Exhibit 99.1

FOR IMMEDIATE RELEASE

Zebra Technologies Announces Record Sales for Second Quarter of 2006

Vernon Hills, IL, July 26, 2006—Zebra Technologies Corporation (NASDAQ: ZBRA) today announced that net income for the period ended July 1, 2006, advanced 8.8% to $27,672,000, or $0.39 per diluted share, on 6.1% growth in net sales to $187,421,000, a quarterly record. For the second quarter a year ago, the company reported net income of $25,446,000, or $0.35 per diluted share, on $176,614,000 in net sales. Results for 2005 were restated to reflect the adoption of SFAS 123(R), Share-Based Payments.

“Record shipments are the tangible result of a strategy to serve a wider range of printing solutions worldwide,” stated Edward Kaplan, Zebra’s chairman and chief executive officer. “Zebra’s extended global reach is translating into high growth in international regions. We are capturing more opportunities in healthcare, route accounting, retail and other vertical market applications. With a much more diversified business across products, channels and markets, we remain optimistic about our growth prospects and confident in our abilities to build greater stockholder value.”

Discussion and Analysis

For the second quarter of 2006 compared with the second quarter of 2005:

• Ongoing strength in international territories with notable growth in the company’s Europe, Middle East and Africa region of 16.8% helped drive improved sales growth. On a consolidated basis, nearly all printer product lines contributed to a 15.6% unit volume increase. Supplies sales increased 19.1%.

• Gross profit margin declined to 47.8% from 50.5%. During the quarter, gross profit margin was affected by shifts in product mix, lower average unit prices, and unfavorable currency movements.

• Operating income benefited from a $2,068,000, or 3.8%, decline in operating expenses. This decline was largely the result of lower legal expenses.

For the first six months of 2006, the company had net sales of $363,235,000, up 4.6% from $347,342,000 for the first half of 2005. Net income was $53,763,000, or $0.76 per diluted share, compared with $51,264,000, or $0.71 per diluted share, a year ago.

At July 1, 2006, Zebra had $584,847,000 in cash and investments, and no long-term debt. Inventories increased to $77,369,000, primarily related to the implementation of the EU RoHS Directive to remove hazardous substances from electrical and electronic equipment. Accounts receivable were $115,693,000.

Third Quarter Outlook

Zebra also announced its financial forecast for the third quarter of 2006. Net sales are expected within a range of $180,000,000 and $190,000,000. Earnings are expected within a range of $0.34 and $0.39 per diluted share.

Forward-looking Statement

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 financial forecast for the third quarter of 2006 stated in the paragraph directly above. 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 may elect to update forward-looking statements but expressly disclaims any obligation to do so, even if the company’s estimates change.

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These forward-looking statements are based on current expectations, forecasts and assumptions and are subject to the risks and uncertainties inherent in general and in Zebra’s industry and market conditions, of general domestic and international economic conditions, and other factors. These factors include market conditions in North America and other geographic regions and market acceptance of Zebra’s printer and software products and competitors’ product offerings and the potential effects of technological changes. Other factors include U.S. and foreign regulations that pertain to electrical and electronic equipment, including European directives relating to the collection, recycling, treatment and disposal of products and the reduction or elimination of certain specified materials in such products. Zebra’s failure to comply with these regulations may subject Zebra to penalties, prevent Zebra from selling its products in a certain country, or increase the cost of supplying the products. Profits and profitability will be affected by the company’s ability to control manufacturing and operating costs. Because of a large investment portfolio, interest rate and financial market conditions will also have an impact on results. Foreign exchange rates will have an effect on financial results because of the large percentage of our international sales. The outcome of litigation in which Zebra is involved, and particularly litigation or claims related to infringement of third party intellectual property rights, is another factor. These and other factors could have an adverse effect on Zebra’s revenues, gross profit margins and results of operations and increase the volatility of our financial results. When used in this release and documents referenced, the words “anticipate,” “believe,” “estimate,” 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 the risks, uncertainties and other factors that could affect the company’s future operations and results can be found in Zebra’s filings with the Securities and Exchange Commission. In particular, readers are referred to Zebra’s Form 10-K for the year ended December 31, 2005, and the Risk Factors in Zebra’s Form 10-Q for the quarter ended April 1, 2006.

