Universal Display supplies OLED emitter materials and licenses the technology used to make displays and specialty lighting. It also provides chemical-development and manufacturing services through Adesis; it does not manufacture finished displays.
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A snapshot of what UNIVERSAL DISPLAY CORP \PA\ owns and owes at a point in time.
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3 reports in this collection
| Report period | Filed with SEC | Form | Source |
|---|---|---|---|
| Dec 31, 20230000950170-24-018765 | Feb 22, 2024 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20240000950170-25-024151 | Feb 20, 2025 | 10-K | Open 10-Ksec.gov |
| Dec 31, 20250001193125-26-059371 | Feb 19, 2026 | 10-K | Open 10-Ksec.gov |
Dates describe the filing metadata. Figures and reporting periods should be checked against the original statement. SEC links open in a new tab.
Universal Display remains profitable, but its latest results show weaker demand and materials economics. First-half 2026 revenue fell to $294.4 million from $338.1 million, while GAAP net income declined to $85.3 million from $131.7 million. Favorable contract-accounting adjustments partly cushioned the decline: lower expected future demand increased recognized fees per gram, rather than demonstrating stronger pricing. Operating cash flow improved, helped by working-capital and tax timing, although buybacks, dividends and patent investment consumed resources. On July 30, management expected full-year revenue around the lower end of its previously reduced $630 million–$670 million range. New LG agreements extend through at least 2030, but concentrated customers, sole-source manufacturing, inventory exposure and a disputed Korean tax receivable remain important dependencies.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30
Universal Display earns revenue from emitter materials, technology licenses and contract research, reported within one segment. Separate Adesis profitability is unavailable. Three unnamed customers contributed 46%, 23% and 17% of first-half 2026 revenue; those labels cannot be assigned to named customers. Samsung agreements run through 2027, with a two-year extension option belonging to Samsung. Material commitments depend on Samsung’s requirements and Universal Display’s ability to meet them. The July 30 quarterly filing confirms new LG agreements extending at least through 2030, superseding the annual report’s older contract status. Undisclosed monetary minimums and termination terms prevent quantifying guaranteed revenue protection.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
In the unaudited six months ended June 30, 2026, revenue was $294.368 million versus $338.071 million, operating income $96.399 million versus $138.204 million, and net income $85.317 million versus $131.708 million. Management attributed weaker materials sales to lower volumes and customer mix; unit volumes fell 7%. Contract research revenue fell 36%, principally reflecting lower Adesis specialty-manufacturing demand. Second-quarter revenue was $152.157 million versus $171.794 million. Materials gross margin fell to 50% from 61% in that quarter, a much sharper deterioration than total gross margin’s decline to 76% from 77%. Second-quarter materials revenue was also affected by an unfavorable $6.9 million year-over-year change in cumulative catch-up adjustments, mainly attributable to expected product-mix changes over remaining customer contract terms. This quarterly year-over-year movement is distinct from the favorable $16.3 million royalty/license catch-up adjustment movement and the first-half net catch-up amounts below; neither movement is a current-period absolute adjustment.
Combined material-and-license contracts recognize estimated lifetime consideration against expected material units. Lower anticipated remaining demand can therefore raise recognized fees per gram. First-half net positive revenue catch-ups were $10.043 million versus $2.642 million: these amounts are already included in revenue, not additional sales or cash. Higher amortization and SG&A more than offset R&D savings, increasing total operating expenses, while investment and currency losses further reduced profit. Lower diluted shares cushioned the EPS decline to $1.82 from $2.76. No segment or adopted accounting-standard change was identified as the cause of the deterioration.
The outlook weakened after the February 19 annual filing. Initial 2026 revenue guidance of $650 million–$700 million was cut on April 30 to $630 million–$670 million. On July 30, management expected revenue around the lower end of that revised range, not a precise new point estimate. Management sees opportunities in IT, automotive and new device formats, but prospective capacity additions and adoption are not secured orders or an established recovery.
Sources: 10-Q · 2026-06-30 · EX-99.1 · 2026-07-30 · EX-99.1 · 2026-02-19 · EX-99.1 · 2026-04-30
First-half operating cash flow increased to $133.855 million from $82.498 million despite lower profit, aided by working-capital and tax timing. The $39 million January Treasury refund is included in period tax cash flows, not an additional inflow. Property-and-equipment spending was $13.237 million. Separately, $40 million completed payment for the $50 million Merck patent acquisition that closed January 15, 2026; the other $10 million was paid in 2025. The acquired technology is amortized over ten years.
Repurchase cash payments, including excise tax, were $115.218 million and dividends paid were $46.639 million. These are distinct from announced purchase prices and treasury-stock accounting. The additional $400 million repurchase authorization approved April 28 is discretionary, has no time limit and can be stopped; $351.755 million remained at June 30. A further $0.50 dividend declared July 28 was payable September 30, but the supplied July disclosures establish declaration, not subsequent payment.
Sources: 10-Q · 2026-06-30 · 8-K · 2026-04-30 · EX-99.1 · 2026-07-30
At June 30, cash was $120.563 million, short-term investments $350.749 million and long-term U.S. government bonds $383.229 million; investments are not cash. Management expected cash, equivalents and short-term investments to cover at least twelve months of obligations, subject to its forecasts. No borrowing balance or credit facility is identified, but this does not establish an absence of obligations. Operating-lease liabilities were $21.690 million, the noncurrent retirement-benefit liability $57.166 million, firm inventory commitments $36.4 million and remaining USC research commitments up to $4.6 million.
Sources: 10-Q · 2026-06-30
PPG remains the sole manufacturing source despite production in the United States and Ireland. Its reported cost-plus agreement runs through December 2026, then renews annually unless terminated with one year’s notice by Universal Display or two years by PPG. Inventory reached $249.646 million, including finished goods of $89.397 million versus $72.510 million at year-end, despite weaker volumes. Customer design changes or weaker demand could require write-downs. Patent expiry and challenges, competing technologies and lower material use per display can also limit the benefit of OLED-market growth; trade restrictions and cybersecurity threaten operations and intellectual property.
The $50.320 million Korean withholding-tax receivable remained disputed. A September 18, 2025 Supreme Court precedent was adverse to the previous tax position; counsel nevertheless assessed success as more likely than not. The scheduled July 2026 hearing was postponed without a replacement date. Neither recovery nor timing is assured, and a separate $15.749 million U.S. tax payable anticipates refund-related amended returns.
Sources: 10-K · 2025-12-31 · 10-Q · 2026-06-30
USD 650.611 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 650.611 m | 0.5% |
| 2024 | USD 647.684 m | 12.4% |
| 2023 | USD 576.429 m | — |
Total consolidated revenue from materials, royalty and license fees, and contract research services.
Sources: 10-K · 2025-12-31
USD 242.075 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 242.075 m | 9.0% |
| 2024 | USD 222.079 m | 9.4% |
| 2023 | USD 203.011 m | — |
Consolidated net income after income taxes, before the two-class EPS allocation to participating securities.
Sources: 10-K · 2025-12-31
USD 210.83 m
FY2025 · GAAP · consolidated · Attribution: consolidated · Reported currency
| Fiscal year | Value | YoY |
|---|---|---|
| 2025 | USD 210.83 m | -16.9% |
| 2024 | USD 253.74 m | 63.9% |
| 2023 | USD 154.777 m | — |
Net cash provided by operating activities.
Sources: 10-K · 2025-12-31
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