Zebra Technologies Announces Second Quarter 2026 Results
Delivers record performance with broad-based growth across segments and regions
Raises full year outlook
Lincolnshire, Ill., August 4, 2026 — Zebra Technologies Corporation (NASDAQ: ZBRA), a global leader in digitizing and automating workflows to deliver intelligent operations, today announced results for the second quarter ended July 4, 2026.
Second-Quarter Financial Highlights
•Net sales of $1,557 million; year-over-year increase of 20.4%
•Net income of $233 million and net income per diluted share of $4.85
•Non-GAAP diluted EPS increased year-over-year to $6.35
•Adjusted EBITDA increased year-over-year to $431 million
•Recorded IEEPA tariff recoveries of $73 million, of which $14 million received in the quarter
•Share repurchases of $268 million
“Our record results reflect broad-based demand for our innovative solutions and excellent execution on our growth and profitability priorities. We delivered for our customers by leveraging our long-standing supplier relationships to support our growth," said Bill Burns, Chief Executive Officer of Zebra Technologies. "The momentum we see across our business underscores Zebra's position as the foundation for intelligent operations and frontline AI as customers digitize and automate environments."
"Our strong balance sheet and cash flow continue to provide significant financial flexibility, enabling us to invest for growth while returning more than $560 million to shareholders in the first half of the year through disciplined share repurchases," said Nathan Winters, Chief Financial Officer of Zebra Technologies. "We believe this balanced approach positions Zebra to create long-term shareholder value."
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$ in millions, except per share amounts
2Q26
2Q25
Change
Select reported measures:
Net sales
$
1,557
$
1,293
20.4
%
Gross profit
825
616
33.9
%
Gross margin
53.0
%
47.6
%
540 bps
Net income
233
112
108.0
%
Net income margin
15.0
%
8.7
%
630 bps
Net income per diluted share
$
4.85
$
2.19
121.5
%
Select Non-GAAP measures:
Adjusted net sales
$
1,557
$
1,293
20.4
%
Organic net sales growth
9.2
%
Adjusted gross profit
830
619
34.1
%
Adjusted gross margin
53.3
%
47.9
%
540 bps
Adjusted EBITDA
431
267
61.4
%
Adjusted EBITDA margin
27.7
%
20.6
%
710 bps
Non-GAAP net income
$
305
$
186
64.0
%
Non-GAAP earnings per diluted share
$
6.35
$
3.61
75.9
%
Second Quarter 2026 Compared to the Second Quarter 2025
Net sales were $1,557 million compared to $1,293 million in the prior year. Net sales in the Connected Frontline ("CF") segment were $903 million compared to $717 million in the prior year. Asset Visibility & Automation ("AVA") segment net sales were $654 million compared to $576 million in the prior year. Consolidated organic net sales increased 9.2% year-over-year, with a 7.5% increase in the CF segment and an 11.4% increase in the AVA segment.
Gross profit was $825 million compared to $616 million in the prior year. Gross margin increased to 53.0% compared to 47.6% in the prior year primarily due to IEEPA tariff recoveries and favorable foreign currency exchange. Adjusted gross margin was 53.3% compared to 47.9% in the prior year.
Operating expenses increased to $504 million from $433 million in the prior year primarily due to expenses associated with acquired businesses including amortization of intangible assets. Adjusted operating expenses increased to $419 million from $370 million in the prior year.
Net income was $233 million, or $4.85 per diluted share, compared to net income of $112 million, or $2.19 per diluted share, in the prior year. Non-GAAP net income increased to $305 million or $6.35 per diluted share, compared to $186 million, or $3.61 per diluted share for the prior year.
Adjusted EBITDA increased to $431 million, or 27.7% of adjusted net sales, compared to $267 million, or 20.6% of adjusted net sales in the prior year.
Balance Sheet and Cash Flow
As of July 4, 2026, the Company had cash and cash equivalents of $157 million and total debt of $2,776 million.
