ULS on NYSE
UL Solutions Inc.
American testing laboratories services company based in Wilmington2
In its 2026 annual report the company says: “We are the owner of the iconic UL-in-a-circle certification mark that appears on billions of products around the world.”6 Its shares trade on NYSE under the symbol ULS.2
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Last updated Oct 21, 2026.
Overview
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- TickerULS on NYSE2
- IndustryServices-Testing Laboratories2
- HeadquartersWilmington, United States2
- Incorporated inDE4
- Business address333 Pfingsten Road, Northbrook, Il 600624
- Filer categoryLarge accelerated filer4
- Legal formCorporation2
- LEI549300F7CUV5ESKV9P712
- StatusActive2
- LEI statusIssued and current2
- Registered addressC/O CORPORATION SERVICE COMPANY, 19808 Wilmington, United States2
- Registered withDivision of Corporations, Department of State, 45704422
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UL Solutions Inc. (together with its consolidated subsidiaries, “UL Solutions”, the “Company”, “we”, “our”, and “us”) is a global safety science leader that provides Testing, Inspection and Certification (“TIC”) services and related software and advisory offerings to customers worldwide. We work for a safer world. Our mission drives our actions, inspires our employees and is the key to our success. We strive to be our customers’ most trusted science-based safety, security and sustainability partner. Our history dates back to our founding in 1894 as part of the nonprofit Underwriters Electrical Bureau, a predecessor to Underwriters Laboratories Inc. (“UL Research Institutes”), UL Standards & Engagement and UL Solutions. UL Research Institutes is the sole member of UL Standards & Engagement, which controls the majority of the voting power of our common stock.6 From its latest annual report
Financials
From the company’s reports to the SEC. Every number links to the filing it came from.
Key numbers, fiscal 2025
17.1%Operating margin3
10.6%Net margin3
6.4%Revenue growth, 20253
25.8%Return on equity3
0.39×Debt to equity3
$403.0MFree cash flow3
What sells
Revenue by product, business segment and region, as the company reports it to the SEC.
Products and services
Ongoing Certification Services brought in 33% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.
Products and services by year
| Products and services | 2023 | 2024 | 2025 |
|---|---|---|---|
| Ongoing Certification Services | $874.0M | $953.0M | $1.0B |
| Non-certification Testing and Other Services | $812.0M | $860.0M | $911.0M |
| Certification Testing | $718.0M | $784.0M | $851.0M |
| Software | $274.0M | $273.0M | $285.0M |
Business segments
Industrial brought in 44% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.
Business segments by year
| Business segments | 2023 | 2024 | 2025 |
|---|---|---|---|
| Industrial | $1.1B | $1.3B | $1.3B |
| Consumer | $1.2B | $1.2B | $1.3B |
| Software and Advisory | $360.0M | $378.0M | $393.0M |
Regions
United States brought in 41% of the revenue UL Solutions Inc. broke down this way in fiscal 2025.
Regions by year
| Regions | 2023 | 2024 | 2025 |
|---|---|---|---|
| United States | $1.1B | $1.2B | $1.3B |
| China | $632.0M | $710.0M | $761.0M |
| EMEA | $474.0M | $496.0M | $529.0M |
| Asia Pacific | $346.0M | $375.0M | $398.0M |
| Other Americas | $109.0M | $111.0M | $112.0M |
Where the money goes
Where each dollar of revenue went, fiscal 2025
- Cost of revenue51¢$1.5B
- Selling, general and admin31¢$953.0M
- Other costs4¢$107.0M
- Income tax4¢$125.0M
- Profit11¢$325.0M
Out of $3.1B in revenue.3
Where each dollar of operating cash went, fiscal 2025
- Capital spending33¢$197.0M
- Dividends paid17¢$104.0M
- Kept or used elsewhere50¢$299.0M
Out of $600.0M of cash from operations.3
Financial statements
Every line of the income statement as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Revenue | $3.1B | $2.9B | $2.7B |
| Cost of revenue | $1.5B | $1.5B | $1.4B |
| Selling, general and administrative expenses | $953.0M | $931.0M | $875.0M |
| Goodwill impairment | $0 | $0 | $37.0M |
| Restructuring | $35.0M | -$1.0M | $4.0M |
| Operating income | $522.0M | $462.0M | $368.0M |
| Interest expense | -$41.0M | -$55.0M | -$35.0M |
| Other (expense) income, net | -$11.0M | $8.0M | $13.0M |
| Income before income taxes | $470.0M | $415.0M | $346.0M |
| Income tax expense | $125.0M | $70.0M | $70.0M |
| Net income | $345.0M | $345.0M | $276.0M |
| Less: net income attributable to non-controlling interests | $20.0M | $19.0M | $16.0M |
| Net income attributable to stockholders of UL Solutions | $325.0M | $326.0M | $260.0M |
| Basic (in dollars per share) | $1.62 | $1.63 | $1.30 |
| Diluted (in dollars per share) | $1.60 | $1.62 | $1.30 |
| Basic (in shares) | 201.0M shares | 200.0M shares | 200.0M shares |
| Diluted (in shares) | 203.0M shares | 201.0M shares | 200.0M shares |
No quarter-by-quarter statement was filed.
