UL Solutions Inc. reported third‑quarter 2025 results that included revenue of $783 million, up 7.1% year‑over‑year, and net income of $106 million, a 12.8% increase. Adjusted EBITDA rose to $217 million, an 18.6% jump, and the adjusted EBITDA margin expanded to 27.7% from 25.0% in the prior quarter. Diluted earnings per share were $0.49, beating analyst estimates of $0.46 and $0.45.
The industrial segment generated $343 million in revenue and delivered an operating income margin of 30.3%. Consumer revenue reached $340 million, while the software and advisory segment produced $100 million in revenue with an adjusted EBITDA margin of 24.0%. Industrial growth was driven by demand in energy and automation, and consumer growth was supported by consumer‑technology products.
Capital expenditures for the nine‑month period ended September 30 were $139 million, a reduction from $179 million in the same period last year, largely due to the completion of a new battery‑testing laboratory in Auburn Hills, Michigan. Net cash provided by operating activities for the quarter was $154 million. The company also announced a restructuring plan that will incur pre‑tax costs of $42‑$47 million and is expected to improve annual operating income by $25‑$30 million once completed by the end of Q1 2027.
UL Solutions reiterated its 2025 outlook, now targeting constant‑currency organic revenue growth of 5.5%‑6% and an adjusted EBITDA margin of approximately 25%, an improvement over the previously cited 24% target. The company confirmed its dividend policy and highlighted continued investments in specialized testing capacity and its ULTRUS software platform as key growth drivers.
For context, Q3 2024 revenue was $731 million with diluted EPS of $0.44, and Q2 2025 revenue was $776 million with diluted EPS of $0.45, underscoring the company’s upward trajectory.
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