Universal Display (NASDAQ: OLED) cuts 2026 outlook, adds $400M buyback and dividend
Rhea-AI Filing Summary
Universal Display Corporation reported softer first quarter 2026 results and lowered its full-year outlook, while expanding capital returns. Q1 2026 revenue was $142.2 million versus $166.3 million a year earlier, with net income of $35.9 million or $0.76 per diluted share compared with $64.4 million or $1.35 per share. Royalty and license fee revenue declined to $54.2 million from $73.6 million, and total gross margin slipped to 75% from 77%. The company now expects 2026 revenue between $630 million and $670 million, down from prior guidance of $650 million to $700 million. Despite the weaker outlook, it declared a second-quarter dividend of $0.50 per share and authorized a new $400 million share repurchase program after completing a prior $100 million program.
Positive
- Strong cash generation and balance sheet: Net cash from operating activities rose to $108.9 million in Q1 2026, supporting $159.4 million of cash plus substantial investments and giving the company flexibility to fund growth and capital returns.
- Large new share repurchase authorization and sustained dividend: The Board approved a new $400 million buyback after completing a $100 million program, and declared a $0.50 per share quarterly dividend, highlighting ongoing capital returns.
Negative
- Meaningful year-over-year decline in revenue and earnings: Q1 2026 revenue fell to $142.2 million from $166.3 million, while net income dropped to $35.9 million and diluted EPS to $0.76 from $1.35.
- Lowered full-year 2026 revenue guidance: Management now expects 2026 revenue between $630 million and $670 million, reduced from the prior $650 million to $700 million range, reflecting softer near-term demand.
Insights
Revenue and earnings declined, guidance was cut, but buybacks and dividends remain robust.
Universal Display posted Q1 2026 revenue of $142.2 million, down from $166.3 million, as both material sales and royalty and license fees softened. Net income fell to $35.9 million, with diluted EPS at $0.76 versus $1.35 a year earlier.
The company reduced its 2026 revenue outlook to a range of $630 million to $670 million, compared with prior guidance of $650 million to $700 million. This reflects more measured near-term market conditions even as management highlights long-term OLED growth drivers and continued investment in technology and materials.
Despite lower earnings and guidance, the balance sheet supports capital returns. The firm declared a second quarter 2026 dividend of $0.50 per share and authorized a new $400 million repurchase program after completing a $100 million program through the quarter ended March 31, 2026. Actual impact will depend on future execution and market conditions.
Cash generation is strong, funding heavy buybacks, dividends and continued investment.
The company generated net cash from operating activities of $108.9 million in Q1 2026, up from $30.6 million a year earlier, aided by working capital movements. Cash and cash equivalents rose to $159.4 million, alongside short-term investments of $357.1 million and other investments of $419.7 million.
During the quarter, it repurchased 632,673 shares for $66.4 million, completed a $100 million repurchase program, and paid cash dividends of $23.5 million. The new $400 million authorization and ongoing $0.50-per-share quarterly dividend are expected to be funded from existing cash, investments and future cash flow.
Total shareholders’ equity stood at $1.70 billion as of March 31, 2026, with total liabilities of $190.7 million. This low leverage profile provides flexibility to balance organic investment, including acquired technology spending, with shareholder returns as disclosed in the company’s capital allocation framework.
8-K Event Classification
Key Figures
Key Terms
royalty and license fees financial
gross margin financial
free cash flow financial
Rule 10b-18 regulatory
forward-looking statements regulatory
Earnings Snapshot
2026 revenue guidance revised to a range of $630 million to $670 million, down from prior guidance of $650 million to $700 million.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Registrant’s Telephone Number, Including Area Code: (
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On April 30, 2026, Universal Display Corporation (the "Company") issued a press release regarding its financial results for the quarter and year ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this report.
The information set forth under this “Item 2.02. Results of Operations and Financial Condition” (including the exhibit) shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.
Item 8.01 Other Events.
On April 30, 2026, the Company announced that its Board of Directors has authorized management to repurchase up to an additional $400 million of the Company’s common stock (the “Share Repurchase Program”). The full text of the press release announcing the Share Repurchase Program is attached hereto as Exhibit 99.2 and is incorporated herein by reference.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
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Description |
99.1 |
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Press Release by the Registrant, dated April 30, 2026, furnished pursuant to Item 2.02 of Form 8-K. |
99.2 |
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Press Release by the Registrant, dated April 30, 2026, furnished pursuant to Item 8.01 of Form 8-K. |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document). |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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UNIVERSAL DISPLAY CORPORATION |
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Date: April 30, 2026 |
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By: |
/s/ Brian Millard |
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Brian Millard |
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Vice President, Chief Financial Officer and Treasurer |
Exhibit 99.1
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Press Release |
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Universal Display Contact: |
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Darice Liu |
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investor@oled.com |
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media@oled.com |
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+1 609-964-5123 |
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Universal Display Corporation Announces First Quarter 2026 Financial Results
EWING, N.J. – April 30, 2026 – Universal Display Corporation (Nasdaq: OLED), a global leader in energy-efficient OLED technologies and materials, today reported financial results for the first quarter ended March 31, 2026.
