OLED earnings analysis
What we found in OLED's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
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.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Q1 Revenue Decline
- Revenue decreased to $142.2 million, down from $166.3 million in Q1 2025.
- Material Sales Drop
- Material sales fell to $83.7 million from $86.2 million, a 3% decrease.
- Significant EPS Miss
- Diluted EPS at $0.76, below consensus estimate of $1.15.
- Increased Cash Reserves
- Cash and equivalents rose to $159.4 million from $138.4 million as of Dec 31, 2025.
- 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.
- Liquidity Outlook Stable
- Maintains sufficient liquidity with $911.5 million in cash and short-term investments.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Decreased Revenue Guidance
- Full-year revenue guidance revised down to $630M-$670M from $650M-$700M.
- Customer Mix Variability
- Changes in customer mix adversely impacted royalty and license fee revenue, which fell 26% to $54.2 million.
- Lower Contract Research Revenue
- Contract research services revenue dropped 35% to $4.3 million, indicating reduced demand.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $0.76
- Gross margin
- 75%
What they said about what is next.
Full-year revenue guidance revised down due to changing market conditions.
The filing reads worse than the one before it.
What came before.
- 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").…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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