United Parcel Service, Inc. (UPS) Cash Flow Statement
Where UPS’s cash came from and went, 2025
December 31, 2025 · U.S. dollars- Cash from operations
- $8.45B −16.5% vs 2024
- Capital expenditures
- $3.69B 4.2% of revenue
- Free cash flow
- $4.76B 5.4% margin
- Returned to shareholders
- $6.40B 134% of free cash flow
- Change in cash
- −$225.0M cash at year-end $5.89B
Cash from operations
$8.45B
Capital expenditures
−$3.69B
Investments (net)
+$203.0M
Acquisitions & other
−$1.25B
Dividends
−$5.40B
Share buybacks (net)
−$1.00B
Net borrowing (repayment)
+$2.08B
Shares issued
+$159.0M
Currency & other
+$215.0M
Change in cash
−$225.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
UPS operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
UPS cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $6.47B2016 | $8.45B2025 | +3.0%/yr | |
| Capital expenditures | $2.96B2016 | $3.69B2025 | +2.4%/yr | |
| Free cash flow | $3.51B2016 | $4.76B2025 | +3.5%/yr | |
| Free cash flow margin | 5.8%2016 | 5.4%2025 | −0.4 pts | |
| Operating cash flow / net income | 1.892016 | 1.522025 | −0.37 | |
| Stock-based compensation | $591.0M2016 | $73.0M2025 | −20.7%/yr | |
| Dividends paid | $2.64B2016 | $5.40B2025 | +8.3%/yr | |
| Share buybacks (net) | $2.68B2016 | $1.00B2025 | −10.4%/yr | |
| Capex / revenue | 4.9%2016 | 4.2%2025 | −0.7 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
UPS cash flow by activity
OperatingInvestingFinancingChange in cash
UPS net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
UPS cash flow statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $5.57B | $5.78B | $6.71B | $11.55B | $12.89B | $1.43B | $4.44B | $4.79B | $4.91B | $3.43B |
| Depreciation & amortization | $3.75B | $3.61B | $3.37B | $3.19B | $2.95B | $2.70B | $2.36B | $2.21B | $2.28B | $2.22B |
| Stock-based compensation | $73.0M | $24.0M | $220.0M | $1.57B | $878.0M | $796.0M | $915.0M | $634.0M | $584.0M | $591.0M |
| Change in working capital | −$930.0M | $256.0M | −$372.0M | −$420.0M | −$664.0M | $1.08B | $136.0M | $2.04B | −$1.46B | −$709.0M |
| Other non-cash items | −$11.0M | $451.0M | $316.0M | −$1.78B | −$1.05B | $4.46B | $788.0M | $3.04B | −$4.84B | $936.0M |
| Cash from operating activities | $8.45B | $10.12B | $10.24B | $14.10B | $15.01B | $10.46B | $8.64B | $12.71B | $1.48B | $6.47B |
| Investing activities | ||||||||||
| Capital expenditures | −$3.69B | −$3.91B | −$5.16B | −$4.77B | −$4.19B | −$5.41B | −$6.38B | −$6.28B | −$5.23B | −$2.96B |
| Investments (net) | $203.0M | −$217.0M | −$8.99B | −$1.63B | −$3.82B | $150.0M | $335.0M | −$83.0M | $361.0M | $917.0M |
| Acquisitions & other investing | −$1.25B | $3.91B | $7.02B | −$1.08B | $4.19B | −$21.0M | −$16.0M | $36.0M | −$109.0M | −$518.0M |
| Cash from investing activities | −$4.74B | −$217.0M | −$7.13B | −$7.47B | −$3.82B | −$5.28B | −$6.06B | −$6.33B | −$4.97B | −$2.57B |
| Financing activities | ||||||||||
