Universal Display (OLED) financial statements
Universal Display reported revenue of $651M in fiscal 2025, up 14.1% a year over 9 years.
Net income was $242M and the operating margin 38.2%, against 34.4% in 2016.
Free cash flow was $154M, and the company returned $86M in dividends and $33M in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Universal Display's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $199M | $336M | $247M | $405M | $429M | $554M | $617M | $576M | $648M | $651M |
| Cost of revenue | $26M | $55M | $54M | $75M | $85M | $115M | $128M | $135M | $148M | $154M |
| Gross profit | $173M | $281M | $194M | $330M | $343M | $439M | $489M | $441M | $499M | $496M |
| Research and development | $43M | $49M | $54M | $71M | $84M | $100M | $117M | $130M | $157M | $146M |
| Selling, general and admin | $33M | $47M | $47M | $60M | $61M | $80M | $78M | $67M | $74M | $74M |
| Operating income | $68M | $146M | $57M | $158M | $158M | $228M | $267M | $217M | $239M | $249M |
| Pre-tax income | $69M | $150M | $64M | $170M | $164M | $228M | $268M | $245M | $272M | $295M |
| Income tax | $21M | $46M | $5M | $32M | $30M | $44M | $58M | $42M | $50M | $53M |
| Net income | $48M | $104M | $59M | $138M | $133M | $184M | $210M | $203M | $222M | $242M |
| EPS (diluted) | $1.02 | $2.18 | $1.24 | $2.92 | $2.80 | $3.87 | $4.40 | $4.24 | $4.65 | $5.08 |
| Diluted shares | 47M | 47M | 47M | 47M | 47M | 47M | 47M | 48M | 48M | 48M |
| Gross margin | 86.8% | 83.7% | 78.4% | 81.4% | 80.1% | 79.2% | 79.3% | 76.5% | 77.1% | 76.3% |
| Operating margin | 34.4% | 43.6% | 22.9% | 39.1% | 36.7% | 41.1% | 43.3% | 37.7% | 36.9% | 38.2% |
| Net margin | 24.2% | 31.0% | 23.8% | 34.1% | 31.1% | 33.3% | 34.1% | 35.2% | 34.3% | 37.2% |
Balance sheet
Fiscal years, from Universal Display's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $328M | $420M | $515M | $646M | $730M | $663M | $578M | $514M | $493M | $602M |
| Receivables | $25M | $52M | $43M | $60M | $82M | $108M | $93M | $140M | $114M | $120M |
| Inventory | $17M | $36M | $70M | $64M | $92M | $134M | $183M | $176M | $183M | $241M |
| Total current assets | $385M | $519M | $635M | $792M | $925M | $926M | $899M | $917M | $900M | $1.1B |
| Property, plant and equipment | $27M | $56M | $70M | $88M | $102M | $129M | $143M | $175M | $195M | $215M |
| Goodwill | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $16M | $16M |
| Total assets | $628M | $780M | $933M | $1.1B | $1.3B | $1.5B | $1.5B | $1.7B | $1.8B | $2.0B |
| Total current liabilities | $40M | $64M | $133M | $162M | $165M | $188M | $136M | $119M | $125M | $108M |
| Total liabilities | $99M | $121M | $243M | $309M | $357M | $367M | $257M | $222M | $216M | $203M |
| Shareholders' equity | $528M | $659M | $691M | $811M | $913M | $1.1B | $1.3B | $1.4B | $1.6B | $1.8B |
| Net debt | -$139M | -$133M | -$211M | -$132M | -$630M | -$312M | -$93M | -$92M | -$99M | -$138M |
Cash flow
Fiscal years, from Universal Display's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $80M | $133M | $122M | $194M | $149M | $191M | $127M | $155M | $254M | $211M |
| Capital spending | $7M | $30M | $25M | $30M | $28M | $43M | $42M | $60M | $43M | $56M |
| Free cash flow | $73M | $104M | $96M | $164M | $121M | $148M | $84M | $95M | $211M | $154M |
| Stock-based compensation | $11M | $12M | $12M | $16M | $27M | $35M | $30M | $24M | $30M | $28M |
| Dividends paid | — | $6M | $11M | $19M | $28M | $38M | $57M | $67M | $76M | $86M |
| Share buybacks (net) | — | — | -$477,000 | -$649,000 | $0 | $0 | — | $0 | $0 | -$33M |
| Free cash flow margin | 36.7% | 30.9% | 39.0% | 40.4% | 28.2% | 26.7% | 13.7% | 16.5% | 32.6% | 23.7% |
| Dividends per share | — | $0.12 | $0.24 | $0.40 | $0.60 | $0.80 | $1.20 | $1.40 | $1.60 | $1.80 |
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Open OLED in InvestinglyQuestions
What was Universal Display's revenue in 2025?
$651M in fiscal 2025, from its 10-K filing.
How much free cash flow does Universal Display generate?
$154M in fiscal 2025 (operating cash flow minus capital spending).
From Universal Display's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.