UL Solutions (ULS) Cost of Revenue (2023 - 2026)
UL Solutions' Cost of Revenue came in at $399 million for Q2 2026, up 1.3% from $394 million a year earlier and up 5.8% from the prior quarter.
Powered by 
Analysis
UL Solutions (ULS) Cost of Revenue (2023 - 2026) Analysis & Trends
Over the trailing twelve months to Jun 30, 2026, UL Solutions reported Cost of Revenue of $1.56 billion, up 2.6% year-over-year; for FY2025, it came in at $1.54 billion, up 4.4% from FY2024.
- Cost of Revenue has increased in each of the last three years, with a three-year compound annual growth rate of 5.5% (FY2022 to FY2025).
- Going back by year, Cost of Revenue was $1.48 billion in FY2024 (+6.0%), $1.39 billion in FY2023 (+6.2%) and $1.31 billion in FY2022.
- The Q2 2026 figure represents the highest quarterly Cost of Revenue in data going back to Q1 2023.
- Year-over-year, Cost of Revenue has increased for ten consecutive quarters, with growth averaging 4.8% over the last eight quarters.
- Across the past five years, year-over-year growth in Cost of Revenue ran from 1.3% in Q2 2026 to 8.4% in Q3 2024.
- Business Quant data shows ULS's Cost of Revenue at $377 million (Q1 2026), $397 million (Q4 2025) and $389 million (Q3 2025) in the three quarters before Q2 2026.
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Cost of Rev (Qtr) |
|---|---|---|---|---|---|
| 1 | Accenture | 132.79 Bn | 93.20 Bn | 6.13 Bn | 12.58 Bn |
| 2 | Cintas | 77.24 Bn | 76.43 Bn | 1.48 Bn | 1.42 Bn |
| 3 | Iron Mountain | 33.76 Bn | 33.28 Bn | 1.07 Bn | 958.61 Mn |
| 4 | APi | 17.50 Bn | 14.54 Bn | 703.00 Mn | 1.55 Bn |
| 5 | Aramark | 14.64 Bn | 12.66 Bn | 430.34 Mn | 4.63 Bn |
| 6 | Rollins | 14.51 Bn | 14.06 Bn | 569.95 Mn | 508.63 Mn |
| 7 | UL Solutions | 13.33 Bn | 12.11 Bn | 417.00 Mn | 399.00 Mn |
| 8 | Gartner | 11.67 Bn | 5.36 Bn | 1.19 Bn | 486.91 Mn |
| 9 | Rentokil Initial | 10.08 Bn | 3.42 Bn | - | - |
| 10 | Tetra Tech | 8.48 Bn | 7.59 Bn | 243.21 Mn | 200.00 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 399.00 Mn |
| Mar 31, 2026 | 377.00 Mn |
| Dec 31, 2025 | 397.00 Mn |
| Sep 30, 2025 | 389.00 Mn |
| Jun 30, 2025 | 394.00 Mn |
| Mar 31, 2025 | 365.00 Mn |
| Dec 31, 2024 | 390.00 Mn |
| Sep 30, 2024 | 373.00 Mn |
| Jun 30, 2024 | 364.00 Mn |
| Mar 31, 2024 | 351.00 Mn |
| Dec 31, 2023 | 363.00 Mn |
| Sep 30, 2023 | 344.00 Mn |
| Jun 30, 2023 | 352.00 Mn |
| Mar 31, 2023 | 335.00 Mn |
API Access
UL Solutions Cost of Revenue API
Pull this series into your own models, spreadsheets and apps with the Business Quant
Historical Metrics API. The request below matches the chart above — change the
frequency, period or values and it follows. Swap YOUR_API_KEY for your own key.
https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=ULS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "cost-of-revenue", "ticker": "ULS", "period": "max", "api_key": "YOUR_API_KEY"}
data = requests.get(url, params=params).json()const res = await fetch("https://data.businessquant.com/historic?slug=cost-of-revenue&ticker=ULS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();