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 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar '26 Mar 31, 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	371	345	345	276	309	238
Depreciation & Amortization	190	188	172	154	135	142
Stock-Based Compensation	51	47	23	-	-	-
Other Adjustments	15	31	38	18	36	-60
Change in Receivables	-38	-32	-31	6	-15	-1
Changes in Accounts Payable	8	-13	13	1	-18	30
Changes in Accrued Expenses	76	80	7	-28	-85	83
Changes in Other Operating Activities	-19	-46	-6	3	10	-11
Operating Cash Flow	665	600	524	467	372	421
Operating Cash Flow Growth	23.84%	14.50%	12.21%	25.54%	-11.64%	-13.55%
Capital Expenditures	-215	-197	-237	-215	-164	-107
Purchases of Investments	-51	-58	-	-95	-162	-172
Proceeds from Sale of Investments	59	51	-	144	155	495
Payments for Business Acquisitions	-0.5	-1	-26	-18	-66	-47
Proceeds from Business Divestments	-	-	29	4	-	-
Other Investing Activities	-	1	-	5	-1	9
Investing Cash Flow	-215	-204	-234	-175	-238	178
Long-Term Debt Issued	917	792	181	440	700	-
Long-Term Debt Repaid	-1,214	-1,045	-346	-30	-200	-
Net Long-Term Debt Issued (Repaid)	-297	-253	-165	410	500	-
Common Dividends Paid	-107	-104	-100	-680	-1,600	-200
Other Financing Activities	-51	-39	-19	-24	-16	-28
Financing Cash Flow	-455	-396	-284	-294	-1,116	-228
Effect of Exchange Rate Changes on Cash and Cash Equivalents	-4	-3	-23	-5	-24	-14
Net Cash Flow	-9	-3	-17	-7	-1,006	357
Free Cash Flow	450	403	287	252	208	314
Free Cash Flow Growth	11.66%	40.42%	13.89%	21.15%	-33.76%	-35.52%
FCF Margin	14.49%	13.20%	10.00%	9.41%	8.25%	12.48%
Free Cash Flow Per Share	2.21	1.99	1.43	1.26	1.04	8.53
Levered Free Cash Flow	93	84	110	585	671	361
Unlevered Free Cash Flow	444.79	395.17	333.07	208.55	210.4	386.29

SEC Filings: 10-K · 10-Q