Revenue growth has exhibited significant volatility, swinging from a 42.5% surge in 2024Q3 to an 8.8% contraction by 2026Q1, while operating margins remain constrained near 2.7%.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 25.28T | 25.81T | 26.62T | 21.33T | 26.15T | 29.88T | 24.26T | 23.48T | 24.34T | 27.79T | 26.5T | 28.38T | 26.46T | 27.03T | 29.43T | 24.29T | 25.51T | 20.04T | 16.27T | 14.35T | 10.13T | 10T | 8.04T | 6.4T | 3.19T | 3.57T |
| Revenue Growth % | -7.83% | -3.03% | 24.77% | -18.43% | -12.47% | 23.15% | 3.35% | -3.54% | -12.43% | 4.85% | -6.62% | 7.29% | -2.14% | -8.14% | 21.15% | -4.78% | 27.32% | 23.13% | 13.39% | 41.62% | 1.36% | 24.33% | 25.73% | 100.52% | -10.56% | - |
| Cost of Goods Sold | 21.88T | 22.43T | 24.04T | 20.99T | 25.03T | 24.57T | 21.63T | 21.61T | 21.25T | 22.42T | 22.75T | 24.07T | 22.67T | 23.52T | 26.42T | 23.08T | 21.78T | 17.48T | 13.61T | 12.12T | 10.41T | 9T | 6.03T | 4.97T | 2.81T | 3.14T |
| COGS % of Revenue | - | 86.92% | 90.32% | 98.38% | 95.7% | 82.24% | 89.14% | 92.04% | 87.32% | 80.69% | 85.85% | 84.8% | 85.68% | 87.02% | 89.79% | 95.02% | 85.38% | 87.22% | 83.62% | 84.42% | 102.69% | 90.02% | 75.03% | 77.74% | 88.03% | 88.03% |
| Gross Profit | 3.4T | 3.38T | 2.58T | 345.18B | 1.12T | 5.31T | 2.64T | 1.87T | 3.09T | 5.37T | 3.75T | 4.31T | 3.79T | 3.51T | 3T | 1.21T | 3.73T | 2.56T | 2.67T | 2.24T | -272.33B | 997.99B | 2.01T | 1.42T | 381.97B | 427.06B |
| Gross Margin % | 13.45% | 13.08% | 9.68% | 1.62% | 4.3% | 17.76% | 10.86% | 7.96% | 12.68% | 19.31% | 14.15% | 15.2% | 14.32% | 12.98% | 10.21% | 4.98% | 14.62% | 12.78% | 16.38% | 15.58% | -2.69% | 9.98% | 24.97% | 22.26% | 11.97% | 11.97% |
| Gross Profit Growth % | - | 31.1% | 646.12% | -69.29% | -78.81% | 101.32% | 41.05% | -39.44% | -42.5% | 43.09% | -13.08% | 13.88% | 7.99% | 16.75% | 148.35% | -67.57% | 45.69% | -3.91% | 19.16% | 921.28% | -127.29% | -50.3% | 41.03% | 272.74% | -10.56% | - |
| Operating Expenses | 2.77T | 2.86T | 3.14T | 2.86T | 3.21T | 3.07T | 2.67T | 3.23T | 2.99T | 2.9T | 2.44T | 2.69T | 2.43T | 2.34T | 2.09T | 1.97T | 2.04T | 2.92T | 895.92B | 732.6B | 567.73B | 524.02B | 307.62B | 245B | 116.25B | 129.97B |
| OpEx % of Revenue | - | 11.08% | 11.78% | 13.39% | 12.27% | 10.29% | 11.01% | 13.75% | 12.3% | 10.45% | 9.2% | 9.47% | 9.19% | 8.67% | 7.11% | 8.13% | 8% | 14.55% | 5.51% | 5.1% | 5.6% | 5.24% | 3.83% | 3.83% | 3.64% | 3.64% |
| Selling, General & Admin | 1.13T | 1.2T | 1.36T | 1.15T | 1.49T | 1.51T | 1.27T | 2.01T | 1.77T | 1.69T | 1.31T | 1.32T | 1.15T | 1.12T | 1.17T | 1.07T | 1.2T | 2.51T | 895.92B | 732.6B | 568.62B | 524.02B | 307.62B | 246.25B | 115.07B | 128.65B |
| SG&A % of Revenue | - | 4.63% | 5.11% | 5.37% | 5.71% | 5.06% | 5.25% | 8.54% | 7.28% | 6.08% | 4.93% | 4.65% | 4.35% | 4.14% | 3.96% | 4.39% | 4.7% | 12.51% | 5.51% | 5.1% | 5.61% | 5.24% | 3.83% | 3.85% | 3.61% | 3.61% |
| Research & Development | 1.39T | 1.41T | 1.45T | 1.38T | 1.38T | 1.22T | 1.1T | 1.22T | 1.22T | 1.21T | 1.13T | 1.22T | 1.16T | 1.1T | 785.11B | 816.05B | 767.86B | 407.86B | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 5.47% | 5.44% | 6.47% | 5.29% | 4.09% | 4.53% | 5.21% | 5.02% | 4.37% | 4.28% | 4.29% | 4.4% | 4.05% | 2.67% | 3.36% | 3.01% | 2.04% | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 252.73B | 329.54B | 330.51B | 333.59B | 341.58B | 298.19B | 0 | 0 | 0 | 0 | 149.68B | 115.55B | 129.02B | 140.81B | 91.17B | 74.05B | 236M | 0 | 0 | -887.08M | 999.3K | 0 | -1.25B | 1.19B | 1.33B |
