Filing Flows › UL Solutions (ULS) › Q2 2026 › vs Q2 2025
UL Solutions (ULS) Q2 2026 vs Q2 2025 (year over year)
UL Solutions's revenue rose $40.0M (+5%) from $776M in Q2 2025 to $816M in Q2 2026. The biggest changes: Certification Testing +$22.0M (+10%); Ongoing Certification Services +$20.0M (+8%); Software −$9.0M (-13%). Operating margin 18.4% against 17.9% (+0.5 pts).
UL Solutions, Q2 2026: revenue $816M (+5% year over year), operating margin 18.4%, net earnings $246M, operating cash flow $160M. The chart draws each line against Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Operating margin | 18.4% | 17.9% | +0.5 pts |
| Net margin | 30.1% | 11.7% | +18.4 pts |
| Free cash flow margin | 11.2% | 13.5% | -2.4 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Ongoing Certification Services | $270M | $250M | $20.0M | +8% |
| Non-certification Testing and Other Services | $248M | $241M | $7.0M | +3% |
| Certification Testing | $237M | $215M | $22.0M | +10% |
| Software | $61.0M | $70.0M | −$9.0M | -13% |
| Revenue | $816M | $776M | $40.0M | +5% |
| Other income, net | $188M | −$14.0M | $202M | — |
| Operating profit | $150M | $139M | $11.0M | +8% |
| Costs & expenses | $666M | $637M | $29.0M | +5% |
| Pre-tax earnings | $338M | $125M | $213M | +170% |
| Cost of revenue | $399M | $394M | $5.0M | +1% |
| SG&A | $267M | $244M | $23.0M | +9% |
| Net earnings | $246M | $91.0M | $155M | +170% |
| Minority interests | $8.0M | $6.0M | $2.0M | +33% |
| Income tax | $84.0M | $28.0M | $56.0M | +200% |
| Depreciation & amortization | $46.0M | $46.0M | $0 | 0% |
| Share-based compensation | $23.0M | $13.0M | $10.0M | +77% |
| Working capital & other | $155M | $3.0M | $152M | 52× |
| Operating cash flow | $160M | $147M | $13.0M | +9% |
| Free cash flow (OCF − capex) | $91.0M | $105M | −$14.0M | -13% |
| Capital expenditures | $69.0M | $42.0M | $27.0M | +64% |
Questions
How much did UL Solutions's revenue grow year over year in Q2 2026?
UL Solutions's revenue rose $40.0M (+5%) from $776M in Q2 2025 to $816M in Q2 2026.
What drove UL Solutions's revenue change in Q2 2026?
Certification Testing +$22.0M (+10%); Ongoing Certification Services +$20.0M (+8%); Software −$9.0M (-13%).