Ubiquiti Networks (UI) financial statements
Ubiquiti Networks reported revenue of $3.3B in fiscal 2026, up 15.9% a year over 9 years.
Net income was $960M and the operating margin 36.2%, against 33.5% in 2017.
Free cash flow was $909M, and the company returned $194M in dividends.
The diluted share count fell 27% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Ubiquiti Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $865M | $1.0B | $1.2B | $1.3B | $1.9B | $1.7B | $1.9B | $1.9B | $2.6B | $3.3B |
| Cost of revenue | $470M | $573M | $624M | $676M | $986M | $1.0B | $1.2B | $1.2B | $1.5B | $1.8B |
| Gross profit | $396M | $444M | $538M | $608M | $912M | $670M | $761M | $740M | $1.1B | $1.5B |
| Research and development | $69M | $74M | $82M | $89M | $116M | $138M | $145M | $160M | $170M | $204M |
| Selling, general and admin | $37M | $43M | $43M | $41M | $54M | $70M | $71M | $81M | $111M | $122M |
| Operating income | $290M | $326M | $394M | $478M | $743M | $462M | $545M | $499M | $836M | $1.2B |
| Pre-tax income | $285M | $314M | $381M | $450M | $728M | $444M | $486M | $424M | $806M | $1.2B |
| Income tax | $28M | $118M | $59M | $70M | $111M | $66M | $79M | $74M | $94M | $223M |
| Net income | $258M | $196M | $323M | $380M | $617M | $379M | $408M | $350M | $712M | $960M |
| EPS (diluted) | $3.09 | $2.51 | $4.51 | $5.80 | $9.78 | $6.13 | $6.74 | $5.79 | $11.76 | $15.85 |
| Diluted shares | 83M | 78M | 72M | 66M | 63M | 62M | 60M | 60M | 61M | 61M |
| Gross margin | 45.7% | 43.6% | 46.3% | 47.3% | 48.1% | 39.6% | 39.2% | 38.4% | 43.4% | 46.2% |
| Operating margin | 33.5% | 32.1% | 33.9% | 37.2% | 39.1% | 27.3% | 28.1% | 25.9% | 32.5% | 36.2% |
| Net margin | 29.8% | 19.3% | 27.8% | 29.6% | 32.5% | 22.4% | 21.0% | 18.1% | 27.7% | 29.3% |
Balance sheet
Fiscal years, from Ubiquiti Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $604M | $667M | $308M | $144M | $251M | $137M | $115M | $126M | $150M | $611M |
| Receivables | $141M | $175M | $156M | $142M | $172M | $120M | $168M | $169M | $245M | $302M |
| Inventory | $142M | $102M | $264M | $286M | $234M | $262M | $737M | $462M | $675M | $780M |
| Total current assets | $952M | $1.0B | $754M | $587M | $694M | $622M | $1.2B | $916M | $1.2B | $1.8B |
| Property, plant and equipment | $13M | $14M | $14M | $79M | $79M | $80M | $87M | $81M | $73M | $76M |
| Total assets | $973M | $1.0B | $876M | $737M | $891M | $845M | $1.4B | $1.2B | $1.5B | $2.2B |
| Total current liabilities | $98M | $113M | $179M | $264M | $276M | $311M | $352M | $285M | $711M | $627M |
| Long-term debt | $242M | $460M | $465M | $628M | $467M | $763M | $1.0B | $670M | $0 | — |
| Total liabilities | $371M | $707M | $777M | $1.0B | $888M | $1.2B | $1.5B | $1.1B | $798M | $758M |
| Shareholders' equity | $602M | $316M | $99M | -$295M | $3M | -$383M | -$116M | $95M | $668M | $1.4B |
| Net debt | -$362M | -$206M | $227M | $486M | $218M | $626M | $927M | $544M | -$150M | -$523M |
Cash flow
Fiscal years, from Ubiquiti Networks's 10-K filings with the SEC.
| Fiscal year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $112M | $332M | $259M | $460M | $612M | $370M | -$145M | $542M | $640M | $929M |
| Capital spending | $7M | $9M | $52M | $31M | $18M | $13M | $21M | $12M | $13M | $20M |
| Free cash flow | $105M | $323M | $208M | $430M | $594M | $357M | -$166M | $530M | $627M | $909M |
| Stock-based compensation | $3M | $3M | $3M | $3M | $3M | $4M | $5M | $6M | $7M | $7M |
| Dividends paid | $0 | $0 | $71M | $79M | $101M | $148M | $145M | $145M | $145M | $194M |
| Share buybacks (net) | -$105M | -$445M | -$468M | -$700M | -$220M | -$618M | $0 | $0 | — | — |
| Net borrowing | -$11M | — | — | — | — | — | — | — | — | — |
| Free cash flow margin | 12.1% | 31.8% | 17.9% | 33.4% | 31.3% | 21.1% | -8.6% | 27.5% | 24.4% | 27.8% |
| Dividends per share | — | — | $1.00 | $1.20 | $1.60 | $2.40 | $2.40 | $2.40 | $2.40 | $3.20 |
Questions
What was Ubiquiti Networks's revenue in 2026?
$3.3B in fiscal 2026, from its 10-K filing.
How much free cash flow does Ubiquiti Networks generate?
$909M in fiscal 2026 (operating cash flow minus capital spending).
From Ubiquiti Networks's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.