UL Solutions Cash Flow 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
Net Income	339	326	260	293	224	231
Depreciation & Amortization	125	113	103	92	97	96
Other Amortization	59	59	51	43	45	51
Loss (Gain) From Sale of Assets	-	-24	-2	-	-	4
Asset Writedown & Restructuring Costs	-	-	37	-	-	-
Loss (Gain) From Sale of Investments	6	6	-6	-18	-5	-10
Loss (Gain) on Equity Investments	-	-	-	-	-	-1
Stock-Based Compensation	43	23	-	-	-	-
Provision & Write-off of Bad Debts	-	-	-	-	-	9
Other Operating Activities	63	38	42	70	-41	41
Change in Accounts Receivable	-54	-28	-27	-27	-14	-7
Change in Accounts Payable	9	13	1	-18	30	8
Change in Unearned Revenue	-12	-	32	3	8	21
Change in Other Net Operating Assets	8	-2	-24	-66	77	44
Operating Cash Flow	586	524	467	372	421	487
Operating Cash Flow Growth	12.69%	12.21%	25.54%	-11.64%	-13.55%	26.17%
Capital Expenditures	-197	-237	-215	-164	-107	-119
Cash Acquisitions	-1	-26	-18	-66	-47	-
Divestitures	-1	29	4	-	-	-
Investment in Securities	-43	-	49	-7	323	-225
Other Investing Activities	-	-	5	-1	9	-
Investing Cash Flow	-242	-234	-175	-238	178	-344
Long-Term Debt Issued	-	181	440	700	-	-
Long-Term Debt Repaid	-	-346	-30	-200	-	-
Net Debt Issued (Repaid)	-255	-165	410	500	-	-
Common Dividends Paid	-103	-100	-80	-	-	-9
Other Financing Activities	-24	-19	-24	-16	-28	-11
Financing Cash Flow	-396	-284	-294	-1,116	-228	-20
Foreign Exchange Rate Adjustments	-20	-23	-5	-24	-14	4
Net Cash Flow	-72	-17	-7	-1,006	357	127
Free Cash Flow	389	287	252	208	314	368
Free Cash Flow Growth	37.94%	13.89%	21.15%	-33.76%	-14.67%	55.27%
Free Cash Flow Margin	12.95%	10.00%	9.41%	8.25%	12.47%	15.99%
Free Cash Flow Per Share	1.92	1.43	1.26	1.04	8.53	-
Cash Interest Paid	44	57	32	17	1	-
Cash Income Tax Paid	79	66	57	68	132	69
Levered Free Cash Flow	293.75	236	201.25	92.5	460	-
Unlevered Free Cash Flow	321.88	270.38	223.13	103.13	460.63	-
Change in Working Capital	-49	-17	-18	-108	101	66

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