ULSNYSEServices-Testing LaboratoriesUS GAAP · USD

UL Solutions Inc.

UL Solutions Inc. provides independent testing, inspection and certification services, along with software and advisory offerings, for products, systems and supply chains. The company serves customers across industrial and consumer end markets through a global network of laboratories and technical specialists, with operations spanning more than 110 countries.

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Revenue3,053m USD
+6.4 %y/y
Operating profit (EBIT)522m USD
+13.0 %y/y
EBIT margin17.1%
+1.0 ppy/y
Net income325m USD
−0.3 %y/y
Free cash flow403m USD
+40.4 %y/y

Fiscal year 2025 · change from previous year

Development 2022–2025

01,0002,0003,0004,000m USD2022: 2,520 m USD2022: EBIT 412 m USD20222023: 2,678 m USD2023: EBIT 368 m USD20232024: 2,870 m USD2024: EBIT 462 m USD20242025: 3,053 m USD2025: EBIT 522 m USD20253,053522
RevenueOperating profit (EBIT)

Business

Share of revenue
Certification Testing40 %

Testing of products, components and systems against safety, performance and regulatory standards.

Ongoing Certification Services20 %

Recurring services that validate continued compliance of previously certified products and systems.

Non-certification Testing and Other Services18 %

Performance testing, advisory work and other technical services that may not result in certification.

Software12 %

SaaS and license-based software, including implementation and training services.

Advisory and Sustainability Solutions10 %

Data, supply chain transparency and sustainability advisory offerings that complement TIC services.

Products

Reported · share of revenue
33.0%29.8%27.9%9.3%FY2025100 %
  • Ongoing Certification Services33.0 %
  • Non Certification Testing and Other Services29.8 %
  • Certification Testing27.9 %
  • Software9.3 %

Source: 10-K FY2025, revenue the company reports per product line (SEC XBRL). Shares are of the lines shown and add up to 100 %.

Customers

UL Solutions sells to manufacturers, building and asset owners, retailers, and other organizations that need product safety, compliance and market-access validation. Its customer base also includes companies seeking software and advisory tools to manage regulatory complexity, supply chain transparency and sustainability requirements. Demand is driven by the need to reduce product risk, meet standards across jurisdictions and accelerate access to global markets.

Industrial manufacturers

Buy TIC services for industrial products, components and systems to meet safety, performance and sustainability standards.

Consumer product companies

Buy certification testing, market-access services and ongoing compliance support for electronics, appliances and other consumer goods.

Software and advisory customers

Buy software, data and advisory tools to manage regulatory requirements, supply chain transparency and sustainability.

Building and infrastructure stakeholders

Buy testing and certification services for built-environment products and systems used by owners, regulators and end users.

Strategy

UL Solutions focuses on combining traditional testing, inspection and certification with software and advisory offerings that help customers manage regulation and supply-chain complexity. It also uses acquisitions to add technical capabilities and expand into adjacent markets, while leveraging its brand, accreditations and standards participation to reinforce customer trust.

Expand software and advisoryMedium term

Adds recurring revenue and extends the value of core testing relationships.

Cross-sell into existing accountsShort term

Uses the installed customer base to deepen relationships and broaden wallet share.

Acquire technical capabilitiesMedium term

Helps the company enter adjacent markets and strengthen service coverage.

Geography

2025

UL Solutions operates globally, with customers in over 110 countries and a laboratory and technical network that supports cross-border certification and market access. North America is the company’s headquarters base, while Europe and Asia are important operating regions and end markets for its testing and certification work. The business is inherently international because standards, approvals and customer supply chains often span multiple jurisdictions.

United States43 %
China26 %
Europe, Middle East and Africa18 %
Asia Pacific14 %

Share of the revenue the company reports by geography.

Risks

UL Solutions depends on brand trust, technical credibility and continued customer demand for third-party certification, so reputational damage or service failures could materially affect the business. The company also faces cybersecurity, data privacy, regulatory and cross-border transfer risks, while changes in standards or acceptance rules could reduce demand for its services. Its global footprint adds exposure to foreign exchange, local compliance requirements and country-specific restrictions such as those affecting China.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →Brand and reputation risk1Cybersecurity and data privacy risk2Service liability and product failure claims3Regulatory and standards change risk4China capital transfer restrictions5
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. Brand and reputation riskImpact: HighLikelihood: Medium

    Customers buy UL Solutions for trust, technical credibility and certification acceptance.

    Exposure: Could reduce demand and market share if service quality is questioned.

  2. Cybersecurity and data privacy riskImpact: HighLikelihood: Medium

    The company collects and stores sensitive customer, supplier and proprietary data.

    ExposureA breach could cause liabilityOperational disruptionReputational harm
  3. Service liability and product failure claimsImpact: HighLikelihood: Medium

    Errors in testing or certification can lead to recalls, penalties and legal claims.

    Exposure: Potential financial and reputational impact if a certified product fails.

  4. Regulatory and standards change riskImpact: MediumLikelihood: Medium

    Demand depends on external rules requiring testing, certification and compliance validation.

    Exposure: Harmonization or acceptance of third-party results could lower service demand.

  5. China capital transfer restrictionsImpact: MediumLikelihood: Medium

    Local rules may limit dividends, loans or other transfers from Chinese subsidiaries.

    Exposure: Could constrain cash upstreaming and joint venture funding.

Accounting

Judgemental items
Revenue recognition

Different service lines may recognize revenue at different points in time or over time.

Impact: Affects quarterly revenue timing and comparability across segments.

Goodwill and intangible assets

Acquisitions add acquired intangibles and goodwill that require impairment review.

Impact: Could create non-cash charges if acquired businesses underperform.

Capitalized software

Software development and implementation costs may be capitalized and amortized.

Impact: Influences operating expense timing and reported margins.

Purchase obligations

The company has noncancelable commitments for outsourced services, facilities and cloud arrangements.

Impact: Affects future cash outflows and fixed-cost visibility.

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Last updated: 24/09/2026

UL Solutions Inc. (ULS) Revenue, Earnings & Financials 2025 – Clarifo