Ubiquiti Inc. (UI) Income Statement

17Y historyFree accessUpdated daily

Revenue growth has accelerated to 23.5% year-over-year in 2026Q4, while operating margins have expanded to 36.3%, demonstrating powerful operating leverage as revenue growth outpaces the 28% increase in operating expenses since 2024Q3.

Annual statement

UI Income Statement

Ubiquiti Inc. (UI) annual income statement — 17-year revenue, gross profit & net income history

Annual Quarterly

Metric	TTM	Jun'25	Jun'24	Jun'23	Jun'22	Jun'21	Jun'20	Jun'19	Jun'18	Jun'17	Jun'16	Jun'15	Jun'14	Jun'13	Jun'12	Jun'11	Jun'10	Jun'09

Sales/Revenue	3.27B	2.57B	1.93B	1.94B	1.69B	1.9B	1.28B	1.16B	1.02B	865.27M	666.39M	595.95M	572.46M	320.82M	353.52M	197.87M	136.95M	63.12M
Revenue Growth %	27.22%	33.45%	-0.62%	14.71%	-10.87%	47.77%	10.57%	14.25%	17.52%	29.84%	11.82%	4.1%	78.44%	-9.25%	78.66%	44.48%	116.97%	-
Cost of Goods Sold	1.76B	1.46B	1.19B	1.18B	1.02B	985.82M	676.33M	624.13M	573.29M	469.56M	341.6M	333.76M	319M	185.49M	202.51M	117.06M	82.4M	37.18M
COGS % of Revenue	-	56.58%	61.64%	60.8%	60.41%	51.94%	52.65%	53.72%	56.38%	54.27%	51.26%	56.01%	55.72%	57.82%	57.29%	59.16%	60.17%	58.9%
Gross Profit	1.51B	1.12B	739.76M	760.73M	669.81M	912.28M	608.17M	537.6M	443.57M	395.71M	324.8M	262.19M	253.47M	135.33M	151M	80.81M	54.55M	25.94M
Gross Margin %	46.16%	43.42%	38.36%	39.2%	39.59%	48.06%	47.35%	46.28%	43.62%	45.73%	48.74%	43.99%	44.28%	42.18%	42.71%	40.84%	39.83%	41.1%
Gross Profit Growth %	-	51.06%	-2.76%	13.57%	-26.58%	50%	13.13%	21.2%	12.1%	21.83%	23.88%	3.44%	87.29%	-10.38%	86.86%	48.15%	110.29%	-
Operating Expenses	325.93M	281.17M	240.76M	216.16M	207.55M	169.68M	129.97M	125.31M	117.44M	105.95M	91.03M	76.17M	57.52M	42.73M	25.71M	18.73M	49.87M	8.11M
OpEx % of Revenue	-	10.93%	12.48%	11.14%	12.27%	8.94%	10.12%	10.79%	11.55%	12.24%	13.66%	12.78%	10.05%	13.32%	7.27%	9.47%	36.41%	12.85%
Selling, General & Admin	121.77M	111.5M	81M	70.99M	69.86M	53.51M	40.57M	43.24M	43.12M	36.85M	33.27M	21.61M	23.56M	21.77M	9.01M	7.36M	18.16M	2.95M
SG&A % of Revenue	-	4.33%	4.2%	3.66%	4.13%	2.82%	3.16%	3.72%	4.24%	4.26%	4.99%	3.63%	4.12%	6.79%	2.55%	3.72%	13.26%	4.67%
Research & Development	204.17M	169.67M	159.77M	145.17M	137.69M	116.17M	89.41M	82.07M	74.32M	69.09M	57.77M	54.56M	33.96M	20.95M	16.7M	11.37M	31.7M	5.17M
R&D % of Revenue	-	6.59%	8.28%	7.48%	8.14%	6.12%	6.96%	7.06%	7.31%	7.99%	8.67%	9.16%	5.93%	6.53%	4.72%	5.75%	23.15%	8.18%
Other Operating Expenses	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Operating Income	1.19B	836.28M	499M	544.57M	462.26M	742.59M	478.2M	394.3M	326.13M	289.76M	242.06M	146.88M	195.94M	92.6M	125.29M	62.08M	4.68M	17.83M
Operating Margin %	36.21%	32.5%	25.87%	28.06%	27.33%	39.12%	37.23%	33.94%	32.07%	33.49%	36.32%	24.65%	34.23%	28.86%	35.44%	31.37%	3.42%	28.24%
Operating Income Growth %	-	67.59%	-8.37%	17.8%	-37.75%	55.29%	21.28%	20.9%	12.55%	19.71%	64.8%	-25.04%	111.59%	-26.09%	101.82%	1225.93%	-73.74%	-
EBITDA	1.19B	858.18M	518.25M	560.86M	475.95M	754.69M	485.89M	401.85M	333.44M	297.12M	248.35M	151.85M	198.76M	94.57M	125.89M	62.29M	4.83M	17.91M
EBITDA Margin %	36.21%	33.35%	26.87%	28.9%	28.13%	39.76%	37.83%	34.59%	32.79%	34.34%	37.27%	25.48%	34.72%	29.48%	35.61%	31.48%	3.52%	28.38%
