U

MKT CAP:$11B

Unity Software Inc.

Market Cap

$11B

Technology·Software - Application·🇺🇸 United States·NYSE

Technology·Software App·🇺🇸·NYSE

Stock Price

$25.82-$18.43 (-41.65%)

Apr 22, 2026

Company Details

Unity Software Inc. creates and operates an interactive real-time 3D content platform. Its platform provides software solutions to create, run, and monetize interactive, real-time 2D and 3D content for mobile phones, tablets, PCs, consoles,...

CEO

Matthew Samuel Bromberg

IPO Date

Sep 18, 2020

Website

unity.com

Key Metrics TTM

Revenue

$1.9B

-5.1% YoY

Net Income

-$417M

EPS (Diluted)

-$1.00

Free Cash Flow

$383M

Revenue / Share

$4.34

Gross Margin

70.8%

Operating Margin

-25.5%

Net Margin

-22.3%

FCF Margin

20.5%

P/S

6.1x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 11, 2026

$1.8B+2.0%EPS -$0.96

Q4 2025

Feb 11, 2026

$503M+10.1%EPS -$0.21

Q3 2025

Nov 5, 2025

$471M+5.4%EPS -$0.30

Q1 2025

May 7, 2025

$435M-5.5%EPS -$0.19

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q4 21	$316M	$242M	-$145M
Q1 22	$320M	$226M	-$171M
Q2 22	$297M	$200M	-$198M
Q3 22	$323M	$211M	-$240M
Q4 22	$451M	$311M	-$274M
Q1 23	$500M	$338M	-$255M
Q2 23	$533M	$375M	-$191M
Q3 23	$544M	$393M	-$127M
Q4 23	$609M	$348M	-$259M
Q1 24	$460M	$316M	-$375M
Q2 24	$449M	$341M	-$129M
Q3 24	$447M	$334M	-$127M
Q4 24	$457M	$342M	-$124M
Q1 25	$435M	$321M	-$128M
Q3 25	$471M	$350M	-$126M
Q4 25	$503M	$308M	-$98M

Valuation

Quarter	P/S	P/E
Q4 21	10.2x	—
Q1 22	9.4x	—
Q2 22	9.3x	—
Q3 22	9.0x	—
Q4 22	8.1x	—
Q1 23	7.2x	—
Q2 23	6.3x	—
Q3 23	5.6x	—
Q4 23	5.2x	—
Q1 24	5.3x	—
Q2 24	5.5x	—
Q3 24	5.7x	—
Q4 24	6.2x	—
Q1 25	6.3x	—
Q3 25	6.2x	—
Q4 25	6.1x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q4 21	-$40M	-$53M
Q1 22	$101M	$86M
Q2 22	-$43M	-$58M
Q3 22	-$69M	-$81M
Q4 22	-$49M	-$64M
Q1 23	-$5M	-$19M
Q2 23	$48M	$34M
Q3 23	$120M	$104M
Q4 23	$72M	$61M
Q1 24	-$7M	-$15M
Q2 24	$88M	$79M
Q3 24	$122M	$103M
Q4 24	$112M	$106M
Q1 25	$13M	$7M
Q3 25	$155M	$151M
Q4 25	$121M	$119M

Capital Expenditures

Quarter	CapEx
Q4 21	$14M
Q1 22	$15M
Q2 22	$15M
Q3 22	$12M
Q4 22	$15M
Q1 23	$14M
Q2 23	$14M
Q3 23	$16M
Q4 23	$11M
Q1 24	$7M
Q2 24	$9M
Q3 24	$20M
Q4 24	$6M
Q1 25	$6M
Q3 25	$4M
Q4 25	$3M

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q4 21	+43.4%	+53.0%
Q1 22	+36.4%	+42.1%
Q2 22	+8.6%	+17.0%
Q3 22	+12.8%	+36.2%
Q4 22	+42.8%	+57.3%
Q1 23	+56.3%	+53.7%
Q2 23	+79.6%	+46.5%
Q3 23	+68.5%	+19.4%
Q4 23	+35.1%	+19.8%
Q1 24	-8.0%	+10.6%
Q2 24	-15.8%	-20.2%
Q3 24	-18.0%	-14.6%
Q4 24	-25.0%	-33.1%
Q1 25	-5.5%	-32.6%
Q3 25	+4.8%	+3.1%
Q4 25	+12.7%	+4.8%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q4 21	$98M	31.0%
Q1 22	$103M	32.3%
Q2 22	$118M	39.8%
Q3 22	$154M	47.8%
Q4 22	$174M	38.6%
Q1 23	$163M	32.6%
Q2 23	$158M	29.5%
Q3 23	$147M	27.0%
Q4 23	$181M	29.7%
Q1 24	$266M	57.8%
Q2 24	$115M	25.7%
Q3 24	$105M	23.4%
Q4 24	$110M	24.1%
Q1 25	$99M	22.7%
Q3 25	$92M	19.5%
Q4 25	$93M	18.5%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q4 21	$209M	$75M	$103M
Q1 22	$221M	$72M	$104M
Q2 22	$216M	$81M	$101M
Q3 22	$248M	$93M	$110M
Q4 22	$274M	$127M	$183M
Q1 23	$280M	$97M	$216M
Q2 23	$268M	$89M	$209M
Q3 23	$240M	$86M	$194M
Q4 23	$265M	$126M	$215M
Q1 24	$283M	$178M	$231M
Q2 24	$209M	$91M	$170M
Q3 24	$215M	$70M	$176M
Q4 24	$218M	$71M	$176M
Q1 25	$221M	$66M	$162M
Q3 25	$244M	$66M	$166M
Q4 25	$250M	$67M	$89M