Every line of the balance sheet as filed: the last 4 fiscal years (annual) or 4 quarters (quarterly), latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $295.0M | $298.0M | ||
| Accounts receivable, net of allowance of $12 and $9 | $422.0M | $380.0M | ||
| Contract assets, net of allowance of $2 and $1 | $204.0M | $182.0M | ||
| Other current assets | $79.0M | $61.0M | ||
| Total current assets | $1.0B | $921.0M | ||
| Property, plant and equipment, net of accumulated depreciation of $879 and $772 | $699.0M | $631.0M | ||
| Goodwill | $656.0M | $633.0M | $623.0M | |
| Intangible assets, net of accumulated amortization of $256 and $239 | $48.0M | $58.0M | ||
| Operating lease right-of-use assets | $179.0M | $186.0M | ||
| Deferred income taxes | $94.0M | $108.0M | ||
| Capitalized software, net of accumulated amortization of $475 and $427 | $105.0M | $127.0M | ||
| Other assets | $140.0M | $136.0M | ||
| Total Assets | $2.9B | $2.8B | ||
| Current portion of long-term debt | $0 | $50.0M | ||
| Accounts payable | $183.0M | $182.0M | ||
| Accrued compensation and benefits | $282.0M | $254.0M | ||
| Operating lease liabilities - current | $43.0M | $38.0M | ||
| Contract liabilities | $173.0M | $162.0M | ||
| Other current liabilities | $79.0M | $54.0M | ||
| Total current liabilities | $760.0M | $740.0M | ||
| Long-term debt | $491.0M | $692.0M | ||
| Pension and postretirement benefit plans | $134.0M | $196.0M | ||
| Operating lease liabilities | $149.0M | $155.0M | ||
| Other liabilities | $93.0M | $86.0M | ||
| Total Liabilities | $1.6B | $1.9B | ||
| Additional paid-in capital | $887.0M | $821.0M | ||
| Retained earnings | $470.0M | $250.0M | ||
| Accumulated other comprehensive loss | -$95.0M | -$167.0M | ||
| Total stockholders equity before non-controlling interests | $1.3B | $904.0M | ||
| Non-controlling interests | $32.0M | $27.0M | ||
| Total Stockholders Equity | $1.3B | $931.0M | $678.0M | $1.1B |
| Total Liabilities and Stockholders Equity | $2.9B | $2.8B | ||
| Accounts receivable, allowance for credit loss | $12.0M | $9.0M | ||
| Contract assets, allowance for credit loss | $2.0M | $1.0M | ||
| Property, plant, and equipment, accumulated depreciation | $879.0M | $772.0M | ||
| Intangible assets, accumulated amortization | $256.0M | $239.0M | ||
| Capitalized software, accumulated amortization | $475.0M | $427.0M | ||
| Common stock, shares outstanding (in shares) | 201.0M shares | 200.2M shares | 200.0M shares |
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Cash and cash equivalents | $295.0M | $298.0M | ||
| Accounts receivable, net of allowance of $12 and $9 | $422.0M | $380.0M | ||
| Contract assets, net of allowance of $2 and $1 | $204.0M | $182.0M | ||
| Other current assets | $79.0M | $61.0M | ||
| Total current assets | $1.0B | $921.0M | ||
| Property, plant and equipment, net of accumulated depreciation of $879 and $772 | $699.0M | $631.0M | ||
| Goodwill | $656.0M | $633.0M | $623.0M | |
| Intangible assets, net of accumulated amortization of $256 and $239 | $48.0M | $58.0M | ||
| Operating lease right-of-use assets | $179.0M | $186.0M | ||
| Deferred income taxes | $94.0M | $108.0M | ||
| Capitalized software, net of accumulated amortization of $475 and $427 | $105.0M | $127.0M | ||
| Other assets | $140.0M | $136.0M | ||
| Total Assets | $2.9B | $2.8B | ||
| Current portion of long-term debt | $0 | $50.0M | ||
| Accounts payable | $183.0M | $182.0M | ||
| Accrued compensation and benefits | $282.0M | $254.0M | ||
| Operating lease liabilities - current | $43.0M | $38.0M | ||
| Contract liabilities | $173.0M | $162.0M | ||
| Other current liabilities | $79.0M | $54.0M | ||
| Total current liabilities | $760.0M | $740.0M | ||
| Long-term debt | $491.0M | $692.0M | ||
| Pension and postretirement benefit plans | $134.0M | $196.0M | ||
| Operating lease liabilities | $149.0M | $155.0M | ||
| Other liabilities | $93.0M | $86.0M | ||
| Total Liabilities | $1.6B | $1.9B | ||
| Additional paid-in capital | $887.0M | $821.0M | ||
| Retained earnings | $470.0M | $250.0M | ||
| Accumulated other comprehensive loss | -$95.0M | -$167.0M | ||
| Total stockholders equity before non-controlling interests | $1.3B | $904.0M | ||
| Non-controlling interests | $32.0M | $27.0M | ||
| Total Stockholders Equity | $1.3B | $931.0M | $678.0M | $1.1B |
| Total Liabilities and Stockholders Equity | $2.9B | $2.8B | ||
| Accounts receivable, allowance for credit loss | $12.0M | $9.0M | ||
| Contract assets, allowance for credit loss | $2.0M | $1.0M | ||
| Property, plant, and equipment, accumulated depreciation | $879.0M | $772.0M | ||
| Intangible assets, accumulated amortization | $256.0M | $239.0M | ||
| Capitalized software, accumulated amortization | $475.0M | $427.0M | ||
| Common stock, shares outstanding (in shares) | 201.0M shares | 200.2M shares | 200.0M shares |
Cash flow is reported year to date, not quarter by quarter, so there are no separate quarterly figures.
Every line of the cash flow as filed: the last 3 fiscal years, latest first.3
| Period ending | 2025-12-31 | 2024-12-31 | 2023-12-31 |
|---|---|---|---|
| Net income | $345.0M | $345.0M | $276.0M |
| Depreciation and amortization | $188.0M | $172.0M | $154.0M |
| Goodwill impairment | $0 | $0 | $37.0M |
| Gains on divestitures | $0 | -$24.0M | -$2.0M |
| Stock-based compensation | $47.0M | $23.0M | $0 |
| Charged to Costs and Expenses | $11.0M | $9.0M | $4.0M |
| Losses on foreign exchange transactions | $10.0M | $11.0M | $4.0M |
| Deferred income taxes | $2.0M | -$6.0M | $11.0M |
| Other, net | $8.0M | $11.0M | $1.0M |
| Accounts receivable | -$32.0M | -$31.0M | $6.0M |
| Contract and other assets | -$22.0M | $3.0M | -$33.0M |
| Accounts payable | -$13.0M | $13.0M | $1.0M |
| Accrued expenses | $80.0M | $7.0M | -$28.0M |
| Pension and postretirement benefit plans | -$35.0M | -$9.0M | $4.0M |
| Contract and other liabilities | $11.0M | $0 | $32.0M |
| Net cash flows provided by operating activities | $600.0M | $524.0M | $467.0M |
| Capital expenditures | -$197.0M | -$237.0M | -$215.0M |
| Acquisitions, net of cash acquired | -$1.0M | -$26.0M | -$18.0M |
| Proceeds from divestitures | $0 | $29.0M | $4.0M |
| Sales of investments | $51.0M | $0 | $144.0M |
| Purchases of investments | -$58.0M | $0 | -$95.0M |
| Other investing activities, net | $1.0M | $0 | $5.0M |
| Net cash flows used in investing activities | -$204.0M | -$234.0M | -$175.0M |
| Proceeds from long-term debt | $792.0M | $181.0M | $440.0M |
| Repayments of long-term debt | -$1.0B | -$346.0M | -$30.0M |
| Dividends to stockholders of UL Solutions | -$104.0M | -$100.0M | -$680.0M |
| Dividends to non-controlling interest | -$17.0M | -$15.0M | -$14.0M |
| Payment, Tax Withholding, Share-Based Payment Arrangement | -$15.0M | $0 | $0 |
| Other financing activities, net | -$7.0M | -$4.0M | -$10.0M |
| Net cash flows used in financing activities | -$396.0M | -$284.0M | -$294.0M |
| Effect of exchange rate changes on cash and cash equivalents | -$3.0M | -$23.0M | -$5.0M |
| Net decrease in cash and cash equivalents | -$3.0M | -$17.0M | -$7.0M |
| Cash paid during the period for interest | $40.0M | $57.0M | $32.0M |
| Cash paid during the period for income taxes | $92.0M | $66.0M | $57.0M |
| Cash paid during the period for stock-based compensation | $4.0M | $19.0M | $61.0M |
| Capital expenditures funded by liabilities | $54.0M | $43.0M | $46.0M |
| Conversion of stock-based compensation awards to equity (Note 17) | $37.0M | $26.0M | $0 |
No quarter-by-quarter statement was filed.
Corporate structure
UL Solutions Inc. sits at the top of its group. 124 entities, 42 countries on record. Switch between the flow chart and the network, and select any entity to see its details.
Major holders of UL Solutions Inc.
