UL Solutions (ULS) Operating Expenses (2023 - 2026)
UL Solutions (ULS) recorded Operating Expenses of $267 million in Q2 2026, up 9.9% from $243 million a year earlier and up 9.9% from the prior quarter.
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Analysis
UL Solutions (ULS) Operating Expenses (2023 - 2026) Analysis & Trends
On a TTM basis, UL Solutions' Operating Expenses came in at $987 million as of Jun 30, 2026, up 5.3% year-over-year; for FY2025, it was $988 million, up 6.2% from FY2024.
- Annual Operating Expenses has increased for three straight years, with a three-year compound annual growth rate of 7.5% (FY2022 to FY2025).
- Across earlier years, Operating Expenses came in at $930 million in FY2024 (+5.8%), $879 million in FY2023 (+10.6%) and $795 million in FY2022.
- The Q2 2026 figure is the highest quarterly Operating Expenses in data going back to Q1 2023.
- On a year-over-year basis, Operating Expenses has increased for ten consecutive quarters, with growth averaging 4.5% over the last eight quarters.
- Over the past five years, the year-over-year growth in Operating Expenses ranged from 1.3% (Q2 2025) to 10.7% (Q3 2024).
- Per Business Quant, the preceding three quarters came in at $243 million (Q1 2026), $239 million (Q4 2025) and $238 million (Q3 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) | Opex (Qtr) |
|---|---|---|---|---|---|
| 1 | Accenture | 116.45 Bn | 76.86 Bn | 6.13 Bn | 15.54 Bn |
| 2 | Cintas | 80.26 Bn | 79.45 Bn | 1.48 Bn | 792.12 Mn |
| 3 | Iron Mountain | 33.05 Bn | 32.57 Bn | 1.07 Bn | 1.66 Bn |
| 4 | APi | 16.57 Bn | 13.61 Bn | 703.00 Mn | 528.00 Mn |
| 5 | Rollins | 14.72 Bn | 14.26 Bn | 569.95 Mn | 877.22 Mn |
| 6 | Aramark | 14.30 Bn | 12.32 Bn | 430.34 Mn | 4.84 Bn |
| 7 | UL Solutions | 13.09 Bn | 11.87 Bn | 417.00 Mn | 267.00 Mn |
| 8 | Gartner | 11.73 Bn | 5.42 Bn | 1.19 Bn | 1.30 Bn |
| 9 | Rentokil Initial | 10.36 Bn | 3.71 Bn | - | - |
| 10 | Tetra Tech | 8.68 Bn | 7.79 Bn | 243.21 Mn | 5.70 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Jun 30, 2026 | 267.00 Mn |
| Mar 31, 2026 | 243.00 Mn |
| Dec 31, 2025 | 239.00 Mn |
| Sep 30, 2025 | 238.00 Mn |
| Jun 30, 2025 | 243.00 Mn |
| Mar 31, 2025 | 231.00 Mn |
| Dec 31, 2024 | 235.00 Mn |
| Sep 30, 2024 | 228.00 Mn |
| Jun 30, 2024 | 240.00 Mn |
| Mar 31, 2024 | 228.00 Mn |
| Dec 31, 2023 | 231.00 Mn |
| Sep 30, 2023 | 206.00 Mn |
| Jun 30, 2023 | 220.00 Mn |
| Mar 31, 2023 | 219.00 Mn |
API Access
UL Solutions Operating Expenses 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=operating-expenses&ticker=ULS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-expenses", "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=operating-expenses&ticker=ULS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();