UL Solutions Inc.

ULS 10-K · FY 2025
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ULS FY 2025 request

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Income Statement

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Income Statement
Metric FY 2025 FY 2024 YoY
Revenue 3,053 2,870 +6.4%
Show Product Lines breakouts
Certification Testing 851 784 +8.5%
Non-certification Testing and Other Services 911 860 +5.9%
Ongoing Certification Services 1,006 953 +5.6%
Software 285 273 +4.4%
Show Business Segments breakouts
Consumer · Operating Segments 1,319 1,238 +6.5%
Industrial · Operating Segments 1,341 1,254 +6.9%
Software and Advisory · Operating Segments 393 378 +4.0%
Show Geography breakouts
Asia Pacific 398 375 +6.1%
CN 761 710 +7.2%
EMEA 529 496 +6.7%
Other Americas 112 111 +0.9%
US 1,253 1,178 +6.4%
Show Consolidation Items breakouts
Operating Segments 3,053 2,870 +6.4%
Cost of Revenue 1,543 1,478 +4.4%
Selling, General & Administrative 953 931 +2.4%
Restructuring Charges 35 -1 +3600.0%
Show Business Segments breakouts
Consumer · Operating Segments 26 -1 +2700.0%
Industrial · Operating Segments 7 — —
Software and Advisory · Operating Segments 2 — —
Show Consolidation Items breakouts
Operating Segments 35 -1 +3600.0%
Show Restructuring Cost And Reserve breakouts
Employee Severance 31 -1 +3200.0%
Facility Closing 4 — —
Operating Income 522 462 +13.0%
Show Business Segments breakouts
Consumer · Operating Segments 122 114 +7.0%
Industrial · Operating Segments 386 338 +14.2%
Software and Advisory · Operating Segments 14 10 +40.0%
Show Consolidation Items breakouts
Operating Segments 522 462 +13.0%
Interest Expense -41 -55 +25.5%
Non-Operating Income (Expense) -11 8 -237.5%
Income Before Taxes 470 415 +13.3%
Income Tax Expense (Benefit) 125 70 +78.6%
Net Income 345 345 0.0%
Show Equity Components breakouts
Noncontrolling Interest 20 19 +5.3%
Retained Earnings 325 326 -0.3%
Net Income Loss Attributable To Noncontrolling Interest 20 19 +5.3%
Net Income 325 326 -0.3%
EPS (Basic) 1.62 1.63 -0.6%
EPS (Diluted) 1.6 1.62 -1.2%
Wtd Avg Shares (Basic) 201 200 +0.5%
Wtd Avg Shares (Diluted) 203 201 +1.0%
Other Non-Operating Income (Expense) -1 -2 +50.0%
Comprehensive Income 397 305 +30.2%

