ULS FY 2025 Earnings Report — UL Solutions Inc. Revenue & Financial Results | Market Cap Arena

UL Solutions Inc.ULS

FY 2025 Earnings

Reported February 19, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$3.1B	—	$2.9B	—	6.4%
Op. Income	$522M	—	$462M	—	13.1%
Gross Margin	49.1%	—	48.1%	—	1.0pp
Net Margin	10.6%	—	11.4%	—	-0.7pp
EPS (Diluted)	$1.60	—	$1.62	—	-1.2%
Free Cash Flow	$403M	—	$287M	—	40.4%

Revenue Flow

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$1.6B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$975M
Other Expenses	$0
Operating Expenses	$975M
Cost & Expenses	$2.5B
OPERATING INCOME	$522M
Interest Income	$3M
Interest Expense	$41M
Other Income/Expenses	-$61M
INCOME BEFORE TAX	$462M
Income Tax Expense	$117M
Net Income from Continuing Ops	$345M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$325M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$325M
D&A	$236M
EBIT	$503M
EBITDA	$738M
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$3.1B
Cost of Revenue	$1.6B
GROSS PROFIT	$1.5B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$975M
Other Expenses	$0
Operating Expenses	$975M
Cost & Expenses	$2.5B
OPERATING INCOME	$522M
Interest Income	$3M
Interest Expense	$41M
Other Income/Expenses	-$61M
INCOME BEFORE TAX	$462M
Income Tax Expense	$117M
Net Income from Continuing Ops	$345M
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$325M
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$325M
D&A	$236M
EBIT	$503M
EBITDA	$738M
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$325M
Depreciation & Amortization	$188M
Stock-Based Compensation	$0
Deferred Income Tax	$2M
Other Non-Cash Items	$96M
Change in Working Capital	-$11M
OPERATING CASH FLOW	$600M
Capital Expenditure	-$197M
Acquisitions (Net)	-$1M
Purchases of Investments	-$58M
Sales/Maturities of Investments	$51M
Other Investing Activities	$1M
NET CASH FROM INVESTING	-$204M
Net Debt Issuance	-$253M
Common Stock Repurchased	$0
Common Dividends Paid	-$104M
Other Financing Activities	-$39M
NET CASH FROM FINANCING	-$396M
FREE CASH FLOW	$403M
Net Change in Cash	-$3M

Balance Sheet

Item	Amount
Cash & Equivalents	$295M
Short-Term Investments	$0
Net Receivables	$626M
Inventory	$0
Other Current Assets	$79M
TOTAL CURRENT ASSETS	$1.0B
PP&E (Net)	$878M
Goodwill	$656M
Intangible Assets	$153M
Long-Term Investments	$0
Tax Assets	$94M
Other Non-Current Assets	$140M
TOTAL NON-CURRENT ASSETS	$1.9B
TOTAL ASSETS	$2.9B
Account Payables	$183M
Short-Term Debt	$43M
Deferred Revenue	$173M
Other Current Liabilities	$79M
TOTAL CURRENT LIABILITIES	$760M
Long-Term Debt	$640M
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$78M
TOTAL NON-CURRENT LIABILITIES	$867M
TOTAL LIABILITIES	$1.6B
Common Stock	$0
Additional Paid-In Capital	$0
Retained Earnings	$0
Treasury Stock	$0
Accum. Other Comp. Income	$0
Other Equity	$1.3B
TOTAL STOCKHOLDERS' EQUITY	$1.3B
Minority Interest	$0
TOTAL EQUITY	$1.3B
TOTAL LIABILITIES & EQUITY	$2.9B
Total Debt	$832M
Net Debt	$537M