UL Solutions
ULS · NYSEServices-Testing Laboratories · Fiscal year ends Dec 31
UL Solutions reported revenue of $3.1B in the fiscal year ended Dec 2025, up 6.4% from the year before. Operating income was $522M, an operating margin of 17.1%, and net income was $325M. Operating cash flow of $600M less capital expenditure of $197M left free cash flow of $403M. Net debt was $196M.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 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 & 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 |
| Diluted EPS | 1.47 | 1.30 | 1.62 | 1.60 |
| Diluted shares | 200M | 200M | 201M | 203M |
Balance sheet
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Cash & equivalents | $322M | $315M | $298M | $295M |
| Receivables | – | $362M | $380M | $422M |
| Current assets | – | $953M | $921M | $1B |
| Net PP&E | – | $555M | $631M | $699M |
| Goodwill | $647M | $623M | $633M | $656M |
| Total assets | – | $2.7B | $2.8B | $2.9B |
| Payables | – | $169M | $182M | $183M |
| Deferred revenue | – | $162M | $162M | $173M |
| Current liabilities | – | $709M | $740M | $760M |
| Short-term debt | – | $0 | $50M | $0 |
| Long-term debt | – | $904M | $692M | $491M |
| Total liabilities | – | $2.1B | $1.9B | $1.6B |
| Shareholders' equity | $1.1B | $654M | $904M | $1.3B |
| Backlog (remaining obligations) | – | – | $211M | $205M |
Cash flow
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Operating cash flow | $372M | $467M | $524M | $600M |
| Capital expenditure | $164M | $215M | $237M | $197M |
| Free cash flow | $208M | $252M | $287M | $403M |
| Depreciation & amortisation | $135M | $154M | $172M | $188M |
| Stock-based compensation | $0 | $0 | $23M | $47M |
| Acquisitions | $66M | $18M | $26M | $1M |
| Dividends paid | $1.6B | $680M | $100M | $104M |
| Dividend per share | 8.00 | 3.40 | 0.50 | 0.52 |
Key ratios
| Fiscal year | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|
| Revenue growth (YoY) | – | 6.3% | 7.2% | 6.4% |
| Operating income growth (YoY) | – | −10.7% | 25.5% | 13.0% |
| EPS growth (YoY) | – | −11.6% | 24.6% | −1.2% |
| 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% |
| Return on equityBlank when equity is negative | 27.2% | 39.8% | 36.1% | 25.8% |
| ROCEEBIT ÷ (assets − current liabilities) | – | 18.2% | 22.4% | 24.2% |
| Free cash flow margin | 8.3% | 9.4% | 10.0% | 13.2% |
| Cash conversion (CFO ÷ net income) | 1.27x | 1.80x | 1.61x | 1.85x |
| Receivable days | – | 49 | 48 | 50 |
| Payable days | – | 44 | 45 | 43 |
| Interest cover | 24.2x | 10.5x | 8.40x | 12.7x |
| Debt ÷ equity | – | 1.38x | 0.82x | 0.39x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | – | $589M | $444M | $196M |
| Current ratio | – | 1.34x | 1.24x | 1.32x |
Recent filings
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.