UNIVERSAL DISPLAY CORP \PA\
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
OLED$88.31+1.4%Stored close · as of Nov 6, 2026
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Item 8. Consolidated Statements of Cash Flows
CONSOLIDATED STATEM ENTS OF CASH FLOWS
(in thousands)
| Year Ended December 31, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| CASH FLOWS FROM OPERATING ACTIVITIES: | |||
| Net Income | $242,075 | $222,079 | $203,011 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Depreciation | 28,389 | 25,940 | 27,409 |
| Impairment of property and equipment and right-of-use asset due to OVJP restructuring | 1,577 | 7,498 | — |
| Amortization of intangibles | 18,198 | 18,200 | 15,993 |
| Investment gains, net | (8,765) | (7,399) | (11,603) |
| Stock-based compensation | 28,227 | 30,032 | 24,109 |
| Deferred income tax benefit | (1,036) | (19,117) | (3,766) |
| Retirement plan expense, net of benefit payments | 1,694 | 1,808 | 3,129 |
| Decrease (increase) in assets: | |||
| Accounts receivable | (6,305) | 26,202 | (47,186) |
| Inventory | (57,974) | (7,143) | 7,425 |
| Other current assets | (3,261) | (23,210) | (41,574) |
| Other assets | (23,694) | (2,968) | 4,450 |
| Increase (decrease) in liabilities: | |||
| Accounts payable and accrued expenses | 2,114 | 10,357 | 4,047 |
| Other current liabilities | (441) | 1,269 | (21,481) |
| Deferred revenue | (10,657) | (26,108) | (4,159) |
| Other liabilities | 689 | (3,700) | (5,027) |
| Net cash provided by operating activities | 210,830 | 253,740 | 154,777 |
| CASH FLOWS FROM INVESTING ACTIVITIES: | |||
| Purchases of property and equipment | (56,470) | (42,637) | (59,792) |
| Purchase of intangibles | (10,000) | — | (66,563) |
| Purchases of investments | (375,506) | (594,848) | (531,103) |
| Proceeds from sale and maturity of investments | 396,500 | 473,075 | 574,165 |
| Net cash used in investing activities | (45,476) | (164,410) | (83,293) |
| CASH FLOWS FROM FINANCING ACTIVITIES: | |||
| Proceeds from issuance of common stock | 2,020 | 2,220 | 2,012 |
| Repurchases of common stock | (32,881) | — | — |
| Payment of withholding taxes related to stock-based compensation to employees | (9,571) | (8,386) | (8,206) |
| Cash dividends paid | (85,549) | (76,169) | (66,735) |
| Net cash used in financing activities | (125,981) | (82,335) | (72,929) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 39,373 | 6,995 | (1,445) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 98,980 | 91,985 | 93,430 |
| CASH AND CASH EQUIVALENTS, END OF YEAR | $138,353 | $98,980 | $91,985 |
| SUPPLEMENTAL DISCLOSURES: | |||
| Unrealized gain on available-for-sale securities | $1,984 | $411 | $8,938 |
| Common stock issued to Board of Directors and Scientific Advisory Board that was earned and accrued for in a previous period | 300 | 300 | 300 |
| Repurchases of common stock included in other current liabilities | 1,259 | — | — |
| Net change in accounts payable and accrued expenses related to purchases of property and equipment | 8,373 | (9,448) | 678 |
| Cash paid for income taxes, net of refunds | 71,438 | 71,973 | 96,176 |
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