Universal Corp (UVV)

Universal Corporation Reports Fiscal Year and Fourth Quarter 2026 ResultsMay 28, 2026 4:15 PM
Business Wire Universal Corporation (NYSE:UVV) (“Universal” or the “Company”), a global business-to-business agriproducts company, today announced financial results for the fiscal year and fourth quarter ended March 31, 2026. “Our fiscal year 2026 performance reflected solid execution across much of our business amid a markedly different operating environment than the prior year,” said Preston D. Wigner, Chairman, President, and Chief Executive Officer of Universal. “Coming off exceptionally strong performance for our Tobacco Operations segment in fiscal year 2025, our disciplined marketplace management helped mitigate the impact of oversupply for certain tobacco styles, resulting in only slightly lower segment revenues and sales volumes. Our Ingredients Operations segment delivered growth in revenues and sales volumes despite persistent market headwinds. Fourth quarter and fiscal year 2026 results were ultimately impacted by a non-cash, goodwill impairment charge related to our Universal Ingredients-Shank’s operation, as well as increased tobacco inventory write-downs, primarily for non-wrapper, dark air-cured tobacco.” Mr. Wigner continued, “As we enter fiscal year 2027, we are confident in the strength and resilience of our tobacco business across market cycles and the foundational progress we are making to support the growth of our ingredients business. We remain committed to our strategy of maximizing and optimizing our tobacco business and growing our ingredients business, while continuing our track record of returning capital to our shareholders. We expect market activity to support the return of our uncommitted tobacco inventories to our targeted range, and we have initiated enhancements at our Shank’s operation to drive efficiency and financial performance. We are moving forward focused on execution, consistent progress, and sustainable value creation for our shareholders.” FINANCIAL HIGHLIGHTS                       Three Months Ended March 31,   Change   Fiscal Year Ended March 31,   Change (in millions of dollars, except per share data)   2026       2025     %     2026       2025     %                         Consolidated Results                       Sales and other operating revenue $ 715.2     $ 702.3     2 %   $ 2,924.5     $ 2,947.3     (1 )% Cost of goods sold   616.8       586.3     5 %     2,412.5       2,398.6     1 % Gross profit margin   13.8 %     16.5 %   -270 bps     17.5 %     18.6 %   -110 bps Selling, general and administrative expenses   72.4       73.2     (1 )%     300.7       305.3     (2 )% Restructuring and impairment costs   —       —     NA     1.8       10.6     (83 )% Goodwill Impairment   41.1       —     NA     41.1       —     NA Operating income (as reported)   (15.0 )     42.8     (135 )%     168.5       232.8     (28 )% Adjusted operating income (non-GAAP)*   26.1       42.8     (39 )%     211.3       243.4     (13 )% Diluted earnings per share (as reported)   (1.73 )     0.37     (568 )%     1.30       3.78     (66 )% Adjusted diluted earnings per share (non-GAAP)*   (0.46 )     0.80     (158 )%     2.64       4.63     (43 )% Segment Results                       Tobacco operations sales and other operating revenues $ 632.3     $ 612.6     3 %   $ 2,576.4     $ 2,608.7     (1 )% Tobacco operations operating income   26.6       45.8     (42 )%     211.5       240.2     (12 )% Ingredients operations sales and other operating revenues   83.0       89.7     (7 )%     348.1       338.6     3 % Ingredients operations operating income   1.8       4.4     (58 )%     3.2       12.3     (74 )% *See Reconciliation of Certain non-GAAP Financial Measures in Other Items below. Fiscal Year 2026 Highlights Consolidated Results Revenues generally in line with an exceptional fiscal year 2025. Continued solid performance across much of our tobacco and ingredients businesses offset by: A $41.1 million non-cash, goodwill impairment charge related to our Universal Ingredients-Shank’s (“Shank’s”) operation. Inventory write-downs of $52.0 million, primarily of non-wrapper, dark air-cured tobacco, an increase of $32.2 million from the prior fiscal year. Operating income down 28% to $168.5 million and adjusted operating income down 13% to $211.3 million, due to these impacts. Tobacco Operations Segment Revenue down $32.3 million, or 1%, on a 2% decline in tobacco sales volumes and prices, partially offset by higher third-party processing volumes and product mix. Segment operating income down $28.6 million, primarily on a combination of reduced sales volumes and inventory write-downs of non-wrapper, dark air-cured tobacco. Tobacco Operations segment results reflected: Firm demand for most tobacco styles; Solid results from flue-cured and burley tobaccos; Tobacco inventory write-downs of $43.4 million, up $24.7 million; Lower sales of dark air-cured tobacco driven by softer than anticipated demand coupled with longer sales and inventory cycles; Increased third-party tobacco processing revenue; and Larger crops, particularly in Brazil and Africa origins. Uncommitted tobacco inventory levels at 27% at March 31, 2026, were outside our target range due to delayed customer purchase commitments, but are expected to be within our target range during fiscal year 2027. Flue-cured, burley, and some dark air-cured tobacco are in oversupply positions, and oriental tobacco is moving into a balanced position. Ingredients Operations Segment Revenue up 3% on increased sales volumes, reflecting our ongoing focus on building scale through our pipeline of solution-based products. Steady performance across much of our ingredients business offset by slower than anticipated sales growth, high fixed costs related to our expansion investments, and inventory write-downs, at our Shank’s operation. Persistent customer market headwinds, including tariff impacts and broader softness in the consumer-packaged-goods sector, impacting demand at Shank’s for both traditional core products and new offerings. Lower operating income reflected product mix, high fixed costs, including additional depreciation, from our expanded Shank’s production facility, as well as inventory write-downs of $8.6 million. Select Balance Sheet Items, Liquidity, and Debt Increased working capital usage on larger tobacco crops and timing of tobacco crop purchases. Total debt down $168.7 million at March 31, 2026, compared to March 31, 2025. Net debt (non-GAAP) up $28.9 million at March 31, 2026, compared to March 31, 2025. Interest expense down $5.6 million in fiscal year 2026, compared to fiscal year 2025. Approximately $1.3 billion of available liquidity, consisting of cash and committed and uncommitted credit lines, as of March 31, 2026. Additional Items Non-cash, goodwill impairment charge of $41.1 million in fiscal year 2026. Restructuring and impairment costs of $1.8 million in fiscal year 2026, compared to $10.6 million in fiscal year 2025. Pension settlement charge of $14.1 million in fiscal year 2025. Higher consolidated effective tax rate for fiscal year 2026 due to various factors, including the mix and timing of domestic and foreign earnings, discrete items, and the tax deductibility of certain items. Fourth Quarter 2026 Highlights Consolidated Results Revenue up 2% on higher tobacco sales volumes, partially offset by lower tobacco sales prices. Operating income down $57.7 million on the non-cash, goodwill impairment charge as well as inventory write-downs. Adjusted operating income down $16.7 million. Tobacco Operations Segment Revenue up $19.7 million on higher tobacco sales volumes and timing of tobacco shipments, partially offset by lower tobacco sales prices. Segment operating income down by $19.2 million primarily due to non-wrapper, dark air-cured tobacco inventory write-downs and lower sales of dark air-cured tobacco. Ingredients Operations Segment Revenue and operating income down $6.7 million and $2.6 million, respectively, largely on lower results from our Shank's business. Due to customer market headwinds, including broader softness in the consumer-packaged-goods sector, our Shank’s business faced demand challenges for both traditional core products and new offerings. Lower operating income also reflected Shank’s product mix, depreciation and other high fixed costs from our expanded production facility, as well as inventory write-downs. Sustainability Update Mr. Wigner stated, “We concluded fiscal year 2026 by further embedding sustainability across our value chain, building on the progress achieved throughout the year to support our emissions reduction targets and long-term value creation across Universal’s global operations. This progress was reflected in our most recent Carbon Disclosure Project (CDP) results, highlighting the success of our engagement with our suppliers. We advanced to an “A” rating in Supplier Engagement, were recognized as a CDP Supplier Engagement Leader, and were named to CDP’s Supplier Engagement A List. These achievements underscore the strength of our governance, emissions management, and the value we bring to our suppliers and customers across our global value chain.” Other Items Reconciliation of Certain non-GAAP Financial Measures References to adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) are references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with generally accepted accounting principles ("GAAP") and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of adjusted operating income (loss) to consolidated operating income (loss), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided below. In addition, a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. "Segment Information" to the consolidated financial statements. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. Management believes these non-GAAP financial measures, which exclude items that it believes are not indicative of its core operating results, can provide investors with important information that is useful in understanding its business results and trends. References to net debt, net capitalization, and net debt to net capitalization ratio are also references to non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered substitutes for total debt, total capitalization, total debt to total capitalization ratio, or any other operating or financial performance measures calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of net debt to total debt and net capitalization to total capitalization are provided below to the extent these non-GAAP financial measures are referenced. Management believes these non-GAAP measures are meaningful indicators of liquidity and financial position. The following tables set forth certain non-recurring items included in reported results to reconcile adjusted operating income to consolidated operating income and adjusted net income to net income attributable to Universal Corporation and adjusted diluted earnings per share to diluted earnings per share: Adjusted Operating Income Reconciliation                     Three Months Ended March 31,   Fiscal Year Ended March 31, (in thousands)     2026       2025       2026       2025   As Reported: Consolidated operating income   $ (14,961 )   $ 42,760     $ 168,451     $ 232,797   Goodwill impairment(1)     41,061       —       41,061       —   Restructuring and impairment costs(1)     —       —       1,833       10,573   Adjusted operating income (non-GAAP)   $ 26,100     $ 42,760     $ 211,345     $ 243,370                     Adjusted Net Income and Adjusted Diluted Earnings Per Share Reconciliation                     Three Months Ended March 31,   Fiscal Year Ended March 31, (in thousands except for per share amounts)     2026       2025       2026       2025   As Reported: Net income attributable to Universal Corporation   $ (43,278 )   $ 9,338     $ 32,637     $ 95,047   Goodwill impairment(1)     41,061       —       41,061       —   Restructuring and impairment costs(1)     —       —       1,833       10,573   Pension settlement charge(2)     —       14,101       —       14,101   Total of non-GAAP adjustments to income before income taxes     41,061       14,101       42,894       24,674   Income tax benefit from goodwill impairment(1)(3)     (9,157 )     —       (9,157 )     —   Income tax benefit from restructuring and impairment costs(1)(3)     —       —       (35 )     (132 ) Income tax benefit from pension settlement charge(2)(3)     —       (3,257 )     —       (3,257 ) Total of income tax impacts for non-GAAP adjustments to income before income taxes     (9,157 )     (3,257 )     (9,192 )     (3,389 ) As adjusted: Net income attributable to Universal Corporation (non-GAAP)   $ (11,374 )   $ 20,182     $ 66,339     $ 116,332                                       As reported: Diluted earnings per share   $ (1.73 )   $ 0.37     $ 1.30     $ 3.78   Adjusted: Diluted earnings per share (non-GAAP)   $ (0.46 )   $ 0.80     $ 2.64     $ 4.63   (1) Restructuring and impairment costs are included in Consolidated operating income in the consolidated statements of income, but excluded for purposes of Adjusted operating income, Adjusted net income attributable to Universal Corporation, and Adjusted diluted earnings per share. The three months ended March 31, 2026, included a $41.1 impairment charge to write-off the full amount of goodwill associated with Shank's, a component of the Ingredients operating segment. (2) In March 2025, the Company completed a pension de-risking transaction or "pension lift-out" to transfer approximately $47 million of its qualified domestic pension plan obligations and assets to a third-party insurer through the purchase of a non-participating annuity. The obligations transferred to the third-party insurer covered the respective benefit obligations for a subset of retirees currently receiving benefit payments. The transaction triggered settlement accounting that required the Company to immediately recognize a portion of the accumulated comprehensive losses associated with the defined benefit pension plan. (3) The income tax effect of non-GAAP adjustments was determined based on the timing and nature of the specific non-GAAP adjustments and their relevant jurisdictional income tax rates (foreign, state, and local) and the applicable U.S. federal income tax rates. The Company considers current and deferred income tax rates to calculate the impact to income taxes for the non-GAAP adjustments. The following table reconciles total debt to net debt and net capitalization: Net Debt and Net Capitalization Reconciliation             March 31,   March 31, (in thousands)     2026       2025   Add: Notes payable and overdrafts   $ 287,564     $ 455,039   Add: Long-term obligations     616,727       617,918   Add: Current portion of long-term obligations     —       —   Total Debt     904,291       1,072,957   Add: Customer advances and deposits     3,376       3,763   Less: Cash and cash equivalents     62,178       260,115   Net Debt (non-GAAP)   $ 845,489     $ 816,605   Add: Total Universal Corporation shareholders' equity     1,415,400       1,458,556   Net Capitalization (non-GAAP)   $ 2,260,889     $ 2,275,161             Net Debt/Net Capitalization (non-GAAP)     37 %     36 % Investor Conference Call At 10:00 a.m. (Eastern Time) on May 29, 2026, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through August 29, 2026. A taped replay of the call will also be available through June 12, 2026, by dialing (800) 770-2030 (Playback ID: 5786366#). About Universal Corporation Universal Corporation (NYSE: UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers’ evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com. CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Among other things, these statements include statements made in Mr. Wigner’s quotations, statements regarding expectations with respect to our fiscal year 2027 performance, our strategic plans, ingredients business, tobacco business, including expectations with respect to size, shipments and sales and purchases of tobacco crops. These forward-looking statements are generally identified by the use of words such as we “expect,” “believe,” “anticipate,” “could,” “should,” “may,” “plan,” “will,” “predict,” “estimate,” and similar expressions or words of similar import. These forward-looking statements are based upon management’s current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: product purchased not meeting quality and quantity requirements; reliance on a few large customers; anticipated levels of demand for and supply of our products and services; tobacco growing conditions and customer