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Ubiquiti (UI) Q3 FY25 earnings results (third quarter fiscal 2025)
10-Q filed May 9, 2025
Ubiquiti (UI) reported revenue of $664M for the third quarter fiscal 2025 (Q3 FY25), +35% from a year earlier and +11% from the quarter before. Operating margin was 34.2%, net earnings $180M (27.2% of revenue).
Ubiquiti, Q3 FY25: revenue $664M (+35% year over year), operating margin 34.2%, net earnings $180M, operating cash flow $124M. The chart follows the revenue to costs, profit and cash.
| Q3 FY25 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $664M | +11% | +35% |
| Gross profit | $296M | +20% | +70% |
| Operating profit | $227M | +27% | +104% |
| Net earnings | $180M | +32% | +137% |
| Operating cash flow | $124M | -19% | -25% |
| Free cash flow | $121M | -20% | -25% |
What changed
Revenue was $664.2M in Q3 FY25, up 35% year over year and up 11% from the previous quarter. Enterprise technology was the largest line at 88% of revenue. Enterprise technology added $171.4M year over year (up 41%), 100% of the total change.
Gross margin was 44.5%, up 9.2 points from a year earlier. Operating profit was $226.9M, a 34.2% margin (up 11.6 points year over year). Of the extra revenue versus a year earlier, 68% reached operating profit, above the 23% margin then. Operating expenses grew 10% against revenue growth of 35%. The fastest-growing cost line was SG&A (+21%). Net earnings were $180.4M, up 137% year over year. The effective tax rate was 18.5%.
Operating cash flow was $123.6M (down 25% year over year), 68% of net earnings. Non-cash charges added back $6.9M of depreciation and amortization and $1.8M of share-based compensation. Working capital and other items used $65.6M. Capital expenditures of $2.8M left free cash flow of $120.7M.
Questions
What was Ubiquiti's revenue in the third quarter fiscal 2025?
Ubiquiti (UI) reported revenue of $664M for the third quarter fiscal 2025 (Q3 FY25), +35% from a year earlier and +11% from the quarter before.
Was Ubiquiti profitable in the third quarter fiscal 2025?
Operating profit was $227M (34.2% of revenue) and net earnings $180M.
Source: Ubiquiti 10-Q on SEC EDGAR.