NYSE: ULS
UL Solutions Inc.CIK 0001901440 · SIC 8734 · Testing Laboratories
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ULS: revenue $816.0M, net income $246.0M. ULS net income +170% on non-operating gain; sold EHS software, acquiring E&E for €575M
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UL Solutions grants CEO Jennifer Scanlon $20M performance award tied to 50-100% stock gains
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UL Solutions completes routine annual meeting, elects 12 directors and ratifies auditor
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ULS Q1 revenue +7.5% to $758.0M; announces €575M E&E acquisition and two divestitures
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UL Solutions reports Q1 2026 earnings, reorganizes reporting segments
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UL Solutions to acquire Eurofins' electrical testing business for $670M cash
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Latest financial statements
From 10-Q filed Aug 4, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Condensed Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Revenue | 816 | 776 | 1,574 | 1,481 |
| Cost of revenue | 399 | 394 | 776 | 759 |
| Selling, general and administrative expenses | 267 | 244 | 510 | 476 |
| Restructuring | — | (1) | — | (2) |
| Operating income | 150 | 139 | 288 | 248 |
| Interest expense | (5) | (10) | (13) | (22) |
| Gain on divestiture | 191 | — | 191 | — |
| Other income (expense), net | 2 | (4) | 2 | (7) |
| Income before income taxes | 338 | 125 | 468 | 219 |
| Income tax expense | 84 | 28 | 116 | 51 |
| Net income | 254 | 97 | 352 | 168 |
| Less: net income attributable to non-controlling interests | 8 | 6 | 13 | 10 |
| Net income attributable to stockholders of UL Solutions | 246 | 91 | 339 | 158 |
| Earnings per common share: | ||||
| Basic | 1.22 | 0.45 | 1.69 | 0.79 |
| Diluted | 1.21 | 0.45 | 1.66 | 0.78 |
| Weighted average common shares outstanding: | ||||
| Basic | 202 | 201 | 201 | 201 |
| Diluted | 204 | 203 | 204 | 203 |
Condensed Consolidated Balance Sheets
(in millions, except share and per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 434 | 295 |
| Accounts receivable, net of allowance of $13 and $12 | 471 | 422 |
| Contract assets, net of allowance of $2 and $2 | 239 | 204 |
| Other current assets | 90 | 79 |
| Total current assets | 1,234 | 1,000 |
| Property, plant and equipment, net of accumulated depreciation of $908 and $879 | 766 | 699 |
| Goodwill | 642 | 656 |
| Intangible assets, net of accumulated amortization of $257 and $256 | 41 | 48 |
| Operating lease right-of-use assets | 166 | 179 |
| Deferred income taxes | 46 | 94 |
| Capitalized software, net of accumulated amortization of $461 and $475 | 90 | 105 |
| Other assets | 134 | 140 |
| Total Assets | 3,119 | 2,921 |
| Liabilities and Stockholders’ Equity | ||
| Current liabilities: | ||
| Accounts payable | 179 | 183 |
| Accrued compensation and benefits | 196 | 282 |
| Operating lease liabilities current | 39 | 43 |
| Contract liabilities | 347 | 173 |
| Other current liabilities | 105 | 79 |
| Total current liabilities | 866 | 760 |
| Long-term debt | 301 | 491 |
| Pension and postretirement benefit plans | 103 | 134 |
| Operating lease liabilities | 136 | 149 |
| Other liabilities | 93 | 93 |
| Total Liabilities | 1,499 | 1,627 |
| Commitments and contingencies (Note 17) | ||
| Stockholders’ equity: | ||
| Class A common stock, $0.001 per share, 78,139,909 and 77,270,964 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Class B common stock, $0.001 per share, 123,755,000 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively | — | — |
| Additional paid-in capital | 934 | 887 |
| Retained earnings | 750 | 470 |
| Accumulated other comprehensive loss | (89) | (95) |
| Total stockholders’ equity before non-controlling interests | 1,595 | 1,262 |
| Non-controlling interests | 25 | 32 |
| Total Stockholders’ Equity | 1,620 | 1,294 |
| Total Liabilities and Stockholders’ Equity | 3,119 | 2,921 |
Condensed Consolidated Statements of Cash Flows
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating activities | ||
| Net income | 352 | 168 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | ||
| Depreciation and amortization | 93 | 91 |
| Gain on divestiture | (191) | — |
| Stock-based compensation | 35 | 21 |
| Losses on foreign exchange transactions | 3 | 5 |
| Deferred income taxes | 41 | 1 |
| Other, net | 6 | 11 |
| Changes in assets and liabilities, excluding the effects of acquisitions and divestitures: | ||
| Accounts receivable | (63) | (26) |
| Contract and other assets | (59) | (48) |
| Accounts payable | 1 | (27) |
| Accrued expenses | (10) | (38) |
| Pension and postretirement benefit plans | (5) | (5) |
| Contract and other liabilities | 176 | 148 |
| Net cash flows provided by operating activities | 379 | 301 |
| Investing activities | ||
| Capital expenditures | (138) | (93) |
| Proceeds from divestiture | 199 | — |
| Purchases of investments | — | (14) |
| Sales of investments | 8 | 1 |
| Other investing activities, net | 1 | (1) |
| Net cash flows provided by (used in) investing activities | 70 | (107) |
| Financing activities | ||
| Proceeds from long-term debt | 187 | 150 |
| Repayments of long-term debt | (378) | (285) |
| Dividends to stockholders of UL Solutions | (58) | (52) |
| Dividends to non-controlling interest | (20) | (17) |
| Employee taxes paid on settlement of stock-based compensation | (32) | (13) |
| Other financing activities, net | (7) | (4) |
| Net cash flows used in financing activities | (308) | (221) |
| Effect of exchange rate changes on cash and cash equivalents | (2) | 1 |
| Net increase (decrease) in cash and cash equivalents | 139 | (26) |
| Cash and cash equivalents | ||
| Beginning of period | 295 | 298 |
| End of period | 434 | 272 |
| Supplemental disclosures of cash flow information | ||
| Cash paid during the period for interest | 13 | 22 |
| Cash paid during the period for income taxes | 45 | 40 |
| Noncash investing and financing activities | ||
| Capital expenditures funded by liabilities | 46 | 23 |
| Conversion of stock-based compensation awards to equity | 47 | 25 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions, except share and per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