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Universal Display Corporation Announces Second Quarter 2025 Financial Results

EWING, N.J.--(BUSINESS WIRE)-- (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED^庐 technology and materials, today reported financial results for the second quarter ended June 30, 2025.

鈥淲e are pleased to report record financial performance in the second quarter. Reflecting our strong execution and current outlook for the year, we are raising the low end of our 2025 revenue guidance range, which we now project to be $650 million to $700 million,鈥� said Brian Millard, Chief Financial Officer and Treasurer of Universal Display Corporation. 鈥淲e believe the OLED industry is entering a dynamic new phase of expansion, driven by increasing demand in the nascent OLED IT market鈥攊ncluding tablets, laptops, and monitors. As OLED adoption broadens across consumer electronics and automotive applications, we believe we are well-positioned to be a key enabler in this next wave of growth.鈥�

Financial Highlights for the Second Quarter of 2025

• Total revenue in the second quarter of 2025 was $171.8 million as compared to $158.5 million in the second quarter of 2024.
• Revenue from material sales was $88.7 million in the second quarter of 2025 as compared to $95.4 million in the second quarter of 2024. The decrease in material sales was primarily due to changes in customer mix and lower unit material volume for our emitter materials.
• Revenue from royalty and license fees was $75.7 million in the second quarter of 2025 as compared to $59.6 million in the second quarter of 2024. The increase in royalty and license fees was primarily the result of changes in customer mix, partially offset by lower unit material volume.
• Cost of material sales was $34.2 million in the second quarter of 2025 as compared to $35.5 million in the second quarter of 2024.
• Total gross margin was 77% in the second quarter of 2025 as compared to 76% in the second quarter of 2024.
• Operating income was $68.5 million in the second quarter of 2025 as compared to $56.4 million in the second quarter of 2024.
• The effective income tax rate was 19.8% in the second quarter of 2025 as compared to 19.3% in the second quarter of 2024.
• Net income was $67.3 million or $1.41 per diluted share in the second quarter of 2025 as compared to $52.3 million or $1.10 per diluted share in the second quarter of 2024.

Revenue Comparison

Cost of Materials Comparison

Financial Highlights for the First Half of 2025

• Total revenue in the first half of 2025 was $338.1 million as compared to $323.8 million in the first half of 2024.
• Revenue from material sales was $174.8 million in the first half of 2025 as compared to $188.7 million in the first half of 2024. The decrease in material sales was primarily due to lower unit material volume for our emitter materials and changes in customer mix.
• Revenue from royalty and license fees was $149.2 million in the first half of 2025 as compared to $127.8 million in the first half of 2024. The increase in royalty and license fees was primarily the result of changes in customer mix, partially offset by lower unit material volume.
• Cost of material sales was $68.1 million in the first half of 2025 as compared to $69.6 million in the first half of 2024.
• Total gross margin was 77% in the first half of both 2025 and 2024.
• Operating income was $138.2 million in the first half of 2025 as compared to $119.3 million in the first half of 2024.
• The effective income tax rate was 19.7% in the first half of 2025 as compared to 19.3% in the first half of 2024.
• Net income was $131.7 million or $2.76 per diluted share in the first half of 2025 as compared to $109.2 million or $2.29 per diluted share in the first half of 2024.
  

Revenue Comparison

Cost of Materials Comparison

Revised 2025 Guidance

While the evolving macroeconomic environment this year creates continued uncertainty, the Company has increased the lower end of its previous revenue guidance and believes that 2025 revenue will be in the range of $650 million to $700 million.

Dividend

The Company also announced a third quarter cash dividend of $0.45 per share on the Company鈥檚 common stock. The dividend is payable on September 30, 2025 to all shareholders of record as of the close of business on September 16, 2025.

Conference Call Information

In conjunction with this release, Universal Display will host a conference call on Thursday, July 31, 2025 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the page of the Company's Investor Relations website at . 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 6,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED庐 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 .

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鈥檚 technologies, and the Company鈥檚 expected results, as well as the growth of the OLED market and the Company鈥檚 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鈥檚 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鈥檚 periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled 鈥淩isk Factors鈥� in Universal Display Corporation鈥檚 Annual Report on Form 10-K for the year ended December 31, 2024. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.

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Source: Universal Display Corporation