United Parcel Service, Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $5.57B | $5.78B | $6.71B | $11.55B | $12.89B | $1.34B | $4.44B | $4.79B |
| Depreciation & Amortization | $3.00B | $3.00B | $2.80B | $3.19B | $2.95B | $2.70B | $2.36B | $2.21B |
| Depreciation | — | — | — | $76.0M | — | — | $212.0M | — |
| Amortization | $700.0M | $648.0M | $597.0M | $525.0M | $475.0M | $416.0M | $377.0M | $339.0M |
| Stock-Based Compensation | $73.0M | $24.0M | $220.0M | $1.57B | $878.0M | $796.0M | $915.0M | $634.0M |
| Net Cash from Operating Activities | $8.45B | $10.12B | $10.24B | $14.10B | $15.01B | $10.46B | $8.64B | $12.71B |
| Investing Activities | ||||||||
| Capital Expenditures | $3.69B | $3.91B | $5.16B | $4.77B | $4.19B | $5.41B | $6.38B | $6.28B |
| Business Acquisitions | $1.97B | $71.0M | $1.33B | $755.0M | $602.0M | $20.0M | $6.0M | $2.0M |
| Net Cash from Investing Activities | $-4.74B | $-217.0M | $-7.13B | $-7.47B | $-3.82B | $-5.28B | $-6.06B | $-6.33B |
| Financing Activities | ||||||||
| Dividends Paid | $5.40B | $5.40B | $5.37B | $5.11B | $3.44B | $3.37B | $3.19B | $3.01B |
| Stock Repurchases | $1.00B | $500.0M | $2.25B | $3.50B | $500.0M | $224.0M | $1.00B | $1.01B |
| Net Cash from Financing Activities | $-4.14B | $-6.85B | $-5.53B | $-11.19B | $-6.82B | $-4.52B | $-1.73B | $-5.69B |
| Net Change in Cash | $-225.0M | $2.91B | $-2.40B | $-4.65B | $4.35B | $672.0M | $871.0M | $598.0M |
| Free Cash Flow | $4.77B | $6.21B | $5.08B | $9.34B | $10.81B | $5.05B | $2.26B | $6.43B |