EBITDA Growth %	38.13%	65.59%	-7.6%	17.84%	-36.93%	55.32%	20.91%	20.52%	12.22%	19.64%	63.55%	-23.6%	110.18%	-24.88%	102.1%	1190.78%	-73.06%	-
D&A (Non-Cash Add-back)	0	21.9M	19.25M	16.29M	13.69M	12.1M	7.7M	7.56M	7.31M	7.36M	6.29M	4.97M	2.82M	1.96M	602K	213K	144K	84K
EBIT	1.18B	836.28M	499M	544.57M	462.26M	742.59M	478.2M	394.3M	326.13M	289.76M	242.06M	186.01M	195.94M	92.6M	125.29M	62.08M	4.68M	17.83M
Net Interest Income	0	-30.63M	-75.17M	-58.22M	-17.82M	-14.94M	-28M	-12.81M	-11.98M	-4.74M	-2.12M	-1.13M	-1.33M	-851K	-1.27M	78K	64K	118K
Interest Income	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	78K	64K	118K
Interest Expense	0	30.63M	75.17M	58.22M	17.82M	14.94M	28M	12.81M	11.98M	4.74M	2.12M	1.13M	1.33M	851K	1.27M	0	0	0
Other Income/Expense	-2.37M	-30.63M	-75.17M	-58.22M	-17.82M	-14.94M	-28M	-12.81M	-11.98M	-4.74M	-2.12M	-1.13M	-1.33M	-851K	-1.27M	79K	581K	118K
Pretax Income	1.18B	805.65M	423.83M	486.34M	444.45M	727.65M	450.2M	381.49M	314.14M	285.02M	239.94M	145.75M	194.61M	91.75M	124.02M	62.16M	5.26M	17.95M
Pretax Margin %	36.13%	31.31%	21.98%	25.06%	26.27%	38.34%	35.05%	32.84%	30.89%	32.94%	36.01%	24.46%	34%	28.6%	35.08%	31.41%	3.84%	28.43%
Income Tax	222.77M	93.73M	73.87M	78.7M	65.79M	111.07M	69.9M	58.8M	117.85M	27.52M	26.32M	16.09M	17.67M	11.26M	21.43M	12.43M	10.72M	8.06M
Effective Tax Rate %	18.83%	11.63%	17.43%	16.18%	14.8%	15.26%	15.53%	15.41%	37.52%	9.65%	10.97%	11.04%	9.08%	12.28%	17.28%	20%	203.67%	44.9%
Net Income	960.3M	711.92M	349.96M	407.64M	378.66M	616.58M	380.3M	322.69M	196.29M	257.51M	213.62M	129.66M	176.94M	80.49M	102.59M	49.73M	-5.46M	9.89M
Net Margin %	29.33%	27.66%	18.15%	21.01%	22.38%	32.48%	29.61%	27.78%	19.3%	29.76%	32.06%	21.76%	30.91%	25.09%	29.02%	25.13%	-3.98%	15.67%
Net Income Growth %	34.89%	103.43%	-14.15%	7.65%	-38.59%	62.13%	17.85%	64.4%	-23.77%	20.55%	64.75%	-26.72%	119.82%	-21.54%	106.3%	1011.42%	-155.17%	-
Net Income (Continuing)	960.3M	711.92M	349.96M	407.64M	378.66M	616.58M	380.3M	322.69M	196.29M	257.51M	213.62M	129.66M	176.94M	80.49M	102.59M	49.73M	-5.46M	9.89M
Discontinued Operations	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
Minority Interest	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0	0
EPS (Diluted)	15.85	11.76	5.79	6.74	6.13	9.78	5.80	4.51	2.51	3.09	2.49	1.45	1.97	0.89	-0.12	0.08	-0.09	0.16
EPS Growth %	34.66%	103.11%	-14.09%	9.95%	-37.32%	68.62%	28.6%	79.68%	-18.77%	24.1%	71.72%	-26.4%	121.35%	841.67%	-254.44%	189.31%	-154.38%	-
EPS (Basic)	-	11.77	5.79	6.75	6.14	9.79	5.81	4.52	2.54	3.16	2.53	1.47	2.02	0.91	-0.12	0.08	-0.09	0.16
Diluted Shares Outstanding	60.57M	60.53M	60.46M	60.45M	61.72M	63.05M	65.51M	71.6M	78.33M	83.25M	85.78M	89.57M	89.72M	90.26M	83.46M	62.72M	62.72M	62.72M
Basic Shares Outstanding	60.51M	60.48M	60.45M	60.44M	61.69M	62.99M	65.43M	71.44M	77.18M	81.48M	84.4M	88.01M	87.77M	88.31M	83.46M	62.72M	62.72M	62.72M
Dividend Payout Ratio	-	20.39%	41.46%	35.58%	39.1%	16.35%	20.69%	22.11%	-	-	-	11.58%	-	19.45%	-	-	-	-

Key Metrics

Growth RegimeAccelerating

ProfitabilityStrong

Balance SheetFortress

Cash FlowRobust

Top Statement Risk

Gross margin compression risk

Verified Source

Metrics are mathematically derived from official filings.

