What is UL Solutions' operating income?

UL Solutions' total operating income in 2025 was $522 million, based on the following breakdown: Total Gross Profit: $1.51 billion Total Operating Expenses: $988 million

UL Solutions (ULS) Financials

$64.26 +0.12 (+0.18%)

As of 02:58 PM Eastern

Compare

Annual Income Statements for UL Solutions

This table shows UL Solutions' income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	293	260	326	325
Consolidated Net Income / (Loss)	309	276	345	345
Net Income / (Loss) Continuing Operations	309	276	345	345
Total Pre-Tax Income	383	346	415	470
Total Operating Income	412	368	462	522
Total Gross Profit	1,207	1,284	1,392	1,510
Total Revenue	2,520	2,678	2,870	3,053
Operating Revenue	2,520	2,678	2,870	3,053
Total Cost of Revenue	1,313	1,394	1,478	1,543
Operating Cost of Revenue	1,313	1,394	1,478	1,543
Total Operating Expenses	795	916	930	988
Selling, General & Admin Expense	795	875	931	953
Impairment Charge	0.00	37	0.00	0.00
Restructuring Charge	-	4.00	-1.00	35
Total Other Income / (Expense), net	-29	-22	-47	-52
Interest Expense	17	35	55	41
Other Income / (Expense), net	-12	13	8.00	-11
Income Tax Expense	74	70	70	125
Net Income / (Loss) Attributable to Noncontrolling Interest	16	16	19	20
Basic Earnings per Share	$1.47	$1.30	$1.63	$1.62
Weighted Average Basic Shares Outstanding	200M	200M	200M	201M
Diluted Earnings per Share	$1.47	$1.30	$1.62	$1.60
Weighted Average Diluted Shares Outstanding	200M	200M	201M	203M
Weighted Average Basic & Diluted Shares Outstanding	-	-	200.17M	201.04M
Cash Dividends to Common per Share	$8.00	$3.40	$0.50	$0.52

This table shows UL Solutions' income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Income / (Loss) Attributable to Common Shareholders	58	56	101	88	81	67	91	100	67	92	246
Consolidated Net Income / (Loss)	62	60	106	94	85	71	97	106	71	97	254
Net Income / (Loss) Continuing Operations	62	60	106	94	85	71	97	106	71	97	254
Total Pre-Tax Income	79	73	134	116	92	94	125	146	105	129	338
Total Operating Income	87	91	126	130	115	109	139	156	118	138	150
Total Gross Profit	317	319	366	358	350	340	382	394	392	381	417
Total Revenue	684	670	730	731	739	705	776	783	789	758	816
Operating Revenue	684	670	730	731	739	705	776	783	789	758	816
Total Cost of Revenue	367	351	364	373	389	365	394	389	397	377	399
Operating Cost of Revenue	367	351	364	373	389	365	394	389	397	377	399
Total Operating Expenses	230	228	240	228	235	231	243	238	274	243	267
Selling, General & Admin Expense	230	228	240	228	235	232	244	238	239	243	267
Restructuring Charge	-	-	-	-	-	-1.00	-1.00	-	-	0.00	0.00
Total Other Income / (Expense), net	-8.00	-18	8.00	-14	-23	-15	-14	-10	-13	-9.00	188
Interest Expense	12	15	13	14	13	12	10	10	9.00	8.00	5.00
Other Income / (Expense), net	4.00	-3.00	21	0.00	-10	-3.00	-4.00	0.00	-4.00	-1.00	193
Income Tax Expense	17	13	28	22	7.00	23	28	40	34	32	84
Net Income / (Loss) Attributable to Noncontrolling Interest	4.00	4.00	5.00	6.00	4.00	4.00	6.00	6.00	4.00	5.00	8.00
Basic Earnings per Share	$0.28	$0.28	$0.51	$0.44	$0.40	$0.34	$0.45	$0.50	$0.33	$0.46	$1.22
Weighted Average Basic Shares Outstanding	200M	200M	200M	200M	200M	200M	201M	201M	201M	201M	202M
Diluted Earnings per Share	$0.28	$0.28	$0.50	$0.44	$0.40	$0.33	$0.45	$0.49	$0.33	$0.45	$1.21
Weighted Average Diluted Shares Outstanding	200M	200M	201M	202M	201M	203M	203M	203M	203M	204M	204M
Weighted Average Basic & Diluted Shares Outstanding	0.00	200.00M	200.01M	200.12M	200.17M	200.50M	200.88M	200.88M	201.04M	201.56M	201.90M

This table details how cash moves in and out of UL Solutions' business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	-1,006	-7.00	-17	-3.00
Net Cash From Operating Activities	372	467	524	600
Net Cash From Continuing Operating Activities	372	463	524	600
Net Income / (Loss) Continuing Operations	309	276	345	345
Consolidated Net Income / (Loss)	309	276	345	345
Depreciation Expense	135	154	172	188
Non-Cash Adjustments To Reconcile Net Income	14	7.00	33	54
Changes in Operating Assets and Liabilities, net	-86	26	-26	13
Net Cash From Investing Activities	-238	-175	-234	-204
Net Cash From Continuing Investing Activities	-238	-175	-234	-204
Purchase of Property, Plant & Equipment	-164	-215	-237	-197
Acquisitions	-66	-18	-26	-1.00
Purchase of Investments	-162	-95	0.00	-58
Divestitures	0.00	4.00	29	0.00
Sale and/or Maturity of Investments	155	144	0.00	51
Other Investing Activities, net	-1.00	5.00	0.00	1.00
Net Cash From Financing Activities	-1,116	-294	-284	-396
Net Cash From Continuing Financing Activities	-1,116	-294	-284	-396
Repayment of Debt	-203	-40	-350	-1,052
Payment of Dividends	-1,613	-694	-115	-121
Issuance of Debt	700	440	181	792
Other Financing Activities, net	-	0.00	0.00	-15
Effect of Exchange Rate Changes	-24	-5.00	-23	-3.00
Cash Interest Paid	17	32	57	40
Cash Income Taxes Paid	68	57	66	92

