Ultrapar Participações S.A. (UGP) Income Statement
UGP 2025 at a glance
Fiscal year ended December 31, 2025 · Brazilian reaisUGP revenue and net income
Where UGP's revenue goes
2025Each bar shows an amount and its share of revenue. UGP kept 1.7% of revenue as net income.
UGP profit margins
UGP growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +6.6% | −0.3% | +14.0% | +6.5% |
| Gross profit | +8.6% | +8.3% | +18.5% | +3.4% |
| Operating income | −4.3% | +13.3% | +25.7% | +5.1% |
| Net income | +3.9% | +10.9% | +22.4% | +5.0% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UGP income statement in Brazilian reais
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$142.37B | R$133.50B | R$126.05B | R$143.63B | R$109.73B | R$74.06B | R$83.00B | R$90.70B | R$80.01B | R$77.35B |
| Cost of revenue | R$133.01B | R$124.88B | R$116.73B | R$136.28B | R$104.83B | R$70.06B | R$78.21B | R$84.54B | R$72.74B | R$70.34B |
| Gross profit | R$9.36B | R$8.62B | R$9.32B | R$7.36B | R$4.90B | R$4.00B | R$4.80B | R$6.16B | R$7.27B | R$7.01B |
| Research & development | — | — | — | — | — | — | R$61.6M | R$63.1M | R$55.8M | R$50.1M |
| Sales, general & admin | R$2.25B | R$1.87B | R$4.27B | R$3.68B | R$1.47B | R$994.0M | R$1.31B | R$1.63B | R$1.58B | R$1.45B |
| Total operating expenses | R$4.51B | R$3.54B | R$4.75B | R$4.02B | R$3.12B | R$2.46B | R$2.74B | R$3.95B | R$4.22B | R$3.90B |
| Operating income | R$4.85B | R$5.07B | R$4.57B | R$3.34B | R$1.79B | R$1.55B | R$2.05B | R$1.90B | R$2.87B | R$3.11B |
| Interest income | R$1.54B | R$745.5M | R$747.9M | R$552.0M | R$653.8M | R$512.2M | R$428.5M | R$247.9M | R$408.0M | R$721.2M |
| Interest expense | R$2.41B | R$1.37B | R$1.63B | R$1.59B | R$827.8M | R$148.9M | R$254.6M | R$874.9M | R$1.06B | R$1.16B |
| Income before taxes | R$3.81B | R$4.01B | R$3.58B | R$1.88B | R$1.01B | R$951.6M | R$1.37B | R$1.77B | R$2.41B | R$2.27B |
| Income taxes | R$1.06B | R$1.49B | R$1.06B | R$341.5M | R$188.0M | R$304.5M | R$470.0M | R$638.7M | R$839.4M | R$700.0M |
| Net income | R$2.45B | R$2.36B | R$2.44B | R$1.80B | R$850.5M | R$893.4M | R$373.5M | R$1.15B | R$1.57B | R$1.56B |
| EBITDA | R$7.81B | R$5.06B | R$6.36B | R$4.50B | R$2.76B | R$2.56B | R$3.53B | R$3.58B | R$4.09B | R$4.60B |
| Gross margin | 6.6% | 6.5% | 7.4% | 5.1% | 4.5% | 5.4% | 5.8% | 6.8% | 9.1% | 9.1% |
| Operating margin | 3.4% | 3.8% | 3.6% | 2.3% | 1.6% | 2.1% | 2.5% | 2.1% | 3.6% | 4.0% |
| Net margin | 1.7% | 1.8% | 1.9% | 1.3% | 0.8% | 1.2% | 0.5% | 1.3% | 2.0% | 2.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | R$42.46B | R$36.75B | R$37.95B | R$37.03B | R$34.06B | R$33.33B | R$35.40B | R$32.34B | R$30.40B | R$33.42B | R$32.48B | R$29.59B |
| Cost of revenue | R$37.74B | R$33.58B | R$35.36B | R$34.56B | R$31.91B | R$31.19B | R$33.24B | R$30.24B | R$28.33B | R$30.35B | R$29.62B | R$27.92B |
| Gross profit | R$4.72B | R$3.17B | R$2.59B | R$2.48B | R$2.15B | R$2.14B | R$2.16B | R$2.11B | R$2.06B | R$3.07B | R$2.86B | R$1.67B |
| Sales, general & admin | R$1.44B | R$1.32B | R$1.29B | R$569.2M | R$539.4M | R$1.12B | R$497.3M | R$1.16B | R$1.01B | R$1.19B | R$1.13B | R$993.0M |
| Total operating expenses | R$1.47B | R$1.35B | R$1.46B | R$1.05B | R$737.9M | R$1.16B | R$51.6M | R$1.25B | R$1.24B | R$1.19B | R$1.30B | R$1.16B |