requirements; major shifts in customer requirements for leaf tobacco; higher inflation rates, tariffs and other pressures on costs; weather and other conditions; exposure to certain legal, regulatory and financial risks related to climate change; industry-specific risks related to our plant-based ingredients businesses; disruption of our supply chain for our plant-based ingredients; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; our ability to maintain effective information technology systems and safeguard confidential information; our inability to attract, develop, retain, motivate, and maintain good relationships with our workforce; our dependence on a seasonal workforce; epidemics, pandemics or similar widespread public health concerns; government efforts to regulate the production and consumption of tobacco products; government actions on the sourcing of leaf tobacco; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from international conflicts; sustainability considerations from governments and other stakeholders; changes in tax laws in the countries where we do business; material weaknesses in our internal control over financial reporting; failure of our customers or suppliers to repay extensions of credit; changes in exchange rates; changes in interest rates; and low investment performance by our defined benefit pension plan assets and changes in pension plan valuation assumptions. Please also refer to the risks and uncertainties as discussed in Part I, Item 1A. “Risk Factors” of Universal’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and related disclosures in other filings that Universal files with the SEC and are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. Universal cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made, except as required by law. UNIVERSAL CORPORATION CONSOLIDATED STATEMENTS OF INCOME (in thousands of dollars, except per share data)       Three Months Ended March 31,   Fiscal Year Ended March 31,       2026       2025       2026       2025       (Unaudited)   (Unaudited) Sales and other operating revenues   $ 715,243     $ 702,279     $ 2,924,470     $ 2,947,284   Costs and expenses                 Cost of goods sold     616,772       586,276       2,412,454       2,398,627   Selling, general and administrative expenses     72,371       73,243       300,671       305,287   Restructuring and impairment costs     —       —       1,833       10,573   Goodwill impairment     41,061       —       41,061       —   Operating income     (14,961 )     42,760       168,451       232,797   Equity in pretax earnings of unconsolidated affiliates     2,299       7,456       3,430       9,103   Pension settlement charge     —       14,101       —       14,101   Other non-operating income     1,095       1,176       2,847       2,569   Interest income     179       1,757       1,964       3,483   Interest expense     18,565       18,326       74,040       79,636   Income before income taxes     (29,953 )     20,722       102,652       154,215   Income taxes     4,810       6,394       46,657       40,946   Net income     (34,763 )     14,328       55,995       113,269   Less: net income attributable to noncontrolling interests in subsidiaries     (8,515 )     (4,990 )     (23,358 )     (18,222 ) Net income attributable to Universal Corporation   $ (43,278 )   $ 9,338     $ 32,637     $ 95,047                     Earnings per share:                 Basic   $ (1.73 )   $ 0.37     $ 1.30     $ 3.81   Diluted   $ (1.73 )   $ 0.37     $ 1.30     $ 3.78   See accompanying notes. UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars)     March 31,       2026       2025             ASSETS         Current assets         Cash and cash equivalents   $ 62,178     $ 260,115   Accounts receivable, net     563,864       625,876   Advances to suppliers, net     177,222       169,385   Accounts receivable—unconsolidated affiliates     12,300       7,143   Inventories—at lower of cost or net realizable value:         Tobacco     832,360       806,332   Other     203,537       189,610   Prepaid income taxes     22,958       19,595   Other current assets     97,278       78,041   Total current assets     1,971,697       2,156,097             Property, plant and equipment         Land     26,249       26,113   Buildings     333,416       333,398   Machinery and equipment     759,654       723,935         1,119,319       1,083,446   Less accumulated depreciation     (746,365 )     (710,472 )       372,954       372,974   Other assets         Operating lease right-of-use assets     37,272       34,260   Goodwill, net     172,695       213,840   Other intangibles, net     48,604       57,836   Investments in unconsolidated affiliates     82,287       79,317   Deferred income taxes     15,636       16,539   Pension asset     16,542       12,819   Other noncurrent assets     49,080       45,870         422,116       460,481             Total assets   $ 2,766,767     $ 2,989,552   UNIVERSAL CORPORATION CONSOLIDATED BALANCE SHEETS (in thousands of dollars)     March 31,       2026       2025             LIABILITIES AND SHAREHOLDERS’ EQUITY         Current liabilities         Notes payable and overdrafts   $ 287,564     $ 455,039   Accounts payable     90,139       98,036   Accounts payable—unconsolidated affiliates     510       1,999   Customer advances and deposits     3,376       3,763   Accrued compensation     33,234       44,646   Income taxes payable     17,643       12,586   Current portion of operating lease liabilities     11,172       10,742   Accrued expenses and other current liabilities     120,603       123,350   Current portion of long-term debt     —       —   Total current liabilities     564,241       750,161             Long-term debt     616,727       617,918   Pensions and other postretirement benefits     35,471       35,336   Long-term operating lease liabilities     24,359       20,608   Other long-term liabilities     24,925       22,901   Deferred income taxes     39,920       42,090   Total liabilities     1,305,643       1,489,014             Shareholders’ equity         Universal Corporation:         Preferred stock:         Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding     —       —   Common stock, no par value, 100,000,000 shares authorized, 24,923,496 shares issued and outstanding (24,715,625 at March 31, 2025)     351,523       351,626   Retained earnings     1,136,989       1,186,981   Accumulated other comprehensive loss     (73,112 )     (80,051 ) Total Universal Corporation shareholders' equity     1,415,400       1,458,556   Noncontrolling interests in subsidiaries     45,724       41,982   Total shareholders' equity     1,461,124       1,500,538             Total liabilities and shareholders' equity   $ 2,766,767     $ 2,989,552   See accompanying notes. UNIVERSAL CORPORATION CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands of dollars)       Fiscal Year Ended March 31,       2026       2025         CASH FLOWS FROM OPERATING ACTIVITIES:         Net income   $ 55,995     $ 113,269   Adjustments to reconcile net income to net cash provided by operating activities:         Depreciation and amortization     53,437       59,773   Provision for losses (recoveries) on advances     6,258       1,938   Inventory write-downs     51,988       19,769   Stock-based compensation expense     7,115       8,531   Foreign currency remeasurement loss (gain), net     6,708       6,096   Foreign currency exchange contracts     (2,235 )     916   Deferred income taxes     (961 )     1,083   Equity in net income of unconsolidated affiliates, net of dividends     245       (3,031 ) Goodwill impairment     41,061       —   Restructuring and impairment costs     1,833       10,573   Restructuring payments     (3,308 )     (1,568 ) Pension settlement     —       14,101   Other, net     106       1,406   Changes in operating assets and liabilities, net:     (89,142 )     94,118   Net cash provided (used) by operating activities     129,100       326,974             Cash Flows From Investing Activities:         Purchase of property, plant and equipment     (48,829 )     (62,601 ) Proceeds from sale of property, plant and equipment     5,873       3,783   Net cash used by investing activities     (42,956 )     (58,818 )           Cash Flows From Financing Activities:         Issuance (repayment) of short-term debt, net     (170,069 )     37,696   Issuance of long-term debt     89,130       —   Repayment of long-term debt     (89,130 )     —   Dividends paid to noncontrolling interests in subsidiaries     (19,046 )     (17,530 ) Dividends paid on common stock     (81,299 )     (79,686 ) Settlement costs from termination of interest rate swap agreements     (988 )     —   Debt issuance costs and other     (12,941 )     (3,715 ) Net cash provided (used) by financing activities     (284,343 )     (63,235 )           Effect of exchange rate changes on cash     262       (399 ) Net increase (decrease) in cash and cash equivalents     (197,937 )     204,522   Cash, restricted cash and cash equivalents at beginning of year     260,115       55,593   Cash, Restricted Cash and Cash Equivalents at End of Year   $ 62,178     $ 260,115   See accompanying notes. NOTE 1. BASIS OF PRESENTATION Universal Corporation, with its subsidiaries (“Universal” or the “Company”), is a global business-to-business agriproducts supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2026, which the Company expects to file with the SEC on June 1, 2026. NOTE 2. EARNINGS PER SHARE The following table sets forth the computation of basic and diluted earnings per share:     Three Months Ended March 31,   Fiscal Year Ended March 31, (in thousands, except per share data)     2026     2025   2026   2025                   Basic Earnings Per Share                 Numerator for basic earnings per share                 Net income attributable to Universal Corporation   $ (43,278 )   $ 9,338   $ 32,637   $ 95,047                   Denominator for basic earnings per share                 Weighted average shares outstanding     25,060,438       24,984,987     25,037,983     24,947,208                   Basic earnings per share   $ (1.73 )   $ 0.37   $ 1.30   $ 3.81                   Diluted Earnings Per Share                 Numerator for diluted earnings per share                 Net income attributable to Universal Corporation   $ (43,278 )   $ 9,338   $ 32,637   $ 95,047                   Denominator for diluted earnings per share:                 Weighted average shares outstanding     25,060,438       24,984,987     25,037,983     24,947,208 Effect of dilutive securities                 Employee and outside director share-based awards     —       179,490     133,179     180,148 Denominator for diluted earnings per share     25,060,438       25,164,477     25,171,162     25,127,356                   Diluted earnings per share   $ (1.73 )   $ 0.37   $ 1.30   $ 3.78 NOTE 3. SEGMENT INFORMATION Management regularly evaluates the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. Assessments include an analysis of how its Chief Operating Decision Maker (“CODM”) measures business performance and allocates resources. As a result of this analysis, senior management has determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations. The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing for tobacco customers. A substantial portion of the Company’s Tobacco Operations’ revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers. The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, flavorings, and colorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations. FruitSmart, Inc. (“FruitSmart”), Silva International, Inc. (“Silva”), and Shank's Extracts, LLC d/b/a Universal Ingredients-Shank’s (“Universal Ingredients-Shank’s”) are the primary operations for the Ingredients Operations segment. FruitSmart supplies a broad set of juices, concentrates, pomaces, purees, fruit fibers, seeds, seed powders, and other value-added products to food, beverage, and flavor companies throughout the United States and internationally. Silva procures dehydrated vegetables, fruits, and herbs from around the world and specializes in processing natural materials into custom designed dehydrated vegetable and fruit-based ingredients for a variety of end products. Universal Ingredients-Shank’s offers a diversified portfolio of botanical extracts, distillates, natural flavors, and colorings for industrial and private label customers worldwide, and is known for their significant vanilla expertise. Universal Ingredients - Shank’s is also equipped to offer customers custom bottling and packaging for their products. Universal incurs corporate overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of projected annual financial and operational performance, including volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The CODM, which has been identified as a group comprised of the Company's Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer, currently evaluates the performance of the operating segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates ("Segment Operating Income"). The CODM also uses Segment Operating Income for planning, forecasting, and allocating capital and other resources to the operating segments. Operating results for the Company’s reportable segments for each period presented in the consolidated statements of income were as follows:   Three Months Ended March 31, 2026   Three Months Ended March 31, 2025 (in thousands of dollars) Tobacco Operations   Ingredients Operations   Consolidated   Tobacco Operations   Ingredients Operations   Consolidated Sales and other operating revenues $ 632,293     $ 82,950     $ 715,243     $ 612,624     $ 89,655     $ 702,279   Cost of goods sold   (548,137 )     (68,635 )     (616,772 )     (516,265 )     (70,011 )     (586,276 ) Selling, general and administrative expenses   (48,082 )     (10,263 )     (58,345 )     (40,959 )     (12,082 )     (53,041 ) Corporate overhead allocated to the segments   (11,796 )     (2,230 )     (14,026 )     (17,030 )     (3,172 )     (20,202 ) Equity in pretax earnings (loss) of unconsolidated affiliates (1)   2,299       —       2,299       7,456       —       7,456   Segment operating income   26,577       1,822       28,399       45,826       4,390       50,216   Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1)     (2,299 )             (7,456 ) Restructuring and impairment costs (2)     —               —   Goodwill impairment (3)     (41,061 )             —   Consolidated total   $ (14,961 )           $ 42,760     Fiscal Year Ended March 31, 2026   Fiscal Year Ended March 31, 2025 (in thousands of dollars) Tobacco Operations   Ingredients Operations   Consolidated   Tobacco Operations   Ingredients Operations   Consolidated Sales and other operating revenues $ 2,576,358     $ 348,112     $ 2,924,470     $ 2,608,675     $ 338,609     $ 2,947,284   Cost of goods sold   (2,124,845 )     (287,609 )     (2,412,454 )     (2,133,063 )     (265,564 )     (2,398,627 ) Selling, general and administrative expenses   (181,476 )     (45,559 )     (227,035 )     (179,340 )     (48,610 )     (227,950 ) Corporate overhead allocated to the segments   (61,928 )     (11,708 )     (73,636 )     (65,195 )     (12,142 )     (77,337 ) Equity in pretax earnings (loss) of unconsolidated affiliates(1)   3,430       —       3,430       9,103       —       9,103   Segment operating income   211,539       3,236       214,775       240,180       12,293       252,473   Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates(1)     (3,430 )             (9,103 ) Restructuring and impairment costs (2)     (1,833 )             (10,573 ) Goodwill impairment (3)     (41,061 )             —   Consolidated operating income   $ 168,451             $ 232,797   (1) Equity in pretax earnings of unconsolidated affiliates is included in reportable segment operating income, but is reported below consolidated operating income and excluded from that total in the consolidated statements of income. (2) Restructuring and impairment costs are excluded from reportable segment operating income, but are included in consolidated operating income in the consolidated statements of income. (3) Goodwill impairment is excluded from reportable segment operating income, but is included in consolidated operating income in the consolidated statements of income.   View source version on businesswire.com: https://www.businesswire.com/news/home/20260528926072/en/ Universal Corporation Investor Relations
Phone: (804) 359-9311
Fax: (804) 254-3584
Email: investor@universalleaf.com Original: Universal Corporation Reports Fiscal Year and Fourth Quarter 2026 Results

