UL Solutions (ULS) financial statements
UL Solutions reported revenue of $3.1B in fiscal 2025, up 6.6% a year over 3 years.
Net income was $325M and the operating margin 17.1%, against 16.3% in 2022.
Free cash flow was $403M, and the company returned $104M in dividends.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from UL Solutions's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Revenue | $2.5B | $2.7B | $2.9B | $3.1B |
| Cost of revenue | $1.3B | $1.4B | $1.5B | $1.5B |
| Gross profit | $1.2B | $1.3B | $1.4B | $1.5B |
| Selling, general and admin | $795M | $875M | $931M | $953M |
| Operating income | $412M | $368M | $462M | $522M |
| Interest expense | $17M | $35M | $55M | $41M |
| Pre-tax income | $383M | $346M | $415M | $470M |
| Income tax | $74M | $70M | $70M | $125M |
| Net income | $293M | $260M | $326M | $325M |
| EPS (diluted) | $1.47 | $1.30 | $1.62 | $1.60 |
| Diluted shares | 200M | 200M | 201M | 203M |
| Gross margin | 47.9% | 47.9% | 48.5% | 49.5% |
| Operating margin | 16.3% | 13.7% | 16.1% | 17.1% |
| Net margin | 11.6% | 9.7% | 11.4% | 10.6% |
Balance sheet
Fiscal years, from UL Solutions's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Cash and short-term investments | $322M | $315M | $298M | $295M |
| Receivables | — | $362M | $380M | $422M |
| Total current assets | — | $953M | $921M | $1.0B |
| Property, plant and equipment | — | $555M | $631M | $699M |
| Goodwill | $647M | $623M | $633M | $656M |
| Total assets | — | $2.7B | $2.8B | $2.9B |
| Total current liabilities | — | $709M | $740M | $760M |
| Long-term debt | — | $904M | $692M | $491M |
| Total liabilities | — | $2.1B | $1.9B | $1.6B |
| Shareholders' equity | $1.1B | $654M | $904M | $1.3B |
| Net debt | -$322M | $589M | $444M | $196M |
Cash flow
Fiscal years, from UL Solutions's 10-K filings with the SEC.
| Fiscal year | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Operating cash flow | $372M | $467M | $524M | $600M |
| Capital spending | $164M | $215M | $237M | $197M |
| Free cash flow | $208M | $252M | $287M | $403M |
| Stock-based compensation | $0 | $0 | $23M | $47M |
| Dividends paid | $1.6B | $680M | $100M | $104M |
| Net borrowing | $500M | $410M | -$165M | -$253M |
| Free cash flow margin | 8.3% | 9.4% | 10.0% | 13.2% |
| Dividends per share | $8.00 | $3.40 | $0.50 | $0.51 |
Every line, every quarterThe deep dive has fifteen-plus years of statements, quarterly results, charts and valuation models for ULS.
Open ULS in InvestinglyQuestions
What was UL Solutions's revenue in 2025?
$3.1B in fiscal 2025, from its 10-K filing.
How much free cash flow does UL Solutions generate?
$403M in fiscal 2025 (operating cash flow minus capital spending).
From UL Solutions's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.