ULS financial statements

The full income statement, balance sheet, and cash-flow statement for UL Solutions Inc. (ULS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 200.0M2024-09 200.1M2024-12 200.2M2025-03 200.5M2025-06 200.9M2025-09 200.9M2025-12 201.0M2026-03 201.6M2026-06 201.9M+0.9% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22
Revenue	3.05B YoY+6.4%	2.87B YoY+7.2%	2.68B YoY+6.3%	2.52B
Cost of revenue	1.54B YoY+4.4%	1.48B YoY+6.0%	1.39B YoY+6.2%	1.31B
Selling, general & administrative	953M YoY+2.4%	931M YoY+6.4%	875M YoY+10.1%	795M
Restructuring	35.0M YoY+3600.0%	-1.00M YoY-125.0%	4.00M	—
Amortization of intangibles	13.0M YoY+0.0%	13.0M YoY-13.3%	15.0M YoY-6.3%	16.0M
Provision for credit losses	11.0M YoY+22.2%	9.00M YoY+125.0%	4.00M YoY-33.3%	6.00M
Operating income	522M YoY+13.0%	462M YoY+25.5%	368M YoY-10.7%	412M
Interest expense	41.0M YoY-25.5%	55.0M YoY+57.1%	35.0M YoY+105.9%	17.0M
Other non-operating income	-1.00M YoY+50.0%	-2.00M YoY-200.0%	2.00M YoY-71.4%	7.00M
Gain (loss) on equity securities	0.00	0.00 YoY-100.0%	7.00M YoY-68.2%	22.0M
Pre-tax income	470M YoY+13.3%	415M YoY+19.9%	346M YoY-9.7%	383M
Income tax	125M YoY+78.6%	70.0M YoY+0.0%	70.0M YoY-5.4%	74.0M
	325M YoY-0.3%	326M YoY+25.4%	260M YoY-11.3%	293M
Net income to non-controlling interest	20.0M YoY+5.3%	19.0M YoY+18.8%	16.0M YoY+0.0%	16.0M
	$1.60 YoY-1.2%	$1.62 YoY+24.6%	$1.30 YoY-11.6%	$1.47
EPS (basic)	$1.62 YoY-0.6%	$1.63 YoY+25.4%	$1.30 YoY-11.6%	$1.47
	201M YoY+0.5%	200M YoY+0.0%	200M YoY+0.0%	200M
	203M YoY+1.0%	201M YoY+0.5%	200M YoY+0.0%	200M
Dividends per share	$0.52 YoY+4.0%	$0.50 YoY-85.3%	$3.40 YoY-57.5%	$8.00
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22
	1.00B YoY+8.6%	921M YoY-3.4%	953M	—
Cash & equivalents	295M YoY-1.0%	298M YoY-5.4%	315M YoY-2.2%	322M
Accounts receivable	422M YoY+11.1%	380M YoY+5.0%	362M	—
Prepaid expenses	—	33.0M YoY-5.7%	35.0M	—
Other current assets	79.0M YoY+29.5%	61.0M YoY-37.1%	97.0M	—
	2.92B YoY+4.3%	2.80B YoY+2.3%	2.74B	—
Property, plant & equipment	699M YoY+10.8%	631M YoY+13.7%	555M	—
Operating lease right-of-use	179M YoY-3.8%	186M YoY+23.2%	151M	—
Goodwill	656M YoY+3.6%	633M YoY+1.6%	623M YoY-3.7%	647M
Intangible assets	48.0M YoY-17.2%	58.0M YoY-19.4%	72.0M	—
Deferred tax assets	94.0M YoY-13.0%	108M YoY-1.8%	110M	—
Other non-current assets	140M YoY+2.9%	136M YoY+2.3%	133M	—
	760M YoY+2.7%	740M YoY+4.4%	709M	—
Accounts payable	183M YoY+0.5%	182M YoY+7.7%	169M	—
Deferred revenue	173M YoY+6.8%	162M YoY+0.0%	162M	—
Short-term & current debt	0.00 YoY-100.0%	50.0M	0.00	—
Current lease liability	43.0M YoY+13.2%	38.0M YoY-2.6%	39.0M	—
Other current liabilities	79.0M YoY+46.3%	54.0M YoY-6.9%	58.0M	—
	1.63B YoY-12.9%	1.87B YoY-9.2%	2.06B	—
Long-term debt	491M YoY-29.0%	692M YoY-23.5%	904M	—
Non-current lease liability	149M YoY-3.9%	155M YoY+29.2%	120M	—
Operating lease liability (total)	192M YoY-0.5%	193M	—	—