- T. Rowe Price Investment Management, Inc. Filed SCHEDULE 13G/A on UL Solutions Inc., latest Oct 7, 2026 (4 filings since Feb 14, 2025)
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLC Filed SCHEDULE 13G/A on UL Solutions Inc., latest Aug 13, 2026 (3 filings since May 6, 2025)
- BlackRock Filed SCHEDULE 13G/A on UL Solutions Inc., latest Jul 30, 2026 (2 filings since Jan 21, 2026)
- Capital International Investors Filed SCHEDULE 13G/A on UL Solutions Inc., latest May 14, 2026 (5 filings since Nov 13, 2024)
- VANGUARD CAPITAL MANAGEMENT LLC Filed SCHEDULE 13G on UL Solutions Inc., latest Apr 30, 2026
- VANGUARD GROUP INC Filed SCHEDULE 13G/A on UL Solutions Inc., latest Mar 27, 2026 (3 filings since Nov 4, 2024)
- Capital Research Global Investors Filed SCHEDULE 13G/A on UL Solutions Inc., latest Feb 12, 2026 (3 filings since Aug 13, 2025)
- ULSE Inc. Filed SCHEDULE 13G/A on UL Solutions Inc., latest Feb 10, 2026 (2 filings since Nov 8, 2024)
- FMR LLC Filed SCHEDULE 13G/A on UL Solutions Inc., latest Nov 5, 2025 (3 filings since Nov 12, 2024)
- JPMorgan Chase Filed SCHEDULE 13G/A on UL Solutions Inc., latest Jul 31, 2025 (2 filings since Feb 10, 2025)
- NORGES BANK Filed SCHEDULE 13G/A on UL Solutions Inc., latest Apr 10, 2025 (3 filings since Nov 7, 2024)
- UL Solutions Inc. Wilmington, Delaware, United States
- AWS Truepower do Brasil Ltda. Subsidiary · Brazil
- BatterieIngenieure GmbH Subsidiary · Germany
- BatterieIngenieure International GmbH i.L. Subsidiary · Germany
- Certification Entity For Renewable Energies, S.L. Subsidiary · Spain
- ChemAdvisor Europe Subsidiary · Belgium
- Cimteq Holdings Limited Subsidiary · United Kingdom
- Cimteq Limited Subsidiary · United Kingdom
- Collis Holding B.V. Subsidiary · Netherlands
- Consumer Testing Laboratories (Bangladesh) Limited, Inc. Subsidiary · Florida, United States
- Consumer Testing Laboratories (Far East) Ltd. Subsidiary · Hong Kong
- Consumer Testing Laboratories (Shenzhen) Co., Ltd. Subsidiary · China
- Consumer Testing Laboratories, Ltd Subsidiary · Bangladesh
- Data Test Labs Company Subsidiary · Michigan, United States
- DEWI Do Brasil, Engenharia e Comércio De Energia Eolica e Solar LTDA. Subsidiary · Brazil
- DEWI-OCC Offshore and Certification Centre GmbH Subsidiary · Germany
- DQS Holding GmbH Subsidiary · Germany
- Emergo (India) Consulting Private Limited Subsidiary · India
- Emergo Asia-Pacific Pty. Limited Subsidiary · Australia
- Emergo Brazil Import Importaҫão e Distribuiҫão de Produtos Médicos Hospitalares Ltda. Me. Subsidiary · Brazil
- Emergo Brazil Participaҫões e Serviҫos de Consultoria Ltda. Subsidiary · Brazil
- Emergo Consulting (UK) Limited Subsidiary · United Kingdom
- Emergo Consulting LLC Subsidiary · Russia
- Emergo Costa Rica S.R.L. Subsidiary · Costa Rica
- Emergo Deutschland GmbH Subsidiary · Germany
- Emergo Europe B.V. Subsidiary · Netherlands
- and 97 more
Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); subsidiaries listed in Exhibit 21 of annual reports filed with the SEC; major holders from Schedules 13D and 13G. Each entity in the chart links to its source.
What it owns
What UL Solutions Inc. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.
Property and equipment
| Item | Latest | A year before | Change |
|---|---|---|---|
| Property and equipment, before depreciation | $1.6B3 Dec 31, 2025 | $1.4B3 Dec 31, 2024 | +12.5% |
| Accumulated depreciation | $879.0M3 Dec 31, 2025 | $772.0M3 Dec 31, 2024 | +13.9% |
| Property and equipment, net | $699.0M3 Dec 31, 2025 | $631.0M3 Dec 31, 2024 | +10.8% |
| Operating-lease assets (leased space) | $179.0M3 Dec 31, 2025 | $186.0M3 Dec 31, 2024 | −3.8% |
Investments
| Item | Latest | A year before | Change |
|---|---|---|---|
| Cash and cash equivalents | $295.0M3 Dec 31, 2025 | $298.0M3 Dec 31, 2024 | −1.0% |
| Stakes in other companies (equity method) | $23.0M3 Dec 31, 2025 | $22.0M3 Dec 31, 2024 | +4.5% |
Intangibles and goodwill
| Item | Latest | A year before | Change |
|---|---|---|---|
| Goodwill | $656.0M3 Dec 31, 2025 | $633.0M3 Dec 31, 2024 | +3.6% |
| Finite-lived intangibles, gross | $304.0M3 Dec 31, 2025 | $297.0M3 Dec 31, 2024 | +2.4% |
| Accumulated amortization | $256.0M3 Dec 31, 2025 | $239.0M3 Dec 31, 2024 | +7.1% |
| Finite-lived intangibles, net | $48.0M3 Dec 31, 2025 | $58.0M3 Dec 31, 2024 | −17.2% |
Properties, in its own words
The table below sets forth certain information regarding our owned and leased properties as of December 31, 2025:
Owned · Leased · Total
The rest of Item 2
Sites with laboratories · 17 · 70 · 87
Dedicated office spaces · — · 58 · 58
Total locations · 17 · 128 · 145
Laboratories Footprint
We operate and maintain a global laboratory network with deep technical capabilities in order to serve our customers. As of December 31, 2025, we leased or owned 87 sites with laboratories spread across 27 countries. Further, we have one laboratory location under construction and three undergoing expansion to meet local market and technology needs to strengthen our industry leading footprint and global capabilities. Our laboratories employ approximately 3,400 employees and span over 5 million square feet. We operate 36 laboratory sites throughout Asia, 31 laboratory sites in the Americas and 20 laboratory sites in Europe, the Middle East and Africa. These laboratories use more than 140,000 pieces of test equipment and enable us to offer high-quality testing capabilities across a diverse set of standards, regulations and customer and market specific requirements.
We manage our laboratory footprint in two categories, Integrated laboratories and Specialized Industry laboratories. Our Integrated laboratories are larger centers of excellence with vast capacities and capabilities in testing across multiple industries. Our Specialized Industry laboratories serve specific industries and offer niche testing capabilities. Overall, our centralized global laboratory operations enable us to deliver a consistent and streamlined experience for our customers. We leverage our network of laboratories to improve collaboration, speed and transparency, while maintaining uniform operational measurement, accountability and quality control in delivering outcomes for our customers. Our scaled laboratory operations and integrated laboratories enable us to optimize utilization of resources, our global laboratory footprint, our accreditation strategy and the sharing of data across teams, as well as benefit from valuable expertise and experience across our organization.
Footprint and Facilities
In addition to our leading network of laboratories around the world, we have a broad and global portfolio of offices and facilities. Our corporate headquarters is located at 333 Pfingsten Road, Northbrook, Illinois 60062. We own the property and building where our headquarters is located, which spans approximately 979,000 square feet.
