# EDGAR Filing Document

**Accession Number:** 0001005284
**File Stem:** 0001193125-25-269519
**Filing Date:** 2025-11
**Character Count:** 32835
**Document Hash:** 4e4524da5e306d9e9665e668e36f681d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-25-269519.hdr.sgml**: 20251106

**ACCESSION NUMBER**: 0001193125-25-269519

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 14

**CONFORMED PERIOD OF REPORT**: 20251106

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Regulation FD Disclosure

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251106

**DATE AS OF CHANGE**: 20251106

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** UNIVERSAL DISPLAY CORP \PA\
- **CENTRAL INDEX KEY:** 0001005284
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRONIC COMPONENTS & ACCESSORIES [3670]
- **ORGANIZATION NAME:** 04 Manufacturing
- **EIN:** 232372688
- **STATE OF INCORPORATION:** PA
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-12031
- **FILM NUMBER:** 251458358

**BUSINESS ADDRESS:**
- **STREET 1:** 250 PHILLIPS BOULEVARD
- **CITY:** EWING
- **STATE:** NJ
- **ZIP:** 08618
- **BUSINESS PHONE:** 6096710980

**MAIL ADDRESS:**
- **STREET 1:** 250 PHILLIPS BOULEVARD
- **CITY:** EWING
- **STATE:** NJ
- **ZIP:** 08618

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** November 6, 2025

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UNIVERSAL DISPLAY CORPORATION

**(Exact name of Registrant as Specified in Its Charter)** 

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| | | |
|:---|:---|:---|
| Pennsylvania | 1-12031 | 23-2372688 |
| **(State or Other Jurisdiction**<br>**of Incorporation)** | **(Commission File Number)** | **(IRS Employer**<br>**Identification No.)** |
| 250 Phillips Boulevard**,**<br>Ewing**,** NJ |  | 08618 |
| **(Address of Principal Executive Offices)** |  | **(Zip Code)** |

---

**Registrant's Telephone Number, Including Area Code: (**609**)** 671-0980

**Not Applicable** 

**(Former Name or Former Address, if Changed Since Last Report)** 

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;Title of each class | &nbsp;&nbsp;Trading Symbol(s) | &nbsp;&nbsp;Name of each exchange on which registered |
| &nbsp;&nbsp;Common Stock, $0.01 par value | &nbsp;&nbsp;OLED | &nbsp;&nbsp;The NASDAQ Stock Market LLC |

---

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On November 6, 2025, Universal Display Corporation (the "Company") issued a press release regarding its financial results for the quarter ended September 30, 2025. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information set forth under this "Item 2.02. Results of Operations and Financial Condition" (including the exhibit) shall not be deemed to be "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it be incorporated by reference in any filing made by the Company pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

**Item 7.01 Regulation FD Disclosure.** 

On October 31, 2025, the Registrant's wholly owned subsidiary UDC Ireland Limited, agreed to acquire from Merck KGaA, Darmstadt, Germany (Merck KGaA), all of Merck KGaA's rights, title and interest to certain of its owned OLED-related patents and patent applications in exchange for a cash payment of $50 million. The transaction is expected to close in the first quarter of 2026. A copy of the press release announcing the transaction is furnished as Exhibit 99.2 to this report.

The information set forth under this "Item 7.01. Regulation FD Disclosure" (including the exhibit) shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall it incorporate by reference in any filing made by the Registrant pursuant to the Securities Act of 1933, as amended, other than to the extent that such filing incorporates by reference any or all of such information by express reference thereto.

