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Universal Display cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$95.9M in Q3 2026 · $232M over twelve months

Operating cash flow$100M
Capital spending−$4.3M
Free cash flow+$95.9M
Cash / net income1.3×
Cash conversion cycle542 days

Analysis

In Q3 2026, Universal Display generated $100M of operating cash flow and spent $4.3M on capital projects, leaving free cash flow of $95.9M. That is $11.6M more than in Q3 2025 ($84.3M).

Over the twelve months to Sep 30, 2026, operating cash flow was $265M; the largest uses were buybacks ($226M), dividends ($90.7M), capital spending ($33.6M); besides operations, cash came from other investing ($62.7M), shares issued ($1.9M); the cash balance fell by $28.2M.

Operating cash flow was $100M against net income of $78.9M — 1.3× profit, cash ran ahead of reported earnings. The largest differences: prepaid and other assets −$46.2M, contract assets −$39.2M, receivables +$37.0M.

Its cash conversion cycle was 542 days (receivables 62 + inventory 520 − payables 40).

Free cash flow

Universal Display: free cash flow by quarterUniversal Display: free cash flow by quarter$22.0MQ4 2024$17.5MQ1 2025$37.5MQ2 2025$84.3MQ3 2025$15.1MQ4 2025$100MQ1 2026$20.3MQ2 2026$95.9MQ3 2026
Operating cash flow less capital spending.
Universal Display: operating cash flow against capital spendingUniversal Display: operating cash flow against capital spendingOperating cash flowCapital spending$34.7M$12.7MQ4 2024$30.6M$13.1MQ1 2025$51.9M$14.5MQ2 2025$97.2M$12.8MQ3 2025$31.1M$16.1MQ4 2025$109M$8.6MQ1 2026$25.0M$4.6MQ2 2026$100M$4.3MQ3 2026
Latest (Q3 2026): Operating cash flow $100M, Capital spending $4.3M.

Capital allocation, year by year

Universal Display: where the cash came from (up) and went (down), by fiscal yearUniversal Display: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksDividendsFY2021: Operating cash flow $191MFY2021: Shares issued $1.5MFY2021: Capital spending −$43.2MFY2021: Dividends −$38K$193MFY2021FY2022: Operating cash flow $127MFY2022: Shares issued $1.6MFY2022: Capital spending −$42.5MFY2022: Dividends −$57.0M$128MFY2022FY2023: Operating cash flow $155MFY2023: Shares issued $2.0MFY2023: Capital spending −$59.8MFY2023: Dividends −$66.7M$157MFY2023FY2024: Operating cash flow $254MFY2024: Shares issued $2.2MFY2024: Capital spending −$42.6MFY2024: Dividends −$76.2M$256MFY2024FY2025: Operating cash flow $211MFY2025: Shares issued $2.0MFY2025: Capital spending −$56.5MFY2025: Buybacks −$32.9MFY2025: Dividends −$85.5M$213MFY2025
Over these 5 years operating cash flow totalled $937M; the largest uses were dividends ($285M) and capital spending ($245M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$433M
Debtnone
Net cash$433M

Universal Display funds itself: free cash flow was $232M over the last twelve months, with $433M of cash and investments and no debt on the balance sheet.

Where the cash came from and went

Universal Display: sources (+) and uses (−) of cash, Q3 2026Universal Display: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$100MBuybacks−$77.7MCash drawn (+) / kept (−)$27.1MOther investing−$23.0MDividends−$22.7MCapital spending−$4.3MShares issued$474KOther financing−$34KTaxes on employees’ shares−$7K
Universal Display: sources (+) and uses (−) of cash, TTM to Q3 2026Universal Display: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$265MBuybacks−$226MDividends−$90.7MOther investing$62.7MCapital spending−$33.6MCash drawn (+) / kept (−)$28.2MTaxes on employees’ shares−$7.9MShares issued$1.9MOther financing$1K

From profit to cash

Universal Display: net income to operating cash flow, Q3 2026Universal Display: net income to operating cash flow, Q3 2026Net income$78.9MDepreciation & amortization$11.3MStock-based pay$6.4MDeferred taxes$5.8MGains on investments−$28.9MReceivables$37.0MPayables$12.1MDeferred revenue−$4.7MContract assets−$39.2MPrepaid and other assets−$46.2MOther liabilities−$773KOperating cash flow$100M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 20266252040542
Q2 20266661644637
Q1 20266860950627
Q4 20255250565492
Q3 20257354595523
Q2 20257647177469
Q1 20256944977441
Q4 20245744275424

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsShares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$100M−$4.3M−$77.7M−$22.7M$474K$27.1M$95.9M
Q2 2026$25.0M−$4.6M−$48.1M−$23.2M$463K$38.8M$20.3M
Q1 2026$109M−$8.6M−$67.1M−$23.5M$578K−$21.0M$100M
Q4 2025$31.1M−$16.1M−$32.9M−$21.3M$403K−$16.7M$15.1M
Q3 2025$97.2M−$12.8M—−$21.4M$543K−$25.8M$84.3M
Q2 2025$51.9M−$14.5M—−$21.4M$495K$61.7M$37.5M
Q1 2025$30.6M−$13.1M—−$21.4M$579K−$58.5M$17.5M
Q4 2024$34.7M−$12.7M—−$18.4M$444K−$19.4M$22.0M

Universal Display: income statement and cash flow

Universal Display, Q3 2026: revenue $160M (+15% year over year), operating margin 33.5%. The chart follows the revenue to costs, profit and cash.

Universal Display: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.