.62×	4.9×	—	0.81×	51.96	51.67	-3.32%	96
FY 2022 Q3	Oct 1, 2022	2,161	81	2,080	0.81×	29.01%	2.97×	5.66×	—	0.9×	52.16	51.83	-2.96%	50
FY 2022 Q2	Jul 2, 2022	2,161	98	2,063	0.86×	29.26%	2.83×	3.49×	—	0.85×	52.14	52.14	-2.45%	300
FY 2022 Q1	Apr 2, 2022	1,096	141	955	0.38×	17.88%	0.86×	1.31×	—	0.87×	53.45	53.02	-0.87%	305
FY 2021 Q4	Dec 31, 2021	991	332	659	0.33×	15.95%	0.57×	0.98×	195.8×	0.94×	53.87	53.44	0.1%	32
FY 2021 Q3	Oct 2, 2021	991	307	684	0.35×	16.9%	0.59×	0.82×	—	0.96×	53.87	53.42	0.22%	0
FY 2021 Q2	Jul 3, 2021	991	318	673	0.38×	17.72%	0.63×	0.91×	—	0.98×	53.91	53.45	0.49%	25
FY 2021 Q1	Apr 3, 2021	1,090	177	913	0.45×	20.14%	0.98×	1.07×	—	0.87×	53.96	53.48	-0.51%	0
FY 2020 Q4	Dec 31, 2020	1,245	168	1,077	0.58×	23.16%	1.35×	1.39×	8.57×	0.69×	53.82	53.39	-1.08%	0
FY 2020 Q3	Sep 26, 2020	1,567	39	1,528	0.81×	29.88%	2.05×	2.15×	—	0.68×	53.72	53.3	-1.45%	0
FY 2020 Q2	Jun 27, 2020	1,219	63	1,156	0.68×	26.46%	1.46×	1.56×	—	0.79×	53.68	53.19	-1.55%	0
FY 2020 Q1	Mar 28, 2020	1,397	24	1,373	0.81×	30.77%	1.62×	2.02×	—	0.85×	54.32	53.76	-0.27%	200
FY 2019 Q4	Dec 31, 2019	1,277	30	1,247	0.69×	27.11%	1.44×	2.05×	7.78×	0.85×	54.55	53.97	0.29%	27
FY 2019 Q3	Sep 28, 2019	1,519	33	1,486	0.9×	32.26%	1.72×	2.22×	—	0.94×	54.64	54.09	0.64%	20
FY 2019 Q2	Jun 29, 2019	1,717	27	1,690	1.1×	36.52%	2×	2.63×	—	0.99×	54.65	54.03	0.91%	0
FY 2019 Q1	Mar 30, 2019	1,736	61	1,675	1.18×	37.94%	2.08×	2.67×	—	1×	54.55	53.91	1.16%	0
FY 2018 Q4	Dec 31, 2018	1,591	44	1,547	1.19×	36.67%	1.97×	2.21×	6.7×	0.89×	54.48	53.81	1.16%	0
FY 2018 Q3	Sep 29, 2018	1,900	45	1,855	1.57×	43.18%	2.48×	2.85×	—	1.09×	54.42	53.74	2.91%	—
FY 2018 Q2	Jun 30, 2018	1,999	46	1,953	1.86×	46.76%	2.79×	4.16×	—	1.09×	54.26	53.54	2.96%	—
FY 2018 Q1	Mar 31, 2018	2,133	64	2,069	2.17×	50.2%	3.12×	5.05×	—	1.13×	53.99	53.29	2.79%	—
FY 2017 Q4	Dec 31, 2017	2,227	62	2,165	2.67×	52.09%	3.7×	5.2×	1.42×	1.06×	53.86	53.19	2.65%	—
FY 2017 Q3	Sep 30, 2017	2,485	88	2,397	3.05×	54.9%	4.45×	9.1×	—	1.22×	52.22	52.22	1.03%	—
FY 2017 Q2	Jul 1, 2017	2,418	95	2,323	2.98×	54.4%	5.33×	6.22×	—	1.16×	53.13	52	0.9%	—
FY 2017 Q1	Apr 1, 2017	2,573	180	2,393	3.24×	56.79%	5.91×	7.97×	—	1.27×	52.95	51.84	1.06%	—
FY 2016 Q4	Dec 31, 2016	2,648	156	2,492	3.34×	57.17%	6.49×	8.98×	0.41×	1.29×	51.82	51.82	1.2%	—
FY 2016 Q3	Oct 1, 2016	2,788	163	2,625	3.73×	59.34%	7.87×	17.81×	—	1.36×	51.69	51.69	1.05%	—
FY 2016 Q2	Jul 2, 2016	2,873	141	2,732	3.46×	59.97%	7.17×	27.16×	—	1.42×	51.53	51.53	1.21%	—
FY 2016 Q1	Apr 2, 2016	2,937	194	2,743	3.34×	59.68%	7.83×	53.47×	—	1.47×	51.3	51.3	1.25%	—
FY 2015 Q4	Dec 31, 2015	3,012	192	2,820	3.3×	59.95%	7.56×	—	0.27×	1.52×	51.21	51.21	1.5%	—