**Item 9.01 Financial Statements and Exhibits.**

(d) Exhibits

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| | |
|:---|:---|
| **Exhibit**<br>**Number** | **Description** |
| <br>99.1 | [<u>Press Release by the Registrant, dated November 6, 2025, furnished pursuant to Item 2.02 of Form 8-K.</u>](oled-ex99_1.htm) |
| 99.2 | [<u>Press Release by the Registrant, dated November 6, 2025, furnished pursuant to Item 7.01 of Form 8-K.</u>](oled-ex99_2.htm) |
| 104 | <br>Cover Page Interactive Data File (embedded within the Inline XBRL document). |

---

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**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

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| | | |
|:---|:---|:---|
|  | **UNIVERSAL DISPLAY CORPORATION** | **UNIVERSAL DISPLAY CORPORATION** |
| Date: November 6, 2025 | By: | /s/ Brian Millard |
|  |  | **Brian Millard** |
|  |  | **Vice President, Chief Financial Officer and Treasurer** |

---

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## Exhibit 99.1

Exhibit 99.1

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![img89583785_0.jpg](img89583785_0.jpg) | **Press Release** |

---

---

| |
|:---|
| **Universal Display Contact:** |
| Darice Liu |
| investor@oled.com |
| media@oled.com |
| +1 609-964-5123 |

---

**Universal Display Corporation Announces Third Quarter 2025 Financial Results**

**EWING, N.J. – November 6, 2025 –** Universal Display Corporation (Nasdaq: OLED), enabling energy-efficient displays and lighting with its UniversalPHOLED<sup>®</sup> technology and materials, today reported financial results for the third quarter ended September 30, 2025.

"We continue to be energized by the opportunities ahead for the OLED industry and the unfolding IT and automotive capex cycle. Third-quarter results reflect timing shifts, including customer pull-ins earlier in the year and a one-time out-of-period adjustment. We are confident that our technology leadership, strong business model and deep customer partnerships continue to position us to capture growth across this expanding market," said Brian Millard, Chief Financial Officer and Treasurer of Universal Display Corporation. "From pioneering research to high-volume commercialization, we continue to push the boundaries of OLED technologies and materials. Looking forward, we are focused on accelerating innovation, broadening our solutions and services and supporting OLED adoption across an ever-widening range of applications."

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**<u>Financial Highlights for the Third Quarter of 2025</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue in the third quarter of 2025 was $139.6 million as compared to $161.6 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue from material sales was $82.6 million in the third quarter of 2025 as compared to $83.4 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue from royalty and license fees was $53.3 million in the third quarter of 2025 as compared to $74.6 million in the third quarter of 2024. The decrease in royalty and license fees was primarily the result of changes in customer mix and an out-of-period adjustment of $9.5 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cost of material sales was $32.8 million in the third quarter of 2025 as compared to $33.2 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total gross margin was 75% in the third quarter of 2025 as compared to 78% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income was $43.1 million in the third quarter of 2025 as compared to $67.0 million in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The effective income tax rate was 18.7% in the third quarter of 2025 as compared to 17.9% in the third quarter of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income was $44.0 million or $0.92 per diluted share in the third quarter of 2025 as compared to $66.9 million or $1.40 per diluted share in the third quarter of 2024.

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**<u>Revenue Comparison</u>**

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| | | |
|:---|:---|:---|
| **($ in thousands)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Material sales | $82634 | $83428 |
| Royalty and license fees | 53317 | 74590 |
| Contract research services | 3662 | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $139613 | $161627 |

---

**<u>Cost of Materials Comparison</u>**

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | **Three Months Ended September 30,** | **Three Months Ended September 30,** |
|  | **2025** | **2024** |
| Material sales | $82634 | $83428 |
| Cost of material sales | 32817 | 33172 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin on material sales | 49817 | 50256 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin as a % of material sales | 60% | 60% |

