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Unity Software Inc. (U) stock

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NYSE: U NYSE Application Software Next results ~November 5, 2026

C Fundamentals grade

Unity provides a platform for building, deploying and operating games and interactive experiences across mobile, PC, console and extended reality. Its offering splits into two complementary sets. Create Solutions are tools and services for making real-time 2D and 3D content, built around a custom real-time 3D engine and development environment, with AI-assisted content creation, graphics, animation and audio tools, plus cloud services for asset management, DevOps and multiplayer support. Grow Solutions are mainly advertising products that help customers acquire and monetise users, including a mediation platform, ad networks such as the Unity Ad Network, and an offerwall; Supersonic publishes mobile games for smaller studios, and Aura provides on-device app discovery for telecom operators.

Revenue comes from both: software and cloud tools under Create, and advertising, publishing and monetisation under Grow. Customers range from large enterprises and mid-market firms to government and non-profit institutions, and small independent developers.

Beyond games, the platform is used in automotive, retail, manufacturing, healthcare, the public sector and robotics. Unity sells to customers worldwide and points to a large, active global community of real-time 3D creators, with third-party platforms partnering so creators can deploy content widely.

Based on Unity Software Inc.'s 10-K filed February 11, 2026.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$19

Valuation models combined (2)

Base case. Range ~$13–$24. Weighted average of 2 models (forward price-to-earnings vs peers, revenue-to-maturity model).

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Unity Software Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders0 buying, 8 selling0 purchases and 54 sales by directors and officers, last 12 monthsInsider trades
  • Funds297 adding, 236 cuttingOf 73 active managers that changed their stake, 35 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Unity Software files

Where Unity Software stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $2.03bn, up 14.0% on a year earlier, faster than 7.6% a quarter earlier. Free-cash-flow margin rose to 26.5% from 19.9% a year earlier. Operating margin narrowed to -30.4% from -28.0%. The diluted share count is up 5.7% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades D. It passes 2 of our 3 financial-health checks. Our revenue-to-maturity cash-flow model value is $22.79 a share, against a share price of $40.53.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 5, 2026 (estimated)

Unity Software Inc.'s trailing-twelve-month revenue grew 14.0% year on year, with a free-cash-flow margin of 26.5%. Where it stands out: change in growth rate of +6.4pp ranks 32 of 184 application software companies we cover. Where it lags: days sales outstanding of 124 days ranks 146 of 162 application software companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 51.7% while net income fell 35.4%: a 87pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Growth speeding up. The growth rate is 6.4 points higher than a quarter earlier.
  • Strong cash generation. 26.5% of revenue turned into free cash flow, against a median of 15.2% for application software companies we cover.
  • Net cash. Cash exceeds long-term debt by $2.4bn.
  • Estimates rising. Analysts' consensus for next year's earnings per share has risen 32.4% over 90 days.

Things to watch

  • Results due soon. Results are expected around 5 November; the share price can move sharply on the day.
  • Loss-making. Operating margin is -30.4%: costs exceed revenue.
  • Heavy stock-based pay. Stock pay equals 16.9% of revenue, against a median of 9.3% for application software companies we cover: a real cost that cash-flow figures leave out.
  • Share dilution. Diluted shares rose 5.7% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 72% and a beta of 2.1 against the S&P 500.
  • Insiders selling. 8 insiders sold $86M of stock over the past 365 days and none bought (69% under pre-set trading plans).

