Wednesday 4 November 2026 Export ULS’s income statement to Excel — free account

UL Solutions Inc.

ULS Industrials Specialty Business Services

UL Solutions Inc.’s revenue for fiscal 2025 (year ended December 2025) was $3.1 billion, up 6.38% from fiscal 2024.

Revenue: +5.11%
EPS: +6.00%
Free cash flow: +41.3%
Total debt: +40.4%

Quarter to September 2026, against a year earlier

79.80 0.60 −0.75%

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Market cap: $16.2B
P/E: 31.5×
Fwd P/E: 26.9×
Dividend yield: 0.71%
F-score: 7/9
Altman Z: 7.80
Beneish M: −2.77
Dividend safety: 81/100

Overview Business Profile Earnings & Analysis Segments Valuation Filings

UL Solutions Inc. (ULS) revenue by segment, product and region

Where the money comes from and where it goes

Fiscal 2025: revenue by segment, and margins
Industrial	1,341	43.92%
Consumer	1,319	43.20%
Software and Advisory	393	12.87%
Gross margin		49.46%
Operating margin		17.10%
Pre-tax margin		15.39%

Revenue by product or service $m

Line	FY2025	FY2024	FY2023	FY2022
Ongoing Certification Services	1,006 32.95%	953 33.21%	874 32.64%	828 32.86%
Non-certification Testing and Other Services	911 29.84%	860 29.97%	812 30.32%	769 30.52%
Certification Testing	851 27.87%	784 27.32%	718 26.81%	657 26.07%
Software	285 9.34%	273 9.51%	274 10.23%	266 10.56%
Revenue	3,053	2,870	2,678	2,520

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Industrial	1,341 43.92%	1,254 43.69%	1,146 42.79%	1,044 41.43%
Consumer	1,319 43.20%	1,238 43.14%	1,172 43.76%	1,128 44.76%
Software and Advisory	393 12.87%	378 13.17%	360 13.44%	348 13.81%
Revenue	3,053	2,870	2,678	2,520

Operating income by segment $m, and margin

	FY2025	FY2024	FY2023	FY2022
Industrial	‡	‡	‡	‡
Consumer	‡	‡	‡	‡
Software and Advisory	‡	‡	‡	‡
Corporate and other	‡	‡	‡	‡
Operating income	‡	‡	‡	‡
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Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022
U.S.	1,253 41.04%	1,178 41.05%	1,117 41.71%	1,051 41.71%
Mainland China	761 24.93%	710 24.74%	632 23.60%	608 24.13%
Europe, Middle East and Africa	529 17.33%	496 17.28%	474 17.70%	429 17.02%
Asia Pacific	398 13.04%	375 13.07%	346 12.92%	335 13.29%
Other Americas	112 3.67%	111 3.87%	109 4.07%	97 3.85%
Revenue	3,053	2,870	2,678	2,520

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Organic growth	Q3 FY2026	7.00%	6.30%	—
Remaining performance obligations	Q3 FY2026	$120.0M	$189.0M	−36.51%

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024
Organic growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Remaining performance obligations	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
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As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.