For the first six months of 2026, net cash provided by operating activities was $387 million and the Company invested $26 million in capital expenditures, resulting in free cash flow of $361 million. The Company also made share repurchases of $568 million.
Outlook
Mr. Burns added, "Strong demand momentum and progress on productivity and memory supply supports our significantly increased outlook for the full year. We are focused on driving sustainable growth across our business with our innovative portfolio of solutions, as we continue to benefit from trends in automation and Physical AI."
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Third Quarter 2026
The Company expects third quarter sales growth between 17% and 20% compared to the prior year. This expectation includes approximately 10.5 points of favorable impact from business acquisitions, dispositions and foreign currency.
Adjusted EBITDA margin for the third quarter is expected to be approximately 22%. Non-GAAP diluted earnings per share are expected to be in the range of $4.70 to $4.90. This assumes an adjusted effective tax rate of approximately 19%.
Full Year 2026
The Company expects full year sales growth between 14% and 16% compared to the prior year. This expectation includes approximately 8 points of favorable impact from business acquisitions, dispositions and foreign currency.
Adjusted EBITDA margin for the full year is expected to be between 23.5% and 24.0%. Non-GAAP diluted earnings per share are expected to be in the range of $20.75 to $21.25. This assumes an adjusted effective tax rate of approximately 19%.
Free Cash Flow for the full year is expected to be greater than $1 billion.
The Company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of the most directly comparable forward-looking GAAP financial measure as discussed under the "Forward-Looking Statements" caption below. This would include items that have not yet occurred, are out of the Company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share. For the same reasons, the Company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
Conference Call Notification
Investors are invited to listen to a live webcast of Zebra’s conference call regarding the Company’s financial results. The conference call will be held today at 7:30 a.m. Central Time (8:30 a.m. Eastern Time). To view the webcast, visit the investor relations section of the Company’s website at investors.zebra.com.
Who is Zebra Technologies?
Zebra (NASDAQ: ZBRA) provides the foundation for intelligent operations with an award-winning portfolio of connected frontline, asset visibility and automation solutions which empower our customers to deploy AI on the frontline. Organizations globally across retail, manufacturing, transportation, logistics, healthcare, and other industries rely on us to deliver outcomes today while driving innovation for what’s next. Together with our partners, we create new ways of working that improve productivity and empower organizations to be better every day. Learn more at www.zebra.com.
Follow Zebra on our Blog, LinkedIn, Facebook, X, Instagram and YouTube.
Forward-Looking Statements
This press release contains forward-looking statements, as defined by the Private Securities Litigation Reform Act of 1995, including, without limitation, the statements regarding the company’s outlook. Actual results may differ from those expressed or implied in the company’s forward-looking statements. These statements represent estimates only as of the date they were made. Zebra undertakes no obligation, other than as may be required by law, to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this release.
These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in Zebra’s industry, market conditions, general domestic and international economic conditions, and other factors. These factors include customer acceptance of Zebra’s offerings and competitors' offerings, and the potential effects of emerging technologies and changes in customer requirements. The effect of global market conditions, and the availability of credit and capital markets volatility may have adverse
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effects on Zebra, its suppliers and its customers. In addition, natural disasters, man-made disasters, public health issues (including pandemics), and cybersecurity incidents may have negative effects on Zebra's business and results of operations. Zebra's ability to purchase sufficient materials, parts, and components, and ability to provide services, software and products to meet customer demand could negatively impact Zebra's results of operations and customer relationships. Profits and profitability will be affected by Zebra’s ability to control manufacturing and operating costs. Because of its debt, interest rates and financial market conditions may also have an adverse impact on results. Foreign exchange rates, customs duties and trade policies may have an adverse effect on financial results because of the global nature of Zebra's business. The impacts of changes in foreign and domestic governmental policies, regulations, or laws, as well as the outcome of litigation or tax matters in which Zebra may be involved are other factors that could adversely affect Zebra's business and results of operations. The success of integrating acquisitions could also adversely affect profitability, reported results and the company’s competitive position in its industry. These and other factors could have an adverse effect on Zebra’s sales, gross profit margins and results of operations and increase the volatility of Zebra's financial results. When used in this release and documents referenced, the words “anticipate,” “believe,” “outlook,” and “expect” and similar expressions, as they relate to the Company or its management, are intended to identify such forward-looking statements, but are not the exclusive means of identifying these statements. Descriptions of certain risks, uncertainties and other factors that could adversely affect the Company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission, including the Company’s most recent Form 10-K and Form 10-Q.
