$ULS

UL Solutions Inc.

CIK:0001901440|SEC Filings

Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Income Statement [Abstract]
Revenue	$ 816	$ 776	$ 1,574	$ 1,481
Cost of revenue	399	394	776	759
Selling, general and administrative expenses	267	244	510	476
Restructuring	0	(1)	0	(2)
Operating income	150	139	288	248
Interest expense	(5)	(10)	(13)	(22)
Gain on divestiture	191	0	191	0
Other income (expense), net	2	(4)	2	(7)
Income before income taxes	338	125	468	219
Income tax expense	84	28	116	51
Net income	254	97	352	168
Less: net income attributable to non-controlling interests	8	6	13	10
Net income attributable to stockholders of UL Solutions	$ 246	$ 91	$ 339	$ 158
Earnings per common share:
Basic (in dollars per share)	$ 1.22	$ 0.45	$ 1.69	$ 0.79
Diluted (in dollars per share)	$ 1.21	$ 0.45	$ 1.66	$ 0.78
Weighted average common shares outstanding:
Basic (in shares)	202	201	201	201
Diluted (in shares)	204	203	204	203

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Operating activities
Net income	$ 352	$ 168
Adjustments to reconcile net income to net cash flows provided by operating activities:
Depreciation and amortization	93	91
Gain on divestiture	(191)	0
Stock-based compensation	35	21
Losses on foreign exchange transactions	3	5
Deferred income taxes	41	1
Other, net	6	11
Changes in assets and liabilities, excluding the effects of acquisitions and divestitures:
Accounts receivable	(63)	(26)
Contract and other assets	(59)	(48)
Accounts payable	1	(27)
Accrued expenses	(10)	(38)
Pension and postretirement benefit plans	(5)	(5)
Contract and other liabilities	176	148
Net cash flows provided by operating activities	379	301
Investing activities
Capital expenditures	(138)	(93)
Proceeds from divestiture	199	0
Purchases of investments	0	(14)
Sales of investments	8	1
Other investing activities, net	1	(1)
Net cash flows provided by (used in) investing activities	70	(107)
Financing activities
Proceeds from long-term debt	187	150
Repayments of long-term debt	(378)	(285)
Dividends to stockholders of UL Solutions	(58)	(52)
Dividends to non-controlling interest	(20)	(17)
Employee taxes paid on settlement of stock-based compensation	(32)	(13)
Other financing activities, net	(7)	(4)
Net cash flows used in financing activities	(308)	(221)
Effect of exchange rate changes on cash and cash equivalents	(2)	1
Net increase (decrease) in cash and cash equivalents	139	(26)
Cash and cash equivalents
Beginning of period	295	298
End of period	434	272
Supplemental disclosures of cash flow information
Cash paid during the period for interest	13	22
Cash paid during the period for income taxes	45	40
Noncash investing and financing activities
Capital expenditures funded by liabilities	46	23
Conversion of stock-based compensation awards to equity	$ 47	$ 25

Condensed Consolidated Balance Sheets - USD ($) $ in Millions	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 434	$ 295
Accounts receivable, net of allowance of $13 and $12	471	422
Contract assets, net of allowance of $2 and $2	239	204
Other current assets	90	79
Total current assets	1,234	1,000
Property, plant and equipment, net of accumulated depreciation of $908 and $879	766	699
Goodwill	642	656
Intangible assets, net of accumulated amortization of $257 and $256	41	48
Operating lease right-of-use assets	166	179
Deferred income taxes	46	94
Capitalized software, net of accumulated amortization of $461 and $475	90	105
Other assets	134	140
Total Assets	3,119	2,921
Current liabilities:
Accounts payable	179	183
Accrued compensation and benefits	196	282
Operating lease liabilities - current	39	43
Contract liabilities	347	173
Other current liabilities	105	79
Total current liabilities	866	760
Long-Term Debt, Excluding Current Maturities	(301)	(491)
Pension and postretirement benefit plans	103	134
Operating lease liabilities	136	149
Other liabilities	93	93
Total Liabilities	1,499	1,627
Commitments and contingencies (Note 17)
Stockholders’ equity:
Additional paid-in capital	934	887
Retained earnings	750	470
Accumulated other comprehensive loss	(89)	(95)
Total stockholders’ equity before non-controlling interests	1,595	1,262
Non-controlling interests	25	32
Total Stockholders’ Equity	1,620	1,294
Total Liabilities and Stockholders’ Equity	3,119	2,921
Common Class A
Stockholders’ equity:
Common stock	0	0
Common Class B
Stockholders’ equity:
Common stock	$ 0	$ 0