ULS on NYSE

UL Solutions Inc.

American testing laboratories services company based in Wilmington.

Price unavailable

Last updated Oct 18, 2026.

Overview

$3.1BRevenue, fiscal 2025²

$325.0MNet income, fiscal 2025²

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TickerULS on NYSE
IndustryServices-Testing Laboratories
HeadquartersWilmington, United States
Incorporated inDE³
Business address333 Pfingsten Road, Northbrook, Il 60062³
Filer categoryLarge accelerated filer³

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Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.1%Operating margin²

10.6%Net margin²

6.4%Revenue growth, 2025²

25.8%Return on equity²

0.39×Debt to equity²

$403.0MFree cash flow²

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Ongoing Certification Services brought in 33% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.

Ongoing Certification Services$1.0B²33%up 6% from 2024
Non-certification Testing and Other Services$911.0M²30%up 6% from 2024
Certification Testing$851.0M²28%up 9% from 2024
Software$285.0M²9%up 4% from 2024

Products and services by year

Products and services	2023	2024	2025
Ongoing Certification Services	$874.0M	$953.0M	$1.0B
Non-certification Testing and Other Services	$812.0M	$860.0M	$911.0M
Certification Testing	$718.0M	$784.0M	$851.0M
Software	$274.0M	$273.0M	$285.0M

Business segments

Industrial brought in 44% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.

Industrial$1.3B²44%up 7% from 2024
Consumer$1.3B²43%up 7% from 2024
Software and Advisory$393.0M²13%up 4% from 2024

Business segments by year

Business segments	2023	2024	2025
Industrial	$1.1B	$1.3B	$1.3B
Consumer	$1.2B	$1.2B	$1.3B
Software and Advisory	$360.0M	$378.0M	$393.0M

Regions

United States brought in 41% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.

United States$1.3B²41%up 6% from 2024
China$761.0M²25%up 7% from 2024
EMEA$529.0M²17%up 7% from 2024
Asia Pacific$398.0M²13%up 6% from 2024
Other Americas$112.0M²4%up 1% from 2024

Regions by year

Regions	2023	2024	2025
United States	$1.1B	$1.2B	$1.3B
China	$632.0M	$710.0M	$761.0M
EMEA	$474.0M	$496.0M	$529.0M
Asia Pacific	$346.0M	$375.0M	$398.0M
Other Americas	$109.0M	$111.0M	$112.0M

Where the money goes

Where each dollar of revenue went, fiscal 2025

Cost of revenueSelling, general and admin

Cost of revenue51¢$1.5B
Selling, general and admin31¢$953.0M
Other costs4¢$107.0M
Income tax4¢$125.0M
Profit11¢$325.0M

Out of $3.1B in revenue.²

Where each dollar of operating cash went, fiscal 2025

Capital spendingDividends paidKept or used elsewhere

Capital spending33¢$197.0M
Dividends paid17¢$104.0M
Kept or used elsewhere50¢$299.0M

Out of $600.0M of cash from operations.²

Financial statements

Revenue⁴²$3.1B in 2025+21% since 2022

Operating income⁴²$522.0M in 2025+27% since 2022

Net income⁴²$325.0M in 2025+11% since 2022

Every line of the income statement as filed: the last 3 fiscal years, latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Revenue	$3.1B	$2.9B	$2.7B
Cost of revenue	$1.5B	$1.5B	$1.4B
Selling, general and administrative expenses	$953.0M	$931.0M	$875.0M
Goodwill impairment	$0	$0	$37.0M
Restructuring	$35.0M	-$1.0M	$4.0M
Operating income	$522.0M	$462.0M	$368.0M
Interest expense	-$41.0M	-$55.0M	-$35.0M
Other (expense) income, net	-$11.0M	$8.0M	$13.0M
Income before income taxes	$470.0M	$415.0M	$346.0M
Income tax expense	$125.0M	$70.0M	$70.0M
Net income	$345.0M	$345.0M	$276.0M
Less: net income attributable to non-controlling interests	$20.0M	$19.0M	$16.0M
Net income attributable to stockholders of UL Solutions	$325.0M	$326.0M	$260.0M
Basic (in dollars per share)	$1.62	$1.63	$1.30
Diluted (in dollars per share)	$1.60	$1.62	$1.30
Basic (in shares)	201.0M shares	200.0M shares	200.0M shares
Diluted (in shares)	203.0M shares	201.0M shares	200.0M shares

