UL Solutions Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	3,003	2,870	2,678	2,520	2,517	2,301
Revenue Growth (YoY)	6.68%	7.17%	6.27%	0.12%	9.39%	-0.60%
Cost of Revenue	1,535	1,477	1,398	1,313	1,338	1,270
Gross Profit	1,468	1,393	1,280	1,207	1,179	1,031
Selling, General & Admin	953	938	883	826	922	700
Operating Expenses	953	938	883	826	922	700
Operating Income	515	455	397	381	257	331
Interest Expense	-45	-55	-35	-17	-1	-1
Interest & Investment Income	4	4	12	1	7	-
Earnings From Equity Investments	-	-	-	-	11	3
Currency Exchange Gain (Loss)	-13	-11	-2	-11	-2	-16
Other Non Operating Income (Expenses)	-4	-2	2	7	2	2
EBT Excluding Unusual Items	457	391	374	361	274	319
Impairment of Goodwill	-	-	-37	-	-	-
Gain (Loss) on Sale of Investments	-	-	7	22	-	14
Gain (Loss) on Sale of Assets	-	24	2	-	-	-
Pretax Income	457	415	346	383	274	333
Income Tax Expense	98	70	70	74	36	90
Earnings From Continuing Operations	359	345	276	309	238	243
Minority Interest in Earnings	-20	-19	-16	-16	-14	-12
Net Income	339	326	260	293	224	231
Net Income to Common	339	326	260	293	224	231
Net Income Growth	11.88%	25.39%	-11.26%	30.80%	-3.03%	-6.10%
Shares Outstanding (Basic)	201	200	200	200	37	-
Shares Outstanding (Diluted)	203	201	200	200	37	-
Shares Change (YoY)	0.87%	0.50%	-	443.28%	-	-
EPS (Basic)	1.69	1.63	1.30	1.47	6.08	-
EPS (Diluted)	1.67	1.62	1.30	1.47	6.08	-
EPS Growth	10.58%	24.62%	-11.26%	-75.91%	-	-
Free Cash Flow	389	287	252	208	314	368
Free Cash Flow Per Share	1.92	1.43	1.26	1.04	8.53	-
Dividend Per Share	0.640	0.500	0.400	-	-	-
Dividend Growth	1180.00%	25.00%	-	-	-	-
Gross Margin	48.88%	48.54%	47.80%	47.90%	46.84%	44.81%
Operating Margin	17.15%	15.85%	14.82%	15.12%	10.21%	14.38%
Profit Margin	11.29%	11.36%	9.71%	11.63%	8.90%	10.04%
Free Cash Flow Margin	12.95%	10.00%	9.41%	8.25%	12.47%	15.99%
EBITDA	640	568	500	473	354	427
EBITDA Margin	21.31%	19.79%	18.67%	18.77%	14.06%	18.56%
D&A For EBITDA	125	113	103	92	97	96
EBIT	515	455	397	381	257	331
EBIT Margin	17.15%	15.85%	14.82%	15.12%	10.21%	14.38%
Effective Tax Rate	21.44%	16.87%	20.23%	19.32%	13.14%	27.03%

Source: S&P Global Market Intelligence. Standard template. Financial Sources.