斑马技术 2025年季度报告

FORM10-Q ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period endedSeptember 27, 2025OR TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File Number:000-19406 Zebra Technologies Corporation(Exact name of registrant as specified in its charter) (State or other jurisdiction ofincorporation or organization) (I.R.S. EmployerIdentification No.) 3 Overlook Point,Lincolnshire,IL60069(Address of principal executive offices) (Zip Code) Registrant’s telephone number, including area code:(847)634-6700 Securities registered pursuant to Section 12(b) of the Act: Trading Symbol(s)ZBRA Name of exchange on which registered The NASDAQ Stock Market, LLC Class A Common Stock, par value $.01 per share Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the SecuritiesExchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90 days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submittedpursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that theregistrant was required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smallerreporting company,” and “emerging growth company” inRule12b-2 of the Exchange Act. ☒Accelerated filer☐Smaller reporting companyEmerging growth company Large accelerated filerNon-accelerated filer If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes☐No☒ As of October21, 2025, there were50,660,242shares of Class A Common Stock, $.01 par value, outstanding. ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESQUARTER ENDED SEPTEMBER 27, 2025TABLE OF CONTENTS PAGEPART I - FINANCIAL INFORMATION3Item1.Consolidated Financial Statements3Consolidated Balance Sheets as of September 27, 2025 (unaudited) and December 31, 20243Consolidated Statements of Operations (unaudited) for the three and nine months ended September 27,2025 and September 28, 20244Consolidated Statements of Comprehensive Income (unaudited) for the three and nine months endedSeptember 27, 2025 and September 28, 20245Consolidated Statements of Stockholders’ Equity (unaudited) for the three and nine months endedSeptember 27, 2025 and September 28, 20246Consolidated Statements of Cash Flows (unaudited) for the nine months ended September 27, 2025 andSeptember 28, 20248Notes to Consolidated Financial Statements (unaudited)8Note 1: Description of Business and Basis of Presentation9Note 2: Significant Accounting Policies9Note 3: Revenues10Note 4: Inventories11Note 5: Business Acquisitions11Note 6: Investments11Note 7: Fair Value Measurements11Note 8: Derivative Instruments13Note 9: Long-Term Debt15Note 10: Leases16Note 11: Accrued Liabilities, Commitments and Contingencies17Note 12: Income Taxes17Note 13: Earnings Per Share18Note 14: Accumulated Other Comprehensive (Loss) Income18Note 15: Accounts Receivable Factoring19Note 16: Segment Information & Geographic Data19Note 17: Subsequent Events21Item2.Management’s Discussion and Analysis of Financial Condition and Results of Operations21Overview21Results of Operations22Results of Operations by Segment25Liquidity and Capital Resources27Significant Customers29Safe Harbor30New Accounting Pronouncements30Non-GAAP Measures31Item3.Quantitative and Qualitative Disclosures About Market Risk31Item4.Controls and Procedures31PART II - OTHER INFORMATION33Item1.Legal Proceedings33Item1A.Risk Factors33Item2.Unregistered Sales of Equity Securities and Use of Proceeds33Item 5.Other Information34Item6.Exhibits35Signatures36 PART I - FINANCIAL INFORMATION ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED BALANCE SHEETS(In millions, except share data) ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF OPERATIONS(In millions, except share data) ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME(In millions) ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY(In millions, except share data) ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIESCONSOLIDATED STATEMEN