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UL Solutions (ULS) Q1 FY2026 earnings: revenue $758 million, up 7.5% on the year

UL Solutions Inc. (ULS) reported revenue of $758 million for Q1 FY2026, the quarter ended 31 March 2026, up 7.5% on the same quarter a year earlier. Net income was $92 million, up 37.3% on the year, and diluted earnings per share $0.45. The figures are the company's own, from the 10-Q it filed with the SEC on 5 May 2026.

Revenue$758 millionup 7.5%
Net income$92 millionup 37.3%
Diluted EPS$0.45
QuarterQ1 FY2026ended 31 March 2026

The quarter, against the one before and a year earlier

LineQ1 FY2026Q4 FY2025Q1 FY2025Change on the year
Revenue758789705+7.5%
Cost of revenue377397365+3.3%
Gross profit381392340+12.1%
Gross margin50.3%49.7%48.2%
Selling, general and administrative243239232+4.7%
Operating income138118109+26.6%
Operating margin18.2%15.0%15.5%
Interest expense8.09.012.0-33.3%
Pre-tax income12910594.0+37.2%
Income tax32.034.023.0+39.1%
Effective tax rate24.8%32.4%24.5%
Net income92.067.067.0+37.3%
Net margin12.1%8.5%9.5%
Diluted EPS$0.45$0.32$0.33+36.4%
$ million except per share.
Read moreFourth quarters are the year less the first three quarters. Free 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. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed.

Cash flow and capital returned

LineQ1 FY2026Q4 FY2025Q1 FY2025Change on the year
Operating cash flow219144154+42.2%
Capital expenditure69.058.051.0+35.3%
Free cash flow15086.0103+45.6%
Free cash flow margin19.8%10.9%14.6%
Cash from investing-61.0-21.0-50.0n/a
Cash from financing-194-82.0-135n/a
Depreciation and amortisation47.051.045.0+4.4%
Share-based compensation12.011.08.0+50.0%
Dividends paid29.026.026.0+11.5%
Dividend per share$0.14n/a$0.13+11.5%
Diluted shares, weighted204m204m203m+0.5%
Shares outstanding at period endn/a201mn/an/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

LineQ1 FY2026Q4 FY2025Q1 FY2025Change on the year
Shareholders' equity1,3191,262970+36.0%
Non-controlling interest17.032.014.0+21.4%
Debt357491653-45.3%
Operating lease liabilities141149150-6.0%
Other liabilities1,1219871,091+2.7%
Total liabilities and equity2,9552,9212,878+2.7%
Fixed assetsn/a699n/an/a
Goodwill643656641+0.3%
Intangible assets44.048.056.0-21.4%
Cash and equivalents258295267-3.4%
Receivables497422463+7.3%
Other assets1,5138011,451+4.3%
Total assets2,9552,9212,878+2.7%

Quarterly results, the last 12 quarters

Q3 FY2023Q4 FY2023 *Q1 FY2024Q2 FY2024Q3 FY2024Q4 FY2024 *Q1 FY2025 †Q2 FY2025 †Q3 FY2025Q4 FY2025 *Q1 FY2026Q2 FY2026
Revenue676684670730731739705776783789758816
Cost of revenue344367351364373389365394389397377399
Gross profit332317319366358350340382394392381417
Gross margin49%46%48%50%49%47%48%49%50%50%50%51%
SG&A206230228240228235232244238239243267
Operating income89.087.091.0126130115109139156118138150
Operating margin13%13%14%17%18%16%15%18%20%15%18%18%
Interest expense7.012.015.013.014.013.012.010.010.09.08.05.0
Pre-tax income75.079.073.013411692.094.0125146105129338
Tax rate24%22%18%21%19%8%24%22%27%32%25%25%
Net income53.058.056.010188.081.067.091.010067.092.0246
Net margin8%8%8%14%12%11%10%12%13%8%12%30%
Diluted EPS$0.27$0.28$0.28$0.50$0.44$0.40$0.33$0.45$0.49$0.32$0.45$1.21
Operating cash flow121126141103150130154147155144219160
Capital expenditure43.059.057.056.066.058.051.042.046.058.069.069.0
Free cash flow78.067.084.047.084.072.010310510986.015091.0
Dividends paid20.062025.025.025.025.026.026.026.026.029.029.0
Shares outstandingn/a200m200m200m200m200mn/an/an/a201mn/an/a
Filing10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q10-Q10-K10-Q10-Q
Each quarter as filed, linked to its filing.
Read more* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS 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 the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 March 2026, filed 5 May 2026, accession 0001901440-26-000012: the filing on EDGAR. All of UL Solutions Inc.'s filings: EDGAR company page.

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