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UL Solutions (ULS) earnings and revenue breakdown
Latest: Q3 2026 · 10-Q filed Nov 3, 2026 · UL Solutions (ULS) Q3 2026 earnings results →
Q3 2026 Revenue up 5% year over year to $823M · 13¢ of every $1 of revenue kept as net profit · operating margin 19.7%
UL Solutions made $823M in Q3 2026 (+5% Y/Y): Ongoing Certification Services $270M, Certification Testing $248M, Non-certification Testing and Other Services $244M. Operating margin 19.7%, net earnings $108M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Nov 3, 2026.
Drawing the Sankey…
Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF
What changed this quarter
Revenue was $823.0M in Q3 2026, up 5% year over year and up 1% from the previous quarter. Ongoing Certification Services was the largest line at 33% of revenue. Certification Testing added $24.0M year over year (up 11%), 60% of the total change. Software declined 15%.
Operating profit was $162.0M, a 19.7% margin (down 0.2 points year over year). Of the extra revenue versus Q3 2025, 15% reached operating profit, below the 20% margin then. Total costs grew 5% against revenue growth of 5%. Net earnings were $108.0M, up 8% year over year. The effective tax rate was 26.9%.
Operating cash flow was $215.0M (up 39% year over year), 184% of net income including minority interests. Non-cash charges added back $49.0M of depreciation and amortization and $23.0M of share-based compensation. Working capital and other items added $26.0M. Capital expenditures of $61.0M left free cash flow of $154.0M.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q3 2026 | 10-Q | Nov 3, 2026 | $823M | +5% | 19.7% | $108M | $215M |
| Q2 2026 | 10-Q | Aug 4, 2026 | $816M | +5% | 18.4% | $246M | $160M |
| Q1 2026 | 10-Q | May 5, 2026 | $758M | +8% | 18.2% | $92.0M | $219M |
| Q4 2025 | 10-K | Feb 19, 2026 | $789M | +7% | 15.0% | $67.0M | $144M |
| Q3 2025 | 10-Q | Nov 4, 2025 | $783M | +7% | 19.9% | $100M | $155M |
| Q2 2025 | 10-Q | Aug 5, 2025 | $776M | +6% | 17.9% | $91.0M | $147M |
| Q1 2025 | 10-Q | May 6, 2025 | $705M | +5% | 15.5% | $67.0M | $154M |
Charts
Interactive views
The same charts as the app — open one to draw it.
💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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🔍Earnings qualityinteractive
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⚖️Fair value by methodinteractive
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🔭Outlook & guidanceinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About UL Solutions
UL Solutions Inc. (together with its consolidated subsidiaries, “UL Solutions”, the “Company”, “we”, “our”, and “us”) is a global safety science leader that provides Testing, Inspection and Certification (“TIC”) services and related software and advisory offerings to customers worldwide. We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers’ most trusted science-based safety, security and sustainability partner. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. (“UL Research Institutes”), UL Standards & Engagement and UL Solutions. UL Research Institutes is the sole member of UL Standards & Engagement, which controls the majority of the voting power of our common stock.
In its own words, from its 10-K, filed Feb 19, 2026.
UL Solutions against its Services-Testing Laboratories peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +5% against the peers' median +11%. Operating margin: 19.7% against the peers' median -3.8%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| ULS UL Solutions | Q3 2026 | $823M | +5% | 19.7% |
| NEO Neogenomics | Q3 2026 | $209M | +11% | -3.8% |
| AIDX 20/20 Biolabs | Q2 2026 | $731K | +36% | -170.3% |
Source: UL Solutions 10-Q on SEC EDGAR · CIK 1901440 · Services-Testing Laboratories
Guidance and outlook
13F: who owns ULS and who is buying
More on ULS
- How UL Solutions makes money: revenue by segment
- UL Solutions next earnings date and what analysts expect
- UL Solutions stock forecast, price target and fair value
- Who owns UL Solutions stock: holders, funds and Congress trades
- UL Solutions guidance and outlook
- Is UL Solutions a takeover target? LBO and rumors
History
Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results
- UL Solutions guidance history: guided vs reported
- UL Solutions operating margin by quarter
- UL Solutions net income by quarter
- UL Solutions free cash flow by quarter
- UL Solutions capital expenditures by quarter
- UL Solutions Ongoing Certification Services revenue by quarter
- UL Solutions Certification Testing revenue by quarter
- UL Solutions Non-certification Testing and Other Services revenue by quarter