| Dividends paid | −$5.40B | −$5.40B | −$5.37B | −$5.11B | −$3.44B | −$3.37B | −$3.19B | −$3.01B | −$2.77B | −$2.64B |
| Share repurchases & issuance (net) | −$1.00B | −$500.0M | −$2.25B | −$3.50B | −$500.0M | −$224.0M | −$1.00B | −$1.01B | −$1.81B | −$2.68B |
| Net borrowing (repayment) | $2.08B | −$974.0M | $2.27B | −$2.30B | −$2.77B | −$851.0M | $2.42B | −$1.62B | $7.83B | $2.03B |
| Shares issued | $159.0M | $232.0M | $254.0M | $262.0M | $251.0M | $285.0M | $218.0M | $240.0M | $0 | $0 |
| Other financing | $14.0M | −$209.0M | −$438.0M | −$529.0M | −$364.0M | −$353.0M | −$166.0M | −$288.0M | $44.0M | $147.0M |
| Cash from financing activities | −$4.14B | −$6.85B | −$5.53B | −$11.19B | −$6.82B | −$4.52B | −$1.73B | −$5.69B | $3.29B | −$3.14B |
| Summary | ||||||||||
| Net change in cash | −$225.0M | $2.91B | −$2.40B | −$4.65B | $4.34B | $672.0M | $871.0M | $598.0M | −$156.0M | $746.0M |
| Cash at end of period | $5.89B | $6.11B | $3.21B | $5.60B | $10.26B | $5.91B | $5.24B | $4.37B | $3.32B | $3.48B |
| Free cash flow | $4.76B | $6.21B | $5.08B | $9.34B | $10.81B | $5.05B | $2.26B | $6.43B | −$3.75B | $3.51B |
| Free cash flow margin | 5.4% | 6.8% | 5.6% | 9.3% | 11.1% | 6.0% | 3.1% | 8.9% | −5.7% | 5.8% |
| Capex / revenue | 4.2% | 4.3% | 5.7% | 4.8% | 4.3% | 6.4% | 8.6% | 8.7% | 7.9% | 4.9% |
| Operating cash flow / net income | 1.52 | 1.75 | 1.53 | 1.22 | 1.16 | 7.33 | 1.95 | 2.65 | 0.30 | 1.89 |
| 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 | $604.0M | $864.0M | $1.79B | $1.31B | $1.28B | $1.19B | $1.72B | $1.54B | $1.41B | $1.11B | $1.60B | $1.13B |
| Depreciation & amortization | $980.0M | $985.0M | $972.0M | $926.0M | $936.0M | $912.0M | $919.0M | $905.0M | $887.0M | $898.0M | $867.0M | $837.0M |
| Stock-based compensation | $34.0M | $24.0M | $32.0M | $20.0M | −$5.0M | $21.0M | $45.0M | −$24.0M | $30.0M | −$27.0M | $34.0M | $21.0M |
| Change in working capital | −$53.0M | $81.0M | −$170.0M | $1.44B | −$1.39B | −$8.0M | −$439.0M | $263.0M | −$513.0M | $945.0M | −$690.0M | −$239.0M |
| Other non-cash items | −$678.0M | $270.0M | $677.0M | −$1.22B | −$476.0M | $206.0M | $1.07B | −$1.19B | $180.0M | $387.0M | $595.0M | $487.0M |
| Cash from operating activities | $887.0M | $2.22B | $3.30B | $2.48B | $348.0M | $2.32B | $3.31B | $1.50B | $1.99B | $3.32B | $2.41B | $2.23B |
| Investing activities | ||||||||||||
| Capital expenditures | −$693.0M | −$1.03B | −$716.0M | −$970.0M | −$1.12B | −$876.0M | −$1.10B | −$843.0M | −$933.0M | −$1.03B | −$2.05B | −$1.29B |
| Investments (net) | $0 | $0 | $64.0M | −$456.0M | −$923.0M | −$1.35B | −$1.06B | $187.0M | −$913.0M | $1.57B | −$3.20B | −$1.07B |
| Acquisitions & other investing | $127.0M | $87.0M | −$1.35B | $970.0M | $1.12B | $876.0M | $1.10B | $843.0M | $933.0M | $1.03B | $2.05B | −$1.57B |
| Cash from investing activities | −$566.0M | −$944.0M | −$2.00B | −$456.0M | −$923.0M | −$1.35B | −$1.06B | $187.0M | −$913.0M | $1.57B | −$3.20B | −$3.93B |