This table details how cash moves in and out of UL Solutions' business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
Net Change in Cash & Equivalents	-142	29	-49	32	-29	-31	5.00	-17	40	-37	176
Net Cash From Operating Activities	126	141	103	150	130	154	147	155	144	219	160
Net Cash From Continuing Operating Activities	126	141	103	150	130	154	147	155	144	219	160
Net Income / (Loss) Continuing Operations	62	60	106	94	85	71	97	106	71	97	255
Consolidated Net Income / (Loss)	62	60	106	94	85	71	97	106	71	97	255
Depreciation Expense	43	41	41	43	47	45	46	46	51	47	46
Non-Cash Adjustments To Reconcile Net Income	34	1.00	-28	-	60	-8.00	-3.00	10	55	1.00	-207
Changes in Operating Assets and Liabilities, net	-13	39	-16	13	-62	46	7.00	-7.00	-33	74	66
Net Cash From Investing Activities	-57	-57	-36	-82	-59	-50	-57	-76	-21	-61	131
Net Cash From Continuing Investing Activities	-57	-57	-36	-82	-59	-52	-57	-76	-21	-61	131
Purchase of Property, Plant & Equipment	-59	-57	-56	-66	-58	-51	-42	-46	-58	-69	-69
Other Investing Activities, net	2.00	0.00	-	-	-	-1.00	-	-	-	0.00	1.00
Net Cash From Financing Activities	-219	-49	-110	-43	-82	-135	-86	-93	-82	-194	-114
Net Cash From Continuing Financing Activities	-219	-49	-110	-43	-82	-135	-86	-93	-82	-194	-114
Repayment of Debt	-9.00	-44	-70	-106	-130	-154	-135	-200	-563	-323	-62
Payment of Dividends	-620	-25	-40	-25	-25	-43	-26	-26	-26	-49	-29
Other Financing Activities, net	-	-	-	-	-	0.00	-	-1.00	-1.00	-9.00	-23
Effect of Exchange Rate Changes	8.00	-6.00	-6.00	7.00	-18	0.00	1.00	-3.00	-1.00	-1.00	-1.00
Cash Interest Paid	8.00	10	19	10	18	7.00	15	4.00	14	3.00	10
Cash Income Taxes Paid	12	9.00	20	27	10	16	24	29	23	19	26

This table presents UL Solutions' assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2023	2024	2025
Period end date	12/31/2023	12/31/2024	12/31/2025
Total Assets	2,736	2,800	2,921
Total Current Assets	953	921	1,000
Cash & Equivalents	315	298	295
Accounts Receivable	362	380	422
Other Current Assets	276	243	283
Plant, Property, & Equipment, net	555	631	699
Total Noncurrent Assets	1,228	1,248	1,222
Goodwill	623	633	656
Intangible Assets	211	185	153
Noncurrent Deferred & Refundable Income Taxes	110	108	94
Other Noncurrent Operating Assets	284	322	319
Total Liabilities & Shareholders' Equity	2,736	2,800	2,921
Total Liabilities	2,058	1,869	1,627
Total Current Liabilities	709	740	760
Accounts Payable	169	182	183
Current Deferred Revenue	162	162	173
Current Employee Benefit Liabilities	281	254	282
Other Current Liabilities	97	92	122
Total Noncurrent Liabilities	1,349	1,129	867
Long-Term Debt	904	692	491
Noncurrent Employee Benefit Liabilities	232	196	134
Other Noncurrent Operating Liabilities	213	241	242
Commitments & Contingencies	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	678	931	1,294
Total Preferred & Common Equity	654	904	1,262
Total Common Equity	654	904	1,262
Common Stock	776	821	887
Retained Earnings	24	250	470
Accumulated Other Comprehensive Income / (Loss)	-146	-167	-95
Noncontrolling Interest	24	27	32

This table presents UL Solutions' assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026
Total Assets	2,819	2,742	2,877	2,878	2,922	2,898	2,955	3,119
Total Current Assets	1,051	957	977	998	1,009	995	1,047	1,234
Cash & Equivalents	344	295	327	267	272	255	258	434
Accounts Receivable	429	381	354	463	424	386	497	471
Other Current Assets	278	281	296	268	313	354	292	329
Plant, Property, & Equipment, net	555	554	602	631	649	663	711	766
Total Noncurrent Assets	1,213	1,231	1,298	1,249	1,264	1,240	1,197	1,119
Goodwill	618	628	651	641	656	655	643	642
Intangible Assets	202	198	194	179	174	163	137	131
Noncurrent Deferred & Refundable Income Taxes	112	118	120	108	110	99	92	46
Other Noncurrent Operating Assets	281	287	333	321	324	323	325	300
Total Liabilities & Shareholders' Equity	2,819	2,742	2,877	2,878	2,922	2,898	2,955	3,119
Total Liabilities	2,136	1,956	1,981	1,894	1,809	1,678	1,619	1,499
Total Current Liabilities	829	740	745	804	765	749	899	866
Accounts Payable	156	134	138	143	139	151	168	179
Current Deferred Revenue	385	317	253	400	328	255	410	347
Current Employee Benefit Liabilities	170	171	223	164	208	254	188	196
Other Current Liabilities	118	118	94	97	90	89	133	144
Total Noncurrent Liabilities	1,307	1,216	1,236	1,090	1,044	929	720	633
Long-Term Debt	867	785	760	653	608	544	357	301
Noncurrent Employee Benefit Liabilities	227	223	222	195	202	146	125	103
Other Noncurrent Operating Liabilities	213	208	254	242	234	239	238	229
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	683	786	896	984	1,113	1,220	1,336	1,620
Total Preferred & Common Equity	671	769	872	970	1,093	1,193	1,319	1,595
Total Common Equity	671	769	872	970	1,093	1,193	1,319	1,595
Common Stock	776	808	817	829	852	866	888	934
Retained Earnings	55	131	194	291	356	429	533	750
Accumulated Other Comprehensive Income / (Loss)	-160	-170	-139	-150	-115	-102	-102	-89
Noncontrolling Interest	12	17	24	14	20	27	17	25

This table displays calculated financial ratios and metrics derived from UL Solutions' official financial filings.