---

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**<u>Financial Highlights for the First Nine Months of 2025</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total revenue in the first nine months of 2025 was $477.7 million as compared to $485.4 million in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue from material sales was $257.4 million in the first nine months of 2025 as compared to $272.2 million in the first nine months of 2024. The decrease in material sales was primarily due to lower unit material volume and changes in customer mix.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Revenue from royalty and license fees was $202.6 million in the first nine months of 2025 as compared to $202.4 million in the first nine months of 2024. The increase was due to changes in customer mix, partially offset by the out-of-period adjustment of $7.1 million reflected in the third quarter of 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Cost of material sales was $100.9 million in the first nine months of 2025 as compared to $102.8 million in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Total gross margin was 76% in the first nine months of 2025 as compared to 77% in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Operating income was $181.3 million in the first nine months of 2025 as compared to $186.3 million in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•The effective income tax rate was 19.4% in the first nine months of 2025 as compared to 18.8% in the first nine months of 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Net income was $175.7 million or $3.68 per diluted share in the first nine months of 2025 as compared to $176.1 million or $3.69 per diluted share in the first nine months of 2024.

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**<u>Revenue Comparison</u>**

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| | | |
|:---|:---|:---|
| **($ in thousands)** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Material sales | $257439 | $272154 |
| Royalty and license fees | 202553 | 202409 |
| Contract research services | 17692 | 10828 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total revenue | $477684 | $485391 |

---

**<u>Cost of Materials Comparison</u>**

---

| | | |
|:---|:---|:---|
| **($ in thousands)** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| Material sales | $257439 | $272154 |
| Cost of material sales | 100920 | 102759 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin on material sales | 156519 | 169395 |
| &nbsp;&nbsp;&nbsp;&nbsp;Gross margin as a % of material sales | 61% | 62% |

---

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**<u>Revised 2025 Guidance</u>**

The Company now believes that 2025 revenue will be around the lower end of its previous guidance range of $650 million to $700 million.

**<u>Dividend</u>**

The Company also announced a fourth quarter cash dividend of $0.45 per share on the Company's common stock. The dividend is payable on December 31, 2025 to all shareholders of record as of the close of business on December 17, 2025.

**<u>Conference Call Information</u>**

In conjunction with this release, Universal Display will host a conference call on Thursday, November 6, 2025 at 5:00 p.m. Eastern Time. The live webcast of the conference call can be accessed under the events page of the Company's Investor Relations website at ir.oled.com. Those wishing to participate in the live call should dial 1-877-524-8416 (toll-free) or 1-412-902-1028. Please dial in 5-10 minutes prior to the scheduled conference call time. An online archive of the webcast will be available within two hours of the conclusion of the call.

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**<u>About Universal Display Corporation</u>**

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.

\# \# \#

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*All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company's technologies, and the Company's expected results, as well as the growth of the OLED market and the Company's opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.*

**Follow Universal Display Corporation**

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(OLED-C)

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**UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED BALANCE SHEETS**

**(UNAUDITED)**

*(in thousands, except share and per share data)*

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| CURRENT ASSETS: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents | $121609 | $98980 |
| &nbsp;&nbsp;&nbsp;&nbsp;Short-term investments | 481366 | 393690 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 74214 | 113648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | 212621 | 182938 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | 147503 | 110575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 1037313 | 899831 |
| PROPERTY AND EQUIPMENT, net of accumulated depreciation of $181,880 and $169,877 | 209802 | 195239 |
| ACQUIRED TECHNOLOGY, net of accumulated amortization of $216,199 and $203,621 | 60976 | 73554 |
| OTHER INTANGIBLE ASSETS, net of accumulated amortization of $12,910 and $11,842 | 4378 | 5446 |
| GOODWILL | 15535 | 15535 |
| INVESTMENTS | 422929 | 457593 |
| DEFERRED INCOME TAXES | 77339 | 78320 |
| OTHER ASSETS | 119179 | 106815 |
| TOTAL ASSETS | $1947451 | $1832333 |
| **LIABILITIES AND SHAREHOLDERS' EQUITY** |  |  |
| CURRENT LIABILITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $34728 | $36590 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses | 42834 | 46026 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | 23264 | 33074 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | 7814 | 9720 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 108640 | 125410 |
| DEFERRED REVENUE | 1584 | 537 |
| RETIREMENT PLAN BENEFIT LIABILITY | 55703 | 54450 |
| OTHER LIABILITIES | 36718 | 35411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 202645 | 215808 |
| SHAREHOLDERS' EQUITY: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Preferred Stock, par value $0.01 per share, 5,000,000 shares authorized, 200,000 <br> shares of Series A Nonconvertible Preferred Stock issued and outstanding <br> (liquidation value of $7.50 per share or $1,500) | 2 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;Common Stock, par value $0.01 per share, 200,000,000 shares authorized, 48,907,893<br> and 48,834,541 shares issued, and 47,542,245 and 47,468,893 shares outstanding, at <br> September 30, 2025 and December 31, 2024, respectively | 489 | 488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Additional paid-in capital | 739052 | 723719 |
| &nbsp;&nbsp;&nbsp;&nbsp;Retained earnings | 1045628 | 934655 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive income (loss) | 919 | (1055) |
| &nbsp;&nbsp;&nbsp;&nbsp;Treasury stock, at cost (1,365,648 shares at September 30, 2025 and December 31, 2024) | (41284) | (41284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total shareholders' equity | 1744806 | 1616525 |
| TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $1947451 | $1832333 |

