UL Solutions Inc.
For the period ended Dec 31, 2025. Filed Feb 19, 2026.
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FY2025 · Filed Feb 19, 2026
ULS$81.56+0.5%Stored close · as of Nov 10, 2026
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Item 8. Consolidated Statements of Cash Flows
UL Solutions Inc.
Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows
| Year Ended December 31, | |||
|---|---|---|---|
| (in millions) | 2025 | 2024 | 2023 |
| Operating activities | |||
| Net income | $345 | $345 | $276 |
| Adjustments to reconcile net income to net cash flows provided by operating activities: | |||
| Depreciation and amortization | 188 | 172 | 154 |
| Stock-based compensation | 47 | 23 | — |
| Allowance for credit losses | 11 | 9 | 4 |
| Goodwill impairment | — | — | 37 |
| Gains on divestitures | — | (24) | (2) |
| Losses on foreign exchange transactions | 10 | 11 | 4 |
| Deferred income taxes | 2 | (6) | 11 |
| Other, net | 8 | 11 | 1 |
| Changes in assets and liabilities, excluding the effects of acquisitions and divestitures: | |||
| Accounts receivable | (32) | (31) | 6 |
| Contract and other assets | (22) | 3 | (33) |
| Accounts payable | (13) | 13 | 1 |
| Accrued expenses | 80 | 7 | (28) |
| Pension and postretirement benefit plans | (35) | (9) | 4 |
| Contract and other liabilities | 11 | — | 32 |
| Net cash flows provided by operating activities | 600 | 524 | 467 |
| Investing activities | |||
| Capital expenditures | (197) | (237) | (215) |
| Acquisitions, net of cash acquired | (1) | (26) | (18) |
| Proceeds from divestitures | — | 29 | 4 |
| Purchases of investments | (58) | — | (95) |
| Sales of investments | 51 | — | 144 |
| Other investing activities, net | 1 | — | 5 |
| Net cash flows used in investing activities | (204) | (234) | (175) |
| Financing activities | |||
| Proceeds from long-term debt | 792 | 181 | 440 |
| Repayments of long-term debt | (1,045) | (346) | (30) |
| Dividends to stockholders of UL Solutions | (104) | (100) | (680) |
| Dividends to non-controlling interest | (17) | (15) | (14) |
| Employee taxes paid on settlement of stock-based compensation | (15) | — | — |
| Other financing activities, net | (7) | (4) | (10) |
| Net cash flows used in financing activities | (396) | (284) | (294) |
| Effect of exchange rate changes on cash and cash equivalents | (3) | (23) | (5) |
| Net decrease in cash and cash equivalents | (3) | (17) | (7) |
| Cash and cash equivalents | |||
| Beginning of period | 298 | 315 | 322 |
| End of period | $295 | $298 | $315 |
| Supplemental disclosures of cash flow information | |||
| Cash paid during the period for interest | $40 | $57 | $32 |
| Cash paid during the period for income taxes | 92 | 66 | 57 |
| Cash paid during the period for stock-based compensation | 4 | 19 | 61 |
| Noncash investing and financing activities | |||
| Capital expenditures funded by liabilities | $54 | $43 | $46 |
| Conversion of stock-based compensation awards to equity (Note 17) | 37 | 26 | — |
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