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UL Solutions ULS Software — Revenue

Other product segments

Ongoing Certification Services
$265M+8.2%
Certification Testing
$211M+11.6%
Non-certification Testing and Other Services
$209M+3.0%

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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 software — revenue?
UL Solutions (ULS) reported software — revenue of $73M in Q1 2026.
How has UL Solutions's software — revenue changed year-over-year?
UL Solutions's software — revenue increased by 7.4% year-over-year, from $68M to $73M.
What is the long-term trend for UL Solutions's software — revenue?
Over 3 years (2022 to 2025), UL Solutions's software — revenue has grown at a 2.3% compound annual growth rate (CAGR), from $266M to $285M.
What does software — revenue mean?
This metric represents the total revenue generated from software licensing, subscription services, and related advisory offerings within the company's portfolio. It captures the financial performance of digital solutions that complement core testing, inspection, and certification services. This segment is critical for assessing the company's ability to scale recurring revenue streams and integrate digital capabilities into its traditional service model.