On this page of StockholderLetter.com we present the latest annual shareholder letter from UNIVERSAL DISPLAY CORP PA — ticker symbol OLED. Reading current and past OLED letters to shareholders can bring important insights into the investment thesis.

 •  4/23/2026 Letter Continued (Full PDF)
 •  4/20/2023 OLED Stockholder Letter
 •  4/25/2024 OLED Stockholder Letter
 •  4/24/2025 OLED Stockholder Letter
 •  More "Electronic Equipment & Products" Category Stockholder Letters
 •  OLED Benford's Law Stock Score = 89

OLED Shareholder/Stockholder Letter Transcript:

2025
Annual Report

TO OUR SHAREHOLDERS:
In 2025, we built on our leadership posi on and delivered
meaningful progress. As OLED adop on expanded across exis ng
and emerging applica ons, we delivered Company-record financial
results while advancing the technologies that are shaping the
industry   s next chapter. Our performance reflects both the strength
of our business today and the pla orm we have built to support
long-term growth.
OLEDs con nue to expand across the consumer electronics
landscape, from smartphones and wearables to tablets, laptops,
monitors, and TVs. As performance expecta ons rise across these
devices, the role of UDC   s phosphorescent materials in enabling
higher e   ciency, longer life me, and superior device performance
becomes increasingly evident. The industry is entering a new phase,
characterized by broader applica ons, more diverse device
architectures, and higher expecta ons for func onality. Universal
Display has played a defining role in this evolu on, and we remain
at the forefront as OLED technology con nues to advance.
In 2025, we delivered Company-record revenue of $651 million,
opera ng income of $249 million, and net income of $242 million,
or $5.08 per diluted share. We ended the year with $955 million in
cash, cash equivalents, and investments, providing the financial
strength and flexibility to con nue inves ng and leading across the
OLED ecosystem.
Returning capital to shareholders is a priority. We have increased
our dividend annually for the past eight years, reflec ng confidence
in our business and cash genera on. We also announced a share
repurchase program in the second quarter of 2025, which we have
u lized opportunis cally. Together, these ac ons underscore our
disciplined approach to capital deployment and our commitment to
delivering long-term value for shareholders.
Shaping the Evolu  on of OLED
Performance targets con nue to rise, energy e   ciency ma ers
more than ever, and new applica ons, including foldable devices
and IT and automo ve displays, are introducing new requirements
and opportuni es. As device architectures become more complex
and diversified, our materials and technologies are increasingly
central to enabling performance, scalability, and innova on across
the ecosystem.
Across emerging architectures, including tandem OLEDs, phosphor
sensi zed fluorescence (PSF), and other hybrid approaches, one
element remains founda onal: UDC   s phosphorescent material. Our
UniversalPHOLED materials are designed to deliver e   ciency,
life me, and color performance across a wide range of use cases,
while giving customers the flexibility to meet evolving design and
applica on needs. The versa lity of our OLED solu ons, powered by
phosphorescence and rooted in decades of materials and devicelevel exper se, reliable manufacturing and unwavering quality
standards, is a core di   eren ator for Universal Display.
Innova  on Driven by a Scalable R&D Pla  orm
At the heart of our Company is an R&D pla orm that has been built,
refined, and scaled over me. Today, that pla orm is more ac ve
and more cri cal than ever.
Across red, green, and blue emissive materials, our development
pipeline remains robust, suppor ng expanding OLED roadmaps and
the growing diversity of end markets. Evolving form factors, life me
requirements, and e   ciency targets con nue to drive the need for
innova on. Our teams are advancing materials and device solu ons
that help unlock new levels of performance and e   ciency, along
with new opportuni es across OLED devices today and into the
future.
One of the most important evolu ons in our R&D engine is the
increased integra on of in-house materials discovery, advanced
device modeling, and characteriza on capabili es. Supported by a
deeply experienced scien fic team and increasingly enhanced by AIand machine-learning-driven tools, this approach is enabling us to
explore broader design spaces more e   ciently, accelerate
development cycles, and make more informed decisions about
where to focus our e   orts. These capabili es strengthen our ability
to support mul ple architectures, customer roadmaps, and
applica ons, while con nuing to push the boundaries of OLED
performance.
Phosphorescent blue remains a central opportunity for the industry
and for Universal Display. While the final steps to commercializa on
are inherently challenging, our confidence remains unwavering.
Once adopted, we believe phosphorescent blue has the poten al to
enable up to a 25 percent improvement in OLED panel energy
e   ciency, represen ng a meaningful step-change benefit for
customers, consumers, and the industry.
A Long Runway Ahead
The opportuni es for OLED con nue to broaden. The market is
evolving from being primarily mobile- and TV-centric to a more
diversified landscape, with IT applica ons emerging as a driver of
near- and mid-term growth. At the same me, automo ve displays
and form-factor innova on, including foldables, are opening new
avenues for di   eren a on and scale.
From an OLED manufacturing perspec ve, we believe the industry
has entered a new mul -year phase of capacity expansion. New
Gen 8.6 facili es are coming online to support growing adop on in
IT and automo ve applica ons, reinforcing the long-term growth
trajectory of OLEDs. As u liza on rates ghten and addi onal
capacity is introduced, we believe our leadership in materials,
technology, and collabora on posi ons us well to support our
customers through the next phase of industry expansion.
Looking Ahead
We are proud of what we have accomplished, and even more
energized by where we are headed.
Universal Display   s leadership is grounded in decades of innova on,
a long-term vision, and a culture built to solve the industry   s
challenges. As product roadmaps broaden, architectures evolve,
and performance expecta ons con nue to rise, we believe our
materials, technologies, and people will remain central to shaping
OLED   s future.
In closing, I want to thank our excep onal global team for their
drive, desire, dedica on and heart that elevate and shape Universal
Display   s unending accomplishments and advancements. To our
customers and partners, thank you for your collabora on and trust
as we bring the next genera on of OLED innova on to market
together. And to our shareholders, thank you for your con nued
support as we deliver on our vision of turning innova on into
reality.
Steven V. Abramson
President & Chief Execu ve O   cer

4/23/2026 Letter Continued (Full PDF)

 

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