Rule of 40

Quarter	Rev Growth %	EBITDA Margin %	Rule of 40
Q4 21	43.4%	-37.8%	5.5
Q1 22	36.4%	-40.2%	-3.9
Q2 22	8.6%	-52.2%	-43.6
Q3 22	12.8%	-60.1%	-47.3
Q4 22	42.8%	-40.5%	2.3
Q1 23	56.3%	-26.3%	30.0
Q2 23	79.6%	-13.4%	66.2
Q3 23	68.5%	-0.1%	68.5
Q4 23	35.1%	-1.0%	34.1
Q1 24	-8.0%	-42.7%	-50.7
Q2 24	-15.8%	-3.9%	-19.7
Q3 24	-18.0%	-2.1%	-20.0
Q4 24	-25.0%	-2.5%	-27.5
Q1 25	-5.5%	6.1%	0.6
Q3 25	4.8%	5.2%	10.0
Q4 25	12.7%	6.8%	19.4

Rule of 40

Revenue Segments

Quarter	Create Solutions	Operate Solutions	Strategic Partnerships And Other	Grow Solutions
Q4 21	$100M	$195M	$21M	—
Q1 22	$116M	$184M	$20M	—
Q2 22	$121M	$159M	$18M	—
Q3 22	$129M	$172M	$23M	—
Q4 22	$350M	$101M	—	—
Q1 23	$187M	$313M	—	—
Q2 23	$193M	$340M	—	—
Q3 23	$189M	$355M	—	—
Q4 23	$290M	$319M	—	—
Q1 24	$164M	$297M	—	—
Q2 24	$151M	$298M	—	—
Q3 24	$147M	$299M	—	—
Q4 24	$152M	$305M	—	—
Q1 25	$150M	$285M	—	—
Q3 25	$152M	—	—	$318M

Revenue by Geography

Quarter	Asia Pacific Excluding Greater China	Emea	Greater China	Other Americas	United States
Q4 21	$65M	$116M	$47M	$8M	$79M
Q1 22	$77M	$115M	$44M	$10M	$74M
Q2 22	$75M	$102M	$42M	$8M	$70M
Q3 22	$77M	$112M	$44M	$9M	$80M
Q4 22	$99M	$160M	$55M	$13M	$124M
Q1 23	$120M	$187M	$48M	$16M	$131M
Q2 23	$119M	$188M	$70M	$18M	$139M
Q3 23	$122M	$201M	$65M	$14M	$143M
Q4 23	$198M	$180M	$72M	$6M	$152M
Q1 24	$84M	$167M	$60M	$11M	$139M
Q2 24	$81M	$164M	$62M	$11M	$131M
Q3 24	$82M	$157M	$66M	$14M	$128M
Q4 24	$83M	$156M	$71M	$15M	$132M
Q1 25	$80M	$153M	$65M	$11M	$126M
Q3 25	$89M	$148M	$90M	$12M	$131M
Q4 25	$96M	$160M	$94M	$13M	$139M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$1.2B	$657M	$1.8B
Q2 22	$1.2B	$591M	$1.8B
Q3 22	$1.2B	$447M	$1.7B
Q4 22	$1.5B	$102M	$1.6B
Q1 23	$1.6B	$0	$1.6B
Q2 23	$1.6B	$0	$1.6B
Q3 23	$1.5B	$0	$1.5B
Q4 23	$1.6B	$0	$1.6B
Q1 24	$1.2B	$0	$1.2B
Q2 24	$1.3B	$0	$1.3B
Q3 24	$1.4B	$0	$1.4B
Q4 24	$1.5B	$0	$1.5B
Q1 25	$1.5B	$0	$1.5B
Q2 25	$1.7B	$0	$1.7B
Q3 25	$1.9B	$0	$1.9B
Q4 25	$2.1B	$0	$2.1B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q4 21	288M	+1.7%	+6.0%
Q1 22	294M	+2.0%	+6.6%
Q2 22	297M	+0.9%	+5.9%
Q3 22	299M	+0.7%	+5.4%
Q4 22	351M	+17.5%	+21.8%
Q1 23	376M	+7.0%	+27.7%
Q2 23	380M	+1.2%	+28.1%
Q3 23	384M	+0.9%	+28.3%
Q4 23	385M	+0.3%	+9.6%
Q1 24	387M	+0.6%	+3.0%
Q2 24	393M	+1.4%	+3.2%
Q3 24	399M	+1.6%	+3.9%
Q4 24	405M	+1.6%	+5.3%
Q1 25	412M	+1.6%	+6.4%
Q3 25	424M	+3.0%	+8.1%
Q4 25	430M	+1.3%	+7.8%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q4 21	$60.2K	5K
Q1 22	$61.0K	5K
Q2 22	$56.6K	5K
Q3 22	$61.6K	5K
Q4 22	$58.5K	8K
Q1 23	$65.0K	8K
Q2 23	$69.3K	8K
Q3 23	$70.6K	8K
Q4 23	$90.3K	7K
Q1 24	$68.2K	7K
Q2 24	$66.6K	7K
Q3 24	$66.2K	7K
Q4 24	$91.7K	5K
Q1 25	$87.2K	5K
Q3 25	$94.4K	5K
Q4 25	$114.0K	4K

Revenue / Employee