Total assets⁴²$2.9B in 2025+7% since 2023

Total liabilities⁴²$1.6B in 2025−21% since 2023

Shareholders’ equity⁴²$1.3B in 2025−46% since 2021

Cash⁴²$295.0M in 2025−78% since 2021

Long-term debt⁴²$491.0M in 2025−46% since 2023

Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$295.0M	$298.0M
Accounts receivable, net of allowance of $12 and $9	$422.0M	$380.0M
Contract assets, net of allowance of $2 and $1	$204.0M	$182.0M
Other current assets	$79.0M	$61.0M
Total current assets	$1.0B	$921.0M
Property, plant and equipment, net of accumulated depreciation of $879 and $772	$699.0M	$631.0M
Goodwill	$656.0M	$633.0M	$623.0M
Intangible assets, net of accumulated amortization of $256 and $239	$48.0M	$58.0M
Operating lease right-of-use assets	$179.0M	$186.0M
Deferred income taxes	$94.0M	$108.0M
Capitalized software, net of accumulated amortization of $475 and $427	$105.0M	$127.0M
Other assets	$140.0M	$136.0M
Total Assets	$2.9B	$2.8B
Current portion of long-term debt	$0	$50.0M
Accounts payable	$183.0M	$182.0M
Accrued compensation and benefits	$282.0M	$254.0M
Operating lease liabilities - current	$43.0M	$38.0M
Contract liabilities	$173.0M	$162.0M
Other current liabilities	$79.0M	$54.0M
Total current liabilities	$760.0M	$740.0M
Long-term debt	$491.0M	$692.0M
Pension and postretirement benefit plans	$134.0M	$196.0M
Operating lease liabilities	$149.0M	$155.0M
Other liabilities	$93.0M	$86.0M
Total Liabilities	$1.6B	$1.9B
Additional paid-in capital	$887.0M	$821.0M
Retained earnings	$470.0M	$250.0M
Accumulated other comprehensive loss	-$95.0M	-$167.0M
Total stockholders equity before non-controlling interests	$1.3B	$904.0M
Non-controlling interests	$32.0M	$27.0M
Total Stockholders Equity	$1.3B	$931.0M	$678.0M	$1.1B
Total Liabilities and Stockholders Equity	$2.9B	$2.8B
Accounts receivable, allowance for credit loss	$12.0M	$9.0M
Contract assets, allowance for credit loss	$2.0M	$1.0M
Property, plant, and equipment, accumulated depreciation	$879.0M	$772.0M
Intangible assets, accumulated amortization	$256.0M	$239.0M
Capitalized software, accumulated amortization	$475.0M	$427.0M
Common stock, shares outstanding (in shares)	201.0M shares	200.2M shares	200.0M shares