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**UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF INCOME**

**(UNAUDITED)**

*(in thousands, except share and per share data)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended September 30,** | **Three Months Ended September 30,** | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| REVENUE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Material sales | $82634 | $83428 | $257439 | $272154 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty and license fees | 53317 | 74590 | 202553 | 202409 |
| &nbsp;&nbsp;&nbsp;&nbsp;Contract research services | 3662 | 3609 | 17692 | 10828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total revenue | 139613 | 161627 | 477684 | 485391 |
| COST OF SALES | 35491 | 35812 | 112828 | 111109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gross margin | 104122 | 125815 | 364856 | 374282 |
| OPERATING EXPENSES: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | 36336 | 36089 | 107594 | 110900 |
| &nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative | 18039 | 15664 | 55493 | 54757 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of acquired technology and other intangible assets | 4553 | 4551 | 13646 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Patent costs | 1886 | 2352 | 6380 | 6735 |
| &nbsp;&nbsp;&nbsp;&nbsp;Royalty and license expense | 170 | 154 | 401 | 1928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 60984 | 58810 | 183514 | 187968 |
| OPERATING INCOME | 43138 | 67005 | 181342 | 186314 |
| &nbsp;&nbsp;&nbsp;&nbsp;Interest income, net | 10046 | 10592 | 29883 | 30073 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other income, net | 952 | 3819 | 6905 | 416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest and other income, net | 10998 | 14411 | 36788 | 30489 |
| INCOME BEFORE INCOME TAXES | 54136 | 81416 | 218130 | 216803 |
| INCOME TAX EXPENSE | (10111) | (14546) | (42397) | (40743) |
| NET INCOME | $44025 | $66870 | $175733 | $176060 |
| NET INCOME PER COMMON SHARE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC | $0.93 | $1.40 | $3.69 | $3.69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED | $0.92 | $1.40 | $3.68 | $3.69 |
| WEIGHTED AVERAGE SHARES USED IN COMPUTING NET <br> INCOME PER COMMON SHARE: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BASIC | 47554970 | 47542114 | 47571930 | 47549976 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;DILUTED | 47676500 | 47669439 | 47681477 | 47644026 |
| CASH DIVIDENDS DECLARED PER COMMON SHARE | $0.45 | $0.40 | $1.35 | $1.20 |

---

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**UNIVERSAL DISPLAY CORPORATION AND SUBSIDIARIES**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(UNAUDITED)**