Metric	2022	2023	2024	2025
Period end date	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-
Revenue Growth	0.00%	6.27%	7.17%	6.38%
EBITDA Growth	0.00%	0.00%	20.00%	8.88%
EBIT Growth	0.00%	-4.75%	23.36%	8.72%
NOPAT Growth	0.00%	-11.69%	30.84%	-0.23%
Net Income Growth	0.00%	-10.68%	25.00%	0.00%
EPS Growth	0.00%	-11.56%	24.62%	-1.23%
Operating Cash Flow Growth	0.00%	25.54%	12.21%	14.50%
Free Cash Flow Firm Growth	0.00%	0.00%	128.36%	-2.86%
Invested Capital Growth	0.00%	0.00%	8.52%	8.36%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	1.67%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	1.90%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	1.79%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-6.02%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-3.90%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-4.19%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	0.00%	2.39%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	1.31%
Invested Capital Q/Q Growth	0.00%	0.00%	0.66%	-1.26%
Profitability Metrics	-	-	-	-
Gross Margin	47.90%	47.80%	48.54%	49.46%
EBITDA Margin	21.23%	19.98%	22.37%	22.90%
Operating Margin	16.35%	13.74%	16.10%	17.10%
EBIT Margin	15.87%	14.23%	16.38%	16.74%
Profit (Net Income) Margin	12.26%	10.31%	12.02%	11.30%
Tax Burden Percent	80.68%	79.77%	83.13%	73.40%
Interest Burden Percent	95.75%	90.81%	88.30%	91.98%
Effective Tax Rate	19.32%	20.23%	16.87%	26.60%
Return on Invested Capital (ROIC)	0.00%	46.34%	29.07%	26.75%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	40.38%	21.51%	14.82%
Return on Net Nonoperating Assets (RNNOA)	0.00%	35.08%	13.81%	4.26%
Return on Equity (ROE)	0.00%	81.42%	42.88%	31.01%
Cash Return on Invested Capital (CROIC)	0.00%	-153.66%	20.90%	18.72%
Operating Return on Assets (OROA)	0.00%	13.93%	16.98%	17.86%
Return on Assets (ROA)	0.00%	10.09%	12.46%	12.06%
Return on Common Equity (ROCE)	0.00%	78.53%	41.52%	30.19%
Return on Equity Simple (ROE_SIMPLE)	0.00%	42.20%	38.16%	0.00%
Net Operating Profit after Tax (NOPAT)	332	294	384	383
NOPAT Margin	13.19%	10.96%	13.38%	12.55%
Net Nonoperating Expense Percent (NNEP)	0.00%	5.96%	7.56%	11.93%
Return On Investment Capital (ROIC_SIMPLE)	-	18.56%	22.96%	21.47%
Cost of Revenue to Revenue	52.10%	52.20%	51.46%	50.54%
SG&A Expenses to Revenue	31.55%	32.67%	32.44%	31.22%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	31.55%	34.06%	32.44%	32.36%
Earnings before Interest and Taxes (EBIT)	400	381	470	511
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	535	535	642	699
Valuation Ratios	-	-	-	-
Price to Book Value (P/BV)	0.00	1.45	11.04	12.55
Price to Tangible Book Value (P/TBV)	0.00	0.00	116.07	34.97
Price to Revenue (P/Rev)	0.38	0.35	3.48	5.19
Price to Earnings (P/E)	3.23	3.64	30.62	48.74
Dividend Yield	0.00%	0.00%	0.75%	0.66%
Earnings Yield	30.96%	27.47%	3.27%	2.05%
Enterprise Value to Invested Capital (EV/IC)	0.00	1.23	7.60	10.79
Enterprise Value to Revenue (EV/Rev)	0.00	0.58	3.64	5.26
Enterprise Value to EBITDA (EV/EBITDA)	0.00	2.91	16.28	22.99
Enterprise Value to EBIT (EV/EBIT)	0.00	4.09	22.24	31.45
Enterprise Value to NOPAT (EV/NOPAT)	0.00	5.31	27.22	41.94
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	3.34	19.95	26.78
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	37.86	59.92
Leverage & Solvency	-	-	-	-
Debt to Equity	0.00	1.33	0.80	0.38
Long-Term Debt to Equity	0.00	1.33	0.74	0.38
Financial Leverage	0.00	0.87	0.64	0.29
Leverage Ratio	0.00	4.04	3.44	2.57