Universal Corporation Announces Conference CallMay 21, 2026 4:15 PM
Business Wire Universal Corporation (NYSE:UVV), a global business-to-business agriproducts company, will webcast its conference call at 10:00 a.m. Eastern Time on May 29, 2026. The Company will release its results for fiscal year 2026 after market close on May 28, 2026. A live webcast of the conference call will be available online on a listen-only basis at www.universalcorp.com. A replay of the webcast conference call will be available at that site through August 29, 2026. A replay of the call will also be available from 1:00 p.m. Eastern Time on May 29 through June 12, 2026, at (800) 770-2030 (Playback ID: 5786366#). All remarks made during the conference call will be current at the time of the call, and the language of the call will not be updated to reflect subsequent material developments. While news media representatives will not be able to ask questions during the webcast, they are welcome to monitor the remarks on a listen-only basis. The use of any comments made by Universal employees or other participants during the call will be restricted for background use only and not for attribution. The contents of the presentation are the property of Universal Corporation, protected by copyright law, and may not be reproduced in any form without the written permission of Universal Corporation. Rebroadcast of the copyrighted call or any portion thereof is prohibited. About Universal Corporation Universal Corporation (NYSE:UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers’ evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260521819465/en/ Universal Corporation Investor Relations
Phone: (804) 359-9311
Fax: (804) 254-3584
Email: investor@universalleaf.com Original: Universal Corporation Announces Conference Call

