Revenue growth accelerated sharply to 24.7% year-over-year in 2026Q2, driving a significant gross margin expansion to 11.1%, though this level appears anomalous compared to the company's historical 6-7% range.
Ultrapar Participações S.A. (UGP) annual income statement — 27-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Sales/Revenue | 154.2B | 142.37B | 133.5B | 126.05B | 143.63B | 109.73B | 74.06B | 83B | 90.7B | 80.01B | 77.35B | 75.66B | 67.74B | 60.94B | 53.92B | 48.66B | 42.48B | 63B | 28.27B | 19.92B | 4.78B | 4.69B | 4.79B | 3.98B | 2.99B | 2.29B | 1.96B | 1.7B |
| Revenue Growth % | 11.62% | 6.64% | 5.91% | -12.24% | 30.89% | 48.17% | -10.78% | -8.48% | 13.36% | 3.43% | 2.24% | 11.69% | 11.15% | 13.02% | 10.81% | 14.55% | -32.57% | 122.88% | 41.91% | 316.51% | 1.95% | -1.98% | 20.11% | 33.05% | 31.04% | 16.49% | 15.16% | - |
| Cost of Goods Sold | 141.23B | 133.01B | 124.88B | 116.73B | 136.28B | 104.83B | 70.06B | 78.21B | 84.54B | 72.74B | 70.34B | 68.93B | 62.3B | 56.17B | 49.8B | 45.14B | 39.32B | 58.29B | 26.15B | 18.22B | 3.85B | 3.78B | 3.67B | 3.18B | 2.25B | 1.7B | 1.43B | 1.14B |
| COGS % of Revenue | - | 93.43% | 93.55% | 92.61% | 94.88% | 95.53% | 94.6% | 94.22% | 93.21% | 90.91% | 90.94% | 91.12% | 91.98% | 92.16% | 92.35% | 92.76% | 92.56% | 92.51% | 92.52% | 91.48% | 80.51% | 80.6% | 76.71% | 79.9% | 75.04% | 74.29% | 73.06% | 66.8% |
| Gross Profit | 12.97B | 9.36B | 8.62B | 9.32B | 7.36B | 4.9B | 4B | 4.8B | 6.16B | 7.27B | 7.01B | 6.72B | 5.43B | 4.77B | 4.12B | 3.52B | 3.16B | 4.72B | 2.12B | 1.7B | 931.94M | 909.83M | 1.11B | 800.65M | 747.4M | 587.54M | 528.42M | 565.5M |
| Gross Margin % | 8.41% | 6.57% | 6.45% | 7.39% | 5.12% | 4.47% | 5.4% | 5.78% | 6.79% | 9.09% | 9.06% | 8.88% | 8.02% | 7.84% | 7.65% | 7.24% | 7.44% | 7.49% | 7.48% | 8.52% | 19.49% | 19.4% | 23.29% | 20.1% | 24.96% | 25.71% | 26.94% | 33.2% |
| Gross Profit Growth % | - | 8.62% | -7.54% | 26.63% | 50.02% | 22.57% | -16.56% | -22.15% | -15.28% | 3.73% | 4.3% | 23.75% | 13.76% | 15.83% | 17.05% | 11.49% | -33.03% | 122.95% | 24.68% | 82.09% | 2.43% | -18.37% | 39.21% | 7.13% | 27.21% | 11.19% | -6.56% | - |
| Operating Expenses | 5.33B | 4.51B | 3.54B | 4.75B | 4.02B | 3.12B | 2.46B | 2.74B | 3.95B | 4.22B | 3.9B | 3.74B | 3.18B | 2.67B | 2.43B | 2.07B | 1.83B | 2.54B | 1.4B | 1.21B | 602.34M | 551.76M | 550.54M | 450.47M | 381.9M | 257.78M | 349.03M | 311.1M |
| OpEx % of Revenue | - | 3.16% | 2.65% | 3.77% | 2.8% | 2.84% | 3.32% | 3.31% | 4.35% | 5.28% | 5.04% | 4.94% | 4.7% | 4.38% | 4.5% | 4.25% | 4.32% | 4.03% | 4.96% | 6.08% | 12.59% | 11.76% | 11.5% | 11.31% | 12.75% | 11.28% | 17.79% | 18.26% |
