Zebra Technologies Corporation
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of Zebra Technologies Corporation (ZBRA). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| CF | – | – | – | $2.28B 49.7% | $2.71B 54.5% · +19.0% | $2.96B 54.9% · +9.1% |
| AVA | – | – | – | $2.30B 50.3% | $2.27B 45.5% · -1.6% | $2.44B 45.1% · +7.5% |
| AIT | $1.37B 30.8% | $1.73B 30.8% · +26.7% | $1.84B 31.8% · +5.9% | – | – | – |
| EVM | $3.09B 69.4% | $3.90B 69.2% · +26.3% | $3.94B 68.2% · +1.2% | – | – | – |
| Corporate, eliminations | -$7.0M -0.2% | – | – | – | – | – |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| CF | – | – | – | – | – | – |
| AVA | – | – | – | – | – | – |
| AIT | – | $386.0M 22.3% | $361.0M 19.7% | – | – | – |
| EVM | – | $746.0M 19.1% | $711.0M 18.0% | – | – | – |
| Corporate, eliminations | – | – | – | – | – | – |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by product line
| Segment | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Tangible Products | $3.81B 85.7% | $4.85B 86.1% · +27.1% | $4.92B 85.0% · +1.4% | $3.67B 80.0% · -25.4% | $4.02B 80.6% · +9.6% | $4.42B 81.9% · +10.0% |
| Services and Software | $635.0M 14.3% | $782.0M 13.9% · +23.1% | $866.0M 15.0% · +10.7% | $919.0M 20.0% · +6.1% | $965.0M 19.4% · +5.0% | $978.0M 18.1% · +1.3% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 10, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.