UL Solutions Inc. financial statements

Annual and quarterly income statement, balance sheet and cash-flow history. On small screens, start with four periods and expand the table when needed.

Metric	2025	2024	2023	2022
Income statement
Revenue	$3.1B	$2.9B	$2.7B	$2.5B
Cost of revenue	$1.6B	$1.5B	$1.4B	$1.3B
Gross profit	$1.5B	$1.4B	$1.3B	$1.2B
Operating expenses	$975.5M	$918.0M	$860.0M	$795.0M
Operating income	$522.4M	$462.0M	$405.0M	$412.0M
Net income	$325.0M	$326.0M	$260.0M	$293.0M
EBITDA	$738.4M	$642.0M	$535.0M	$535.0M
Basic EPS	$1.62	$1.63	$1.30	$1.47
Diluted EPS	$1.60	$1.62	$1.30	$1.47
Balance sheet
Cash & equivalents	$295.0M	$298.0M	$315.0M	$322.0M
Total assets	$2.9B	$2.8B	$2.7B	$2.7B
Total liabilities	$1.6B	$1.9B	$2.1B	$1.6B
Stockholders’ equity	$1.3B	$904.0M	$654.0M	$1.1B
Total debt	$832.0M	$935.0M	$1.1B	$660.0M
Net debt	$537.0M	$637.0M	$748.0M	$338.0M
Cash flow
Operating cash flow	$600.0M	$524.0M	$467.0M	$372.0M
Capital expenditure	-$197.0M	-$237.0M	-$215.0M	-$164.0M
Free cash flow	$403.0M	$287.0M	$252.0M	$208.0M
Dividends paid	-$104.0M	-$100.0M	-$680.0M	-$1.6B
Share repurchases	$0.00	$0.00	$0.00	$0.00