Universal Corporation Announces 56th Annual Dividend Increase and Sets 2026 Annual Meeting DateMay 19, 2026 4:15 PM
Business Wire Universal Corporation (NYSE:UVV), a global business-to-business agriproducts company, announced today that its Board of Directors declared a quarterly dividend of eighty-three cents ($0.83) per share on the common shares of the Company, payable August 3, 2026, to shareholders of record at the close of business on July 13, 2026. This increase indicates an annualized rate of $3.32 per common share and a yield of approximately 6.1% based on the $54.46 per share closing price on May 18, 2026. “On May 19, 2026, our Board of Directors declared an increase in quarterly dividend from $0.82 to $0.83 per share, marking Universal’s 56th consecutive year of dividend growth,” said Preston D. Wigner, Chairman, President, and Chief Executive Officer. “This milestone reflects the strength of our business strategy, the consistency of our performance, and the dedication of our employees around the world who make this progress possible. Our Board takes great pride in continuing to reinforce our value proposition to shareholders through regular, predictable dividend growth, supported by the strength of our global agriproducts platform, and long-term customer relationships.” The Board of Directors set the date of the Company’s 2026 Annual Meeting of Shareholders as Tuesday, August 4, 2026. It will be held at 11:00 a.m. Eastern Time at the Company’s headquarters building. The Board of Directors set the record date for the 2026 Annual Meeting of Shareholders as June 4, 2026. About Universal Corporation Universal Corporation (NYSE:UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers’ evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com. View source version on businesswire.com: https://www.businesswire.com/news/home/20260519828892/en/ Universal Corporation Investor Relations
Phone: (804) 359-9311
Fax: (804) 254-3584
Email: investor@universalleaf.com Original: Universal Corporation Announces 56th Annual Dividend Increase and Sets 2026 Annual Meeting Date

Universal Corporation Reports Nine Month and Third Quarter 2026 ResultsFebruary 9, 2026 8:05 AM
Business Wire
Continued Solid Consolidated Performance


Universal Corporation (NYSE:UVV) (“Universal” or the “Company”), a global business-to-business agriproducts company, today announced financial results for the nine months and quarter ended December 31, 2025.


Preston D. Wigner, Chairman, President, and Chief Executive Officer of Universal, stated, “We are pleased with Universal's solid performance in the quarter and nine months ended December 31, 2025. Our tobacco operations continued to deliver strong results, with firm customer demand for most tobacco styles and shipments progressing smoothly. As market dynamics evolve toward oversupply, our long track record in sourcing and local expertise in our operating regions position us well to navigate the environment effectively and optimize results under a range of conditions.”


“In our Universal Ingredients business, we maintained revenue growth for the year to date period in the face of challenging market conditions with softer customer demand and tariff impacts," said Mr. Wigner. "Results for the quarter reflected market headwinds and higher fixed costs from the significant investments we have made. We remain focused on converting customer interest into sales and advancing the growth of our solutions-based portfolio."


Mr. Wigner continued, "We enhanced our liquidity and financial flexibility with the refinancing and upsizing of our credit facility in December 2025. This successful transaction, with strong support from our bank group, positions us well to advance our strategic priorities. We also recently published our Fiscal Year 2025 Sustainability Report, which highlights continued progress in areas that support the long-term resilience of our business. The significant increase in renewable electricity use we reported reflects the practical steps we are taking across our operations as we work toward our net-zero goal, while continuing to support farmers and strengthen our global supply chain."




FINANCIAL HIGHLIGHTS






 






 






 






 






 






 






 






 






 






 






 








 






Three Months Ended

December 31,






 






Change






 






Nine Months Ended

December 31,






 






Change








(in millions of dollars, except per share data)






 






2025






 






 






 






2024






 






 






%






 






 






2025






 






 






 






2024






 






 






%








 






 






 






 






 






 






 






 






 






 






 






 








Consolidated Results






 






 






 






 






 






 






 






 






 






 






 








Sales and other operating revenue






$






861.3






 






 






$






937.2






 






 






(8






)%






 






$






2,209.2






 






 






$






2,245.0






 






 






(2






)%








Cost of goods sold






$






701.7






 






 






$






743.6






 






 






(6






)%






 






$






1,795.7






 






 






$






1,812.4






 






 






(1






)%








Gross profit margin percentage






 






18.5






%






 






 






20.7






%






 






-220 bps






 






 






18.7






%






 






 






19.3






%






 






-60 bps








Selling, general and administrative expenses






$






76.9






 






 






$






89.5






 






 






(14






)%






 






$






228.3






 






 






$






232.0






 






 






(2






)%








Restructuring and impairment costs






$






0.7






 






 






$






—






 






 






100






%






 






$






1.8






 






 






$






10.6






 






 






(83






)%








Operating income






$






82.0






 






 






$






104.1






 






 






(21






)%






 






$






183.4






 






 






$






190.0






 






 






(3






)%








Adjusted operating income (non-GAAP)*






$






82.7






 






 






$






104.1






 






 






(21






)%






 






$






185.2






 






 






$






200.6






 






 






(8






)%








Net income attributable to Universal Corporation






$






33.2






 






 






$






59.6






 






 






(44






)%






 






$






75.9






 






 






$






85.7






 






 






(11






)%








Adjusted net income attributable to Universal Corporation (non-GAAP)*






$






34.0






 






 






$






59.6






 






 






(43






)%






 






$






77.7






 






 






$






96.2






 






 






(19






)%








Diluted earnings (loss) per share






$






1.32






 






 






$






2.37






 






 






(44






)%






 






$






3.02






 






 






$






3.41






 






 






(11






)%








Adjusted diluted earnings (loss) per share (non-GAAP)*






$






1.35






 






 






$






2.37






 






 






(43






)%






 






$






3.09






 






 






$






3.83






 






 






(19






)%








Segment Results






 






 






 






 






 






 






 






 






 






 






 








Tobacco operations sales and other operating revenues






$






779.9






 






 






$






853.9






 






 






(9






)%






 






$






1,944.1






 






 






$






1,996.1






 






 






(3






)%








Tobacco operations operating income






$






84.0






 






 






$






102.6






 






 






(18






)%






 






$






185.0






 






 






$






194.4






 






 






(5






)%








Ingredients operations sales and other operating revenues






$






81.3






 






 






$






83.3






 






 






(2






)%






 






$






265.2






 






 






$






249.0






 






 






7






%








Ingredients operations operating income (loss)






$






(0.1






)






 






$






3.7






 






 






(103






)%






 






$






1.4






 






 






$






7.9






 






 






(82






)%








*See Reconciliation of Certain Non-GAAP Financial Measures in Other Items below







Nine Months 2026 Highlights


Consolidated Results



Continued strong tobacco results against comparisons to an extraordinary prior fiscal year.



Revenue of $2.2 billion, down $36 million or 2%, on lower tobacco sales volumes partially offset by higher third-party tobacco processing volumes and a favorable ingredients product mix.