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
$0.28 against an average estimate of $0.25: beat by 12.4%
Revenue
$546m, up 23.9% on a year earlier
Share reaction
+21.2% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Guidance given
strategic Revenue $540m to $550m (Q3 2026 Guidance); strategic Grow Revenue $380m to $385m (Q3 2026 Guidance)
Next report
November 5, 2026; average EPS estimate $0.34

Unity Software's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week-3.6%
  • 1 month-10.9%
  • This year-12.0%
  • 1 year+2.6%
  • 5 years-73.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$2B
Operating margin
-30.4%
Net margin
-29.0%
EPS (TTM, diluted)
$-1.36

Growth

Revenue growth
+14.0%
Change in growth rate
+6.4 pts
Share count change
+5.7%

Cash

Free cash flow (TTM)
$538M
FCF margin
26.5%
Stock pay % of revenue
16.9%

Earnings

Last results
August 6, 2026
Next results (est.)
November 5, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Deal
  2. Partnership
  3. Announcement
  4. Insider trade
  5. Insider trade
  6. Leadership
  7. Results
  8. Guidance
  9. Leadership
  10. Announcement
  11. Leadership

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Unity Software Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Unity Software Inc. as an operating company, with every model that fits that kind of business. Cost of equity 11%: the 10-year Treasury yield (4.9%) plus a beta of 1.34 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$0.8 Left out: out of range vs price (0.02x)
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$24 ~$20–$40 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$1.8 ~$11–$32 Left out: out of range vs price (0.05x)
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$13 ~$11–$16 Included
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$19 ~$13–$24 2 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Unity Software Inc. with Application Software in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$153.47$142.99$28.59$40.89$22.47$44.17$38.87
Market value$26.1bn$40.4bn$8.9bn$15.6bn$8.9bn$18.6bn$16.8bn
+ Net debt (− = net cash)−$1.3bn$647m$1.2bn$1.1bn$721m$180m−$115m
Enterprise value$24.8bn$41.0bn$10.1bn$16.7bn$9.6bn$18.8bn$16.7bn
Multiples
Price / sales 33.8x36.3x6.4x7.1x4.9x10.1x8.3x
Price / earnings ———————
Price / free cash flow ———87.0x31.1x46.0x31.2x
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

36 /100

Weak moat

How hard Unity Software's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 4 / 20

    Cash operating profit has been a median 4.8% of total assets over 6 years.

  • Pricing power 17 / 20

    Gross margin has been a median 73.1%, moving by 5.0 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -43.2%; its worst year was -53.1%.

  • Cash conversion 10 / 20

    Free cash flow was positive in 4 of 6 years, at a median 5.9% of revenue.

AI disruption exposure: High. In this industry, the core product is information work that AI systems increasingly perform. The score above includes a 15-point deduction for that exposure (51 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 5, 2026, before the open. Analysts expect revenue of $567m and EPS of $0.34 (range $0.29 to $0.40) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $1.21 +41% $2.2bn +20%
Next $1.74 +44% $2.7bn +21%

Next year's EPS estimate has moved +32.4% in 90 days, across 15 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +16.9% on 90 days ago. In the last 30 days, 14 analysts raised Unity Software Inc.'s forecast and 0 cut it.

Consensus EPS forecast Unity Software Inc., last 90 days
$1.00 $1.20 $1.40 $1.60 $1.80 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $1.04 Current fiscal year, 60 days ago: $1.21 Current fiscal year, 30 days ago: $1.21 Current fiscal year, 7 days ago: $1.21 Current fiscal year, Now: $1.21 $1.21 Next fiscal year, 90 days ago: $1.32 Next fiscal year, 60 days ago: $1.74 Next fiscal year, 30 days ago: $1.74 Next fiscal year, 7 days ago: $1.74 Next fiscal year, Now: $1.74 $1.74

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $1.04$1.32
60 days ago $1.21$1.74
30 days ago $1.21$1.74
7 days ago $1.21$1.74
Now $1.21$1.74

