United Parcel Service, Inc. (UPS) quarterly cash flow statement — complete operating, investing & financing history
United Parcel Service, Inc. (UPS) cash flow statement — 28-year operating, investing & financing cash flows
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 887M | 2.22B | 3.3B | 2.48B | 348M | 2.32B | 3.31B | 1.5B | 1.99B | 3.32B | 2.41B | 2.23B | 3.24B | 2.36B | 3.33B | 2.48B | 3.81B | 4.48B | 3.25B | 3.31B |
| Operating CF Margin % | 3.88% | 10.49% | 13.49% | 11.59% | 1.64% | 10.76% | 13.13% | 6.74% | 9.15% | 15.31% | 9.7% | 10.62% | 14.71% | 10.31% | 12.37% | 10.3% | 15.44% | 18.41% | 11.7% | 14.28% |
| Operating CF Growth % | 154.89% | -4.06% | -0.39% | 65.69% | -82.54% | -30.1% | 37.49% | -32.92% | -38.43% | 40.69% | -27.64% | -9.92% | -15.11% | -47.39% | 2.65% | -25.04% | -2.8% | -1.13% | 176.02% | -0.87% |
| Net Income | 604M | 864M | 1.79B | 1.31B | 1.28B | 1.19B | 1.72B | 1.54B | 1.41B | 1.11B | 1.6B | 1.13B | 2.08B | 1.9B | 3.45B | 2.58B | 2.85B | 2.66B | 3.09B | 2.33B |
| Depreciation & Amortization | 980M | 985M | 972M | 926M | 936M | 912M | 919M | 905M | 887M | 898M | 867M | 837M | 828M | 834M | 888M | 774M | 762M | 764M | 754M | 738M |
| Stock-Based Compensation | 34M | 24M | 32M | 20M | -5M | 21M | 45M | -24M | 30M | -27M | 34M | 21M | 39M | 126M | 718M | 233M | 231M | 386M | 178M | 179M |
| Deferred Taxes | 99M | 45M | 26M | 50M | -44M | -40M | -39M | -48M | 50M | 22M | -128M | 159M | 112M | 56M | 65M | 106M | 151M | 209M | 374M | 144M |
| Other Non-Cash Items | -777M | 225M | 651M | -1.27B | -432M | 246M | 1.11B | -1.14B | 130M | 365M | 723M | 328M | 225M | -1.1B | -978M | -1.69B | 217M | 138M | 137M | 155M |
| Working Capital Changes | -53M | 81M | -170M | 1.44B | -1.39B | -8M | -439M | 263M | -513M | 945M | -690M | -239M | -48M | 545M | -814M | 470M | -397M | 321M | -1.29B | -238M |
| Change in Receivables | -755M | 1.08B | -1.24B | 314M | -420M | 960M | -1.96B | -131M | 34M | 1.49B | -1.62B | -18M | 644M | 2.25B | -1.34B | 202M | -407M | 1.23B | -2.13B | -460M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 193M | -495M | 611M | -359M | 464M | -906M | 1.09B | -144M | 114M | -799M | 681M | -137M | -253M | -1.67B | 986M | -444M | 235M | -743M | 1.25B | -36M |
| Cash from Investing | -566M | -944M | -2B | -456M | -923M | -1.35B | -1.06B | 187M | -913M | 1.57B | -3.2B | -1.07B | -1.05B | -1.81B | -5.06B | -909M | -927M | -572M | -2.22B | -866M |
| Capital Expenditures | -693M | -1.03B | -716M | -970M | -1.12B | -876M | -1.1B | -843M | -933M | -1.03B | -2.05B | -1.29B | -1.21B | -609M | -2.49B | -890M | -840M | -548M | -1.62B | -900M |
