Every material Form 8-K Universal has filed with the SEC since February 10, 2025, read and summarized by AI: what happened, the key figures, whether it reads positive or negative for shareholders, and how big a deal it is (impact 1-5). Newest first; each brief links to its own page and to the filing on SEC.gov.
Universal Corporation increased its board to 10 members and appointed Gregory R. Friedman as a new independent director, effective November 4, 2026. The filing says he is expected to join the Audit Committee, the Nominating, Governance and Risk Committee, and the Finance and Pension Investment Committee. The change adds a director with prior chief financial officer experience at Corteva and DuPont Pioneer.
Board size increased to 10 members; Gregory R. Friedman appointed effective November 4, 2026
Board determined Friedman is independent under NYSE listing standards
Expected committee roles: Audit; Nominating, Governance and Risk; Finance and Pension Investment
Friedman was most recently CFO of Mura Technology and previously EVP and CFO of Corteva, Inc.
Universal Corporation reported results for the quarter ended September 30, 2026. Sales fell 18% to $621.8 million, and diluted earnings per share were $0.50 versus $1.36 a year earlier, as tobacco shipments were delayed by the market cycle. Management said shipments are forecast to be heavily weighted to the second half of fiscal 2027.
Quarterly sales of $621.8 million, down 18% from $754.2 million; operating income of $42.6 million, down 37%
Diluted EPS of $0.50 versus $1.36; adjusted diluted EPS (non-GAAP) of $0.39 versus $1.36
Uncommitted tobacco inventory was 19% at September 30, 2026, within the company's target range
Total debt rose to $1.20 billion and net debt (non-GAAP) to $1.15 billion, up $82.3 million from a year earlier
Universal Corporation entered into Amendment No. 1 to its Credit Agreement with JPMorgan Chase Bank, N.A. on October 9, 2026, temporarily raising the maximum Total Net Leverage Ratio it must maintain. The covenant rises from 3.00 to 1.00 to 3.75 to 1.00 for the quarters ending September 30 and December 31, 2026, then steps down to 3.25 to 1.00 for March 31, 2027 before returning to 3.00 to 1.00 from June 30, 2027.
Maximum Total Net Leverage Ratio set at 3.75 to 1.00 for quarters ending September 30, 2026 and December 31, 2026
Covenant steps down to 3.25 to 1.00 for quarter ending March 31, 2027
Covenant returns to 3.00 to 1.00 for quarter ending June 30, 2027 and later quarters
Filing describes other amendments as non-material; all other credit agreement terms unchanged
Universal Corporation terminated J. Patrick O'Keefe, its Vice President, Ingredients, without cause, effective September 15, 2026. The company had previously reported that he intended to retire, and it is working with an executive search firm to find a successor.
J. Patrick O'Keefe, Vice President, Ingredients, was terminated without cause on September 14, 2026, effective September 15, 2026.
On July 29, 2026, Mr. O'Keefe had notified the company of his intention to retire.
The company continues its previously announced process of identifying a successor with an executive search firm.
Universal Corporation reported a net loss attributable to shareholders of $5.0 million, or $0.20 per diluted share, for the quarter ended June 30, 2026, compared with net income of $8.5 million, or $0.34 per share, a year earlier. Revenue fell 12% to $523.8 million, mainly on lower tobacco sales volumes and prices, and operating income dropped to $2.3 million from $33.8 million. The company also reported that shareholders re-elected three directors, approved executive pay on an advisory basis, and ratified Ernst & Young LLP at its August 4, 2026 annual meeting.
Revenue of $523.8 million, down $70.0 million or 12% from $593.8 million; tobacco sales volumes fell 9% and tobacco sales prices fell 6%.
Operating income of $2.3 million versus $33.8 million a year earlier; Ingredients Operations posted a $(0.7) million operating loss versus $1.7 million of operating income.
Total debt was $1.18 billion at June 30, 2026, down $55.5 million from a year earlier; the company cited about $1.1 billion of available liquidity.
At the August 4, 2026 annual meeting, shareholders elected Arthur J. Schick, Jr., Gregory A. Trojan, and Jaqueline T. Williams as directors and ratified Ernst & Young LLP for the fiscal year ending March 31, 2027.
On July 29, 2026, J. Patrick O'Keefe notified Universal Corporation of his intention to retire as Vice President, Ingredients and Senior Vice President, Universal Ingredients, Inc. The company is working with an executive search firm to identify a successor, and Mr. O'Keefe will stay in his role until one is appointed. The filing does not name a successor or give a timeline for the appointment.
Retirement notice given July 29, 2026, as Vice President, Ingredients and Senior Vice President, Universal Ingredients, Inc.
Company is working with an executive search firm to identify a successor.