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 $0.25 $0.28 +12.4%
Mar 2026 $0.24 $0.23 −4.2%
Dec 2025 $0.21 $0.24 +14.8%
Sept 2025 $0.17 $0.20 +19.5%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, August 6, 2026
  • Strategic Revenue Q3 2026 Guidance $540m to $550m
    “Strategic Revenue of $540 million to $550 million, up 44% - 47% year-over-year” source
  • Strategic Grow Revenue Q3 2026 Guidance $380m to $385m
    “Strategic Grow Revenue of $380 million to $385 million, up 68% - 70% year-over-year” source
  • Strategic Create Revenue Q3 2026 Guidance $159m to $163m
    “Strategic Create Revenue of $159 million to $163 million up 7% - 10% year-over-year” source
  • Non-Strategic Revenue Q3 2026 Guidance about $20m
    “Non-Strategic Revenue of $20 million” source
  • Adjusted EBITDA Q3 2026 Guidance $185m to $190m Non-GAAP
    “Adjusted EBITDA of $185 million to $190 million, up 69% - 74% year-over-year” source

How earlier guidance turned out

  • Total Revenue, Q2 2026 guided $505m to $515m Above range: $546m

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

Analyst recommendations

26 analysts, Nov 2026
Buy2388%
Hold312%
Sell00%

Monthly trend

  1. Nov 2026518326
  2. Oct 2026418426
  3. Sep 2026418426

Counts of recommendations published by analysts covering Unity Software Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.4%
of tradable shares
Days to cover
2.67
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
87%
of shares
Held by insiders
3.4%
of shares
Employees
4,412
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +2.6%

$37.90 on October 31, 2025 to $38.87

ThenNowEffect
Revenue (last 12 months) $1.8bn $2.0bn +14.0%
P/S multiple 8.7x 8.3x −4.9%
Share count 408m 432m −5.4%

Biggest factor: revenue. Loss-making at one end, so the split uses price/sales.

Last 3 years +40.6%

$27.64 on November 3, 2023 to $38.87

ThenNowEffect
Revenue (last 12 months) $1.8bn $2.0bn +12.2%
P/S multiple 5.4x 8.3x +53.8%
Share count 352m 432m −18.5%

Biggest factor: p/s multiple. Loss-making at one end, so the split uses price/sales.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
U−7%−80%+43%−45%+97%−12%
Industry peers (median)−8%−50%+19%+2%−21%−14%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
U42%33%58%33%67%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
U−48%−85%−48%−66%−41%−64%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 18, 2020: 93% from November 18, 2021 to August 7, 2024. Getting back needed a 1344% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$17.13 – $49.47
From 52-week high
−21.4%
vs 50-day average
−8.3%
vs 200-day average
+22.9%
Volatility (1 year)
72%
Beta vs S&P 500
2.13

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±11.3%
After a week
7 up, 5 down
typical move ±14.6%
After a month
9 up, 3 down
typical move ±20.4%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 +21.2% +0.5% +29.1% +17.5%
May 7, 2026 +3.2% +0.5% 0.0% +5.6%
February 11, 2026 −32.4% −1.6% −36.4% −33.1%
November 5, 2025 +11.3% −0.7% +11.7% +27.6%
August 6, 2025 −1.1% +0.7% +11.8% +29.1%
May 7, 2025 −3.1% +1.1% +1.0% +17.9%
February 20, 2025 +32.0% −2.1% +21.9% +0.4%
November 7, 2024 −5.4% +1.2% −13.1% +26.3%
August 8, 2024 +11.6% +2.8% +17.2% +23.3%
May 9, 2024 −10.0% +0.7% −8.3% −25.4%
February 26, 2024 −0.8% −0.2% −13.6% −14.6%
November 9, 2023 +3.6% +0.8% +10.9% +24.3%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Unity Software Inc. in five measures

