UL Solutions (ULS) Operating Leases (2023 - 2026)
UL Solutions (ULS) reported Operating Leases of $132 million for Q3 2026, down 12.0% from $150 million a year earlier and down 2.9% from the prior quarter.
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Analysis
UL Solutions (ULS) Operating Leases (2023 - 2026) Analysis & Trends
At the end of FY2025, UL Solutions posted Operating Leases of $149 million, down 3.9% from FY2024.
- By year, Operating Leases came in at $155 million in FY2024 (+29.2%) and $120 million in FY2023.
- The Q3 2026 figure ranks as the lowest quarterly Operating Leases since Q2 2024.
- Year over year, Operating Leases has now declined in each of the last five quarters, with growth averaging 6.9% over the last eight quarters.
- The high point for year-over-year Operating Leases in five years was Q2 2025 (growth of 32.5%); the low point was Q2 2026 (a decline of 12.3%).
- Per Business Quant data, the three quarters before Q3 2026 came in at $136 million (Q2 2026), $141 million (Q1 2026) and $149 million (Q4 2025).
Peer Set
Peer Comparison
| # | Company | Market Cap | Enterprise Value | Gross Profit (Qtr) |
|---|---|---|---|---|
| 1 | Accenture | 156.49 Bn | 114.42 Bn | 5.98 Bn |
| 2 | Cintas | 89.36 Bn | 88.45 Bn | 1.55 Bn |
| 3 | Iron Mountain | 33.13 Bn | 32.33 Bn | 1.06 Bn |
| 4 | Rollins | 18.53 Bn | 18.08 Bn | 582.90 Mn |
| 5 | APi | 18.33 Bn | 15.55 Bn | 770.00 Mn |
| 6 | UL Solutions | 16.46 Bn | 14.45 Bn | 423.00 Mn |
| 7 | Aramark | 14.43 Bn | 12.37 Bn | 430.34 Mn |
| 8 | Gartner | 12.19 Bn | 5.67 Bn | 1.07 Bn |
| 9 | Rentokil Initial | 12.05 Bn | 5.56 Bn | - |
| 10 | Tetra Tech | 10.60 Bn | 9.71 Bn | 243.21 Mn |
Historic Data
Download Data
Historic Data
| Date | Value |
|---|---|
| Sep 30, 2026 | 132.00 Mn |
| Jun 30, 2026 | 136.00 Mn |
| Mar 31, 2026 | 141.00 Mn |
| Dec 31, 2025 | 149.00 Mn |
| Sep 30, 2025 | 150.00 Mn |
| Jun 30, 2025 | 155.00 Mn |
| Mar 31, 2025 | 150.00 Mn |
| Dec 31, 2024 | 155.00 Mn |
| Sep 30, 2024 | 153.00 Mn |
| Jun 30, 2024 | 117.00 Mn |
| Mar 31, 2024 | 116.00 Mn |
| Dec 31, 2023 | 120.00 Mn |
API Access
UL Solutions Operating Leases 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-leases&ticker=ULS&period=max&api_key=YOUR_API_KEYimport requests
url = "https://data.businessquant.com/historic"
params = {"slug": "operating-leases", "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-leases&ticker=ULS&period=max&api_key=YOUR_API_KEY");
const data = await res.json();