Use of Non-GAAP Financial Information
This press release contains certain Non-GAAP financial measures, consisting of “Adjusted EBITDA,” “Adjusted EBITDA margin,” “adjusted gross margin,” “adjusted gross profit,” “adjusted net sales,” “adjusted operating expenses,” “adjusted operating income,” “EBITDA,” “free cash flow,” “non-GAAP diluted earnings per share,” “non-GAAP earnings per share,” “non-GAAP net income,” “organic net sales,” and “organic net sales growth.” Management presents these measures to focus on the on-going operations and believes it is useful to investors because they enable them to perform meaningful comparisons of past and present operating results. The company believes it is useful to present non-GAAP financial measures, which exclude certain significant items, as a means to understand the performance of its ongoing operations and how management views the business. Please see the “Reconciliation of GAAP to Non-GAAP Financial Measures” tables and accompanying disclosures at the end of this press release for more detailed information regarding non-GAAP financial measures herein, including the items reflected in adjusted net earnings calculations. These measures, however, should not be construed as an alternative to any other measure of performance determined in accordance with GAAP.
The company does not provide a reconciliation for non-GAAP estimates on a forward-looking basis (including the information under “Outlook” above) where it is unable to provide a meaningful or accurate calculation or estimation of reconciling items and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing or amount of various items that have not yet occurred, are out of the company’s control and/or cannot be reasonably predicted, and that would impact diluted net earnings per share, the most directly comparable forward-looking GAAP financial measure. For the same reasons, the company is unable to address the probable significance of the unavailable information. Forward-looking non-GAAP financial measures provided without the most directly comparable GAAP financial measures may vary materially from the corresponding GAAP financial measures.
As a global company, Zebra's operating results reported in U.S. dollars are affected by foreign currency exchange rate fluctuations because the underlying foreign currencies in which the company transacts change in value over time compared to the U.S. dollar; accordingly, the company presents certain organic growth financial information, which includes impacts of foreign currency translation, to provide a framework to assess how the company’s businesses performed excluding the impact of foreign currency exchange rate fluctuations. Foreign currency impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. dollar. This impact is calculated by translating current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flow hedge gains and losses from both the current and prior year periods. The company believes these measures should be considered a supplement to and not in lieu of the company’s performance measures calculated in accordance with GAAP.
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Contacts
Investors
Media
Michael Steele, CFA, IRC
Therese Van Ryne
Vice President, Investor Relations
Senior Director, External Communications
Phone: + 1 847 518 6432
Phone: + 1 847 370 2317
InvestorRelations@zebra.com
therese.vanryne@zebra.com
ZEBRA and the stylized Zebra head are trademarks of Zebra Technologies Corp., registered in many jurisdictions worldwide. You may quote this release with attribution.