Fundamentals grade C
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Unity Software Inc.
$1.6B $1.8B $2B $2.2B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $2B Revenue (TTM), FY23 Q4: $2.2B Revenue (TTM), FY24 Q1: $2.1B Revenue (TTM), FY24 Q2: $2.1B Revenue (TTM), FY24 Q3: $2B Revenue (TTM), FY24 Q4: $1.8B Revenue (TTM), FY25 Q1: $1.8B Revenue (TTM), FY25 Q2: $1.8B Revenue (TTM), FY25 Q3: $1.8B Revenue (TTM), FY25 Q4: $1.8B Revenue (TTM), FY26 Q1: $1.9B Revenue (TTM), FY26 Q2: $2B $2B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $2B
FY23 Q4 $2.2B
FY24 Q1 $2.1B
FY24 Q2 $2.1B
FY24 Q3 $2B
FY24 Q4 $1.8B
FY25 Q1 $1.8B
FY25 Q2 $1.8B
FY25 Q3 $1.8B
FY25 Q4 $1.8B
FY26 Q1 $1.9B
FY26 Q2 $2B
Revenue growth, TTM YoY Unity Software Inc.
-20% 0% 20% 40% 60% 80% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 61.6% Revenue growth, TTM YoY, FY23 Q4: 57.2% Revenue growth, TTM YoY, FY24 Q1: 36.7% Revenue growth, TTM YoY, FY24 Q2: 14.1% Revenue growth, TTM YoY, FY24 Q3: -3.1% Revenue growth, TTM YoY, FY24 Q4: -17.1% Revenue growth, TTM YoY, FY25 Q1: -16.7% Revenue growth, TTM YoY, FY25 Q2: -13.7% Revenue growth, TTM YoY, FY25 Q3: -8.2% Revenue growth, TTM YoY, FY25 Q4: 2.0% Revenue growth, TTM YoY, FY26 Q1: 7.6% Revenue growth, TTM YoY, FY26 Q2: 14.0% 14.0%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 61.6%
FY23 Q4 57.2%
FY24 Q1 36.7%
FY24 Q2 14.1%
FY24 Q3 -3.1%
FY24 Q4 -17.1%
FY25 Q1 -16.7%
FY25 Q2 -13.7%
FY25 Q3 -8.2%
FY25 Q4 2.0%
FY26 Q1 7.6%
FY26 Q2 14.0%
Operating margin (TTM) Unity Software Inc.
-60% -40% -20% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -41.8% Operating margin (TTM), FY23 Q4: -38.1% Operating margin (TTM), FY24 Q1: -44.4% Operating margin (TTM), FY24 Q2: -43.2% Operating margin (TTM), FY24 Q3: -45.3% Operating margin (TTM), FY24 Q4: -41.6% Operating margin (TTM), FY25 Q1: -28.4% Operating margin (TTM), FY25 Q2: -28.0% Operating margin (TTM), FY25 Q3: -27.5% Operating margin (TTM), FY25 Q4: -25.9% Operating margin (TTM), FY26 Q1: -36.5% Operating margin (TTM), FY26 Q2: -30.4% -30.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -41.8%
FY23 Q4 -38.1%
FY24 Q1 -44.4%
FY24 Q2 -43.2%
FY24 Q3 -45.3%
FY24 Q4 -41.6%
FY25 Q1 -28.4%
FY25 Q2 -28.0%
FY25 Q3 -27.5%