Compound Leverage Factor	0.00	3.66	3.04	2.36
Debt to Total Capital	0.00%	57.14%	44.35%	27.51%
Short-Term Debt to Total Capital	0.00%	0.00%	2.99%	0.00%
Long-Term Debt to Total Capital	0.00%	57.14%	41.36%	27.51%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	1.52%	1.61%	1.79%
Common Equity to Total Capital	0.00%	41.34%	54.03%	70.70%
Debt to EBITDA	0.00	1.69	1.16	0.70
Net Debt to EBITDA	0.00	1.10	0.69	0.28
Long-Term Debt to EBITDA	0.00	1.69	1.08	0.70
Debt to NOPAT	0.00	3.08	1.93	1.28
Net Debt to NOPAT	0.00	2.01	1.16	0.51
Long-Term Debt to NOPAT	0.00	3.08	1.80	1.28
Altman Z-Score	0.00	1.83	4.99	7.79
Noncontrolling Interest Sharing Ratio	0.00%	3.54%	3.17%	2.65%
Liquidity Ratios	-	-	-	-
Current Ratio	0.00	1.34	1.24	1.32
Quick Ratio	0.00	0.95	0.92	0.94
Cash Flow Metrics	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-973	276	268
Operating Cash Flow to CapEx	226.83%	217.21%	221.10%	304.57%
Free Cash Flow to Firm to Interest Expense	0.00	-27.81	5.02	6.54
Operating Cash Flow to Interest Expense	21.88	13.34	9.53	14.63
Operating Cash Flow Less CapEx to Interest Expense	12.24	7.20	5.22	9.83
Efficiency Ratios	-	-	-	-
Asset Turnover	0.00	0.98	1.04	1.07
Accounts Receivable Turnover	0.00	7.40	7.74	7.61
Inventory Turnover	0.00	0.00	0.00	0.00
Fixed Asset Turnover	0.00	4.83	4.84	4.59
Accounts Payable Turnover	0.00	8.27	8.42	8.45
Days Sales Outstanding (DSO)	0.00	49.34	47.18	47.94
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	44.12	43.37	43.17
Cash Conversion Cycle (CCC)	0.00	5.22	3.81	4.77
Capital & Investment Metrics	-	-	-	-
Invested Capital	0.00	1,267	1,375	1,490
Invested Capital Turnover	0.00	4.23	2.17	2.13
Increase / (Decrease) in Invested Capital	0.00	1,267	108	115
Enterprise Value (EV)	0.00	1,559	10,453	16,070
Market Capitalization	946	946	9,982	15,842
Book Value per Share	$0.00	$3.27	$4.52	$6.28
Tangible Book Value per Share	$0.00	($0.90)	$0.43	$2.26
Total Capital	0.00	1,582	1,673	1,785
Total Debt	0.00	904	742	491
Total Long-Term Debt	0.00	904	692	491
Net Debt	0.00	589	444	196
Capital Expenditures (CapEx)	164	215	237	197
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-71	-67	-55
Debt-free Net Working Capital (DFNWC)	0.00	244	231	240
Net Working Capital (NWC)	0.00	244	181	240
Net Nonoperating Expense (NNE)	23	18	39	38
Net Nonoperating Obligations (NNO)	0.00	589	444	196
Total Depreciation and Amortization (D&A)	135	154	172	188
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-2.65%	-2.33%	-1.80%
Debt-free Net Working Capital to Revenue	0.00%	9.11%	8.05%	7.86%
Net Working Capital to Revenue	0.00%	9.11%	6.31%	7.86%
Earnings Adjustments	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	$1.63	$1.62
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	200M	201M
Adjusted Diluted Earnings per Share	$0.00	$0.00	$1.62	$1.60
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	201M	203M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	200.17M	201.04M
Normalized Net Operating Profit after Tax (NOPAT)	332	323	384	409
Normalized NOPAT Margin	13.19%	12.06%	13.38%	13.39%
Pre Tax Income Margin	15.20%	12.92%	14.46%	15.39%
Debt Service Ratios	-	-	-	-
EBIT to Interest Expense	23.53	10.89	8.55	12.46
NOPAT to Interest Expense	19.55	8.39	6.98	9.35
EBIT Less CapEx to Interest Expense	13.88	4.74	4.24	7.66
NOPAT Less CapEx to Interest Expense	9.91	2.24	2.67	4.54
Payout Ratios	-	-	-	-
Dividend Payout Ratio	522.01%	251.45%	33.33%	35.07%
Augmented Payout Ratio	522.01%	251.45%	33.33%	35.07%

