Ultrapar Participações S.A. (UGP) Cash Flow Statement
Where UGP’s cash came from and went, 2025
December 31, 2025 · Brazilian reais- Cash from operations
- R$3.48B −6.7% vs 2024
- Capital expenditures
- R$1.97B 1.4% of revenue
- Free cash flow
- R$1.52B 1.1% margin
- Returned to shareholders
- R$2.39B 158% of free cash flow
- Change in cash
- R$1.34B cash at year-end R$3.17B
Drawn to scale: where the cash came from and how it was used. Hover for values.
UGP operating cash flow, capex and free cash flow
UGP cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | R$2.51B2016 | R$3.48B2025 | +3.7%/yr | |
| Capital expenditures | R$1.67B2016 | R$1.97B2025 | +1.9%/yr | |
| Free cash flow | R$847.3M2016 | R$1.52B2025 | +6.7%/yr | |
| Free cash flow margin | 1.1%2016 | 1.1%2025 | 0.0 pts | |
| Operating cash flow / net income | 1.602016 | 1.342025 | −0.26 | |
| Stock-based compensation | R$18.4M2016 | R$112.3M2024 | +25.4%/yr | |
| Dividends paid | R$873.3M2016 | R$2.13B2025 | +10.4%/yr | |
| Share buybacks (net) | R$02016 | R$261.7M2025 | — | |
| Capex / revenue | 2.2%2016 | 1.4%2025 | −0.8 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UGP cash flow by activity
UGP net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UGP cash flow statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | R$2.61B | R$2.36B | R$2.52B | R$1.54B | R$818.6M | R$927.7M | R$402.9M | R$1.13B | R$1.57B | R$1.57B |
| Depreciation & amortization | R$1.59B | R$1.21B | R$1.15B | R$1.02B | R$913.8M | R$1.27B | R$1.14B | R$812.5M | R$704.5M | R$1.10B |
| Stock-based compensation | — | R$112.3M | R$70.8M | R$39.4M | R$753.6M | R$10.4M | R$7.7M | R$9.9M | R$12.5M | R$18.4M |
| Change in working capital | −R$1.01B | −R$2.62B | −R$1.86B | −R$1.71B | −R$983.5M | R$574.3M | −R$362.4M | −R$196.0M | −R$413.0M | −R$189.4M |
| Other non-cash items | R$299.1M | R$2.66B | R$1.97B | R$1.11B | R$1.08B | R$358.6M | R$1.73B | R$1.13B | R$401.5M | R$10.6M |
| Cash from operating activities | R$3.48B | R$3.74B | R$3.85B | R$2.00B | R$2.59B | R$3.14B | R$2.92B | R$2.89B | R$2.28B | R$2.51B |
| Investing activities | ||||||||||
| Capital expenditures | −R$1.97B | −R$1.79B | −R$1.29B | −R$1.22B | −R$1.28B | −R$1.15B | −R$1.24B | −R$1.42B | −R$2.06B | −R$1.67B |
| Investments (net) | −R$2.02B | −R$6.39B | −R$58.3M | R$7.90B | R$1.84B | −R$2.14B | −R$1.84B | −R$3.18B | −R$1.91B | −R$1.85B |
| Acquisitions & other investing | R$1.18B | R$1.79B | R$324.0M | R$1.22B | R$166.1M | R$1.15B | R$1.24B | R$1.42B | R$2.06B | R$1.67B |
| Cash from investing activities | −R$2.80B | −R$6.39B | −R$1.02B | R$7.90B | R$724.1M | −R$2.14B | −R$1.84B | −R$3.18B | −R$1.91B | −R$1.85B |
| Financing activities | ||||||||||
| Dividends paid | −R$2.13B | −R$833.7M | −R$400.0M | −R$638.3M | −R$705.8M | −R$284.8M | −R$596.4M | −R$808.6M | −R$940.2M | −R$873.3M |
| Share repurchases & issuance (net) | −R$261.7M | −R$148.9M | R$0 | R$21.7M | — | — | R$0 | R$0 | R$0 | R$0 |
