UNISYS CORP financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNISYS CORP 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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	2,821	2,742	2,251	2,223	2,026	2,054	1,980	2,015	2,008	1,950
Cost of revenue	2,203	2,194	1,667	1,689	1,543	1,482	1,450	1,464	1,423	1,401
Gross profit	559	548	686	534	483	572	530	551	586	549
Research and development	47	38.7	31.9	31.3	26.6	28.5	24.2	24.1	25.2	24.6
Selling, general and administrative	441	412	340	365	369	390	453	450	424	391
Operating income	129	97.1	212	138	87	154	52.2	76.9	97.4	78.5
Interest expense	27.4	52.8	64	62.1	29.2	35.4	32.4	30.8	31.9	53.4
Interest income								26.3	23.2	20.7
Other non-operating income	-81.3	-116	-77.1	-136	-330	-580	-82.4	-394	-141	-297
Pre-tax income	20.5	-72.1	71	-60.6	-272	-462	-62.6	-348	-75.3	-272
Income tax	57.2	-5.5	46	27.7	45.4	-11.9	42.3	79.3	118	67.8
Income from continuing operations			21.6	-92.2	-318	-449	-106	-431	-193	-340
Net income to minority interests						-1.3	1.1	3.6	0.2	-0.2
Net income	-47.7	-65.3	75.5	-17.2	751	-449	-106	-431	-193	-340
EBITDA	168	137	253	173	117	185	102	106	122	102
EPS, basic	-1.07	-1.47	1.48	-0.31	11.93	-6.75	-1.57	-6.31	-2.79	-4.79
EPS, diluted	-1.07	-1.47	1.47	-0.31	11.93	-6.75	-1.57	-6.31	-2.79	-4.79
Shares, basic (weighted)	44.3	44.6	50.9	56	62.9	66.5	67.7	68.3	69.2	71
Shares, diluted (weighted)	44.3	44.6	51.5	56	62.9	66.5	67.7	68.3	69.2	71

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	371	734	605	539	899	553	392	388	377	414
Receivables	506	503	509	418	461	452	403	455	467	438
Inventory			27.3	16.4	13.4	7.6	14.9	15.3	16.4	13.8
Other current assets	122	126	130	101	89.3	78.8	92.3	102	103	128
Total current assets	1,027	1,390	1,301	1,221	1,506	1,133	930	971	979	1,004
Property, plant and equipment	145	143	112	116	111	86.5	75.9	64.3	57.1	53.1
Lease right-of-use assets			0	71.4	79.3	62.7	42.5	35.4	38.4	38.4
Goodwill	179	181	111	110	109	315	287	287	248	194
Intangible assets					0	34.9	52.4	42.7	35.5	31.2
Other non-current assets	151	191	203	199	204	174	190	206	182	160
Total assets	2,022	2,542	2,458	2,504	2,708	2,420	2,066	1,965	1,872	1,846
Accounts payable	189	242	269	204	223	180	161	131	97.9	81.2
Accrued liabilities	111	120	108	107	95.9	99.1	84.8	125	135	118
Deferred revenue	337	328	294	246	257	253	201	199	210	229
Short-term debt	106	10.8	10	13.5	103	18.2	17.4	13	5	12.7
Total current liabilities	982	972	923	927	935	753	651	651	628	656
Long-term debt	194	634	643	566	527	511	496	491	488	729
Lease liabilities				56	62.4	46.1	29.7	25.6	28.9	30.6
Other non-current liabilities	83.2	100	77.4	47.6	71.4	47.2	31	44	71.3	80.6
Total liabilities	3,669	3,869	3,757	3,732	3,020	2,484	2,044	2,104	2,142	2,115
Total debt	300	645	653	579	624	527	512	504	490	701
Paid-in capital	4,515	4,526	4,540	4,643	4,657	4,711	4,732	4,750	4,771	4,785
Retained earnings	-1,893	-1,963	-1,694	-1,711	-961	-1,409	-1,515	-1,946	-2,139	-2,479
Treasury stock	-101	-103	-105	-110	-114	-152	-156	-156	-159	-162
Other comprehensive income	-4,153	-3,816	-4,085	-4,089	-3,940	-3,264	-3,076	-2,800	-2,757	-2,428
Shareholders' equity	-1,631	-1,355	-1,344	-1,265	-357	-114	-14.7	-152	-283	-283
Minority interests	-16.4	28.2	43.9	37.1	44.7	49.3	36.5	13.4	14.1	14.3
Total equity	-1,647	-1,327	-1,300	-1,228	-312	-64.4	21.8	-138	-269	-268
Total liabilities and equity	2,022	2,542	2,458	2,504	2,708	2,420	2,066	1,965	1,872	1,846

