Zebra Stock Beats the Dow This Year, Trails Over 12 Months

Zebra Technologies shares have outpaced the Dow Jones Industrial Average over the past three months and so far in 2026, despite trailing the index over the past year. The answer to whether ZBRA is underperforming depends on which period investors measure.

Barchart’s September 22 comparison showed Zebra up 48.7% over three months, while the Dow had gained only marginally. Since the start of 2026, ZBRA had climbed 44.5%, compared with an 8.3% rise for the index.

The picture reverses over 12 months. Zebra shares were up 10.1%, versus a 12.4% gain for the Dow. That longer window captures a period when the stock lagged, even as its more recent gains sharply narrowed the gap.

The latest trading session also showed a strong move: ZBRA closed at $361.61 on September 22, up about 3.1% for the day. The stock remains below its 52-week high of $386.23, reached August 12.

Zebra sells barcode scanners, label printers, RFID readers and mobile computers used in retail, manufacturing, logistics and healthcare. Its results can reflect business spending on equipment and automation, as well as investor demand for technology shares.

The company’s latest reported quarter offered strong operating numbers. Zebra said second-quarter sales rose 20.4% year over year to $1.56 billion, while adjusted earnings per share increased 75.9% to $6.35. Organic sales, which exclude acquisitions and currency effects, grew 9.2%.

Zebra also raised its 2026 outlook in August, forecasting sales growth of 14% to 16% and adjusted earnings per share of $20.75 to $21.25. Those forecasts include an estimated boost from acquisitions, dispositions and foreign exchange.

For context, Barchart reported that rival Lam Research had gained 76.6% in 2026, outpacing Zebra. Investors will watch Zebra’s next results for signs that organic demand and profit growth can support its rally.