Key Highlights

  • Zebra Technologies (NASDAQ:ZBRA) reports third quarter results before the market open on November 3, 2026. Published consensus EPS is USD 5.00 on Revenue near USD 1.56 billion; the screener shows USD 4.91.
  • Management set third quarter EPS guidance at USD 4.70 to USD 4.90 and revenue guidance at USD 1.54 billion to USD 1.58 billion, which pushes consensus EPS above that range's ceiling.
  • The third quarter adjusted EBITDA Margin is guided near 22 percent, down from 27.7 percent last quarter. A large Tariff recovery is fading, and memory costs are rising by about one point.
  • Full-year EPS guidance is USD 20.75 to USD 21.25, with organic growth of 14 percent to 16 percent and free Cash Flow of at least USD 1 billion for Zebra Technologies (NASDAQ:ZBRA).

Consensus Above Guidance

Published consensus EPS of USD 5.00 is about 2.0 percent above the USD 4.90 top of guidance, simple arithmetic, and the screener's USD 4.91 is also above it. The market is therefore pricing a beat, not an in-line quarter. Revenue consensus near USD 1.56 billion is the midpoint of guidance, and the preview notes much of the headline growth comes from acquisitions such as ELO, with organic growth of about 9 percent last quarter. Full-year organic growth guidance was raised to 14 percent to 16 percent from 10 percent to 14 percent a quarter earlier. Demand was broad, with double-digit growth in retail, Manufacturing and healthcare.

Memory Costs and Margins

Margin is the swing factor. Management estimates a USD 120 million memory cost headwind this year and says about USD 90 million of price increases, plus productivity and currency benefits, offset most of it. Zebra Technologies (NASDAQ:ZBRA) guided third quarter adjusted EBITDA margin near 22 percent against 27.7 percent last quarter, partly because a large tariff recovery fades. Management also says fourth quarter revenue, implied at about 8 percent organic growth, is limited by component availability, not demand. A Supply constraint can cap upside even if orders stay firm. No peer result with a verified share reaction was found for this preview.

Bull and Bear Cases

Shares were about USD 386 on October 26, up roughly 17 percent since the last report and within 2 percent of the post-earnings high near USD 393. No options-implied move was found, so the following are arithmetic scenarios. A bull case, EPS above USD 5.00 and a raised full-year range, could test USD 393, about 1.8 percent higher. A bear case, an in-line print, margin below 22 percent or tighter component supply, could unwind part of the 17 percent rise. Risks include memory pricing, tariff policy and supply, and elevated expectations. Past guidance beats do not guarantee another.

Where Things Stand

The scanner maker is Zebra Technologies (NASDAQ:ZBRA), and the question is whether a quarter guided to USD 4.70 to USD 4.90 can reach the USD 5.00 that analysts expect despite a USD 120 million memory cost headwind. The recent record of raised guidance supports a beat, but a stock near its post-earnings high leaves limited room for disappointment. Watch margin, the full-year EPS range of USD 20.75 to USD 21.25 and commentary on component supply on November 3, 2026.