Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

$24.99

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., consolidated cash flow statement (quarterly data)

US$ in millions

Microsoft Excel
3 months ended: Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Net income
Depreciation and amortization
Pension and postretirement benefit (income) expense
Pension and postretirement benefit contributions
Self-insurance reserves
Deferred tax expense (benefit)
Stock compensation expense (benefit)
Other (gains) losses
Accounts receivable
Other assets
Accounts payable
Accrued wages and withholdings
Other liabilities
Changes in assets and liabilities, net of effects of acquisitions
Other operating activities
Adjustments to reconcile net income to net cash from operating activities
Net cash from operating activities
Capital expenditures
Proceeds from disposal of businesses, property, plant and equipment
Purchases of marketable securities
Sales and maturities of marketable securities
Acquisitions, net of cash acquired
Other investing activities
Net cash (used in) from investing activities
Net change in short-term debt
Proceeds from long-term borrowings
Repayments of long-term borrowings
Purchases of common stock
Issuances of common stock
Dividends
Other financing activities
Net cash from (used in) financing activities
Effect of exchange rate changes on cash, cash equivalents and restricted cash
Net increase (decrease) in cash, cash equivalents and restricted cash, including cash classified within current assets held for sale
Net (increase) decrease in cash classified within current assets held for sale
Net increase (decrease) in cash, cash equivalents and restricted cash

Based on: 10-Q (reporting date: 2025-09-30), 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 Trend
Net income fluctuated significantly over the periods, showing strong peaks in early 2021 and late 2021. Notably, the period ending December 31, 2020, recorded a substantial net loss. From 2022 through 2025, earnings exhibited moderate volatility with no consistent upward or downward trend, generally ranging between approximately 1.1 billion and 1.7 billion USD.
Depreciation and Amortization
This expense steadily increased from 2020 through 2025, indicating ongoing investment in fixed assets and possibly inflationary pressures. The growth was gradual, moving from around 648 million USD in March 2020 to nearly 926 million USD by September 2025.
Pension and Postretirement Benefit Activity
The pension-related income and expenses showed substantial swings, particularly notable with an exceptional expense spike of over 6.6 billion USD in December 2020, balanced by significant income variations in subsequent periods. Contributions were generally negative, indicating cash payments, with some periods showing large reductions, especially around late 2022 and early 2023.
Changes in Working Capital
Accounts receivable and payable showed inconsistent movements. Accounts receivable fluctuated widely, with negative values indicating reductions or collections in certain quarters but also substantial increases in others. Accounts payable similarly showed significant volatility, with notable outflows and inflows across different periods, suggesting fluctuating supplier payment patterns. Accrued wages and other liabilities presented irregular patterns, with some sizable increases and decreases reflecting variable operational or financial management actions.
Operating Cash Flow
Operating cash flow remained positive throughout but displayed marked fluctuations. Peaks were seen in several quarters such as March 2020, March 2021, and March 2022 with the highest at approximately 4.5 billion USD, indicating robust operational performance. Some quarters exhibited reduced cash from operations but no negative net flows, reflecting continued operational resilience despite income volatility.
Investing Activities
Capital expenditures showed a broad pattern of sustained investment across all quarters, with large increases in Q4 2020 and Q4 2022, suggesting major infrastructure or equipment purchases. Proceeds from disposals were generally minor relative to expenditures but spiked notably in some quarters such as Q2 2021. Purchases and sales of marketable securities experienced large swings, especially a significant sale in early 2023 corresponding with the largest negative net cash from investing activities, denoting portfolio adjustments or liquidity needs. Acquisitions were small or negative in impact, with some larger disposals near 2021.
Financing Activities
Financing cash flows were highly variable, with periods of large inflows from borrowings early in the dataset and later periods showing substantial repayments. Common stock purchases and issuances exhibited irregular patterns, with considerable stock repurchases notably in 2021 and 2022, indicating share buyback programs. Dividend payments were consistently large and stable, slightly increasing over time, showing a commitment to steady shareholder returns. Some significant negative financing cash flows in later years reflect debt reduction and share repurchases.
Cash Position Changes
The net increase/decrease in cash showed marked volatility, with severe decreases in Q4 2020 and Q4 2022 primarily due to investing activities. Positive cash increases were seen in various quarters such as March 2020, March 2021, and June 2024, highlighting periods of liquidity build. Overall cash management appears active, responding dynamically to operational and investing cash flows.
Summary of Financial Health Indicators
The company demonstrates resilient operating cash flow capacity despite net income fluctuations and episodic large pension expenses. Significant and sustained capital expenditures point toward ongoing asset modernization or expansion, balanced by active debt management and shareholder distributions. The variability in working capital components suggests flexible management of receivables and payables to support liquidity. The complex pension cost changes indicate exposure to actuarial and market assumptions impacting the income statement substantially in some quarters.