Alongside our headquarters, as of December 31, 2025, we had 58 additional locations that are exclusively dedicated to office space in 26 countries. Our global network of offices, coupled with our technical laboratories across the world, enable us to offer our customers the services they need in their local markets.
We do not believe that any of our properties are subject to any encumbrance, easement or other restriction that would detract materially from its value or impair its use in the operation of our business. We also believe that our properties, including the principal properties described above, are well-maintained, adequate and suitable for their current requirements and for our operations in the foreseeable future.
Item 2 of the 10-K filed Feb 19, 2026.6
Leadership
Who has led UL Solutions Inc., and when. Pick a name to see everywhere that person has worked.
Chief executive
President
Chief financial officer
2025
- Chief executive officerJennifer F. Scanlon Apr 12, 2024 to now12
- PresidentJennifer F. Scanlon Apr 12, 2024 to now12
- Chief financial officerRyan D. Robinson Apr 12, 2024 to now13
Board members and other officers (21)
- EVP, CBO & Innovation OfficerAlex Dadakis Jan 31, 2025 to now14
- EVP & CCOAlberto Uggetti Apr 12, 2024 to now15
- OfficerGitte Schjotz Apr 12, 2024 to now16
- OfficerJohn A. Genovesi Apr 12, 2024 to now17
- Senior VP & CAOKaren K. Pepping Apr 12, 2024 to now18
- EVP & CHROLinda S. Chapin Apr 12, 2024 to now19
- OfficerLynn H. Hancock Apr 12, 2024 to now20
- Board memberVikram Kini May 22, 2025 to now21
- Board memberCharles W. Hooper Apr 12, 2024 to now22
- Board memberElisabeth Torstad Apr 12, 2024 to now23
- Board memberFrank J. Coyne Apr 12, 2024 to now24
- Board memberFriedrich Hecker Apr 12, 2024 to now25
- Board memberGeorge A. Williams Apr 12, 2024 to now26
- Board memberJames P. Dollive Apr 12, 2024 to now27
- Board memberJennifer F. Scanlon Apr 12, 2024 to now12
- Board memberLisa Marie Lambert Apr 12, 2024 to now28
- Board memberMarla C. Gottschalk Apr 12, 2024 to now29
- Board memberMichael H. Thaman Apr 12, 2024 to now30
- Board memberSally Susman Apr 12, 2024 to now31
- General counselScott D'Angelo Apr 25, 2025 to now32
- General counselJacqueline K. McLaughlin Apr 12, 2024 to Jun 21, 202433
Subsidiaries and ownership
Subsidiaries (Exhibit 21)
- AWS Truepower do Brasil Ltda. Brazil5
- BatterieIngenieure GmbH Germany5
- BatterieIngenieure International GmbH i.L. Germany5
- Certification Entity For Renewable Energies, S.L. Spain5
- ChemAdvisor Europe Belgium5
- Cimteq Holdings Limited United Kingdom5
- Cimteq Limited United Kingdom5
- Collis Holding B.V. Netherlands5
- Consumer Testing Laboratories (Bangladesh) Limited, Inc. Florida5
- Consumer Testing Laboratories (Far East) Ltd. Hong Kong5
- Consumer Testing Laboratories (Shenzhen) Co., Ltd. China5
- Consumer Testing Laboratories, Ltd Bangladesh5
- DEWI Do Brasil, Engenharia e Comércio De Energia Eolica e Solar LTDA. Brazil5
- DEWI-OCC Offshore and Certification Centre GmbH Germany5
- DQS Holding GmbH Germany5
- Data Test Labs Company Michigan5
- Emergo (India) Consulting Private Limited India5
- Emergo Asia-Pacific Pty. Limited Australia5
- Emergo Brazil Import Importaҫão e Distribuiҫão de Produtos Médicos Hospitalares Ltda. Me. Brazil5
- Emergo Brazil Participaҫões e Serviҫos de Consultoria Ltda. Brazil5
- Emergo Consulting (UK) Limited United Kingdom5
- Emergo Consulting LLC Russian Federation5
- Emergo Costa Rica S.R.L. Costa Rica5
- Emergo Deutschland GmbH Germany5
All 124 listed subsidiaries
- Emergo Europe B.V. Netherlands5
- Emergo Europe Consulting B.V. Netherlands5
- Emergo France France5
- Emergo Global Consulting LLC Texas5
- Emergo Global Representation LLC Texas5
- Emergo Hong Kong Limited Hong Kong5
- Emergo Japan Consulting K.K. Japan5
- Emergo Malaysia SDN. BHD. Malaysia5
- Emergo Medical Technology (Beijing) Co., Ltd China5
- Emergo Peru S.R.L. Peru5
- Emergo Singapore Consulting Private Limited Singapore5
- Emergo Taiwan Limited Taiwan5
- Emergo, S. de R.L. de C.V. Mexico5
- Futuremark Oy Finland5
- Green Safety (Shanghai) Investment Management Limited Company China5
- Gulf Renewable Energy Laboratory Saudi Arabia5
- HBI Compliance Limited United Kingdom5
- Healthy Buildings International Limited United Kingdom5
- HyAc GmbH i.L. Germany5
- I.L Emergo Israel Ltd. Israel5
- ICQ (MED) Tunisia5
- Istituto Certificazione Qualita' S.r.l. In Breve ICQ S.r.l. Italy5
- KUGLER MAAG CIE GmbH Germany5
- KUGLER MAAG CIE Management Consulting (Shanghai) Co., Ltd China5
- Nuovo Istituto Italiano Sicurezza Giocattoli S.r.l. Italy5
- PT. UL International Indonesia Indonesia5
- STR International, LLC Delaware5
- STR Turkey LLC Delaware5
- Specialized Technology Resources - Bangladesh Private Limited Bangladesh5
- TesTneT Engineering GmbH Germany5
- UL (China) Holding Company Limited China5
- UL Associates LLC South Carolina5
- UL Business Services India LLP India5
- UL Business Services Mexico, S. DE R.L. DE C.V. Mexico5
- UL Business Solutions Canada Inc./Solutions D'Affaires UL Canada Inc. Canada5
- UL Changzhou Quality Technology Services Co., Ltd. China5
- UL Concord Holdings Limited United Kingdom5
- UL GmbH Switzerland5
- UL India Private Limited India5
- UL International (France) SA France5
- UL International (Netherlands) B.V. Netherlands5
- UL International (Sweden) AB Sweden5
- UL International (UK) Limited United Kingdom5
- UL International Australia Pty Ltd Australia5
- UL International Demko A/S Denmark5
- UL International Germany GmbH Germany5
- UL International GmbH Germany5
- UL International Italia S.r.l. Italy5
- UL International Limited Hong Kong5
- UL International New Zealand Limited New Zealand5
- UL International Polska Spolka Z Ograniczona Odpowiedzialnoscia Poland5
- UL International Services B.V. Netherlands5
- UL International, L.L.C. Delaware5
- UL International-Singapore Private Limited Singapore5
- UL Ireland Operations Limited Ireland5
- UL Japan, Inc. Japan5
- UL LLC Delaware5
- UL Laboratory Canada Inc./ UL Laboratoire Canada Inc. Canada5
- UL Maybach Holdings LLC Delaware5