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(In millions, except share data)
July 4, 2026
December 31, 2025
(Unaudited)
Assets
Current assets:
Cash and cash equivalents
$
157
$
125
Accounts receivable, net of allowances for doubtful accounts of $1 million each as of July 4, 2026 and December 31, 2025
990
801
Inventories, net
733
729
Income tax receivable
56
31
Prepaid expenses and other current assets
126
110
Total Current assets
2,062
1,796
Property, plant and equipment, net
346
353
Right-of-use lease assets
168
166
Goodwill
4,701
4,727
Other intangibles, net
725
809
Deferred income taxes
396
414
Other long-term assets
239
237
Total Assets
$
8,637
$
8,502
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt
$
2,275
$
141
Accounts payable
738
695
Accrued liabilities
506
558
Deferred revenue
444
446
Income taxes payable
35
12
Total Current liabilities
3,998
1,852
Long-term debt
493
2,361
Long-term lease liabilities
156
157
Deferred income taxes
31
32
Long-term deferred revenue
391
396
Other long-term liabilities
133
116
Total Liabilities
5,202
4,914
Stockholders’ Equity:
Preferred stock, $.01 par value; authorized 10,000,000 shares; none issued
—
—
Class A common stock, $.01 par value; authorized 150,000,000 shares; issued 72,151,857 shares
1
1
Additional paid-in capital
882
814
Treasury stock at cost, 24,762,921 and 22,558,911 shares as of July 4, 2026 and December 31, 2025, respectively
(3,057)
(2,488)
Retained earnings
5,647
5,279
Accumulated other comprehensive loss
(38)
(18)
Total Stockholders’ Equity
3,435
3,588
Total Liabilities and Stockholders’ Equity
$
8,637
$
8,502
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(In millions, except share data)
(Unaudited)
Three Months Ended
Six Months Ended
July 4, 2026
June 28, 2025
July 4, 2026
June 28, 2025
Net sales:
Tangible products
$
1,316
$
1,055
$
2,547
$
2,117
Services and software
241
238
505
484
Total Net sales
1,557
1,293
3,052
2,601
Cost of sales:
Tangible products
615
553
1,238
1,095
Services and software
117
124
247
245
Total Cost of sales
732
677
1,485
1,340
Gross profit
825
616
1,567
1,261
Operating expenses:
Selling and marketing
184
158
373
319
Research and development
159
144
324
295
General and administrative
114
102
241
213
Amortization of intangible assets
37
25
74
49
Acquisition and integration costs
2
4
3
7
Exit and restructuring costs
8
—
16
—
Total Operating expenses
504
433
1,031
883
Operating income
321
183
536
378
Other (loss) income, net:
Foreign exchange loss
(2)
(11)
(2)
(16)
Interest expense, net
(35)
(25)
(72)
(48)
Other income (expense), net
1
(9)
(10)
(11)
Total Other expense, net
(36)
(45)
(84)
(75)
Income before income tax
285
138
452
303
Income tax expense
52
26
84
55
Net income
$
233
$
112
$
368
$
248
Basic earnings per share
$
4.89
$
2.20
$
7.61
$
4.85
Diluted earnings per share
$
4.85
$
2.19
$
7.54
$
4.81
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In millions)
(Unaudited)
Six Months Ended
July 4, 2026
June 28, 2025
Cash flows from operating activities:
Net income
$
368
$
248
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
113
84
Losses on long-term investments
15
10
Share-based compensation
94
83
Deferred income taxes
9
(30)
Gain on sale of business
(5)
—
Other, net
—
2
Changes in operating assets and liabilities:
Accounts receivable, net
(193)
81
Inventories, net
(7)
11
Other assets
(10)
10
Accounts payable
35
(71)
Accrued liabilities
(35)
(101)
Deferred revenue
(8)
13
Income taxes
11
(10)
Other operating activities
—
(5)
Net cash provided by operating activities
387
325
Cash flows from investing activities:
Acquisition of business
—
(62)
Proceeds from the sale of business
9
—
Purchases of property, plant and equipment
(26)
(37)
Proceeds from sale of long-term investments
1
—
Other investing activities
1
—
Net cash used in investing activities
(15)
(99)
Cash flows from financing activities:
Payments of debt
(59)
—
Proceeds from issuance of debt
325
—
Payments for repurchases of common stock
(568)
(250)
Net payments related to share-based compensation plans
(21)
(16)
Change in unremitted cash collections from servicing factored receivables
(17)
7
Other financing activities
(1)
2
Net cash used in financing activities
(341)
(257)
Effect of exchange rate changes on cash and cash equivalents
1
2
Net increase (decrease) in cash and cash equivalents
32
(29)
Cash and cash equivalents at beginning of period
125
901
Cash and cash equivalents at end of period
$
157
$
872
Supplemental disclosures of cash flow information:
Income taxes paid
$
75
$
95
Interest paid
$
71
$
55
Certain prior period amounts included in Net cash provided by operating activities have been reclassified to conform with the current period presentation.