Operating income of $183 million, down $7 million or 3%, on lower sales volumes in our Tobacco Operations segment and higher fixed costs and market headwinds, including broader softness in the consumer-packaged-goods sector, in our Ingredients Operations segment, partially offset by favorable foreign currency comparisons.



Tobacco Operations Segment



Revenue down $52 million on lower sales of dark air-cured tobacco, partially offset by higher third-party tobacco processing volumes.



Segment operating income down $9 million largely on a 4% drop in tobacco sales volumes due to lower sales of certain types of tobacco.



Tobacco Operations segment results reflected:


Continued firm customer demand for most tobacco styles;



Larger current crops, particularly in Brazil and African origins;



Increased third-party tobacco processing revenue;



Favorable foreign currency comparisons;



Higher dark air-cured inventory write-downs;



Lower sales of dark air-cured tobacco; and



Lower sales of carryover crop tobacco.






Uncommitted tobacco inventory levels have remained in our target range at approximately 17% at December 31, 2025.



Some dark air-cured tobacco styles in oversupply position. Flue-cured, burley, and oriental tobacco continued to move into oversupply positions.



Ingredients Operations Segment



Revenue up 7% on increased sales driven by organic growth.



Sales of certain products were negatively impacted by market headwinds, including weakness in the consumer-packaged-goods industry and tariff impacts.



Lower operating income reflected product mix, higher fixed costs, including additional depreciation from our expanded production facility, as well as inventory write-downs.



Continued steady interest in our enhanced product capabilities.



Ongoing focus on building scale through our pipeline of solution-based products and on long-term sustainable growth.



Select Balance Sheet Items, Liquidity, and Debt



Increased working capital usage on larger tobacco crops and timing of tobacco crop purchases.



Total debt down $77 million at December 31, 2025, compared to December 31, 2024.



Net debt (non-GAAP) up $51 million at December 31, 2025, compared to December 31, 2024.



Refinanced and upsized revolving credit facility by $250 million in December 2025; extended maturity to December 2030.



Approximately $595 million available under revolving credit facility as of December 31, 2025.



Additional Items



Restructuring and impairment costs of $2 million in the nine months ended December 31, 2025, compared to $11 million in the nine months ended December 31, 2024.



Interest expense down $6 million, compared to the same period in the prior fiscal year.



Higher consolidated effective tax rate of 32% due to the impact of certain withholdings on dividends from foreign subsidiaries and the mix of domestic and foreign earnings.



Third Quarter 2026 Highlights


Consolidated Results



Continued strong tobacco results against comparisons to a robust third quarter in the extraordinary prior fiscal year.



Revenue down $76 million, or 8%, to $861 million, on lower tobacco sales volumes and prices as well as ingredients product mix.



Operating income down $22 million, or 21%, to $82 million on lower tobacco sales volumes and higher dark air-cured tobacco inventory write-downs, partially offset by favorable foreign currency comparisons.



Tobacco Operations Segment



Revenue down $74 million, on lower tobacco sales volumes.



Tobacco sales volumes down, about 8%, on lower sales of certain types of tobacco as well as timing of tobacco shipments.



Segment operating income down $19 million on lower tobacco sales volumes and higher dark air-cured tobacco inventory write-downs, partially offset by favorable foreign currency comparisons.



Ingredients Operations Segment



Segment negatively impacted by higher fixed costs and market headwinds, including weakness in the consumer-package-goods sector and tariff impacts.



Revenue down $2 million on product mix and market headwinds.



Lower operating income reflected higher fixed costs, including additional depreciation from our expanded production facility, product mix, and inventory write-downs.



Additional Items



Restructuring and impairment costs of $0.7 million in the quarter ended December 31, 2025.



Interest expense down $2 million, compared to the same period in the prior fiscal year.



Higher consolidated effective tax rate of 38% due to the impact of certain withholdings on dividends from foreign subsidiaries and the mix of domestic and foreign earnings.



Sustainability Update


Universal recently published its Fiscal Year 2025 Sustainability Report, highlighting progress across key environmental and supply chain priorities. In fiscal year 2025, the Company increased renewable electricity consumption nearly sixfold year over year, with 17.7% of global electricity sourced from renewable energy, supporting its science-based emissions targets and commitment to achieve net-zero greenhouse gas emissions across the value chain by 2050. The Company also continued to enhance supply chain transparency and farmer engagement through MobiLeafTM, its digital farm data platform, and maintained direct relationships with more than 200,000 contracted farmers worldwide.


Other Items


Reconciliation of Certain Non-GAAP Financial Measures


Adjusted operating income (loss), adjusted net income (loss) attributable to Universal Corporation, adjusted diluted earnings (loss) per share, and the total for segment operating income (loss) are non-GAAP financial measures. These measures are not financial measures calculated in accordance with generally accepted accounting principles ("GAAP") and should not be considered as substitutes for operating income (loss), net income (loss) attributable to Universal Corporation, diluted earnings (loss) per share, cash from operating activities or any other operating or financial performance measure calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of adjusted operating income (loss) to consolidated operating (income), adjusted net income (loss) attributable to Universal Corporation to consolidated net income (loss) attributable to Universal Corporation and adjusted diluted earnings (loss) per share to diluted earnings (loss) per share are provided below. In addition, a reconciliation of the total for segment operating income (loss) to consolidated operating income (loss) is provided in Note 3. "Segment Information" to the consolidated financial statements. Management evaluates the consolidated Company and segment performance excluding certain significant charges or credits. Management believes these non-GAAP financial measures, which exclude items that it believes are not indicative of its core operating results, can provide investors with important information that is useful in understanding its business results and trends.


Net debt, net capitalization, and net debt to net capitalization ratio are also non-GAAP financial measures. These measures are not financial measures calculated in accordance with GAAP and should not be considered substitutes for total debt, total capitalization, total debt to total capitalization ratio, or any other operating or financial performance measures calculated in accordance with GAAP, and may not be comparable to similarly-titled measures reported by other companies. Reconciliations of net debt to total debt and net capitalization to total capitalization are provided below. Management believes these non-GAAP measures are meaningful indicators of liquidity and financial position.


The following tables set forth certain non-recurring items included in reported results to reconcile adjusted operating income to consolidated operating income and adjusted net income to net income attributable to Universal Corporation:




Adjusted Operating Income Reconciliation






 








 






Three Months Ended

December 31,






 






Nine Months Ended

December 31,








(in thousands)






 






2025






 






 






2024






 






 






2025






 






 






 






2024






 








As Reported: Consolidated operating income






$






81,950






 






$






104,076






 






$






183,412






 






 






$






190,037






 








Restructuring and impairment costs(1)






 






711






 






 






—






 






 






1,833






 






 






 






10,573






 








As Adjusted operating income (non-GAAP)






$






82,661






 






$






104,076






 






$






185,245






 






 






$






200,610






 








 






 






 






 






 






 






 






 








Adjusted Net Income Attributable to Universal Corporation and Adjusted Diluted Earnings Per Share Reconciliation








 






 






 






 






 






 






 






 








(in thousands except for per share amounts)






Three Months Ended

December 31,






 






Nine Months Ended

December 31,








 






 






2025






 






 






2024






 






 






2025






 






 






 






2024






 








As Reported: Net income attributable to Universal Corporation






$






33,249






 






$






59,639






 






$






75,915






 






 






$






85,709






 








Restructuring and impairment costs(1)






 






711






 






 






—






 






 






1,833






 






 






 






10,573






 








Total of non-GAAP adjustments to income before income taxes






 






711






 






 






—






 






 






1,833






 






 






 






10,573






 








Non-GAAP adjustments to income taxes






 






 






 






 






 






 






 








Income tax benefit from restructuring and impairment costs(1)(2)






 






—






 






 






—






 






 






(35






)






 






 






(132






)








Total of income tax impacts for non-GAAP adjustments to income before income taxes






 






—






 






 






—






 






 






(35






)






 






 






(132






)








As adjusted: Net income attributable to Universal Corporation (non-GAAP)






$






33,960






 






$






59,639






 






$






77,713






 






 






$






96,150






 








As reported: Diluted earnings per share






$






1.32






 






$






2.37






 






$






3.02






 






 






$






3.41






 








As adjusted: Diluted earnings per share (non-GAAP)






$






1.35






 






$






2.37






 






$






3.09






 






 






$






3.83






 









(1)







Restructuring and impairment costs are included in Consolidated operating income in the consolidated statements of income, but excluded for purposes of Adjusted operating income, Adjusted net income available to Universal Corporation, and Adjusted diluted earnings per share.








(2)







The income tax effect of non-GAAP adjustments was determined based on the timing and nature of the specific non-GAAP adjustments and their relevant jurisdictional income tax rates (foreign, state, and local) and the applicable U.S. federal income tax rates. The Company considers current and deferred income tax rates to calculate the impact to income taxes for the non-GAAP adjustments.







