Unity Software Inc. (U) financials

NYSE · Technology · Software - Application · 4,412 employees · CEO Matthew Samuel Bromberg

Price: $37.70 -4.00%
Market cap: $16.6B
Enterprise value: $16.6B
Last report: Q2 '26 filed 2026-08-06
Next report: 2026-11-05 EPS est. $0.03

Revenue (TTM)$2.03B+14.0% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)-30.4%-2.4 pp vs a year agoOperating income -$616M

Net income (TTM)-$587M-35.3% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$538M+57.2% vs a year agoCapex $15.4M

Diluted EPS (TTM)-$1.36-28.3% vs a year agoSum of the last 4 quarters

Net cash$31.1M+104.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $16.6B
Revenue: $2.03B
Revenue growth: +20%
Profit margin: -28.9%
P/E: -27.7×
P/S: 8.2×
EV / EBITDA: -196.8×
Free cash flow: $538M
Net income: -$587M
Revenue estimate: $2.23B
Earnings: 2026-11-05
Dividend: –

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-08-06): revenue beat by 6.2%, EPS beat by 53.4%Revenue $546M vs $515M expected (+6.2%); EPS -$0.05 vs -$0.11 (+53.4%).
Revenue growth accelerating: 23.9% year on yearQ2 '26 revenue $546M, against an average of 7.6% over the four quarters before.
Operating margin -30.4% (TTM), -2.4 pp on a year agoOperating income grew -23.8% while revenue grew 14.0%.
Capex 0.8% of revenue (a year ago 2.1%)$15.4M invested in the last 4 quarters (-59.9% on a year earlier). Free cash flow $538M.
Diluted share count up 4.9% in a year438M diluted shares in Q2 '26, 418M a year earlier.
Net cash $31.1MCash + short-term investments $2.35B, debt incl. leases $2.32B; a year ago net debt $650M.

Last quarter: Q2 '26

Quarter ended 2026-06-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q2 '26	Year ago	Change
Revenue	$546M	$441M	+23.9%
Gross margin	79.6%	74.1%	+5.5 pp
Operating income	-$32.2M	-$119M	+72.9%
Operating margin	-5.9%	-26.9%	+21.0 pp
Net income	-$23.6M	-$109M	+78.3%
Diluted EPS	-$0.05	-$0.26	+80.8%
Operating cash flow	$206M	$133M	+54.5%
Capex	$3.66M	$6.45M	-43.2%
Free cash flow	$202M	$127M	+59.5%
R&D	$278M	$215M	+29.5%
Stock-based compensation	$79.9M	$102M	-21.3%

Reported vs consensus

2026-08-06

	Actual	Consensus	vs consensus
Revenue	$546M	$515M	+6.2%
EPS (as estimated)	-$0.05	-$0.11	+53.4%

From the report of 2026-08-06 for Q2 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y	12 quarters
Grow Solutions	$389M	+35.4%	71.2%	$1.68B	–
Create Solutions	$158M	+2.5%	28.8%	$632M	+4.6%

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
EMEA	$162M	+14.9%	29.6%	$632M	+4.2%
Asia Pacific Excluding Greater China	$110M	+32.2%	20.1%	$394M	+20.1%
United States	$149M	+22.1%	27.3%	$554M	+8.8%
Greater China	$115M	+37.0%	21.0%	$400M	+39.9%
Other Americas	$10.7M	-2.0%	2.0%	$48.6M	-2.9%

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $554M
Capex: -$15.4M
Buybacks: $0
Dividends: $0
Acquisitions: $0
Net debt issued: $0
Stock-based compensation: $265M
Free cash flow: $538M
Returned to shareholders / FCF: -0.0%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	-27.7×	–	–
EV / EBITDA	-196.8×	210.8× 1 of 5 years	210.8× – 210.8×
EV / Sales	8.2×	13.5×	5.4× – 37.0×
Price / FCF	30.8×	55.2× 3 of 5 years	32.6× – 87.0×
Price / Book	5.4×	6.6×	2.5× – 16.9×
FCF yield	3.2%	0.9%	-1.3% – 3.1%
Return on invested capital	-10.8%	-11.9%	-13.1% – -8.1%
Return on equity	-18.9%	-21.5%	-26.1% – -12.4%

