Universal Display Q4 Revenue Rises 7% to $173M, 2026 Guidance at $650–700M
Universal Display delivered Q4 revenue of $173M, up 7%, with $96M in material sales and $73M in royalties, operating income margin of 39% and net income of $66M. Full-year 2025 revenue was $651M with net income of $242M, and 2026 revenue is guided to $650–700M with a 74–76% gross margin.
1. Q4 2025 Financial Results
Universal Display posted Q4 revenue of $173 million, up from $162 million a year earlier, driven by $96 million in material sales and $73 million in royalty and license fees. Operating income reached $67 million, representing a 39% margin, and net income totaled $66 million, or $1.39 per share.
2. Record Full-Year 2025 Performance
For full-year 2025, the company achieved record revenue of $651 million with operating income of $249 million and net income of $242 million ($5.08 per share). Total gross margin was 76%, operating expenses declined to $248 million, and cash, cash equivalents and investments ended the year at $955 million.
3. 2026 Outlook and Growth Drivers
Management guided 2026 revenue to $650–700 million with a gross margin of 74–76% and operating margin of 34–37%, reflecting higher raw material costs such as iridium. Growth catalysts include mass production ramps at first Gen 8.6 OLED fabs, continued expansion across consumer electronics and automotive, and R&D on tandem architectures and more efficient phosphorescent blue materials.