UL Solutions Income Statement

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

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	3,053	2,870	2,678	2,520	2,517
Revenue Growth (YoY)	6.38%	7.17%	6.27%	0.12%	9.39%
Cost of Revenue	1,543	1,478	1,394	1,313	1,338
Gross Profit	1,510	1,392	1,284	1,207	1,179
Selling, General & Admin	957	938	883	826	922
Operating Expenses	957	938	883	826	922
Operating Income	553	454	401	381	257
Interest Expense	-41	-55	-35	-17	-1
Interest & Investment Income	4	4	12	1	7
Earnings From Equity Investments	-	-	-	-	11
Currency Exchange Gain (Loss)	-10	-11	-2	-11	-2
Other Non Operating Income (Expenses)	-1	-2	2	7	2
EBT Excluding Unusual Items	505	390	378	361	274
Merger & Restructuring Charges	-35	1	-4	-	-
Impairment of Goodwill	-	-	-37	-	-
Gain (Loss) on Sale of Investments	-	-	7	22	-
Gain (Loss) on Sale of Assets	-	24	2	-	-
Pretax Income	470	415	346	383	274
Income Tax Expense	125	70	70	74	36
Earnings From Continuing Operations	345	345	276	309	238
Minority Interest in Earnings	-20	-19	-16	-16	-14
Net Income	325	326	260	293	224
Net Income to Common	325	326	260	293	224
Net Income Growth	-0.31%	25.39%	-11.26%	30.80%	-3.03%
Shares Outstanding (Basic)	201	200	200	200	37
Shares Outstanding (Diluted)	203	201	200	200	37
Shares Change (YoY)	1.00%	0.50%	-	443.28%	-
EPS (Basic)	1.62	1.63	1.30	1.47	6.08
EPS (Diluted)	1.60	1.62	1.30	1.47	6.08
EPS Growth	-1.23%	24.62%	-11.26%	-75.91%	-
Free Cash Flow	403	287	252	208	314
Free Cash Flow Per Share	1.99	1.43	1.26	1.04	8.53
Dividend Per Share	0.520	0.500	0.400	-	-
Dividend Growth	4.00%	25.00%	-	-	-
Gross Margin	49.46%	48.50%	47.95%	47.90%	46.84%
Operating Margin	18.11%	15.82%	14.97%	15.12%	10.21%
Profit Margin	10.64%	11.36%	9.71%	11.63%	8.90%
Free Cash Flow Margin	13.20%	10.00%	9.41%	8.25%	12.47%
EBITDA	676	567	504	473	354
EBITDA Margin	22.14%	19.76%	18.82%	18.77%	14.06%
D&A For EBITDA	123	113	103	92	97
EBIT	553	454	401	381	257
EBIT Margin	18.11%	15.82%	14.97%	15.12%	10.21%
Effective Tax Rate	26.60%	16.87%	20.23%	19.32%	13.14%

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