Zebra Technologies Corporation Q2 2026 Earnings Recap

Zebra’s shares gained 26.5% following a quarter that materially surpassed expectations, driven by broad-based growth, margin expansion, and a raised full-year outlook, signaling strong investor confidence in the sustainability of demand and profitability.

Key Takeaways

• Revenue surpassed $1.5 billion, up over 20% year-over-year, with 9% organic growth excluding acquisitions.
• Adjusted EBITDA margin expanded to 27.7%, including $73 million tariff recovery; excluding tariffs, margin still improved by 2 points on stronger gross margins and operating leverage.
• Non-GAAP EPS rose 76% year-over-year to $6.35, reflecting both improved profitability and operating efficiency.
• Retail, manufacturing, and healthcare end markets all delivered strong double-digit growth; healthcare was the highest growth segment.
• The company raised full-year guidance based on sustained demand and margin momentum, supported by large deal pipeline visibility into 2027.