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United Parcel Service cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$2.4B in Q3 2026 · $6.4B over twelve months

Operating cash flow$2.9B
Capital spending−$497M
Free cash flow+$2.4B
Cash / net income2.5×

Analysis

In Q3 2026, United Parcel Service generated $2.9B of operating cash flow and spent $497M on capital projects, leaving free cash flow of $2.4B. That is $894M more than in Q3 2025 ($1.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $9.3B; the largest uses were dividends ($5.4B), capital spending ($2.9B), acquisitions ($1.5B); besides operations, cash came from other investing ($659M), shares issued ($112M); the cash balance rose by $73.0M.

Operating cash flow was $2.9B against net income of $1.2B — 2.5× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$700M, employee-related liabilities +$247M, payables +$181M.

Free cash flow

United Parcel Service: free cash flow by quarterUnited Parcel Service: free cash flow by quarter$2.2BQ4 2024$1.4BQ1 2025−$775MQ2 2025$1.5BQ3 2025$2.6BQ4 2025$1.2BQ1 2026$166MQ2 2026$2.4BQ3 2026
Operating cash flow less capital spending.
United Parcel Service: operating cash flow against capital spendingUnited Parcel Service: operating cash flow against capital spendingOperating cash flowCapital spending$3.3B$1.1BQ4 2024$2.3B$876MQ1 2025$348M$1.1BQ2 2025$2.5B$970MQ3 2025$3.3B$716MQ4 2025$2.2B$1.0BQ1 2026$859M$693MQ2 2026$2.9B$497MQ3 2026
Latest (Q3 2026): Operating cash flow $2.9B, Capital spending $497M.

Capital allocation, year by year

United Parcel Service: where the cash came from (up) and went (down), by fiscal yearUnited Parcel Service: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $15.0BFY2021: Net borrowing −$2.8BFY2021: Shares issued $251MFY2021: Asset sales $872MFY2021: Capital spending −$4.2BFY2021: Acquisitions −$602MFY2021: Buybacks −$500MFY2021: Dividends −$3.4B$16.1BFY2021FY2022: Operating cash flow $14.1BFY2022: Net borrowing −$2.3BFY2022: Shares issued $262MFY2022: Asset sales $12.0MFY2022: Capital spending −$4.8BFY2022: Acquisitions −$755MFY2022: Buybacks −$3.5BFY2022: Dividends −$5.1B$14.4BFY2022FY2023: Operating cash flow $10.2BFY2023: Net borrowing $2.3BFY2023: Shares issued $248MFY2023: Capital spending −$5.2BFY2023: Acquisitions −$1.3BFY2023: Buybacks −$2.2BFY2023: Dividends −$5.4B$12.8BFY2023FY2024: Operating cash flow $10.1BFY2024: Net borrowing −$974MFY2024: Shares issued $232MFY2024: Capital spending −$3.9BFY2024: Acquisitions −$71.0MFY2024: Buybacks −$500MFY2024: Dividends −$5.4B$10.4BFY2024FY2025: Operating cash flow $8.4BFY2025: Net borrowing $2.1BFY2025: Shares issued $159MFY2025: Capital spending −$3.7BFY2025: Acquisitions −$2.0BFY2025: Buybacks −$1.0BFY2025: Dividends −$5.4B$10.7BFY2025
Over these 5 years operating cash flow totalled $57.9B; the largest uses were dividends ($24.7B) and capital spending ($21.7B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$6.9B
Debt$23.6B
Net debt$16.7B
Due within a year$500M

United Parcel Service funds itself: free cash flow was $6.4B over the last twelve months, and $6.9B of cash and investments stands against $23.6B of debt ($500M due within a year, 13.8× covered by cash).

United Parcel Service: debt maturities by year (FY2025)United Parcel Service: debt maturities by year (FY2025)$500MYear 1$1.0BYear 2$588MYear 3$1.3BYear 4$1.5BYear 5$18.7BAfter year 5
Principal due in each year as disclosed in the annual report, against $6.9B of cash and investments now.

Where the cash came from and went

United Parcel Service: sources (+) and uses (−) of cash, Q3 2026United Parcel Service: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$2.9BCash drawn (+) / kept (−)−$2.2BDividends−$1.4BOther financing$929MCapital spending−$497MOther investing$241MNet borrowing (+) / repaid (−)−$48.0MShares issued$26.0MAcquisitions−$11.0MExchange rates−$3.0M
United Parcel Service: sources (+) and uses (−) of cash, TTM to Q3 2026United Parcel Service: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$9.3BDividends−$5.4BCapital spending−$2.9BAcquisitions−$1.5BOther investing$659MNet borrowing (+) / repaid (−)−$168MShares issued$112MOther financing$73.0MCash drawn (+) / kept (−)−$73.0MExchange rates−$37.0M

From profit to cash

United Parcel Service: net income to operating cash flow, Q3 2026United Parcel Service: net income to operating cash flow, Q3 2026Net income$1.2BDepreciation & amortization$700MStock-based pay$37.0MDeferred taxes$36.0MOther non-cash$56.0MReceivables$105MPayables$181MEmployee-related liabilities$247MPrepaid and other assets$144MOther liabilities−$60.0MOther operating capital$13.0MOperating cash flow$2.9B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$2.9B−$497M−$11.0M—−$1.4B−$48.0M$26.0M−$2.2B$2.4B
Q2 2026$859M−$693M——−$1.4B−$39.0M$32.0M$1.1B$166M
Q1 2026$2.2B−$1.0B——−$1.4B−$46.0M$28.0M$85.0M$1.2B
Q4 2025$3.3B−$716M−$1.5B—−$1.4B−$924M$26.0M$877M$2.6B
Q3 2025$2.5B−$970M——−$1.3B−$83.0M$31.0M−$570M$1.5B
Q2 2025$348M−$1.1B−$1.0M−$1.0B−$1.3B$4.1B$47.0M−$1.4B−$775M
Q1 2025$2.3B−$876M−$478M−$1.0B−$1.3B−$7.0M$55.0M$1.3B$1.4B
Q4 2024$3.3B−$1.1B−$5.0M—−$1.4B−$543M$48.0M−$257M$2.2B

United Parcel Service: income statement and cash flow

United Parcel Service, Q3 2026: revenue $22.9B (+7% year over year), operating margin 7.6%. The chart follows the revenue to costs, profit and cash.

United Parcel Service: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.