- UL Method Park GmbH Germany5
- UL Ningbo Technology Services Co., Ltd. China5
- UL Responsible Sourcing México, S.A. de C.V. Mexico5
- UL Services (Malaysia) Sdn.Bhd. Malaysia5
- UL Services Group Foreign Holdings LLC Delaware5
- UL Services Group LLC New York5
- UL Services Spain S.L. Spain5
- UL Singapore Holdings LLC Delaware5
- UL Singapore Holdings PTE. LTD. Singapore5
- UL Standard Technical Service (Shanghai) Co., Ltd. Limited China5
- UL TS B.V. Netherlands5
- UL TS FZE United Arab Emirates5
- UL Testtech Laboratórios de Avaliação da Conformidade Ltda. Brazil5
- UL Transaction Security Pty. Ltd. Australia5
- UL VS (Vietnam) Co. Ltd. Vietnam5
- UL VS Bangladesh Ltd. Bangladesh5
- UL VS Hong Kong Limited Hong Kong5
- UL VS Laboratuar Hizmetleri Anonim Şirketi Turkey5
- UL VS Limited United Kingdom5
- UL VS Shanghai Ltd. China5
- UL VS South Africa Proprietary Limited South Africa5
- UL VS Taiwan Ltd. Taiwan5
- UL Verification Services (Guangzhou) Co., Ltd. China5
- UL Verification Services Inc. Delaware5
- UL Verification Services Philippines PLC Philippines5
- UL Verification Services Private Limited Singapore5
- UL de Argentina S.R.L. Argentina5
- UL de Colombia S.A.S. Colombia5
- UL de México, S.A. de C.V. Mexico5
- UL do Brasil Certificações Brazil5
- UL do Brasil Ltda. Brazil5
- UL-CCIC Company Limited China5
- UL-Shimadzu Laboratory Corporation Japan5
- ULME Trading L.L.C. United Arab Emirates5
- Underwriters Laboratories (Thailand) Limited Thailand5
- Underwriters Laboratories Advanced for Verification Saudi Arabia5
- Underwriters Laboratories Holdings B.V. Netherlands5
- Underwriters Laboratories Iberica, S.L. Spain5
- Underwriters Laboratories Middle East FZ-LLC United Arab Emirates5
- Underwriters Laboratories Taiwan Co., Ltd. Taiwan5
- Underwriters Laboratories of Canada Inc./Laboratoires Des Assureurs Du Canada Inc. Canada5
The subsidiaries the company lists in Exhibit 21 of its annual report, as filed.
Former names
- UL Inc.Jan 18, 2022 to May 18, 20224
Timeline
- Oct 1, 20268-K Regulation FD disclosure34
- Aug 4, 20268-K Results of operations; Regulation FD disclosure35
- Jun 3, 20268-K Executive or director change36
- May 22, 20268-K Shareholder vote37
- May 5, 20268-K Results of operations; Regulation FD disclosure38
- Apr 13, 20268-K Regulation FD disclosure; Other events39
- Feb 19, 20268-K Results of operations40
- Dec 5, 20258-K Other events41
- Nov 4, 20258-K Results of operations; Exit or restructuring costs42
- Oct 28, 20258-K Entered a material agreement; Ended a material agreement; New debt or obligation43
- Aug 14, 20258-K Executive or director change; Regulation FD disclosure44
- Aug 5, 20258-K Results of operations45
- Apr 12, 2024New chief executive Jennifer F. Scanlon becomes CEO12
- Oct 21, 2008Founded UL Solutions Inc. is founded2
Calendar
Coming up
- Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.48 a share, on Nov 4, 2025.46
When it reported results
- Aug 4, 2026Reported quarterly or annual results35
- May 5, 2026Reported quarterly or annual results38
- Feb 19, 2026Reported quarterly or annual results40
- Nov 4, 2025Reported quarterly or annual results42
- Aug 5, 2025Reported quarterly or annual results45
- May 6, 2025Reported quarterly or annual results47
- Feb 20, 2025Reported quarterly or annual results48
- Nov 5, 2024Reported quarterly or annual results49
Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar
Filings
556 filings to the SEC since October 2021: 2 annual reports, 8 quarterly reports, 22 major events, 416 insider forms, 31 large holders, 77 other. The latest 20:
- Oct 9, 20264 EDGAR
- Oct 8, 2026144 EDGAR
- Oct 7, 2026SCHEDULE 13G/A EDGAR
- Oct 7, 20264 EDGAR
- Oct 7, 20264 EDGAR
- Oct 2, 20263 EDGAR
- Oct 1, 20268-K EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
- Sep 14, 20264 EDGAR
The 556 filings since October 2021 can be filtered by form type and year here when JavaScript is on.
Every filing from the last five years, summarized. The full record is on SEC EDGAR.
Insider trades
53 open-market trades by officers, directors and large owners since October 2021: 27 buys and 26 sales. Grants, option exercises and gifts are left out.
| Date | Who | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Sep 1, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $73.67 | $920.8K | Form 4 |
| Aug 3, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $92.08 | $1.2M | Form 4 |
| Jul 1, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $99.22 | $1.2M | Form 4 |
| Jun 9, 2026 | PEPPING KAREN KSenior VP & CAO | Sale | 725 | $97.74 | $70.9K | Form 4 |
| Jun 3, 2026 | Schjotz GitteSee Remarks | Sale | 9,865 | $96.98 | $956.7K | Form 4 |
| Jun 2, 2026 | Schjotz GitteSee Remarks | Sale | 12,015 | $99.71 | $1.2M | Form 4 |
| Jun 1, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $100.00 | $1.2M | Form 4 |
| May 28, 2026 | Uggetti AlbertoEVP & CCO | Sale | 2,345 | $99.89 | $234.2K | Form 4 |
| May 21, 2026 | Hecker FriedrichDirector | Sale | 4,000 | $102.04 | $408.2K | Form 4 |
| May 11, 2026 | Uggetti AlbertoEVP & CCO | Sale | 6,100 | $100.00 | $610.0K | Form 4 |
| May 7, 2026 | Schjotz GitteSee Remarks | Sale | 8,000 | $103.96 | $831.7K | Form 4 |
| May 1, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $91.57 | $1.1M | Form 4 |
| Apr 1, 2026 | Scanlon Jennifer F.President and CEO | Sale | 12,500 | $85.50 | $1.1M | Form 4 |
| Dec 19, 2025 | ULSE Inc.10% owner | Sale | 1,875,000 | $78.00 | $146.2M | Form 4 |
| Dec 8, 2025 | Genovesi John ASee Remarks | Buy | 30 | $77.82 | $2.3K | Form 4 |
| Dec 8, 2025 | Hancock Lynn HSee Remarks | Buy | 8 | $77.82 | $623 | Form 4 |
| Dec 5, 2025 | ULSE Inc.10% owner | Sale | 12,500,000 | $78.00 | $975.0M | Form 4 |
| Sep 8, 2025 | Genovesi John ASee Remarks | Buy | 37 | $63.59 | $2.4K | Form 4 |
| Jun 9, 2025 | Genovesi John ASee Remarks | Buy | 33 | $70.43 | $2.3K | Form 4 |
| May 8, 2025 | Uggetti AlbertoEVP & CCO | Sale | 1,961 | $70.00 | $137.3K | Form 4 |
All 53 trades can be filtered by person here when JavaScript is on.
From Forms 4 filed with the SEC.
Major holders
Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.