FY25 Q4 -25.9%
FY26 Q1 -36.5%
FY26 Q2 -30.4%
FCF margin (TTM) Unity Software Inc.
0% 10% 20% 30% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 2.7% FCF margin (TTM), FY23 Q4: 8.2% FCF margin (TTM), FY24 Q1: 8.6% FCF margin (TTM), FY24 Q2: 11.1% FCF margin (TTM), FY24 Q3: 12.3% FCF margin (TTM), FY24 Q4: 15.8% FCF margin (TTM), FY25 Q1: 17.2% FCF margin (TTM), FY25 Q2: 19.9% FCF margin (TTM), FY25 Q3: 21.7% FCF margin (TTM), FY25 Q4: 21.8% FCF margin (TTM), FY26 Q1: 24.1% FCF margin (TTM), FY26 Q2: 26.5% 26.5%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 2.7%
FY23 Q4 8.2%
FY24 Q1 8.6%
FY24 Q2 11.1%
FY24 Q3 12.3%
FY24 Q4 15.8%
FY25 Q1 17.2%
FY25 Q2 19.9%
FY25 Q3 21.7%
FY25 Q4 21.8%
FY26 Q1 24.1%
FY26 Q2 26.5%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 381 542 772 1,111 1,391 2,187 1,813 1,850 2,028
Gross profit 299 423 600 857 949 1,454 1,332 1,372 1,315
EBITDA −110 −120 −232 −467 −671 −269 −346 −18 −135
Operating income −130 −151 −275 −532 −882 −833 −755 −479 −616
Net income −132 −163 −282 −533 −921 −822 −664 −403 −588
Diluted EPS −$1.24 −$2.39 −$1.66 −$1.89 −$2.96 −$2.16 −$1.68 −$0.96 −$1.36
Growth (year on year)
Revenue — +42.3% +42.6% +43.8% +25.3% +57.2% −17.1% +2.0% +14.0%
Margins
Gross margin 78.7% 78.1% 77.7% 77.2% 68.2% 66.5% 73.5% 74.2% 64.9%
EBITDA margin −28.8% −22.1% −30.0% −42.1% −48.2% −12.3% −19.1% −1.0% −6.7%
Operating margin −34.2% −27.8% −35.6% −47.9% −63.4% −38.1% −41.6% −25.9% −30.4%
Net margin −34.6% −30.1% −36.5% −48.0% −66.2% −37.6% −36.6% −21.8% −29.0%
Free-cash-flow margin −31.3% −17.5% −2.6% −13.8% −8.4% 8.2% 15.8% 21.8% 26.5%
Cash flow
Cash from operations −81 −68 20 −111 −59 235 316 423 554
Capital spending 38 27 40 42 57 56 30 19 15
Free cash flow −119 −95 −20 −153 −117 179 286 404 538
Stock-based pay 21 31 135 347 550 649 596 385 342
Free cash flow after stock pay −140 −126 −155 −501 −667 −470 −310 19 196
Balance sheet
Cash 259 130 1,273 1,056 1,485 1,590 1,518 2,056 2,352
Total debt 0 0 0 1,703 2,707 2,712 2,239 2,235 2,237
Net debt (negative = net cash) −259 −130 −1,273 647 1,222 1,121 721 180 −115
Diluted shares 106m 114m 170m 282m 311m 380m 396m 421m 432m
Returned to shareholders
Buybacks 0 286 0 0 1,500 250 0 0 —
Total returned 0 286 0 0 1,500 250 0 0 —