Period ending	2025-12-31	2024-12-31	2023-12-31	2022-12-31
Cash and cash equivalents	$295.0M	$298.0M
Accounts receivable, net of allowance of $12 and $9	$422.0M	$380.0M
Contract assets, net of allowance of $2 and $1	$204.0M	$182.0M
Other current assets	$79.0M	$61.0M
Total current assets	$1.0B	$921.0M
Property, plant and equipment, net of accumulated depreciation of $879 and $772	$699.0M	$631.0M
Goodwill	$656.0M	$633.0M	$623.0M
Intangible assets, net of accumulated amortization of $256 and $239	$48.0M	$58.0M
Operating lease right-of-use assets	$179.0M	$186.0M
Deferred income taxes	$94.0M	$108.0M
Capitalized software, net of accumulated amortization of $475 and $427	$105.0M	$127.0M
Other assets	$140.0M	$136.0M
Total Assets	$2.9B	$2.8B
Current portion of long-term debt	$0	$50.0M
Accounts payable	$183.0M	$182.0M
Accrued compensation and benefits	$282.0M	$254.0M
Operating lease liabilities - current	$43.0M	$38.0M
Contract liabilities	$173.0M	$162.0M
Other current liabilities	$79.0M	$54.0M
Total current liabilities	$760.0M	$740.0M
Long-term debt	$491.0M	$692.0M
Pension and postretirement benefit plans	$134.0M	$196.0M
Operating lease liabilities	$149.0M	$155.0M
Other liabilities	$93.0M	$86.0M
Total Liabilities	$1.6B	$1.9B
Additional paid-in capital	$887.0M	$821.0M
Retained earnings	$470.0M	$250.0M
Accumulated other comprehensive loss	-$95.0M	-$167.0M
Total stockholders equity before non-controlling interests	$1.3B	$904.0M
Non-controlling interests	$32.0M	$27.0M
Total Stockholders Equity	$1.3B	$931.0M	$678.0M	$1.1B
Total Liabilities and Stockholders Equity	$2.9B	$2.8B
Accounts receivable, allowance for credit loss	$12.0M	$9.0M
Contract assets, allowance for credit loss	$2.0M	$1.0M
Property, plant, and equipment, accumulated depreciation	$879.0M	$772.0M
Intangible assets, accumulated amortization	$256.0M	$239.0M
Capitalized software, accumulated amortization	$475.0M	$427.0M
Common stock, shares outstanding (in shares)	201.0M shares	200.2M shares	200.0M shares

Cash from operations⁴²$600.0M in 2025+61% since 2022

Capital spending⁴²$197.0M in 2025+20% since 2022

Free cash flow⁴²$403.0M in 2025+94% since 2022

Dividends paid⁴²$104.0M in 2025−94% since 2022

Every line of the cash flow as filed: the last 3 fiscal years, latest first.²

Period ending	2025-12-31	2024-12-31	2023-12-31
Net income	$345.0M	$345.0M	$276.0M
Depreciation and amortization	$188.0M	$172.0M	$154.0M
Goodwill impairment	$0	$0	$37.0M
Gains on divestitures	$0	-$24.0M	-$2.0M
Stock-based compensation	$47.0M	$23.0M	$0
Charged to Costs and Expenses	$11.0M	$9.0M	$4.0M
Losses on foreign exchange transactions	$10.0M	$11.0M	$4.0M
Deferred income taxes	$2.0M	-$6.0M	$11.0M
Other, net	$8.0M	$11.0M	$1.0M
Accounts receivable	-$32.0M	-$31.0M	$6.0M
Contract and other assets	-$22.0M	$3.0M	-$33.0M
Accounts payable	-$13.0M	$13.0M	$1.0M
Accrued expenses	$80.0M	$7.0M	-$28.0M
Pension and postretirement benefit plans	-$35.0M	-$9.0M	$4.0M
Contract and other liabilities	$11.0M	$0	$32.0M
Net cash flows provided by operating activities	$600.0M	$524.0M	$467.0M
Capital expenditures	-$197.0M	-$237.0M	-$215.0M
Acquisitions, net of cash acquired	-$1.0M	-$26.0M	-$18.0M
Proceeds from divestitures	$0	$29.0M	$4.0M
Sales of investments	$51.0M	$0	$144.0M
Purchases of investments	-$58.0M	$0	-$95.0M
Other investing activities, net	$1.0M	$0	$5.0M
Net cash flows used in investing activities	-$204.0M	-$234.0M	-$175.0M
Proceeds from long-term debt	$792.0M	$181.0M	$440.0M
Repayments of long-term debt	-$1.0B	-$346.0M	-$30.0M
Dividends to stockholders of UL Solutions	-$104.0M	-$100.0M	-$680.0M
Dividends to non-controlling interest	-$17.0M	-$15.0M	-$14.0M
Payment, Tax Withholding, Share-Based Payment Arrangement	-$15.0M	$0	$0
Other financing activities, net	-$7.0M	-$4.0M	-$10.0M
Net cash flows used in financing activities	-$396.0M	-$284.0M	-$294.0M
Effect of exchange rate changes on cash and cash equivalents	-$3.0M	-$23.0M	-$5.0M
Net decrease in cash and cash equivalents	-$3.0M	-$17.0M	-$7.0M
Cash paid during the period for interest	$40.0M	$57.0M	$32.0M
Cash paid during the period for income taxes	$92.0M	$66.0M	$57.0M
Cash paid during the period for stock-based compensation	$4.0M	$19.0M	$61.0M
Capital expenditures funded by liabilities	$54.0M	$43.0M	$46.0M
Conversion of stock-based compensation awards to equity (Note 17)	$37.0M	$26.0M	$0

