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UL Solutions (ULS)

NYSE Industrials Research & Consulting Services S&P MidCap 400
$78.65
+2.50 (+3.28%)
Close of Nov 06, 2026 · end-of-day data
Source: UL Solutions's 10-K / 10-Q XBRL data on SEC EDGAR · fetched Nov 04, 2026

Revenue, net income & free cash flow

Income statement

fiscal years · USD
Fiscal yearFY2022FY2023FY2024FY2025
Revenue$2.52B$2.68B$2.87B$3.05B
Cost of revenue$1.31B$1.39B$1.48B$1.54B
Gross profit$1.21B$1.28B$1.39B$1.51B
Selling, general & admin$795.00M$875.00M$931.00M$953.00M
Operating income$412.00M$368.00M$462.00M$522.00M
Interest expense$17.00M$35.00M$55.00M$41.00M
Pre-tax income$383.00M$346.00M$415.00M$470.00M
Income tax$74.00M$70.00M$70.00M$125.00M
Net income$293.00M$260.00M$326.00M$325.00M
EBITDA$547.00M$522.00M$634.00M$710.00M
EPS (basic)$1.47$1.30$1.63$1.62
EPS (diluted)$1.47$1.30$1.62$1.60
Diluted shares200.00M200.00M201.00M203.00M
Gross margin47.9%47.9%48.5%49.5%
Operating margin16.3%13.7%16.1%17.1%
Net margin11.6%9.7%11.4%10.6%

Balance sheet

fiscal years · USD
Fiscal yearFY2022FY2023FY2024FY2025
Cash & equivalents$322.00M$315.00M$298.00M$295.00M
Receivables—$362.00M$380.00M$422.00M
Total current assets—$953.00M$921.00M$1.00B
Goodwill$647.00M$623.00M$633.00M$656.00M
Total assets—$2.74B$2.80B$2.92B
Total current liabilities—$709.00M$740.00M$760.00M
Short-term debt—$0$50.00M$0
Long-term debt—$904.00M$692.00M$491.00M
Total debt—$904.00M$742.00M$491.00M
Total liabilities—$2.06B$1.87B$1.63B
Shareholders' equity$1.08B$654.00M$904.00M$1.26B

Cash flow

fiscal years · USD
Fiscal yearFY2022FY2023FY2024FY2025
Operating cash flow$372.00M$467.00M$524.00M$600.00M
Capital expenditures$164.00M$215.00M$237.00M$197.00M
Free cash flow$208.00M$252.00M$287.00M$403.00M
Investing cash flow-$238.00M-$175.00M-$234.00M-$204.00M
Financing cash flow-$1.12B-$294.00M-$284.00M-$396.00M
Dividends paid$1.60B$680.00M$100.00M$104.00M
Stock-based compensation$0$0$23.00M$47.00M
Depreciation & amortization$135.00M$154.00M$172.00M$188.00M

Quarterly figures are rebuilt from the year-to-date totals companies report — Q4 is the full year minus the first nine months, since no 10-Q is filed for it. Values are as filed; later restatements replace earlier ones. Fiscal years are labelled by the calendar year in which they end.