What move does the options market price into Zebra Technologies's report?

Implied ±16.6%, either direction · provisional.

How often does Zebra Technologies move more than the options market prices?

5 of the last 8 reports moved at least as far as the implied move.

ZBRANasdaqGeneral Industrial Machinery & Equipment

Zebra Technologies Corp (ZBRA) earnings date, market-implied expected move, and options open interest by expiry

335.15

+5.65 · +1.72%

Regular session09:30 ET

Open334.78Volume2.1MMkt cap$15.5BP/E26.77EPS12.52

Day332.00 – 335.15100%52-wk199.05 – 392.7870%

ZBRA

Zebra Technologies Corp

OpenVolumeMkt capP/EEPSDiv yield

Day – 52-wk –

Expected move

Inputs

±16.6%implied · straddle

274.80384.20

spot 329.50exp Feb 19ATM strike 330ATM straddle 64.35IV 45%

Nov 3 closeprovisional

Expected move

Inputs

Next report

Feb 11

before open · in 99 days

est.Q4 FY26

Calendar

Next report

Last report

−8.76%

vs ±10.2% implied · ×0.86

shaded = implied · ▲▼ = realized

Nov 3 '26 · confirmed

Implied vs realized

Largest filed tie

29.00%

of ZBRA revenue · Customer A

customerZBRA 10-K

Largest filed tie

13F top-10 QoQ

+1.51%

shares held · 10 largest managers

13F · Jun 30 '26127d lag

643 managers

Top fund weight

0.26%

ZBRA weight · RSP

N-PORTJul 31 '26

9 funds

Last reportshaded = implied▲▼ = realized× = |realized| ÷ implied

Zebra Technologies (ZBRA) is expected to report on Feb 11 before open (estimated date).

Implied vs realized

8 reports

5 of 8≥ implied

avg implied: ±9.3%
avg realized: ±11.5%

Feb 13 '25Feb 13 '25confirmed±6.8%▼−8.36%×1.23

Apr 29 '25Apr 29 '25confirmed±9.8%▲+5.16%×0.53

Aug 5 '25Aug 5 '25confirmed±7.3%▼−11.35%×1.55

Oct 28 '25Oct 28 '25confirmed±9.4%▼−11.68%×1.24

Feb 12 '26Feb 12 '26confirmed±9.7%▲+8.58%×0.89

Q1 FY26May 12 '26confirmed±10.6%▲+11.44%×1.08

Q2 FY26Aug 4 '26confirmed±10.9%▲+26.47%×2.43

Nov 3 '26Nov 3 '26confirmed±10.2%▼−8.76%×0.86

quarterimplied−30%0+30%realized×

Nov '26±10.2%▼−8.76%×0.86

Q2 FY26±10.9%

Shaded = implied · tick ▲▼ = realized · × = |realized| ÷ impliedSource: options EOD · implied at prior close · realized close to close

Implied vs realized

Positioning

OI · 3 expiries · Nov 2 close

3.01OI · 3 expiries · Nov 2 closeP/C open interest · Feb 19 · first expiry after the report

PUTS · chgexpiry · days · P/CCALLS · chgP/C

1,990+9%Nov 2016d1.471,352+4%1.47

880+1%Dec 1844d1.187480%1.18

report · Feb 11 · before open · est.

2,5860%Feb 19107d8590%

ExpiryPutsCallsP/C

Nov 2016d1,990+9%1,352+4%1.47

Dec 1844d880+1%7480%1.18

report · Feb 11 · before open · est.

Feb 19107d2,5860%

Hatched = puts · solid = calls · bars scaled per expiry · chg = OI vs prior sessionSource: options EOD

Positioning

Linked exposure

scenario · straddle±16.6%

Funds 4

RSP±0.0%

XLK±0.0%

REVS±0.0%

FB±0.0%

Dashed = straddleMethod 2 more funds Source: SEC filings · N-PORT · market data

Linked exposure

Revenue flow

as filedQ3 FY26

10.16%as filednet margin · revenue +3.66% QoQ · +22.27% YoY

Revenue

$1.6B+3.66% QoQ

Gross profit

$738M−10.55% QoQ

45.72% margin

Operating income

$237M−26.17% QoQ

14.68% margin

Pre-tax income

$198M−30.53% QoQ

Net income

$164M−29.61% QoQ

10.16% margin

Cost of revenue

$876M+19.67% QoQ

Operating expenses

$501M−0.60% QoQ

Marketing $183M

R&D $158M

SG&A $122M

Other operating $38M

Other expense

$39M

Tax

$34M−34.62% QoQ

Revenue$1.6B+3.66%

Gross profit

$738M−10.55%

45.72% margin

Operating income

$237M−26.17%

14.68% margin

Pre-tax income

$198M−30.53%

Net income

$164M−29.61%

10.16% margin

Cost of revenue

$876M+19.67%

Operating expenses

$501M−0.60%

Marketing $183M

R&D $158M

SG&A $122M

Other expense

$39M

Tax$34M−34.62%

flow · deduction · signed % = QoQSource: SEC filings · standardized · QE Oct 3 '26 · width = $

Revenue flow

Intraday

15m bars

Long dash = implied range · Nov 3 close · Hatch = extended hours · ▯ up · ▮ downSource: market data · 09:30 ET

Intraday

Event sensitivity

CPI ×1.74· ±3.1% vs ±1.8% · 10 releases

eventrelease day|move|up · n×base

CPIconsumer prices±3.1%3 of 10×1.74

NFPjobs report±2.1%4 of 10×1.20

FOMCrate decision±1.5%10 of 24×0.87

GDPgross domestic product±1.5%8 of 19×0.84

PPIproducer prices±1.5%5 of 10×0.82

PCEpersonal income & outlays±1.4%8 of 19×0.81

CPROFcorporate profits±1.1%5 of 12×0.64

Bar = avg |move| to ±4% · tick = ±1.8% avg day · ×base = |move| ÷ ±1.8% · min 6 releases

Earnings history

EPS 3.43 · consensus —

Quarter	Reported	EPS	Consensus
Q3 FY26	—	3.43	—
Q2 FY26	Aug 4 '26 · confirmed	4.85	—
Q1 FY26	May 12 '26 · confirmed	2.72	—

Source: filed financials

Methodology

ties · implied moves · holdersMethod