The following table reconciles total debt to net debt and net capitalization:




Net Debt and Net Capitalization Reconciliation






 






 






 






 






 






 








 






 






December 31,






 






December 31,






 






March 31,








(in thousands)






 






 






2025






 






 






 






2024






 






 






 






2025






 








Add: Notes payable and overdrafts






 






$






462,248






 






 






$






538,526






 






 






$






455,039






 








Add: Long-term obligations






 






 






616,585






 






 






 






617,780






 






 






 






617,918






 








Add: Current portion of long-term obligations






 






 






—






 






 






 






—






 






 






 






—






 








Total Debt






 






 






1,078,833






 






 






 






1,156,306






 






 






 






1,072,957






 








Add: Customer advances and deposits






 






 






1,667






 






 






 






3,362






 






 






 






3,763






 








Less: Cash and cash equivalents






 






 






85,227






 






 






 






215,108






 






 






 






260,115






 








Net Debt (non-GAAP)






 






$






995,273






 






 






$






944,560






 






 






$






816,605






 








Add: Total Universal Corporation shareholders' equity






 






 






1,482,808






 






 






 






1,450,610






 






 






 






1,458,556






 








Net Capitalization (non-GAAP)






 






$






2,478,081






 






 






$






2,395,170






 






 






$






2,275,161






 








 






 






 






 






 






 






 








Net Debt/Net Capitalization (non-GAAP)






 






 






40






%






 






 






39






%






 






 






36






%







Investor Conference Call


At 5:00 p.m. (Eastern Time) on February 9, 2026, the Company will host a conference call to discuss these results. Those wishing to listen to the call may do so by visiting www.universalcorp.com at that time. A replay of the webcast will be available at that site through May 9, 2026. A taped replay of the call will also be available through February 23, 2026, by dialing (800) 770-2030 (Playback ID: 5786366#).


About Universal Corporation


Universal Corporation (NYSE:UVV) is a global agricultural company with over 100 years of experience supplying products and innovative solutions to meet our customers’ evolving needs and precise specifications. Through our diverse network of farmers and partners across more than 30 countries on five continents, we are a trusted provider of high-quality, traceable products. We leverage our extensive supply chain expertise, global reach, integrated processing capabilities, and commitment to sustainability to provide a range of products and services designed to drive efficiency and deliver value to our customers. For more information, visit www.universalcorp.com.


CAUTIONARY STATEMENTS REGARDING FORWARD-LOOKING INFORMATION


This release includes “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Among other things, these statements include statements made in Mr. Wigner’s quotations, statements regarding expectations with respect to our fiscal year 2026 performance, our strategic plans, ingredients business, tobacco business, including expectations with respect to size, shipments and sales and purchases of tobacco crops. These forward-looking statements are generally identified by the use of words such as we “expect,” “believe,” “anticipate,” “could,” “should,” “may,” “plan,” “will,” “predict,” “estimate,” and similar expressions or words of similar import. These forward-looking statements are based upon management’s current knowledge and assumptions about future events and involve risks and uncertainties that could cause actual results, performance, or achievements to be materially different from any anticipated results, prospects, performance, or achievements expressed or implied by such forward-looking statements. Such risks and uncertainties include, but are not limited to: product purchased not meeting quality and quantity requirements; reliance on a few large customers; anticipated levels of demand for and supply of our products and services; tobacco growing conditions and customer requirements; major shifts in customer requirements for leaf tobacco; higher inflation rates, tariffs and other pressures on costs; weather and other conditions; exposure to certain legal, regulatory and financial risks related to climate change; industry-specific risks related to our plant-based ingredients businesses; disruption of our supply chain for our plant-based ingredients; success in pursuing strategic investments or acquisitions and integration of new businesses and the impact of these new businesses on future results; our ability to maintain effective information technology systems and safeguard confidential information; our inability to attract, develop, retain, motivate, and maintain good relationships with our workforce; our dependence on a seasonal workforce; epidemics, pandemics or similar widespread public health concerns; government efforts to regulate the production and consumption of tobacco products; government actions on the sourcing of leaf tobacco; economic and political conditions in the countries in which we and our customers operate, including the ongoing impacts from international conflicts; sustainability considerations from governments and other stakeholders; changes in tax laws in the countries where we do business; material weaknesses in our internal control over financial reporting; our inability to use a Form S-3 registration statement; failure of our customers or suppliers to repay extensions of credit; changes in exchange rates; changes in interest rates; and low investment performance by our defined benefit pension plan assets and changes in pension plan valuation assumptions. Please also refer to the risks and uncertainties as discussed in Part I, Item 1A. “Risk Factors” of Universal’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025, and related disclosures in other filings that Universal files with the Securities and Exchange Commission (the "SEC"), which are available on the SEC’s website at www.sec.gov. All risk factors and uncertainties described herein and therein should be considered in evaluating forward-looking statements, and all of the forward-looking statements are expressly qualified by the cautionary statements contained or referred to herein and therein. Universal cautions investors not to place undue reliance on any forward-looking statements as these statements speak only as of the date when made, and it undertakes no obligation to update any forward-looking statements made, except as required by law.




UNIVERSAL CORPORATION




CONSOLIDATED STATEMENTS OF INCOME




(in thousands of dollars, except per share data)











 



 






 






Three Months Ended

December 31,






 






Nine Months Ended

December 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 






 






 






2024






 








 






 






(Unaudited)






 






(Unaudited)








Sales and other operating revenues






 






$






861,288






 






 






$






937,193






 






 






$






2,209,227






 






 






$






2,245,005






 








Costs and expenses






 






 






 






 






 






 






 






 








Cost of goods sold






 






 






701,700






 






 






 






743,605






 






 






 






1,795,682






 






 






 






1,812,351






 








Selling, general and administrative expenses






 






 






76,927






 






 






 






89,512






 






 






 






228,300






 






 






 






232,044






 








Restructuring and impairment costs






 






 






711






 






 






 






—






 






 






 






1,833






 






 






 






10,573






 








Operating income






 






 






81,950






 






 






 






104,076






 






 






 






183,412






 






 






 






190,037






 








Equity in pretax earnings (loss) of unconsolidated affiliates






 






 






1,257






 






 






 






2,149






 






 






 






1,131






 






 






 






1,647






 








Other non-operating income (expense)






 






 






584






 






 






 






468






 






 






 






1,752






 






 






 






1,393






 








Interest income






 






 






360






 






 






 






623






 






 






 






1,785






 






 






 






1,726






 








Interest expense






 






 






17,260






 






 






 






19,303






 






 






 






55,475






 






 






 






61,310






 








Income (loss) before income taxes and other items






 






 






66,891






 






 






 






88,013






 






 






 






132,605






 






 






 






133,493






 








Income taxes






 






 






25,303






 






 






 






20,217






 






 






 






41,847






 






 






 






34,552






 








Net income (loss)






 






 






41,588






 






 






 






67,796






 






 






 






90,758






 






 






 






98,941






 








Less: net loss (income) attributable to noncontrolling interests in subsidiaries






 






 






(8,339






)






 






 






(8,157






)






 






 






(14,843






)






 






 






(13,232






)








Net income (loss) attributable to Universal Corporation






 






$






33,249






 






 






$






59,639






 






 






$






75,915






 






 






$






85,709






 








 






 






 






 






 






 






 






 






 








Earnings per share:






 






 






 






 






 






 






 






 








Basic






 






$






1.33






 






 






$






2.39






 






 






$






3.03






 






 






$






3.44






 








Diluted






 






$






1.32






 






 






$






2.37






 






 






$






3.02






 






 






$






3.41






 























 



See accompanying notes.

























UNIVERSAL CORPORATION




CONSOLIDATED BALANCE SHEETS




(in thousands of dollars)













 



 






 






December 31,






 






December 31,






 






March 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 








 






 






(Unaudited)






 






(Unaudited)






 






 








ASSETS






 






 






 






 






 






 








Current assets






 






 






 






 






 






 








Cash and cash equivalents






 






$






85,227






 






 






$






215,108






 






 






$






260,115






 








Accounts receivable, net






 






 






571,511






 






 






 






650,021






 






 






 






625,876






 








Advances to suppliers, net






 






 






168,348






 






 






 






156,108






 






 






 






169,385






 








Accounts receivable—unconsolidated affiliates






 






 






62,390






 






 






 






578






 






 






 






7,143






 








Inventories—at lower of cost or net realizable value:






 






 






 






 






 






 








Tobacco






 






 






990,638






 






 






 






924,684






 






 






 






806,332






 








Other






 






 






212,321






 






 






 






189,663






 






 






 






189,610






 








Prepaid income taxes






 






 






16,020






 






 






 






10,930






 






 






 






19,595






 








Other current assets






 






 






76,970






 






 






 






68,553






 






 






 






78,041






 








Total current assets






 






 






2,183,425






 






 






 






2,215,645






 






 






 






2,156,097






 








 






 






 






 






 






 






 








Property, plant and equipment






 






 






 






 






 






 








Land






 






 






26,286






 






 






 






26,081






 






 






 






26,113






 








Buildings






 






 






332,864






 






 






 






327,376






 






 






 






333,398






 








Machinery and equipment






 






 






756,467






 






 






 






709,840






 






 






 






723,935






 








 






 






 






1,115,617






 






 






 






1,063,297






 






 






 






1,083,446






 








Less accumulated depreciation






 






 






(740,949






)






 






 






(689,445






)






 






 






(710,472






)








 






 






 






374,668






 






 






 






373,852






 






 






 






372,974






 








Other assets






 






 






 






 






 






 








Operating lease right-of-use assets






 






 






36,906






 






 






 






33,982






 






 






 






34,260






 








Goodwill, net






 






 






213,798






 






 






 






213,819






 






 






 






213,840






 








Other intangibles, net






 






 






50,635






 






 






 






60,444






 






 






 






57,836






 








Investments in unconsolidated affiliates






 






 






85,137






 






 






 






70,351






 






 






 






79,317






 








Deferred income taxes






 






 






15,395






 






 






 






17,517






 






 






 






16,539






 








Pension asset






 






 






13,580






 






 






 






12,511






 






 






 






12,819






 








Other noncurrent assets






 






 






43,970






 






 






 






42,298






 






 






 






45,870






 








 






 






 






459,421






 






 






 






450,922






 






 






 






460,481






 








 






 






 






 






 






 






 








Total assets






 






$






3,017,514






 






 






$






3,040,419






 






 






$






2,989,552






 



















 



See accompanying notes.





















