Revenue growth reached 10.3% in 2026Q1, though structural constraints persist as gross margins remain thin, peaking at only 8.6% during the same period.
| 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 | 145.79B | 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 % | 6.86% | 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 | 135.4B | 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 | 10.39B | 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 % | 7.13% | 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 | 4.6B | 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 | 4.97B | 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 | 0 | -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 | 5.79B | 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 % | 3.97% | 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 | 7.51B | 6.44B | 6.29B | 5.72B | 4.36B | 2.71B | 2.38B | 2.82B | 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 % | 5.15% | 4.52% | 4.71% | 4.54% | 3.04% | 2.47% | 3.22% | 3.4% | 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 % | 17.92% | 2.44% | 9.88% | 31.09% | 61.16% | 13.58% | -15.44% | 3.97% | -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) | 1.72B | 1.59B | 1.21B | 1.15B | 1.03B | 920.91M | 838.2M | 768.38M | 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 | 7.5B | 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 | -1.07B | -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 | 1.81B | 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 | 2.89B | 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 | -1.18B | -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 | 4.61B | 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 % | 3.16% | 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 | 1.31B | 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 % | 28.48% | 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 | 3B | 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 % | 2.06% | 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 % | 32.35% | 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) | 3.3B | 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 | -3M | -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 | 409.33M | 2.06B | 664.73M | 523.33M | 466.23M | 405.09M | 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) | 2.74 | 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 % | 33.99% | 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 | 2.14 | 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% |
Commodity price volatility exposure
As reported in recent financial statements, UGP achieved a 10.3% year-over-year revenue growth in 2026Q1, signaling a recovery from the stagnant top-line performance observed in early 2024, though the durability of this expansion remains contingent on Brazilian domestic mobility trends and broader macroeconomic stability.
The recent acceleration in revenue suggests that the company is successfully navigating competitive pressures within the fuel distribution segment. Investors should monitor whether this growth is driven by volume recovery or inflationary pricing, as the latter may mask underlying demand weakness in the core Ipiranga business.
Based on the provided income statement data, UGP maintains a thin gross margin profile, which peaked at 8.6% in 2026Q1, reflecting the inherent limitations of a high-volume, low-margin intermediary model that lacks significant pricing power over refined petroleum products sourced from external suppliers.
The persistent narrowness of these margins suggests that UGP remains highly susceptible to inventory valuation effects and competitive pricing wars. Future margin expansion appears unlikely without a fundamental shift toward higher-margin convenience services or a more favorable regulatory environment regarding fuel pricing parity.
According to the quarterly income statement data, UGP demonstrated improved operating leverage in 2026Q1, with operating income reaching $1.8B on $36.8B in revenue, suggesting that management is successfully containing SG&A expenses despite the inflationary pressures inherent in the Brazilian energy distribution sector.
The ability to scale operating income faster than revenue during the most recent quarter indicates potential success in the company's 'back-to-basics' strategy. However, analysts should remain cautious, as historical data shows significant volatility in operating margins, which may be influenced by non-recurring tax recoveries or accounting adjustments.
As evidenced by the significant quarterly fluctuations in net income, ranging from $323.5M to $1.1B over the last two years, UGP's bottom-line results appear heavily influenced by non-operating items and inventory effects rather than purely consistent operational performance across its core energy and logistics segments.
The lack of stock-based compensation in recent quarters simplifies the earnings picture, yet the volatility in net margins warrants further investigation into the impact of ICMS tax credits and other one-off gains. Investors should interpret these earnings with caution, as they may not reflect the underlying cash-generating capacity of the business.
While UGP's recent performance suggests a successful pivot to core energy operations, the persistent threat of unbranded 'white-flag' competitors and the potential for regulatory shifts in Petrobras pricing policy present significant downside risks that could rapidly compress margins and erode the company's competitive moat.
Short-sellers may focus on the company's sensitivity to domestic fuel price decoupling, which could lead to immediate working capital strain. The reliance on high-volume, low-margin throughput makes the business model vulnerable to any sustained downturn in Brazilian industrial activity or consumer mobility.
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.