uvv-20260630

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-Q

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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE QUARTERLY PERIOD ENDED

JUNE 30, 2026

☐

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

FOR THE TRANSITION PERIOD FROM ______________TO_______________

Commission File Number: 001-00652

UNIVERSAL CORPORATION

(Exact name of registrant as specified in its charter)


Virginia			54-0414210
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification Number)

9201 Forest Hill Avenue,	Richmond,	Virginia	23235
(Address of principal executive offices)			(Zip Code)

804-359-9311

(Registrant's telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each Exchange on which registered
Common Stock, no par value	UVV	New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yesþ No o

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No o

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large Accelerated Filer

Accelerated filer

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Non-accelerated filer

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Smaller reporting company

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Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☑

As of August 3, 2026, the total number of shares of common stock outstanding was 24,899,257.

UNIVERSAL CORPORATION

FORM 10-Q

TABLE OF CONTENTS


Item No.		Page
	PART I - FINANCIAL INFORMATION
1.	Financial Statements	3
2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	24
3.	Quantitative and Qualitative Disclosures About Market Risk	31
4.	Controls and Procedures	31
	PART II - OTHER INFORMATION
1.	Legal Proceedings	32
1A.	Risk Factors	32
2.	Unregistered Sales of Equity Securities and Use of Proceeds	32
5.	Other Information	32
6.	Exhibits	33

	Signatures	34

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

UNIVERSAL CORPORATION

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

(in thousands, except share and per share data)


	Three Months Ended June 30,
		2026		2025
	(Unaudited)
Sales and other operating revenues		$	523,779	$	593,762
Costs and expenses
Cost of goods sold		440,691		479,635
Selling, general and administrative expenses		80,792		79,192

Restructuring and impairment costs		—		1,122

Operating income		2,296		33,813
Equity in pretax earnings (loss) of unconsolidated affiliates		510		2,435
Other non-operating income (expense)		91		586
Interest income		741		647
Interest expense		16,507		17,777
Income (loss) before income taxes and other items		(12,869)		19,704
Income taxes		(4,519)		5,337
Net income (loss)		(8,350)		14,367
Less: net (income) loss attributable to noncontrolling interests in subsidiaries		3,334		(5,870)
Net income (loss) attributable to Universal Corporation		$	(5,016)	$	8,497




Earnings per share:
Basic		$	(0.20)	$	0.34
Diluted		$	(0.20)	$	0.34

Weighted average common shares outstanding:
Basic		25,081,430		24,999,570
Diluted		25,081,430		25,131,857

Total comprehensive income (loss), net of income taxes		$	(9,424)	$	23,102
Less: comprehensive (income) loss attributable to noncontrolling interests		3,424		(5,893)
Comprehensive income (loss) attributable to Universal Corporation		$	(6,000)	$	17,209

Dividends declared per common share		$	0.83	$	0.82

See accompanying notes.

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars, except share data)


	June 30,		June 30,		March 31,
	2026		2025		2026
	(Unaudited)		(Unaudited)
ASSETS
Current assets
Cash and cash equivalents	$	173,593	$	178,435	$	62,178
Accounts receivable, net	348,036		424,157		563,864
Advances to suppliers, net	102,880		79,154		177,222
Accounts receivable—unconsolidated affiliates	104,518		127,701		12,300
Inventories—at lower of cost or net realizable value:
Tobacco	1,165,542		1,219,769		832,360
Other	206,658		205,036		203,537
Prepaid income taxes	34,116		22,715		22,958

Other current assets	104,583		89,360		97,278
Total current assets	2,239,926		2,346,327		1,971,697

Property, plant and equipment
Land	26,414		26,266		26,249
Buildings	333,702		337,290		333,416
Machinery and equipment	768,886		739,899		759,654
	1,129,002		1,103,455		1,119,319
Less accumulated depreciation	(752,384)		(728,180)		(746,365)
	376,618		375,275		372,954
Other assets
Operating lease right-of-use assets	35,134		38,428		37,272
Goodwill, net	172,679		213,864		172,695
Other intangibles, net	46,593		55,237		48,604
Investments in unconsolidated affiliates	81,243		87,988		82,287
Deferred income taxes	18,565		20,461		15,636
Pension asset	16,496		13,006		16,542
Other noncurrent assets	48,213		38,721		49,080
	418,923		467,705		422,116

Total assets	$	3,035,467	$	3,189,307	$	2,766,767

See accompanying notes.

UNIVERSAL CORPORATION

CONSOLIDATED BALANCE SHEETS

(in thousands of dollars, except share data)


	June 30,		June 30,		March 31,
	2026		2025		2026
	(Unaudited)		(Unaudited)
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Notes payable and overdrafts	$	567,011	$	621,275	$	287,564
Accounts payable	90,976		119,803		90,139
Accounts payable—unconsolidated affiliates	255		76		510
Customer advances and deposits	3,531		4,557		3,376
Accrued compensation	25,079		22,577		33,234
Income taxes payable	12,946		15,528		17,643
Current portion of operating lease liabilities	10,471		11,233		11,172
Accrued expenses and other current liabilities	160,667		147,639		120,603

Total current liabilities	870,936		942,688		564,241