10-Q · May 8, 2026
Ubiquiti reported a 19% year-over-year revenue increase in Q3 2026, reaching $788.2 million, while gross profit margin improved to 47% from 45%. Net income rose to $233.9 million, leading to an EPS of $3.43, reflecting…
Earnings analysis · 10-K
UI earnings analysis
Filed August 21, 2026 · Our reading of the company's report
The latest report
Ubiquiti delivered strong fiscal 2026 execution: revenue rose to $3,274.2 million, diluted EPS reached $15.85, and operating margin expanded to 36.2% from approximately 32.5% in fiscal 2025. Growth is increasingly…
Read full summary
Ubiquiti delivered strong fiscal 2026 execution: revenue rose to $3,274.2 million, diluted EPS reached $15.85, and operating margin expanded to 36.2% from approximately 32.5% in fiscal 2025. Growth is increasingly concentrated in Enterprise Technology and North America, while Service Provider Technology continues to decline. Debt repayment, substantial cash generation and a new $250 million undrawn revolving facility improve flexibility, but elevated inventory and purchase commitments and new Wi-Fi 6 patent litigation create meaningful downside risks.
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.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
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
- $15.85
- Segment
- One reportable segment; Enterprise Technology revenue was $2,972.3 million, or 91% of total revenue, while Service Provider Technology revenue was $301.9 million, or 9%.
What stood out
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Strong multi-year growth and margin expansion
Fiscal 2026 revenue increased to $3,274.2 million from $2,573.5 million in fiscal 2025 and $1,928.5 million in fiscal 2024. Gross profit rose to $1,511.4 million, implying a 46.2% gross margin versus approximately 43.4% and 38.4% in the prior two years.
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EPS and earnings continued to accelerate
Fiscal 2026 diluted EPS was $15.85, up from $11.76 in fiscal 2025 and $5.79 in fiscal 2024. Net income increased to $960.3 million from $711.9 million and $350.0 million, respectively.
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Enterprise technology drives growth
Enterprise Technology drove the mix shift, growing from $2,254.3 million in fiscal 2025 to $2,972.3 million in fiscal 2026 and increasing from 88% to 91% of revenue. Service Provider Technology declined from $319.3 million to $301.9 million and fell from 12% to 9% of revenue.
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North America and EMEA lead growth
North America remained the largest geography, with revenue of $1,744.0 million, or 53% of total revenue, versus $1,295.5 million, or 50%, in fiscal 2025. EMEA revenue increased to $1,179.2 million from $999.4 million, while its mix declined from 39% to 36%.
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Operating cash generation strengthened
Operating cash flow increased to $928.7 million from $640.0 million in fiscal 2025 and $541.5 million in fiscal 2024. Capital expenditures and other long-term asset purchases were $19.7 million, although the filing does not present a defined free-cash-flow metric.
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Debt reduction improved financial flexibility
The company fully repaid the $250.0 million Term Loan Facility during fiscal 2026 and ended the year with $522.6 million of cash and cash equivalents plus $88.6 million of short-term investments. It paid $193.6 million of dividends, or $3.20 per share, and retained a $500 million repurchase authorization, although no repurchases occurred during the year.
What to watch
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New Wi-Fi 6 patent litigation
AX Wireless filed an ITC complaint on February 2, 2026 involving five patents covering Wi-Fi 6 products and seeks orders that could prohibit importing and selling certain products in the United States. The company states that an adverse ITC ruling could materially affect its business, financial condition and results of operations; no loss estimate is currently available.
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Additional post-year-end IP claim
Velocity filed a patent infringement lawsuit on July 30, 2026 involving 11 patents related to Wi-Fi 6 technology and seeks compensatory and enhanced damages. The company cannot estimate a possible loss or range of losses, adding a new post-year-end legal exposure.
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Large supply commitments and inventory risk
The company had $1,532.6 million of purchase commitments with contract manufacturers and component suppliers as of June 30, 2026. Cancellation could leave Ubiquiti liable for component costs, while inventory reached $780.4 million, including $703.4 million of finished goods; weaker demand or product transitions could require additional write-downs and pressure margins.
Management's outlook
The 10-K does not provide quantitative annual revenue or EPS guidance; the September 1, 2026 earnings estimates are consensus estimates, not company guidance.
Earlier filings 4
10-K · August 22, 2025
Ubiquiti delivered strong multi-year growth, reporting fiscal 2025 revenue of $2.6 billion (up from $1.9 billion in fiscal 2024) and net income of $711.9 million (vs. $350.0 million in fiscal 2024). The company…
10-Q · May 9, 2025
Ubiquiti reported a strong quarter: revenue of $664,170,000 and diluted EPS of $2.98 for the three months ended March 31, 2025, up from $492,997,000 and $1.26 in the prior-year quarter. Gross margin expanded to ~44.6%…
10-K · August 23, 2024
Ubiquiti reports stable revenues of $1.9 billion in fiscal 2024 (same as fiscal 2023 and up from $1.7 billion in fiscal 2022) while net income declined to $350.0 million in fiscal 2024 from $407.6 million in fiscal…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.