"We continue to see the OLED market as a compelling long-term growth opportunity, supported by expanding adoption, evolving architectures, and continued industry investment,” said Brian Millard, Chief Financial Officer of Universal Display Corporation. “While near-term market conditions have become more measured, we remain focused on execution and long-term value creation. That focus is supported by our deep and long-standing customer partnerships and continued innovation across our materials and technology platforms, which positions us well as the industry enters its next phase of growth, including Gen 8.6 capacity additions in Korea and China expected to come online this year. As this growth unfolds, OLED performance requirements continue to rise and architectures evolve, further increasing the importance of materials innovation. We continue to invest in our technology leadership, while leveraging our strong balance sheet and cash flow generation to support future growth and return capital to shareholders in a disciplined manner."
Financial Highlights for the First Quarter of 2026
Revenue Comparison
($ in thousands) |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Material sales |
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$ |
83,749 |
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$ |
86,155 |
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Royalty and license fees |
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54,210 |
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73,569 |
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Contract research services |
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4,252 |
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6,553 |
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Total revenue |
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$ |
142,211 |
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$ |
166,277 |
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Cost of Materials Comparison
($ in thousands) |
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Three Months Ended March 31, |
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2026 |
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2025 |
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Material sales |
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$ |
83,749 |
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$ |
86,155 |
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Cost of material sales |
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33,017 |
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33,949 |
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Gross margin on material sales |
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50,732 |
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52,206 |
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Gross margin as a % of material sales |
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61 |
% |
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61 |
% |
Revised 2026 Guidance
The Company now believes that its 2026 revenue will be in the range of $630 million to $670 million, down from prior guidance of $650 million to $700 million. The OLED industry remains at a stage where many variables can have a material impact on results, and the Company thus caveats its financial guidance accordingly.
Dividend
The Company also announced a second quarter 2026 cash dividend of $0.50 per share on the Company’s common stock. The cash dividend is payable on June 30, 2026 to all shareholders of record as of the close of business on June 16, 2026.
Share Repurchases
The Company repurchased 632,673 shares of common stock for $66.4 million during the three months ended March 31, 2026. During the same period, and inclusive of such purchases, the Company completed the share repurchase program authorized in April 2025, repurchasing a total of 923,883 shares of its common stock for an aggregate purchase price of $100 million.
On April 28, 2026, the Company's Board of Directors authorized management to repurchase up to an additional $400 million of the Company's common stock.
Conference Call Information
In conjunction with this release, Universal Display will host a conference call on Thursday, April 30, 2026 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 7,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.
# # #
All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
(in thousands, except share and per share data)
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March 31, 2026 |
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December 31, 2025 |
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ASSETS |
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CURRENT ASSETS: |
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Cash and cash equivalents |
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$ |
159,352 |
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$ |
138,353 |
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Short-term investments |
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357,056 |
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464,004 |
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Accounts receivable |
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93,629 |
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119,953 |
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Inventory |
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248,213 |
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240,912 |
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Other current assets |
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74,028 |
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123,836 |
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Total current assets |
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932,278 |
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1,087,058 |
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PROPERTY AND EQUIPMENT, net of accumulated depreciation of $196,869 and $189,326 |
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213,146 |
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214,947 |
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ACQUIRED TECHNOLOGY, net of accumulated amortization of $225,627 and $220,392 |
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101,548 |
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56,783 |
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OTHER INTANGIBLE ASSETS, net of accumulated amortization of $13,622 and $13,269 |
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3,666 |
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4,019 |
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GOODWILL |
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15,535 |
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15,535 |
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INVESTMENTS |
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419,673 |
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377,034 |
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DEFERRED INCOME TAXES |
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79,455 |
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79,454 |
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OTHER ASSETS |
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129,415 |
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128,932 |
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TOTAL ASSETS |
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$ |
1,894,716 |
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$ |
1,963,762 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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CURRENT LIABILITIES: |
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Accounts payable |
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$ |
17,037 |
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$ |
23,344 |
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Accrued expenses |
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40,389 |
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52,564 |
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Deferred revenue |
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21,038 |
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21,011 |
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Other current liabilities |
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19,300 |
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11,094 |
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Total current liabilities |
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97,764 |
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108,013 |
