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Universal Display (OLED) Q1 2026 earnings results (first quarter 2026)
10-Q filed Apr 30, 2026
Universal Display (OLED) reported revenue of $142M for the first quarter 2026 (Q1 2026), -14% from a year earlier and -18% from the quarter before. Operating margin was 30.1%, net earnings $35.9M (25.2% of revenue).
Universal Display, Q1 2026: revenue $142M (-14% year over year), operating margin 30.1%, net earnings $35.9M, operating cash flow $109M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $142M | -18% | -14% |
| Gross profit | $106M | -19% | -17% |
| Operating profit | $42.8M | -36% | -39% |
| Net earnings | $35.9M | -46% | -44% |
| Operating cash flow | $109M | +250% | +256% |
| Free cash flow | $100M | +566% | +473% |
What changed
Revenue was $142.2M in Q1 2026, down 14% year over year and down 18% from the previous quarter. Material Sales was the largest line at 59% of revenue. Royalty and License Fees lost $19.4M year over year (down 26%), 80% of the total change.
Gross margin was 74.6%, down 2.5 points from Q1 2025. Operating profit was $42.8M, a 30.1% margin (down 11.8 points year over year). Operating expenses grew 8% against a revenue fall of 14%. The fastest-growing cost line was Other operating costs (+23%). Net earnings were $35.9M, down 44% year over year. The effective tax rate was 20.7%.
Operating cash flow was $108.9M (up 256% year over year), 303% of net earnings. Non-cash charges added back $13.2M of depreciation and amortization and $7.6M of share-based compensation. Working capital and other items added $52.3M. Capital expenditures of $8.6M left free cash flow of $100.3M.
Questions
What was Universal Display's revenue in the first quarter 2026?
Universal Display (OLED) reported revenue of $142M for the first quarter 2026 (Q1 2026), -14% from a year earlier and -18% from the quarter before.
Was Universal Display profitable in the first quarter 2026?
Operating profit was $42.8M (30.1% of revenue) and net earnings $35.9M.
Source: Universal Display 10-Q on SEC EDGAR.