Ubiquiti (UI) Q1 FY2027 earnings: revenue $1.0 billion, up 39.9% on the year

Ubiquiti Inc. (UI) reported revenue of $1.0 billion for Q1 FY2027, the quarter ended 30 September 2026, up 39.9% on the same quarter a year earlier. Net income was $320 million, up 54.2% on the year, and diluted earnings per share $5.29. The figures are the company's own, from the 10-Q it filed with the SEC on 6 November 2026.

Revenue

$1.0 billion

+39.9% on the year · +9.5% on the quarter

Q2 FY2025Q1 FY2027

Operating margin

38.1%

35.7% a year earlier

Q2 FY2025Q1 FY2027

Net income

$320 million

+54.2% on the year · +12.5% on the quarter

Q2 FY2025Q1 FY2027

Diluted EPS

$5.29

+54.2% on the year · +12.6% on the quarter

Q2 FY2025Q1 FY2027

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 kept.

Revenue rose 39.9% year on year: Revenues were $1,026.2 million, up 9.5% from the prior quarter and 39.9% from a year earlier. Both platforms contributed to the increase.
Net income and EPS up about 54%: GAAP net income was $320.5 million and non-GAAP net income was $322.0 million. GAAP diluted EPS was $5.29 and non-GAAP diluted EPS was $5.32.
Gross margin rose to 47.3%: GAAP gross profit margin was 47.3%, up 1.5 points from 45.8% in the prior quarter and 1.3 points from 46.0% a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Revenue	1,026	937	734	+9.5%	+39.9%
Cost of revenue	541	508	396	+6.5%	+36.5%
Gross profit	485	429	337	+13.1%	+43.8%
Gross margin	47.3%	45.8%	46.0%
Research and development	53.2	53.0	48.5	+0.5%	+9.7%
Selling, general and administrative	40.6	36.3	27.1	+12.0%	+49.7%
Operating income	391	340	262	+15.1%	+49.6%
Operating margin	38.1%	36.3%	35.7%
Pre-tax income	398	343	259	+15.9%	+53.8%
Income tax	77.2	58.2	50.7	+32.7%	+52.3%
Effective tax rate	19.4%	17.0%	19.6%
Net income	320	285	208	+12.5%	+54.2%
Net margin	31.2%	30.4%	28.3%
Diluted EPS	$5.29	$4.70	$3.43	+12.6%	+54.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Operating cash flow	319	299	198	+6.7%	+60.6%
Capital expenditure	6.3	5.4	5.2	+16.5%	+21.7%
Free cash flow	312	293	193	+6.6%	+61.6%
Free cash flow margin	30.4%	31.3%	26.3%
Cash from investing	-215	-94.7	-5.2
Cash from financing	-77.1	-49.9	-166
Depreciation and amortisation	5.1	4.7	5.1	+8.9%	+0.7%
Share-based compensation	2.0	2.0	1.9	-1.1%	+7.3%
Buybacks	15.0	n/a	0.0
Dividends paid	60.5	48.4	48.4	+25.0%	+25.1%
Dividend per share	$1.00	n/a	$0.80		+25.0%
Diluted shares, weighted	61m	61m	61m	-0.0%	+0.0%
Shares outstanding at period end	61m	61m	60m	-0.0%	+0.0%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2027	Q4 FY2026	Q1 FY2026	On the quarter	On the year
Shareholders' equity	1,684	1,440	828	+17.0%	+103.3%
Short-term borrowings	n/a	n/a	133
Debt	0.0	0.0	134
Operating lease liabilities	62.0	65.3	33.7	-5.0%	+84.0%
Other liabilities	755	693	361	+8.9%	+109.0%
Total liabilities and equity	2,501	2,198	1,490	+13.8%	+67.8%
Fixed assets	76.5	75.9	73.2	+0.7%	+4.4%
Intangible assets	1.7	1.7	2.2	-3.7%	-25.3%
Investments	296	88.6	n/a	+234.1%
Cash and equivalents	549	523	177	+5.1%	+210.0%
Receivables	320	302	245	+6.0%	+30.4%
Inventory	779	780	681	-0.2%	+14.5%
Other assets	478	427	312	+11.9%	+53.4%
Total assets	2,501	2,198	1,490	+13.8%	+67.8%

Questions

What was Ubiquiti's revenue in Q1 FY2027?

