UL Solutions Inc. (ULS) quarterly cash flow statement — complete operating, investing & financing history
UL Solutions Inc. (ULS) cash flow statement — 6-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 |
|---|
| Cash from Operations | 160M | 219M | 144M | 155M | 147M | 154M | 130M | 150M | 103M | 141M | 126M | 121M | 59M | 161M | 80M | 131M |
| Operating CF Margin % | 19.61% | 28.89% | 18.25% | 19.8% | 18.94% | 21.84% | 17.59% | 20.52% | 14.11% | 21.04% | 18.42% | 17.9% | 8.56% | 25.6% | 12.72% | 21.03% |
| Operating CF Growth % | 8.84% | 42.21% | 10.77% | 3.33% | 42.72% | 9.22% | 3.17% | 23.97% | 74.58% | -12.42% | 57.5% | -7.63% | - | - | - | - |
| Net Income | 255M | 97M | 71M | 106M | 97M | 71M | 85M | 103M | 101M | 56M | 58M | 53M | 94M | 55M | 78M | 70M |
| Depreciation & Amortization | 46M | 47M | 51M | 46M | 46M | 45M | 47M | 43M | 41M | 41M | 43M | 37M | 38M | 36M | 33M | 34M |
| Stock-Based Compensation | 23M | 12M | 11M | 15M | 13M | 8M | 7M | 10M | 6M | -1M | 11M | 1M | 0 | 0 | 0 | 0 |
| Deferred Taxes | 41M | 0 | -3M | 4M | 0 | 1M | 5M | -1M | -7M | -3M | 3M | -17M | 14M | 11M | -1M | 16M |
| Other Non-Cash Items | -84M | 5M | 4M | -12M | 7M | 9M | 14M | -9M | -11M | 14M | -3M | 51M | 0 | 0 | 6M | 26M |
| Working Capital Changes | -121M | 58M | 10M | -4M | -16M | 20M | -28M | 4M | -27M | 34M | 14M | -4M | -87M | 59M | -36M | -15M |
| Change in Receivables | 24M | -87M | -36M | 78M | 32M | -106M | 4M | 37M | 45M | -78M | -31M | 24M | 47M | -34M | -33M | 12M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 3M | -2M | 10M | 4M | -4M | -23M | 32M | 1M | -7M | -13M | 20M | -1M | 0 | -18M | 8M | -3M |
| Cash from Investing | 131M | -61M | -21M | -76M | -57M | -50M | -59M | -82M | -36M | -57M | -57M | -33M | -10M | -75M | -90M | -70M |
| Capital Expenditures | -69M | -69M | -58M | -46M | -42M | -51M | -58M | -66M | -56M | -57M | -59M | -43M | -50M | -63M | -46M | -41M |
| CapEx % of Revenue | 8.46% | 9.1% | 7.35% | 5.87% | 5.41% | 7.23% | 7.85% | 9.03% | 7.67% | 8.51% | 8.63% | 6.36% | 7.26% | 10.02% | 7.31% | 6.58% |
| Acquisitions | 0 | 0 | 0 | -1M | -1M | 0 | -1M | -46M | -10M | 0 | 0 | -17M | -1M | -1M | -22M | -13M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 200M | 0 | 1M | 14M | -1M | 1M | 0 | 30M | 30M | 0 | 2M | -1M | 5M | 4M | 2M | 0 |
| Cash from Financing | -114M | -194M | -82M | -93M | -86M | -135M | -82M | -43M | -110M | -49M | -219M | -36M | -49M | 10M | -74M | -99M |
| Debt Issued (Net) | -57M | -134M | -53M | -65M | -45M | -90M | -55M | -15M | -70M | -25M | 410M | 0 | -30M | 30M | -75M | -75M |
| Equity Issued (Net) | 0 | 0 | 0 | 13M | -13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | -29M | -29M | -26M | -26M | -26M | -26M | -25M | -25M | -25M | -25M | -620M | -20M | -20M | -20M | -1.6B | 0 |
| Share Repurchases | 0 | 0 | 0 | 13M | -13M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -28M | -31M | -3M | -15M | -2M | -19M | -2M | -3M | -15M | 1M | -9M | -16M | 1M | 0 | 1.6B | -24M |
| Net Change in Cash | 176M | -37M | 40M | -17M | 5M | -31M | -29M | 32M | -49M | 29M | -142M | 44M | -5M | 96M | -71M | -55M |
| Free Cash Flow | 91M | 150M | 86M | 109M | 105M | 103M | 72M | 84M | 47M | 84M | 67M | 78M | 9M | 98M | 34M | 90M |
| FCF Margin % | 11.15% | 19.79% | 10.9% | 13.92% | 13.53% | 14.61% | 9.74% | 11.49% | 6.44% | 12.54% | 9.8% | 11.54% | 1.31% | 15.58% | 5.41% | 14.45% |
| FCF Growth % | -13.33% | 45.63% | 19.44% | 29.76% | 123.4% | 22.62% | 7.46% | 7.69% | 422.22% | -14.29% | 97.06% | -13.33% | - | - | - | - |
| FCF per Share | 0.45 | 0.74 | 0.42 | 0.54 | 0.52 | 0.51 | 0.36 | 0.42 | 0.23 | 0.42 | 0.34 | 0.39 | 0.05 | 0.49 | 0.17 | 0.45 |
| FCF Conversion (FCF/Net Income) | 0.65x | 2.38x | 2.18x | 1.55x | 1.62x | 2.30x | 1.60x | 1.70x | 1.02x | 2.52x | 2.17x | 2.28x | 0.63x | 2.93x | 1.03x | 1.87x |
| Interest Paid | 0 | 3M | 14M | 4M | 15M | 7M | 18M | 10M | 19M | 10M | 8M | 9M | 7M | 8M | 7M | 5M |
| Taxes Paid | 0 | 19M | 23M | 29M | 24M | 16M | 10M | 27M | 20M | 9M | 12M | 19M | 16M | 10M | 12M | 19M |