Jun 2026 (Q2 FY26) — Aug 4, 2026
UL Solutions Q2 FY26 — Record Revenue and Strong Organic Growth
Read the full callUL Solutions (ULS) earnings
- Jun 2026
- Jun 2026 (Q2 FY26)
- Dec 2025
UL Solutions earnings: last reported Tue, 4 Aug 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 816 | +5.2% YoY | Quarterly, as filed | Quarter to Jun 2026 | Revenue from operations as filed. |
| Operating margin | 18.4 | +0.5 pts YoY | Operating profit / revenue | Quarter to Jun 2026 | For the quarter; a change is in percentage points. |
| Net profit | 246 | +170.3% YoY | Quarterly, as filed | Quarter to Jun 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Employee health & safety (EHS) software business divestiture closing | expected to close in the second quarter [2026] | Dec 2025 | The decline reflects the divestiture of our EHS software business, which closed on April 1. | Achieved |
| Full-year capital expenditures as % of revenue | approximately 7% to 8% of revenue | Dec 2025 | We now expect full year capital expenditures of approximately 8.5% of revenue, including the timing of our previously discussed investment in laboratory capacity and other growth opportunities to meet customer demand. | Revised Down |
| Full-year adjusted EBITDA margin | 26.5% to 27% | Dec 2025 | We continue to expect adjusted EBITDA margin improvement to approximately 27% for the full year, consistent with the guidance we raised last quarter | On Track |
1 of UL Solutions Inc.'s 27 targets was missed. See which ones, and which are quietly gone. The 3 above are the free sample; 24 more targets are in the full ledger.
Claimed
- Consolidated revenue grew 5.2% to $816 million, including organic revenue growth of 6.6%.
- Adjusted EBITDA grew 11.2% to a quarterly record of $219 million, with adjusted EBITDA margin expanding 140 basis points to 26.8%.
- Adjusted diluted earnings per share increased 13.5% to $0.59.
- Free cash flow was up 19.8% year-over-year to $436 million on a trailing 12-month basis, with margin improving to 13.9%.
- Cost of revenue as a percentage of revenue improved 190 basis points year-over-year.
Qualified
- Adjusted EBITDA margin in Industrial segment decreased 10 basis points to 32.3% due to higher employee compensation costs tied to performance-based incentives.
- Risk & Compliance segment revenues decreased 17.5% year-over-year to $52 million due to the divestiture of the EHS software business.
- Advisory business within Industrial segment experienced headwinds, particularly in solar and wind.
- Selling, general and administrative expenses as a percentage of revenue increased 130 basis points, primarily reflecting higher employee compensation and professional fees.
Price
$73.01 −0.41% · −$0.3
Performance −3.2% 1Y
1Y: $75.4 on 17 Oct 2025 → $73.01. High $104.89 (6 May 2026), low $64.03 (18 Sept 2026).
- Previous close
- $73.31
- 52-week range
- $64.03 – $104.89
- One year
- −4.74%
Overview
- Symbol
- ULS
- Sector
- Industrials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
10 of 11 judged targets kept · 16 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Employee health & safety (EHS) software business divestiture closing | expected to close in the second quarter [2026] | Dec 2025 | The decline reflects the divestiture of our EHS software business, which closed on April 1. | Achieved |
| Full-year capital expenditures as % of revenue | approximately 7% to 8% of revenue | Dec 2025 | We now expect full year capital expenditures of approximately 8.5% of revenue, including the timing of our previously discussed investment in laboratory capacity and other growth opportunities to meet customer demand. | Revised Down |
| Full-year adjusted EBITDA margin | 26.5% to 27% | Dec 2025 | We continue to expect adjusted EBITDA margin improvement to approximately 27% for the full year, consistent with the guidance we raised last quarter | On Track |
Claimed
- Consolidated revenue grew 5.2% to $816 million, including organic revenue growth of 6.6%.
- Adjusted EBITDA grew 11.2% to a quarterly record of $219 million, with adjusted EBITDA margin expanding 140 basis points to 26.8%.
- Adjusted diluted earnings per share increased 13.5% to $0.59.
- Free cash flow was up 19.8% year-over-year to $436 million on a trailing 12-month basis, with margin improving to 13.9%.
- Cost of revenue as a percentage of revenue improved 190 basis points year-over-year.
Qualified
- Adjusted EBITDA margin in Industrial segment decreased 10 basis points to 32.3% due to higher employee compensation costs tied to performance-based incentives.