Zebra Technologies Corporation delivers innovative and reliable on-demand printing solutions for business improvement and security applications in 100 countries around the world. More than 90 percent of Fortune 500 companies use Zebra-brand printers. A broad range of applications benefit from Zebra-brand thermal bar code, “smart” label, receipt, and card printers, resulting in enhanced security, increased productivity, improved quality, lower costs, and better customer service. The company has sold more than five million printers, including RFID printer/encoders and wireless mobile solutions, and also offers software, connectivity solutions and printing supplies. Information about Zebra bar code, card and RFID products can be found at http://www.zebra.com.

Investors are invited to listen to a live Internet broadcast of Zebra’s conference call discussing the company’s financial results for the second quarter of 2006. The conference call will be held at 11:00 Eastern Time today. To listen to the call, visit the company’s Web site at www.zebra.com.

For Information, Contact:

Charles R. Whitchurch

Chief Financial Officer

Phone: 847.634.6700

Fax: 847.821.2545

ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED BALANCE SHEETS

(Amounts in thousands)

	July 1, 2006			December 31, 2005
	(Unaudited)			(Restated)
ASSETS
Current assets:
Cash and cash equivalents	$	27,627		$	25,621
Investments and marketable securities		179,774			518,618
Accounts receivable, net		115,693			111,551
Inventories, net		77,369			63,638
Deferred income taxes		8,419			8,188
Prepaid expenses		6,015			5,098
Total current assets		414,897			732,714
Property and equipment at cost, less accumulated depreciation and amortization		54,684			49,643
Long-term deferred income taxes		8,459			6,216
Goodwill		69,097			69,097
Other intangibles, net		20,700			19,002
Long-term investments and marketable securities		377,446			—
Other assets		40,565			41,743
Total assets	$	985,848		$	918,415
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable	$	24,194		$	24,885
Accrued liabilities		32,690			28,928
Income taxes payable		1,326			535
Total current liabilities		58,210			54,348
Deferred rent		570			574
Other long-term liabilities		5,999			5,521
Total liabilities		64,779			60,443
Stockholders’ equity:
Preferred Stock		—			—
Class A Common Stock		722			722
Additional paid-in capital		136,374			139,433
Treasury stock		(50,087	)		(64,013	)
Retained earnings		833,216			779,453
Accumulated other comprehensive income		844			2,377
Total stockholders’ equity		921,069			857,972
Total liabilities and stockholders’ equity	$	985,848		$	918,415

Note: Figures for December 31, 2005, were restated for the adoption of SFAS 123 (R), Share-Based Payments, using the modified retrospective approach.

ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF EARNINGS

(Amounts in thousands, except per share data)

(Unaudited)

	Three Months Ended						Six Months Ended
	July 1, 2006			July 2, 2005			July 1, 2006			July 2, 2005
				(Restated)						(Restated)
Net sales	$	187,421		$	176,614		$	363,235		$	347,342
Cost of sales		97,895			87,467			191,011			171,066
Gross profit		89,526			89,147			172,224			176,276
Operating expenses:
Selling and marketing		23,510			23,050			45,619			44,615
Research and development		12,382			12,386			24,417			23,437
General and administrative		15,081			17,800			29,730			33,603
Amortization of intangible assets		723			387			1,470			1,034
Exit costs		—			141			—			1,658
Total operating expenses		51,696			53,764			101,236			104,347
Operating income		37,830			35,383			70,988			71,929
Other income (expense):
Investment income		4,987			3,072			10,194			6,349
Interest expense		(13	)		(27	)		(231	)		(31	)
Foreign exchange gains (loss)		(380	)		812			(269	)		865
Other, net		(177	)		(243	)		(626	)		(546	)
Total other income		4,417			3,614			9,068			6,637
Income before income taxes and cumulative effect of accounting change		42,247			38,997			80,056			78,566
Income taxes		14,575			13,551			27,612			27,302
Income before cumulative effect of accounting change		27,672			25,446			52,444			51,264
Cumulative effect of accounting change		—			—			1,319			—
Net income	$	27,672		$	25,446		$	53,763		$	51,264
Basic earnings per share before cumulative effect of accounting change	$	0.39		$	0.35		$	0.74		$	0.71
Diluted earnings per share before cumulative effect of accounting change	$	0.39		$	0.35		$	0.74		$	0.71
Basic earnings per share	$	0.39		$	0.35		$	0.76		$	0.71
Diluted earnings per share	$	0.39		$	0.35		$	0.76		$	0.71
Basic weighted average shares outstanding		70,781			72,013			70,661			71,939
Diluted weighted average and equivalent shares outstanding		71,229			72,679			71,154			72,654

Note: Figures for the three months and six months ended July 2, 2005, were restated for the adoption of SFAS 123 (R), Share-Based Payments, using the modified retrospective approach.

