Here are the 10-K annual reports from Ubiquiti Inc. (UI) in our archive since June 2025, newest first, and each one links through to the document itself with the summary and the scores our analysis gives it.
A 10-K covers the audited annual report, with the full financial statements, so if you follow UI and want that one kind of document rather than the whole filing history, this is the page to keep. The company's other filings, of every form, are on the full UI filings page.
Ubiquiti Inc. (UI) reports strong growth in its networking hardware and software business, with fiscal 2026 revenue of $3.3 billion, up from $2.6 billion in 2025 and $1.9 billion in 2024. Net income rose to $960.3 million from $711.9 million and $350.0 million over the same periods, reflecting rapid scale in its UniFi and UISP platforms for enterprises, service providers and smart homes.
The company operates as a single segment, selling primarily through over 100 distributors and its webstores into more than 75 countries, without a traditional direct sales force. As of December 31 2025, the market value of non‑affiliate common stock was $2.34 billion, and as of August 20 2026 there were 60,528,381 shares outstanding.
Ubiquiti highlights significant risks: dependence on contract manufacturers in Vietnam and China, single‑ or limited‑source suppliers (including key chipsets), ongoing component shortages and cost inflation, exposure to U.S. tariffs on China and Vietnam, cybersecurity threats (including prior fraud and source‑code access incidents), global economic volatility, and geopolitical tensions involving Russia/Ukraine and China/Taiwan that could disrupt operations and supply chains.
Ubiquiti Inc. describes its global networking product business, emphasizing heavy investment in research and development, reliance on contract manufacturers and a distributor-centric sales model, and multiple operational risks. The company employed 1,667 full time equivalent employees as of June 30, 2025, including 1,187 in R&D. R&D expenses were $169.7 million in fiscal 2025, $159.8 million in fiscal 2024 and $145.2 million in fiscal 2023. Sales are primarily outside the U.S.; no single customer represented 10% or more of revenue in 2025. In fiscal 2025, distributors accounted for 56% of revenue and webstore sales 44% (versus 62% and 38% in 2024). The company notes material risks from supplier concentration (including single-source chipsets from Qualcomm and Broadcom), tariffs affecting import costs, dependence on contract manufacturers in Vietnam and China, limited distributor visibility into end-customer demand, intellectual property and cybersecurity exposures, and prior losses from fraud and a 2021 systems breach.