Universal Display Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	242.08	222.08	203.01	210.06	184.21
Depreciation & Amortization	46.59	44.14	43.4	42.27	41.96
Asset Writedown & Restructuring Costs	1.58	7.5	-	-	-
Loss (Gain) From Sale of Investments	-8.77	-7.4	-11.6	0.5	-0.37
Stock-Based Compensation	28.23	30.03	24.11	29.95	36.28
Other Operating Activities	0.66	-17.31	-0.64	-21.67	10.62
Change in Accounts Receivable	-6.31	26.2	-47.19	14.98	-25.38
Change in Inventory	-57.97	-7.14	7.43	-49.06	-42.57
Change in Accounts Payable	2.11	10.36	4.05	3.34	1.9
Change in Unearned Revenue	-10.66	-26.11	-4.16	-93.2	-5.22
Change in Other Net Operating Assets	-26.71	-28.61	-63.63	-10.35	-10.33
Operating Cash Flow	210.83	253.74	154.78	126.82	191.11
Operating Cash Flow Growth	-16.91%	63.94%	22.05%	-33.64%	28.44%
Capital Expenditures	-56.47	-42.64	-59.79	-42.5	-43.16
Sale (Purchase) of Intangibles	-10	-	-66.56	-4.71	-0.39
Investment in Securities	20.99	-121.77	43.06	-233.54	-414.2
Investing Cash Flow	-45.48	-164.41	-83.29	-280.74	-457.75
Issuance of Common Stock	2.02	2.22	2.01	1.57	1.51
Repurchase of Common Stock	-42.45	-8.39	-8.21	-9.21	-14.95
Common Dividends Paid	-85.55	-76.17	-66.74	-57	-37.93
Financing Cash Flow	-125.98	-82.34	-72.93	-64.64	-51.37
Net Cash Flow	39.37	7	-1.45	-218.56	-318.02
Free Cash Flow	154.36	211.1	94.99	84.32	147.94
Free Cash Flow Growth	-26.88%	122.25%	12.65%	-43.01%	22.47%
Free Cash Flow Margin	23.72%	32.59%	16.48%	13.67%	26.73%
Free Cash Flow Per Share	3.24	4.43	2.00	1.78	3.12
Cash Income Tax Paid	71.44	71.97	96.18	72.35	52.65
Levered Free Cash Flow	67.95	190.02	-21.11	80.4	130.35
Unlevered Free Cash Flow	67.95	190.02	-21.11	80.4	130.35
Change in Working Capital	-99.53	-25.3	-103.51	-134.3	-81.6

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.

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