SEC 10-K (2026Q4)

Sustained Acceleration in Revenue Growth

Ubiquiti's revenue growth has accelerated significantly, reaching 23.5% year-over-year in 2026Q4, a marked improvement from the low single-digit growth seen in late 2024, suggesting strong demand for its Enterprise and Service Provider solutions.

The growth trajectory shows a clear inflection from the 3.3% YoY growth in 2024Q4 to a sustained acceleration, with the last four quarters all posting growth above 18%. This appears to be driven by a combination of product cycle tailwinds, such as Wi-Fi 6/7 adoption, and the company's ability to capture share in the SMB market. The durability of this growth will depend on the continued refresh cycle and the successful expansion into adjacent product categories like UniFi Protect and Access.

Structural Margin Expansion and Resilience

Gross margins have expanded by over 10 percentage points from 35.3% in 2024Q3 to 45.8% in 2026Q4, indicating improved pricing power, a favorable product mix shift toward higher-value Enterprise SKUs, and effective cost management.

The margin expansion is particularly notable given the hardware-centric nature of the business. The improvement suggests that Ubiquiti's 'zero-touch' sales model is becoming more efficient as scale increases, allowing a greater portion of gross profit to flow to the bottom line. The operating margin of 36.3% in the latest quarter is exceptionally high for the sector, reflecting the structural advantage of minimal sales and marketing expenses. Investors should monitor whether this margin level is sustainable as the company potentially invests to penetrate larger enterprise accounts.

Exceptional Operating Leverage Realized

Operating income has scaled from $111.2M in 2024Q3 to $340.0M in 2026Q4, a 206% increase, demonstrating powerful operating leverage as revenue growth outpaces the growth in R&D and SG&A expenses.

The company's lean cost structure is delivering significant operating leverage. While revenue grew 90% over this period, operating income more than tripled, indicating that incremental revenue is flowing through to profit at a very high rate. SG&A as a percentage of revenue has declined from 4.1% to 3.9%, showcasing disciplined overhead management. This leverage is a direct result of the community-driven support model, which externalizes costs that competitors must bear internally.

High-Quality Earnings with Minimal Distortions

Net income growth has closely tracked operating income growth, and stock-based compensation has been minimal (e.g., $1.6M in 2026Q3), suggesting that reported earnings are of high quality and not artificially inflated by non-cash charges or financial engineering.

The quality of earnings is strong, with net margins consistently in the high-20% to low-30% range. The minimal SBC expense is unusual for a technology company and indicates that shareholder dilution is not a material concern. The recent EPS beat of $4.70 versus the $4.03 estimate, as noted in recent context, appears to be driven by operational execution rather than one-time items. However, the lack of a recurring revenue stream means that earnings can be more volatile and sensitive to product launch timing.

Disciplined Cost Control Amidst Growth

Despite a 90% revenue increase from 2024Q3 to 2026Q4, total operating expenses (R&D + SG&A) have only grown by 28%, highlighting exceptional cost discipline and the efficiency of the asset-light operating model.

The primary cost driver remains COGS, which is tied to semiconductor components and logistics. The company's ability to expand gross margins while growing revenue rapidly suggests effective supply chain management and possibly favorable component pricing. R&D spending has grown in absolute terms but has declined as a percentage of revenue, from 8.6% to 5.7%, indicating that the company is leveraging its existing platform and community for innovation rather than requiring proportionally higher investment.

Margin Sustainability and Competitive Risks

The recent gross margin contraction from 47.0% in 2026Q3 to 45.8% in 2026Q4, while still elevated, may signal the beginning of normalization or increasing competitive pressure from value-tier rivals like TP-Link's Omada line.

A key risk is that the exceptional margins are a peak, not a new baseline. The company's transactional revenue model lacks the smoothing effect of subscriptions, making it vulnerable to inventory corrections at distributors. Furthermore, as competitors like TP-Link mimic the controller-based management model, Ubiquiti may face pressure to increase sales and marketing spend to defend its market share, which would erode its structural operating margin advantage. The reliance on a single founder for strategic direction also presents a key-man risk that is not reflected in the financials.

UI — Frequently Asked Questions

Quick answers to the most common questions about buying UI stock.

What was Ubiquiti Inc.'s (UI) revenue in 2025?

For fiscal year 2025, Ubiquiti Inc. (UI) reported total revenue of $2.57B. This represents a 3977.2% increase compared to $63.1M in 2009.

Is Ubiquiti Inc. (UI) profitable?

Ubiquiti Inc. (UI) is profitable, generating $711.9M in net income for the fiscal year ending 2025 with a net profit margin of 27.7%.

What is Ubiquiti Inc.'s operating profit margin?

Ubiquiti Inc. (UI) reported an operating income of $836.3M, resulting in an operating profit margin of 32.5%. This margin reflects the operational efficiency of the business before interest and taxes.

What is Ubiquiti Inc.'s gross profit and gross margin?

Ubiquiti Inc. (UI) generated $1.12B in gross profit for the year, representing a gross profit margin of 43.4%. This demonstrates the company's core pricing power and production efficiency.