Filing Flows › Universal Display (OLED) › Q4 2025
Universal Display (OLED) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
Universal Display (OLED) reported revenue of $173M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +24% from the quarter before. Operating margin was 38.9%, net earnings $66.3M (38.4% of revenue).
Universal Display, Q4 2025: revenue $173M (+7% year over year), operating margin 38.9%, net earnings $66.3M, operating cash flow $31.1M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $173M | +24% | +7% |
| Gross profit | $132M | +26% | +5% |
| Operating profit | $67.2M | +56% | +28% |
| Net earnings | $66.3M | +51% | +44% |
| Operating cash flow | $31.1M | -68% | -10% |
| Free cash flow | $15.1M | -82% | -32% |
What changed
Revenue was $172.9M in Q4 2025, up 7% year over year and up 24% from the previous quarter.
Gross margin was 76.1%, down 0.9 points from a year earlier. Operating profit was $67.2M, a 38.9% margin (up 6.5 points year over year). Of the extra revenue versus a year earlier, 139% reached operating profit, above the 32% margin then. Operating expenses fell 11% while revenue rose 7%. Net earnings were $66.3M, up 44% year over year. The effective tax rate was 13.5%.
Operating cash flow was $31.1M (down 10% year over year), 47% of net earnings. Non-cash charges added back $12.0M of depreciation and amortization and $5.3M of share-based compensation. Working capital and other items used $52.5M. Capital expenditures of $16.1M left free cash flow of $15.1M.
Questions
What was Universal Display's revenue in the fourth quarter 2025?
Universal Display (OLED) reported revenue of $173M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +24% from the quarter before.
Was Universal Display profitable in the fourth quarter 2025?
Operating profit was $67.2M (38.9% of revenue) and net earnings $66.3M.
Source: Universal Display 10-K on SEC EDGAR.