Filing Flows › Universal Display (OLED) › Q3 2025
Universal Display (OLED) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 6, 2025
Universal Display (OLED) reported revenue of $140M for the third quarter 2025 (Q3 2025), -14% from a year earlier and -19% from the quarter before. Operating margin was 30.9%, net earnings $44.0M (31.5% of revenue).
Universal Display, Q3 2025: revenue $140M (-14% year over year), operating margin 30.9%, net earnings $44.0M, operating cash flow $97.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $140M | -19% | -14% |
| Gross profit | $104M | -21% | -17% |
| Operating profit | $43.1M | -37% | -36% |
| Net earnings | $44.0M | -35% | -34% |
| Operating cash flow | $97.2M | +87% | +22% |
| Free cash flow | $84.3M | +125% | +27% |
What changed
Revenue was $139.6M in Q3 2025, down 14% year over year and down 19% from the previous quarter.
Gross margin was 74.6%, down 3.3 points from a year earlier. Operating profit was $43.1M, a 30.9% margin (down 10.6 points year over year). Operating expenses grew 4% against a revenue fall of 14%. The fastest-growing cost line was SG&A (+15%). Net earnings were $44.0M, down 34% year over year. The effective tax rate was 18.7%. Non-operating items added $11.0M, 20% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $97.2M (up 22% year over year), 221% of net earnings. Non-cash charges added back $12.1M of depreciation and amortization and $6.5M of share-based compensation. Working capital and other items added $34.6M. Capital expenditures of $12.8M left free cash flow of $84.3M.
Questions
What was Universal Display's revenue in the third quarter 2025?
Universal Display (OLED) reported revenue of $140M for the third quarter 2025 (Q3 2025), -14% from a year earlier and -19% from the quarter before.
Was Universal Display profitable in the third quarter 2025?
Operating profit was $43.1M (30.9% of revenue) and net earnings $44.0M.
Source: Universal Display 10-Q on SEC EDGAR.