UL Solutions Inc.
Statements
Segments
US companies must disclose in their mandatory reports how revenue breaks down across business segments, regions and product lines. We read that breakdown for you straight from the annual and quarterly reports (10-K and 10-Q) of UL Solutions Inc. (ULS). It shows which part of the business is growing — and which one is holding it back.
Revenue by business segment
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Industrial | $1.04B 41.4% | $1.15B 42.8% · +9.8% | $1.25B 43.7% · +9.4% | $1.34B 43.9% · +6.9% |
| Consumer | $1.13B 44.8% | $1.17B 43.8% · +3.9% | $1.24B 43.1% · +5.6% | $1.32B 43.2% · +6.5% |
| Software and Advisory | $348.0M 13.8% | $360.0M 13.4% · +3.4% | $378.0M 13.2% · +5.0% | $393.0M 12.9% · +4.0% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Industrial | $286.0M 27.4% | $308.0M 26.9% | $338.0M 27.0% | $386.0M 28.8% |
| Consumer | $101.0M 9.0% | $45.0M 3.8% | $114.0M 9.2% | $122.0M 9.2% |
| Software and Advisory | $25.0M 7.2% | $15.0M 4.2% | $10.0M 2.6% | $14.0M 3.6% |
Large figure: segment operating income. Below it the margin, that is operating income measured against the revenue of the same segment.
Revenue by region
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| U.S. | $1.05B 41.7% | $1.12B 41.7% · +6.3% | $1.18B 41.0% · +5.5% | $1.25B 41.0% · +6.4% |
| China | $608.0M 24.1% | $632.0M 23.6% · +3.9% | $710.0M 24.7% · +12.3% | $761.0M 24.9% · +7.2% |
| Europe, Middle East and Africa | $429.0M 17.0% | $474.0M 17.7% · +10.5% | $496.0M 17.3% · +4.6% | $529.0M 17.3% · +6.7% |
| Asia Pacific | $335.0M 13.3% | $346.0M 12.9% · +3.3% | $375.0M 13.1% · +8.4% | $398.0M 13.0% · +6.1% |
| Other Americas | $97.0M 3.8% | $109.0M 4.1% · +12.4% | $111.0M 3.9% · +1.8% | $112.0M 3.7% · +0.9% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Revenue by product line
| Segment | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Ongoing Certification Services | $828.0M 32.9% | $874.0M 32.6% · +5.6% | $953.0M 33.2% · +9.0% | $1.01B 33.0% · +5.6% |
| Non-certification Testing and Other Services | $769.0M 30.5% | $812.0M 30.3% · +5.6% | $860.0M 30.0% · +5.9% | $911.0M 29.8% · +5.9% |
| Certification Testing | $657.0M 26.1% | $718.0M 26.8% · +9.3% | $784.0M 27.3% · +9.2% | $851.0M 27.9% · +8.5% |
| Software | $266.0M 10.6% | $274.0M 10.2% · +3.0% | $273.0M 9.5% · -0.4% | $285.0M 9.3% · +4.4% |
Large figure: segment revenue. Below it the share of revenue in that period and the change against the prior year.
Segment and region names are the ones the company itself uses and are shown as reported. Change and share refer to revenue.
Data as of: August 13, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q) · Segment figures: SEC EDGAR (10-K/10-Q reports)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.