This table displays calculated financial ratios and metrics derived from UL Solutions' official financial filings.

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	201,042,211.00	201,563,115.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	201,042,211.00	201,563,115.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	0.46	1.22
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	6.52%	5.95%	8.14%	8.04%	5.22%	6.30%	7.11%	6.77%	7.52%	5.15%
EBITDA Growth	0.00%	11.21%	13.25%	45.38%	13.43%	17.05%	-3.72%	16.76%	8.55%	21.85%	114.92%
EBIT Growth	0.00%	10.00%	14.84%	58.54%	15.38%	20.45%	-8.16%	20.00%	8.57%	29.25%	154.07%
NOPAT Growth	0.00%	23.80%	3.26%	55.74%	55.61%	10.07%	8.22%	7.51%	-24.90%	26.04%	4.50%
Net Income Growth	0.00%	3.45%	7.07%	64.91%	37.10%	18.33%	-8.49%	12.77%	-16.47%	36.62%	161.86%
EPS Growth	0.00%	0.00%	6.38%	62.96%	42.86%	17.86%	-10.00%	11.36%	-17.50%	36.36%	168.89%
Operating Cash Flow Growth	0.00%	-12.42%	74.58%	23.97%	3.17%	9.22%	42.72%	3.33%	10.77%	42.21%	8.84%
Free Cash Flow Firm Growth	0.00%	0.00%	0.00%	0.00%	0.00%	92.78%	94.46%	97.64%	-1,911.97%	147.47%	214.72%
Invested Capital Growth	0.00%	0.00%	0.00%	0.00%	8.52%	13.60%	13.56%	10.47%	8.36%	4.74%	2.62%
Revenue Q/Q Growth	1.18%	0.00%	8.96%	0.14%	1.09%	-4.60%	10.07%	0.90%	0.77%	-3.93%	7.65%
EBITDA Q/Q Growth	12.61%	0.00%	45.74%	-7.98%	-12.14%	-0.66%	19.87%	11.60%	-18.32%	11.52%	111.41%
EBIT Q/Q Growth	10.98%	0.00%	67.05%	-11.56%	-19.23%	0.95%	27.36%	15.56%	-26.92%	20.18%	150.37%
NOPAT Q/Q Growth	0.94%	0.00%	33.26%	5.69%	0.86%	-22.51%	31.01%	5.00%	-29.55%	30.05%	8.63%
Net Income Q/Q Growth	8.77%	0.00%	76.67%	-11.32%	-9.57%	-16.47%	36.62%	9.28%	-33.02%	36.62%	161.86%
EPS Q/Q Growth	3.70%	0.00%	78.57%	-12.00%	-9.09%	-17.50%	36.36%	8.89%	-32.65%	36.36%	168.89%
Operating Cash Flow Q/Q Growth	4.13%	0.00%	-26.95%	45.63%	-13.33%	18.46%	-4.55%	5.44%	-7.10%	52.08%	-26.94%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	-3.99%	-7.17%	99.86%	-4,566.87%	20.25%	54.34%	-18.39%	210.11%	92.74%
Invested Capital Q/Q Growth	0.00%	0.00%	5.80%	7.05%	0.66%	-0.36%	5.77%	4.14%	-1.26%	-3.69%	3.62%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	46.35%	47.61%	50.14%	48.97%	47.36%	48.37%	49.36%	50.32%	49.68%	50.26%	51.10%
EBITDA Margin	19.59%	19.25%	25.75%	23.67%	20.57%	21.42%	23.32%	25.80%	20.91%	24.27%	47.67%
Operating Margin	12.72%	13.58%	17.26%	17.78%	15.56%	15.46%	17.91%	19.92%	14.96%	18.21%	18.38%
EBIT Margin	13.30%	13.13%	20.14%	17.78%	14.21%	15.04%	17.40%	19.92%	14.45%	18.07%	42.03%
Profit (Net Income) Margin	9.06%	8.96%	14.52%	12.86%	11.50%	10.07%	12.50%	13.54%	9.00%	12.80%	31.13%
Tax Burden Percent	78.48%	82.19%	79.10%	81.03%	92.39%	75.53%	77.60%	72.60%	67.62%	75.19%	75.15%
Interest Burden Percent	86.81%	82.95%	91.16%	89.23%	87.62%	88.68%	92.59%	93.59%	92.11%	94.16%	98.54%
Effective Tax Rate	21.52%	17.81%	20.90%	18.97%	7.61%	24.47%	22.40%	27.40%	32.38%	24.81%	24.85%
Return on Invested Capital (ROIC)	21.10%	0.00%	0.00%	0.00%	31.24%	26.34%	30.11%	30.22%	21.55%	30.32%	29.60%
ROIC Less NNEP Spread (ROIC-NNEP)	20.03%	0.00%	0.00%	0.00%	27.12%	23.85%	27.48%	28.30%	18.81%	27.53%	168.79%
Return on Net Nonoperating Assets (RNNOA)	17.40%	0.00%	0.00%	0.00%	17.41%	13.00%	11.95%	10.15%	5.41%	5.75%	12.54%
Return on Equity (ROE)	38.50%	0.00%	0.00%	0.00%	48.65%	39.34%	42.06%	40.37%	26.96%	36.07%	42.14%
Cash Return on Invested Capital (CROIC)	-76.83%	0.00%	0.00%	0.00%	20.90%	17.70%	16.71%	18.41%	18.72%	24.23%	25.56%
Operating Return on Assets (OROA)	13.02%	0.00%	0.00%	0.00%	14.73%	15.33%	18.13%	20.72%	15.42%	19.25%	43.78%
Return on Assets (ROA)	8.87%	0.00%	0.00%	0.00%	11.93%	10.27%	13.03%	14.08%	9.60%	13.63%	32.42%
Return on Common Equity (ROCE)	37.14%	0.00%	0.00%	0.00%	47.11%	38.73%	41.24%	39.40%	26.25%	35.59%	41.45%
Return on Equity Simple (ROE_SIMPLE)	0.00%	0.00%	0.00%	0.00%	0.00%	36.70%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	68	75	100	105	106	82	108	113	80	104	113
NOPAT Margin	9.98%	11.16%	13.65%	14.41%	14.38%	11.68%	13.90%	14.46%	10.11%	13.69%	13.81%
Net Nonoperating Expense Percent (NNEP)	1.07%	5.66%	-2.58%	4.83%	4.11%	2.49%	2.63%	1.91%	2.75%	2.79%	-139.19%
