UL Solutions Inc
ul.comWhat Do They Do?
Tests, inspects and certifies industrial and consumer products, and sells related software and advisory services to manufacturers, building and asset owners, and consumer-product businesses.
10-K for FY2025, filed Feb 19, 2026As the largest TIC services provider headquartered in North America (by revenue) with a global network of laboratories, we provided a…View ↗
The outsourced product TIC market, where we currently focus, is served by our Industrial and Consumer segments, which provide comprehensive…View ↗
Our Industrial segment provides TIC services to help ensure that our customers’ industrial products meet or exceed international standards…View ↗
Our Consumer segment provides a variety of global product market acceptance and risk mitigation services for customers in the consumer…View ↗
Our S&A segment provides complementary software and advisory solutions that extend the value proposition of TIC services we offer. The…View ↗
How Do They Make Money?
Customers generally pay fixed fees for testing, inspection and advisory work; UL earns most service revenue as it performs the work, while some testing jobs are earned when final reports or deliverables are delivered. Some ongoing certification fees vary with production volume; software is offered as SaaS or licensed software.
10-K for FY2025, filed Feb 19, 2026The majority of the Company’s revenue from contracts with customers represents revenue from services recognized over time as performance…View ↗
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. Revenue from…View ↗
In some instances, revenue from Certification Testing does not meet the over-time criteria and is recognized at a point in time when…View ↗
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. In some cases, the…View ↗
Contracts are generally structured as fixed payments as the total amount to be charged to the customer does not vary. For services where…View ↗
The Company provides software as a service (“SaaS”) and license-based software solutions, including implementation and training services…View ↗
-
10-K for FY2025, filed Feb 19, 2026
FY2025 revenue by product or service ↗
$3.1B
-
10-K for FY2025, filed Feb 19, 2026
$3.1B ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Certification Testing
|
28%
FY2022: 26%
|
Certification Testing, FY2025
$851M Sources
|
|
|
Ongoing Certification Services
|
33%
FY2022: 33%
|
Ongoing Certification Services, FY2025
$1B Sources
|
|
|
Non-certification Testing and Other Services
Mix
10-K for FY2025, filed Feb 19, 2026 |
30%
FY2022: 31%
|
Non-certification Testing and Other Services, FY2025
$911M Sources
|
Mix |
|
Software
Mix
|
9.3%
FY2022: 11%
|
Software, FY2025
$285M Sources
|
Mix |
Who Are Their Customers?
Manufacturers and building and asset owners use industrial testing, inspection and certification services; consumer-product businesses use product testing and certification. Software and advisory offerings help customers manage regulatory requirements, supply chains and sustainability.
10-K for FY2025, filed Feb 19, 2026Our Industrial segment provides TIC services to help ensure that our customers’ industrial products meet or exceed international standards…View ↗
Our Consumer segment provides a variety of global product market acceptance and risk mitigation services for customers in the consumer…View ↗
Our S&A segment provides complementary software and advisory solutions that extend the value proposition of TIC services we offer. The…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 13 cents into free cash flow.
10-K for FY2025, filed Feb 19, 2026
$522MView ↗
10-K for FY2025, filed Feb 19, 2026
$325MView ↗
10-K for FY2025, filed Feb 19, 2026
$403MView ↗
How Are They Changing?
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
-
Apr 13, 2026
Agreed to acquire Eurofins’ electrical and electronics testing business
The acquisition is expected to close in the fourth quarter of 2026, subject to regulatory approvals and customary closing conditions.
Sources
8-K, filed Apr 13, 2026
On April 13, 2026, Underwriters Laboratories Holdings B.V., a company registered in the Netherlands (“ULH”) and a wholly owned subsidiary…View ↗
Loading...
