Unity Software
U · NYSEServices-Prepackaged Software · Fiscal year ends Dec 31
Unity Software reported revenue of $1.8B in the fiscal year ended Dec 2025, up 2.0% from the year before. Operating income was −$479M, an operating margin of −25.9%, and net income was −$403M. Operating cash flow of $423M less capital expenditure of $19M left free cash flow of $404M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $1.1B | $1.4B | $2.2B | $1.8B | $1.8B |
| Cost of revenue | $254M | $443M | $734M | $481M | $478M |
| Gross profit | $857M | $949M | $1.5B | $1.3B | $1.4B |
| Research & development | $696M | $959M | $1.1B | $925M | $930M |
| Operating income | −$532M | −$882M | −$833M | −$755M | −$479M |
| Interest expense | $1M | $7M | $25M | $24M | $24M |
| Pre-tax income | −$531M | −$882M | −$798M | −$667M | −$395M |
| Income tax | $1M | $37M | $28M | −$3M | $6M |
| Net income | −$533M | −$921M | −$822M | −$664M | −$403M |
| Diluted EPS | −1.89 | −2.96 | −2.16 | −1.68 | −0.96 |
| Diluted shares | 282M | 311M | 380M | 396M | 421M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $1.1B | $1.5B | $1.6B | $1.5B | $2.1B |
| Receivables | $340M | $634M | $612M | $574M | $644M |
| Current assets | $2.2B | $2.4B | $2.3B | $2.2B | $2.8B |
| Net PP&E | $106M | $122M | $141M | $99M | $68M |
| Goodwill | $1.6B | $3.2B | $3.2B | $3.2B | $3.2B |
| Total assets | $4.8B | $7.8B | $7.2B | $6.7B | $6.8B |
| Payables | $14M | $20M | $15M | $14M | $14M |
| Deferred revenue | $141M | $218M | $187M | $186M | $224M |
| Current liabilities | $626M | $1B | $894M | $889M | $1.5B |
| Total liabilities | $2.4B | $4.1B | $3.8B | $3.3B | $3.3B |
| Shareholders' equity | $2.4B | $3.5B | $3.2B | $3.2B | $3.2B |
| Backlog (remaining obligations) | $582M | $620M | $384M | $334M | $494M |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | −$111M | −$59M | $235M | $316M | $423M |
| Capital expenditure | $42M | $57M | $56M | $30M | $19M |
| Free cash flow | −$153M | −$117M | $179M | $286M | $404M |
| Depreciation & amortisation | $65M | $212M | $564M | $409M | $461M |
| Stock-based compensation | $347M | $550M | $649M | $596M | $385M |
| Acquisitions | $1.6B | −$122M | $0 | $0 | – |
| Share buybacks | $0 | $1.5B | $250M | $0 | $0 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 25.3% | 57.2% | −17.1% | 2.0% |
| Gross margin | 77.2% | 68.2% | 66.5% | 73.5% | 74.2% |
| Operating margin | −47.9% | −63.4% | −38.1% | −41.6% | −25.9% |
| Net margin | −48.0% | −66.2% | −37.6% | −36.6% | −21.8% |
| Return on equityBlank when equity is negative | −22.2% | −26.1% | −25.8% | −20.8% | −12.4% |
| ROCEEBIT ÷ (assets − current liabilities) | −12.6% | −12.9% | −13.1% | −12.9% | −9.0% |
| Free cash flow margin | −13.8% | −8.4% | 8.2% | 15.8% | 21.8% |
| Cash conversion (CFO ÷ net income) | 0.21x | 0.06x | −0.29x | −0.48x | −1.05x |
| Receivable days | 112 | 166 | 102 | 116 | 127 |
| Payable days | 20 | 17 | 7 | 11 | 11 |
| Interest cover | −470x | −119x | −33.9x | −32.1x | −20.0x |
| Current ratio | 3.44x | 2.34x | 2.60x | 2.50x | 1.84x |
Recent filings
More in Services-Prepackaged Software
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.