Return On Investment Capital (ROIC_SIMPLE)	4.32%	-	-	-	6.35%	5.03%	6.27%	6.42%	4.47%	6.13%	5.87%
Cost of Revenue to Revenue	53.66%	52.39%	49.86%	51.03%	52.64%	51.63%	50.64%	49.68%	50.32%	49.74%	48.90%
SG&A Expenses to Revenue	33.63%	34.03%	32.88%	31.19%	31.80%	32.91%	31.44%	30.40%	30.29%	32.06%	32.72%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	33.63%	34.03%	32.88%	31.19%	31.80%	32.91%	31.44%	30.40%	34.73%	32.06%	32.72%
Earnings before Interest and Taxes (EBIT)	91	88	147	130	105	106	135	156	114	137	343
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	134	129	188	173	152	151	181	202	165	184	389
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.45	1.41	10.97	11.31	11.04	11.64	13.37	11.93	12.55	13.06	12.87
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	365.20	116.07	75.27	55.55	37.96	34.97	31.97	24.98
Price to Revenue (P/Rev)	0.35	0.00	0.00	0.00	3.48	3.89	4.95	4.74	5.19	5.55	6.53
Price to Earnings (P/E)	3.64	0.00	0.00	0.00	30.62	33.50	44.67	41.99	48.74	49.23	40.66
Dividend Yield	0.00%	0.00%	0.30%	0.51%	0.75%	0.90%	0.70%	0.73%	0.66%	0.62%	0.54%
Earnings Yield	27.47%	0.00%	0.00%	0.00%	3.27%	2.99%	2.24%	2.38%	2.05%	2.03%	2.46%
Enterprise Value to Invested Capital (EV/IC)	1.23	1.23	7.01	7.58	7.60	8.53	10.33	9.64	10.79	12.09	13.73
Enterprise Value to Revenue (EV/Rev)	0.58	0.00	0.00	0.00	3.64	4.02	5.07	4.85	5.26	5.59	6.49
Enterprise Value to EBITDA (EV/EBITDA)	2.91	0.00	0.00	0.00	16.28	17.61	22.78	21.21	22.99	23.70	21.73
Enterprise Value to EBIT (EV/EBIT)	4.09	0.00	0.00	0.00	22.24	23.95	31.44	28.99	31.45	32.01	27.23
Enterprise Value to NOPAT (EV/NOPAT)	5.31	0.00	0.00	0.00	27.22	29.83	37.35	35.69	41.94	42.85	49.42
Enterprise Value to Operating Cash Flow (EV/OCF)	3.34	0.00	0.00	0.00	19.95	21.77	25.76	24.83	26.78	26.09	30.12
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	37.86	51.29	65.74	54.97	59.92	51.05	54.42
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.33	1.27	1.00	0.89	0.80	0.66	0.55	0.45	0.38	0.27	0.19
Long-Term Debt to Equity	1.33	1.27	1.00	0.85	0.74	0.66	0.55	0.45	0.38	0.27	0.19
Financial Leverage	0.87	0.77	0.62	0.52	0.64	0.55	0.44	0.36	0.29	0.21	0.07
Leverage Ratio	4.04	4.13	3.49	3.21	3.44	3.42	2.98	2.73	2.57	2.51	2.21
Compound Leverage Factor	3.50	3.42	3.18	2.87	3.01	3.03	2.76	2.55	2.37	2.37	2.18
Debt to Total Capital	57.14%	55.94%	49.97%	47.08%	44.35%	39.89%	35.33%	30.84%	27.51%	21.09%	15.67%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	2.19%	2.99%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	57.14%	55.94%	49.97%	44.89%	41.36%	39.89%	35.33%	30.84%	27.51%	21.09%	15.67%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.52%	0.77%	1.08%	1.42%	1.61%	0.86%	1.16%	1.53%	1.79%	1.00%	1.30%
Common Equity to Total Capital	41.34%	43.29%	48.95%	51.51%	54.03%	59.25%	63.51%	67.63%	70.70%	77.91%	83.03%
Debt to EBITDA	1.69	0.00	0.00	0.00	1.16	0.98	0.93	0.79	0.70	0.49	0.32
Net Debt to EBITDA	1.10	0.00	0.00	0.00	0.69	0.58	0.51	0.42	0.28	0.14	-0.14
Long-Term Debt to EBITDA	1.69	0.00	0.00	0.00	1.08	0.98	0.93	0.79	0.70	0.49	0.32
Debt to NOPAT	3.08	0.00	0.00	0.00	1.93	1.67	1.52	1.33	1.28	0.88	0.73
Net Debt to NOPAT	2.01	0.00	0.00	0.00	1.16	0.98	0.84	0.71	0.51	0.24	-0.32
Long-Term Debt to NOPAT	3.08	0.00	0.00	0.00	1.80	1.67	1.52	1.33	1.28	0.88	0.73
Altman Z-Score	1.48	0.49	2.93	3.33	4.56	4.93	6.28	6.61	7.34	7.90	10.07
Noncontrolling Interest Sharing Ratio	3.54%	1.76%	2.16%	2.68%	3.17%	1.56%	1.95%	2.41%	2.65%	1.34%	1.65%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.34	1.27	1.29	1.31	1.24	1.24	1.32	1.33	1.32	1.16	1.42
Quick Ratio	0.95	0.93	0.91	0.91	0.92	0.91	0.91	0.86	0.94	0.84	1.05
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-1,131	-1,176	-1,261	-1.75	-82	-65	-30	-35	39	75
Operating Cash Flow to CapEx	213.56%	247.37%	183.93%	227.27%	224.14%	301.96%	350.00%	336.96%	248.28%	317.39%	231.88%
Free Cash Flow to Firm to Interest Expense	0.00	-75.41	-90.49	-90.05	-0.13	-6.81	-6.51	-2.97	-3.91	4.85	14.94
Operating Cash Flow to Interest Expense	10.50	9.40	7.92	10.71	10.00	12.83	14.70	15.50	16.00	27.38	32.00