| Operating income | R$3.25B | R$1.82B | R$1.13B | R$1.43B | R$1.41B | R$982.8M | R$2.11B | R$862.2M | R$820.5M | R$1.88B | R$1.57B | R$513.0M |
| Interest income | R$207.3M | R$440.0M | R$356.4M | R$373.4M | R$644.4M | R$168.6M | R$180.2M | R$280.6M | R$148.5M | R$156.4M | R$203.3M | R$186.7M |
| Interest expense | R$646.5M | R$792.2M | R$646.0M | R$774.5M | R$675.8M | R$371.5M | R$341.2M | R$486.3M | R$59.6M | R$442.5M | R$596.8M | R$403.4M |
| Income before taxes | R$2.53B | R$1.41B | R$643.0M | R$1.03B | R$1.53B | R$611.1M | R$1.66B | R$683.8M | R$664.6M | R$1.64B | R$1.28B | R$297.9M |
| Income taxes | R$811.2M | R$498.3M | R$204.4M | R$257.4M | R$354.0M | R$247.9M | R$776.1M | R$192.6M | R$209.1M | R$523.1M | R$386.3M | R$59.2M |
| Net income | R$1.58B | R$875.6M | R$323.5M | R$709.2M | R$1.09B | R$332.8M | R$841.8M | R$437.9M | R$431.5M | R$1.10B | R$864.9M | R$213.9M |
| EBITDA | R$3.69B | R$2.64B | R$1.72B | R$2.26B | R$2.60B | R$1.29B | R$1.29B | R$1.49B | R$1.24B | R$2.39B | R$2.16B | R$754.5M |
| Gross margin | 11.1% | 8.6% | 6.8% | 6.7% | 6.3% | 6.4% | 6.1% | 6.5% | 6.8% | 9.2% | 8.8% | 5.7% |
| Operating margin | 7.7% | 5.0% | 3.0% | 3.9% | 4.1% | 2.9% | 6.0% | 2.7% | 2.7% | 5.6% | 4.8% | 1.7% |
| Net margin | 3.7% | 2.4% | 0.9% | 1.9% | 3.2% | 1.0% | 2.4% | 1.4% | 1.4% | 3.3% | 2.7% | 0.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Brazilian reais as reported in UGP's financial statements (latest annual report filed April 29, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UGP financial results
In fiscal year 2025 (ended December 31, 2025), Ultrapar Participações reported revenue of R$142.4 billion, up 6.6% from the year before. It had net income of R$2.5 billion (up 3.9%), a net profit margin of 1.7%. Over five years revenue grew at an average rate of 14.0% a year. Figures are in Brazilian reais, the currency of its financial statements.
See the UGP stock overview for the latest quote and news, or the UGP chart for price history and technical indicators.
UGP income statement FAQ
What is Ultrapar Participações's annual revenue?
Ultrapar Participações reported total revenue of R$142.4 billion for fiscal year 2025, which ended on December 31, 2025. That was up 6.6% from R$133.5 billion the previous year.
Is Ultrapar Participações profitable?
Yes. Ultrapar Participações reported net income of R$2.5 billion in fiscal 2025, a net profit margin of 1.7%; its operating margin was 3.4%.
What is Ultrapar Participações's gross margin?
Ultrapar Participações's gross margin was 6.6% in fiscal 2025: for every $100 of revenue, Ultrapar Participações kept $7 after the direct cost of its products and services.
How fast is Ultrapar Participações growing?
Revenue grew 14.0% a year on average over the last five fiscal years, from R$74.1 billion to R$142.4 billion.
When will Ultrapar Participações report its next earnings?
Ultrapar Participações is expected to report results for the quarter ending September 30, 2026 on November 11, 2026 after the market closes.
When does Ultrapar Participações's fiscal year end?
Ultrapar Participações's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 29, 2026.