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Leadership

Who has led UL Solutions Inc., and when. Pick a name to see everywhere that person has worked.

2025

Chief executive officerJennifer F. Scanlon Apr 12, 2024 to now⁹
PresidentJennifer F. Scanlon Apr 12, 2024 to now⁹
Chief financial officerRyan D. Robinson Apr 12, 2024 to now¹⁰

Board members and other officers (21)

EVP, CBO & Innovation OfficerAlex Dadakis Jan 31, 2025 to now¹¹
EVP & CCOAlberto Uggetti Apr 12, 2024 to now¹²
OfficerGitte Schjotz Apr 12, 2024 to now¹³
OfficerJohn A. Genovesi Apr 12, 2024 to now¹⁴
Senior VP & CAOKaren K. Pepping Apr 12, 2024 to now¹⁵
EVP & CHROLinda S. Chapin Apr 12, 2024 to now¹⁶
OfficerLynn H. Hancock Apr 12, 2024 to now¹⁷
Board memberVikram Kini May 22, 2025 to now¹⁸
Board memberCharles W. Hooper Apr 12, 2024 to now¹⁹
Board memberElisabeth Torstad Apr 12, 2024 to now²⁰
Board memberFrank J. Coyne Apr 12, 2024 to now²¹
Board memberFriedrich Hecker Apr 12, 2024 to now²²
Board memberGeorge A. Williams Apr 12, 2024 to now²³
Board memberJames P. Dollive Apr 12, 2024 to now²⁴
Board memberJennifer F. Scanlon Apr 12, 2024 to now⁹
Board memberLisa Marie Lambert Apr 12, 2024 to now²⁵
Board memberMarla C. Gottschalk Apr 12, 2024 to now²⁶
Board memberMichael H. Thaman Apr 12, 2024 to now²⁷
Board memberSally Susman Apr 12, 2024 to now²⁸
General counselScott D'Angelo Apr 25, 2025 to now²⁹
General counselJacqueline K. McLaughlin Apr 12, 2024 to Jun 21, 2024³⁰

Former names

UL Inc.Jan 18, 2022 to May 18, 2022³

Timeline

Apr 12, 2024New chief executive Jennifer F. Scanlon becomes CEO⁹
Oct 21, 2008Founded UL Solutions Inc. is founded³¹

Filings

556 filings to the SEC since October 2021: 2 annual reports, 8 quarterly reports, 22 major events, 416 insider forms, 31 large holders, 77 other. The latest 20:

Oct 9, 20264 EDGAR
Oct 8, 2026144 EDGAR
Oct 7, 2026SCHEDULE 13G/A EDGAR
Oct 7, 20264 EDGAR
Oct 7, 20264 EDGAR
Oct 2, 20263 EDGAR
Oct 1, 20268-K EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR
Sep 14, 20264 EDGAR

The 556 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 31 such filings since October 2021, the latest 10:

From Forms 4 and Schedules 13D and 13G filed with the SEC.

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.

