Revenue growth remains volatile with a 1.3% increase in 2026Q1, while gross margins continue to fluctuate between 24.9% and 33.0% due to labor-intensive service requirements.
| 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 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 1.96B | 1.95B | 2.01B | 2.02B | 1.98B | 2.05B | 2.03B | 2.22B | 2.83B | 2.74B | 2.82B | 3.02B | 3.36B | 3.46B | 3.71B | 3.85B | 4.02B | 4.6B | 5.23B | 5.65B | 5.76B | 5.76B | 5.82B | 5.91B | 5.61B | 6.02B | 6.88B | 7.54B | 7.21B | 6.64B | 6.37B |
| Revenue Growth % | 0.15% | -2.9% | -0.35% | 1.79% | -3.63% | 1.39% | -8.84% | -21.32% | 2.97% | -2.73% | -6.45% | -10.17% | -2.9% | -6.74% | -3.82% | -4.12% | -12.57% | -12.14% | -7.42% | -1.82% | -0.03% | -1.07% | -1.53% | 5.42% | -6.82% | -12.59% | -8.74% | 4.66% | 8.63% | 4.17% | 2.71% |
| Cost of Goods Sold | 1.4B | 1.4B | 1.42B | 1.46B | 1.45B | 1.48B | 1.54B | 1.69B | 2.14B | 2.26B | 2.26B | 2.47B | 2.58B | 2.61B | 2.73B | 2.87B | 2.95B | 3.46B | 4.11B | 4.37B | 4.75B | 4.6B | 4.46B | 4.2B | 3.92B | 4.53B | 4.52B | 4.59B | 4.49B | 3.19B | 3.92B |
| COGS % of Revenue | - | 71.83% | 70.83% | 72.65% | 73.25% | 72.16% | 76.16% | 75.98% | 75.71% | 82.54% | 80.2% | 82.06% | 76.83% | 75.45% | 73.73% | 74.39% | 73.34% | 75.28% | 78.47% | 77.23% | 82.46% | 79.83% | 76.59% | 70.99% | 69.89% | 75.35% | 65.72% | 60.9% | 62.32% | 48% | 61.57% |
| Gross Profit | 554.9M | 549.3M | 585.9M | 551.3M | 529.6M | 572M | 483M | 534M | 686.3M | 479M | 558.6M | 540.9M | 777.8M | 848.4M | 973.5M | 987M | 1.07B | 1.14B | 1.13B | 1.29B | 1.01B | 1.16B | 1.36B | 1.72B | 1.69B | 1.48B | 2.36B | 2.95B | 2.72B | 3.45B | 2.45B |
| Gross Margin % | 28.37% | 28.17% | 29.17% | 27.35% | 26.75% | 27.84% | 23.84% | 24.02% | 24.29% | 17.46% | 19.8% | 17.94% | 23.17% | 24.55% | 26.27% | 25.61% | 26.66% | 24.72% | 21.53% | 22.77% | 17.54% | 20.17% | 23.41% | 29.01% | 30.11% | 24.65% | 34.28% | 39.1% | 37.68% | 52% | 38.43% |
| Gross Profit Growth % | - | -6.25% | 6.28% | 4.1% | -7.41% | 18.43% | -9.55% | -22.19% | 43.28% | -14.25% | 3.27% | -30.46% | -8.32% | -12.85% | -1.37% | -7.9% | -5.72% | 0.89% | -12.46% | 27.48% | -13.07% | -14.75% | -20.56% | 1.57% | 13.83% | -37.15% | -19.99% | 8.6% | -21.28% | 40.95% | 22.97% |
| Operating Expenses | 410.3M | 415.8M | 488.5M | 474.4M | 477.4M | 418M | 396M | 396.1M | 402.2M | 473.7M | 511M | 596M | 622.9M | 628.9M | 654.3M | 662.4M | 696M | 791.1M | 1.09B | 1.2B | 1.34B | 1.32B | 1.4B | 1.29B | 1.27B | 1.49B | 1.93B | 1.99B | 1.91B | 2.95B | 2.12B |
| OpEx % of Revenue | - | 21.32% | 24.32% | 23.54% | 24.11% | 20.35% | 19.54% | 17.82% | 14.24% | 17.27% | 18.12% | 19.77% | 18.56% | 18.19% | 17.65% | 17.19% | 17.32% | 17.21% | 20.75% | 21.25% | 23.21% | 22.99% | 24% | 21.78% | 22.56% | 24.72% | 28.08% | 26.37% | 26.44% | 44.4% | 33.29% |
| Selling, General & Admin | 386.8M | 391.2M | 424.2M | 450.3M | 453.2M | 389.5M | 369.4M | 364.8M | 370.3M | 426.5M | 455.6M | 519.6M | 554.1M | 559.4M | 572.8M | 586.3M | 617.1M | 689.2M | 957M | 1.02B | 1.1B | 1.06B | 1.1B | 1.01B | 992M | 1.16B | 1.33B | 1.38B | 1.34B | 1.43B | 1.45B |
