UL Solutions Business Summary

UL Solutions Inc. (ULS) operates a diversified safety science business model, generating revenue through a mix of transaction-based testing, inspection, and certification (TIC) services, alongside recurring subscription fees for its proprietary software and advisory platforms. The company organizes its operations into three primary segments: Industrial, which focuses on energy, automation, and fire safety; Consumer, covering electronics, appliances, and retail; and Risk and Compliance Software, which provides digital tools for sustainability and regulatory management. As of early 2026, the company has surpassed $3 billion in annual revenue, leveraging its unique position as both a developer of safety standards and a third-party certifier. ULS competes directly with global TIC leaders such as SGS SA, Intertek Group plc, Bureau Veritas, and Eurofins Scientific, maintaining a dominant market share in North America due to its deep integration into the U.S. regulatory and safety ecosystem. Originally founded in 1894 by William Henry Merrill as the Underwriters' Electrical Bureau, the company is currently led by President and CEO Jennifer F. Scanlon, who previously served as CEO of USG Corporation and brings extensive experience in industrial digital transformation. The executive team includes Executive Vice President and CFO Ryan D. Robinson, who oversees the firm’s disciplined capital allocation, and Alex Dadakis, who was appointed President of TIC in late 2025 following a senior strategy role at Knauf Group. The board is chaired by James M. Shannon and includes notable members such as Vikram U. Kini, CFO of Ingersoll Rand, and Marla C. Gottschalk, former CEO of The Pampered Chef. While ULS transitioned to a public company via a 2024 IPO, it remains closely linked to its non-profit parent, UL Standards & Engagement, which continues to hold a significant ownership stake and governs the development of the safety standards that underpin the company’s commercial operations.