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UL Solutions (ULS) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
UL Solutions (ULS) reported revenue of $758M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -4% from the quarter before. Operating margin was 18.2%, net earnings $92.0M (12.1% of revenue).
UL Solutions, Q1 2026: revenue $758M (+8% year over year), operating margin 18.2%, net earnings $92.0M, operating cash flow $219M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $758M | -4% | +8% |
| Operating profit | $138M | +17% | +27% |
| Net earnings | $92.0M | +37% | +37% |
| Operating cash flow | $219M | +52% | +42% |
| Free cash flow | $150M | +74% | +46% |
What changed
Revenue was $758.0M in Q1 2026, up 8% year over year and down 4% from the previous quarter. Ongoing Certification Services was the largest line at 35% of revenue. Certification Testing added $22.0M year over year (up 12%), 42% of the total change.
Operating profit was $138.0M, a 18.2% margin (up 2.7 points year over year). Of the extra revenue versus Q1 2025, 55% reached operating profit, above the 15% margin then. Total costs grew 4% against revenue growth of 8%. Net earnings were $92.0M, up 37% year over year. The effective tax rate was 24.8%.
Operating cash flow was $219.0M (up 42% year over year), 226% of net income including minority interests. Non-cash charges added back $47.0M of depreciation and amortization and $12.0M of share-based compensation. Working capital and other items added $63.0M. Capital expenditures of $69.0M left free cash flow of $150.0M.
Questions
What was UL Solutions' revenue in the first quarter 2026?
UL Solutions (ULS) reported revenue of $758M for the first quarter 2026 (Q1 2026), +8% from a year earlier and -4% from the quarter before.
Was UL Solutions profitable in the first quarter 2026?
Operating profit was $138M (18.2% of revenue) and net earnings $92.0M.
Source: UL Solutions 10-Q on SEC EDGAR.