UL Solutions Inc. (ULS) Revenue History
Annual and quarterly revenue from 2020 to present
ULS Revenue Over Time (2020–2025)
ULS Revenue Growth History
5 of 5 years with positive growth- FY2020 revenue growth
- N/A
- FY2021 revenue growth
- +9.4%
- FY2022 revenue growth
- +0.1%
- FY2023 revenue growth
- +6.3%
- FY2024 revenue growth
- +7.2%
- FY2025 revenue growth
- +6.4%
| Quarter | Revenue | YoY |
|---|---|---|
| Q1 2026 | $758.0M | +7.5% |
| Q4 2025 | $789.0M | +6.8% |
| Q3 2025 | $783.0M | +7.1% |
| Q2 2025 | $776.0M | +6.3% |
| Q1 2025 | $705.0M | +5.2% |
| Q4 2024 | $739.0M | +8.0% |
| Q3 2024 | $731.0M | +8.1% |
| Q2 2024 | $730.0M | +6.0% |
Multi-year avg. share of annual revenue by fiscal quarter
Revenue Breakdown (FY 2025)
ULS's revenue distribution by segment and geography for fiscal year 2025
By Product/Segment
By Geography
ULS Revenue Analysis (2020–2025)
Current Revenue & Growth
As of June 21, 2026, UL Solutions Inc. (ULS) generated trailing twelve-month (TTM) revenue of $3.11 billion, reflecting solid growth of +7.5% year-over-year. The most recent quarter (Q1 2026) recorded $758.0 million in revenue, down 3.9% sequentially.
Historical Growth Trajectory
ULS's 5-year compound annual growth rate (CAGR) stands at +5.8%, indicating steady revenue expansion. The 3-year CAGR of +6.6% exceeds the 5-year average, indicating an acceleration in the most recent period. UL Solutions Inc.'s highest annual revenue of $3.05 billion was recorded in 2025, an all-time high.
Revenue by Segment
ULS's revenue is primarily driven by Software (100%). With over half of revenue concentrated in Software, the company has a focused business model while developing other growth vectors.
Peer Comparison
Compared to Industrials sector peers — including BV (-0.0% YoY), NVT (+40.3% YoY), and TRU (+11.0% YoY) — ULS has underperformed the peer group in revenue growth. Compare ULS vs BV →
ULS Revenue vs Peers
Revenue metrics vs comparable public companies
| Company | TTM Revenue | YoY Growth | 5Y CAGR | Op. Margin | Compare |
|---|---|---|---|---|---|
| ULSCurrent | $3.1B | +7.5% | +5.8% | 17.1% | |
 BV | $2.7B | -0.0% | +2.6% | 5.0% | |
 NVT | $3.9B | +40.3% | +14.3% | 15.8% | |
 TRU | $4.6B | +11.0% | +12.6% | 18.7% | |
 BURL | $11.6B | +10.6% | +14.9% | 7.3% | |
 ICFI | $1.9B | -9.5% | +4.4% | 8.1% |
ULS Historical Revenue Data (2020–2025)
| Year | Revenue | YoY % | Gross Profit | Gross Margin | Op. Income | Op. Margin |
|---|---|---|---|---|---|---|
| 2025 | $3.05B | +6.4% | $1.50B | 49.1% | $522.4M | 17.1% |
| 2024 | $2.87B | +7.2% | $1.38B | 48.1% | $462.0M | 16.1% |
| 2023 | $2.68B | +6.3% | $1.26B | 47.2% | $405.0M | 15.1% |
| 2022 | $2.52B | +0.1% | $1.21B | 47.9% | $412.0M | 16.3% |
| 2021 | $2.52B | +9.4% | $1.18B | 46.8% | $287.0M | 11.4% |
| 2020 | $2.30B | - | $1.03B | 44.8% | $363.0M | 15.8% |
Full Stock Analysis
Deep dive into ULS consensus models and risk factors.
Intrinsic Valuation
DCF models, multiple analysis, and analyst estimates.
Historical Returns
6+ years return with dividends reinvested.
DCA Calculator
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Peer Comparison
Compare growth, multiples, and margins vs sector.
ULS — Frequently Asked Questions
Quick answers to the most common questions about buying ULS stock.
Is ULS's revenue growth accelerating or slowing?
ULS revenue growth is holding steady at +7.5% year-over-year. TTM revenue is $3.1B. The current growth rate closely tracks the 5-year CAGR of +5.8%, signalling consistent execution.
What is ULS's revenue history from 2020 to 2026?
UL Solutions Inc. (ULS) revenue history spans 2020 to 2026. TTM revenue as of 2026 is $3.1B, growing at +7.5% YoY. The 5-year CAGR is +5.8%. Complete annual and quarterly revenue figures are available on this page, including gross profit, operating income, and margin trends.
What is ULS's long-term revenue growth rate (CAGR)?
UL Solutions Inc.'s 5-year revenue CAGR of +5.8% reflects the sustained nature of its business expansion. As of 2026, the current YoY growth rate of +7.5% is in line with this long-term average. CAGR is the most reliable measure of sustained revenue momentum for ULS.
Why does ULS's quarterly revenue fluctuate?
ULS quarterly revenue can fluctuate significantly between periods. A quarter-over-quarter (QoQ) change does not always indicate a trend; comparing the same quarter year-over-year (YoY) is a more reliable signal for underlying growth. UL Solutions Inc.'s revenue data from 2020 to 2026 shows full historical quarterly detail on this page.
How is ULS's revenue distributed by segment?
ULS reports revenue broken down by product line and geographic region. The segment breakdown on this page shows which business units contribute the most to total revenue as of the latest fiscal year. Concentration in a single segment above 50% indicates category dependence, while a diversified mix signals more resilient revenue streams.
How does ULS's revenue compare to industry peers?
UL Solutions Inc. (ULS) with TTM revenue of $3.1B and +7.5% YoY growth can be benchmarked against sector peers using the comparison table on this page. Revenue growth relative to peers indicates market share gains or losses. The peer section shows TTM revenue, YoY growth, and operating margin for direct comparisons.