Why Is Zebra (ZBRA) Down 4.9% Since Last Earnings Report?

Zebra Technologies (ZBRA) reported Q2 2026 adjusted earnings of $6.35 per share, beating consensus estimates by 46%, with revenues of $1.56 billion up 20.4% year-over-year. The company raised its full-year 2026 guidance, expecting adjusted earnings of $20.75-$21.25 per share and net sales growth of 14-16%. Despite strong earnings, shares have underperformed the S&P 500 by 4.9% since the report. The stock has been assigned a Zacks Rank #1 (Strong Buy) with upward estimate revisions.