Mr. O'Keefe will remain in his current role until a successor is appointed, then provide transition support.
Universal Corporation reported a fourth-quarter fiscal 2026 loss of $1.73 per diluted share, compared with earnings of $0.37 per share a year earlier, after a $41.1 million non-cash goodwill impairment tied to its Shank's operation and higher tobacco inventory write-downs. For the full fiscal year, sales were $2.92 billion, down 1%, while diluted earnings per share fell to $1.30 from $3.78, which shareholders should weigh against the company's stated expectation that its uncommitted tobacco inventories will return to target range in fiscal 2027.
Fourth quarter: operating loss of $15.0 million versus operating income of $42.8 million a year earlier; diluted EPS of $(1.73) versus $0.37
Fiscal 2026: sales and other operating revenue of $2.92 billion, down 1%; diluted EPS of $1.30 versus $3.78; adjusted diluted EPS of $2.64 versus $4.63 (non-GAAP)
Goodwill impairment of $41.1 million for Shank's, and tobacco inventory write-downs of $43.4 million in the Tobacco Operations segment for the year
Uncommitted tobacco inventory was 27% at March 31, 2026, outside the target range; the company expects it to be within range during fiscal 2027
Universal Corp. reported lower results for the quarter ended December 31, 2025, with revenue down 8% to $861.3 million and diluted earnings per share down 44% to $1.32, which the company attributed mainly to lower tobacco sales volumes and higher inventory write-downs. The board also named Steven S. Diel as senior vice president and chief financial officer effective April 1, 2026, succeeding Johan C. Kroner, who retires July 1, 2026.
Quarter revenue $861.3 million, down 8% from $937.2 million a year earlier
Diluted EPS $1.32 vs. $2.37 a year earlier; adjusted diluted EPS (non-GAAP) $1.35
Nine-month revenue $2.2 billion, down 2%; nine-month diluted EPS $3.02 vs. $3.41
Steven S. Diel becomes CFO April 1, 2026; Johan C. Kroner steps down as CFO that day and retires July 1, 2026
Universal Corporation withdrew its employment offer to Anubhav Mittal, who the Board had elected as Senior Vice President and Chief Financial Officer effective February 17, 2026. Johan C. Kroner will continue as CFO until a successor is elected, and the company expects to name one in the near term.
Board elected Anubhav Mittal as SVP and CFO on January 20, 2026, effective February 17, 2026
Company withdrew its employment offer to Mr. Mittal on January 28, 2026
Johan C. Kroner remains SVP and CFO until a successor is elected
Company anticipates electing a successor in the near term based on its recent executive search
Universal Corporation said its board elected Anubhav Mittal as Senior Vice President and Chief Financial Officer, effective February 17, 2026, replacing Johan C. Kroner, who is retiring. Mittal was previously CFO of ADM Nutrition at Archer Daniels Midland Company, and the filing sets out his pay and sign-on terms, including a $600,000 signing bonus.
Board elected Anubhav Mittal on January 20, 2026; he takes the CFO role on February 17, 2026.
Base salary of $650,000, target bonus of $500,000, and long-term incentive target of $850,000 beginning May 2026.
One-time RSU grant of approximately $2 million, plus a $600,000 signing bonus repayable if he resigns or is terminated for cause within 24 months.
Johan C. Kroner steps down as CFO on February 17, 2026, and remains a Senior Vice President until July 1, 2026, serving as an advisor to CEO Preston D. Wigner.
Universal Corporation entered into a new unsecured Credit Agreement on December 9, 2025, providing a $780 million revolving facility and term loans totaling $620 million, and used it to repay all outstanding debt under its existing credit agreement, which was terminated the same day. The filing gives no new borrowing terms beyond the facility sizes, pricing ranges, and covenants, and it does not say the new facility increases total debt.
New facilities: $275 million Term A-1 loan (five-year), $345 million Term A-2 loan (seven-year), and $780 million revolver (five-year)
Company may add up to $300 million of revolver increase or incremental term loans, subject to lender commitments
Covenants include a maximum total net leverage ratio of 3.00 to 1.00 and minimum consolidated tangible net worth of $1 billion
Existing Credit Agreement, dated December 15, 2022, was terminated December 9, 2025, with proceeds used to repay its outstanding debt
Universal Corporation reported results for the quarter ended September 30, 2025, with sales up 6% to $754.2 million and operating income down 2% to $67.6 million. The company also added Gregory A. Trojan, a retired restaurant, retail and consumer products executive, to its board, expanding it to 10 members effective November 5, 2025.
