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Utilities - Regulated gas · Utilities · Fiscal year ends Dec 31 · Reports in BRL
Ultrapar reported revenue of BRL 142B in the fiscal year ended Dec 2025, up 6.6% from the year before. Operating income was BRL 6.6B, an operating margin of 4.6%, and net income was BRL 2.5B. Net debt was BRL 16.9B.
Ranks among the 16 utilities - regulated gas companies we cover (1st = best; for debt, the least indebted). Green = top third, red = bottom third.
Last 5 fiscal years
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | 109,733 | 143,635 | 126,049 | 133,499 | 142,370 |
| Cost of revenue | 104,828 | 136,276 | 116,730 | 123,812 | 133,011 |
| Gross profit | 4,905 | 7,358 | 9,318 | 9,687 | 9,359 |
| Operating incomederived: pre-tax income + interest | 2,230 | 4,056 | 5,459 | 5,825 | 6,560 |
| Interest expense | 1,223 | 2,176 | 1,880 | 1,813 | 2,748 |
| Pre-tax income | 1,007 | 1,880 | 3,579 | 4,012 | 3,812 |
| Income tax | 188 | 342 | 1,061 | 1,486 | 1,064 |
| Net income | 884 | 1,840 | 2,518 | 2,526 | 2,542 |
| Diluted EPS | 0.78 | 1.64 | 2.21 | 2.11 | 2.24 |
| Diluted shares | 1,097 | 1,099 | 1,105 | 1,118 | 1,095 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | 2,280 | 5,622 | 5,926 | 2,072 | 3,175 |
| Receivables | 56.2 | 174 | 264 | 295 | 294 |
| Inventory | 3,919 | 4,906 | 4,291 | 3,917 | 4,244 |
| Current assets | 25,024 | 18,565 | 18,649 | 16,048 | 19,176 |
| Net PP&E | 5,535 | 5,862 | 6,388 | 7,136 | 12,167 |
| Total assets | 39,010 | 36,441 | 38,252 | 39,558 | 49,349 |
| Payables | 3,671 | 4,711 | 4,683 | 3,518 | 4,643 |
| Current liabilities | 12,640 | 12,766 | 11,230 | 10,493 | 11,847 |
| Short-term debt | 2,866 | 3,361 | 1,993 | 3,479 | 4,251 |
| Long-term debt | 13,512 | 8,390 | 9,775 | 10,382 | 15,842 |
| Total liabilities | 28,541 | 24,266 | 24,222 | 23,735 | 31,618 |
| Shareholders' equity | 10,067 | 11,709 | 13,506 | 15,159 | 15,666 |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | 2,586 | 2,005 | 3,850 | 3,736 | 5,453 |
| Capital expenditure | 1,028 | 929 | 1,013 | – | – |
| Free cash flow | 1,558 | 1,075 | 2,837 | – | – |
| Depreciation & amortisation | 653 | 732 | 840 | 861 | 1,202 |
| Stock-based compensation | 9.4 | 9.9 | 38.9 | 57.5 | 40.6 |
| Acquisitions | 0.0 | 6.0 | −3.1 | −0.5 | −1,214 |
| Dividends paid | 706 | 638 | 400 | 834 | 2,172 |
| Dividend per share | 0.17 | 0.10 | 0.40 | – | – |
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 30.9% | −12.2% | 5.9% | 6.6% |
| Operating income growth (YoY) | – | 81.9% | 34.6% | 6.7% | 12.6% |
| EPS growth (YoY) | – | 111.4% | 34.7% | −4.3% | 6.0% |
| Gross margin | 4.5% | 5.1% | 7.4% | 7.3% | 6.6% |
| Operating margin | 2.0% | 2.8% | 4.3% | 4.4% | 4.6% |
| Net margin | 0.8% | 1.3% | 2.0% | 1.9% | 1.8% |
| Return on equityBlank when equity is negative | 8.8% | 15.7% | 18.6% | 16.7% | 16.2% |
| ROCEEBIT ÷ (assets − current liabilities) | 8.5% | 17.1% | 20.2% | 20.0% | 17.5% |
| Free cash flow margin | 1.4% | 0.7% | 2.3% | – | – |
| Cash conversion (CFO ÷ net income) | 2.93x | 1.09x | 1.53x | 1.48x | 2.15x |
| Receivable days | 0 | 0 | 1 | 1 | 1 |
| Inventory days | 14 | 13 | 13 | 12 | 12 |
| Payable days | 13 | 13 | 15 | 10 | 13 |
| Interest cover | 1.82x | 1.86x | 2.90x | 3.21x | 2.39x |
| Debt ÷ equity | 1.63x | 1.00x | 0.87x | 0.91x | 1.28x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | 14,098 | 6,129 | 5,842 | 11,789 | 16,918 |
| Current ratio | 1.98x | 1.45x | 1.66x | 1.53x | 1.62x |
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.