Operating Cash Flow Less CapEx to Interest Expense	5.58	5.60	3.62	6.00	5.54	8.58	10.50	10.90	9.56	18.75	18.20
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.98	0.00	0.00	0.00	1.04	1.02	1.04	1.04	1.07	1.07	1.04
Accounts Receivable Turnover	7.40	0.00	0.00	0.00	7.74	6.51	7.33	8.12	7.61	6.47	7.03
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	4.83	0.00	0.00	0.00	4.84	4.90	4.91	4.75	4.59	4.63	4.45
Accounts Payable Turnover	8.27	0.00	0.00	0.00	8.42	9.97	11.13	10.62	8.45	10.00	9.81
Days Sales Outstanding (DSO)	49.34	0.00	0.00	0.00	47.18	56.04	49.78	44.97	47.94	56.41	51.92
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	44.12	0.00	0.00	0.00	43.37	36.62	32.80	34.36	43.17	36.50	37.20
Cash Conversion Cycle (CCC)	5.22	0.00	0.00	0.00	3.81	19.42	16.98	10.61	4.77	19.91	14.72
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	1,267	1,206	1,276	1,366	1,375	1,370	1,449	1,509	1,490	1,435	1,487
Invested Capital Turnover	2.11	0.00	0.00	0.00	2.17	2.26	2.17	2.09	2.13	2.21	2.14
Increase / (Decrease) in Invested Capital	0.00	1,206	1,276	1,366	108	164	173	143	115	65	38
Enterprise Value (EV)	1,559	1,481	8,945	10,354	10,453	11,690	14,964	14,551	16,070	17,347	20,423
Market Capitalization	946	946	8,438	9,860	9,982	11,290	14,608	14,235	15,842	17,231	20,531
Book Value per Share	$3.27	$3.36	$3.84	$4.36	$4.52	$4.85	$5.45	$5.94	$6.28	$6.56	$7.91
Tangible Book Value per Share	($0.90)	($0.75)	($0.29)	$0.14	$0.43	$0.75	$1.31	$1.87	$2.26	$2.68	$4.08
Total Capital	1,582	1,550	1,571	1,693	1,673	1,637	1,721	1,764	1,785	1,693	1,921
Total Debt	904	867	785	797	742	653	608	544	491	357	301
Total Long-Term Debt	904	867	785	760	692	653	608	544	491	357	301
Net Debt	589	523	490	470	444	386	336	289	196	99	-133
Capital Expenditures (CapEx)	59	57	56	66	58	51	42	46	58	69	69
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-71	-122	-78	-58	-67	-73	-28	-9.00	-55	-110	-66
Debt-free Net Working Capital (DFNWC)	244	222	217	269	231	194	244	246	240	148	368
Net Working Capital (NWC)	244	222	217	232	181	194	244	246	240	148	368
Net Nonoperating Expense (NNE)	6.28	15	-6.33	11	21	11	11	7.26	8.79	6.77	-141
Net Nonoperating Obligations (NNO)	589	523	490	470	444	386	336	289	196	99	-133
Total Depreciation and Amortization (D&A)	43	41	41	43	47	45	46	46	51	47	46
Debt-free, Cash-free Net Working Capital to Revenue	-2.65%	0.00%	0.00%	0.00%	-2.33%	-2.51%	-0.95%	-0.30%	-1.80%	-3.54%	-2.10%
Debt-free Net Working Capital to Revenue	9.11%	0.00%	0.00%	0.00%	8.05%	6.68%	8.27%	8.19%	7.86%	4.77%	11.70%
Net Working Capital to Revenue	9.11%	0.00%	0.00%	0.00%	6.31%	6.68%	8.27%	8.19%	7.86%	4.77%	11.70%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.28	$0.28	$0.51	$0.44	$0.40	$0.34	$0.45	$0.50	$0.33	$0.46	$1.22
Adjusted Weighted Average Basic Shares Outstanding	200M	200M	200M	200M	200M	200M	201M	201M	201M	201M	202M
Adjusted Diluted Earnings per Share	$0.28	$0.28	$0.50	$0.44	$0.40	$0.33	$0.45	$0.49	$0.33	$0.45	$1.21
Adjusted Weighted Average Diluted Shares Outstanding	200M	200M	201M	202M	201M	203M	203M	203M	203M	204M	204M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	200.00M	200.01M	200.12M	200.17M	200.50M	200.88M	200.88M	201.04M	201.56M	201.90M
Normalized Net Operating Profit after Tax (NOPAT)	68	75	100	105	106	82	108	113	80	104	113
Normalized NOPAT Margin	9.98%	11.16%	13.65%	14.41%	14.38%	11.68%	13.90%	14.46%	10.11%	13.69%	13.81%
Pre Tax Income Margin	11.55%	10.90%	18.36%	15.87%	12.45%	13.33%	16.11%	18.65%	13.31%	17.02%	41.42%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.58	5.87	11.31	9.29	8.08	8.83	13.50	15.60	12.67	17.13	68.60
NOPAT to Interest Expense	5.69	4.99	7.67	7.52	8.17	6.86	10.79	11.33	8.87	12.97	22.54
EBIT Less CapEx to Interest Expense	2.67	2.07	7.00	4.57	3.62	4.58	9.30	11.00	6.22	8.50	54.80
NOPAT Less CapEx to Interest Expense	0.77	1.19	3.36	2.81	3.71	2.61	6.59	6.73	2.42	4.35	8.74
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	251.45%	0.00%	0.00%	0.00%	33.33%	37.36%	34.29%	33.43%	35.07%	34.23%	24.62%
Augmented Payout Ratio	251.45%	0.00%	0.00%	0.00%	33.33%	37.36%	34.29%	33.43%	35.07%	34.23%	24.62%

