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UL Solutions cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$154M in Q3 2026 · $481M over twelve months

Operating cash flow$215M
Capital spending−$61.0M
Free cash flow+$154M
Cash / net income1.8×
Cash conversion cycle10 days

Analysis

In Q3 2026, UL Solutions generated $215M of operating cash flow and spent $61.0M on capital projects, leaving free cash flow of $154M. That is $45.0M more than in Q3 2025 ($109M).

Over the twelve months to Sep 30, 2026, operating cash flow was $738M; the largest uses were capital spending ($257M), dividends ($114M), taxes on employees’ shares ($34.0M); besides operations, cash came from net borrowing (+) / repaid (−) ($219M), asset & business sales ($199M); the cash balance rose by $761M.

Operating cash flow was $215M against net income of $117M — 1.8× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$52.0M, depreciation & amortization +$49.0M, stock-based pay +$23.0M.

Its cash conversion cycle was 10 days (receivables 51 + inventory 0 − payables 41).

Free cash flow

UL Solutions: free cash flow by quarterUL Solutions: free cash flow by quarter$72.0MQ4 2024$103MQ1 2025$105MQ2 2025$109MQ3 2025$86.0MQ4 2025$150MQ1 2026$91.0MQ2 2026$154MQ3 2026
Operating cash flow less capital spending.
UL Solutions: operating cash flow against capital spendingUL Solutions: operating cash flow against capital spendingOperating cash flowCapital spending$130M$58.0MQ4 2024$154M$51.0MQ1 2025$147M$42.0MQ2 2025$155M$46.0MQ3 2025$144M$58.0MQ4 2025$219M$69.0MQ1 2026$160M$69.0MQ2 2026$215M$61.0MQ3 2026
Latest (Q3 2026): Operating cash flow $215M, Capital spending $61.0M.

Capital allocation, year by year

UL Solutions: where the cash came from (up) and went (down), by fiscal yearUL Solutions: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingAcquisitionsDividendsFY2022: Operating cash flow $372MFY2022: Net borrowing $500MFY2022: Capital spending −$164MFY2022: Acquisitions −$66.0MFY2022: Dividends −$1.6B$872MFY2022FY2023: Operating cash flow $467MFY2023: Net borrowing $410MFY2023: Asset sales $4.0MFY2023: Capital spending −$215MFY2023: Acquisitions −$18.0MFY2023: Dividends −$680M$881MFY2023FY2024: Operating cash flow $524MFY2024: Net borrowing −$165MFY2024: Asset sales $29.0MFY2024: Capital spending −$237MFY2024: Acquisitions −$26.0MFY2024: Dividends −$100M$553MFY2024FY2025: Operating cash flow $600MFY2025: Net borrowing −$253MFY2025: Capital spending −$197MFY2025: Acquisitions −$1.0MFY2025: Dividends −$104M$600MFY2025
Over these 4 years operating cash flow totalled $2.0B; the largest uses were dividends ($2.5B) and capital spending ($813M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.0B
Debt$491M
Net cash$525M

UL Solutions funds itself: free cash flow was $481M over the last twelve months, and $1.0B of cash and investments stands against $491M of debt.

UL Solutions: debt maturities by year (FY2025)UL Solutions: debt maturities by year (FY2025)$300MYear 3$191MYear 5$3.0MAfter year 5
Principal due in each year as disclosed in the annual report, against $1.0B of cash and investments now.

Where the cash came from and went

UL Solutions: sources (+) and uses (−) of cash, Q3 2026UL Solutions: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)−$582MNet borrowing (+) / repaid (−)$463MOperating cash flow$215MCapital spending−$61.0MDividends−$30.0MOther investing−$5.0MOther financing$4.0MExchange rates−$3.0MTaxes on employees’ shares−$1.0M
UL Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026UL Solutions: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)−$761MOperating cash flow$738MCapital spending−$257MNet borrowing (+) / repaid (−)$219MAsset & business sales$199MDividends−$114MOther investing$45.0MTaxes on employees’ shares−$34.0MPartners−$20.0MExchange rates−$6.0MOther financing−$5.0MAcquisitions−$4.0M

From profit to cash

UL Solutions: net income to operating cash flow, Q3 2026UL Solutions: net income to operating cash flow, Q3 2026Net income$117MDepreciation & amortization$49.0MStock-based pay$23.0MDeferred taxes$2.0MOther non-cash$5.0MReceivables$19.0MPayables−$3.0MAccrued liabilities$52.0MOperating cash flow$215M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202651—4110
Q2 202654—4014
Q1 202655—4213
Q4 202547—398
Q3 202548—3413
Q2 202552—3319
Q1 202554—4014
Q4 202446—388

Every quarter

QuarterOperating cash flowCapital spendingDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$215M−$61.0M−$30.0M$463M−$582M$154M
Q2 2026$160M−$69.0M−$29.0M−$57.0M−$176M$91.0M
Q1 2026$219M−$69.0M−$29.0M−$134M$37.0M$150M
Q4 2025$144M−$58.0M−$26.0M−$53.0M−$40.0M$86.0M
Q3 2025$155M−$46.0M−$26.0M−$65.0M$17.0M$109M
Q2 2025$147M−$42.0M−$26.0M−$45.0M−$5.0M$105M
Q1 2025$154M−$51.0M−$26.0M−$90.0M$31.0M$103M
Q4 2024$130M−$58.0M−$25.0M−$55.0M$29.0M$72.0M

UL Solutions: income statement and cash flow

UL Solutions, Q3 2026: revenue $823M (+5% year over year), operating margin 19.7%. The chart follows the revenue to costs, profit and cash.

UL Solutions: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.