UL Solutions Inc. (ULS) Revenue History
Annual and quarterly revenue from 2020 to 2025
Compound Annual Growth Rate (CAGR)
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ULS Revenue Growth
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)
As of May 6, 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.
Looking at the longer-term picture, ULS's 5-year compound annual growth rate (CAGR) stands at +5.8%, indicating steady revenue expansion. The company achieved its highest annual revenue of $3.05 billion in 2025, representing a new all-time high.
Revenue diversification analysis shows ULS's business is primarily driven by Software (100%). With over half of revenue concentrated in Software, the company maintains significant focus in this area while developing other growth vectors.
When 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 terms of 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 | +8.8% | +15.0% | 7.3% | |
 ICFI | $1.9B | -7.3% | +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 ULS Stock Analysis
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Start ComparisonULS — Frequently Asked Questions
Quick answers to the most common questions about buying ULS stock.
Is ULS's revenue growth accelerating or slowing?
ULS maintains +7.5% revenue growth, in line with its 5-year CAGR of +5.8%. TTM revenue stands at $3.1B. Growth rate remains consistent with historical average.
What is ULS's long-term revenue growth rate?
UL Solutions Inc.'s 5-year revenue CAGR of +5.8% reflects the sustained expansion pattern. Current YoY growth of +7.5% is near this long-term average.
How is ULS's revenue distributed by segment?
ULS reports revenue by product line and geographic region. Annual and quarterly breakdowns from 2020-2025 are available for download. Segment mix reveals concentration and diversification trends.