*(in thousands)*

---

| | | |
|:---|:---|:---|
|  | **Nine Months Ended September 30,** | **Nine Months Ended September 30,** |
|  | **2025** | **2024** |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net income | $175733 | $176060 |
| Adjustments to reconcile net income to net cash provided by operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Depreciation | 20932 | 19488 |
| &nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangibles | 13646 | 13648 |
| &nbsp;&nbsp;&nbsp;&nbsp;Investment gains, net | (6630) | (5930) |
| &nbsp;&nbsp;&nbsp;&nbsp;Stock-based compensation | 22888 | 23812 |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred income tax expense (benefit) | 977 | (12878) |
| &nbsp;&nbsp;&nbsp;&nbsp;Retirement plan expense, net of benefit payments | 1271 | 1385 |
| Decrease (increase) in assets: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 39434 | 52157 |
| &nbsp;&nbsp;&nbsp;&nbsp;Inventory | (29683) | (163) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current assets | (36928) | (39278) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other assets | (12364) | (4397) |
| Increase (decrease) in liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued expenses | 304 | 9405 |
| &nbsp;&nbsp;&nbsp;&nbsp;Other current liabilities | (2406) | (1977) |
| &nbsp;&nbsp;&nbsp;&nbsp;Deferred revenue | (8763) | (9950) |
| &nbsp;&nbsp;&nbsp;&nbsp;Other liabilities | 1270 | (2355) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by operating activities | 179681 | 219027 |
| CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of property and equipment | (40383) | (29960) |
| &nbsp;&nbsp;&nbsp;&nbsp;Purchases of investments | (319593) | (337949) |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from sale and maturity of investments | 275000 | 200768 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (84976) | (167141) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Proceeds from issuance of common stock | 1617 | 1776 |
| &nbsp;&nbsp;&nbsp;&nbsp;Payment of withholding taxes related to stock-based compensation to employees | (9470) | (8251) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash dividends paid | (64223) | (57837) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in financing activities | (72076) | (64312) |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 22629 | (12426) |
| CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 98980 | 91985 |
| CASH AND CASH EQUIVALENTS, END OF PERIOD | $121609 | $79559 |
| SUPPLEMENTAL DISCLOSURES: |  |  |
| Unrealized gain on available-for-sale securities | $1789 | $4117 |
| Common stock issued to Board of Directors and Scientific Advisory Board that was <br> earned and accrued for in a previous period | 300 | 300 |
| Net change in accounts payable and accrued expenses related to purchases of property <br> and equipment | 4888 | (5573) |
| Cash paid for income taxes, net of refunds | 53995 | 60772 |

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## Exhibit 99.2

Exhibit 99.2

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;![img90507306_0.jpg](img90507306_0.jpg) | **Press Release** |

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| **Universal Display Contact:** |
| Darice Liu |
| investor@oled.com |
| media@oled.com |
| +1 609-964-5123 |

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**Universal Display Corporation to Acquire Emissive OLED Patent Assets from Merck KGaA, Darmstadt, Germany**

**Ewing, New Jersey – November 6, 2025 –** Universal Display Corporation (Nasdaq: OLED) (UDC), enabling energy-efficient displays and lighting with its UniversalPHOLED<sup>®</sup> technology and materials, today announced that it has entered into a definitive agreement to acquire OLED patent assets from Merck KGaA, Darmstadt, Germany, a leading science and technology company. This portfolio, which has an average remaining lifetime of approximately 10 years, includes more than 300 issued and pending patents worldwide, covering more than 110 unique patent families in the field of advanced OLED emissive device structures and related material components. The acquisition is expected to expand UDC's patent coverage across key emissive building blocks that enable high-efficiency OLED devices and aligns with Merck KGaA, Darmstadt, Germany's strategy to focus on charge transport and triplet host materials, boosting the performance of components surrounding the emissive materials in these devices.

"We are pleased to continue to enhance our OLED patent portfolio, a move that is poised to bolster UDC's OLED technology roadmap and further broaden the addressable scope of our innovation engine," said Steven V. Abramson, President and Chief Executive Officer of Universal Display Corporation. "These assets from Merck KGaA, Darmstadt, Germany are expected to complement our world-class R&D and materials discovery and design platforms as we continue to support the growing OLED market."