UNIVERSAL CORPORATION




CONSOLIDATED BALANCE SHEETS




(in thousands of dollars)



















 



 






 






December 31,






 






December 31,






 






March 31,








 






 






 






2025






 






 






 






2024






 






 






 






2025






 








 






 






(Unaudited)






 






(Unaudited)






 






 








LIABILITIES AND SHAREHOLDERS’ EQUITY






 






 






 






 






 






 








Current liabilities






 






 






 






 






 






 








Notes payable and overdrafts






 






$






462,248






 






 






$






538,526






 






 






$






455,039






 








Accounts payable






 






 






82,580






 






 






 






78,327






 






 






 






98,036






 








Accounts payable—unconsolidated affiliates






 






 






2,708






 






 






 






5,985






 






 






 






1,999






 








Customer advances and deposits






 






 






1,667






 






 






 






3,362






 






 






 






3,763






 








Accrued compensation






 






 






27,381






 






 






 






32,232






 






 






 






44,646






 








Income taxes payable






 






 






19,949






 






 






 






15,341






 






 






 






12,586






 








Current portion of operating lease liabilities






 






 






11,277






 






 






 






9,835






 






 






 






10,742






 








Accrued expenses and other current liabilities






 






 






143,637






 






 






 






135,707






 






 






 






123,350






 








Current portion of long-term debt






 






 






—






 






 






 






—






 






 






 






—






 








Total current liabilities






 






 






751,447






 






 






 






819,315






 






 






 






750,161






 








 






 






 






 






 






 






 








Long-term debt






 






 






616,585






 






 






 






617,780






 






 






 






617,918






 








Pensions and other postretirement benefits






 






 






36,665






 






 






 






36,485






 






 






 






35,336






 








Long-term operating lease liabilities






 






 






23,570






 






 






 






20,408






 






 






 






20,608






 








Other long-term liabilities






 






 






26,222






 






 






 






18,688






 






 






 






22,901






 








Deferred income taxes






 






 






37,851






 






 






 






35,831






 






 






 






42,090






 








Total liabilities






 






 






1,492,340






 






 






 






1,548,507






 






 






 






1,489,014






 








 






 






 






 






 






 






 








Shareholders’ equity






 






 






 






 






 






 








Universal Corporation:






 






 






 






 






 






 








Preferred stock:






 






 






 






 






 






 








Series A Junior Participating Preferred Stock, no par value, 500,000 shares authorized, none issued or outstanding






 






 






—






 






 






 






—






 






 






 






—






 








Common stock, no par value, 100,000,000 shares authorized 24,921,155 shares issued and outstanding at December 31, 2025 (24,715,625 at December 31, 2024 and 24,715,625 at March 31, 2025)






 






 






354,126






 






 






 






350,243






 






 






 






351,626






 








Retained earnings






 






 






1,200,890






 






 






 






1,197,972






 






 






 






1,186,981






 








Accumulated other comprehensive loss






 






 






(72,208






)






 






 






(97,605






)






 






 






(80,051






)








Total Universal Corporation shareholders' equity






 






 






1,482,808






 






 






 






1,450,610






 






 






 






1,458,556






 








Noncontrolling interests in subsidiaries






 






 






42,366






 






 






 






41,302






 






 






 






41,982






 








Total shareholders' equity






 






 






1,525,174






 






 






 






1,491,912






 






 






 






1,500,538






 








 






 






 






 






 






 






 








Total liabilities and shareholders' equity






 






$






3,017,514






 






 






$






3,040,419






 






 






$






2,989,552






 



















 



See accompanying notes.





















UNIVERSAL CORPORATION




CONSOLIDATED STATEMENTS OF CASH FLOWS




(in thousands of dollars)









 



 






 






Nine Months Ended December 31,








 






 






 






2025






 






 






 






2024






 








 






 






(Unaudited)








CASH FLOWS FROM OPERATING ACTIVITIES:






 






 






 






 








Net income (loss)






 






$






90,758






 






 






$






98,941






 








Adjustments to reconcile net income (loss) to net cash used by operating activities:






 






 






 






 








Depreciation and amortization






 






 






40,206






 






 






 






44,554






 








Net provision for losses (recoveries) on advances to suppliers






 






 






1,721






 






 






 






(445






)








Inventory writedowns






 






 






17,326






 






 






 






6,624






 








Stock-based compensation expense






 






 






9,839






 






 






 






7,458






 








Foreign currency remeasurement (gain) loss, net






 






 






4,578






 






 






 






12,183






 








Foreign currency exchange contracts






 






 






(2,734






)






 






 






3,206






 








Deferred income taxes






 






 






(1,546






)






 






 






(3,616






)








Equity in net loss (income) of unconsolidated affiliates, net of dividends






 






 






215






 






 






 






2,767






 








Restructuring and impairment costs






 






 






1,833






 






 






 






10,573






 








Restructuring payments






 






 






(2,957






)






 






 






(892






)








Other, net






 






 






(1,374






)






 






 






3,087






 








Changes in operating assets and liabilities, net:






 






 






(215,904






)






 






 






(16,212






)








Net cash provided (used) by operating activities






 






 






(58,039






)






 






 






168,228






 








 






 






 






 






 








CASH FLOWS FROM INVESTING ACTIVITIES:






 






 






 






 








Purchase of property, plant and equipment






 






 






(40,303






)






 






 






(54,885






)








Proceeds from sale of property, plant and equipment






 






 






6,601






 






 






 






2,035






 








Net cash used by investing activities






 






 






(33,702






)






 






 






(52,850






)








 






 






 






 






 








CASH FLOWS FROM FINANCING ACTIVITIES:






 






 






 






 








Issuance of short-term debt, net






 






 






5,049






 






 






 






121,094






 








Issuance of long-term debt






 






 






89,130






 






 






 






—






 








Repayment of long-term debt






 






 






(89,130






)






 






 






—






 








Dividends paid to noncontrolling interests






 






 






(14,063






)






 






 






(12,880






)








Dividends paid on common stock






 






 






(60,862






)






 






 






(59,666






)








Settlement costs from termination of interest rate swap agreements






 






 






(988






)






 






 






—






 








Other






 






 






(12,873






)






 






 






(3,716






)








Net cash provided (used) by financing activities






 






 






(83,737






)






 






 






44,832






 








 






 






 






 






 








Effect of exchange rate changes on cash, restricted cash and cash equivalents






 






 






590






 






 






 






(695






)








Net increase (decrease) in cash, restricted cash and cash equivalents






 






 






(174,888






)






 






 






159,515






 








Cash, restricted cash and cash equivalents at beginning of year






 






 






260,115






 






 






 






55,593






 








 






 






 






 






 








Cash, restricted cash and cash equivalents at end of period






 






$






85,227






 






 






$






215,108






 















 



See accompanying notes.















NOTE 1. BASIS OF PRESENTATION


Universal Corporation, which together with its subsidiaries is referred to herein as “Universal” or the “Company,” is a global business-to-business agri-products supplier to consumer product manufacturers. The Company is the leading global leaf tobacco supplier and provides high-quality plant-based ingredients to food and beverage end markets. Because of the seasonal nature of the Company’s business, the results of operations for any fiscal quarter will not necessarily be indicative of results to be expected for other quarters or a full fiscal year. All adjustments necessary to state fairly the results for the period have been included and were of a normal recurring nature. These financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2025.