Financials Breakdown Chart

Key Financial Trends

UL Solutions (NYSE: ULS) is showing improving operating performance and a much stronger balance sheet, although Q2 2026 net income was materially boosted by an unusually large other-income gain. Revenue reached $816 million in Q2 2026, up 5.2% from $776 million in the restated Q2 2025 results and 11.8% from Q2 2024. The company has delivered steady quarterly revenue growth from $629 million in Q1 2023 to the latest Q2 level.

Operating margins are gradually improving. Q2 2026 operating income was $150 million, or approximately 18.4% of revenue, compared with 17.9% in Q2 2025, 17.3% in Q2 2024 and 10.9% in Q1 2023. Gross margin also improved to about 51.1% from 49.2% a year earlier.
Underlying earnings growth has been strong. Consolidated net income increased to $254 million in Q2 2026 from $97 million in Q2 2025, while diluted EPS rose to $1.21 from $0.45. Common-shareholder net income increased to $246 million from $91 million.
Cash generation remains healthy. Operating cash flow was $160 million in Q2 2026 and $219 million in Q1 2026, compared with $147 million in Q2 2025 and $103 million in Q2 2024. After $69 million of capital expenditures, Q2 free cash flow was approximately $91 million.
Liquidity has improved significantly. Cash and equivalents increased to $434 million at June 30, 2026, from $258 million at March 31, 2026 and $272 million at June 30, 2025. Cash exceeded reported long-term debt of $301 million, providing a modest net-cash position before considering other obligations.
Debt reduction has strengthened the balance sheet. Long-term debt declined from $785 million in Q2 2024 and $608 million in Q2 2025 to $301 million in Q2 2026. Total liabilities also fell to $1.50 billion from $1.81 billion in Q2 2025 and $1.96 billion in Q2 2024.
Equity has expanded rapidly. Total common equity increased to $1.60 billion in Q2 2026 from $1.09 billion in Q2 2025 and $769 million in Q2 2024. Retained earnings rose to $750 million from $356 million and $131 million, respectively, supporting a substantially stronger capital base.
UL Solutions continues to return cash to shareholders while reducing debt. The company paid $29 million of dividends in Q2 2026 and has increased its quarterly dividend per share from $0.10 in 2023 to $0.145 in Q1 2026. Debt repayments of $62 million in Q2 followed much larger repayments in prior quarters.

Q2 earnings benefited from a non-operating item. Other income was $193 million in Q2 2026, compared with a $1 million expense in Q2 2025. This lifted pretax income to $338 million even though operating income was $150 million. Investors should determine whether the gain is recurring before applying the quarter’s EPS to future earnings estimates.
Working-capital trends are mixed. Accounts receivable declined sequentially to $471 million from $497 million in Q1 2026 but remained above $424 million a year earlier. Current deferred revenue declined to $347 million from $410 million in Q2 2025, which could affect the timing of future revenue recognition.

Quarterly cash flow remains volatile. Operating cash flow fell from $219 million in Q1 2026 to $160 million in Q2, while financing activities used $114 million, including debt repayment and dividends. The company’s cash increase was also supported by $131 million of net investing cash flow, an unusual result given $69 million of capital spending and one that warrants further review.
Capital intensity has increased. Quarterly capital expenditures rose from $42 million in Q2 2023 and $56 million in Q2 2024 to $69 million in both Q2 2025 and Q2 2026. Continued investment may support growth, but it could reduce free cash flow if revenue and margins weaken.
Net income quality should be monitored. The sharp Q2 2026 earnings increase was driven primarily by other income rather than the company’s core operating business. Without the $193 million other-income contribution, pretax profitability would have been substantially lower.

Overall, the multi-year trend is favorable: UL Solutions has grown revenue, expanded operating margins, generated consistent operating cash flow and reduced debt substantially. The principal issue for investors is whether the company can sustain its improved operating results without relying on one-time or non-operating gains.

09/17/26 12:01 PM ETAI Generated. May Contain Errors.

UL Solutions Financials - Frequently Asked Questions

According to the most recent income statement we have on file, UL Solutions' financial year ends in December. Their financial year 2025 ended on December 31, 2025.

UL Solutions' net income appears to be on an upward trend, with a most recent value of $345 million in 2025, rising from $309 million in 2022. The previous period was $345 million in 2024. View UL Solutions' forecast to see where analysts expect UL Solutions to go next.

UL Solutions' total operating income in 2025 was $522 million, based on the following breakdown:

Total Gross Profit: $1.51 billion
Total Operating Expenses: $988 million

Over the last 3 years, UL Solutions' total revenue changed from $2.52 billion in 2022 to $3.05 billion in 2025, a change of 21.2%.

UL Solutions' total liabilities were at $1.63 billion at the end of 2025, a 12.9% decrease from 2024, and a 20.9% decrease since 2023.

In the past 2 years, UL Solutions' cash and equivalents has ranged from $295 million in 2025 to $315 million in 2023, and is currently $295 million as of their latest financial filing in 2025.

Over the last 3 years, UL Solutions' book value per share changed from 0.00 in 2022 to 6.28 in 2025, a change of 628.2%.

Related Companies

Financial statements for NYSE:ULS last updated on 8/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

From Our Partners

Unlock superior investment research and tools.

Get MarketBeat All Access

In-depth profiles and analysis for 20,000 public companies.
Real-time analyst ratings, insider transactions, earnings data, and more.
Our daily ratings and market update email newsletter.

Sign In
Create Account

Your Email Address:

Your Password:

Forgot your password?

Your Email Address:

Choose a Password:

By creating a free account, you agree to our terms of service. This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

UL Solutions (ULS) Financials

Financials Breakdown Chart

Key Financial Trends

UL Solutions Financials - Frequently Asked Questions

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools

About MarketBeat

MarketBeat Products

Popular Tools

Financial Calendars

Terms & Info

UL Solutions (ULS) Financials

Annual Income Statements for UL Solutions

Quarterly Income Statements for UL Solutions

Annual Cash Flow Statements for UL Solutions

Quarterly Cash Flow Statements for UL Solutions

Annual Balance Sheets for UL Solutions

Quarterly Balance Sheets for UL Solutions

Annual Metrics And Ratios for UL Solutions

Quarterly Metrics And Ratios for UL Solutions

Financials Breakdown Chart

Key Financial Trends

UL Solutions Financials - Frequently Asked Questions

When does UL Solutions' fiscal year end?

How has UL Solutions' net income changed over the last 3 years?

What is UL Solutions' operating income?

How has UL Solutions' revenue changed over the last 3 years?

How much debt does UL Solutions have?

How much cash does UL Solutions have?

How has UL Solutions' book value per share changed over the last 3 years?

MarketBeat All Access Features

Best-in-Class Portfolio Monitoring

Stock Ideas and Recommendations

Advanced Stock Screeners and Research Tools