- T. Rowe Price Investment Management, Inc.SCHEDULE 13G/A, 4 filings Feb 14, 2025 to Oct 7, 202650
- KAYNE ANDERSON RUDNICK INVESTMENT MANAGEMENT LLCSCHEDULE 13G/A, 3 filings May 6, 2025 to Aug 13, 202651
- BlackRockSCHEDULE 13G/A, 2 filings Jan 21, 2026 to Jul 30, 202652
- Capital International InvestorsSCHEDULE 13G/A, 5 filings Nov 13, 2024 to May 14, 202653
- VANGUARD CAPITAL MANAGEMENT LLCSCHEDULE 13G, 1 filing Apr 30, 202654
- VANGUARD GROUP INCSCHEDULE 13G/A, 3 filings Nov 4, 2024 to Mar 27, 202655
- Capital Research Global InvestorsSCHEDULE 13G/A, 3 filings Aug 13, 2025 to Feb 12, 202656
- ULSE Inc.SCHEDULE 13G/A, 2 filings Nov 8, 2024 to Feb 10, 202657
- FMR LLCSCHEDULE 13G/A, 3 filings Nov 12, 2024 to Nov 5, 202558
- JPMorgan ChaseSCHEDULE 13G/A, 2 filings Feb 10, 2025 to Jul 31, 202559
- NORGES BANKSCHEDULE 13G/A, 3 filings Nov 7, 2024 to Apr 10, 202560
Executive pay
What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.
| Year | Executive | Age | Salary | Total pay |
|---|---|---|---|---|
| 2025 | Jennifer F. Scanlon | $1.1M | $15.3M61 | |
| 2025 | Ryan D. Robinson | $687.5K | $4.3M61 | |
| 2025 | Weifang Zhou | $648.8K | $4.0M61 | |
| 2025 | Gitte Schjøtz | $582.8K | $3.0M61 | |
| 2025 | Alex G. Dadakis | $514.7K | $2.8M61 | |
| 2025 | John A. Genovesi | $491.2K | $2.2M61 | |
| 2024 | President and Chief Executive Officer | $1.0M | $18.1M61 | |
| 2024 | Executive Vice President andChief Financial Officer | $640.0K | $4.8M61 | |
| 2024 | Executive VicePresident and Chief Business Operations and Innovation Officer | $540.1K | $3.1M61 | |
| 2024 | Executive Vice President and PresidentSoftware & Advisory | $472.5K | $2.2M61 | |
| 2023 | President and Chief Executive Officer | $1.0M | $6.5M61 | |
| 2023 | Executive Vice President andChief Financial Officer | $610.0K | $2.1M61 | |
| 2023 | Executive VicePresident and Chief Business Operations and Innovation Officer | $528.2K | $1.6M61 |
Held by these funds
The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 100. Change is in shares since the quarter before.
| Fund | Shares | Value | Share of the fund | Change |
|---|---|---|---|---|
| BlackRock, Inc. | 7,131,683 | $726.4M | 0.0% | +1,682,816 |
| Capital International Investors | 6,115,196 | $622.9M | 0.1% | +40,930 |
| Kayne Anderson Rudnick Investment Management LLC | 4,694,443 | $478.2M | 1.5% | −704,153 |
| Vanguard Capital Management LLC | 3,504,948 | $357.0M | 0.0% | +48,201 |
| Capital Research Global Investors | 3,367,530 | $343.0M | 0.0% | −286,408 |
| Vanguard Portfolio Management LLC | 3,241,880 | $330.2M | 0.0% | +156,605 |
| Jupiter Topco LLC | 3,042,429 | $309.9M | 0.1% | New |
| Durable Capital Partners LP | 2,937,488 | $299.2M | 2.9% | −354,028 |
| State Street Corp | 2,279,148 | $232.2M | 0.0% | +734,579 |
| Geode Capital Management, LLC | 2,011,579 | $204.9M | 0.0% | +542,200 |
| Neuberger Berman Group LLC | 1,819,860 | $185.4M | 0.1% | +529,443 |
| Allspring Global Investments Holdings, LLC | 1,566,973 | $153.0M | 0.2% | −177,550 |
| Norges Bank | 1,486,850 | $151.5M | 0.0% | New |
| Fmr LLC | 1,388,891 | $141.5M | 0.0% | −236,118 |
| First Trust Advisors LP | 1,301,960 | $132.6M | 0.1% | +88,789 |
| Wells Fargo & Company/mn | 1,144,170 | $116.5M | 0.0% | +22,256 |
| Federated Hermes, Inc. | 1,093,754 | $111.4M | 0.2% | +3,059 |
| Pictet Asset Management Holding SA | 915,471 | $93.2M | 0.1% | +903,083 |
| Morgan Stanley | 880,673 | $89.7M | 0.0% | +211,279 |
| Driehaus Capital Management LLC | 823,352 | $83.9M | 0.5% | +12,737 |
| Conestoga Capital Advisors, LLC | 819,373 | $83.5M | 1.8% | −230,234 |
| Scopus Asset Management, L.P. | 768,379 | $78.3M | 1.8% | +110,000 |
| UBS Group AG | 752,303 | $76.6M | 0.0% | −160,411 |
| Invesco Ltd. | 745,271 | $75.9M | 0.0% | +595,049 |
| AltraVue Capital, LLC | 702,316 | $71.5M | 5.2% | No change |
13F reports cover disclosed long positions in U.S. stocks only.
SEC filer profile
How UL Solutions Inc. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.
- Name on EDGARUL Solutions Inc.1
- CIK0001901440
- Employer ID (EIN)27-09138006
- Filer statusLarge accelerated filer not an emerging growth company; not a smaller reporting company; not a shell company6
- Incorporated inDelaware6
- Fiscal year endsDecember 311
- Industry code (SIC)8734 Services-Testing Laboratories1
- SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
- Business address333 Pfingsten Road, Northbrook, IL 600621
- Phone(847) 272-88001
- Shares outstanding77,287,211 Common Class A shares; 123,755,000 Common Class B shares as of Feb 13, 20266
- Public float$4.5B as of Jun 30, 20256
- AuditorPricewaterhouseCoopers LLP, Chicago, Illinois PCAOB ID 238; it also attests to the company’s internal control over financial reporting6
- On EDGAR sinceJan 18, 20221
- Filings556 in all: 4 (377), 3 (27), 8-K (22), SCHEDULE 13G/A (19), 144 (18), 4/A (12), UPLOAD (10), 10-Q (8)1
All 32 form types
CORRESP (8), DRS/A (8), DRSLTR (6), SCHEDULE 13G (6), EFFECT (3), SC 13G (3), SC 13G/A (3), 10-K (2), 424B4 (2), 424B7 (2), ARS (2), DEF 14A (2), DEFA14A (2), DRS (2), S-1 (2), S-1/A (2), 424B3 (1), 8-A12B (1), CERT (1), S-1MEF (1), S-3ASR (1), S-4 (1), S-4/A (1), S-8 (1)
- Latest filingsAnnual report (10-K) Feb 19, 2026
Quarterly report (10-Q) Aug 4, 2026
Proxy statement (DEF 14A) Apr 2, 2026
Latest 8-K (8-K) Oct 1, 2026
Securities registered for trading
| Class | Symbol | Exchange |
|---|---|---|
| Class A Common Stock, par value $0.001 per share | ULS | New York Stock Exchange |
From the cover page of the 10-K filed Feb 19, 2026 (Section 12(b) of the Exchange Act).6
Risk factors and legal proceedings
The risks UL Solutions Inc. names in Item 1A of its 10-K filed Feb 19, 2026: 72 risks under these headings, as written.6
- Risks Related to Our Industry and Business
- Because our success depends substantially on the value of our brand and our reputation as a market leader in the TIC services industry, adverse publicity, damage to our brand or a loss of reputation could impact the demand for our services or erode our market share or otherwise have a material adverse effect on our business, financial condition and results of operations.