| SG&A % of Revenue | - | 20.06% | 21.12% | 22.34% | 22.89% | 18.96% | 18.23% | 16.41% | 13.11% | 15.55% | 16.15% | 17.23% | 16.51% | 16.18% | 15.45% | 15.21% | 15.35% | 14.99% | 18.29% | 18.08% | 19.19% | 18.41% | 18.95% | 17.04% | 17.69% | 19.21% | 19.3% | 18.35% | 18.63% | 21.51% | 22.73% |
| Research & Development | 23.7M | 24.6M | 25.2M | 24.1M | 24.2M | 28.5M | 26.6M | 31.3M | 31.9M | 47.2M | 55.4M | 76.4M | 68.8M | 69.5M | 81.5M | 76.1M | 78.9M | 101.9M | 129M | 179M | 231.7M | 263.9M | 294.3M | 280.1M | 273.3M | 331.5M | 333.6M | 339.4M | 296.6M | 302.3M | 342.9M |
| R&D % of Revenue | - | 1.26% | 1.25% | 1.2% | 1.22% | 1.39% | 1.31% | 1.41% | 1.13% | 1.72% | 1.96% | 2.53% | 2.05% | 2.01% | 2.2% | 1.97% | 1.96% | 2.22% | 2.46% | 3.17% | 4.02% | 4.58% | 5.06% | 4.74% | 4.87% | 5.51% | 4.85% | 4.5% | 4.11% | 4.56% | 5.38% |
| Other Operating Expenses | -200K | 0 | 39.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 300K | 0 | -200K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 271M | 265.2M | 266.4M | 1.22B | 329.7M |
| Operating Income | 144.6M | 133.5M | 97.4M | 76.9M | 52.2M | 154M | 87M | 137.9M | 284.1M | 5.3M | 47.6M | -55.1M | 154.9M | 219.5M | 319.2M | 324.6M | 375.7M | 345.6M | 40.7M | 85.9M | -326.8M | -162.4M | -34.8M | 427.7M | 423.2M | -4.5M | 426.8M | 960.7M | 810.2M | 504.1M | 327.4M |
| Operating Margin % | 7.39% | 6.85% | 4.85% | 3.82% | 2.64% | 7.5% | 4.29% | 6.2% | 10.06% | 0.19% | 1.69% | -1.83% | 4.62% | 6.35% | 8.61% | 8.42% | 9.35% | 7.52% | 0.78% | 1.52% | -5.68% | -2.82% | -0.6% | 7.24% | 7.55% | -0.07% | 6.2% | 12.73% | 11.24% | 7.6% | 5.14% |
| Operating Income Growth % | - | 37.06% | 26.66% | 47.32% | -66.1% | 77.01% | -36.91% | -51.46% | 5260.38% | -88.87% | 186.39% | -135.57% | -29.43% | -31.23% | -1.66% | -13.6% | 8.71% | 749.14% | -52.62% | 126.29% | -101.23% | -366.67% | -108.14% | 1.06% | 9504.44% | -101.05% | -55.57% | 18.58% | 60.72% | 53.97% | 146.9% |
| EBITDA | 241M | 228.7M | 203.8M | 215.7M | 235.7M | 327.4M | 248M | 285.3M | 448.2M | 161.8M | 203.2M | 69.3M | 265.4M | 325.6M | 435.9M | 519.4M | 626.3M | 698.1M | 458.7M | 466.4M | 61.7M | 211.8M | 359.2M | 770.3M | 721M | 297.7M | 697.8M | 1.23B | 1.08B | 1.72B | 657.1M |
| EBITDA Margin % | 12.32% | 11.73% | 10.15% | 10.7% | 11.9% | 15.94% | 12.24% | 12.84% | 15.87% | 5.9% | 7.2% | 2.3% | 7.91% | 9.42% | 11.76% | 13.48% | 15.58% | 15.18% | 8.77% | 8.25% | 1.07% | 3.68% | 6.17% | 13.03% | 12.86% | 4.95% | 10.14% | 16.25% | 14.94% | 25.93% | 10.31% |
| EBITDA Growth % | 28.33% | 12.22% | -5.52% | -8.49% | -28.01% | 32.02% | -13.07% | -36.35% | 177.01% | -20.37% | 193.22% | -73.89% | -18.49% | -25.3% | -16.08% | -17.07% | -10.29% | 52.19% | -1.65% | 655.92% | -70.87% | -41.04% | -53.37% | 6.84% | 142.19% | -57.34% | -43.08% | 13.87% | -37.44% | 161.91% | 317.22% |
| D&A (Non-Cash Add-back) | 96.4M | 95.2M | 106.4M | 138.8M | 183.5M | 173.4M | 161M | 147.4M | 164.1M | 156.5M | 155.6M | 124.4M | 110.5M | 106.1M | 116.7M | 194.8M | 250.6M | 352.5M | 418M | 380.5M | 388.5M | 374.2M | 394M | 342.6M | 297.8M | 302.2M | 271M | 265.2M | 266.4M | 1.22B | 329.7M |
