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How UL Solutions (ULS) makes money
UL Solutions (ULS) made $823M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Ongoing Certification Services brought in $270M (33%); Certification Testing brought in $248M (30%); Non-certification Testing and Other Services brought in $244M (30%). Of every dollar of revenue, 20¢ was left as operating profit, 13¢ was left as net earnings.
Drawing the Sankey…
Revenue by segment, Q3 2026
| Segment | Revenue | Share | Q/Q | Y/Y |
|---|---|---|---|---|
| Ongoing Certification Services | $270M | 32.8% | 0% | +7% |
| Certification Testing | $248M | 30.1% | +5% | +11% |
| Non-certification Testing and Other Services | $244M | 29.6% | -2% | +4% |
| Software | $61.0M | 7.4% | 0% | -15% |
Where each dollar of revenue goes
| Line | Q3 2026 | % of revenue |
|---|---|---|
| Revenue | $823M | 100.0% |
| Operating profit | $162M | 19.7% |
| Income tax | $43.0M | 5.2% |
| Net earnings | $108M | 13.1% |
| Operating cash flow | $215M | 26.1% |
| Free cash flow | $154M | 18.7% |
Revenue, quarter by quarter
| Quarter | Revenue | Y/Y |
|---|---|---|
| Q3 2026 | $823M | +5% |
| Q2 2026 | $816M | +5% |
| Q1 2026 | $758M | +8% |
| Q4 2025 | $789M | +7% |
| Q3 2025 | $783M | +7% |
| Q2 2025 | $776M | +6% |
| Q1 2025 | $705M | +5% |
From UL Solutions' 10-Q filed Nov 3, 2026 (on EDGAR).
Questions
How does UL Solutions make money?
UL Solutions (ULS) made $823M of revenue in the third quarter 2026 (Q3 2026), +5% from a year earlier. Ongoing Certification Services brought in $270M (33%); Certification Testing brought in $248M (30%); Non-certification Testing and Other Services brought in $244M (30%). Of every dollar of revenue, 20¢ was left as operating profit, 13¢ was left as net earnings.
What is UL Solutions' biggest business?
Ongoing Certification Services: $270M in the third quarter 2026, 33% of revenue, +7% from a year earlier.
What is UL Solutions' profit margin?
Net earnings were $108M, 13.1% of revenue, in the third quarter 2026; the operating margin was 19.7%.
Updated Nov 8, 2026. Read automatically from SEC filings and public data; errors are possible. Not investment advice.