UL Solutions Inc. cash flow statement

In fiscal 2025, UL Solutions Inc.'s operations generated $600m of cash; it spent $197m on capital projects, leaving free cash flow of $403m. It returned $104m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

UL Solutions Inc.: cash flow statement, annual
Fiscal year	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025	LTMJun 2026
Cash from operations	372	467	524	600	678
Depreciation and amortisation	135	154	172	188	190
Stock-based pay	0	0	23	47	63
Capital spending	164	215	237	197	242
Free cash flow	208	252	287	403	436
Free cash flow after stock pay	208	252	264	356	373
Dividends paid	1,600	680	100	104	110

US$ millions unless shown otherwise. Fiscal quarters.

UL Solutions Inc.: cash flow statement, quarterly
Quarter	2024 Q3Sept 2024	2024 Q4Dec 2024	2025 Q1Mar 2025	2025 Q2Jun 2025	2025 Q3Sept 2025	2025 Q4Dec 2025	2026 Q1Mar 2026	2026 Q2Jun 2026
Cash from operations	150	130	154	147	155	144	219	160
Depreciation and amortisation	43	47	45	46	46	51	47	46
Stock-based pay	10	7	8	14	15	11	12	25
Capital spending	66	58	51	42	46	58	69	69
Free cash flow	84	72	103	105	109	86	150	91
Free cash flow after stock pay	74	65	95	91	94	75	138	66

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from UL Solutions Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to UL Solutions Inc.