Ultrapar Participações S.A. (UGP)

Ultrapar Participações Cash Flow Statement

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

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Mar 31, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Net Income	3,300	2,748	2,526	2,518	1,538	818.61
Depreciation & Amortization	2,230	2,056	1,768	1,762	1,532	1,203
Stock-Based Compensation	45.33	40.56	57.46	38.91	9.94	9.36
Other Adjustments	3,178	2,670	3,470	3,094	2,316	1,406
Change in Receivables	-660.93	-185.61	180.34	259.88	-779.24	-956.78
Changes in Inventories	-231.92	-151.28	371.24	645.3	-1,005	-1,627
Changes in Accounts Payable	778.83	-31.82	-1,210	-1,701	1,558	2,426
Changes in Accrued Expenses	44.52	56.58	-40.53	5.94	121.14	74.8
Changes in Income Taxes Payable	-1,091	-1,245	-1,952	-1,470	-283.33	-230.04
Changes in Other Operating Activities	-1,044	-535.6	-1,435	-1,304	-3,034	-1,521
Operating Cash Flow	6,546	5,422	3,736	3,850	2,005	2,586
Operating Cash Flow Growth	88.46%	45.15%	-2.97%	92.04%	-22.48%	-17.59%
Capital Expenditures	-1,991	-2,005	-1,787	-1,287	-1,207	-1,028
Purchases of Intangible Assets	-	-	-	-	-	-237.49
Purchases of Investments	-2,852	-2,448	-5,988	-250.15	2,510	1,837
Proceeds from Sale of Investments	459.01	429.28	1,386	512.83	2,840	323.99
Proceeds from Business Divestments	1,172	1,214	0.52	3.1	-	-
Other Investing Activities	0.26	-34.95	-	-	3,761	-171.3
Investing Cash Flow	-3,212	-2,846	-6,388	-1,022	7,903	724.14
Long-Term Debt Issued	8,095	8,669	4,180	2,903	1,520	1,384
Long-Term Debt Repaid	-4,250	-5,134	-2,719	-3,150	-5,849	-2,426
Net Long-Term Debt Issued (Repaid)	3,845	3,535	1,461	-246.49	-4,329	-1,043
Repurchase of Common Stock	-170.17	-266.95	-148.95	-	-	-
Net Common Stock Issued (Repurchased)	-170.17	-266.95	-148.95	-	-	-
Common Dividends Paid	-1,687	-2,172	-833.66	-400.03	-638.28	-705.75
Other Financing Activities	-2,862	-2,566	-1,713	-1,848	-1,943	-1,607
Financing Cash Flow	-827.85	-1,470	-1,234	-2,494	-6,911	-3,356
Effect of Exchange Rate Changes on Cash and Cash Equivalents	17	-	-	-	-	-
Net Cash Flow	2,523	1,107	-3,886	333.87	2,997	-45.45
Free Cash Flow	4,555	3,417	1,948	2,562	797.86	1,558
Free Cash Flow Growth	33.29%	75.38%	-23.96%	221.17%	-48.77%	-34.76%
FCF Margin	3.12%	2.40%	1.46%	2.03%	0.56%	1.42%
Free Cash Flow Per Share	4.18	3.12	1.74	2.32	0.73	1.42
Levered Free Cash Flow	5,536	4,133	-461.58	-1,155	-4,846	-894.29
Unlevered Free Cash Flow	2,940	1,782	-1,091	-136.09	412.45	751.08

Updated May 7, 2026. Data Source: Fiscal.ai. Standard template. Financial Sources.

SEC Filings: 10-K · 10-Q