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DEFERRED REVENUE |
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1,728 |
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1,943 |
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RETIREMENT PLAN BENEFIT LIABILITY |
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56,911 |
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56,541 |
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OTHER LIABILITIES |
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34,333 |
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36,246 |
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Total liabilities |
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190,736 |
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202,743 |
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SHAREHOLDERS’ EQUITY: |
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Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 |
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2 |
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2 |
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Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 49,039,974 |
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490 |
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489 |
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Additional paid-in capital |
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745,385 |
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744,692 |
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Retained earnings |
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1,102,489 |
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1,090,479 |
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Accumulated other comprehensive (loss) income |
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(2,567 |
) |
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781 |
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Treasury stock, at cost (2,289,531 and 1,656,858 shares at March 31, 2026 and |
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(141,819 |
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(75,424 |
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Total shareholders’ equity |
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1,703,980 |
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1,761,019 |
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TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY |
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$ |
1,894,716 |
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$ |
1,963,762 |
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
(UNAUDITED)
(in thousands, except share and per share data)
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Three Months Ended March 31, |
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2026 |
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2025 |
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REVENUE: |
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Material sales |
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$ |
83,749 |
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$ |
86,155 |
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Royalty and license fees |
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54,210 |
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73,569 |
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Contract research services |
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4,252 |
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6,553 |
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Total revenue |
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142,211 |
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166,277 |
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COST OF SALES |
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36,121 |
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38,134 |
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Gross margin |
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106,090 |
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128,143 |
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OPERATING EXPENSES: |
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Research and development |
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35,246 |
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34,900 |
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Selling, general and administrative |
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20,032 |
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17,014 |
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Amortization of acquired technology and other intangible assets |
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5,588 |
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4,545 |
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Patent costs |
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2,369 |
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1,906 |
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Royalty and license expense |
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104 |
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114 |
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Total operating expenses |
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63,339 |
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58,479 |
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OPERATING INCOME |
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42,751 |
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69,664 |
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Interest income, net |
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8,715 |
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10,074 |
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Other (loss) income, net |
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(6,173 |
) |
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378 |
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Interest and other income, net |
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2,542 |
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10,452 |
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INCOME BEFORE INCOME TAXES |
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45,293 |
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80,116 |
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INCOME TAX EXPENSE |
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(9,397 |
) |
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(15,672 |
) |
NET INCOME |
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$ |
35,896 |
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$ |
64,444 |
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NET INCOME PER COMMON SHARE: |
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BASIC |
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$ |
0.76 |
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$ |
1.35 |
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DILUTED |
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$ |
0.76 |
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$ |
1.35 |
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WEIGHTED AVERAGE SHARES USED IN COMPUTING |
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BASIC |
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47,078,940 |
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47,567,295 |
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DILUTED |
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47,205,952 |
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47,689,657 |
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CASH DIVIDENDS DECLARED PER COMMON SHARE |
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$ |
0.50 |
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$ |
0.45 |
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UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
(in thousands)
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Three Months Ended March 31, |
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2026 |
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2025 |
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CASH FLOWS FROM OPERATING ACTIVITIES: |
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Net income |
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$ |
35,896 |
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$ |
64,444 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation |
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7,563 |