| Financing activities | ||||||||||||
| 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 |
| Share repurchases & issuance (net) | $0 | $0 | −$841.0M | −$867.0M | −$898.0M | −$1.00B | −$1.00B | −$500.0M | $0 | $0 | $1.87B | −$752.0M |
| Net borrowing (repayment) | −$39.0M | −$46.0M | −$924.0M | −$83.0M | $3.10B | −$7.0M | −$543.0M | −$436.0M | — | — | — | $429.0M |
| Shares issued | $32.0M | $28.0M | $26.0M | $31.0M | $47.0M | $55.0M | $48.0M | $53.0M | $77.0M | $54.0M | $58.0M | $71.0M |
| Other financing | −$34.0M | $42.0M | $898.0M | $839.0M | $896.0M | −$13.0M | $998.0M | −$5.0M | $2.17B | −$2.37B | −$941.0M | −$10.0M |
| Cash from financing activities | −$1.40B | −$1.33B | −$2.19B | −$1.43B | $1.79B | −$2.31B | −$1.85B | −$2.24B | $899.0M | −$3.67B | −$349.0M | −$1.60B |
| Summary | ||||||||||||
| Net change in cash | −$1.09B | −$85.0M | −$877.0M | $570.0M | $1.39B | −$1.31B | $257.0M | −$474.0M | $1.96B | $1.17B | −$1.10B | −$501.0M |
| Cash at end of period | $4.71B | $5.80B | $5.89B | $6.76B | $6.19B | $4.80B | $6.11B | $5.86B | $6.32B | $4.37B | $3.21B | $4.31B |
| Free cash flow | $194.0M | $1.19B | $2.59B | $1.51B | −$775.0M | $1.44B | $2.22B | $655.0M | $1.06B | $2.28B | $362.0M | $944.0M |
| Free cash flow margin | 0.8% | 5.6% | 10.6% | 7.1% | −3.7% | 6.7% | 8.8% | 2.9% | 4.9% | 10.5% | 1.5% | 4.5% |
| Capex / revenue | 3.0% | 4.9% | 2.9% | 4.5% | 5.3% | 4.1% | 4.3% | 3.8% | 4.3% | 4.8% | 8.2% | 6.1% |
| Operating cash flow / net income | 1.47 | 2.57 | 1.84 | 1.89 | 0.27 | 1.95 | 1.93 | 0.97 | 1.41 | 2.98 | 1.50 | 1.98 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
UPS cash generation
In fiscal 2025 (ended December 31, 2025), UPS generated $8.4 billion of cash from operations (down 16.5%) and spent $3.7 billion on capital expenditures, leaving free cash flow of $4.8 billion, 5.4% of revenue. It returned $6.4 billion to shareholders through dividends ($5.4 billion) and net share buybacks ($1.0 billion). Cash and equivalents fell by $225.0 million over the year.
Related: UPS income statement, UPS balance sheet, UPS dividend history. See the UPS stock overview for the latest quote and news.
UPS cash flow FAQ
What is UPS's free cash flow?
UPS's free cash flow was $4.8 billion in fiscal 2025: $8.4 billion of operating cash flow minus $3.7 billion of capital expenditures It was $6.2 billion a year earlier..
How much cash does UPS generate from operations?
UPS generated $8.4 billion of cash from operating activities in fiscal 2025, 1.52 times its net income of $5.6 billion.
How much does UPS spend on capital expenditures?
UPS spent $3.7 billion on capital expenditures in fiscal 2025, 4.2% of revenue, compared with $3.9 billion the year before.
How much stock does UPS buy back?
UPS spent $1.0 billion on net share repurchases in fiscal 2025.
How much does UPS pay in dividends?
UPS paid $5.4 billion in dividends in fiscal 2025, 113.3% of free cash flow.