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	3,688	3,609	3,366	3,188	2,953
Loss (Gain) From Sale of Assets	113	262	265	123	137
Asset Writedown & Restructuring Costs	58	-	-	-	-
Stock-Based Compensation	73	24	220	1,568	878
Other Operating Activities	-57	189	51	-1,954	-1,187
Change in Accounts Receivable	-382	-566	1,256	-322	-2,147
Change in Accounts Payable	-190	262	-1,377	34	1,265
Change in Other Net Operating Assets	-425	560	-251	-81	218
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	-	872
Cash Acquisitions	-1,968	-71	-1,329	-755	-602
Divestitures	-	-	-	12	-
Investment in Securities	203	2,672	-820	-1,651	54
Other Investing Activities	15	-24	-19	-309	52
Investing Cash Flow	-4,735	-217	-7,133	-7,472	-3,818
Short-Term Debt Issued	-	-	1,272	-	-
Long-Term Debt Issued	4,153	2,785	3,429	-	-
Total Debt Issued	4,153	2,785	4,701	-	-
Short-Term Debt Repaid	-	-1,272	-	-	-
Long-Term Debt Repaid	-2,069	-2,487	-2,429	-2,304	-2,773
Total Debt Repaid	-2,069	-3,759	-2,429	-2,304	-2,773
Net Debt Issued (Repaid)	2,084	-974	2,272	-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
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
Foreign Exchange Rate Adjustments	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%
Free Cash Flow Margin	5.37%	6.82%	5.58%	9.30%	11.12%
Free Cash Flow Per Share	5.61	7.26	5.91	10.67	12.31
Cash Interest Paid	990	854	762	721	697
Cash Income Tax Paid	1,912	1,347	1,976	2,574	1,869
Levered Free Cash Flow	5,187	4,587	3,623	8,521	7,840
Unlevered Free Cash Flow	5,823	5,125	4,115	8,961	8,274
Change in Working Capital	-997	256	-372	-369	-664

Source: S&P Global Market Intelligence. Standard template. Financial Sources.