| Operating Income | 630.23B | 516.98B | -560.6B | -2.51T | -2.09T | 2.23T | -36.47B | -1.36T | 91.79B | 2.46T | 1.31T | 1.63T | 1.36T | 1.16T | 912.89B | -764.02B | 1.69T | -354.54B | 1.77T | 1.5T | -840.06B | 473.97B | 1.7T | 1.18T | 265.72B | 297.08B |
| Operating Margin % | 2.49% | 2% | -2.11% | -11.77% | -7.97% | 7.47% | -0.15% | -5.79% | 0.38% | 8.86% | 4.94% | 5.73% | 5.13% | 4.3% | 3.1% | -3.15% | 6.62% | -1.77% | 10.87% | 10.48% | -8.29% | 4.74% | 21.14% | 18.43% | 8.33% | 8.33% |
| Operating Income Growth % | - | 192.22% | 77.67% | -20.39% | -193.47% | 6217.12% | 97.32% | -1580.94% | -96.27% | 87.85% | -19.38% | 19.76% | 16.63% | 27.48% | 219.49% | -145.25% | 576.27% | -120.04% | 17.63% | 279.04% | -277.24% | -72.12% | 44.24% | 343.61% | -10.56% | - |
| EBITDA | 4.78T | 5T | 4.57T | 1.7T | 2.47T | 6.73T | 4.1T | 2.34T | 3.65T | 5.68T | 4.33T | 5T | 4.85T | 5T | 5.38T | 2.89T | 4.61T | 2.49T | 4.28T | 4.33T | 1.65T | 2.22T | 2.89T | 2.19T | 1.12T | 1.25T |
| EBITDA Margin % | 18.91% | 19.36% | 17.15% | 7.99% | 9.45% | 22.53% | 16.89% | 9.95% | 14.98% | 20.43% | 16.34% | 17.62% | 18.33% | 18.49% | 18.29% | 11.89% | 18.09% | 12.41% | 26.27% | 30.2% | 16.26% | 22.22% | 35.98% | 34.3% | 35.18% | 35.18% |
| EBITDA Growth % | -4.14% | 9.48% | 167.97% | -31.1% | -63.27% | 64.28% | 75.43% | -35.95% | -35.76% | 31.03% | -13.38% | 3.13% | -2.97% | -7.14% | 86.4% | -37.42% | 85.48% | -41.82% | -1.34% | 162.96% | -25.8% | -23.22% | 31.89% | 95.49% | -10.56% | - |
| D&A (Non-Cash Add-back) | 4.15T | 4.48T | 5.13T | 4.21T | 4.56T | 4.5T | 4.13T | 3.7T | 3.55T | 3.21T | 3.02T | 3.38T | 3.49T | 3.83T | 4.47T | 3.65T | 2.93T | 2.84T | 2.51T | 2.83T | 2.49T | 1.75T | 1.19T | 1.01T | 856.47B | 957.56B |
| EBIT | 776.13B | 1.21T | -1.28T | -2.62T | -3.02T | 2.15T | -231.97B | -3.17T | -10.85B | 2.42T | 1.43T | 1.56T | 1.35T | 989.12B | 646.11B | -936.03B | 1.37T | 1.36T | 1.23T | 1.74T | -840.06B | 473.97B | 1.7T | 1.18T | 265.72B | 297.08B |
| Net Interest Income | -454.82B | -659.75B | -821.95B | -645.54B | -328.9B | -345.2B | -256.38M | -102.36M | -28.7B | -33.3B | -75.33B | -75.43B | -70.48B | -138.84B | -191.16B | -108.79B | -20.24B | -11.13B | 60.45B | -142.95B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 26.79B | 52.39B | 87.69B | 77.89B | 85.62B | 88.89B | 59.03M | 45.77M | 69.02B | 60.11B | 42.08B | 57.08B | 49.1B | 39.44B | 28.86B | 207.27B | 240.99B | 126.25B | 209.66B | 58.35B | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 481.62B | 712.13B | 909.64B | 723.43B | 414.52B | 434.09B | 315.42M | 148.13M | 80.52B | 90.54B | 114.52B | 127.6B | 109.78B | 158.82B | 187.59B | 363.31B | 288.47B | 166.45B | 153.54B | 201.3B | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -502.47B | -15.29B | -1.63T | -829.28B | -1.35T | -511.72B | -565.98B | -1.98T | -183.16B | -128.99B | 5.79B | -191.52B | -115.3B | -333.42B | -454.36B | -316.94B | -422.99B | 1.37T | -695.69B | 38.95B | -51.45B | -72.16B | -17.66B | -66.25B | 61.68B | 68.97B |
| Pretax Income | 127.97B | 501.69B | -2.19T | -3.34T | -3.43T | 1.72T | -602.45B | -3.34T | -91.37B | 2.33T | 1.32T | 1.43T | 1.24T | 830.3B | 458.52B | -1.08T | 1.27T | 1.01T | 1.07T | 1.54T | -891.51B | 401.81B | 1.68T | 1.11T | 327.4B | 366.05B |
| Pretax Margin % | 0.51% | 1.94% | -8.23% | -15.66% | -13.13% | 5.75% | -2.48% | -14.25% | -0.38% | 8.39% | 4.97% | 5.05% | 4.69% | 3.07% | 1.56% | -4.45% | 4.96% | 5.06% | 6.6% | 10.75% | -8.8% | 4.02% | 20.92% | 17.39% | 10.26% | 10.26% |
| Income Tax | 162.85B | 197.88B | 217.76B | -762.71B | -237.78B | 385.34B | -526.3B | -472.16B | 88.08B | 395.58B | 384.73B | 410.53B | 324.55B | 411.33B | 222.18B | -293.06B | 106.33B | -104.82B | 168.01B | 198.93B | -230.64B | -135.67B | 36.84B | 57.5B | 16.61B | 18.57B |