| CapEx % of Revenue | 3.03% | 4.86% | 2.93% | 4.53% | 5.29% | 4.07% | 4.35% | 3.79% | 4.29% | 4.78% | 8.24% | 6.13% | 5.5% | 2.66% | 9.25% | 3.7% | 3.4% | 2.25% | 5.86% | 3.89% |
| Acquisitions | -82M | 82M | -1.49B | -91M | 25M | -413M | 40M | 1.04B | -7M | -31M | -1.26B | 112M | 45M | -29M | -649M | -4M | -91M | 1M | -590M | -7M |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 209M | 5M | 140M | 581M | 4M | -10M | 2M | -22M | 10M | -14M | -21M | -10M | -5M | 17M | -275M | -15M | -2M | -17M | 2M | 54M |
| Cash from Financing | -1.4B | -1.33B | -2.19B | -1.43B | 1.79B | -2.31B | -1.85B | -2.24B | 899M | -3.67B | -349M | -1.6B | -3.59B | 4M | -3.71B | -2.19B | -3.32B | -1.97B | -967M | -1.82B |
| Debt Issued (Net) | -39M | -46M | -6.1B | 3.01B | 3.1B | -7M | -543M | -436M | 2.2B | -2.2B | 936M | 429M | -1.53B | 2.44B | -1.18B | -19M | -1.09B | -18M | -160M | -512M |
| Equity Issued (Net) | 32M | 28M | 26M | 31M | 47M | -945M | 48M | -447M | 77M | 54M | 58M | -681M | -677M | -702M | -1.24B | -890M | -919M | -187M | 55M | -445M |
| Dividends Paid | -1.36B | -1.35B | -1.35B | -1.35B | -1.35B | -1.35B | -1.35B | -1.35B | -1.35B | -1.35B | -1.34B | -1.34B | -1.34B | -1.35B | -1.27B | -1.27B | -1.28B | -1.28B | -859M | -860M |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | -1B | 0 | -500M | 0 | 0 | 0 | -752M | -747M | -751M | -1.31B | -952M | -988M | -254M | 0 | -500M |
| Other Financing | -34M | 42M | 5.23B | -3.12B | -2M | -13M | -2M | -5M | -28M | -174M | -5M | -10M | -33M | -384M | -16M | -5M | -27M | -481M | -3M | -1M |
| Net Change in Cash | -1.09B | -85M | -877M | 570M | 1.39B | -1.31B | 257M | -474M | 1.96B | 1.17B | -1.1B | -501M | -1.38B | 588M | -5.44B | -690M | -473M | 1.95B | 43M | 604M |
| Free Cash Flow | 194M | 1.19B | 2.59B | 1.51B | -775M | 1.44B | 2.22B | 655M | 1.06B | 2.28B | 362M | 944M | 2.03B | 1.75B | 841M | 1.59B | 2.97B | 3.93B | 1.62B | 2.41B |
| FCF Margin % | 0.85% | 5.63% | 10.56% | 7.06% | -3.65% | 6.69% | 8.78% | 2.95% | 4.87% | 10.53% | 1.46% | 4.49% | 9.21% | 7.65% | 3.12% | 6.6% | 12.04% | 16.16% | 5.85% | 10.39% |
| FCF Growth % | 125.03% | -17.27% | 16.64% | 130.84% | -173.11% | -36.78% | 512.43% | -30.61% | -47.68% | 30.49% | -56.96% | -40.59% | -31.85% | -55.54% | -48.15% | -33.98% | -3.69% | 6.36% | 259.49% | 10.31% |
| FCF per Share | 0.23 | 1.40 | 3.03 | 1.78 | -0.91 | 1.70 | 2.58 | 0.77 | 1.24 | 2.66 | 0.42 | 1.10 | 2.35 | 2.02 | 0.97 | 1.82 | 3.39 | 4.47 | 1.85 | 2.74 |
| FCF Conversion (FCF/Net Income) | 1.47x | 2.57x | 1.84x | 1.89x | 0.27x | 1.95x | 1.93x | 0.97x | 1.41x | 2.98x | 1.50x | 1.98x | 1.56x | 1.24x | 0.96x | 0.96x | 1.34x | 1.68x | 1.05x | 1.42x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |