Ubiquiti (UI) Q1 2027 earnings summary

Executive summary

• Record Q1 FY2027 revenue was $1,026.2M, up 39.9% YoY; GAAP net income was $320.5M and diluted EPS was $5.29.

• Growth came from both product categories and sales through distributors and webstores, with Enterprise Technology driving most of the increase.

Financial highlights

• Revenue rose from $733.8M to $1,026.2M YoY; gross profit was $485.3M versus $337.4M.

• Operating income was $391.5M versus $261.7M; operating expenses were $93.9M versus $75.7M.

• GAAP net income was $320.5M and non-GAAP net income was $322.0M, up 54.2% and 53.8% YoY, respectively.

• R&D expense was $53.2M versus $48.5M; SG&A was $40.6M versus $27.1M YoY.

• Operating cash flow was $318.6M; cash and short-term investments totaled $845.5M at September 30, 2026.

Outlook and guidance

• Cash, short-term investments, operating cash generation and the revolving facility are expected to cover working capital, dividends, repurchases and capex for the next 12 months.

• Tariffs and trade-policy uncertainty may continue affecting product costs, operating results and margins; current and historical gross margins may not indicate future margins.

• Component costs may rise and availability may remain constrained, potentially pressuring near-term gross margins and limiting ability to meet demand; operating expenses are expected to rise over time.