| Net borrowing (repayment) | R$3.05B | R$1.18B | −R$460.0M | −R$4.68B | −R$1.35B | R$435.8M | −R$860.7M | R$745.3M | R$2.04B | R$2.86B |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$229.8M | −R$1.43B | −R$1.63B | −R$1.61B | −R$1.30B | −R$743.4M | −R$1.47B | −R$737.7M | −R$762.7M | −R$1.06B |
| Cash from financing activities | R$433.3M | −R$1.23B | −R$2.49B | −R$6.91B | −R$3.36B | −R$592.3M | −R$2.92B | −R$801.0M | R$340.3M | R$928.4M |
| Summary | ||||||||||
| Net change in cash | R$1.34B | −R$3.85B | R$303.9M | R$2.95B | R$6.6M | R$546.1M | −R$1.82B | −R$1.06B | R$727.8M | R$1.57B |
| Cash at end of period | R$3.17B | R$2.07B | R$5.93B | R$5.62B | R$2.67B | R$2.66B | R$2.12B | R$3.94B | R$5.00B | R$4.27B |
| Free cash flow | R$1.52B | R$1.95B | R$2.56B | R$785.7M | R$1.31B | R$1.99B | R$1.68B | R$1.47B | R$214.9M | R$847.3M |
| Free cash flow margin | 1.1% | 1.5% | 2.0% | 0.5% | 1.2% | 2.7% | 2.0% | 1.6% | 0.3% | 1.1% |
| Capex / revenue | 1.4% | 1.3% | 1.0% | 0.8% | 1.2% | 1.6% | 1.5% | 1.6% | 2.6% | 2.2% |
| Operating cash flow / net income | 1.34 | 1.58 | 1.53 | 1.30 | 3.16 | 3.38 | 7.26 | 2.55 | 1.45 | 1.60 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | R$1.58B | R$843.0M | R$514.0M | R$130.5M | R$1.17B | R$363.2M | R$841.8M | R$698.4M | R$84.0M | R$455.4M | R$1.10B | −R$511.1M |
| Depreciation & amortization | R$441.1M | R$437.9M | R$435.7M | R$452.5M | R$393.9M | R$304.1M | R$462.0M | R$300.2M | R$323.9M | R$279.8M | R$312.1M | −R$551.9M |
| Stock-based compensation | — | — | — | — | — | R$34.0M | R$34.0M | R$24.2M | R$33.0M | R$21.0M | R$23.6M | −R$286.5M |
| Change in working capital | R$1.71B | −R$1.23B | R$1.40B | R$2.3M | −R$884.2M | −R$1.26B | R$788.6M | −R$713.4M | −R$45.7M | −R$1.66B | −R$625.7M | R$1.76B |
| Other non-cash items | R$37.3M | R$472.0M | −R$607.1M | −R$257.4M | R$236.4M | R$565.2M | R$104.2M | R$471.0M | −R$173.4M | R$319.6M | R$466.4M | −R$597.8M |
| Cash from operating activities | R$3.78B | R$525.5M | R$1.74B | R$328.0M | R$917.9M | R$3.0M | R$2.23B | R$780.5M | R$221.8M | −R$579.9M | R$1.28B | −R$185.0M |
| Investing activities | ||||||||||||
| Capital expenditures | −R$426.1M | −R$354.6M | −R$675.5M | −R$88.2M | −R$478.7M | −R$381.9M | −R$687.9M | −R$415.9M | −R$71.2M | −R$326.2M | −R$269.9M | −R$455.7M |
| Investments (net) | −R$1.23B | R$1.09B | −R$2.16B | −R$1.26B | R$391.0M | R$827.3M | −R$3.25B | −R$241.5M | −R$1.11B | −R$1.78B | −R$566.2M | R$3.0M |
| Acquisitions & other investing | R$118.3M | −R$285.3M | R$61.3M | R$1.13B | R$478.7M | R$381.9M | −R$2.45B | R$415.9M | R$962.8M | R$326.2M | — | −R$2.7M |
| Cash from investing activities | −R$1.54B | R$453.1M | −R$2.78B | −R$217.6M | R$391.0M | R$827.3M | −R$6.39B | −R$241.5M | −R$220.2M | −R$1.78B | — | −R$455.4M |
| Financing activities | ||||||||||||
| Dividends paid | −R$8.6M | −R$1.5M | −R$1.27B | −R$73.5M | −R$10.2M | −R$487.5M | −R$52.5M | −R$320.0M | −R$4.0M | −R$437.5M | −R$73,000 | −R$108.3M |
| Share repurchases & issuance (net) | −R$14.8M | R$0 | R$9.0M | −R$7.3M | −R$147.6M | −R$96.8M | −R$148.9M | R$13.5M | R$0 | R$0 | — | R$0 |