ZEBRA TECHNOLOGIES CORPORATION

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Amounts in thousands)

(Unaudited)

	Six Months Ended
	July 1, 2006			July 2, 2005
				(Restated)
Cash flows from operating activities:
Net income	$	53,763		$	51,264
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		7,300			6,399
Stock-based compensation		3,485			3,994
Excess tax benefit from share-based compensation		(1,461	)		(1,411	)
Cumulative effect of accounting change (net of tax)		(1,319	)		—
Deferred income taxes		(2,419	)		432
Changes in assets and liabilities:
Accounts receivable, net		(479	)		(12,124	)
Inventories		(12,729	)		(5,342	)
Other assets		2,387			(8,358	)
Accounts payable		(2,358	)		(1,655	)
Accrued liabilities		3,261			(1,291	)
Income taxes payable		1,107			(2,692	)
Other operating activities		(2,259	)		1,532
Net cash provided by operating activities		48,279			30,748
Cash flows from investing activities:
Purchases of property and equipment		(10,446	)		(6,607	)
Acquisition of assets of Retail Systems International, Inc.		—			(7,655	)
Acquisition of intangible assets		(3,898	)		(8,254	)
Purchases of investments and marketable securities		(543,095	)		(509,112	)
Maturities of investments and marketable securities		345,300			313,076
Sales of investments and marketable securities		155,611			172,334
Net cash used in investing activities		(56,528	)		(46,218	)
Cash flows from financing activities:
Proceeds from exercise of stock options and stock purchase plan purchases		8,126			6,600
Excess tax benefit from share-based compensation		1,461			1,411
Payments for obligation under capital lease		—			(27	)
Net cash provided by financing activities		9,587			7,984
Effect of exchange rate changes on cash		668			(399	)
Net increase (decrease) in cash and cash equivalents		2,006			(7,885	)
Cash and cash equivalents at beginning of period		25,621			17,983
Cash and cash equivalents at end of period	$	27,627		$	10,098
Supplemental disclosures of cash flow information:
Interest paid	$	231		$	331
Income taxes paid		27,196			31,104

Note: Figures for the six months ended July 2, 2005, were restated for the adoption of SFAS 123 (R), Share-Based Payments, using the modified retrospective approach.

ZEBRA TECHNOLOGIES CORPORATION

SUPPLEMENTAL SALES INFORMATION

(Amounts in thousands)

(Unaudited)

Sales by Product Category

	Three Months Ended						Percent Change		Percent of Total Sales
	July 1, 2006			July 2, 2005
Hardware	$	140,553		$	135,916		3.4		75.0
Supplies		39,404			33,091		19.1		21.0
Service and software		6,199			6,627		(6.5	)	3.3
Shipping and handling		1,469			1,378		6.6		0.8
Cash flow from hedging activities		(204	)		(398	)	NM		(0.1	)
Total sales	$	187,421		$	176,614		6.1		100.0

Sales by Product Category

	Six Months Ended					Percent Change		Percent of Total Sales
	July 1, 2006		July 2, 2005
Hardware	$	274,022	$	269,387		1.7		75.5
Supplies		73,729		63,040		17.0		20.3
Service and software		12,430		12,706		(2.2	)	3.4
Shipping and handling		2,886		2,880		0.2		0.8
Cash flow from hedging activities		168		(671	)	NM		—
Total sales	$	363,235	$	347,342		4.6		100.0

Sales by Geographic Region

	Three Months Ended				Percent Change		Percent of Total Sales
	July 1, 2006		July 2, 2005
Europe, Middle East and Africa	$	68,047	$	58,271	16.8		36.3
Latin America		13,257		12,897	2.8		7.1
Asia-Pacific		14,944		15,665	(4.6	)	8.0
Total international		96,248		86,833	10.8		51.4
North America		91,173		89,781	1.6		48.6
Total sales	$	187,421	$	176,614	6.1		100.0

Sales by Geographic Region

	Six Months Ended				Percent Change	Percent of Total Sales
	April 1, 2006		April 2, 2005
Europe, Middle East and Africa	$	128,728	$	118,851	8.3	35.4
Latin America		26,176		23,023	13.7	7.2
Asia-Pacific		30,170		28,124	7.3	8.3
Total international		185,074		169,998	8.9	50.9
North America		178,161		177,344	0.5	49.1
Total sales	$	363,235	$	347,342	4.6	100.0