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UL Solutions ULS Certification Testing — Revenue

Other product segments

Ongoing Certification Services
$265M+8.2%
Non-certification Testing and Other Services
$209M+3.0%
Software
$73M+7.4%

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Other financials

Income statement

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Revenue$758.0M+7.5%
Gross profit$381.0M+12.1%
Operating income$138.0M+26.6%
Net income$92.0M+37.3%
EPS (diluted)$0.45+36.4%

Balance sheet

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Cash & equivalents$258.0M-3.4%
Total debt$539.0M-36.1%
Total equity$1.3B+36.0%
Total assets$3.0B+2.7%

Cash flow

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Operating cash flow$219.0M+42.2%
CapEx$69.0M+35.3%
Free cash flow$150.0M+45.6%

Valuation

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Market cap$20.53B+35.1%
Enterprise value$20.81B+32.2%
P/E58.7×+12.2×
P/S6.6×+1.5×

Profitability

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Gross margin49.9%+1.3pp
Operating margin17.7%+1.2pp
Net margin11.3%-0.3pp
FCF margin14.5%+4.0pp

Returns & leverage

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Return on equity30.6%-10.5pp
Debt / equity0.4×-0.5×
Current ratio1.2×-0.1×

Where this comes from

Reported directly by UL Solutions in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The official record: UL Solutions’s 10-Q, filed May 5, 2026, on SEC EDGAR. View the filing →

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Questions, answered.

What is UL Solutions's certification testing — revenue?
UL Solutions (ULS) reported certification testing — revenue of $211M in Q1 2026.
How has UL Solutions's certification testing — revenue changed year-over-year?
UL Solutions's certification testing — revenue increased by 11.6% year-over-year, from $189M to $211M.
What is the long-term trend for UL Solutions's certification testing — revenue?
Over 3 years (2022 to 2025), UL Solutions's certification testing — revenue has grown at a 9.0% compound annual growth rate (CAGR), from $657M to $851M.
What does certification testing — revenue mean?
This metric represents the total revenue generated from product certification and testing services within a specific business segment. It reflects the demand for third-party safety, security, and sustainability verification services required by manufacturers to access global markets. Growth in this area indicates successful expansion of the service portfolio and increased adoption of compliance standards by industrial and consumer clients.