| EBIT | -190.8M | -218.8M | -43.4M | -317M | -30.2M | -426.3M | -242.6M | 1.5M | 207.2M | -19.3M | 47.9M | -46.9M | 154.7M | 229.3M | 281.6M | 269.1M | 324.7M | 313.4M | 20.6M | 85.9M | -326.8M | -162.4M | -34.8M | 427.7M | 423.2M | -4.5M | 426.8M | 960.7M | 799M | 514.5M | 327.4M |
| Net Interest Income | -54.3M | -32.7M | -31.9M | -30.8M | -32.4M | -35.4M | -29.2M | -62.1M | -64M | -52.8M | -27.4M | -11.9M | -9.2M | -9.9M | -27.5M | -63.1M | -101.8M | -95.2M | -85.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 9.4M | 20.7M | 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 | 0 | 0 | 0 |
| Interest Expense | 63.7M | 53.4M | 31.9M | 30.8M | 32.4M | 35.4M | 29.2M | 62.1M | 64M | 52.8M | 27.4M | 11.9M | 9.2M | 9.9M | 27.5M | 63.1M | 101.8M | 95.2M | 85.1M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -419.9M | -405.7M | -172.7M | -424.7M | -114.8M | -615.7M | -358.8M | -198.5M | -8.3M | -169.2M | -27.1M | -3.7M | -9.4M | -100K | -65.1M | -118.6M | -152.8M | -95.4M | -117.7M | -82.4M | 81.9M | -8.5M | -41.2M | -47.2M | -90.4M | -42M | -47.8M | -190.4M | -204.8M | -1.26B | -233.7M |
| Pretax Income | -275.3M | -272.2M | -75.3M | -347.8M | -62.6M | -461.7M | -271.8M | -60.6M | 143.2M | -71.3M | 20.5M | -58.8M | 145.5M | 219.4M | 254.1M | 206M | 222.9M | 234.6M | -77M | 3.5M | -250.9M | -170.9M | -76M | 380.5M | 332.8M | -46.5M | 379M | 770.3M | 604.7M | -758.8M | 93.7M |
| Pretax Margin % | -14.08% | -13.96% | -3.75% | -17.26% | -3.16% | -22.47% | -13.41% | -2.73% | 5.07% | -2.6% | 0.73% | -1.95% | 4.33% | 6.35% | 6.86% | 5.35% | 5.55% | 5.1% | -1.47% | 0.06% | -4.36% | -2.97% | -1.31% | 6.44% | 5.93% | -0.77% | 5.5% | 10.21% | 8.39% | -11.43% | 1.47% |
| Income Tax | 70.9M | 67.8M | 117.9M | 79.3M | 42.3M | -11.9M | 45.4M | 27.7M | 64.3M | -5.4M | 57.2M | 44.4M | 86.2M | 99.3M | 97.3M | 64.8M | 58.8M | 41.6M | 53.1M | 82.6M | 27.8M | 1.56B | -114.6M | 121.8M | 109.8M | 3.4M | 134.2M | 247.5M | 217.7M | 94.8M | 31.9M |
| Effective Tax Rate % | -25.75% | -24.91% | -156.57% | -22.8% | -67.57% | 2.58% | -16.7% | -45.71% | 44.9% | 7.57% | 279.02% | -75.51% | 59.24% | 45.26% | 38.29% | 31.46% | 26.38% | 17.73% | -68.96% | 2360% | -11.08% | -913.4% | 150.79% | 32.01% | 32.99% | -7.31% | 35.41% | 32.13% | 36% | -12.49% | 34.04% |
| Net Income | -346.1M | -339.8M | -193.4M | -430.7M | -106M | -448.5M | 750.7M | -17.2M | 75.5M | -64.6M | -47.7M | -109.9M | 46.7M | 108.5M | 145.6M | 134M | 236.1M | 189.3M | -130.1M | -79.1M | -278.7M | -1.73B | 38.6M | 258.7M | 223M | -67.1M | 225M | 510.7M | 387M | -853.6M | 49.7M |
| Net Margin % | -17.7% | -17.42% | -9.63% | -21.37% | -5.35% | -21.83% | 37.05% | -0.77% | 2.67% | -2.35% | -1.69% | -3.65% | 1.39% | 3.14% | 3.93% | 3.48% | 5.87% | 4.12% | -2.49% | -1.4% | -4.84% | -30.07% | 0.66% | 4.38% | 3.98% | -1.11% | 3.27% | 6.77% | 5.37% | -12.86% | 0.78% |