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
RECONCILIATION OF ORGANIC NET SALES GROWTH
(Unaudited)
Three Months Ended
July 4, 2026
CF
AVA
Consolidated
Consolidated Reported GAAP Net sales growth
25.9
%
13.5
%
20.4
%
Adjustments:
Impact of foreign currency translations (1)
(2.5)
%
(2.3)
%
(2.5)
%
Impact of acquisitions and dispositions (2)
(15.9)
%
0.2
%
(8.7)
%
Consolidated Organic Net sales growth
7.5
%
11.4
%
9.2
%
Six Months Ended
July 4, 2026
CF
AVA
Consolidated
Reported GAAP Consolidated Net sales growth
23.3
%
10.3
%
17.3
%
Adjustments:
Impact of foreign currency translations (1)
(2.3)
%
(2.2)
%
(2.2)
%
Impact of acquisitions and dispositions (2)
(15.3)
%
(0.1)
%
(8.3)
%
Consolidated Organic Net sales growth
5.7
%
8.0
%
6.8
%
(1)Operating results reported in U.S. Dollars are affected by foreign currency exchange rate fluctuations. Foreign currency translation impact represents the difference in results that are attributable to fluctuations in the currency exchange rates used to convert the results for businesses where the functional currency is not the U.S. Dollar. This impact is calculated by translating the current period results at the currency exchange rates used in the comparable prior year period as well as removing realized cash flow hedge gains and losses from both the current and prior year periods.
(2)For purposes of computing Organic Net sales growth, amounts attributable to business acquisitions or dispositions are excluded for twelve months following or preceding the respective acquisition or disposition, respectively.
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP GROSS MARGIN AND OPERATING INCOME
($ In millions)
(Unaudited)
Three Months Ended
July 4, 2026
June 28, 2025
CF
AVA
Consolidated
CF
AVA
Consolidated
GAAP
Reported Net sales
$
903
$
654
$
1,557
$
717
$
576
$
1,293
Reported Gross profit (1)
462
368
825
339
280
616
Gross Margin
51.2
%
56.3
%
53.0
%
47.3
%
48.6
%
47.6
%
Operating Income (2)
219
192
321
142
107
183
Non-GAAP
Adjusted Net sales
$
903
$
654
$
1,557
$
717
$
576
$
1,293
Adjusted Gross profit (1)
462
368
830
339
280
619
Adjusted Gross Margin
51.2
%
56.3
%
53.3
%
47.3
%
48.6
%
47.9
%
Adjusted Operating Income (2)
219
192
411
142
107
249
Six Months Ended
July 4, 2026
June 28, 2025
CF
AVA
Consolidated
CF
AVA
Consolidated
GAAP
Reported Net sales
$
1,728
$
1,324
$
3,052
$
1,401
$
1,200
$
2,601
Reported Gross profit (1)
867
716
1,567
672
596
1,261
Gross Margin
50.2
%
54.1
%
51.3
%
48.0
%
49.7
%
48.5
%
Operating Income (2)
388
351
536
282
242
378
Non-GAAP
Adjusted Net sales
$
1,728
$
1,324
$
3,052
$
1,401
$
1,200
$
2,601
Adjusted Gross profit (1)
867
716
1,583
672
596
1,268
Adjusted Gross Margin
50.2
%
54.1
%
51.9
%
48.0
%
49.7
%
48.8
%
Adjusted Operating Income (2)
388
351
739
282
242
524
(1)Segment and Adjusted Gross profit excludes share-based compensation expense and business acquisition purchase accounting adjustments.
(2)Segment and Non-GAAP Operating income excludes share-based compensation expense, business acquisition purchase accounting adjustments, amortization of intangible assets, acquisition and integration costs, exit and restructuring costs, as well as certain other non-recurring costs (impairment of goodwill and other intangible assets).
