Filing Flows › Ubiquiti (UI) › Q1 FY26
Ubiquiti (UI) Q1 FY26 earnings results (first quarter fiscal 2026)
10-Q filed Nov 7, 2025
Ubiquiti (UI) reported revenue of $734M for the first quarter fiscal 2026 (Q1 FY26), +33% from a year earlier and -3% from the quarter before. Operating margin was 35.7%, net earnings $208M (28.3% of revenue).
Ubiquiti, Q1 FY26: revenue $734M (+33% year over year), operating margin 35.7%, net earnings $208M, operating cash flow $198M. The chart follows the revenue to costs, profit and cash.
| Q1 FY26 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $734M | -3% | +33% |
| Gross profit | $337M | -2% | +46% |
| Operating profit | $262M | +0.1% | +55% |
| Net earnings | $208M | -22% | +62% |
| Operating cash flow | $198M | +52% | -15% |
| Free cash flow | $193M | +54% | -16% |
What changed
Revenue was $733.8M in Q1 FY26, up 33% year over year and down 3% from the previous quarter. Enterprise technology was the largest line at 90% of revenue. Enterprise technology added $187.0M year over year (up 40%), 102% of the total change. Service provider technology declined 4%.
Gross margin was 46.0%, up 3.9 points from a year earlier. Operating profit was $261.7M, a 35.7% margin (up 4.9 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 31% margin then. Operating expenses grew 21% against revenue growth of 33%. The fastest-growing cost line was Research & development (+28%). Net earnings were $207.9M, up 62% year over year. The effective tax rate was 19.6%.
Operating cash flow was $198.5M (down 15% year over year), 95% of net earnings. Non-cash charges added back $5.1M of depreciation and amortization and $1.9M of share-based compensation. Working capital and other items used $16.4M. Capital expenditures of $5.2M left free cash flow of $193.3M.
Questions
What was Ubiquiti's revenue in the first quarter fiscal 2026?
Ubiquiti (UI) reported revenue of $734M for the first quarter fiscal 2026 (Q1 FY26), +33% from a year earlier and -3% from the quarter before.
Was Ubiquiti profitable in the first quarter fiscal 2026?
Operating profit was $262M (35.7% of revenue) and net earnings $208M.
Source: Ubiquiti 10-Q on SEC EDGAR.