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:
- Income Statement
- Analysis of Profitability Ratios
- Common Stock Valuation Ratios
- Enterprise Value to FCFF (EV/FCFF)
- Dividend Discount Model (DDM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Debt to Equity since 2005
- Price to Book Value (P/BV) since 2005
- Aggregate Accruals
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United Parcel Service Inc., consolidated cash flow statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The financial trajectory of the company exhibits a transition from a period of high profitability and robust cash generation in 2021 toward a more volatile operating environment through early 2026. While net income experienced significant peaks in 2021, subsequent years show a general decline and increased variability, with a notable low of 864 million USD in the first quarter of 2026.
- Operating Cash Flow Dynamics
- Net cash from operating activities remains the primary source of liquidity, although it demonstrates cyclicality. A trend of steady growth in depreciation and amortization is observed, rising from approximately 722 million USD in early 2021 to 985 million USD by March 2026, providing a consistent non-cash add-back to operating cash. Working capital fluctuates significantly, particularly in accounts receivable and accounts payable, which frequently create large quarterly swings in cash flow. A significant contraction in operating cash flow occurred in June 2025, dropping to 348 million USD, before recovering in subsequent quarters.
- Investment and Capital Expenditure Patterns
- Capital expenditures follow a distinct seasonal pattern, with substantial increases typically occurring in the fourth quarter of each year. Peak expenditures were noted in December 2022 at 2.49 billion USD and December 2023 at 2.05 billion USD. Investing activities are further characterized by high volatility due to the management of marketable securities and strategic acquisitions, such as the 1.29 billion USD outflow in December 2023 and 1.49 billion USD in September 2025. These activities frequently result in net cash outflows from investing, reflecting a commitment to long-term infrastructure and asset growth.
- Financing and Shareholder Distributions
- A highly disciplined approach to shareholder returns is evident through the stability of dividend payments. Beginning in early 2022, quarterly dividends have remained remarkably consistent, hovering around 1.35 billion USD. To support these distributions and capital investments during periods of lower operating cash flow, the company has utilized long-term borrowings, evidenced by a large 4.13 billion USD inflow in June 2025. Share repurchases are conducted sporadically, with significant purchases of common stock noted in late 2022 and June 2025.
- Overall Liquidity Position
- The net change in cash exhibits extreme quarterly volatility, driven by the timing of large-scale financing activities and capital investments. The most significant decrease occurred in December 2022, with a net cash reduction of 5.44 billion USD, largely attributable to aggressive investing and financing outflows. Despite these swings, the company demonstrates the ability to mobilize large amounts of capital through debt markets to maintain operational stability and consistent dividend yields.