For the year ending 2025-12-31, ZBRA had -$776M decrease in cash & cash equivalents over the period. $831M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 419 | 528 | 296 | 463 |
| Depreciation and amortization | 185 | 172 | 176 | 204 |
| Amortization of debt issuance costs, extinguishment costs and discounts | - | - | - | 4 |
| Impairment of goodwill, intangibles and other assets | 45 | - | - | - |
| Equity-settled share-based compensation | 163 | 89 | 55 | 88 |
| Deferred income taxes | 21 | -94 | -36 | -210 |
| Unrealized gain on forward interest rate swaps | 0 | 31 | -17 | 89 |
| Other, net | 14 | 14 | 3 | 1 |
| Accounts receivable, net | 39 | 181 | -249 | 5 |
| Inventories, net | -54 | -105 | -50 | 341 |
| Other assets | -6 | -9 | 25 | 48 |
| Accounts payable | 1 | 176 | -365 | 92 |
| Accrued liabilities | -29 | 131 | -97 | -51 |
| Deferred revenue | 75 | -13 | 12 | 60 |
| Income taxes | -1 | 68 | -168 | 108 |
| Settlement liability | 0 | -45 | -180 | 225 |
| Cash receipts on forward interest rate swaps | 0 | -86 | - | - |
| Other operating activities | -3 | 1 | -9 | 13 |
| Net cash provided by (used in) operating activities | 917 | 1,013 | -4 | 488 |
| Acquisition of businesses, net of cash acquired | 1,365 | 0 | 0 | 881 |
| Purchases of property, plant and equipment | 86 | 59 | 87 | 75 |
| Proceeds from sale (purchases) of short-term investments | 0 | -5 | - | - |
| Proceeds from the sale of long-term investments | 1 | - | - | 0 |
| Purchases of short-term investments | - | - | 4 | 0 |
| Purchases of long-term investments | 5 | 3 | 1 | 12 |
| Net cash used in investing activities | -1,455 | -57 | -92 | -968 |
| Proceeds from issuance of debt | 347 | 651 | 440 | 1,284 |
| Payments of debt | 19 | 694 | 245 | 247 |
| Payment of debt issuance costs, extinguishment costs and discounts | 0 | 9 | 0 | 8 |
| Payments for repurchases of common stock | 587 | 47 | 52 | 751 |
| Net payments related to share-based compensation plans | 14 | 30 | 8 | 14 |
| Change in unremitted cash collections from servicing factored receivables | 34 | -61 | -18 | -11 |
| Net cash (used in) provided by financing activities | -239 | -190 | 117 | 253 |
| Effect of exchange rate changes on cash and cash equivalents, including restricted cash | 1 | -3 | 0 | 0 |
| Net (decrease) increase in cash and cash equivalents, including restricted cash | -776 | 763 | 21 | -227 |
| Cash and cash equivalents at beginning of period | 901 | 138 | 117 | 344 |
| Cash and cash equivalents at end of period | 125 | 901 | 138 | 117 |
ZEBRA TECHNOLOGIES CORP (ZBRA)
ZEBRA TECHNOLOGIES CORP (ZBRA)