Revenue growth has decelerated to 2.5% YoY in 2026Q2, while gross margin volatility, swinging from 16.4% in 2025Q3 to 8.9% in 2026Q2, highlights extreme sensitivity to panel pricing and a lack of sustainable profitability.
LG Display Co., Ltd. (LPL) annual income statement — 25-year revenue, gross profit & net income history
| 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 | 24.62T | 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 % | -6.88% | -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 | 15.83T | 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 | 8.79T | 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 % | 35.71% | 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 | 8.33T | 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 | 1.2T | 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 | 1.04T | 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 | 2M | 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 | 458.07B | 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 % | 1.86% | 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 | 3.91T | 4.87T | 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 % | 15.89% | 18.87% | 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 % | -21.99% | 6.7% | 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) | 2.97T | 4.35T | 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 | 228.22B | 1.2T | -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 | -556.4B | -650.92B | -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 | 287.57B | 51.69B | 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 | 843.97B | 702.61B | 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 | -1.07T | -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 | -615.75B | 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 % | -2.5% | 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 | -25.66B | 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 % | 4.17% | 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 | -575.81B | 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 % | -2.34% | 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 % | -71.71% | 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) | -590.09B | 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 | - | 1.24T | 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) | -575.81 | 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 % | -72.05% | 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 | -3677.35 | -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 | 743.4M | 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% | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Persistent operating losses and thin margins
Revenue Growth Decelerates into Contraction
After a period of strong year-over-year growth in 2024, LG Display's revenue trajectory has reversed, with the most recent quarter showing a 2.5% YoY increase that masks a sequential decline from $7.2T to $5.7T, suggesting the cyclical upswing has stalled.
The company's revenue growth has decelerated sharply from the 42.5% YoY surge in 2024Q3 to a near-flat 2.5% in 2026Q2. This pattern indicates the post-pandemic restocking cycle has concluded, and the business is now facing the structural headwinds of a commoditized LCD market and intense pricing competition. The sequential revenue drop from 2025Q4 to 2026Q2 is particularly concerning, as it suggests the typical second-half seasonal peak was weaker than anticipated, pointing to potential demand softness in key end markets like TVs and IT.
Gross Margin Volatility Highlights Structural Weakness
LG Display's gross margin has swung wildly from a low of 4.1% in 2024Q1 to a high of 16.4% in 2025Q3, before compressing back to 8.9% in 2026Q2, a pattern that underscores the company's extreme sensitivity to panel pricing and its lack of sustainable pricing power.
The erratic gross margin profile is a direct reflection of the company's exposure to volatile commodity LCD panel prices and its high fixed-cost structure. The inability to maintain margins above 15% for more than a single quarter suggests that any pricing power is temporary and tied to short-term supply-demand imbalances rather than a durable competitive advantage. This volatility makes it nearly impossible to generate consistent operating profits, as even a 100-basis-point swing in gross margin can mean the difference between a profit and a loss at the operating line.
Operating Leverage Remains Elusive Amidst Cost Pressures
Despite a 42.5% revenue increase in 2024Q3, operating income only improved to -$80.6B, and the subsequent quarters show that revenue growth is not translating into meaningful operating leverage, with the operating margin stuck near breakeven or negative.
The data reveals a fundamental problem: LG Display's cost structure is not scaling efficiently with revenue. SG&A and R&D expenses appear relatively fixed in the short term, consuming a large portion of gross profit. For instance, in 2025Q3, a $1.1T gross profit was almost entirely offset by $646.4B in combined R&D and SG&A, leaving a thin 6.2% operating margin. This indicates that management has limited control over overhead costs, and volume growth alone is insufficient to drive profitability without a significant improvement in gross margins.
Net Income Distorted by Non-Operating Items
The reported net income is highly unreliable as an indicator of operational performance, as evidenced by the $865.8B net profit in 2025Q2 which occurred alongside an operating loss of -$116.0B, suggesting significant non-operating gains or one-time items.
The stark divergence between operating income and net income in several quarters, particularly the massive $865.8B net profit in 2025Q2 against an operating loss, points to substantial non-operating items such as asset sales, tax benefits, or foreign exchange gains. This severely distorts the earnings quality, making it difficult to assess the true underlying profitability of the core display manufacturing business. Investors should focus on operating income as a cleaner metric, as the net income figure appears to be heavily influenced by factors outside of management's operational control.
High Fixed Costs and R&D Burden Constrain Profitability
Cost of Goods Sold consistently consumes over 85% of revenue, while combined R&D and SG&A expenses regularly exceed gross profit, leaving virtually no room for error and highlighting the immense capital intensity of the display panel business.
The cost structure is dominated by two factors: the massive COGS, which reflects the high depreciation of fabrication facilities and raw material costs, and the substantial R&D spending required to fund the OLED technology transition. In 2026Q2, COGS was $5.2T against $5.7T revenue, and R&D and SG&A together totaled $559.8B, which was greater than the $508.8B gross profit. This structure means the company is essentially running at a loss before even considering financing costs, and any improvement in profitability must come from either significant gross margin expansion or drastic cost cuts, neither of which appears imminent.
The OLED Transition Narrative Masks Persistent Core Weakness
The market's focus on LG Display's future OLED potential may be overlooking the stark reality that its core business is generating consistent operating losses, with the 2026Q2 operating loss of -$107.7B demonstrating that the LCD-to-OLED transition is not yet solving the fundamental profitability problem.
A bearish perspective would argue that the company is stuck in a value trap. The thin operating margins and frequent losses suggest that the high-cost structure of its legacy LCD fabs is not being adequately offset by the higher-margin OLED business. Furthermore, the lack of consistent positive net income, even with occasional large non-operating gains, indicates that the core operations are not self-sustaining. The risk is that the promised margin uplift from OLED remains elusive as Chinese competitors rapidly scale their own OLED capacity, potentially leading to another cycle of commoditization and margin compression in the next-generation technology.