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	-36.7	-66.6	78.9	-13.3	751	-450	-105	-427	-193	-340
Depreciation and amortization	38.9	39.7	40.4	35.3	29.7	30.5	50.2	29.1	24.3	23.5
Stock-based compensation	9.5	11.2	13.2	13.2	14.5	18.8	20	17.2	21.2	15.1
Deferred income tax			8.2	4.4	-13.4	-59.2	-8.3	24.5	35.6	7.7
Change in receivables	87.3	5.9	-50.5	-8.3
Change in inventory	15.3	4.1	-5.5	6.1	3	6	-8	0	-1.7	3
Change in payables	7.5	48.6	-62.2	-114	3.4	-149	-104	-20.9	-20.7	-28.8
Cash from operations	218	166	73.9	124	-681	133	12.7	74.2	135	-140
Capital expenditures	-32.5	-25.8	-35.6	-38	-27.7	-27.3	-31	-32.7	-32.3	-30
Acquisitions				0	0	-239	-0.3	-1.2	0
Purchases of investments	-4,490	-4,692	-3,722	-3,566	-3,379	-4,168	-3,380	-2,740
Sales and maturities of investments	4,456	4,717	3,708	3,569	3,389	4,148	3,336	2,752
Cash from investing	-182	-153	-185	-158	1,042	-360	-131	-69.6	-97.4	-31.8
Debt issued	214	453	0	30.5	497	1.5	0	0	0	700
Debt repaid	-130	-108	-2.3	-14.4	-455	-103	-17.8	-16.9	-15.4	-492
Stock issued	0	0		0	0	4.5	0	0
Share buybacks	0
Cash from financing	-17.1	330	-4.8	-38	5.1	-106	-21.6	-17.3	-18.1	186
Exchange rate effect	-14.7	19.2	-24.1	0	-10.6	-12.8	-17.6	6.7	-25.7	16.9
Net change in cash	4.3	363	-140	-72.3	355	-346	-158	-6	-6.1	31.1
Free cash flow	186	141	38.3	85.9	-709	105	-18.3	41.5	103	-170
Interest paid	22.1	39.9	59.5	61.5	32.9	40.1	36.5	35.5	35.4	23.3
Income taxes paid	46.4	34.3	39.1	37.6	24.7	53.7	49	63.4	56.4	74.8

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 $2.32 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	27.8%	Gross profit / revenue.
Operating margin	1.4%	Operating income / revenue.
EBITDA margin	2.5%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-18.2%	Pre-tax income / revenue.
Net margin	-21.7%	Net income / revenue.
FCF margin	3.9%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	5.8%	Cash from operations / revenue.
Return on assets (ROA)	-25.7%	Net income / average total assets.
Return on invested capital (ROIC)	49.9%	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	1.2%	Research and development expense / revenue.
SG&A / revenue	19.9%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	0.6%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	1.8%	Capital expenditures / revenue.
D&A / revenue	1.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.9%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-0.5%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	-0.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-6.2%	Gross profit vs the same period a year earlier. Only from a positive base.
Gross profit CAGR, 3y	1.2%	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	2.6%	Compound annual growth of gross profit over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-19.4%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	14.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	-2.0%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-16.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-0.1%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	-2.7%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-203.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow growth, 1y	-265.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Total assets growth, 1y	-1.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-3.7%	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	-7.4%	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	2.6%	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	1.6%	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	2.4%	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	1.41x	Current assets / current liabilities.
Quick ratio	1.14x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.54x	(Cash + short-term investments) / current liabilities.
Debt / assets	44.7%	Total debt / total assets.
Liabilities / assets	121.4%	Total liabilities / total assets.
Net debt	$409.2M	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	8.53x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	0.36x	Operating income / interest expense.
Working capital	$245.8M	Current assets - current liabilities.
Goodwill and intangibles / assets	10.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$541.7M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.19x	Revenue / average total assets.
Fixed asset turnover	34.3x	Revenue / average property, plant and equipment.
Inventory turnover	85.6x	Cost of revenue / average inventory.
Days inventory	4 days	365 x average inventory / cost of revenue.
Receivables turnover	5.41x	Revenue / average receivables.
Days sales outstanding	67 days	365 x average receivables / revenue.
Days payables	27 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	44 days	Days inventory + days sales outstanding - days payables.
Capex / operating cash flow	32.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$5.78	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	$26.69	Revenue / diluted weighted shares.
FCF per share	$1.05	Free cash flow / diluted weighted shares.
Operating cash flow per share	$1.54	Cash from operations / diluted weighted shares.
Book value per share	-$5.04	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$7.43	Tangible book value / shares outstanding.
Cash per share	$4.45	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$169.2M	Share price x shares outstanding.
Enterprise value	$578.4M	Market cap + total debt - cash - short-term investments.
P/S	0.09x	Market cap / revenue.
P/FCF	2.22x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	1.51x	Market cap / cash from operations, when positive.
EV/Sales	0.30x	Enterprise value / revenue.
EV/EBIT	21.9x	Enterprise value / operating income, when both are positive.
EV/EBITDA	12.0x	Enterprise value / EBITDA, when both are positive.
EV/FCF	7.58x	Enterprise value / free cash flow, when both are positive.
FCF yield	45.1%	Free cash flow / market cap.
Earnings yield	-249.0%	Net income / market cap (the inverse of P/E).

What was UNISYS CORP's revenue in fiscal 2025?

UNISYS CORP reported revenue of $1.95B for fiscal 2025, 2.9% lower than the year before.

Was UNISYS CORP profitable in fiscal 2025?

No. It reported a net loss of $339.8M.

How much free cash flow did UNISYS CORP generate in fiscal 2025?

Cash from operations of $140.0M minus capital expenditures of $30.0M left free cash flow of -$170.0M.

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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