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"This IP package represents a significant milestone in our innovation pipeline, integrating multiple next-generation inventions related to emissive layer technology," said Johannes Canisius, General Manager of the OLED business at Merck KGaA, Darmstadt, Germany. "Transferring this IP to UDC underscores our commitment to advancing OLED technology to new levels of performance and ensuring our innovations are maximized in value and application. This strategic move also enables us to focus fully on our core expertise in transport and host materials. We are excited to deepen our partnership with UDC and are confident that this collaboration will drive the OLED industry forward and unlock new possibilities for the technology as a whole."

**<u>Transaction Details</u>**

The transaction will be executed between UDC Ireland Limited, a wholly owned subsidiary of Universal Display Corporation, and Merck Electronics KGaA, Darmstadt, Germany. The closing is expected in January 2026, subject to customary conditions.

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**<u>About Universal Display Corporation</u>**

Universal Display Corporation (Nasdaq: OLED) is a leader in the research, development and commercialization of organic light emitting diode (OLED) technologies and materials for use in display and solid-state lighting applications. Founded in 1994 and with subsidiaries and offices around the world, the Company currently owns, exclusively licenses or has the sole right to sublicense more than 6,500 patents issued and pending worldwide. Universal Display licenses its proprietary technologies, including its breakthrough high-efficiency UniversalPHOLED® phosphorescent OLED technology that can enable the development of energy-efficient and eco-friendly displays and solid-state lighting. The Company also develops and offers high-quality, state-of-the-art UniversalPHOLED materials that are recognized as key ingredients in the fabrication of OLEDs with peak performance. In addition, Universal Display delivers innovative and customized solutions to its clients and partners through technology transfer, collaborative technology development and on-site training. To learn more about Universal Display Corporation, please visit https://oled.com/.

Universal Display Corporation and the Universal Display Corporation logo are trademarks or registered trademarks of Universal Display Corporation. All other Company, brand or product names may be trademarks or registered trademarks.

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**<u>About Merck KGaA, Darmstadt, Germany</u>**

Merck KGaA, Darmstadt, Germany, a leading science and technology company, operates across life science, healthcare and electronics. More than 62,000 employees work to make a positive difference to millions of people's lives every day by creating more joyful and sustainable ways to live. From providing products and services that accelerate drug development and manufacturing as well as discovering unique ways to treat the most challenging diseases to enabling the intelligence of devices – the company is everywhere. In 2024, Merck KGaA, Darmstadt, Germany, generated sales of € 21.2 billion in 65 countries.

The company holds the global rights to the name and trademark "Merck" internationally. The only exceptions are the United States and Canada, where the business sectors of Merck KGaA, Darmstadt, Germany, operate as MilliporeSigma in life science, EMD Serono in healthcare and EMD Electronics in electronics. Since its founding in 1668, scientific exploration and responsible entrepreneurship have been key to the company's technological and scientific advances. To this day, the founding family remains the majority owner of the publicly listed company.

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*All statements in this document that are not historical, such as those relating to the projected adoption, development and advancement of the Company's technologies, and the Company's expected results and future declaration of dividends, as well as the growth of the OLED market and the Company's opportunities in that market, are forward-looking financial statements within the meaning of the Private Securities Litigation Reform Act of 1995. You are cautioned not to place undue reliance on any forward-looking statements in this document, as they reflect Universal Display Corporation's current views with respect to future events and are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated. These risks and uncertainties are discussed in greater detail in Universal Display Corporation's periodic reports on Form 10-K and Form 10-Q filed with the Securities and Exchange Commission, including, in particular, the section entitled "Risk Factors" in Universal Display Corporation's Annual Report on Form 10-K for the year ended December 31, 2024. Universal Display Corporation disclaims any obligation to update any forward-looking statement contained in this document.*

(OLED-C)

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