| Effective Tax Rate % | 127.25% | 39.44% | -9.94% | 22.84% | 6.93% | 22.42% | 87.36% | 14.12% | -96.4% | 16.96% | 29.23% | 28.63% | 26.13% | 49.54% | 48.46% | 27.11% | 8.4% | -10.35% | 15.65% | 12.89% | 25.87% | -33.76% | 2.19% | 5.17% | 5.07% | 5.07% |
| Net Income | -86.68B | 226.31B | -2.56T | -2.73T | -3.07T | 1.19T | -94.85B | -2.83T | -207.24B | 1.8T | 906.71B | 966.55B | 904.27B | 426.12B | 233.2B | -771.22B | 1.16T | 1.12T | 905.4B | 1.34T | -659.98B | 537.48B | 1.65T | 1.05T | 310.79B | 347.48B |
| Net Margin % | -0.34% | 0.88% | -9.63% | -12.82% | -11.75% | 3.97% | -0.39% | -12.05% | -0.85% | 6.49% | 3.42% | 3.41% | 3.42% | 1.58% | 0.79% | -3.17% | 4.53% | 5.58% | 5.56% | 9.36% | -6.51% | 5.38% | 20.47% | 16.49% | 9.74% | 9.74% |
| Net Income Growth % | 95.76% | 108.83% | 6.26% | 11% | -358.95% | 1350.55% | 96.65% | -1265.43% | -111.5% | 98.82% | -6.19% | 6.89% | 112.21% | 82.72% | 130.24% | -166.69% | 3.45% | 23.46% | -32.64% | 303.65% | -222.79% | -67.34% | 56% | 239.45% | -10.56% | - |
| Net Income (Continuing) | -34.88B | 303.81B | -2.41T | -2.58T | -3.2T | 1.33T | -76.15B | -2.87T | -179.44B | 1.94T | 931.51B | 1.02T | 917.4B | 418.97B | 236.34B | -787.89B | 1.16T | 1.12T | 905.4B | 1.34T | -659.98B | 537.48B | 1.65T | 1.05T | 310.79B | 347.48B |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 1.31T | 1.24T | 1.53T | 1.54T | 1.44T | 1.64T | 1.23B | 992.52M | 907.06B | 608.03B | 506.39B | 512B | 352B | 186.25B | 30.37B | 15.3B | 24.91B | 96.08B | 12.6B | 86.14M | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -86.68 | 226.50 | -2719.00 | -3677.35 | -3824.42 | 1437.05 | -90.64 | -3685.72 | -289.59 | 2519.00 | 1267.00 | 1350.50 | 1263.50 | 595.50 | 326.00 | -1077.68 | 1576.00 | 1562.00 | 1248.50 | 1858.00 | -924.46 | 788.88 | 2698.03 | 1820.71 | 536.66 | -509.00 |
| EPS Growth % | 96.18% | 108.33% | 26.06% | 3.85% | -366.13% | 1685.45% | 97.54% | -1172.74% | -111.5% | 98.82% | -6.18% | 6.89% | 112.17% | 82.67% | 130.25% | -168.38% | 0.9% | 25.11% | -32.8% | 300.98% | -217.19% | -70.76% | 48.19% | 239.27% | 205.43% | - |
| EPS (Basic) | - | 226.50 | -2719.00 | -3508.20 | -3824.42 | 1522.22 | -90.64 | -3685.72 | -289.59 | 2519.00 | 1267.00 | 1350.50 | 1263.50 | 595.50 | 326.00 | -1077.68 | 1616.00 | 1562.00 | 1264.50 | 1878.00 | -924.46 | 788.88 | 2698.03 | 1820.71 | 536.66 | -509.00 |
| Diluted Shares Outstanding | 1B | 1B | 942.48M | 743.4M | 779.24M | 868.51M | 779.24M | 779.24M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 722.16M | 736.92M | 738M | 730.42M | 714.79M | 681.32M | 609.99M | 579.44M | 580M | 579.57M |
| Basic Shares Outstanding | 1B | 1B | 942.48M | 779.24M | 779.24M | 779.24M | 779.24M | 779.24M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 715.63M | 716M | 715.63M | 714.79M | 681.32M | 609.99M | 579.44M | 580M | 579.57M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | 9.92% | 19.73% | 18.51% | - | - | - | - | 15.47% | 16.01% | 29.64% | - | - | - | - | - | - | - |
High fixed-cost operating leverage
According to recent financial disclosures, LG Display's revenue growth has exhibited significant volatility, fluctuating from a 42.5% surge in 2024Q3 to an 8.8% contraction by 2026Q1, reflecting the inherent cyclicality of the global display market and the company's reliance on seasonal consumer electronics demand cycles.
The inconsistent top-line performance suggests that LG Display remains highly susceptible to shifts in OEM procurement strategies and broader consumer spending patterns. Investors should monitor whether the recent strategic pivot toward IT and automotive segments can provide a more stable revenue floor against the historical volatility of the TV panel business.
