Cash Flow Statement
Quarterly Data
The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.
The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.
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United Parcel Service Inc. pages available for free this week:
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Enterprise Value (EV)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
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United Parcel Service Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net Income
- The net income demonstrated significant volatility over the observed quarters. After a sharp decline to a negative value at the end of 2020, it rebounded strongly in 2021, peaking in the first quarter. However, from 2022 onwards, the figures showed a declining trend with some minor recovery periods, indicating fluctuating profitability but an overall decrease in earnings towards early 2025.
- Depreciation and Amortization
- Depreciation and amortization expenses exhibited a gradual but consistent upward trend throughout the period, suggesting ongoing investments in fixed assets or increasing allocation of expenses over time.
- Pension and Postretirement Benefit Income/Expense
- This item showed extreme fluctuations, with a notably large expense at the end of 2020 followed by negative values and rebounds. The oscillations suggest volatility in pension-related financial impacts, possibly influenced by actuarial adjustments or funding changes.
- Pension and Postretirement Benefit Contributions
- Contributions were generally negative, representing outflows. There were spikes in negative values in late 2020 and again sporadically in later periods, indicating periodic higher cash contributions into pension schemes.
- Self-Insurance Reserves
- Values for self-insurance reserves fluctuated without a clear trend, alternating between positive and negative values, reflecting varying insurance claims or reserve adjustments.
- Deferred Tax Expense (Benefit)
- The deferred tax figures showed significant variation, including a notable benefit in late 2020 followed by a series of expenses and fluctuating values thereafter. This indicates changing tax positions or timing differences affecting tax liabilities.
- Stock Compensation Expense (Benefit)
- Stock compensation expenses peaked in late 2022 but generally remained elevated compared to early years. This may imply greater stock-based remuneration or variability in related accounting.
- Other Gains and Losses
- These values were inconsistent, with some quarters showing gains and others losses, indicating irregular or one-time financial impacts from miscellaneous activities.
- Changes in Working Capital Elements (Accounts Receivable, Other Assets, Accounts Payable, Accrued Wages and Withholdings, Other Liabilities)
- Working capital components showed considerable volatility across quarters. Accounts receivable and payable displayed alternating patterns of increases and decreases, suggesting fluctuating collections and payments. Accrued wages and other liabilities also varied significantly, reflecting changes in accrued expenses and obligations.
- Changes in Assets and Liabilities
- This net measure fluctuated sharply, with some high positive and negative swings, demonstrating irregular cash flow impacts from operating assets and liabilities adjustments.
- Net Cash from Operating Activities
- Operating cash flow was generally positive, with a peak in the early part of the period and some declines thereafter. Despite fluctuations, it remained a significant cash inflow source throughout, evidencing operational cash generation capability even during earnings volatility.
- Capital Expenditures
- Capital spending displayed an overall high and steady outflow pattern with periodic spikes in the final quarters of each year, notably in 2020, 2022, and late 2023. This pattern indicates ongoing and possibly increasing investments in long-term assets.
- Proceeds from Disposal of Assets
- Disposal proceeds were generally low but showed occasional spikes, for instance in mid-2021 and late 2024, which may indicate asset sales or divestitures.
- Purchases and Sales of Marketable Securities
- Purchases and sales of marketable securities revealed significant variability, with some quarters marked by heavy purchases, particularly including a large purchase in late 2022, followed by substantial sales. This indicates active management of liquid investments, possibly for liquidity or yield purposes.
- Acquisitions
- Acquisition activity was sporadic and generally represented small cash outflows with a few large negative spikes, such as in late 2021 and 2023, highlighting selective strategic purchases or investments.
- Net Cash from Investing Activities
- Cash flows from investing activities were predominantly negative, reflecting ongoing capital expenditures and acquisitions outweighing proceeds from disposals. However, some quarters showed positive inflows, notably in mid-2024, possibly tied to asset sales or financial investments.
- Financing Activities (Including Debt and Equity Transactions)
- Financing cash flows saw considerable variation. Long-term borrowings showed significant inflows early in the period and intermittent activity later, whereas repayments were frequent and substantial throughout. Purchases of common stock were generally negative, reflecting share buybacks, though some issuance activity was present but moderate. Dividends were consistently paid at a stable rate, indicating a commitment to returning capital to shareholders. Overall, net financing activities fluctuated between negative and positive values, reflecting dynamic capital structure management.
- Effect of Exchange Rate Changes
- Currency effects on cash were minor but showed variability, with some positive and negative impacts scattered across quarters, indicating exposure to foreign exchange rate movements.
- Net Increase/Decrease in Cash and Cash Equivalents
- Cash levels demonstrated significant volatility with sharp increases and decreases. Initial quarters showed large positive cash inflows, while some late 2022 and 2023 quarters had steep declines, consistent with heavy investing and financing outflows during those periods. The cash position stabilized unevenly in early 2024 and experienced minor fluctuations through 2025.