- Risk & Compliance segment revenues decreased 17.5% year-over-year to $52 million due to the divestiture of the EHS software business.
- Advisory business within Industrial segment experienced headwinds, particularly in solar and wind.
- Selling, general and administrative expenses as a percentage of revenue increased 130 basis points, primarily reflecting higher employee compensation and professional fees.
The full ledger
Open UL Solutions Inc.’s full ledger
A free account opens 5 company ledgers a month. All 27 tracked commitments, with each call’s wording and source.
Call summaries
Every analysed call
UL Solutions earnings calls (ULS)
Financials
What the filings say
Net profit, year on year: +170% (quarter to jun 2026 against jun 2025).
| Line item | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 | Jun 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 731 | 739 | 705 | 776 | 783 | 789 | 758 | 816 |
| Operating profit | 130 | 115 | 109 | 139 | 156 | 118 | 138 | 150 |
| Operating margin | 17.8% | 15.6% | 15.5% | 17.9% | 19.9% | 15.0% | 18.2% | 18.4% |
| Other income | 0 | -10 | -3 | -4 | 0 | -4 | -1 | — |
| Interest | 14 | 13 | 12 | 10 | 10 | 9 | 8 | 5 |
| Profit before tax | 116 | 92 | 94 | 125 | 146 | 105 | 129 | 338 |
| Tax rate | 19.0% | 7.6% | 24.5% | 22.4% | 27.4% | 32.4% | 24.8% | 24.9% |
| Net profit | 88 | 81 | 67 | 91 | 100 | 67 | 92 | 246 |
| EPS ($ per share) | 0.44 | — | 0.34 | 0.45 | 0.50 | — | 0.46 | 1.22 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Equity capital | — | 0 | — | — |
| Reserves | — | 24 | 250 | 470 |
| Total liabilities | — | 2,058 | 1,869 | 1,627 |
| Fixed assets | — | 555 | 631 | 699 |
| Total assets | — | 2,736 | 2,800 | 2,921 |
| Line item | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash from operations | 372 | 467 | 524 | 600 |
| Cash from investing | -238 | -175 | -234 | -204 |
| Cash from financing | -1,116 | -294 | -284 | -396 |
| Net cash flow | -1,006 | -7 | -17 | -3 |
| Capital expenditure | -164 | -215 | -237 | -197 |
| Free cash flow | 208 | 252 | 287 | 403 |
ULS revenue by segment
Industrial grew from 43% to 49% of revenue over the last two years.
| Segment | Q3 FY2024 | Q4 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Industrial | 43% | 44% | 44% | — | 44% | — | 49% | 49% | — |
| Consumer | 44% | 42% | 43% | 44% | — | — | 42% | 44% | +6.5% |
| Risk Compliance Software | — | — | — | — | — | — | 9% | 6% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
Insider filings
115 filings between Dec 5, 2025 and Oct 8, 2026.
Open market
decisions to buy or sellPurchases
$3.0K
2 purchases by 2 insiders
Sales
$1.13B
26 sales by 6 insiders
81% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 8
- Award — granted as compensation
- 34
- Option exercise — converted options into shares
- 35
- Tax withheld — shares kept back by the company to cover tax
Also filed: 6 gifts, 2 conversions, 2 L filings.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| ULSE Inc. | — | $1.12B | Dec 19, 2025 |
| Scanlon Jennifer F. | — | $7.65M | Oct 8, 2026 |
| Schjotz Gitte | — | $2.99M | Jun 3, 2026 |
| Uggetti Alberto | — | $844.2K | May 28, 2026 |
| Hecker Friedrich | — | $408.2K | May 21, 2026 |
| PEPPING KAREN K | — | $70.9K | Jun 9, 2026 |
| Genovesi John A | $2.3K | — | Dec 8, 2025 |
| Hancock Lynn H | $623 | — | Dec 8, 2025 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 8, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 12,500 | $876.0K |
| Sep 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 2,005 | $149.2K |
| Sep 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 10,495 | $771.6K |
| Aug 6, 2026 | Shannon James M Director | Gift | 600 | $0 |