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6,548 |
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Amortization of intangibles |
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5,588 |
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4,545 |
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Investment losses (gains), net |
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2,086 |
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(1,471 |
) |
Impairment of minority investments |
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|
415 |
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|
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— |
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Stock-based compensation |
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7,554 |
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|
|
7,076 |
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Deferred income tax expense (benefit) |
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3 |
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(3,091 |
) |
Retirement plan expense, net of benefit payments |
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|
375 |
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|
423 |
|
Decrease (increase) in assets: |
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Accounts receivable |
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26,324 |
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(25,915 |
) |
Inventory |
|
|
(7,301 |
) |
|
|
(14,460 |
) |
Other current assets |
|
|
39,808 |
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|
|
400 |
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Other assets |
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(483 |
) |
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(2,568 |
) |
Increase (decrease) in liabilities: |
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Accounts payable and accrued expenses |
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(15,362 |
) |
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(13,408 |
) |
Other current liabilities |
|
|
8,291 |
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|
|
16,867 |
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Deferred revenue |
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(188 |
) |
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(8,491 |
) |
Other liabilities |
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(1,693 |
) |
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(337 |
) |
Net cash provided by operating activities |
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108,876 |
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30,562 |
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CASH FLOWS FROM INVESTING ACTIVITIES: |
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Purchases of property and equipment |
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(8,605 |
) |
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(13,059 |
) |
Purchase of intangibles |
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(40,000 |
) |
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|
— |
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Purchases of investments |
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(116,009 |
) |
|
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(38,772 |
) |
Proceeds from sale and maturity of investments |
|
|
174,483 |
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|
|
110,000 |
|
Net cash provided by investing activities |
|
|
9,869 |
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|
|
58,169 |
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CASH FLOWS FROM FINANCING ACTIVITIES: |
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Proceeds from issuance of common stock |
|
|
578 |
|
|
|
579 |
|
Repurchases of common stock |
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(67,119 |
) |
|
|
— |
|
Payment of withholding taxes related to stock-based compensation to employees |
|
|
(7,738 |
) |
|
|
(9,398 |
) |
Cash dividends paid |
|
|
(23,467 |
) |
|
|
(21,419 |
) |
Net cash used in financing activities |
|
|
(97,746 |
) |
|
|
(30,238 |
) |
INCREASE IN CASH AND CASH EQUIVALENTS |
|
|
20,999 |
|
|
|
58,493 |
|
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD |
|
|
138,353 |
|
|
|
98,980 |
|
CASH AND CASH EQUIVALENTS, END OF PERIOD |
|
$ |
159,352 |
|
|
$ |
157,473 |
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SUPPLEMENTAL DISCLOSURES: |
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Unrealized (loss) gain on available-for-sale securities |
|
$ |
(3,334 |
) |
|
$ |
1,320 |
|
Common stock issued to Board of Directors and Scientific Advisory Board that was |
|
|
300 |
|
|
|
300 |
|
Accrued dividends included in other current liabilities and other liabilities |
|
|
419 |
|
|
|
124 |
|
Net change in accounts payable and accrued expenses related to purchases of property |
|
|
2,843 |
|
|
|
5,487 |
|
Cash paid for income taxes, net of refunds |
|
|
38,376 |
|
|
|
2,266 |
|
Exhibit 99.2
|
Press Release |
Universal Display Contact: |
Darice Liu |
investor@oled.com |
media@oled.com |
+1 609-964-5123 |
Universal Display Corporation Announces $400 Million Share Repurchase Authorization and Quarterly Cash Dividend of $0.50 per Share
Ewing, N.J. – April 30, 2026 – Universal Display Corporation (Nasdaq: OLED), a global leader in energy-efficient OLED technologies and materials, announced today that its Board of Directors has authorized a new share repurchase program of up to $400 million of the Company’s common stock. This authorization is incremental to the $100 million share repurchase program approved in April 2025, which was fully utilized through the first quarter of 2026. In addition, the Board declared a second quarter cash dividend of $0.50 per share on the Company’s common stock.
“The Board’s approval of this new share repurchase authorization, together with our quarterly dividend, underscores our commitment to returning capital to shareholders through a disciplined and balanced capital allocation framework,” said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation.
“We generate strong and consistent free cash flow, which we deploy across three priorities: investing in organic growth and innovation, including advancing phosphorescent blue; pursuing selective, high-return inorganic opportunities; and returning capital to shareholders through dividends and share repurchases. Over the last twelve months, we returned more than $187 million to shareholders through dividends and share repurchases, while maintaining a strong balance sheet and financial flexibility. This authorization reflects our confidence in the long-term growth of OLED and our ability to drive sustained shareholder value.”
Share Repurchase Authorization
The $400 million repurchase authorization is effective immediately and permits shares of the Company’s common stock to be repurchased from time to time at management's discretion through a variety of methods, including a 10b5-1 trading plan, open market purchases, privately negotiated transactions, or transactions otherwise in compliance with Rule 10b-18 under the Securities Exchange Act of 1934, as amended.
The repurchase program has no expiration date, does not require the Company to repurchase any specified number of shares, and may be modified, suspended or discontinued at any time at the Company’s discretion. Repurchases under this program are expected to be funded from the Company’s existing cash and investments or future cash flow.
Second Quarter 2026 Dividend
The Board also approved a second quarter cash dividend of $0.50 per share on the Company's common stock, payable on June 30, 2026, to shareholders of record on June 16, 2026. The dividend reflects the Company’s expected continued cash flow generation, and commitment to returning capital to its shareholders. Future dividends will be subject to Board approval.
About Universal Display Corporation
Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 7,000 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.
Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.
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All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company’s technologies, and the Company’s expected results and future declaration of dividends, as well as the growth of the OLED market and the Company’s opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation’s current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation’s periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled “Risk Factors” in Universal Display Corporation’s Annual Report on Form 10-K for the year ended December 31, 2025. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.
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