Fund	Shares	Value	Share of the fund	Change
BlackRock, Inc.	7,131,683	$726.4M	0.0%	+1,682,816
Capital International Investors	6,115,196	$622.9M	0.1%	+40,930
Kayne Anderson Rudnick Investment Management LLC	4,694,443	$478.2M	1.5%	−704,153
Vanguard Capital Management LLC	3,504,948	$357.0M	0.0%	+48,201
Capital Research Global Investors	3,367,530	$343.0M	0.0%	−286,408
Vanguard Portfolio Management LLC	3,241,880	$330.2M	0.0%	+156,605
Jupiter Topco LLC	3,042,429	$309.9M	0.1%	New
Durable Capital Partners LP	2,937,488	$299.2M	2.9%	−354,028
State Street Corp	2,279,148	$232.2M	0.0%	+734,579
Geode Capital Management, LLC	2,011,579	$204.9M	0.0%	+542,200
Neuberger Berman Group LLC	1,819,860	$185.4M	0.1%	+529,443
Allspring Global Investments Holdings, LLC	1,566,973	$153.0M	0.2%	−177,550
Norges Bank	1,486,850	$151.5M	0.0%	New
Fmr LLC	1,388,891	$141.5M	0.0%	−236,118
First Trust Advisors LP	1,301,960	$132.6M	0.1%	+88,789
Wells Fargo & Company/mn	1,144,170	$116.5M	0.0%	+22,256
Federated Hermes, Inc.	1,093,754	$111.4M	0.2%	+3,059
Pictet Asset Management Holding SA	915,471	$93.2M	0.1%	+903,083
Morgan Stanley	880,673	$89.7M	0.0%	+211,279
Driehaus Capital Management LLC	823,352	$83.9M	0.5%	+12,737
Conestoga Capital Advisors, LLC	819,373	$83.5M	1.8%	−230,234
Scopus Asset Management, L.P.	768,379	$78.3M	1.8%	+110,000
UBS Group AG	752,303	$76.6M	0.0%	−160,411
Invesco Ltd.	745,271	$75.9M	0.0%	+595,049
AltraVue Capital, LLC	702,316	$71.5M	5.2%	No change

13F reports cover disclosed long positions in U.S. stocks only.

Sources

The numbers on this page point here. Each one links to the record it came from.

1
SEC EDGARUL Solutions Inc. filings on SEC EDGAR
2
SEC EDGARUL Solutions Inc. 10-K for fiscal 2025
3
SEC EDGARUL Solutions Inc. filings on SEC EDGAR
4
SEC EDGARUL Solutions Inc. 10-K for fiscal 2022
5
SEC EDGARUL Solutions Inc. 10-Q for fiscal 2025
6
SEC EDGARUL Solutions Inc. 10-Q for fiscal 2025
7
SEC EDGARUL Solutions Inc. 10-Q for fiscal 2026
8
SEC EDGARUL Solutions Inc. 10-Q for fiscal 2025
9
SEC EDGARJennifer F. Scanlon, Chief executive officer
10
SEC EDGARRyan D. Robinson, Chief financial officer
11
SEC EDGARAlex Dadakis, EVP, CBO & Innovation Officer
12
SEC EDGARAlberto Uggetti, EVP & CCO
13
SEC EDGARGitte Schjotz, Officer
14
SEC EDGARJohn A. Genovesi, Officer
15
SEC EDGARKaren K. Pepping, Senior VP & CAO
16
SEC EDGARLinda S. Chapin, EVP & CHRO
17
SEC EDGARLynn H. Hancock, Officer
18
SEC EDGARVikram Kini, Board member
19
SEC EDGARCharles W. Hooper, Board member
20
SEC EDGARElisabeth Torstad, Board member
21
SEC EDGARFrank J. Coyne, Board member
22
SEC EDGARFriedrich Hecker, Board member
23
SEC EDGARGeorge A. Williams, Board member
24
SEC EDGARJames P. Dollive, Board member
25
SEC EDGARLisa Marie Lambert, Board member
26
SEC EDGARMarla C. Gottschalk, Board member
27
SEC EDGARMichael H. Thaman, Board member
28
SEC EDGARSally Susman, Board member
29
SEC EDGARScott D'Angelo, General counsel
30
SEC EDGARJacqueline K. McLaughlin, General counsel
31
gleifUL Solutions Inc. is founded