| Net Income Growth % | -371.53% | -75.7% | 55.1% | -306.32% | 76.37% | -159.74% | 4464.53% | -122.78% | 216.87% | -35.43% | 56.6% | -335.33% | -56.96% | -25.48% | 8.66% | -43.24% | 24.72% | 245.5% | -64.48% | 71.62% | 83.91% | -4586.79% | -85.08% | 16.01% | 432.34% | -129.82% | -55.94% | 31.96% | 145.34% | -1817.5% | 107.96% |
| Net Income (Continuing) | -346.2M | -340M | -193.2M | -427.1M | -104.9M | -449.8M | -317.2M | -88.3M | 78.9M | -66.6M | -36.7M | -103.2M | 59.3M | 120.1M | 156.8M | 141.2M | 164.1M | 172.2M | -130.1M | -79.1M | -272.7M | -1.73B | 38.6M | 258.7M | 223M | -49.9M | 244.8M | 522.8M | 376.4M | -852.9M | 61.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 1.07B | 75M | 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 | 15.5M | 14.3M | 14.1M | 13.4M | 36.5M | 49.3M | 44.7M | 37.1M | 43.9M | 28.2M | -16.4M | 11.1M | 7.6M | 36.6M | 11.5M | 7.1M | 3.5M | -3.4M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -4.82 | -4.77 | -2.79 | -6.31 | -1.55 | -6.77 | -5.04 | -0.24 | 1.47 | -1.28 | -0.95 | -2.20 | 0.89 | 2.08 | 2.84 | 2.71 | 5.45 | 4.75 | -3.62 | -2.26 | -8.10 | -50.90 | 1.10 | 7.80 | 6.90 | -2.10 | 7.10 | 15.90 | 10.10 | -46.49 | -4.10 |
| EPS Growth % | -353.27% | -70.97% | 55.78% | -307.1% | 77.1% | -34.33% | -2000% | -116.33% | 214.84% | -34.74% | 56.82% | -347.19% | -57.21% | -26.76% | 4.8% | -50.28% | 14.74% | 231.22% | -60.18% | 72.1% | 84.09% | -4727.27% | -85.9% | 13.04% | 428.57% | -129.58% | -55.35% | 57.43% | 121.73% | -1033.9% | 88.76% |
| EPS (Basic) | - | -4.77 | -2.79 | -6.31 | -1.55 | -6.77 | -5.04 | -0.24 | 1.48 | -1.29 | -0.95 | -2.20 | 0.89 | 2.10 | 2.95 | 2.79 | 5.55 | 4.82 | -3.62 | -2.26 | -8.10 | -50.90 | 1.20 | 7.90 | 6.90 | -2.10 | 7.20 | 16.50 | 10.70 | -46.49 | -4.10 |
| Diluted Shares Outstanding | 71.8M | 71.26M | 69.2M | 68.25M | 67.67M | 66.45M | 62.93M | 55.96M | 51.49M | 50.41M | 50.06M | 49.91M | 49.58M | 44.35M | 51.22M | 49.48M | 43.33M | 39.83M | 35.98M | 34.97M | 34.41M | 34.03M | 35.09M | 33.17M | 32.32M | 31.95M | 31.69M | 29.81M | 26.72M | 18.36M | 17.34M |
| Basic Shares Outstanding | 71.8M | 71.26M | 69.2M | 68.25M | 67.67M | 66.45M | 62.93M | 55.96M | 50.95M | 50.23M | 50.06M | 49.91M | 49.28M | 43.9M | 43.86M | 43.15M | 42.56M | 39.24M | 35.98M | 34.97M | 34.41M | 34.03M | 32.17M | 32.75M | 32.32M | 31.95M | 31.25M | 28.73M | 25.22M | 18.36M | 17.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | 11.63% | 27.52% | - | 243.06% |
Legacy pension liability volatility
As evidenced by the provided financial data, Unisys experienced a 1.3% year-over-year revenue increase in 2026Q1, yet this follows a volatile period of alternating growth and contraction, suggesting that the company struggles to achieve sustained top-line expansion amidst its ongoing transition toward modern digital service offerings.
The inconsistent revenue trajectory highlights the difficulty in offsetting the natural attrition of legacy contracts with new business wins. Investors should monitor whether the current growth profile reflects a stabilization of the core base or merely the lumpy nature of large-scale software renewals within the ECS segment.