Q2 sales and other operating revenue $754.2 million vs. $710.8 million a year earlier, up 6%
Q2 operating income $67.6 million vs. $68.7 million, down 2%; non-GAAP adjusted operating income down 15% from $79.3 million
Q2 diluted EPS $1.36 vs. $1.03; non-GAAP adjusted diluted EPS $1.36 vs. $1.45, down 6%
Gregory A. Trojan appointed director effective November 5, 2025; expected to join the Audit, Compensation and Human Resources, and Finance and Pension Investment committees
Universal Corporation reported results for the quarter ended June 30, 2025, with revenue of $594 million, down slightly from $597 million a year earlier, and operating income of $34 million, up from $17 million. Net income attributable to the company rose to $8.5 million, or $0.34 per diluted share, from $130 thousand, or $0.01 per share, a year earlier. Shareholders also elected three directors and ratified Ernst & Young LLP as auditor at the August 5, 2025 annual meeting.
Revenue was $593.8 million versus $597.1 million a year earlier; operating income was $33.8 million versus $17.2 million.
Net income attributable to Universal Corporation was $8.5 million; adjusted diluted EPS was $0.38 after excluding $1.1 million in restructuring and impairment costs.
At the August 5, 2025 annual meeting, Lennart R. Freeman, Fotini E. Manolios and Preston D. Wigner were elected as directors for three-year terms.
Thomas H. Johnson was appointed Lead Independent Director effective August 5, 2025; the company will hold a conference call on August 7, 2025.
Universal Corporation said Chief Financial Officer Johan C. Kroner will retire effective July 1, 2026, and he will remain CFO until a successor is appointed. The company has begun a search with an executive search firm, and Kroner was granted a special award of 11,025 restricted stock units worth approximately $600,000 to support the transition.
Johan C. Kroner, SVP and CFO, notified the company on July 9, 2025 of his retirement, effective July 1, 2026.
Kroner will stay as CFO until a successor is appointed, then serve as SVP through his retirement date and advise the CEO.
Special award of 11,025 RSUs, worth approximately $600,000, vests on his retirement date and is forfeitable if his employment ends earlier.
Universal Corporation reported fiscal 2025 revenue of $2.9 billion, up 7%, and operating income of $232.8 million, up 5%. Net income attributable to the company fell 21% to $95.0 million, and fourth-quarter net income dropped 77% to $9.3 million, which included a $14.1 million pension settlement charge.
Fiscal 2025 diluted EPS was $3.78 versus $4.78 a year earlier; adjusted diluted EPS was $4.63 versus $5.08.
Fourth-quarter revenue fell 9% to $702.3 million, and diluted EPS was $0.37 versus $1.61.
The company's outlook expects fiscal 2026 flue-cured and burley tobacco crops outside China to rise 20% and 30%, respectively.
Universal Corporation (UVV) appointed Fay Manolios as a new independent director, effective June 1, 2025, and increased the board to 10 members. Director Michael T. Lawton will retire after his current term and will not stand for re-election at the 2025 Annual Meeting of Shareholders on August 5, 2025. The changes affect board composition but the filing reports no financial results or guidance.
Fay Manolios joins the board effective June 1, 2025; she is expected to serve on the Audit, Nominating, Governance and Risk, and Compensation and Human Resources committees
Michael T. Lawton, a director since 2016, will not stand for re-election at the 2025 Annual Meeting on August 5, 2025
Ms. Manolios previously was Managing Vice President, Head of Total Rewards at Capital One from 2012 through early September 2022
Universal Corp said preliminary results for the quarter ended December 31, 2024 show sales and other operating revenue of $937.2 million and diluted earnings per share of $2.27, but it has delayed its third-quarter earnings release and Form 10-Q. The delay follows an internal investigation into embezzlement at its Mozambique subsidiary, which has identified about $16.7 million in unauthorized payments over fiscal years 2016 through 2025, and the company expects to report one or more material weaknesses in internal control over financial reporting.
Preliminary quarter ended December 31, 2024: sales and other operating revenue $937.2 million, operating income $100.7 million, net income $57.1 million, diluted EPS $2.27.
Internal investigation has identified about $16.7 million in unauthorized payments in fiscal 2016 through 2025, including about $7 million in fiscal 2022 through 2025.
On February 10, 2025, lenders agreed to extend the deadline for delivering the quarterly financials to June 16, 2025; the company paid a consent fee of 0.05% of each consenting lender's commitment and term loans.
The company does not believe material adjustments to previously issued financial statements will be necessary, but it expects to report one or more material weaknesses in internal control over financial reporting.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.
Only material 8-Ks get a brief: results, deals, executive changes, restructuring, impairments, delisting notices, restatements, cybersecurity incidents and other disclosed events. Routine filings (vote results, exhibits only) are skipped. Every Universal filing is on SEC EDGAR ↗. 8-K briefs of other companies →