10-Q · April 30, 2026
Universal Display Corporation (OLED) reported disappointing Q1 2026 results with revenue of $142.2 million, a decline of 14.5% year-over-year, and diluted EPS of $0.76, missing expectations. The company also downgraded…
Earnings analysis · 10-Q
OLED earnings analysis
Filed October 28, 2026 · Our reading of the company's report
The latest report
Universal Display delivered a strong EPS result at $1.72 versus $1.14 consensus, with revenue of $160.4 million increasing from $152 million in Q2 2026 and $140 million in Q3 2025 but missing estimates. Royalty and…
Read full summary
Universal Display delivered a strong EPS result at $1.72 versus $1.14 consensus, with revenue of $160.4 million increasing from $152 million in Q2 2026 and $140 million in Q3 2025 but missing estimates. Royalty and license fees supported growth, while material sales declined and the filing indicates expectations for full-year revenue near the lower end of the maintained $630 million-$670 million range. The provided filing excerpt does not include current-quarter gross margin, operating margin, balance-sheet, or cash-flow figures, limiting assessment of profitability and liquidity trends.
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.
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
- $1.72
- Segment
- Royalty and license fees increased year over year and drove growth; material sales decreased, but segment revenue amounts were not disclosed in the provided filing text.
What stood out
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EPS materially beat consensus
Diluted EPS was $1.72, exceeding the $1.14 consensus estimate by $0.58, or approximately 51%. EPS increased from $1.06 in Q2 2026 and $0.92 in Q3 2025.
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Revenue grew sequentially and year over year
Revenue was $160.4 million, up approximately 5.5% from $152 million in Q2 2026 and 14.6% from $140 million in Q3 2025, but below the $163.3 million consensus estimate by $2.9 million.
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Royalty revenue led growth
Royalty and license fees drove year-over-year growth, while material sales decreased. The filing text provided does not quantify the individual segment changes.
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Share repurchases continued
The company repurchased 963,333 shares during Q3 at an average price of $81.75, leaving $272.999 million available under the repurchase authorization at September 30, 2026.
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Large repurchase authorization remains
The Board authorized up to an additional $400.0 million of common-stock repurchases on April 28, 2026, with no time limit and management discretion over execution.
What to watch
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Revenue remains below expectations
Revenue of $160.4 million missed the $163.3 million consensus estimate by $2.9 million, while full-year guidance of $630 million-$670 million is expected to land around the lower end of the range.
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Material sales and mix pressure
Material sales decreased in the quarter, and the company expects 2026 revenue near the lower end of its $630 million-$670 million range, indicating continued mix and demand pressure despite royalty growth.
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Capital allocation reduces liquidity
The company repurchased 963,333 shares at an average price of $81.75, reducing remaining authorization to $272.999 million; continued buybacks could limit liquidity available for other uses.
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Patent challenges may increase
Patent opposition and review proceedings are expected to increase as OLED technology becomes more established and the patent portfolio expands; the filing reports no material changes to the prior risk factors.
Management's outlook
The company maintained full-year 2026 revenue guidance of $630 million-$670 million and expects revenue to be around the lower end of that range.
Earlier filings 4
10-K · February 19, 2026
Universal Display (OLED) describes a technology-licensing + materials sales strategy centered on its UniversalPHOLED® portfolio and extensive patent estate ("more than 7,000 patents issued and pending worldwide").…
10-K · February 22, 2024
The 10-K positions the company as a technology and IP leader in OLED materials and licensing, emphasizing a strategy to sell proprietary materials and license OLED technologies while investing in next-generation…
10-Q · November 3, 2022
Universal Display Corporation reported a strong Q3 2022 with revenue of $161M, representing a 12% increase year-over-year, driven primarily by growth in material sales and licensing fees. Diluted EPS rose to $1.12, up…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.