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME
($ In millions, except share data)
(Unaudited)
Three Months Ended
Six Months Ended
July 4, 2026
June 28, 2025
July 4, 2026
June 28, 2025
GAAP Net income
$
233
$
112
$
368
$
248
Adjustments to Cost of sales(1)
Purchase accounting adjustments
—
—
5
—
Share-based compensation
5
3
11
7
Total adjustments to Cost of sales
5
3
16
7
Adjustments to Operating expenses(1)
Amortization of intangible assets
37
25
74
49
Acquisition and integration costs
2
4
3
7
Share-based compensation
38
34
94
83
Exit and restructuring costs
8
—
16
—
Total adjustments to Operating expenses
85
63
187
139
Adjustments to Other expense, net(1)
Amortization of debt issuance costs and discounts
1
—
2
1
Losses on long-term investments
—
10
15
10
Foreign exchange loss
2
11
2
16
Gain on sale of business
—
—
(5)
—
Other adjustments to Other expense, net
(3)
—
(3)
—
Total adjustments to Other expense, net
—
21
11
27
Income tax effect of adjustments(2)
Reported income tax expense
52
26
84
55
Adjusted income tax
(70)
(39)
(126)
(82)
Total adjustments to income tax
(18)
(13)
(42)
(27)
Total adjustments
72
74
172
146
Non-GAAP Net income
$
305
$
186
$
540
$
394
GAAP earnings per share
Basic
$
4.89
$
2.20
$
7.61
$
4.85
Diluted
$
4.85
$
2.19
$
7.54
$
4.81
Non-GAAP earnings per share
Basic
$
6.40
$
3.63
$
11.17
$
7.69
Diluted
$
6.35
$
3.61
$
11.08
$
7.63
Basic weighted average shares outstanding
47,717,205
50,939,474
48,364,994
51,154,241
Diluted weighted average and equivalent shares outstanding
48,129,265
51,282,273
48,776,549
51,546,410
(1)Presented on a pre-tax basis.
(2)Represents adjustments to GAAP income tax expense commensurate with pre-tax non-GAAP adjustments (including the resulting impacts to U.S. BEAT/GILTI provisions), as well as adjustments to exclude the impacts of certain discrete income tax items and incorporate the anticipated annualized effects of current year tax planning.
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ZEBRA TECHNOLOGIES CORPORATION AND SUBSIDIARIES
GAAP to NON-GAAP RECONCILIATION TO EBITDA
($ In millions)
(Unaudited)
Three Months Ended
Six Months Ended
July 4, 2026
June 28, 2025
July 4, 2026
June 28, 2025
GAAP Net income
$
233
$
112
$
368
$
248
Add back:
Depreciation (excluding exit and restructuring)
20
18
39
35
Amortization of intangible assets
37
25
74
49
Total Other expense, net
36
45
84
75
Income tax expense
52
26
84
55
EBITDA (Non-GAAP)
378
226
649
462
Adjustments to Cost of sales
Purchase accounting adjustments
—
—
5
—
Share-based compensation
5
3
11
7
Total adjustments to Cost of sales
5
3
16
7
Adjustments to Operating expenses
Acquisition and integration costs
2
4
3
7
Share-based compensation
38
34
94
83
Exit and restructuring costs
8
—
16
—
Total adjustments to Operating expenses
48
38
113
90
Total adjustments to EBITDA
53
41
129
97
Adjusted EBITDA (Non-GAAP)
$
431
$
267
$
778
$
559
Adjusted EBITDA margin (Non-GAAP)
27.7
%
20.6
%
25.5
%
21.5
%
FREE CASH FLOW
Six Months Ended
July 4, 2026
June 28, 2025
Net cash provided by operating activities
$
387
$
325
Less: Purchases of property, plant and equipment
(26)
(37)
Free cash flow (Non-GAAP)(1)
$
361
$
288
(1) Free cash flow, a non-GAAP measure, is defined as Net cash provided by (used in) operating activities in a period minus purchases of property, plant and equipment (capital expenditures) made in that period.