| Aug 3, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 5,590 | $519.2K |
| Aug 3, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 3,629 | $330.3K |
| Aug 3, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 3,281 | $301.5K |
| Jul 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 3,600 | $356.6K |
| Jul 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 4,800 | $470.0K |
| Jul 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 2,600 | $262.7K |
| Jul 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 1,200 | $120.4K |
| Jul 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 300 | $30.5K |
| Jun 9, 2026 | PEPPING KAREN K Senior VP & CAO | Sale 10b5-1 plan | 725 | $70.9K |
| Jun 3, 2026 | Schjotz Gitte See Remarks | Sale 10b5-1 plan | 9,865 | $956.7K |
| Jun 2, 2026 | Schjotz Gitte See Remarks | Sale 10b5-1 plan | 12,015 | $1.20M |
| Jun 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 4,995 | $502.5K |
| Jun 1, 2026 | Scanlon Jennifer F. President and CEO | Sale 10b5-1 plan | 7,505 | $747.5K |
| May 29, 2026 | Robinson Ryan D Executive VP & CFO | Gift | 29,268 | $0 |
| May 29, 2026 | Robinson Ryan D Executive VP & CFO | Gift | 29,268 | $0 |
| May 28, 2026 | Uggetti Alberto EVP & CCO | Sale 10b5-1 plan | 2,345 | $234.2K |
| May 21, 2026 | Hecker Friedrich Director | Sale | 4,000 | $408.2K |
| May 20, 2026 | DOLLIVE JAMES P Director | Option exercise | 2,805 | — |
| May 20, 2026 | THAMAN MICHAEL H Director | Option exercise | 2,805 | — |
| May 20, 2026 | Kini Vikram Director | Option exercise | 2,805 | — |
| May 20, 2026 | Hecker Friedrich Director | Tax withheld | 1,266 | $129.1K |
| May 20, 2026 | Hecker Friedrich Director | Option exercise | 2,805 | — |
| May 15, 2026 | Scanlon Jennifer F. President and CEO | Gift | 11,242 | $0 |
| May 11, 2026 | Uggetti Alberto EVP & CCO | Sale | 6,100 | $610.0K |
| May 7, 2026 | Schjotz Gitte See Remarks | Option exercise | 22,340 | $633.1K |
| May 7, 2026 | Schjotz Gitte See Remarks | Sale | 8,000 | $831.6K |
| May 7, 2026 | Schjotz Gitte See Remarks | Tax withheld | 6,370 | $633.2K |
| May 1, 2026 | Scanlon Jennifer F. President and CEO | Tax withheld | 9,486 | $868.9K |
| May 1, 2026 | Uggetti Alberto EVP & CCO | Tax withheld | 268 | $23.6K |
| May 1, 2026 | Scanlon Jennifer F. President and CEO | Option exercise | 21,413 | — |
| May 1, 2026 | Robinson Ryan D Executive VP & CFO | Tax withheld | 2,154 | $197.3K |
| May 1, 2026 | Robinson Ryan D Executive VP & CFO | Option exercise | 4,862 | — |
| May 1, 2026 | Schjotz Gitte See Remarks | Option exercise | 2,755 | — |
| May 1, 2026 | PEPPING KAREN K Senior VP & CAO | Option exercise | 725 | — |
| May 1, 2026 | Hancock Lynn H See Remarks | Tax withheld | 573 | $52.5K |
| May 1, 2026 | Hancock Lynn H See Remarks | Option exercise | 1,293 | — |
| May 1, 2026 | Genovesi John A See Remarks | Tax withheld | 765 | $70.1K |
| May 1, 2026 | Genovesi John A See Remarks | Option exercise | 1,943 | — |
| May 1, 2026 | Chapin Linda S EVP & CHRO | Option exercise | 1,456 | — |
| May 1, 2026 | Uggetti Alberto EVP & CCO | Option exercise | 1,132 | — |
| May 1, 2026 | D'Angelo Scott EVP, CLO & Corporate Secy | Tax withheld | 351 | $32.2K |
| May 1, 2026 | PEPPING KAREN K Senior VP & CAO | Tax withheld | 271 | $24.8K |
| May 1, 2026 | D'Angelo Scott EVP, CLO & Corporate Secy | Option exercise | 1,196 | — |
| May 1, 2026 | D'Angelo Scott EVP, CLO & Corporate Secy | Tax withheld | 842 | $77.1K |
| May 1, 2026 | D'Angelo Scott EVP, CLO & Corporate Secy | Option exercise | 2,873 | — |
| May 1, 2026 | Chapin Linda S EVP & CHRO | Tax withheld | 611 | $56.0K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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