UVV earnings analysis
What we found in UVV's 10-K: 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 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%.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Consistency Amid Challenges
- Consolidated sales were $2,924.5 million, only down 1% from $2,947.3 million in FY 2025.
- Significant Cost Management
- Selling, general, and administrative expenses decreased by 2% (approximately $4.6 million) due to reduced sales commissions and lower compensation costs.
- Ingredient Operations Growth
- The Ingredients Operations segment saw a revenue increase of 3% to $348.1 million despite market headwinds.
- Shareholder Dividends Maintained
- The company returned $81.3 million to shareholders in FY 2026 in the form of dividends.
- Capital Resources Adequate
- The company maintains sufficient liquidity, with net cash flows expected to support capital and liquidity needs.
- Strong Commitment to Sustainability
- Universal continues to invest in sustainability, promoting practices that benefit their sourcing of plant-based ingredients.
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.
- Goodwill Impairment
- A substantial $41.1 million non-cash goodwill impairment was recorded for the Ingredients Operations, indicating potential long-term issues.
- Inventory Write-downs
- Inventory write-downs increased to $52 million in FY 2026, primarily impacting dark air-cured tobacco.
- Declining Tobacco Sales
- Tobacco Operations revenues decreased by $32.3 million, showing a potential oversupply situation in the market.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $1.3
- Gross margin
- 17.5%
- Operating margin
- 5.8%
- Segment
- Tobacco Operations
- Segment
- Ingredients Operations
What they said about what is next.
Annual outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 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…
- 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. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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