Unity Software (U) financial statements
Unity Software reported revenue of $1.8B in fiscal 2025, up 25.3% a year over 7 years.
Net income was -$403M and the operating margin -25.9%, against -34.2% in 2018.
Free cash flow was $404M.
The diluted share count rose 297% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Unity Software's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $381M | $542M | $772M | $1.1B | $1.4B | $2.2B | $1.8B | $1.8B |
| Cost of revenue | $81M | $119M | $172M | $254M | $442M | $734M | $481M | $478M |
| Gross profit | $299M | $423M | $600M | $857M | $949M | $1.5B | $1.3B | $1.4B |
| Research and development | $204M | $256M | $404M | $696M | $959M | $1.1B | $925M | $930M |
| Selling, general and admin | $226M | $318M | $471M | $693M | $871M | $1.2B | $1.2B | $921M |
| Operating income | -$130M | -$151M | -$275M | -$532M | -$882M | -$833M | -$755M | -$479M |
| Interest expense | $0 | $0 | $2M | $1M | $7M | $25M | $24M | $24M |
| Pre-tax income | -$133M | -$153M | -$280M | -$531M | -$882M | -$798M | -$667M | -$395M |
| Income tax | -$1M | $10M | $2M | $1M | $37M | $28M | -$3M | $6M |
| Net income | -$132M | -$163M | -$282M | -$533M | -$921M | -$822M | -$664M | -$403M |
| EPS (diluted) | -$1.24 | -$2.39 | -$1.66 | -$1.89 | -$2.96 | -$2.16 | -$1.68 | -$0.96 |
| Diluted shares | 106M | 114M | 170M | 282M | 311M | 380M | 396M | 421M |
| Gross margin | 78.7% | 78.1% | 77.7% | 77.2% | 68.2% | 66.5% | 73.5% | 74.2% |
| Operating margin | -34.2% | -27.8% | -35.6% | -47.9% | -63.4% | -38.1% | -41.6% | -25.9% |
| Net margin | -34.6% | -30.1% | -36.5% | -48.0% | -66.2% | -37.6% | -36.6% | -21.8% |
Balance sheet
Fiscal years, from Unity Software's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $259M | $130M | $1.3B | $1.7B | $1.6B | $1.6B | $1.5B | $2.1B |
| Receivables | — | $205M | $274M | $340M | $634M | $612M | $574M | $644M |
| Total current assets | — | $367M | $2.1B | $2.2B | $2.4B | $2.3B | $2.2B | $2.8B |
| Property, plant and equipment | — | $79M | $96M | $106M | $122M | $141M | $99M | $68M |
| Goodwill | $45M | $218M | $286M | $1.6B | $3.2B | $3.2B | $3.2B | $3.2B |
| Total assets | — | $763M | $2.7B | $4.8B | $7.8B | $7.2B | $6.7B | $6.8B |
| Total current liabilities | — | $337M | $503M | $626M | $1.0B | $894M | $889M | $1.5B |
| Total liabilities | — | $369M | $634M | $2.4B | $4.1B | $3.8B | $3.3B | $3.3B |
| Shareholders' equity | $316M | $394M | $2.0B | $2.4B | $3.5B | $3.2B | $3.2B | $3.2B |
| Net debt | -$259M | -$130M | -$1.3B | -$1.1B | -$1.5B | -$1.6B | -$1.5B | -$2.1B |
Cash flow
Fiscal years, from Unity Software's 10-K filings with the SEC.
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$81M | -$68M | $20M | -$111M | -$59M | $235M | $316M | $423M |
| Capital spending | $38M | $27M | $40M | $42M | $57M | $56M | $30M | $19M |
| Free cash flow | -$119M | -$95M | -$20M | -$153M | -$117M | $179M | $286M | $404M |
| Stock-based compensation | $21M | $31M | $135M | $347M | $550M | $649M | $596M | $385M |
| Share buybacks (net) | $0 | -$286M | -$110,000 | $0 | -$1.5B | -$250M | $0 | $0 |
| Free cash flow margin | -31.3% | -17.5% | -2.6% | -13.8% | -8.4% | 8.2% | 15.8% | 21.8% |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for U.
Open U in InvestinglyQuestions
What was Unity Software's revenue in 2025?
$1.8B in fiscal 2025, from its 10-K filing.
How much free cash flow does Unity Software generate?
$404M in fiscal 2025 (operating cash flow minus capital spending).
From Unity Software's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.