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UL Solutions (ULS) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
UL Solutions (ULS) reported revenue of $783M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.9% from the quarter before. Operating margin was 19.9%, net earnings $100M (12.8% of revenue).
UL Solutions, Q3 2025: revenue $783M (+7% year over year), operating margin 19.9%, net earnings $100M, operating cash flow $155M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $783M | +0.9% | +7% |
| Operating profit | $156M | +12% | +20% |
| Net earnings | $100M | +10% | +14% |
| Operating cash flow | $155M | +5% | +3% |
| Free cash flow | $109M | +4% | +30% |
What changed
Revenue was $783.0M in Q3 2025, up 7% year over year and up 1% from the previous quarter. Ongoing Certification Services was the largest line at 32% of revenue. Certification Testing added $18.0M year over year (up 9%), 35% of the total change.
Operating profit was $156.0M, a 19.9% margin (up 2.1 points year over year). Of the extra revenue versus a year earlier, 50% reached operating profit, above the 18% margin then. Total costs grew 4% against revenue growth of 7%. Net earnings were $100.0M, up 14% year over year. The effective tax rate was 27.4%.
Operating cash flow was $155.0M (up 3% year over year), 146% of net income including minority interests. Non-cash charges added back $46.0M of depreciation and amortization and $15.0M of share-based compensation. Working capital and other items used $12.0M. Capital expenditures of $46.0M left free cash flow of $109.0M.
Questions
What was UL Solutions' revenue in the third quarter 2025?
UL Solutions (ULS) reported revenue of $783M for the third quarter 2025 (Q3 2025), +7% from a year earlier and +0.9% from the quarter before.
Was UL Solutions profitable in the third quarter 2025?
Operating profit was $156M (19.9% of revenue) and net earnings $100M.
Source: UL Solutions 10-Q on SEC EDGAR.