ZBRA · 10-Q · 2026Q3 · Full report
Liquidity and Debt Position
ZEBRA TECHNOLOGIES CORP · 2026-08-04 · Importance 74 · Surprise 58 · Contradicted
Total debt was $2,776 million at July 4, 2026, up from $2,511 million at December 31, 2025, primarily reflecting borrowings used to fund share repurchases. The company’s Term Loan A and Revolving Credit Facility mature on May 25, 2027, and together comprise its primary short-term debt obligations. Management intends to refinance the credit facility in the second half of 2026 while servicing debt with cash on hand and operating cash flow. First-half operating cash inflows increased $62 million, and investing cash outflows declined $84 million, primarily because Photoneo was acquired in the prior year.
Key facts
- Current portion of long-term debt included $2,275 million as of July 4, 2026. source
- Total debt was $2,776 million as of July 4, 2026 and $2,511 million as of December 31, 2025. source
- The carrying value of the Company’s Term Loan A was $1,531 million as of July 4, 2026 and $1,575 million as of December 31, 2025. source
- The change in our cash and cash equivalents balance during the six months ended July 4, 2026 compared to the prior year was primarily due to an $84 million decrease in net investing cash outflows primarily due to the acquisition of Photoneo in the prior year. source
- The change in our cash and cash equivalents balance during the six months ended July 4, 2026 compared to the prior year was primarily due to an $84 million increase in net financing cash outflows primarily due to higher share repurchases. source
- Total Assets: $8,637 million as of July 4, 2026 and $8,502 million as of December 31, 2025. source
- Cash and cash equivalents: $2,062 million as of July 4, 2026 and $1,796 million as of December 31, 2025. source
- Total debt (carrying value) as of July 4, 2026: $2,776 million; total debt as of December 31, 2025: $2,511 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| cash | positive | realized | +3.1% | Cash and cash equivalents: $2,062 million as of July 4, 2026 and $1,796 million as of December 31, 2025. |
| liability | negative | realized | -3.1% | Total debt was $2,776 million as of July 4, 2026 and $2,511 million as of December 31, 2025. |
| assets | positive | realized | +1.6% | Total Assets: $8,637 million as of July 4, 2026 and $8,502 million as of December 31, 2025. |
| cash | positive | realized | +1.0% | The change in our cash and cash equivalents balance during the six months ended July 4, 2026 compared to the prior year was primarily due… |
| cash | negative | realized | -1.0% | The change in our cash and cash equivalents balance during the six months ended July 4, 2026 compared to the prior year was primarily due… |
| liability | positive | realized | +0.5% | The carrying value of the Company’s Term Loan A was $1,531 million as of July 4, 2026 and $1,575 million as of December 31, 2025. |
| liability | negative | realized | — | Current portion of long-term debt included $2,275 million as of July 4, 2026. |