Universal (UVV) FY2026 results: revenue $2.9 billion, down 1.3% on the year
Universal Corp. (UVV) reported revenue of $2.9 billion for fiscal 2026, the year ended 31 March 2026, down 1.3% on the year before. Net income was $33 million, down 65.7%, and diluted earnings per share $1.30. The figures are the company's own, from the 10-K it filed with the SEC on 1 June 2026.
Revenue
$2.9 billion
-1.3% on the year
FY2019FY2026
Operating margin
5.8%
8.0% a year earlier
FY2019FY2026
Net income
$33 million
-65.7% on the year
FY2019FY2026
Diluted EPS
$1.30
-65.6% on the year
FY2019FY2026
this yearthe year beforeHover a bar for its figure.
The year in brief
What management said about the year
Operating income fell 28%: Fiscal year operating income was $168.5 million, down 28%. Adjusted operating income was $211.3 million, down 13%. The company linked both declines to the goodwill impairment and inventory write-downs.
Fourth quarter operating loss: Fourth quarter operating income declined $57.7 million to a loss of $15.0 million, reflecting the non-cash goodwill impairment and inventory write-downs.
Tobacco segment profit down on write-downs: Tobacco segment operating income fell $28.6 million, mainly on lower sales volumes and inventory write-downs of non-wrapper, dark air-cured tobacco.
Ingredients profit fell 74%: Ingredients operating income was $3.2 million, down 74%, reflecting product mix, high fixed costs and depreciation from the expanded Shank's facility, and $8.6 million of inventory write-downs.
Shank's goodwill fully written off: A $41.1 million non-cash goodwill impairment wrote off the full goodwill balance associated with Shank's within the Ingredients segment.
$ million except per share. Read moreFree 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
FY2026
FY2025
FY2024
On the year
Last 8 years
Operating cash flow
129
327
-74.6
-60.5%
Capital expenditure
48.8
62.6
66.0
-22.0%
Free cash flow
80.3
264
-141
-69.6%
Free cash flow margin
2.8%
9.0%
-5.2%
Cash from investing
-43.0
-58.8
-60.0
Cash from financing
-284
-63.2
126
Depreciation and amortisation
53.4
59.8
58.3
-10.6%
Share-based compensation
7.1
8.5
12.1
-16.6%
Buybacks
0.0
0.0
4.7
Dividends paid
81.3
79.7
78.4
+2.0%
Dividend per share
$3.28
$3.24
$3.20
+1.2%
Diluted shares, weighted
25m
25m
25m
+0.2%
Shares outstanding at period end
25m
25m
25m
+0.8%
Balance sheet
$ million
FY2026
FY2025
FY2024
On the year
Last 8 years
Shareholders' equity
1,415
1,459
1,437
-3.0%
Non-controlling interest
45.7
42.0
41.7
+8.9%
Debt
904
1,073
1,035
-15.7%
Operating lease liabilities
24.4
20.6
19.3
+18.2%
Other liabilities
377
395
404
-4.7%
Total liabilities and equity
2,767
2,990
2,937
-7.5%
Fixed assets
373
373
366
-0.0%
Goodwill
173
214
214
-19.2%
Intangible assets
48.6
57.8
68.9
-16.0%
Trading assets
11.6
11.3
12.4
+2.8%
Cash and equivalents
62.2
260
55.6
-76.1%
Receivables
564
626
525
-9.9%
Other assets
1,535
1,448
1,695
+6.0%
Total assets
2,767
2,990
2,937
-7.5%
10-K for the year ended 31 March 2026, filed 1 June 2026: the filing.