As reported in quarterly filings, the company's gross margin has struggled to maintain consistency, peaking at 16.4% in 2025Q3 before retreating to 13.8% in 2026Q1, which highlights the ongoing difficulty in achieving sustainable pricing power amidst intense competition from subsidized regional display manufacturers.
The thin gross margins indicate that LG Display faces significant challenges in passing through raw material costs to customers. This margin profile appears to be a direct consequence of the high-cost WOLED production process, which requires substantial yield optimization to achieve profitability in a commoditized pricing environment.
Based on the provided income statement data, operating margins have remained consistently low, hovering near 2% in recent periods, which suggests that the company's massive fixed-cost base prevents meaningful operating leverage even during quarters where revenue growth shows signs of temporary recovery.
The inability to scale operating income faster than gross profit implies that the company's fabrication facilities are not currently operating at optimal utilization levels. This structural inefficiency warrants further investigation into whether future capital expenditures will lead to improved throughput or merely exacerbate the existing fixed-cost burden.
Analysis of the reported figures reveals a disconnect between operating results and net income, with the company recording a net loss of $575.7 billion in 2026Q1 despite positive operating income, suggesting that non-operating items or tax anomalies are significantly distorting the bottom-line quality.
The frequent swings between net profitability and substantial losses indicate that investors should focus more on operating cash flow than reported EPS. The lack of stock-based compensation is notable, yet the volatility in net margins suggests that accounting adjustments for asset impairments or currency fluctuations may be masking underlying operational trends.
While management emphasizes the transition to OLED technology, the income statement data suggests that this shift has yet to yield a durable competitive advantage, as evidenced by the persistent net losses and the inability to consistently expand operating margins above the low single-digit range.
Short-sellers may focus on the potential for the OLED market to follow the same commoditization path as the LCD segment, particularly as Chinese competitors increase capacity. The reliance on high-capex investments to drive future growth appears to be a significant risk factor that could further strain the company's financial position if demand fails to materialize.
Quick answers to the most common questions about buying LPL stock.
For fiscal year 2025, LG Display Co., Ltd. (LPL) reported total revenue of $25.81T. This represents a 623.7% increase compared to $3.57T in 2001.
LG Display Co., Ltd. (LPL) is profitable, generating $226.31B in net income for the fiscal year ending 2025 with a net profit margin of 0.9%.
LG Display Co., Ltd. (LPL) reported an operating income of $516.98B, resulting in an operating profit margin of 2.0%. This margin reflects the operational efficiency of the business before interest and taxes.
LG Display Co., Ltd. (LPL) generated $3.38T in gross profit for the year, representing a gross profit margin of 13.1%. This demonstrates the company's core pricing power and production efficiency.