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UL Solutions Cash Flow Statement

Operating, investing, and financing cash movements

UL Solutions generated $665.0M in operating cash flow over the trailing twelve months. After $215.0M in capital expenditures, free cash flow was $450.0M. Free cash flow increased 0.5% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$665.0MNet Cash From Investing (TTM)-$215.0MNet Cash From Financing (TTM)-$455.0MCapital Expenditures (TTM)$215.0MDepreciation And Amortization Cf (TTM)$190.0MNet Change In Cash (TTM)-$77.0M
Latest FilingQ1 2026
Report Date2026-05-05
Market Cap$19.8B
P/E Ratio56.67
ROE30.58%

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Capital expenditures$58M$51M$42M$46M$58M$69M
Payment for (Proceeds from) Other Investing Activity$0$1M———$0
Proceeds from disposition of marketable securities and other investments$0$0$1M$14M$36M$8M
Net cash from investing activities-$59M-$50M-$57M-$76M-$21M-$61M
Other investing activities$0$1M———$0
Proceeds from maturities/sales of investments$0$0$1M$14M$36M$8M

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Change in accounts payable$32M-$23M-$4M——-$2M
Change in accounts receivable$35M$81M—-$30M$36M$87M
Change in accrued liabilities$34M-$89M$51M$46M$72M-$93M
Other working capital changes—-$6M-$5M-$7M—-$4M
Deferred income taxes—$1M—$4M—$0
Depreciation and amortization$47M$45M$46M$46M$51M$47M
Net cash from operating activities$130M$154M$147M$155M$144M$219M
Net income$85M$71M$97M$106M$71M$97M
Foreign currency remeasurement (loss) gain on debt-$6M-$3M-$2M-$2M-$3M-$1M
Increase (Decrease) in Contract with Customer Asset and Other Assets-$39M$25M$23M$14M—$16M
Contract and other liabilities-$97M$241M———$257M
Pension and other postretirement plans-$1M-$3M-$2M-$28M-$2M-$1M
Other Noncash Income (Expense)—-$6M-$5M-$7M—-$4M
Accounts Receivable, Credit Loss Expense (Reversal)$2.3M$2.8M$2.8M$2.8M$2.8M—
Pension and postretirement benefit expense-$1M-$3M-$2M-$28M-$2M-$1M
Provision for credit losses$2.3M$2.8M$2.8M$2.8M$2.8M—
Stock-based compensation$7M$8M$13M$15M$11M$12M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Proceeds from issuance of debt$73M$62M$88M$134M$508M$187M
Repayments of debt$128M$152M$133M$199M$561M$321M
Distributions to noncontrolling interests—$17M———$20M
Dividends paid$25M$26M$26M$26M$26M$29M
Other, net-$2M-$2M-$2M-$1M-$2M-$2M
Net cash from financing activities-$82M-$135M-$86M-$93M-$82M-$194M
Other financing activities-$2M-$2M-$2M-$1M-$2M-$2M
Taxes paid for net share settlement$0$0$13M$1M$1M$9M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$72M$103M$105M$109M$86M$150M

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$18M$0$1M-$3M-$1M-$1M
Net increase (decrease) in cash-$29M-$31M—-$17M—-$37M
Accrued payables for capital expenditures$15M$26M$0$10M$21M$41M

Supplemental

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Income taxes paid$10M$16M$24M$29M$23M$19M
Interest paid$18M$7M$15M$4M$14M$3M
Income Taxes Paid, Net$10M$16M$24M$29M$23M$19M