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UL Solutions (ULS) FY2025 results: revenue $3.1 billion, up 6.4% on the year

UL Solutions Inc. (ULS) reported revenue of $3.1 billion for fiscal 2025, the year ended 31 December 2025, up 6.4% on the year before. Net income was $325 million, down 0.3%, and diluted earnings per share $1.60. The figures are the company's own, from the 10-K it filed with the SEC on 19 February 2026.

Revenue
$3.1 billion
+6.4% on the year
FY2022FY2025
Operating margin
17.1%
16.1% a year earlier
FY2022FY2025
Net income
$325 million
-0.3% on the year
FY2022FY2025
Diluted EPS
$1.60
-1.2% on the year
FY2022FY2025

this yearthe year beforeHover a bar for its figure.

The year in brief

What management said about the year

Guidance figures: 1 raised, 3 new.

  • Fourth-quarter revenue rose 6.8%: Revenue was $789 million, with organic growth of 5.7%; the company said Consumer and Industrial led the organic growth.
  • Net income declined 16.5%: Net income was $71 million against $85 million; diluted EPS was $0.32 against $0.40 a year earlier.
  • Full-year Adjusted EBITDA margin 25.9%: Full-year Adjusted EBITDA was $792 million, up 20.7%, with margin up 300 basis points from 2024.
  • Industrial revenue up 7.3%: Industrial revenue was $352 million, or 6.1% organic; energy and automation and fire safety drove the gains.
  • Restructuring Plan charged in quarter: Pre-tax charges of $37 million related to the expense reduction initiative announced in November 2025.
Read the Q4 FY2025 earnings call summary

From this 10-K

UL Solutions provides testing, inspection and certification (TIC) services, along with related software and advisory offerings, to customers worldwide, helping them show that their products meet safety, security, performance and sustainability requirements. Its history dates back to 1894 and the nonprofit Underwriters Electrical Bureau, a predecessor of UL Research Institutes, which is the sole member of UL Standards & Engagement, which in turn controls the majority of the voting power of the company's common stock. It owns the UL-in-a-circle certification mark, the UL Mark, which appears on billions of products. Its executive offices are in Northbrook, Illinois.

UL Solutions Inc., the 10-K for 2025

UL Solutions provides testing, inspection and certification (TIC) services, along with related software and advisory offerings, to customers worldwide, helping them show that their products meet safety, security, performance and sustainability requirements. Its history dates back to 1894 and the nonprofit Underwriters Electrical Bureau, a predecessor of UL Research Institutes, which is the sole member of UL Standards & Engagement, which in turn controls the majority of the voting power of the company's common stock. It owns the UL-in-a-circle certification mark, the UL Mark, which appears on billions of products. Its executive offices are in Northbrook, Illinois.

Scale

In 2025 it served more than 80,000 customers in over 110 countries through a global network of laboratories. It holds more than 650 technical accreditations, offers 76 commercial software solutions, takes part in over 1,200 standards panels and technical committees, and can test and certify against over 4,000 global standards.

Services

Certification testing checks products, components and systems against global or regional regulatory requirements and design and performance specifications, after which the company may let customers use its marks, including the UL Mark. To keep using those marks, customers must go through ongoing certification services, including factory inspections, audits and sample testing to confirm that products in production match those that were certified. Non-certification testing covers requirements that may not be set by any regulation, such as energy efficiency, wireless and electromagnetic compatibility, chemical and reliability testing, and color-matching, emissions and flame resistance testing for retail customers. Its software, sold as SaaS and under licenses, covers product stewardship, chemicals management, supply chain insights, ESG data and reporting and EHS training and compliance.

Segments

Through the end of 2025 it reported three segments. Industrial tests, certifies and inspects products in energy, industrial automation, engineered materials such as plastics and wire and cable, and the built environment. Consumer serves consumer electronics, medical devices, information technologies, appliances, HVAC, lighting and retail customers. Software and Advisory provides software, data and advisory work that helps customers manage regulations, supply chain transparency and sustainability. The company reorganized its segments starting in the first quarter of 2026.

China

Through its subsidiary UL LLC it owns 70% of UL-CCIC, a company formed in China, and CCIC, a Chinese state-owned enterprise, owns the other 30%. UL-CCIC's current term expires in January 2033.

Competition

The filing describes the global TIC industry as highly fragmented and intensely competitive, with a number of large global participants alongside many smaller companies and new entrants, and with point solution providers competing in Software and Advisory.

People

At December 31, 2025 it had 14,587 full-time and 264 part-time employees, including a technical team of approximately 9,900 scientists, engineers and other technical and regulatory experts. None of its U.S.-based employees are covered by collective bargaining agreements, while approximately 10% of its employees are represented by foreign trade unions and works councils.

From UL Solutions' annual report on Form 10-K for the year ended 31 December 2025. The filing

Written from the 10-K filed 19 February 2026: read the full 10-K.

The four quarters: Q1 FY2025 · Q2 FY2025 · Q3 FY2025 · Q4 FY2025

Income statement (profit and loss)

$ millionFY2025FY2024FY2023On the yearLast 8 years
Revenue3,0532,8702,678+6.4%
Cost of revenue1,5431,4771,394+4.5%
Gross profit1,5101,3931,284+8.4%
Gross margin49.5%48.5%47.9%
Selling, general and administrative953931875+2.4%
Operating income522462368+13.0%
Operating margin17.1%16.1%13.7%
Interest expense41.055.035.0-25.5%
Pre-tax income470415346+13.3%
Income tax12570.070.0+78.6%
Effective tax rate26.6%16.9%20.2%
Net income325326260-0.3%
Net margin10.6%11.4%9.7%
Diluted EPS$1.60$1.62$1.30-1.2%
$ million except per share.
Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ millionFY2025FY2024FY2023On the yearLast 8 years
Operating cash flow600524467+14.5%
Capital expenditure197237215-16.9%
Free cash flow403287252+40.4%
Free cash flow margin13.2%10.0%9.4%
Cash from investing-204-234-175
Cash from financing-396-284-294
Depreciation and amortisation188172154+9.3%
Share-based compensation47.023.00.0+104.3%
Dividends paid104100680+4.0%
Dividend per share$0.52$0.50$3.40+4.0%
Diluted shares, weighted203m201m200m+1.0%
Shares outstanding at period end201m200m200m+0.4%

Balance sheet

$ millionFY2025FY2024FY2023On the yearLast 8 years
Shareholders' equity1,262904654+39.6%
Non-controlling interest32.027.024.0+18.5%
Debt491742904-33.8%
Operating lease liabilities149155120-3.9%
Other liabilities9879721,034+1.5%
Total liabilities and equity2,9212,8002,736+4.3%
Fixed assets699631555+10.8%
Goodwill656633623+3.6%
Intangible assets48.058.072.0-17.2%
Cash and equivalents295298315-1.0%
Receivables422380362+11.1%
Other assets801800809+0.1%
Total assets2,9212,8002,736+4.3%

10-K for the year ended 31 December 2025, filed 19 February 2026: the filing.