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 3 checks passed · June 30, 2026
What it owns · $6.7bn
Short-term assets $3.2bnLonger-term assets $3.5bn
What it owes, and who funded it · $6.4bn
Short-term liabilities $1.6bnLonger-term liabilities $1.8bnShareholders' equity $3.0bn
  • Short-term assets cover short-term liabilities $3.2bn of assets due within a year against $1.6bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $3.2bn short-term assets against $1.8bn of longer-dated liabilities.
  • More cash than debt Cash or debt not separately reported. Not assessable.
  • Debt below 40% of shareholders' equity Equity or debt not reported. Not assessable.
  • Debt burden no higher than five years ago Five-year comparison not available. Not assessable.
  • A year's operating cash flow covers at least 20% of debt Cash flow or debt not reported. Not assessable.
  • Operating profit covers interest at least five times over Operating income of −$616m against $24m of interest.

From Unity Software Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Buybacks, last 3 fiscal years
$250M
Diluted share count
+5.7%
year over year
R&D spending
50.6%
of revenue
Days sales outstanding
124 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in application software
Last 12 months unless stated U WIX DT PAYC IOT ACIW Median
Revenue, last 12 months $2.0bn $2.0bn $2.1bn $2.1bn $1.8bn $1.8bn $482m
Revenue growth, last 12 months 14.0% 13.2% 17.9% 9.2% 29.5% 7.0% 12.0%
Revenue growth, 3-year average 3.9% 191.5% 19.6% 11.2% 33.3% 9.9% 11.1%
Revenue growth, latest quarter 23.9% — 16.2% 9.8% 29.9% 7.3% 11.9%
Gross margin 64.9% 68.1% 81.4% 83.7% 76.4% 49.1% 69.2%
Operating margin −30.4% 0.1% 12.1% 30.3% 1.0% 18.6% 1.1%
Operating margin, 3-year average −33.8% −12.4% 10.8% 30.4% −11.8% 19.3% −0.8%
Net margin −29.0% 2.5% 7.2% 22.8% 4.9% 12.4% 2.1%
Cash from operations / revenue 27.3% 29.2% 28.6% 37.4% 15.6% 18.1% 18.2%
Free-cash-flow margin 26.5% 27.9% 27.2% 26.9% 13.8% 17.1% 15.0%
Free-cash-flow margin, 3-year average 19.2% 16.2% 28.0% 20.9% 8.5% 17.6% 16.2%
Stock pay / revenue 16.9% 11.9% 14.4% 4.2% 17.9% 4.3% 9.3%
Change in share count 5.7% −3.7% −1.1% −7.1% 3.1% −3.1% 2.2%

Median of all 185 companies we cover in application software. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

185 application software companies
Measure Company Peer median Rank
Revenue growth Growth 14.0% 12.0% 82 of 184
Change in growth rate Growth +6.4pp +0.2pp 32 of 184
Gross margin Profitability 64.9% 69.8% 95 of 160
Operating margin Profitability -30.4% 1.1% 140 of 181
Net margin Profitability -29.0% 2.1% 140 of 185
Free-cash-flow margin Cash generation 26.5% 15.2% 45 of 180
Stock pay as % of revenue Cash generation 16.9% 9.3% 139 of 177
Change in share count Balance sheet 5.7% 1.7% 108 of 163
Days sales outstanding Balance sheet 124 days 57 days 146 of 162

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Grow Solutions $1.2B 66.4% ▲ 2.4%
Create Solutions $621M 33.6% ▲ 1.2%
Geography
Region Revenue Share YoY
EMEA $601M 32.5% ▼ 6.6%
United States $518M 28.0% ▼ 2.3%
Asia Pacific Excluding Greater China $349M 18.9% ▲ 5.8%
Greater China $334M 18.0% ▲ 28.9%
Other Americas $47.3M 2.6% ▼ 5.8%

From Unity Software Inc.'s 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$10.7B
Institutions reporting
557
Shares held vs prior quarter
▲ 8.1%
Positions opened / closed
102 / 75