| Selling, General & Admin | 5.22B | 4.77B | 4.37B | 4.27B | 3.68B | 3.4B | 2.61B | 2.94B | 4.3B | 4.46B | 4.1B | 3.84B | 3.29B | 2.77B | 2.49B | 2.14B | 1.92B | 2.66B | 1.14B | 994.72M | 481.23M | 425.13M | 431.31M | 356.06M | 300.5M | 229.91M | 220.34M | 203.4M |
| SG&A % of Revenue | - | 3.35% | 3.27% | 3.39% | 2.56% | 3.1% | 3.52% | 3.55% | 4.74% | 5.58% | 5.3% | 5.07% | 4.86% | 4.54% | 4.63% | 4.4% | 4.53% | 4.23% | 4.02% | 4.99% | 10.06% | 9.06% | 9.01% | 8.94% | 10.04% | 10.06% | 11.23% | 11.94% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 63.09M | 55.84M | 50.13M | 41.37M | 38.74M | 34.02M | 23.68M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | 0.07% | 0.07% | 0.06% | 0.05% | 0.06% | 0.06% | 0.04% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 2M | -261.4M | -829.01M | 480.93M | 345.23M | -280.36M | -149.49M | -198.7M | 9.79M | -239.58M | -113.33M | -101.83M | -106.03M | -90.4M | -67.06M | -73.4M | -89.76M | 262.5M | 265.1M | 216.18M | 121.11M | 126.62M | 119.23M | 94.42M | 81.4M | 27.87M | 128.69M | 107.7M |
| Operating Income | 7.63B | 4.85B | 5.07B | 4.57B | 3.34B | 1.79B | 1.55B | 2.05B | 1.9B | 2.87B | 3.11B | 2.96B | 2.29B | 2.14B | 1.71B | 1.45B | 1.32B | 1.6B | 713.4M | 486.06M | 329.6M | 358.08M | 564.05M | 350.18M | 365.5M | 329.77M | 179.39M | 254.4M |
| Operating Margin % | 4.95% | 3.41% | 3.8% | 3.62% | 2.32% | 1.63% | 2.09% | 2.47% | 2.09% | 3.58% | 4.01% | 3.91% | 3.38% | 3.52% | 3.17% | 2.98% | 3.12% | 2.53% | 2.52% | 2.44% | 6.89% | 7.63% | 11.79% | 8.79% | 12.21% | 14.43% | 9.15% | 14.93% |
| Operating Income Growth % | - | -4.34% | 11.11% | 36.84% | 86.72% | 15.59% | -24.63% | 8% | -33.75% | -7.69% | 4.87% | 29.52% | 6.65% | 25.46% | 17.69% | 9.63% | -17.05% | 123.82% | 46.77% | 47.47% | -7.95% | -36.52% | 61.07% | -4.19% | 10.84% | 83.83% | -29.49% | - |
| EBITDA | 9.4B | 6.44B | 6.29B | 5.72B | 4.36B | 2.71B | 2.38B | 3.16B | 2.71B | 3.57B | 4.21B | 3.96B | 3.17B | 2.92B | 2.41B | 2.03B | 1.86B | 2.36B | 1.09B | 786.64M | 517.05M | 547.06M | 736.8M | 496.49M | 486.9M | 422.66M | 298.33M | 362.1M |
| EBITDA Margin % | 6.1% | 4.52% | 4.71% | 4.54% | 3.04% | 2.47% | 3.22% | 3.81% | 2.99% | 4.46% | 5.44% | 5.24% | 4.69% | 4.8% | 4.46% | 4.18% | 4.37% | 3.75% | 3.87% | 3.95% | 10.81% | 11.66% | 15.4% | 12.46% | 16.26% | 18.5% | 15.21% | 21.26% |
| EBITDA Growth % | 36.41% | 2.44% | 9.88% | 31.09% | 61.16% | 13.58% | -24.52% | 16.48% | -24.07% | -15.15% | 6.18% | 24.88% | 8.6% | 21.52% | 18.36% | 9.53% | -21.49% | 116.01% | 39.07% | 52.14% | -5.49% | -25.75% | 48.4% | 1.97% | 15.2% | 41.67% | -17.61% | - |
| D&A (Non-Cash Add-back) | 1.77B | 1.59B | 1.21B | 1.15B | 1.03B | 920.91M | 838.2M | 1.11B | 812.49M | 704.54M | 1.1B | 1B | 887.83M | 778.94M | 696.33M | 580.08M | 530.83M | 766.4M | 380.6M | 300.58M | 187.45M | 188.98M | 172.75M | 146.31M | 121.4M | 92.89M | 118.94M | 107.7M |
