Unity Software Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 8 fiscal years, taken from the XBRL data Unity Software Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	381	542	772	1,111	1,391	2,187	1,813	1,850
Cost of revenue	81.3	119	172	254	443	734	481	478
Gross profit	299	423	600	857	949	1,454	1,332	1,372
Research and development	204	256	404	696	959	1,054	925	930
Selling and marketing	134	174	216	345	498	835	753	653
General and administrative	91.3	144	255	348	373	398	410	269
Operating expenses	430	574	875	1,389	1,831	2,286	2,088	1,851
Operating income	-130	-151	-275	-532	-882	-833	-755	-479
Interest expense	0	0	1.52	1.13	7.4	24.6	23.5	24
Other non-operating income	-2.33	-2.57	-3.89	1.57	7.19	59.5	112	108
Pre-tax income	-133	-153	-280	-531	-882	-798	-667	-395
Income tax	-1.03	9.95	2.09	1.38	37.1	28.5	-2.85	6.3
Net income to minority interests			0	0	-1.3	-4.31	-0.17	1.27
Net income	-132	-163	-282	-533	-921	-822	-664	-403
EBITDA	-110	-120	-232	-467	-671	-269	-346	-18.1
EPS, basic	-1.24	-2.39	-1.66	-1.89	-2.96	-2.16	-1.68	-0.96
EPS, diluted	-1.24	-2.39	-1.66	-1.89	-2.96	-2.16	-1.68	-0.96
Shares, basic (weighted)	106	114	170	282	311	380	396	421
Shares, diluted (weighted)	106	114	170	282	311	380	396	421

Balance sheet

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	259	130	1,273	1,056	1,485	1,590	1,518	2,056
Short-term investments				681	102
Receivables		205	274	340	634	612	574	644
Other current assets		9.42	22.4	34.4	144	123	134	113
Total current assets		367	2,081	2,151	2,365	2,325	2,225	2,812
Property, plant and equipment		79	95.5	106	122	141	98.8	68.3
Lease right-of-use assets		0	104	98.4	121	113	78.6	62.2
Goodwill	45.4	218	286	1,620	3,201	3,200	3,166	3,166
Intangible assets		62	57.5	814	1,922	1,407	1,066	651
Other non-current assets		19	26.3	150	224	205	181	140
Total assets		763	2,671	4,841	7,834	7,243	6,737	6,838
Accounts payable		10.7	11.3	14	20.2	14.5	13.9	14
Accrued liabilities		36.2	53.5	85.3	107	126	124	123
Deferred revenue		86	114	141	218	187	186	224
Total current liabilities		337	503	626	1,010	894	889	1,526
Lease liabilities		0	98.5	92.5	108	112	81.1	61
Other non-current liabilities		21.8	11.8	102	259	217	165	123
Total liabilities		369	634	2,447	4,080	3,829	3,310	3,341
Paid-in capital		226	2,838	3,730	5,780	6,259	6,936	7,378
Retained earnings		-515	-797	-1,332	-2,250	-3,072	-3,736	-4,139
Other comprehensive income		-3.63	-3.42	-3.86	-1.69	-5.01	-9.43	-2.16
Shareholders' equity	316	394	2,037	2,394	3,528	3,183	3,191	3,237
Minority interests				0	6.3	5.94	5.85	6.07
Total equity	316	394	2,037	2,394	3,535	3,189	3,197	3,244
Total liabilities and equity		763	2,671	4,841	7,834	7,243	6,737	6,838
Shares outstanding		123	274	293	374	385	409	433

