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UL Solutions (ULS) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
UL Solutions (ULS) reported revenue of $776M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +10% from the quarter before. Operating margin was 17.9%, net earnings $91.0M (11.7% of revenue).
UL Solutions, Q2 2025: revenue $776M (+6% year over year), operating margin 17.9%, net earnings $91.0M, operating cash flow $147M. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $776M | +10% | +6% |
| Operating profit | $139M | +28% | +10% |
| Net earnings | $91.0M | +36% | -10% |
| Operating cash flow | $147M | -5% | +43% |
| Free cash flow | $105M | +2% | +123% |
What changed
Revenue was $776.0M in Q2 2025, up 6% year over year and up 10% from the previous quarter. Ongoing Certification Services was the largest line at 32% of revenue. Ongoing Certification Services added $16.0M year over year (up 7%), 35% of the total change.
Operating profit was $139.0M, a 17.9% margin (up 0.7 points year over year). Of the extra revenue versus a year earlier, 28% reached operating profit, above the 17% margin then. Total costs grew 5% against revenue growth of 6%. Net earnings were $91.0M, down 10% year over year. The effective tax rate was 22.4%.
Operating cash flow was $147.0M (up 43% year over year), 152% of net income including minority interests. Non-cash charges added back $46.0M of depreciation and amortization and $13.0M of share-based compensation. Working capital and other items used $9.0M. Capital expenditures of $42.0M left free cash flow of $105.0M.
Questions
What was UL Solutions' revenue in the second quarter 2025?
UL Solutions (ULS) reported revenue of $776M for the second quarter 2025 (Q2 2025), +6% from a year earlier and +10% from the quarter before.
Was UL Solutions profitable in the second quarter 2025?
Operating profit was $139M (17.9% of revenue) and net earnings $91.0M.
Source: UL Solutions 10-Q on SEC EDGAR.