UL Solutions Inc. (ULS) Financial Statements
UL Solutions financial statements at a glance
UL Solutions reported revenue of $3.05 billion for fiscal year 2025 (ended December 31, 2025), up 6.4% from fiscal year 2024. Net income was $325.00 million, a net margin of 10.6%, and diluted earnings per share were $1.60.
At the end of fiscal year 2025 it had total assets of $2.92 billion, total liabilities of $1.63 billion and shareholders' equity of $1.26 billion, with cash and short-term investments of $295.00 million and total debt of $683.00 million.
Its operations brought in $600.00 million of cash; capital spending was $197.00 million, leaving free cash flow of $403.00 million.
The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.
Figures from company filings, in USD; latest fiscal year ended December 31, 2025.
UL Solutions Inc.
Income Statement
Annual • USD
UL Solutions key figures by fiscal year
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|
| Revenue | $3.1B | $2.9B | $2.7B | $2.5B | $2.5B |
| Gross profit | $1.5B | $1.4B | $1.3B | $1.2B | $1.2B |
| Operating income | $557.0M | $462.0M | $405.0M | $412.0M | $287.0M |
| Net income | $325.0M | $326.0M | $260.0M | $293.0M | $224.0M |
| Diluted EPS | $1.60 | $1.62 | $1.30 | $1.47 | $1.12 |
| Total assets | $2.9B | $2.8B | $2.7B | $2.7B | $3.7B |
| Total liabilities | $1.6B | $1.9B | $2.1B | $1.6B | $1.3B |
| Shareholders' equity | $1.3B | $904.0M | $654.0M | $1.1B | $2.3B |
| Cash and short-term investments | $295.0M | $298.0M | $315.0M | $373.0M | $1.4B |
| Total debt | $683.0M | $935.0M | $1.1B | $660.0M | $154.0M |
| Operating cash flow | $600.0M | $524.0M | $467.0M | $372.0M | $421.0M |
| Capital spending | $197.0M | $237.0M | $215.0M | $164.0M | $107.0M |
| Free cash flow | $403.0M | $287.0M | $252.0M | $208.0M | $314.0M |
In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2019.
Questions and answers
What was UL Solutions's revenue in fiscal year 2025?
$3.05 billion, up 6.4% from $2.87 billion in fiscal year 2024.
How much profit does UL Solutions make?
UL Solutions reported net income of $325.00 million for fiscal year 2025 (10.6% of revenue); operating income was $557.00 million.
How much cash and debt does UL Solutions have?
At the end of fiscal year 2025: cash and short-term investments of $295.00 million and total debt of $683.00 million.
What is UL Solutions's free cash flow?
$403.00 million in fiscal year 2025 (operating cash flow of $600.00 million minus capital spending of $197.00 million).