Analysts

Consensus target $48.01 (+27.3%)
range $33.00 – $55.00 · rating Buy

Strong buy0

Buy24

Hold5

Sell0

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$2.23B	+20.3%	-$0.68	+29.3%	-55.6×	12
FY2027	$2.71B	+21.9%	$1.12	+264.8%	33.7×	12
FY2028	$3.24B	+19.5%	$1.77	+58.5%	21.3×	13
FY2029	$3.94B	+21.7%	$0.23	-87.0%	163.9×	10
FY2030	$4.59B	+16.3%	$0.48	+108.7%	78.5×	5

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 224 figures Unity Software Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$10.4M	$12.2M	-14.9%	$14M	$13.9M	+0.2%
Accounts Receivable, after Allowance for Credit Loss, Current	$689M	$597M	+15.5%	$644M	$574M	+12.2%
Accounts Receivable, Allowance for Credit Loss, Current	$9M	$13.2M	-31.8%	$10.9M	$17.3M	-37.0%
Accounts Receivable, Credit Loss Expense (Reversal)	$1.8M2025-12-31	$1.2M	+50.0%	$2.7M	$7.7M	-64.9%
Accrued Liabilities, Current	$123M2025-12-31	$124M	-1.0%	$123M	$124M	-1.0%
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment	$173M2025-12-31	$170M	+1.7%	$173M	$170M	+1.7%
Accumulated Other Comprehensive Income (Loss), Net of Tax	$3.28M	-$6.35M	+151.7%	-$2.16M	-$9.43M	+77.1%
Additional Paid in Capital	$7.54B	$7.12B	+6.0%	$7.38B	$6.94B	+6.4%
Advertising Expense	–	–	–	$8.2M	$10.1M	-18.8%
Amortization of Intangible Assets	–	–	–	$419M	$353M	+18.5%
APIC, Share-based Payment Arrangement, Increase for Cost Recognition	$80.1M	$102M	-21.7%	$386M	$606M	-36.3%
Asset Impairment Charges	$971K2025-12-31	-$83K	+1,269.9%	$5.88M	$22.8M	-74.2%
Assets	$6.66B	$6.72B	-0.8%	$6.84B	$6.74B	+1.5%
Assets, Current	$3.18B	$2.41B	+32.1%	$2.81B	$2.23B	+26.4%
Capitalized Computer Software, Net	$40.1M2025-12-31	$56.2M	-28.6%	$40.1M	$56.2M	-28.6%
Capitalized Contract Cost, Amortization	$1.6M	$1.9M	-15.8%	$7.2M	$8.9M	-19.1%
Capitalized Contract Cost, Impairment Loss	$0	$0	–	$0	$0	–
Cash	$573M	$830M	-30.9%	$709M	$996M	-28.8%
Cash and Cash Equivalents, at Carrying Value	$2.35B	$1.69B	+39.1%	$2.06B	$1.52B	+35.5%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$2.36B	$1.7B	+38.5%	$2.06B	$1.53B	+35.1%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	$211M	$150M	+40.8%	$536M	-$76.4M	+802.2%
Common Stock, Par or Stated Value Per Share	$0.00	$0.00	0.0%	$0.00	$0.00	0.0%
Common Stock, Shares Authorized	1B	1B	0.0%	1B	1B	0.0%
Common Stock, Shares, Issued	440M	420M	+4.6%	433M	409M	+5.7%
Common Stock, Shares, Outstanding	440M	420M	+4.6%	433M	409M	+5.7%
Common Stock, Value, Issued	$2K	$2K	0.0%	$2K	$2K	0.0%
Comprehensive Income (Loss), Net of Tax, Attributable to Noncontrolling Interest	$1.73M	$2M	-13.2%	$3.2M	-$1.3M	+346.3%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	-$20.6M	-$107M	+80.7%	-$395M	-$669M	+40.8%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	-$18.8M	-$105M	+82.0%	-$392M	-$670M	+41.4%