Balance Sheet

Balance Sheet
Metric FY 2025 FY 2024 YoY
Current Assets
Cash & Cash Equivalents 295 298 -1.0%
Accounts Receivable 422 380 +11.1%
Contract With Customer Asset Net Current 204 182 +12.1%
Other Assets Current 79 61 +29.5%
Total Current Assets 1,000 921 +8.6%
Non-Current Assets
Goodwill 656 633 +3.6%
Show Business Segments breakouts
Consumer · Operating Segments 234 225 +4.0%
Industrial · Operating Segments 350 340 +2.9%
Software and Advisory · Operating Segments 72 68 +5.9%
Intangible Assets 48 58 -17.2%
Show Finite Lived Intangible Assets By Major Class breakouts
Customer Relationships 42 50 -16.0%
Intellectual property and patents 2 4 -50.0%
Trademarks 4 4 0.0%
Operating Lease Right-of-Use Assets 179 186 -3.8%
Deferred Tax Assets 94 108 -13.0%
Other Non-Current Assets 140 136 +2.9%
Total Assets 2,921 2,800 +4.3%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 219 193 +13.5%
Property, Plant & Equipment 699 631 +10.8%
Other Assets
Property Plant And Equipment And Finance Lease Right Of Use Asset After Accumulated Depreciation And Amortization 699 631 +10.8%
Capitalized Computer Software Net 105 127 -17.3%
Current Liabilities
Accounts Payable 183 182 +0.5%
Employee Related Liabilities Current 282 254 +11.0%
Show Award Type breakouts
Performance Cash Awards 33 16 +106.2%
Operating Lease Liability Current 43 38 +13.2%
Deferred Revenue (Current) 173 162 +6.8%
Other Liabilities Current 79 54 +46.3%
Total Current Liabilities 760 740 +2.7%
Non-Current Liabilities
Long-Term Debt 491 692 -29.0%
Pension And Other Postretirement Defined Benefit Plans Liabilities Noncurrent 134 196 -31.6%
Show Retirement Plan Type breakouts
Pension Plans Defined Benefit · Foreign Plan 90 87 +3.4%
Pension Plans Defined Benefit · US 31 97 -68.0%
Operating Lease Liabilities 149 155 -3.9%
Other Non-Current Liabilities 93 86 +8.1%
Show Award Type breakouts
Performance Cash Awards 0 18 -100.0%
Total Liabilities 1,627 1,869 -12.9%
Show Consolidated Entities breakouts
Variable Interest Entity Primary Beneficiary 94 87 +8.0%
Long-Term Debt 491 742 -33.8%
Stockholders' Equity
Additional Paid-In Capital 887 821 +8.0%
Retained Earnings 470 250 +88.0%
Accumulated Other Comprehensive Income -95 -167 +43.1%
Total Stockholders' Equity 1,262 904 +39.6%
Minority Interest 32 27 +18.5%
Stockholders Equity Including Portion Attributable To Noncontrolling Interest 1,294 931 +39.0%
Show Equity Components breakouts
Accumulated Defined Benefit Plans Adjustment -53 -79 +32.9%
Accumulated Other Comprehensive Income -95 -167 +43.1%
Accumulated Translation Adjustment -42 -88 +52.3%
Additional Paid In Capital 887 821 +8.0%
Noncontrolling Interest 32 27 +18.5%
Retained Earnings 470 250 +88.0%
Total Liabilities & Equity 2,921 2,800 +4.3%

Cash Flow Statement

Cash Flow Statement
Metric FY 2025 FY 2024 YoY
Operating Activities
Depreciation & Amortization 188 172 +9.3%
Show Business Segments breakouts
Consumer · Operating Segments 81 79 +2.5%
Industrial · Operating Segments 56 47 +19.1%
Software and Advisory · Operating Segments 51 46 +10.9%
Show Consolidation Items breakouts
Operating Segments 188 172 +9.3%
Stock-Based Compensation 47 23 +104.3%
Provision For Doubtful Accounts 11 9 +22.2%
Foreign Currency Transaction Gain Loss Before Tax 10 11 -9.1%
Deferred Income Taxes 2 -6 +133.3%
Other Non-Cash Items 8 11 -27.3%
Change in Accounts Receivable -32 -31 -3.2%
Increase Decrease In Contract With Customer Asset And Other Assets -22 3 -833.3%
Change in Accounts Payable -13 13 -200.0%
Increase Decrease In Accrued Liabilities 80 7 +1042.9%
Increase Decrease In Pension And Postretirement Obligations -35 -9 -288.9%
Increase Decrease In Contract With Customer Liability And Other Liabilities 11 — —
Net Cash from Operations 600 524 +14.5%
Investing Activities
Capital Expenditures -197 -237 +16.9%
Payments To Acquire Businesses Net Of Cash Acquired -1 -26 +96.2%
Proceeds From Sale Maturity And Collections Of Investments 51 — —
Payments To Acquire Investments -58 — —
Other Investing Activities 1 — —
Net Cash from Investing -204 -234 +12.8%
Conversion Of Stock Amount Converted1 37 26 +42.3%
Financing Activities
Proceeds From Issuance Of Long Term Debt 792 181 +337.6%
Repayments Of Long Term Debt -1,045 -346 -202.0%
Payments Of Dividends Common Stock -104 -100 -4.0%
Payments Of Dividends Minority Interest -17 -15 -13.3%
Tax Withholding for Share Compensation -15 — —
Proceeds From Payments For Other Financing Activities -7 -4 -75.0%
Net Cash from Financing -396 -284 -39.4%
Supplemental
Interest Paid 40 57 -29.8%
Income Taxes Paid 92 66 +39.4%
Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Share Based Liabilities Paid 4 19 -78.9%
Show Award Type breakouts
Performance Cash Awards 16 — —
Unpaid Capital Expenditures 54 43 +25.6%
Other Cash Flow
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents -3 -23 +87.0%
Net Change in Cash -3 -17 +82.4%
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents 295 298 -1.0%

Values in millions USD. Source: SEC EDGAR 10-K filing.

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