Top buyers and sellers, Q2 2026: 297 institutions bought and 236 sold ; the biggest buyer was AQR Capital Management LLC (+7.0M shares) and the biggest seller Citadel Advisors LLC (−4.4M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Silver Lake Group, L.L.C. $993M 34.7M 9.3% 0.0%
Sc Us (Ttgp), Ltd. $910M 31.8M 8.5% 0.0%
Blackrock, Inc. $668M 23.4M 6.3% ▲ 23.5%
Vanguard Portfolio Management LLC $585M 20.5M 5.5% ▲ 10.1%
Vanguard Capital Management LLC $492M 17.2M 4.6% ▲ 10.6%
Slate Path Capital LP $459M 16.1M 4.3% ▲ 41.6%
Atreides Management, LP $293M 10.2M 2.7% ▼ 17.3%
D. E. Shaw & Co., Inc. $260M 9.1M 2.4% ▲ 13.3%
UBS Group AG $236M 8.2M 2.2% ▲ 205.0%
AQR Capital Management LLC $207M 7.2M 1.9% ▲ 2420.7%
State Street Corp $195M 6.8M 1.8% ▲ 14.9%
Point72 Asset Management, L.P. $195M 6.8M 1.8% ▲ 1.9%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Unity Software Inc.'s complete shareholder register. Values are as reported by the filers ; 2 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $86.2M 54 trades by 8 insiders · 69% under pre-set plans
Net ▼ $86.2M net selling
Insider Date Trade Shares Price Value
Blum Alexander SVP, Chief Operating Officer August 28, 2026 Sell pre-set plan 11,947 $43.86 $523,995
Blum Alexander SVP, Chief Operating Officer August 28, 2026 Sell pre-set plan 31,609 $43.38 $1.4M
Blum Alexander SVP, Chief Operating Officer August 27, 2026 Sell pre-set plan 1,964 $44.81 $88,007
Yahes Jarrod SVP, Chief Financial Officer August 25, 2026 Sell 1,200 $45.95 $55,140
Yahes Jarrod SVP, Chief Financial Officer August 25, 2026 Sell 24,817 $45.28 $1.1M
Bromberg Matthew S President and CEO August 25, 2026 Sell 670 $45.96 $30,793
Bromberg Matthew S President and CEO August 25, 2026 Sell 15,713 $45.28 $711,485
Boyden Rebecca Berenice SVP, Chief Legal Officer August 25, 2026 Sell 92 $45.92 $4,225
Boyden Rebecca Berenice SVP, Chief Legal Officer August 25, 2026 Sell 940 $45.26 $42,544
Blum Alexander SVP, Chief Operating Officer August 25, 2026 Sell pre-set plan 1,140 $45.93 $52,360
Blum Alexander SVP, Chief Operating Officer August 25, 2026 Sell pre-set plan 19,455 $45.27 $880,728
Blum Alexander SVP, Chief Operating Officer May 28, 2026 Sell pre-set plan 2,099 $27.37 $57,450

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 1 trade and filings

No trades in Unity Software Inc. disclosed in the last 12 months; 1 earlier trade on record.

  • Deborah K. Ross(D-NC 2):Exchange, $1,001 - $15,000, traded November 7, 2022, filed May 14, 2023

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around November 5, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • May 7, 2026
  • February 11, 2026
  • November 5, 2025
  • August 6, 2025
  • May 7, 2025

Recent SEC filings

Data status

When each part of this page on Unity Software Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Unity Software Inc. in brief

What does Unity Software Inc. do?
Unity Software Inc. is a US-listed company in the application software industry. Its financial year ends in December.
What is Unity Software Inc.'s stock ticker?
Unity Software Inc. trades under the ticker U on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Unity Software Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Unity Software Inc. reported revenue of $2B, 14.0% higher than a year earlier, according to its SEC filings.
What is Unity Software Inc.'s free cash flow?
Unity Software Inc.'s free-cash-flow margin is 26.5% of revenue over the trailing twelve months, ranking 45 of the 180 application software companies we cover.
Who are Unity Software Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Silver Lake Group, L.L.C., Sc Us (Ttgp), Ltd. and Blackrock, Inc. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Unity Software Inc.'s market cap?
On November 2, 2026, Unity Software Inc.'s market capitalisation was about $16.8B and net debt of -$115M. Market figures come from third-party market data and may be delayed.
Who are Unity Software Inc.'s competitors?
In our Application Software peer group, the companies closest to Unity Software Inc. are Wix.com Ltd., Dynatrace, Inc., Paycom Software, Inc., Samsara Inc. and ACI Worldwide, Inc. The side-by-side comparison below sets their revenue, margins and growth against Unity Software Inc.'s.
Are insiders buying or selling Unity Software Inc. stock?
Over the last 12 months, Unity Software Inc.'s directors and officers reported 0 open-market purchases and 54 sales on Form 4. The insider trading page charts every trade.
When is Unity Software Inc.'s next earnings date?
Around November 5, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Unity Software Inc. announces its own schedule.