Other non-current liabilities	93.0M YoY+8.1%	86.0M YoY-7.5%	93.0M	—
	1.26B YoY+39.6%	904M YoY+38.2%	654M YoY-39.3%	1.08B
Common stock	—	—	0.00	—
Additional paid-in capital	887M YoY+8.0%	821M YoY+5.8%	776M	—
Retained earnings	470M YoY+88.0%	250M YoY+941.7%	24.0M	—
Accumulated other comprehensive income	-95.0M YoY+43.1%	-167M YoY-14.4%	-146M	—
Non-controlling interest	32.0M YoY+18.5%	27.0M YoY+12.5%	24.0M	—
Total equity incl. non-controlling	1.29B YoY+39.0%	931M YoY+37.3%	678M YoY-37.0%	1.08B
Total liabilities & equity	2.92B YoY+4.3%	2.80B YoY+2.3%	2.74B	—
	—	—	200M	—
	201M YoY+0.4%	200M YoY+0.1%	200M YoY+0.0%	200M
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22
	600M YoY+14.5%	524M YoY+12.2%	467M YoY+25.5%	372M
Depreciation & amortization	188M YoY+9.3%	172M YoY+11.7%	154M YoY+14.1%	135M
Intangible amortization	13.0M YoY+0.0%	13.0M YoY-13.3%	15.0M YoY-6.3%	16.0M
Share-based compensation	47.0M YoY+104.3%	23.0M	0.00	0.00
Deferred income taxes	2.00M YoY+133.3%	-6.00M YoY-154.5%	11.0M YoY+10.0%	10.0M
Change in receivables	32.0M YoY+3.2%	31.0M YoY+616.7%	-6.00M YoY-140.0%	15.0M
Change in payables	-13.0M YoY-200.0%	13.0M YoY+1200.0%	1.00M YoY+105.6%	-18.0M
	-204M YoY+12.8%	-234M YoY-33.7%	-175M YoY+26.5%	-238M
Capital expenditure	197M YoY-16.9%	237M YoY+10.2%	215M YoY+31.1%	164M
Free cash flow	403M YoY+40.4%	287M YoY+13.9%	252M YoY+21.2%	208M
Acquisitions	1.00M YoY-96.2%	26.0M YoY+44.4%	18.0M YoY-72.7%	66.0M
Purchases of investments	58.0M	0.00 YoY-100.0%	95.0M YoY-41.4%	162M
Sales/maturities of investments	51.0M	0.00 YoY-100.0%	144M YoY-7.1%	155M
Other investing activities	-1.00M	0.00 YoY+100.0%	-5.00M YoY-600.0%	1.00M
	-396M YoY-39.4%	-284M YoY+3.4%	-294M YoY+73.7%	-1.12B
Long-term debt issued	792M YoY+337.6%	181M YoY-58.9%	440M YoY-37.1%	700M
Long-term debt repaid	1.04B YoY+202.0%	346M YoY+1053.3%	30.0M YoY-85.0%	200M
Common stock issued	0.00	0.00	0.00	0.00
Common stock repurchased	0.00	0.00	0.00	0.00
Dividends paid	104M YoY+4.0%	100M YoY-85.3%	680M YoY-57.5%	1.60B
Other financing activities	-7.00M YoY-75.0%	-4.00M YoY+60.0%	-10.0M YoY-233.3%	-3.00M
FX effect on cash	-3.00M YoY+87.0%	-23.0M YoY-360.0%	-5.00M YoY+79.2%	-24.0M
Net change in cash	-3.00M YoY+82.4%	-17.0M YoY-142.9%	-7.00M YoY+99.3%	-1.01B
Interest paid	40.0M YoY-29.8%	57.0M YoY+78.1%	32.0M YoY+88.2%	17.0M
Income taxes paid	92.0M YoY+39.4%	66.0M YoY+15.8%	57.0M YoY-16.2%	68.0M
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22
Market cap	15.9B YoY+58.8%	9.98B	—	—
P/E	48.8× YoY+59.3%	30.6×	—	—
P/S	5.2× YoY+49.3%	3.5×	—	—
P/B	12.6× YoY+13.7%	11.0×	—	—
P/FCF	39.3× YoY+13.1%	34.8×	—	—
	2.1% YoY-37.2%	3.3%	—	—
	2.5% YoY-11.6%	2.9%	—	—
	0.66% YoY-34.2%	1.0%	—	—
Source filing	10-K	10-K	10-K	10-K

About this data

Source: ULS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all ULS filings on SEC EDGAR → Not investment advice.