10-Q · November 5, 2025
Universal reported consolidated revenue of $754.2 million for the quarter, up 6% versus $710.8 million a year ago, and delivered GAAP diluted EPS of $1.36 (up 32% year-over-year). Operating income was roughly…
Earnings analysis · 10-K
UVV earnings analysis
Filed June 1, 2026 · Our reading of the company's report
The latest report
Universal Corporation reported consolidated sales of $2,924.5 million for fiscal year 2026, down 1% from $2,947.3 million in 2025, primarily due to a decline in the Tobacco Operations segment, which saw sales decrease…
Read full summary
Universal Corporation reported consolidated sales of $2,924.5 million for fiscal year 2026, down 1% from $2,947.3 million in 2025, primarily due to a decline in the Tobacco Operations segment, which saw sales decrease by $32.3 million. The fiscal year was marked by significant challenges, including a $41.1 million goodwill impairment charge and heightened inventory write-downs of $52 million, primarily affecting dark air-cured tobacco. Despite these headwinds, the Ingredients Operations segment saw a modest growth in revenues of 3%.
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
- $1.3
- Segment
- Tobacco Operations
- Segment
- Ingredients Operations
What stood out
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Revenue Consistency Amid Challenges
Consolidated sales were $2,924.5 million, only down 1% from $2,947.3 million in FY 2025.
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Significant Cost Management
Selling, general, and administrative expenses decreased by 2% (approximately $4.6 million) due to reduced sales commissions and lower compensation costs.
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Ingredient Operations Growth
The Ingredients Operations segment saw a revenue increase of 3% to $348.1 million despite market headwinds.
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Shareholder Dividends Maintained
The company returned $81.3 million to shareholders in FY 2026 in the form of dividends.
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Capital Resources Adequate
The company maintains sufficient liquidity, with net cash flows expected to support capital and liquidity needs.
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Strong Commitment to Sustainability
Universal continues to invest in sustainability, promoting practices that benefit their sourcing of plant-based ingredients.
What to watch
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Goodwill Impairment
A substantial $41.1 million non-cash goodwill impairment was recorded for the Ingredients Operations, indicating potential long-term issues.
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Inventory Write-downs
Inventory write-downs increased to $52 million in FY 2026, primarily impacting dark air-cured tobacco.
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Declining Tobacco Sales
Tobacco Operations revenues decreased by $32.3 million, showing a potential oversupply situation in the market.
Management's outlook
Annual outlook deferred to earnings press release / call.
Earlier filings 4
10-Q · April 21, 2025
Universal reported a strong quarter: consolidated sales rose 14% year-over-year to $937.2 million and operating income increased 19% to $104.1 million for the three months ended December 31, 2024. Tobacco Operations…
10-Q · April 21, 2025
Universal reported a strong quarter driven by Tobacco Operations: revenue rose 11% to $710.8 million and operating income increased 24% to $68.7 million versus the prior-year quarter, while GAAP diluted EPS fell to…
10-Q · February 7, 2024
Universal reported quarterly revenue of $821.5 million (up $26.5 million vs prior-year quarter) with operating income of $87.5 million (up $9.9 million YoY) and reported diluted EPS of $2.12 (vs $1.67 prior-year…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.