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UL Solutions ULS Industrial — Revenue

Other segment segments

Consumer
$318M+4.6%
Risk & Compliance Software
$65M—

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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 industrial — revenue?
UL Solutions (ULS) reported industrial — revenue of $375M in Q1 2026.
How has UL Solutions's industrial — revenue changed year-over-year?
UL Solutions's industrial — revenue increased by 10.3% year-over-year, from $340M to $375M.
What is the long-term trend for UL Solutions's industrial — revenue?
Over 3 years (2022 to 2025), UL Solutions's industrial — revenue has grown at a 9.6% compound annual growth rate (CAGR), from $1.04B to $1.37B.
What does industrial — revenue mean?
The total gross income generated by the Industrial segment through testing, inspection, and certification services. This is the primary indicator of market demand for the segment's industrial safety and compliance solutions.