| Net borrowing (repayment) | −R$1.37B | −R$231.1M | R$2.98B | −R$500.3M | R$1.02B | −R$449.4M | −R$145.6M | −R$123.9M | — | — | — | −R$287.6M |
| Shares issued | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 | R$0 |
| Other financing | −R$39.5M | −R$12.0M | −R$86.0M | R$414.4M | −R$692.5M | −R$408.8M | −R$448.9M | −R$84.0M | R$23.0M | R$616.4M | −R$816.6M | R$793.6M |
| Cash from financing activities | −R$1.43B | −R$244.5M | R$1.64B | −R$166.7M | R$170.4M | −R$1.44B | −R$795.9M | −R$514.3M | R$19.0M | R$178.9M | −R$816.7M | R$397.7M |
| Summary | ||||||||||||
| Net change in cash | R$817.1M | R$970.1M | R$567.4M | −R$55.0M | R$1.46B | −R$635.5M | −R$1.78B | R$24.6M | −R$59.0M | −R$2.18B | −R$111.4M | −R$5.37B |
| Cash at end of period | R$4.64B | R$3.85B | R$3.17B | R$475.8M | R$2.90B | R$1.44B | R$2.07B | R$3.86B | R$689.7M | R$3.75B | R$5.93B | R$6.0M |
| Free cash flow | R$3.35B | R$170.9M | R$1.06B | R$239.8M | R$439.2M | −R$378.9M | R$1.54B | R$364.6M | R$150.7M | −R$906.1M | R$1.01B | R$270.8M |
| Free cash flow margin | 7.9% | 0.5% | 2.8% | 0.6% | 1.3% | −1.1% | 4.4% | 1.0% | 0.5% | −3.0% | 3.0% | 0.8% |
| Capex / revenue | 1.0% | 1.0% | 1.8% | 0.2% | 1.4% | 1.1% | 1.9% | 1.2% | 0.2% | 1.1% | 0.8% | 1.4% |
| Operating cash flow / net income | 2.38 | 0.62 | 3.38 | 2.51 | 0.78 | 0.01 | 2.65 | 1.12 | 2.64 | −1.27 | 1.16 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported; data from EODHD.
UGP cash generation
In fiscal 2025 (ended December 31, 2025), Ultrapar Participações generated R$3.5 billion of cash from operations (down 6.7%) and spent R$2.0 billion on capital expenditures, leaving free cash flow of R$1.5 billion, 1.1% of revenue. It returned R$2.4 billion to shareholders through dividends (R$2.1 billion) and net share buybacks (R$261.7 million). Cash and equivalents rose by R$1.3 billion over the year.
Related: UGP income statement, UGP balance sheet, UGP dividend history. See the UGP stock overview for the latest quote and news.
UGP cash flow FAQ
What is Ultrapar Participações's free cash flow?
Ultrapar Participações's free cash flow was R$1.5 billion in fiscal 2025: R$3.5 billion of operating cash flow minus R$2.0 billion of capital expenditures It was R$1.9 billion a year earlier..
How much cash does Ultrapar Participações generate from operations?
Ultrapar Participações generated R$3.5 billion of cash from operating activities in fiscal 2025, 1.34 times its net income of R$2.6 billion.
How much does Ultrapar Participações spend on capital expenditures?
Ultrapar Participações spent R$2.0 billion on capital expenditures in fiscal 2025, 1.4% of revenue, compared with R$1.8 billion the year before.
How much stock does Ultrapar Participações buy back?
Ultrapar Participações spent R$261.7 million on net share repurchases in fiscal 2025.
How much does Ultrapar Participações pay in dividends?
Ultrapar Participações paid R$2.1 billion in dividends in fiscal 2025, 140.3% of free cash flow.