01—Abstract
Summary
Summary of the 10-K filed August 21, 2026. Cited figures are marked; the original filing is the authoritative source.
Ubiquiti Inc. (NYSE: UI) reported fiscal 2026 (year ended June 30, 2026) revenues of $3.27 billiona, up from $2.57 billion in fiscal 2025, and net income of $960.3 million, up from $711.9 million.
Growth was driven by Enterprise Technology, which rose to $2.97 billionb from $2.25 billion, while Service Provider Technology declined to $301.9 million from $319.3 million. Gross profit margin improved to 46% from 43%, driven mainly by favorable product mix and lower other indirect costs, partly offset by higher tariff costs. Diluted EPS was $15.85, compared with $11.76 in fiscal 2025.
Operating cash flow was $928.7 millionc, and the company ended the year with $611.2 million in cash and short-term investments after repaying the $250.0 million term loan in February 2026. The filing highlights ongoing risks around tariffs, component supply constraints (particularly chipsets from single-source suppliers such as Qualcomm and Broadcom), and concentrated control by founder and CEO Robert J. Pera, who beneficially owned 56,278,181 shares as of August 21, 2026.
The company faces two new patent suits: an ITC investigation and district court action by AX Wireless, LLC, which could result in an exclusion order that the filing says would have a material adverse effect, and a suit by Velocity Communication Technologies filed July 30, 2026. Management has not estimated possible losses for these matters. Management concluded internal control over financial reporting was effective as of June 30, 2026, and KPMG LLP issued an unqualified opinion.
Capital returns are increasing. The company paid $193.6 milliond in dividends in fiscal 2026 at $0.80 per quarter, and on August 21, 2026 the Board declared a $1.00 per share dividend payable September 8, 2026, with an intention to pay at least $1.00 per share in each remaining quarter of fiscal 2027.
The $500 million stock repurchase program had no activity during fiscal 2026 and was extended to September 30, 2027. A new $250 million PNC revolving facility was entered into on May 7, 2026, and it was undrawn at June 30, 2026.
02—Key points
Key Highlights
- Revenue rose to $3.27 billion in fiscal 2026 from $2.57 billion, with Enterprise Technology revenue reaching $2.97 billion (91% of total) versus $2.25 billion a year earlier.
- Net income was $960.3 million ($15.85 diluted EPS), compared with $711.9 million ($11.76 diluted EPS) in fiscal 2025, helped by a $53.7 million one-time deferred tax benefit.
- Gross profit margin increased to 46% from 43%, driven by favorable product mix and lower other indirect costs, partly offset by higher tariff costs.
- Service Provider Technology revenue declined to $301.9 million from $319.3 million, while Enterprise Technology grew across all regions.
- Quarterly dividend increased to $0.80 per share in fiscal 2026; a $1.00 per share dividend was declared on August 21, 2026, with an intent to pay at least $1.00 per quarter through fiscal 2027.
- Term Loan Facility of $250.0 million was fully repaid in February 2026, and a new $250 million PNC revolving facility, undrawn at year end, was entered into in May 2026.
- Pending litigation includes an AX Wireless ITC investigation that could result in an exclusion order, and a Velocity Communication patent suit filed July 30, 2026; the company cannot currently estimate possible losses.
03—One dollar
Follow one dollar
Of each $1.00 of revenue in FY2026, Ubiquiti kept $0.29.
- Revenue$3.27B100.0%
- Cost of revenue−$1.76B53.8%
- Gross profit$1.51B46.2%
- Operating costs−$325.9M10.0%
- Operating income$1.19B36.2%
- Interest, other & tax−$225.1M6.9%
- Net income$960.3M29.3%
Where FY2026 revenue went
$3.27B- Cost of revenue: $1.76B, 54% of revenue
- Net income: $960.3M, 29% of revenue
- R&D: $204.2M, 6.2% of revenue
- SG&A: $121.8M, 3.7% of revenue
- Interest, other & tax: $225.1M, 6.9% of revenue
Kept 29% as net income
Full revenue history →04—Financials
Financial Highlights
Figures from 10-KFY2026filed August 21, 2026Financial Statements
FY2026 against FY2025
| Line item | FY2026FY2025 | Change |
|---|---|---|
| Revenue | $3.27B$2.57B | +27.2% |
| Cost of Revenue | $1.76B$1.46B | +21.1% |
| Gross Profit | $1.51B$1.12B | +35.3% |
| R&D Expenses | $204.17M$169.67M | +20.3% |
| SG&A Expenses | $121.77M$111.50M | +9.2% |
| Operating Expenses | $325.93M$281.17M | +15.9% |
| Operating Income | $1.19B$836.28M | +41.8% |
| Net Income | $960.30M$711.92M | +34.9% |
| EPS (Basic) | $15.87$11.77 | +34.8% |
| EPS (Diluted) | $15.85$11.76 | +34.8% |
| Shares Outstanding (Basic) | 60.51M60.48M | 0.0% |
| Shares Outstanding (Diluted) | 60.57M60.53M | +0.1% |
05—Questions
Frequently Asked Questions
How did Ubiquiti's revenue and profitability change in fiscal 2026?
Revenues increased to $3,274.2 million from $2,573.5 million, and net income rose to $960.3 million from $711.9 million. Income from operations was $1,185.4 million versus $836.3 million. The effective tax rate increased to 18.8% from 11.6%, partly reflecting a one-time $53.7 million deferred tax benefit in fiscal 2025.
Which product category drove growth?
Enterprise Technology revenue rose $718.0 million, or 32%, to $2,972.3 million, while Service Provider Technology revenue fell $17.4 million, or 5%, to $301.9 million. The filing attributes the Service Provider decline mainly to lower revenue in most regions except North America and Asia Pacific.
What are the main risks to supply and costs?
The company relies on a limited number of contract manufacturers, primarily in Vietnam and China, and on single or limited-source suppliers for several components, including chipsets from Qualcomm and Broadcom. Tariffs have increased product costs, and the filing notes that the February 20, 2026 Supreme Court ruling on IEEPA tariffs left refund amounts highly uncertain.
What is the status of capital returns to shareholders?
The company paid $193.6 million in dividends during fiscal 2026 and declared a $1.00 per share dividend on August 21, 2026, payable September 8, 2026. No shares were repurchased under the $500 million program during fiscal 2026, and the program's expiration was extended to September 30, 2027.
What does the filing say about Robert Pera's ownership and control?
Robert J. Pera, founder, Chairman and CEO, beneficially owned 56,278,181 shares as of August 21, 2026, giving him voting control over a majority of the voting power. The filing states he may pledge or sell shares in the future and that he intends to continue owning at least a majority of outstanding shares.
06—Continue