NOTE 2. EARNINGS PER SHARE


The following table sets forth the computation of basic and diluted earnings per share:




 






 






Three Months Ended

December 31,






 






Nine Months Ended

December 31,








(in thousands, except share and per share data)






 






 






2025






 






 






2024






 






 






2025






 






 






2024








 






 






 






 






 






 






 






 






 








Basic Earnings (Loss) Per Share






 






 






 






 






 






 






 






 








Numerator for basic earnings (loss) per share






 






 






 






 






 






 






 






 








Net income (loss) attributable to Universal Corporation






 






$






33,249






 






$






59,639






 






$






75,915






 






$






85,709








 






 






 






 






 






 






 






 






 








Denominator for basic earnings (loss) per share






 






 






 






 






 






 






 






 








Weighted average shares outstanding






 






 






25,056,517






 






 






24,980,792






 






 






25,030,798






 






 






24,934,786








 






 






 






 






 






 






 






 






 








Basic earnings (loss) per share






 






$






1.33






 






$






2.39






 






$






3.03






 






$






3.44








 






 






 






 






 






 






 






 






 








Diluted Earnings (Loss) Per Share






 






 






 






 






 






 






 






 








Numerator for diluted earnings (loss) per share






 






 






 






 






 






 






 






 








Net income (loss) attributable to Universal Corporation






 






$






33,249






 






$






59,639






 






$






75,915






 






$






85,709








 






 






 






 






 






 






 






 






 








Denominator for diluted earnings (loss) per share:






 






 






 






 






 






 






 






 








Weighted average shares outstanding






 






 






25,056,517






 






 






24,980,792






 






 






25,030,798






 






 






24,934,786








Effect of dilutive securities






 






 






 






 






 






 






 






 








Employee and outside director share-based awards






 






 






132,359






 






 






161,875






 






 






136,027






 






 






180,367








Denominator for diluted earnings (loss) per share






 






 






25,188,876






 






 






25,142,667






 






 






25,166,825






 






 






25,115,153








 






 






 






 






 






 






 






 






 








Diluted earnings (loss) per share






 






$






1.32






 






$






2.37






 






$






3.02






 






$






3.41







NOTE 3. SEGMENT INFORMATION


Management regularly evaluates the Company’s global business activities, including product and service offerings to its customers, as well as senior management’s operational and financial responsibilities. Assessments include an analysis of how its Chief Operating Decision Maker (“CODM”) measures business performance and allocates resources. As a result of this analysis, senior management has determined the Company conducts operations across two reportable operating segments, Tobacco Operations and Ingredients Operations.


The Tobacco Operations segment activities involve contracting, procuring, processing, packing, storing, and shipping leaf tobacco for sale to, or for the account of, manufacturers of consumer tobacco products throughout the world. Through various operating subsidiaries located in tobacco-growing countries around the world and significant ownership interests in unconsolidated affiliates, the Company processes and/or sells flue-cured and burley tobaccos, dark air-cured tobaccos, and oriental tobaccos. Flue-cured, burley, and oriental tobaccos are used principally in the manufacture of cigarettes, and dark air-cured tobaccos are used mainly in the manufacture of cigars, pipe tobacco, and smokeless tobacco products. Some of these tobacco types are also used in the manufacture of next generation tobacco products that are intended to provide consumers with an alternative to traditional combustible products. The Tobacco Operations segment also provides physical and chemical product testing for tobacco customers. A substantial portion of the Company’s Tobacco Operations’ revenues are derived from sales to a limited number of large, multinational cigarette and cigar manufacturers.


The Ingredients Operations segment provides its customers with a broad variety of plant-based ingredients for both human and pet consumption. The Ingredients Operations segment utilizes a variety of value-added manufacturing processes converting raw materials into a wide spectrum of fruit and vegetable juices, concentrates, dehydrated products, botanical extracts, and flavorings. Customers for the Ingredients Operations segment include large multinational food and beverage companies, smaller independent manufacturers, and retail organizations. FruitSmart, Inc. (“FruitSmart”), Silva International, Inc. (“Silva”), and Shank’s Extracts, LLC d/b/a Universal Ingredients–Shank’s (“Universal Ingredients–Shank’s”) are the primary operations for the Ingredients Operations segment. FruitSmart supplies a broad set of juices, concentrates, pomaces, purees, fruit fibers, seeds, seed powders, and other value-added products to food, beverage, and flavor companies throughout the United States and internationally. Silva procures dehydrated vegetables, fruits, and herbs from around the world and specializes in processing natural materials into custom designed dehydrated vegetable and fruit-based ingredients for a variety of end products. Universal Ingredients–Shank’s offers a diversified portfolio of botanical extracts, distillates, natural flavors, and color for industrial and private label customers worldwide, and is known for their significant vanilla expertise. Universal Ingredients–Shank’s is also equipped to offer customers custom bottling and packaging for their products.


Universal incurs corporate overhead expenses related to senior management, sales, finance, legal, and other functions that are centralized at its corporate headquarters, as well as functions performed at several sales and administrative offices around the world. These overhead expenses are currently allocated to the reportable operating segments, generally on the basis of projected annual financial and operational performance, including volumes planned to be purchased and/or processed. Management believes this method of allocation is currently representative of the value of the related services provided to the operating segments. The CODM, which has been identified as a group comprised of the Company’s Chief Executive Officer, Chief Operating Officer, and Chief Financial Officer, currently evaluates the performance of the operating segments based on operating income after allocated overhead expenses, plus equity in the pretax earnings of unconsolidated affiliates (“Segment Operating Income”). The CODM also uses Segment Operating Income for planning, forecasting, and allocating capital and other resources to the operating segments.


Reportable segment data as of, or for, each period presented in the consolidated statements of income and comprehensive income, the consolidated balance sheets, and the consolidated statements of cash flows is as follows:




 






Three Months Ended December 31, 2025






 






Three Months Ended December 31, 2024








 






Tobacco Operations






 






Ingredients Operations






 






Consolidated






 






Tobacco Operations






 






Ingredients Operations






 






Consolidated








Sales and other operating revenues






$






779,946






 






 






$






81,342






 






 






$






861,288






 






 






$






853,884






 






 






$






83,309






 






 






$






937,193






 








Cost of goods sold






 






(634,173






)






 






 






(67,527






)






 






 






(701,700






)






 






 






(678,885






)






 






 






(64,720






)






 






 






(743,605






)








Selling, general and administrative expenses






 






(48,583






)






 






 






(11,218






)






 






 






(59,801






)






 






 






(58,178






)






 






 






(11,875






)






 






 






(70,053






)








Corporate overhead allocated to the segments






 






(14,403






)






 






 






(2,723






)






 






 






(17,126






)






 






 






(16,404






)






 






 






(3,055






)






 






 






(19,459






)








Equity in pretax earnings (loss) of unconsolidated affiliates (1)






 






1,257






 






 






 






—






 






 






 






1,257






 






 






 






2,149






 






 






 






—






 






 






 






2,149






 








Segment operating income






 






84,044






 






 






 






(126






)






 






 






83,918






 






 






 






102,566






 






 






 






3,659






 






 






 






106,225






 








Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates (1)






 






 






(1,257






)






 






 






 






 






 






 






(2,149






)








Restructuring and impairment costs (2)






 






 






(711






)






 






 






 






 






 






 






—






 








Consolidated total






 






$






81,950






 






 






 






 






 






 






$






104,076






 








 






 






 






 






 






 






 






 






 






 






 






 









 






Nine Months Ended December 31, 2025






 






Nine Months Ended December 31, 2024








 






Tobacco Operations






 






Ingredients Operations






 






Consolidated






 






Tobacco Operations






 






Ingredients Operations






 






Consolidated








Sales and other operating revenues






$






1,944,065






 






 






$






265,162






 






 






$






2,209,227






 






 






$






1,996,051






 






 






$






248,954






 






 






$






2,245,005






 








Cost of goods sold






 






(1,576,708






)






 






 






(218,974






)






 






 






(1,795,682






)






 






 






(1,616,797






)






 






 






(195,554






)






 






 






(1,812,351






)








Selling, general and administrative expenses






 






(133,394






)






 






 






(35,296






)






 






 






(168,690






)






 






 






(138,383






)






 






 






(36,527






)






 






 






(174,910






)








Corporate overhead allocated to the segments






 






(50,132






)






 






 






(9,478






)






 






 






(59,610






)






 






 






(48,164






)






 






 






(8,970






)






 






 






(57,134






)








Equity in pretax earnings (loss) of unconsolidated affiliates(1)






 






1,131






 






 






 






—






 






 






 






1,131






 






 






 






1,647






 






 






 






—






 






 






 






1,647






 








Segment operating income






 






184,962






 






 






 






1,414






 






 






 






186,376






 






 






 






194,354






 






 






 






7,903






 






 






 






202,257






 








Deduct: Equity in pretax (earnings) loss of unconsolidated affiliates(1)






 






 






(1,131






)






 






 






 






 






 






 






(1,647






)








Restructuring and impairment costs (2)






 






 






(1,833






)






 






 






 






 






 






 






(10,573






)








Consolidated operating income






 






$






183,412






 






 






 






 






 






 






$






190,037









(1)


Equity in pretax earnings (loss) of unconsolidated affiliates is included in segment operating income (Tobacco Operations), but is reported below consolidated operating income and excluded from that total in the consolidated statements of income and comprehensive income.







(2)


Restructuring and impairment costs are excluded from segment operating income, but are included in consolidated operating income in the consolidated statements of income and comprehensive income.







 

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Universal Corporation Investor Relations

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Fax: (804) 254-3584

Email: investor@universalleaf.com


Original: Universal Corporation Reports Nine Month and Third Quarter 2026 Results