Contract with Customer, Asset, after Allowance for Credit Loss	$14.6M	$20.8M	-29.8%	$15.8M	$20.5M	-22.9%
Contract with Customer, Liability, Current	$237M	$219M	+8.2%	$224M	$186M	+20.5%
Contract with Customer, Liability, Noncurrent	$20.3M	$15.5M	+31.0%	$14M	$16.8M	-16.7%
Contract with Customer, Liability, Revenue Recognized	$65M	$51.3M	+26.7%	$176M	$170M	+3.5%
Contractual Obligation	$2.28B	$2.3B	-0.9%	$2.29B	$2.31B	-0.8%
Contractual Obligation, to be Paid, Remainder of Fiscal Year	$568M	$10M	+5,577.2%	–	–	–
Contractual Obligation, to be Paid, Year One	$578M2025-12-31	$20M	+2,788.6%	$578M	$20M	+2,788.6%
Convertible Debt, Current	$557M	–	–	$556M	$0	–
Convertible Debt, Noncurrent	$1.68B	$2.23B	-24.8%	$1.68B	$2.24B	-25.0%
Cost of Goods and Services Sold	$112M	$114M	-2.2%	$478M	$481M	-0.6%
Current Federal Tax Expense (Benefit)	–	–	–	$1.5M	$4.06M	-63.0%
Current Foreign Tax Expense (Benefit)	–	–	–	$27.2M	$17.7M	+53.5%
Current Income Tax Expense (Benefit)	–	–	–	$28.4M	$22.8M	+24.6%
Current State and Local Tax Expense (Benefit)	–	–	–	-$308K	$1.02M	-130.1%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	$3.41M	-$421K	+909.0%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	-$25.6M	-$26.1M	+2.2%
Deferred Income Tax Expense (Benefit)	–	–	–	-$22.2M	-$25.7M	+13.7%
Deferred State and Local Income Tax Expense (Benefit)	–	–	–	$0	$861K	-100.0%
Deferred Tax Assets, Gross	$1.37B2025-12-31	$1.36B	+0.4%	$1.37B	$1.36B	+0.4%
Deferred Tax Assets, Net of Valuation Allowance	$105M2025-12-31	$197M	-46.4%	$105M	$197M	-46.4%
Deferred Tax Assets, Operating Loss Carryforwards	$440M2025-12-31	$401M	+9.7%	$440M	$401M	+9.7%
Deferred Tax Assets, Other	$68M2025-12-31	$62.3M	+9.1%	$68M	$62.3M	+9.1%
Deferred Tax Assets, Tax Credit Carryforwards	$129M2025-12-31	$120M	+8.1%	$129M	$120M	+8.1%
Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits, Share-based Compensation Cost	$51.4M2025-12-31	$68.2M	-24.6%	$51.4M	$68.2M	-24.6%
Deferred Tax Assets, Valuation Allowance	$1.26B2025-12-31	$1.17B	+8.3%	$1.26B	$1.17B	+8.3%
Deferred Tax Liabilities, Gross	$156M2025-12-31	$269M	-42.0%	$156M	$269M	-42.0%
Deferred Tax Liabilities, Intangible Assets	$123M2025-12-31	$222M	-44.5%	$123M	$222M	-44.5%
Deferred Tax Liabilities, Leasing Arrangements	$21M2025-12-31	$25.8M	-18.6%	$21M	$25.8M	-18.6%
Deferred Tax Liabilities, Net	$50.8M2025-12-31	$72.7M	-30.1%	$50.8M	$72.7M	-30.1%
Depreciation, Depletion and Amortization	$85.5M	$96.9M	-11.8%	$461M	$409M	+12.7%
Depreciation, Depletion and Amortization, Nonproduction	–	–	–	$42.3M	$55.6M	-24.0%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics and estimates are standardised from the company's filings. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-02