UL Solutions Inc. (ULS)

UL Solutions Cash Flow Statement

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

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	345	345	276	309	238
Depreciation & Amortization	188	172	154	135	142
Stock-Based Compensation	47	23	-	-	-
Other Adjustments	31	38	18	36	-60
Change in Receivables	-32	-31	6	-15	-1
Changes in Accounts Payable	-13	13	1	-18	30
Changes in Accrued Expenses	80	7	-28	-85	83
Changes in Other Operating Activities	-46	-6	3	10	-11
Operating Cash Flow	600	524	467	372	421
Operating Cash Flow Growth	14.50%	12.21%	25.54%	-11.64%	-13.55%
Capital Expenditures	-197	-237	-215	-164	-107
Purchases of Investments	-58	-	-95	-162	-172
Proceeds from Sale of Investments	51	-	144	155	495
Payments for Business Acquisitions	-1	-26	-18	-66	-47
Proceeds from Business Divestments	-	29	4	-	-
Other Investing Activities	1	-	5	-1	9
Investing Cash Flow	-204	-234	-175	-238	178
Long-Term Debt Issued	792	181	440	700	-
Long-Term Debt Repaid	-1,045	-346	-30	-200	-
Net Long-Term Debt Issued (Repaid)	-253	-165	410	500	-
Common Dividends Paid	-104	-100	-680	-1,600	-200
Other Financing Activities	-39	-19	-24	-16	-28
Financing Cash Flow	-396	-284	-294	-1,116	-228
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-3	-23	-5	-24	-14
Net Cash Flow	-3	-17	-7	-1,006	357
Free Cash Flow	403	287	252	208	314
Free Cash Flow Growth	40.42%	13.89%	21.15%	-33.76%	-35.52%
FCF Margin	13.20%	10.00%	9.41%	8.25%	12.48%
Free Cash Flow Per Share	1.99	1.43	1.26	1.04	8.53
Levered Free Cash Flow	84	110	585	671	361
Unlevered Free Cash Flow	395.17	333.07	208.55	210.4	386.29

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q