Cash flow statement

	FY2018	FY2020	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-132	-163	-282	-533	-919	-826	-664	-401
Depreciation and amortization	20.5	31.1	43	64.6	212	564	409	461
Stock-based compensation	20.6	31	135	347	550	649	596	385
Deferred income tax	-3.47	-4.68	-2.66	-12.3	-3.06	-5	-25.7	-22.2
Change in receivables	-31	-49.4	-63.3	-65.2	-9.55	21.8	37.4	-69.1
Change in payables	-0.49	0.47	-2.53	2.02	-17.6	-6.31	0.74	-0.55
Cash from operations	-81.1	-67.9	19.9	-111	-59.4	235	316	423
Capital expenditures	-38	-27	-40.2	-41.9	-57.1	-55.9	-29.5	-19
Acquisitions	-2.02	-193	-52.5	-1,580	122	0	0
Purchases of investments	0	0	-482	-520	-151	-0.21	0	0
Sales and maturities of investments	0	0	1.64	309	387	103	0	0
Cash from investing	-40	-220	-575	-1,837	723	44	-42.4	-24
Stock issued	0	460	100	0	0
Share buybacks	0	-286	-0.11	0	-1,500	-250	0	0
Cash from financing	148	161	1,701	1,721	-227	-174	-338	110
Exchange rate effect	-0.01	-0.17	0.67	0.46	1.93
Net change in cash	27.1	-126	1,147	-227	439	98.6	-76.4	536
Free cash flow	-119	-95	-20.2	-153	-117	179	286	404
Interest paid	0	0	1.39	0.11	0	20.4	20	20
Income taxes paid	3.35	1.19	20	5.65	25.2	22.5	26.4	10.6

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $41.55 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	64.9%	Gross profit / revenue.
Operating margin	-30.4%	Operating income / revenue.
EBITDA margin	-6.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-29.0%	Pre-tax income / revenue.
Net margin	-29.0%	Net income / revenue.
FCF margin	26.5%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	27.3%	Cash from operations / revenue.
Return on equity (ROE)	-19.4%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-8.8%	Net income / average total assets.
Return on invested capital (ROIC)	-71.4%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	50.6%	Research and development expense / revenue.
Stock-based pay / revenue	16.9%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	0.8%	Capital expenditures / revenue.
D&A / revenue	23.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	2.0%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	19.1%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	3.0%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	13.1%	Compound annual growth of gross profit over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Gross profit CAGR, 5y	18.0%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	34.0%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 5y	84.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	41.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	1.5%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.8%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	9.7%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	1.5%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-4.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	20.7%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	10.7%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	19.9%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	2.03x	Current assets / current liabilities.
Quick ratio	1.94x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	1.50x	(Cash + short-term investments) / current liabilities.
Liabilities / assets	50.4%	Total liabilities / total assets.
Interest coverage	-25.5x	Operating income / interest expense.
Working capital	$1.61B	Current assets - current liabilities.
Goodwill and intangibles / assets	49.8%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$284.9M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.30x	Revenue / average total assets.
Fixed asset turnover	40.7x	Revenue / average property, plant and equipment.
Receivables turnover	2.95x	Revenue / average receivables.
Days sales outstanding	124 days	365 x average receivables / revenue.
Days payables	5 days	365 x average accounts payable / cost of revenue.
Capex / operating cash flow	2.8%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.34	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$4.63	Revenue / diluted weighted shares.
FCF per share	$1.23	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.26	Cash from operations / diluted weighted shares.
Book value per share	$6.90	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$0.65	Tangible book value / shares outstanding.
Cash per share	$5.35	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$18.29B	Share price x shares outstanding.
Enterprise value	$15.93B	Market cap + total debt - cash - short-term investments.
P/S	9.01x	Market cap / revenue.
P/B	6.03x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	34.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	33.0x	Market cap / cash from operations, when positive.
EV/Sales	7.86x	Enterprise value / revenue.
EV/FCF	29.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	-3.2%	Net income / market cap (the inverse of P/E).

What was Unity Software Inc.'s revenue in fiscal 2025?

Unity Software Inc. reported revenue of $1.85B for fiscal 2025, 2% higher than the year before.

Was Unity Software Inc. profitable in fiscal 2025?

No. It reported a net loss of $402.8M.

How much free cash flow did Unity Software Inc. generate in fiscal 2025?

Cash from operations of $423.0M minus capital expenditures of $19.0M left free cash flow of $403.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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