United Parcel Service Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	5,572	5,782	6,708	11,548	12,890
Depreciation & Amortization	3,746	3,609	3,366	3,188	2,953
Stock-Based Compensation	73	24	220	1,568	878
Other Adjustments	-11	465	458	-1,837	-1,072
Change in Receivables	-382	-566	1,256	-322	-2,147
Changes in Accounts Payable	-190	262	-1,377	34	1,265
Changes in Accrued Expenses	27	501	-296	-189	-245
Changes in Other Operating Activities	-385	45	-97	114	485
Operating Cash Flow	8,450	10,122	10,238	14,104	15,007
Operating Cash Flow Growth	-16.52%	-1.13%	-27.41%	-6.02%	43.48%
Capital Expenditures	-3,685	-3,909	-5,158	-4,769	-4,194
Sale of Property, Plant & Equipment	700	1,115	193	12	872
Purchases of Investments	-90	-76	-3,521	-1,906	-312
Proceeds from Sale of Investments	293	2,748	2,701	255	366
Payments for Business Acquisitions	-1,968	-71	-1,329	-755	-602
Other Investing Activities	15	-24	-19	-309	52
Investing Cash Flow	-4,735	-217	-7,133	-7,472	-3,818
Net Short-Term Debt Issued (Repaid)	-	-1,272	1,272	-	-
Long-Term Debt Issued	4,153	2,785	3,429	-	-
Long-Term Debt Repaid	-2,069	-2,487	-2,429	-2,304	-2,773
Net Long-Term Debt Issued (Repaid)	2,084	298	1,000	-2,304	-2,773
Issuance of Common Stock	159	232	248	262	251
Repurchase of Common Stock	-1,000	-500	-2,250	-3,500	-500
Net Common Stock Issued (Repurchased)	-841	-268	-2,002	-3,238	-249
Common Dividends Paid	-5,398	-5,399	-5,372	-5,114	-3,437
Other Financing Activities	14	-209	-432	-529	-364
Financing Cash Flow	-4,141	-6,850	-5,534	-11,185	-6,823
Effect of Exchange Rate Changes on Cash and Cash Equivalents	201	-149	33	-100	-21
Net Cash Flow	-225	2,906	-2,396	-4,653	4,345
Free Cash Flow	4,765	6,213	5,080	9,335	10,813
Free Cash Flow Growth	-23.31%	22.30%	-45.58%	-13.67%	114.25%
FCF Margin	5.37%	6.82%	5.58%	9.30%	11.11%
Free Cash Flow Per Share	5.61	7.26	5.91	10.67	12.32
Levered Free Cash Flow	7,169	5,316	5,418	7,622	10,381
Unlevered Free Cash Flow	5,632	7,087	3,590	8,578	10,214

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.