| EBIT | 8.55B | 6.22B | 3.83B | 5.19B | 3.47B | 1.83B | 1.72B | 2.42B | 2.65B | 3.39B | 3.5B | 3.23B | 2.61B | 2.29B | 1.88B | 1.71B | 1.52B | 1.1B | 935.5M | 596.7M | 329.6M | 358.08M | 564.05M | 350.18M | 365.5M | 329.77M | 179.39M | 282.43M |
| Net Interest Income | -1.63B | -870.5M | -624.03M | -992.21M | -1.04B | -414.73M | -105.17M | -142.72M | -330.72M | -556.71M | -730.11M | -599.64M | -442.51M | -287.81M | -247.16M | -259.73M | -218.8M | -291.51M | -122.5M | -56.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Income | 1.23B | 1.54B | 745.48M | 632.98M | 552M | 413.12M | 43.78M | 111.86M | 632.7M | 581.23M | 508.06M | 423.11M | 362.07M | 236.46M | 214.65M | 322.37M | 266.96M | 294.73M | 254.6M | 164.24M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 2.86B | 2.41B | 1.37B | 1.63B | 1.59B | 827.85M | 148.95M | 254.58M | 874.91M | 1.06B | 1.16B | 979.1M | 729.01M | 484.88M | 435.3M | 618.88M | 531.05M | 779.99M | 329.1M | 221.2M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -2.02B | -1.04B | -1.06B | -987.22M | -1.46B | -780.37M | -594.38M | -686.06M | -128.31M | -453.62M | -835.1M | -714.22M | -461.9M | -342.6M | -259.84M | -289.99M | -264.08M | 226.87M | -167.05M | -117.28M | 12.07M | -29.08M | -61.02M | -55.97M | -71.8M | -143.98M | -128.69M | -170.9M |
| Pretax Income | 5.61B | 3.81B | 4.01B | 3.58B | 1.88B | 1.01B | 951.58M | 1.37B | 1.77B | 2.41B | 2.27B | 2.25B | 1.82B | 1.23B | 1.45B | 1.16B | 1.06B | 1.15B | 555.8M | 376.07M | 341.67M | 329M | 503.03M | 294.21M | 293.7M | 185.78M | 50.7M | 101.1M |
| Pretax Margin % | 3.64% | 2.68% | 3% | 2.84% | 1.31% | 0.92% | 1.28% | 1.64% | 1.95% | 3.02% | 2.94% | 2.97% | 2.69% | 2.02% | 2.68% | 2.38% | 2.5% | 1.82% | 1.97% | 1.89% | 7.14% | 7.01% | 10.51% | 7.38% | 9.81% | 8.13% | 2.58% | 5.94% |
| Income Tax | 1.77B | 1.06B | 1.49B | 1.06B | 341.51M | 188.03M | 304.52M | 469.98M | 638.72M | 839.43M | 700M | 734.34M | 573.49M | 5M | 428.76M | 300.9M | 295.21M | 326.38M | 151.6M | 85.89M | 55.97M | 28.78M | 83.02M | 44.72M | 71.4M | 53.41M | 11.7M | 40.7M |
| Effective Tax Rate % | 31.55% | 27.9% | 37.03% | 29.65% | 18.17% | 18.68% | 32% | 34.43% | 36.06% | 34.78% | 30.83% | 32.68% | 31.43% | 0.41% | 29.64% | 26.04% | 27.84% | 28.46% | 27.28% | 22.84% | 16.38% | 8.75% | 16.5% | 15.2% | 24.31% | 28.75% | 23.08% | 40.26% |
| Net Income | 3.49B | 2.45B | 2.36B | 2.44B | 1.8B | 850.46M | 893.38M | 373.53M | 1.15B | 1.57B | 1.56B | 1.5B | 1.24B | 1.23B | 1.01B | 848.76M | 765.3M | 814.24M | 390.3M | 181.88M | 281.42M | 299.01M | 414.61M | 245.4M | 222.3M | 132.37M | 39M | 60.4M |
| Net Margin % | 2.26% | 1.72% | 1.77% | 1.94% | 1.25% | 0.78% | 1.21% | 0.45% | 1.27% | 1.97% | 2.02% | 1.99% | 1.83% | 2.01% | 1.88% | 1.74% | 1.8% | 1.29% | 1.38% | 0.91% | 5.88% | 6.37% | 8.66% | 6.16% | 7.42% | 5.79% | 1.99% | 3.55% |
| Net Income Growth % | 19.82% | 3.86% | -3.16% | 35.48% | 111.75% | -4.8% | 139.18% | -67.53% | -26.93% | 0.81% | 3.87% | 21.09% | 1.34% | 21.18% | 19.12% | 10.91% | -6.01% | 108.62% | 114.59% | -35.37% | -5.88% | -27.88% | 68.95% | 10.39% | 67.94% | 239.43% | -35.43% | - |
| Net Income (Continuing) | 3.84B | 2.75B | 2.53B | 2.52B | 1.54B | 818.61M | 647.06M | 895.2M | 1.15B | 1.53B | 1.55B | 1.52B | 1.27B | 1.23B | 1.02B | 854.6M | 765.19M | 440.74M | 394.8M | 282.9M | 287.35M | 299.01M | 419.94M | 245.4M | 222.3M | 132.37M | 39M | 66.56M |
| Discontinued Operations | -2M | -206.31M | 0 | 0 | 301.86M | 65.26M | 280.63M | -492.26M | 0 | 0 | 0 | 0 | 0 | 0 | 8.9M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 2.06B | 2.06B | 664.73M | 523.33M | 466.23M | 402.32M | 376.52M | 93.7M | 351.9M | 339.57M | 30.9M | 29.09M | 28.6M | 26.9M | 25.5M | 26.17M | 22.25M | 61.09M | 38.2M | 34.8M | 33.02M | 29.58M | 28.21M | 32.07M | 31M | 438.91M | 506.97M | 526.6M |
| EPS (Diluted) | 3.19 | 2.19 | 2.11 | 2.21 | 1.64 | 0.78 | 0.82 | 0.16 | 0.49 | 1.44 | 0.65 | 1.37 | 1.13 | 0.52 | 0.43 | 0.36 | 0.72 | 0.63 | 0.36 | 0.27 | 0.44 | 0.47 | 0.65 | 0.38 | 0.39 | 0.27 | 0.08 | 0.12 |
| EPS Growth % | 21.76% | 3.79% | -4.52% | 34.76% | 110.26% | -4.88% | 412.5% | -67.35% | -65.97% | 121.54% | -52.55% | 21.24% | 117.31% | 20.93% | 19.44% | -50% | 14.29% | 75% | 33.33% | -38.64% | -6.38% | -27.69% | 71.05% | -2.56% | 44.44% | 236.66% | -33.17% | - |
| EPS (Basic) | - | 2.25 | 2.11 | 2.21 | 1.65 | 0.78 | 0.82 | 0.16 | 0.49 | 1.45 | 0.65 | 1.38 | 1.14 | 0.52 | 0.43 | 0.36 | 0.72 | 0.63 | 0.36 | 0.27 | 0.44 | 0.47 | 0.65 | 0.38 | 0.39 | 0.27 | 0.08 | 0.12 |
| Diluted Shares Outstanding | 1.09B | 1.1B | 1.12B | 1.1B | 1.1B | 1.1B | 1.09B | 2.36B | 2.36B | 1.09B | 2.42B | 1.1B | 1.1B | 2.36B | 2.36B | 2.36B | 1.07B | 1.09B | 1.07B | 683.6M | 650.6M | 641.46M | 641.13M | 640.84M | 564.77M | 486.46M | 487.36M | 487.36M |
| Basic Shares Outstanding | 1.07B | 1.07B | 1.12B | 1.1B | 1.09B | 1.09B | 1.09B | 2.36B | 2.36B | 1.08B | 2.42B | 1.09B | 1.09B | 2.36B | 2.36B | 2.36B | 1.07B | 1.09B | 1.07B | 683.6M | 634.92M | 641.46M | 641.13M | 637.75M | 564.77M | 486.46M | 487.36M | 487.36M |
| Dividend Payout Ratio | - | 86.78% | 35.28% | 16.4% | 35.44% | 82.98% | 31.88% | 159.68% | 70.29% | 59.72% | 55.92% | 55.32% | 63.07% | 58.07% | 54.26% | 59.15% | 44.34% | 29.83% | 102.21% | 36.1% | 52.79% | 43.32% | 31.9% | 32.51% | 27.39% | 184.21% | 145% | 62.54% |
Quick answers to the most common questions about buying UGP stock.
