Ultrapar Holdings Inc cash flow statement

In fiscal 2025, Ultrapar Holdings Inc's operations generated $977m of cash; it spent $0 on capital projects, leaving free cash flow of $977m. It returned $389m in dividends.

Cash flow statement

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Ultrapar Holdings Inc: cash flow statement, annual
Fiscal year	2015Dec 2015	2016Dec 2016	2017Dec 2017	2018Dec 2018	2019Dec 2019	2020Dec 2020	2021Dec 2021	2022Dec 2022	2023Dec 2023	2024Dec 2024	2025Dec 2025
Cash from operations	976	574	545	796	743	614	480	389	771	696	977
Depreciation and amortisation	306	181	221	224	140	117	121	142	168	161	215
Stock-based pay	—	—	—	1	2	2	2	2	8	11	7
Capital spending	245	299	408	325	183	147	191	180	203	0	0
Free cash flow	731	276	137	472	560	467	289	209	569	696	977
Free cash flow after stock pay	—	—	—	471	558	465	287	207	561	686	970
Dividends paid	253	252	295	223	151	56	131	124	80	155	389

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Ultrapar Holdings Inc's SEC filings (10-K and 10-Q), retrieved November 1, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Ultrapar Holdings Inc.