UL Solutions Inc. is a global leader in safety science services. The company's operations are organized into three primary business units: Industrial, ...
UL Solutions, founded in 1894 and headquartered in Northbrook, Illinois, is a global leader in applied safety science. The company operates through three primary business units: Industrial, Consumer, and Software and Advisory. The Industrial division offers comprehensive testing, inspection, and certification services for markets such as energy, industrial automation, and ...UL Solutions, founded in 1894 and headquartered in Northbrook, Illinois, is a global leader in applied safety science. The company operates through three primary business units: Industrial, Consumer, and Software and Advisory. The Industrial division offers comprehensive testing, inspection, and certification services for markets such as energy, industrial automation, and the built environment. The Consumer segment provides safety certification, compliance monitoring, and global market access support for products like consumer electronics, medical devices, and smart products. The Software and Advisory segment delivers specialized software solutions (e.g., ULTRUS) and consulting to help regulated industries manage compliance, supply chain transparency, and sustainability. With over 14,500 employees and offices across North America, Europe, Asia Pacific, and other regions, UL Solutions serves a diverse customer base. The company went public in April 2024 on the NYSE, and as of the latest data, it has a market cap of about $15.7 billion. Key financial metrics include a revenue per share of $15.65, a net profit margin of 16%, and a return on equity of 37.5%. Under the leadership of President and CEO Jennifer Scanlon, UL Solutions continues to innovate in safety and sustainability, helping customers achieve faster time-to-market and enhance their ESG performance.
YoYYoY means Year-over-Year. It compares the latest annual value with the previous annual value to show long-term trend strength.
QoQQoQ means Quarter-over-Quarter. It compares the latest quarter with the immediately previous quarter to show short-term momentum changes.
RevenueThe total money that came through the front door from selling things, before paying a single bill. Think of it as the grand total of every credit card swipe from customers. (YoY compares this year to last year's performance, while QoQ compares the current three months to the previous three).
$3.1B
+6.4%
+7.7%
Net IncomeThe absolute bottom line. If the company paid every single supplier, employee, banker, and tax collector, this is the actual money left in their pocket at the end of the day.
$325.0M
-0.3%
+167.4%
Gross MarginThe basic markup. If they sell a $100 pair of sneakers, this percentage tells you how much of that price tag is profit right after paying for the rubber and shoelaces, but before paying for things like store rent or TV commercials.
+49.1%
+2.0%
+1.7%
Operating MarginThe 'day job' efficiency score. Out of every dollar a customer spends, this shows how many cents the company keeps after making the product AND paying for all the everyday corporate overhead (like salaries, marketing, and keeping the lights on).
+17.1%
+6.3%
+1.0%
Net MarginThe final take-home percentage. When you strip away every conceivable cost, tax, and interest payment, this is the exact number of cents the company truly gets to keep from every dollar in sales.
+10.6%
-6.3%
+148.4%
Free Cash FlowThe holy grail of corporate cash. It's the spendable, physical money left over after the business pays for its daily operations AND buys the big, expensive upgrades (like new factories or servers) it needs to survive. This is the 'free' money they can use to pay dividends or buy back stock.
$403.0M
+40.4%
-39.3%
FCF MarginThe ultimate cash conversion rate. It shows how good the company is at turning regular sales directly into cold, hard, spendable cash. A high percentage means the business is an absolute cash-printing machine.
+13.2%
+32.0%
-43.6%
Debt / EquityThe financial risk gauge. It compares how much of the company's empire was built using borrowed money (loans) versus the owners' own money (shareholders). A high number means they are heavily leveraged and playing a riskier game; a low number means they are playing it safe.
65.9%
-36.3%
-15.5%
Current RatioThe 12-month survival check. It simply compares the cash they have right now (plus things they can quickly turn into cash) against the immediate bills they absolutely must pay this year. A score above 1 means they have enough in the wallet to cover the upcoming bills without panicking.
1.32x
+5.7%
+22.4%
Total AssetsThe absolute size of the company's empire. It bundles together absolutely everything of value they own—from the cash in the register and the inventory in the warehouse, to the software patents in the vault and the factories on the ground.
Operator : Hello, and welcome to the UL Solutions Second Quarter 2026 Earnings Conference Call. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the call over to your host, Ms. Yijing Brentano, Vice President of Investor Relations at UL Solutions. Thank you. You may begin, Ms. Brentano.
Yijing Brentano : Thank you, and welcome, everyone, to our second quarter 2026 earnings call. Joining me today are Jenny Scanlon, our Chief Executive Officer; and Ryan Robinson, our Chief Financial Officer. During our discussion today, we will be referring to our earnings presentation, which is available on the Investor Relations section of our website at ul.com. Our earnings release is also available on the website. I would like to remind everyone that on today's call, we may discuss forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements may include, among other things, statements about UL Solutions' future financial results and estimates, our full year 2026 outlook, the previously announced Restructuring Plan and our pending acquisitions and divestitures, including the pending acquisition of Eurofins Electrical & Electronics business and pending sale of our shares of DQS Holding GmbH, that involve substantial risks, uncertainties and other factors that could cause actual results to differ in a material way from those expressed or implied in the forward-looking statements. Please see the disclosure statement on Slide 2 of the earnings presentation as well as the disclaimers in our earnings release concerning forward-looking statements and the risk factors that are described in our filings with the SEC, including our annual report on Form 10-K for the year ended December 31, 2025, and our quarterly report on Form 10-Q for the quarter ended June 30, 2026. We undertake no obligation to update any forward-looking statements to reflect events or circumstances after the date hereof, except as required by law. Today's presentation also includes references to non-GAAP financial measures, including adjusted EBITDA, adjusted EBITDA margin, adjusted net income, adjusted diluted earnings per share, free cash flow and free cash flow margin. A reconciliation to the most comparable GAAP financial measures can be found in the appendix to the earnings presentation, which is posted on the Investor Relations section of our website at ul.com. With that, I would now like to turn the call over to Jenny.
Jennifer Scanlon : Good morning, everyone, and thanks for joining us. We achieved another outstanding quarter with record revenue and continued growth in adjusted EBITDA. Our team executed exceptionally well across all segments, driving profitable growth, expanding margins and advancing key strategic priorities. These results were delivered in a dynamic operating environment and reflect the discipline, resilience and focus …