For fiscal year 2025, Ultrapar Participações S.A. (UGP) reported total revenue of $142.37B. This represents a 8257.9% increase compared to $1.70B in 1999.
Ultrapar Participações S.A. (UGP) is profitable, generating $2.45B in net income for the fiscal year ending 2025 with a net profit margin of 1.7%.
Ultrapar Participações S.A. (UGP) reported an operating income of $4.85B, resulting in an operating profit margin of 3.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ultrapar Participações S.A. (UGP) generated $9.36B in gross profit for the year, representing a gross profit margin of 6.6%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Margin compression from commodity volatility
Revenue Growth Accelerates on Volume
Ultrapar's revenue growth has accelerated significantly, reaching 24.7% year-over-year in 2026Q2, a sharp increase from the 5-10% range seen in prior quarters, suggesting a potential shift in market dynamics or pricing.
The acceleration appears volume-driven rather than margin-driven, as the gross margin expansion from 6.3% in 2025Q2 to 11.1% in 2026Q2 indicates a favorable mix or pricing environment, but the core distribution business remains structurally low-margin. This growth trajectory warrants monitoring to determine if it is sustainable or reflects a one-time benefit from inventory gains or market share shifts.
Gross Margin Expansion Amid Structural Headwinds
Gross margin expanded to 11.1% in 2026Q2, a significant improvement from the 6.3% level in 2025Q2, yet remains far below peers like Petrobras (43.1%) and Vale (34.4%), highlighting the inherent limitations of the fuel distribution model.
The recent margin improvement suggests a temporary favorable environment, possibly from inventory gains or a shift in product mix, but the long-term structural margin is constrained by the pass-through nature of fuel procurement from Petrobras. Investors should monitor whether this expansion is durable or if it will revert to the historical 6-7% range as competitive pressures and pricing policies reassert themselves.
Operating Leverage Improves with Scale
Operating income grew 135% year-over-year in 2026Q2 to $3.3B, outpacing the 24.7% revenue growth, indicating strong operating leverage as SG&A expenses remained relatively stable at around 3.3% of revenue.
The improvement in operating margin from 4.1% in 2025Q2 to 7.7% in 2026Q2 demonstrates that Ultrapar's high fixed-cost base is being leveraged effectively as revenue scales. However, this leverage is sensitive to volume fluctuations, and any downturn in fuel demand could quickly erode these gains, given the company's cost structure.
Net Income Volatility from Non-Operating Items
Net income has shown extreme volatility, swinging from a loss of $323.5M in 2025Q4 to a profit of $1.6B in 2026Q2, suggesting significant non-operating items or tax effects are distorting the underlying earnings trend.
The erratic EPS growth, ranging from -60.5% to 166.7% quarter-over-quarter, indicates that reported earnings are not a reliable indicator of operational performance. Analysts should focus on operating income and cash flow metrics to assess the core business, as net income appears heavily influenced by factors such as inventory gains/losses, tax credits, or foreign exchange effects.
Cost Discipline Amid Rising Input Prices
COGS as a percentage of revenue decreased from 93.7% in 2025Q2 to 88.9% in 2026Q2, indicating improved cost management or favorable procurement terms, but the absolute cost base remains dominated by volatile commodity prices.
The reduction in COGS ratio suggests that Ultrapar may be benefiting from more efficient logistics or better negotiation with suppliers, but this is likely cyclical rather than structural. The company's cost structure is inherently exposed to fluctuations in international oil prices and Petrobras's pricing policy, making sustained cost discipline challenging.
Margin Sustainability Under Scrutiny
The recent margin expansion to 11.1% gross and 7.7% operating appears anomalous compared to the historical 6-7% gross margin range, raising questions about its sustainability and potential reversal if commodity prices normalize.
Short-sellers would focus on the fact that Ultrapar's core fuel distribution business has historically operated on razor-thin margins, and the current improvement may be driven by temporary factors like inventory gains or favorable tax treatments. The risk is that as Petrobras adjusts its pricing policy or competition intensifies, margins could compress back to historical levels, eroding the recent earnings growth.