10-K · February 19, 2026
Universal Display (OLED) describes a technology-licensing + materials sales strategy centered on its UniversalPHOLED® portfolio and extensive patent estate ("more than 7,000 patents issued and pending worldwide").…
Earnings analysis · 10-Q
OLED earnings analysis
Filed April 30, 2026 · Our reading of the company's report
The latest report
Universal Display Corporation (OLED) reported disappointing Q1 2026 results with revenue of $142.2 million, a decline of 14.5% year-over-year, and diluted EPS of $0.76, missing expectations. The company also downgraded…
Read full summary
Universal Display Corporation (OLED) reported disappointing Q1 2026 results with revenue of $142.2 million, a decline of 14.5% year-over-year, and diluted EPS of $0.76, missing expectations. The company also downgraded its full-year revenue guidance to a range of $630 million to $670 million, reflecting ongoing challenges in the OLED market and shifts in customer demand.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.76
- Gross margin
- 75%
What stood out
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Q1 Revenue Decline
Revenue decreased to $142.2 million, down from $166.3 million in Q1 2025.
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Material Sales Drop
Material sales fell to $83.7 million from $86.2 million, a 3% decrease.
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Significant EPS Miss
Diluted EPS at $0.76, below consensus estimate of $1.15.
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Increased Cash Reserves
Cash and equivalents rose to $159.4 million from $138.4 million as of Dec 31, 2025.
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Reduction in Operating Expenses
Total operating expenses increased to $63.3 million from $58.5 million, but gross margin improved to 75% from 77% despite reduced revenues.
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Liquidity Outlook Stable
Maintains sufficient liquidity with $911.5 million in cash and short-term investments.
What to watch
-
Decreased Revenue Guidance
Full-year revenue guidance revised down to $630M-$670M from $650M-$700M.
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Customer Mix Variability
Changes in customer mix adversely impacted royalty and license fee revenue, which fell 26% to $54.2 million.
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Lower Contract Research Revenue
Contract research services revenue dropped 35% to $4.3 million, indicating reduced demand.
Management's outlook
Full-year revenue guidance revised down due to changing market conditions.
Earlier filings 4
10-K · February 22, 2024
The 10-K positions the company as a technology and IP leader in OLED materials and licensing, emphasizing a strategy to sell proprietary materials and license OLED technologies while investing in next-generation…
10-Q · November 3, 2022
Universal Display Corporation reported a strong Q3 2022 with revenue of $161M, representing a 12% increase year-over-year, driven primarily by growth in material sales and licensing fees. Diluted EPS rose to $1.12, up…
10-Q · August 4, 2022
Universal Display reported Q2 revenue of $136.56M, up $6.90M (+5.3%) versus Q2 2021, driven by a $12.07M increase in royalty and license fees but offset by a $5.57M decline in material sales. Operating income rose to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.