Zebra Technologies reported net sales of $1.29 billion for the second quarter of 2025, up 6.2% from last year. The Enterprise Visibility & Mobility segment recorded $875 million in sales and the Asset Intelligence & Tracking segment $418 million. Organic sales rose 6.3% overall.
Gross profit was $616 million with a margin of 47.6%, slightly lower due to U.S. import tariff expenses. Adjusted gross margin was 47.9%. Operating expenses rose to $433 million. Net income was $112 million or $2.19 per diluted share, compared to $113 million last year. On a non-GAAP basis, net income was $186 million or $3.61 per diluted share. Adjusted EBITDA was $267 million, representing 20.6% of adjusted sales.
As of June 28, 2025, cash stood at $872 million and debt at $2.18 billion. First half free cash flow was $288 million. The company repurchased $250 million in shares and acquired Photoneo, now part of Zebra Technologies for $62 million.
For Q3 2025, sales growth is expected between 2% and 6% with an adjusted EBITDA margin around 21%. Full-year sales growth guidance has been raised to 5-7% with free cash flow projected to exceed $800 million.
They also announced an agreement to acquire Elo Touch Solutions for $1.3 billion expected to close in 2025.
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