ZBRA Beats Q1 Growth Expectations, Raises Full-Year Outlook

Zebra Technologies reported Q1 2026 revenue of $1.50 billion, up 14.3% year-over-year, exceeding analyst expectations. Non-GAAP EPS came in at $4.75, beating consensus by approximately 12%. The results marked a meaningful continuation of ZBRA's recovery from the multi-quarter inventory destocking cycle that weighed on results through 2024, as enterprise customers resumed technology refresh investments across mobile computing, barcode printing, and RFID solutions.

Building on the Q1 momentum, management raised full-year 2026 revenue growth guidance to +10% to +14% and non-GAAP EPS guidance to $18.30–$18.70 per share. The company also guided Q2 non-GAAP EPS in the range of $4.20–$4.50, indicating continued demand across its retail, logistics, and healthcare end markets — sectors investing heavily in automation and supply chain visibility.

For ZBRA investors, the raised guidance following a clean Q1 beat suggests the destocking headwind has structurally reversed rather than merely pausing. Enterprise technology refresh cycles in barcode scanning and mobile computing appear to be resuming after years of deferred spending. The key watch item heading into H2 2026 is whether Zebra can sustain double-digit revenue growth as enterprise IT budgets face increasing scrutiny from CFOs managing tariff-related cost pressures.

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