Operating

UL Solutions·Cash Flow Statement·32 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 non-cash income (expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other non-cash income (expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other working capital changes	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-Cash Income (Expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-cash Income (Expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-cash Income (Expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other non-cash income (expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Noncash Income (Expense)	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-cash Income and Expense	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-Cash Adjustments	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Other Non-Cash Income and Expense	-$6M	—	—	-$6M	-$5M	-$7M	—	-$4M
Change in accounts payable	-$7M	$1M	$32M	-$23M	-$4M	—	—	-$2M
Change in Pension and Postretirement Obligations	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Change in pension and postretirement obligations	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Foreign Currency Transaction Gain (Loss)	-$4M	$1M	-$6M	-$3M	-$2M	-$2M	-$3M	-$1M
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
Change in Pension and Postretirement Obligations	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Change in pension and postretirement obligations	-$2M	-$5M	-$1M	-$3M	-$2M	-$28M	-$2M	-$1M
Benefit from Receivables	$2.3M	$2.3M	$2.3M	$2.8M	$2.8M	$2.8M	$2.8M	—
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	—

Metrics

Operating

Breakdown

Metrics

Other non-cash income (expense)

Change in Pension and Postretirement Obligations

Change in pension and postretirement obligations

Other non-cash income (expense)

Change in accounts payable

Change in accounts receivable

Change in accrued liabilities

Other working capital changes

Benefit from Receivables

Deferred income taxes

Depreciation and amortization

Other Non-Cash Income (Expense)

Other Non-cash Income (Expense)

Other Non-cash Income (Expense)

Foreign Currency Transaction Gain (Loss)

Net cash from operating activities

Net income

Other non-cash income (expense)

Foreign currency remeasurement (loss) gain on debt

Increase (Decrease) in Contract with Customer Asset and Other Assets

Contract and other liabilities

Pension and other postretirement plans

Other Noncash Income (Expense)

Accounts Receivable, Credit Loss Expense (Reversal)

Other Non-cash Income and Expense

Pension and postretirement benefit expense

Other Non-Cash Adjustments

Other Non-Cash Income and Expense

Provision for credit losses

Stock-based compensation

Change in Pension and Postretirement Obligations

Change in pension and postretirement obligations