UL Solutions Inc. (ULS)
NYSE: ULS · Real-Time Price · USD
72.55
-0.64 (-0.87%)
Sep 9, 2026, 11:11 AM EDT - Market open
UL Solutions Cash Flow Statement
Financials in millions USD. Fiscal year is January - December.
Millions USD. Fiscal year is Jan - Dec.
Operating Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Net Income | 506 | 325 | 326 | 260 | 293 | 224 |
Depreciation & Amortization | 125 | 123 | 113 | 103 | 92 | 97 |
Other Amortization | 65 | 65 | 59 | 51 | 43 | 45 |
Loss (Gain) From Sale of Assets | -191 | - | -24 | -2 | - | - |
Asset Writedown & Restructuring Costs | - | - | - | 37 | - | - |
Loss (Gain) From Sale of Investments | - | - | - | - | -18 | -5 |
Stock-Based Compensation | 61 | 47 | 23 | - | - | - |
Provision & Write-off of Bad Debts | 11 | 11 | 9 | 4 | - | - |
Other Operating Activities | 76 | 40 | 35 | 32 | 70 | -41 |
Change in Accounts Receivable | -102 | -54 | -28 | -27 | -27 | -14 |
Change in Accounts Payable | 15 | -13 | 13 | 1 | -18 | 30 |
Change in Unearned Revenue | 39 | 11 | - | 32 | 3 | 8 |
Change in Other Net Operating Assets | 73 | 45 | -2 | -24 | -66 | 77 |
Operating Cash Flow | 678 | 600 | 524 | 467 | 372 | 421 |
Operating Cash Flow Growth | 16.70% | 14.50% | 12.21% | 25.54% | -11.64% | -13.55% |
Investing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Capital Expenditures | -242 | -197 | -237 | -215 | -164 | -107 |
Cash Acquisitions | -1 | -1 | -26 | -18 | -66 | -47 |
Divestitures | 199 | - | 29 | 4 | - | - |
Investment in Securities | 14 | -7 | - | 49 | -7 | 323 |
Other Investing Activities | 3 | 1 | - | 5 | -1 | 9 |
Investing Cash Flow | -27 | -204 | -234 | -175 | -238 | 178 |
Financing Activities
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Long-Term Debt Issued | - | 792 | 181 | 440 | 700 | - |
Long-Term Debt Repaid | - | -1,045 | -346 | -30 | -200 | - |
Net Debt Issued (Repaid) | -309 | -253 | -165 | 410 | 500 | - |
Repurchase of Common Stock | -34 | -15 | - | - | - | - |
Common Dividends Paid | -110 | -104 | -100 | -80 | - | - |
Other Financing Activities | -30 | -24 | -19 | -24 | -16 | -28 |
Financing Cash Flow | -483 | -396 | -284 | -294 | -1,116 | -228 |
Net Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Foreign Exchange Rate Adjustments | -6 | -3 | -23 | -5 | -24 | -14 |
Net Cash Flow | 162 | -3 | -17 | -7 | -1,006 | 357 |
Free Cash Flow
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Free Cash Flow | 436 | 403 | 287 | 252 | 208 | 314 |
Free Cash Flow Growth | 19.78% | 40.42% | 13.89% | 21.15% | -33.76% | -14.67% |
Free Cash Flow Margin | 13.86% | 13.20% | 10.00% | 9.41% | 8.25% | 12.47% |
Free Cash Flow Per Share | 2.14 | 1.99 | 1.43 | 1.26 | 1.04 | 8.53 |
Levered Free Cash Flow | 420.5 | 359 | 235.38 | 203.75 | 92.5 | 460 |
Unlevered Free Cash Flow | 440.5 | 384.63 | 269.75 | 225.63 | 103.13 | 460.63 |
Additional Metrics
Fiscal Year | TTM | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 |
|---|---|---|---|---|---|---|
Period Ending | Jun '26 Jun 30, 2026 | 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 |
Cash Interest Paid | 31 | 40 | 57 | 32 | 17 | 1 |
Cash Income Tax Paid | 97 | 92 | 66 | 57 | 68 | 132 |
Change in Working Capital | 25 | -11 | -17 | -18 | -108 | 101 |