Ubiquiti (UI) reported revenue of $1.0 billion for Q1 FY2027, the quarter ended 30 September 2026, up 39.9% on the same quarter a year earlier.

How much did Ubiquiti earn in Q1 FY2027?

Net income for Q1 FY2027 was $320 million, up 54.2% on the year, and diluted earnings per share $5.29.

When did Ubiquiti report Q1 FY2027 results?

Ubiquiti filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 6 November 2026.

Quarterly results, the last 20 quarters

	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *	Q1 FY2027
Revenue	432	358	443	498	494	458	491	463	465	493	507	550	600	664	759	734	815	788	937	1,026
Cost of revenue	257	242	274	327	296	269	288	279	287	319	303	319	353	368	416	396	441	417	508	541
Gross profit	175	116	170	171	198	188	203	184	178	174	204	232	247	296	343	337	374	371	429	485
Gross margin	40%	32%	38%	34%	40%	41%	41%	40%	38%	35%	40%	42%	41%	45%	45%	46%	46%	47%	46%	47%
R&D	32.9	35.3	37.5	32.7	33.8	38.2	40.5	36.3	36.9	42.5	44.1	38.0	40.0	44.3	47.5	48.5	50.8	51.8	53.0	53.2
SG&A	16.4	18.2	19.6	16.7	18.6	16.7	18.9	19.3	19.6	20.4	21.7	24.4	28.5	24.8	33.9	27.1	30.3	28.1	36.3	40.6
Operating income	125	62.6	113	122	145	134	144	128	121	111	138	169	179	227	261	262	293	291	340	391
Operating margin	29%	17%	25%	24%	29%	29%	29%	28%	26%	23%	27%	31%	30%	34%	34%	36%	36%	37%	36%	38%
Pre-tax income	123	59.4	105	111	134	117	124	107	103	92.4	122	159	167	221	258	259	291	290	343	398
Tax rate	16%	15%	12%	16%	16%	16%	16%	18%	20%	17%	15%	19%	18%	19%	-3%	20%	20%	19%	17%	19%
Net income	104	50.4	92.5	93.2	112	98.6	104	87.8	82.1	76.3	104	128	137	180	267	208	234	234	285	320
Net margin	24%	14%	21%	19%	23%	22%	21%	19%	18%	15%	20%	23%	23%	27%	35%	28%	29%	30%	30%	31%
Diluted EPS	$1.66	$0.82	$1.54	$1.54	$1.86	$1.63	$1.72	$1.45	$1.36	$1.26	$1.72	$2.12	$2.26	$2.98	$4.41	$3.43	$3.86	$3.86	$4.70	$5.29
Operating cash flow	95.2	104	70.0	42.0	-39.7	-162	14.4	67.7	78.6	164	231	234	152	124	130	198	264	168	299	319
Capital expenditure	3.5	4.6	2.4	8.7	4.8	2.2	5.3	3.0	3.9	3.2	1.9	2.6	2.0	2.8	5.2	5.2	3.6	5.6	5.4	6.3
Free cash flow	91.7	99.6	67.6	33.3	-44.5	-164	9.2	64.7	74.7	161	230	231	150	121	125	193	260	162	293	312
Buybacks	132	345	105	0.0	0.0	0.0	0.0	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0.0	n/a	n/a	n/a	15.0
Dividends paid	37.4	36.9	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	36.3	48.4	48.4	48.4	48.4	60.5
Shares outstanding	62m	61m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	60m	61m	61m	61m
Filing	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 6 November 2026: the filing.