Operating

UL Solutions·Cash Flow Statement·17 metrics

Breakdown

Metric	Q2 '24	Q3 '24	Q4 '24	Q1 '25	Q2 '25	Q3 '25	Q4 '25	Q1 '26
Contract and other liabilities	—	—	-$97M	$241M	—	—	—	$257M
Net cash from operating activities	$103M	$150M	$130M	$154M	$147M	$155M	$144M	$219M
Net income	$106M	$94M	$85M	$71M	$97M	$106M	$71M	$97M
Change in accrued liabilities	—	—	$34M	-$89M	$51M	$46M	$72M	-$93M
Change in accounts receivable	—	-$37M	$35M	$81M	—	-$30M	$36M	$87M
Depreciation and amortization	$41M	$43M	$47M	$45M	$46M	$46M	$51M	$47M
Increase (Decrease) in Contract with Customer Asset and Other Assets	$18M	$10M	-$39M	$25M	$23M	$14M	—	$16M
Stock-based compensation	$6M	$10M	$7M	$8M	$13M	$15M	$11M	$12M
Other working capital changes	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Noncash Income (Expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Change in accounts payable	-$7M	$1M	$32M	-$23M	-$4M	—	—	-$2M
Foreign currency remeasurement (loss) gain on debt	-$4M	$1M	-$6M	-$3M	-$2M	-$2M	-$3M	-$1M
Pension and other postretirement plans	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Pension and postretirement benefit expense	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Deferred income taxes	-$7M	-$1M	—	$1M	—	$4M	—	$0
Accounts Receivable, Credit Loss Expense (Reversal)	$2.3M	$2.3M	$2.3M	$2.8M	$2.8M	$2.8M	$2.8M	—
Provision for credit losses	$2.3M	$2.3M	$2.3M	$2.8M	$2.8M	$2.8M	$2.8M	—