Filing Flows › Universal Display (OLED) › Q2 2026 › vs Q2 2025
Universal Display (OLED) Q2 2026 vs Q2 2025 (year over year)
Universal Display's revenue fell $19.6M (-11%) from $172M in Q2 2025 to $152M in Q2 2026. The biggest changes: Material Sales −$22.5M (-25%); Royalty and License Fees +$5.5M (+7%); Contract Research Services −$2.7M (-36%). Gross margin 75.8% against 77.2% (-1.4 pts).
Universal Display, Q2 2026: revenue $152M (-11% year over year), operating margin 35.3%, net earnings $49.4M, operating cash flow $25.0M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 75.8% | 77.2% | -1.4 pts |
| Operating margin | 35.3% | 39.9% | -4.6 pts |
| Net margin | 32.5% | 39.2% | -6.7 pts |
| Free cash flow margin | 13.4% | 21.8% | -8.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Royalty and License Fees | $81.2M | $75.7M | $5.5M | +7% |
| Material Sales | $66.2M | $88.7M | −$22.5M | -25% |
| Contract Research Services | $4.8M | $7.5M | −$2.7M | -36% |
| Revenue | $152M | $172M | −$19.6M | -11% |
| Gross profit | $115M | $133M | −$17.2M | -13% |
| Cost of revenue | $36.8M | $39.2M | −$2.4M | -6% |
| Other income, net | $7.4M | $15.3M | −$8.0M | -52% |
| Operating profit | $53.6M | $68.5M | −$14.9M | -22% |
| Operating expenses | $61.7M | $64.1M | −$2.3M | -4% |
| Pre-tax earnings | $61.0M | $83.9M | −$22.9M | -27% |
| Research & development | $35.0M | $36.4M | −$1.4M | -4% |
| SG&A | $18.6M | $20.4M | −$1.9M | -9% |
| Other operating costs | $8.2M | $7.3M | $927K | +13% |
| Net earnings | $49.4M | $67.3M | −$17.8M | -27% |
| Income tax | $11.6M | $16.6M | −$5.0M | -30% |
| Depreciation & amortization | $13.5M | $11.4M | $2.1M | +18% |
| Share-based compensation | $4.9M | $9.3M | −$4.4M | -47% |
| Working capital & other | $42.9M | $36.1M | $6.8M | +19% |
| Operating cash flow | $25.0M | $51.9M | −$27.0M | -52% |
| Free cash flow (OCF − capex) | $20.3M | $37.5M | −$17.1M | -46% |
| Capital expenditures | $4.6M | $14.5M | −$9.8M | -68% |
Questions
How much did Universal Display's revenue grow year over year in Q2 2026?
Universal Display's revenue fell $19.6M (-11%) from $172M in Q2 2025 to $152M in Q2 2026.
What drove Universal Display's revenue change in Q2 2026?
Material Sales −$22.5M (-25%); Royalty and License Fees +$5.5M (+7%); Contract Research Services −$2.7M (-36%).