Filing Flows › UL Solutions (ULS) › Q4 2025
UL Solutions (ULS) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 19, 2026
UL Solutions (ULS) reported revenue of $789M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.8% from the quarter before. Operating margin was 15.0%, net earnings $67.0M (8.5% of revenue).
UL Solutions, Q4 2025: revenue $789M (+7% year over year), operating margin 15.0%, net earnings $67.0M, operating cash flow $144M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $789M | +0.8% | +7% |
| Operating profit | $118M | -24% | +3% |
| Net earnings | $67.0M | -33% | -17% |
| Operating cash flow | $144M | -7% | +11% |
| Free cash flow | $86.0M | -21% | +19% |
What changed
Revenue was $789.0M in Q4 2025, up 7% year over year and up 1% from the previous quarter. Ongoing Certification Services was the largest line at 33% of revenue.
Operating profit was $118.0M, a 15.0% margin (down 0.6 points year over year). Of the extra revenue versus a year earlier, 6% reached operating profit, below the 16% margin then. Total costs grew 8% against revenue growth of 7%. Net earnings were $67.0M, down 17% year over year. The effective tax rate was 32.4%.
Operating cash flow was $144.0M (up 11% year over year), 203% of net income including minority interests. Non-cash charges added back $51.0M of depreciation and amortization and $11.0M of share-based compensation. Working capital and other items added $11.0M. Capital expenditures of $58.0M left free cash flow of $86.0M.
Questions
What was UL Solutions' revenue in the fourth quarter 2025?
UL Solutions (ULS) reported revenue of $789M for the fourth quarter 2025 (Q4 2025), +7% from a year earlier and +0.8% from the quarter before.
Was UL Solutions profitable in the fourth quarter 2025?
Operating profit was $118M (15.0% of revenue) and net earnings $67.0M.
Source: UL Solutions 10-K on SEC EDGAR.