FY 2015 Q3	Oct 3, 2015	3,043.23	258.02	2,785.2	3.33×	58.76%	9.27×	23.8×	0.03×	1.66×	51.15	51.15	0.62%	—
FY 2015 Q2	Jul 4, 2015	3,040.36	204.92	2,835.44	3.2×	58.28%	12.17×	39.33×	0.05×	1.67×	50.92	50.92	0.61%	—
FY 2015 Q1	Apr 4, 2015	3,144.18	329.53	2,814.64	3.06×	57.64%	13.61×	18.31×	0.49×	1.81×	50.67	50.67	0.53%	—
FY 2014 Q4	Dec 31, 2014	3,190.48	393.95	2,796.53	3.07×	57.29%	16.45×	15.26×	1.56×	1.75×	50.45	50.45	0.18%	0
FY 2014 Q3	Sep 27, 2014	—	60.21	—	—	—	—	—	—	5.82×	51.46	50.84	0.48%	0
FY 2014 Q2	Jun 28, 2014	—	70.35	—	—	—	—	—	—	6.97×	51.28	50.61	-0.58%	0
FY 2014 Q1	Mar 29, 2014	—	51.42	—	—	—	—	—	—	7.19×	50.97	50.4	-1.13%	0
FY 2013 Q4	Dec 31, 2013	0	62.83	-62.83	0×	0%	-0.33×	0×	—	6.33×	50.75	50.36	-1.16%	4.64
FY 2013 Q3	Sep 28, 2013	—	64.2	—	—	—	—	—	—	7.91×	50.92	50.59	-1.89%	29.9
FY 2013 Q2	Jun 29, 2013	—	55.89	—	—	—	—	—	—	7.49×	51.28	50.9	-1.68%	24.68
FY 2013 Q1	Mar 30, 2013	—	49.59	—	—	—	—	—	—	9.14×	51.37	50.98	-1.96%	3.89
FY 2012 Q4	Dec 31, 2012	—	64.74	—	—	—	—	—	793.97×	7.47×	51.26	50.95	-2.22%	14.68
FY 2012 Q3	Sep 29, 2012	—	52.25	—	—	—	—	—	—	5.71×	51.81	51.57	-3.32%	15.05
FY 2012 Q2	Jun 30, 2012	—	105.37	—	—	—	—	—	—	6.17×	52.03	51.77	-5.09%	14.87
FY 2012 Q1	Mar 31, 2012	—	41.94	—	—	—	—	—	—	5.93×	52.3	52	-6.06%	9.78
FY 2011 Q4	Dec 31, 2011	—	36.35	—	—	—	—	—	—	5.37×	52.35	52.11	-7.5%	13.83
FY 2011 Q3	Oct 1, 2011	—	43.78	—	—	—	—	—	—	5.72×	53.63	53.34	-5.99%	63.99
FY 2011 Q2	Jul 2, 2011	—	92.96	—	—	—	—	—	—	5.47×	54.96	54.55	-5.12%	40.82
FY 2011 Q1	Apr 2, 2011	—	79.69	—	—	—	—	—	—	4.29×	55.77	55.35	—	41.57
FY 2010 Q4	Dec 31, 2010	—	47.48	—	—	—	—	—	—	3.5×	56.69	56.33	—	34.71
FY 2010 Q3	Oct 2, 2010	—	47.45	—	—	—	—	—	—	3.55×	57	56.74	—	20.62
FY 2010 Q2	Jul 3, 2010	—	41.28	—	—	—	—	—	—	4.09×	57.74	57.49	—	25.94

Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · ZBRA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt: Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents: Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt: Total debt − cash and equivalents. Negative means net cash.
Debt / equity: Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets: Total debt / total assets × 100.
Net debt / EBITDA: Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF: Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage: TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio: Current assets / positive current liabilities.
Diluted shares: Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares: Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth: Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases: Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.