- Technological advances in AI may in the future disrupt the industries in which we operate, which could significantly reduce the demand for our services or otherwise adversely impact our reputation, business, financial condition and results of operations if we are unable to successfully keep pace and navigate this evolving environment.
- The legislative, judicial and regulatory landscapes relating to AI are evolving and may impact our ability to use AI, and could limit our ability to operate and expand our business, cause revenue to decline and adversely affect our business. The actual or perceived failure to comply with regulatory requirements and laws relating to AI could result in significant liability or reputational harm.
- A failure to effectively leverage emerging AI technologies in our internal operations and management of our business may adversely impact the efficiency of our operations and our ability to keep pace with our competitors and may expose us to regulatory and other risks.
- Our business is highly competitive, and the success of our business depends, in part, on our ability to develop new proprietary technical solutions, increase the functionality of our current solutions and develop our reputation as a technology leader. If we fail to compete successfully, or if we fail to innovate in response to changing customer needs, new technologies or other market requirements, our business, financial condition and results of operations could be adversely affected.
- We are subject to a variety of risks associated with doing business outside the United States.
- We may be adversely affected by global and regional economic and political instability.
- Enhanced trade tariffs, import restrictions, export restrictions, regulations or other trade barriers could materially adversely affect our business, financial condition and results of operations.
- We are subject to governmental export and import controls that could impair our ability to compete in international markets or subject us to liability if we violate the controls.
- The success of our operations in international markets is highly dependent on the expertise of local management and operating staff, as well as the political, social, legal and economic operating conditions of each country in which we operate.
- Our senior leadership team is critical to our continued success, and the loss of such personnel could have a material adverse effect on our business, financial condition and results of operations.
The other 61 risks
- Our success depends upon our ability to recruit, train and retain key employees—in particular, our technical personnel—including through the implementation of inclusivity and other human capital initiatives.
- Our profitability could suffer if we are not able to timely and effectively utilize our employees or manage our cost structure.
- We are subject to various EHS obligations, and we work with dangerous materials and in dangerous environments that could injure our employees, contractors or visiting third parties, damage our or our customers’ facilities and disrupt our or our customers’ operations.
- We are subject to risks related to sustainability.
- Public perceptions that the products we use or the services we use and deliver are not environmentally friendly, environmentally safe or ethical could adversely impact the demand for our services and our business, financial condition and results of operations.
- A conflict of interest or perceived conflict of interest between our testing, inspection or certification services, on the one hand, and our advisory and other services, on the other hand, could adversely impact our accreditations or credentials or our reputation or expose us to legal liability.
- Adverse changes to applicable regulatory frameworks or an increase in the acceptance of self-declaration of conformity that results in a corresponding decrease in third-party certification could reduce demand for our TIC services, which could have a material adverse effect on our business, financial condition and results of operations.
- If we are unable to increase capacity at our existing facilities or build new facilities in a timely and cost-effective manner, we may not achieve our expected revenue growth or profitability or such revenue growth and profitability, if any, could be delayed.
- Our failure to meet contractual schedule requirements, meet a required performance standard, meet our internal contractual performance projections or otherwise perform adequately on a project could adversely affect our business, financial condition and results of operations.
- For certain of our services, we face a long selling cycle to secure new agreements, and securing such agreements often requires significant resource commitments, which result in long lead times before we receive revenues from new relationships.
- The growth of our business may be adversely affected if we do not implement our growth strategies and initiatives successfully or if we are unable to manage our growth or operations effectively.
- Part of our growth strategy is to pursue strategic transactions, including acquisitions, and we may not be able to find suitable acquisition targets or achieve our desired acquisition objectives.
- We operate across a number of industries that have inherent safety risks.
- Our reports, certificates, certification marks and name are at risk of being falsified, counterfeited, forged, tampered with or otherwise misused, which could result in costly legal proceedings and damage to our brand and reputation and materially impact our business.
- Our earnings and profitability may vary based on the mix of our agreements and may be adversely affected by our failure to accurately estimate and manage costs, time and resources.
- Our focus on new growth areas for our business entails risks, including those associated with new relationships, customers, talent needs, capabilities and services.
- Our operations are subject to a variety of business continuity hazards and risks—for example, man-made disasters, climate change, weather and climate-related events, contagious diseases, terrorist activity or our reliance on the use of materials and services from a few locations or suppliers—any of which could interrupt our business operations or otherwise adversely affect our financial condition and results of operations.
- Risks Related to Conducting Business in China
- Changes in U.S. and Chinese regulations could have a material adverse effect on our business, financial condition, results of operations and our ability to raise capital.
- If our relationship with CCIC were to be negatively impacted, if we are unable to renew our joint venture with CCIC in the future, or if the joint venture were to be terminated, our business, financial condition and results of operations would be materially adversely affected.
- If the government of China determines that UL-CCIC’s ownership structure, or the ownership structure of our other Chinese subsidiaries, does not comply with any current or future regulatory restrictions, we, including UL-CCIC, could be subject to severe penalties, or we could be forced to relinquish our interests in UL-CCIC’s or our other Chinese subsidiaries’ operations.
- Changes in the economic policies of the government of China could have a significant impact upon the business we may be able to conduct in China and our profitability.
- Compliance with China’s new laws, regulations and guidelines relating to data privacy and protection, and any other similar future laws and regulations, could materially affect our business.
- Foreign exchange restrictions may limit our ability to transfer cash between us and UL-CCIC or our other Chinese subsidiaries, across borders and to U.S. investors and affect the value of our stock.
- Risks Related to Information Technology and Our Software
- We and our partners, service providers and other third parties that we interact with face cybersecurity risks and may fail to adequately secure or maintain the confidentiality, integrity or availability of the data held or detect any related threats, which could result in significant liability and reputational harm, and we may incur increasing costs in an effort to mitigate those risks.
- We may experience a compromise of our systems or data, either due to a failure to adequately protect our information technology systems and network infrastructure or otherwise, which could cause a material adverse effect on our business, financial condition and results of operations, such as damage to our brand and reputation, legal claims, increased cost of insurance and remediation costs.
- We may experience an incident leading to an outage of our IT systems or network infrastructure which may impact our operations, including our ability to deliver services to customers, which may result in damage to our brand and reputation, lost sales, legal claims, contractual obligations, and increased insurance costs.
- We may experience a compromise of our systems or data or an incident leading to unauthorized access to, disclosure or loss of confidential, personal or sensitive information, which may result in damage to our brand and reputation, lost sales, legal claims, contractual obligations, and increased insurance costs and may impact our financial performance.
- Partial or total destruction of our databases, technology support or technology solutions would have a material adverse effect on our business, financial condition and results of operations.