According to the reported income statements, gross margins fluctuated between 24.9% and 33.0% over the last ten quarters, indicating that the company's service-heavy cost structure remains highly sensitive to project mix and the inherent labor intensity required to maintain its specialized proprietary software environments.
The inability to maintain a consistent gross margin floor suggests that Unisys faces significant pricing pressure or rising service delivery costs. This volatility complicates the path to sustainable profitability, as the company must balance high-margin software licensing with lower-margin managed services.
Based on the provided financial filings, Unisys reported a net loss of $35.8 million in 2026Q1 despite generating positive operating income, which underscores how non-operating expenses, likely tied to legacy pension obligations, frequently decouple reported net income from the company's underlying operational performance.
The recurring disparity between operating income and net income suggests that investors should prioritize adjusted metrics to gauge true business health. The impact of these non-operating charges appears to be a structural drag that masks the potential profitability of the core software-defined business.
As reported in the quarterly data, SG&A expenses have shown significant variance, including an anomalous negative figure in 2024Q4, which indicates that management's expense discipline is heavily influenced by accounting adjustments rather than a steady, predictable reduction in the company's fixed operating cost base.
The erratic nature of SG&A spending warrants further investigation into the underlying drivers, such as restructuring charges or one-time credits. Without a clear trend of disciplined cost management, the company may continue to struggle with achieving consistent operating leverage.
While the company maintains a niche moat in transaction processing, the persistent net losses and reliance on complex pension accounting, as seen in the 2025Q3 net loss of $308.9 million, suggest that the equity remains vulnerable to balance sheet shocks that could overwhelm operational gains.
Short-term observers may argue that the market is correctly discounting the stock due to the persistent risk of pension-related cash outflows. The fundamental challenge remains whether the company can generate sufficient free cash flow to de-risk its balance sheet before legacy revenue declines accelerate.
Quick answers to the most common questions about buying UIS stock.
For fiscal year 2025, Unisys Corporation (UIS) reported total revenue of $1.95B. This represents a 69.4% decline compared to $6.37B in 1996.
Unisys Corporation (UIS) reported a net loss of $339.8M for the fiscal year ending 2025.
Unisys Corporation (UIS) reported an operating income of $133.5M, resulting in an operating profit margin of 6.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Unisys Corporation (UIS) generated $549.3M in gross profit for the year, representing a gross profit margin of 28.2%. This demonstrates the company's core pricing power and production efficiency.