- If we fail to manage our SaaS hosting network infrastructure capacity, or if our infrastructure experiences a significant disruption, our existing customers may experience service outages and our new customers may experience delays in the deployment of our solutions, which could lead to litigation and have a material adverse effect on our reputation, business, financial condition and results of operations.
- The legislative, judicial and regulatory landscapes relating to data collection, use and processing are challenging to comply with and are evolving and impact our ability to collect, use and process data, including personal information, and could limit our ability to operate and expand our business, cause revenue to decline and adversely affect our business. The actual or perceived failure to comply with data privacy laws and regulations could result in significant liability or reputational harm.
- If we use open source software inconsistent with our policies and procedures or the license terms applicable to such software, we could be subject to legal expenses, damages or costly remediation or disruption to our business.
- Sales and implementation of our software and related services, including our cloud services, are subject to a number of material risks, some of which are beyond our direct control.
- We use software vendors and network and cloud providers in our business, and if they cannot deliver or perform as expected or if our relationships with them are terminated or otherwise change, it could have an adverse effect on our business, financial condition and results of operations.
- We could lose our access to our data providers, which could negatively impact our software solutions and could have a material adverse effect on our business, financial condition and results of operations.
- A failure in the integrity of our data or the systems upon which we rely could harm our brand and result in a loss of sales and an increase in legal claims.
- Risks Related to Third Parties
- Our business depends substantially on the level of our customer satisfaction and specifically on customers maintaining their agreements with us and purchasing additional services from us. Any significant decline in our customer satisfaction rates or the rates at which our customers purchase additional services from us, as well as any increase in the rates at which our customers terminate our agreements with us, in each case, could harm our business, financial condition and results of operations.
- Any requirements that we accept third-party test results or certifications of components, end products, processes or systems in lieu of collecting our own data and conducting our own tests could impact the demand for our services and have a material adverse effect on our business, financial condition and results of operations.
- Any unethical conduct by our employees, agents, customers, contractors or partners could result in financial penalties or affect our brand, reputation or image, any of which could have a material adverse effect on our business, financial condition and results of operations.
- Our subcontractors, outside laboratories and other third parties with which we do business could take actions that could harm our business.
- A conflict of interest or perceived conflict of interest between our business and the research and standards activities of UL Research Institutes and UL Standards & Engagement, respectively, could adversely impact our reputation and could also have a material adverse effect on our business, financial condition and results of operations.
- We are subject to various restrictive covenants that could materially adversely impact our business, financial position and results of operations.
- Risks Related to Litigation and Regulation
- Allegations of our failure to properly perform our services may expose us to potential product and other liability claims, recalls, penalties and reputational harm or could otherwise cause a material adverse effect on our business, financial condition and results of operations.
- Changes to the relevant regulatory frameworks could result in a reduction in required inspections, tests or certifications, or harmonized international or cross-industry benchmarks and standards, any of which could lead to the reduction in demand for, or commoditization of, our services.
- Failure to comply with labor and employment laws and regulations to which we are subject could result in penalties or costs that could adversely affect our consolidated results of operations.
- Changes in, a significant delay in obtaining, failure to obtain or the withdrawal or revocation of our licenses, approvals, accreditations or other authorizations or delegations of authority would likely have a material adverse effect on our business, financial condition and results of operations.
- We are currently defending certain litigation, and we are likely to be subject to additional litigation in the future.
- Our engagements may result in professional or other liability.
- Risks Related to Our Intellectual Property
- Any failure to obtain, maintain, adequately protect or enforce our intellectual property and proprietary rights could impair our ability to protect our proprietary technology, the UL Mark and our brand.
- The laws of some foreign countries may not be as protective of intellectual property rights as those in the United States, and mechanisms for enforcement of intellectual property rights may be inadequate.
- Our intellectual property is at risk of being copied, imitated, counterfeited or forged, which could result in costly legal proceedings and damage to our brand, reputation and business.
- Unintended or unauthorized disclosure of trade secrets, source code or other proprietary information could have a material adverse effect on our business, financial condition and results of operations.
- We may be subject to intellectual property infringement claims or other allegations, which could result in substantial damages and diversion of our efforts and attention.
- Risks Related to Our Indebtedness
- We may not be able to generate sufficient cash to service all of our indebtedness and invest in the ongoing needs of our business and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
- An increase in interest rates would increase interest costs on our 2025 Credit Facility and any variable rate debt we incur, which could adversely impact our ability to refinance existing debt or acquire assets.
- The terms of our 2025 Credit Facility and the indenture governing the notes contain restrictions and limitations on us that could impact our ability to operate our business.
- We and our subsidiaries may incur substantially more indebtedness, which could further exacerbate the risks associated with our indebtedness.
- Rating agency downgrades may increase our cost of capital.
- Risks Related to Ownership of Our Class A Common Stock
- Our Class A common stock price may be volatile or may decline regardless of our operating performance, resulting in substantial losses for investors.
- The dual class structure of our common stock may have adversely affected the trading market for our Class A common stock.
- The substantial ownership of our common stock by UL Standards & Engagement, together with the dual class structure of our common stock and UL Standards & Engagement’s governance and consent rights under our Amended Charter and the Stockholder Agreement, concentrates voting control with UL Standards & Engagement for the foreseeable future, which limits the ability of our other investors to influence corporate matters, including the election or removal of directors and the approval or rejection of any change of control transaction.
- We are a “controlled company” within the meaning of the rules of the New York Stock Exchange (“NYSE”) and, as a result, qualify for exemptions from certain corporate governance requirements. Investors do not have the same protections afforded to stockholders of companies that are subject to such requirements.
Legal proceedings
The Company is party in the ordinary course of business to certain claims, litigation, audits and investigations. Discussion of these and other legal matters is incorporated by reference from Part II, Item 8, Note 19, “Commitments and Contingencies,” of this Annual Report and should be considered an integral part of Part I, Item 3, “Legal Proceedings.”
The opening of Item 3, Legal Proceedings.6
Sources
The numbers on this page point here. Each one links to the record it came from.
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- 15SEC EDGARAlberto Uggetti, EVP & CCO
- 16SEC EDGARGitte Schjotz, Officer
- 17SEC EDGARJohn A. Genovesi, Officer
- 18SEC EDGARKaren K. Pepping, Senior VP & CAO
- 19SEC EDGARLinda S. Chapin, EVP & CHRO
- 20SEC EDGARLynn H. Hancock, Officer
- 21SEC EDGARVikram Kini, Board member
- 22SEC EDGARCharles W. Hooper, Board member
- 23SEC EDGARElisabeth Torstad, Board member
- 24SEC EDGARFrank J. Coyne, Board member
- 25SEC EDGARFriedrich Hecker, Board member
- 26SEC EDGARGeorge A. Williams, Board member
- 27SEC EDGARJames P. Dollive, Board member
- 28SEC EDGARLisa Marie Lambert, Board member
- 29SEC EDGARMarla C. Gottschalk, Board member
- 30SEC EDGARMichael H. Thaman, Board member
- 31SEC EDGARSally Susman, Board member
- 32SEC EDGARScott D'Angelo, General counsel
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- 34SEC EDGARRegulation FD disclosure
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- 36SEC EDGARExecutive or director change
- 37SEC EDGARShareholder vote
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- 40SEC EDGARResults of operations
- 41SEC EDGAROther events
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- 45SEC EDGARResults of operations
- 46NasdaqNasdaq calendar
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