UNITED PARCEL SERVICE INC
For the period ended Mar 31, 2026. Filed May 6, 2026.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2026 · Filed May 6, 2026
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Cash Flows From Financing Activities
Our primary (uses) sources of cash from financing activities were as follows (in millions, except per share data):
| Three Months Ended March 31, | ||
|---|---|---|
| 2026 | 2025 | |
| Net cash used in financing activities | $(1,328) | $(2,313) |
| Share Repurchases: | ||
| Cash paid to repurchase shares(1) | $— | $(1,000) |
| Number of shares repurchased | — | (8.6) |
| Shares outstanding at period end | 850 | 847 |
| Dividends: | ||
| Dividends declared per share | $1.64 | $1.64 |
| Cash paid for dividends | $(1,352) | $(1,348) |
| Borrowings and Other Financing Activities: | ||
| Net borrowings (repayments) of debt principal | $(46) | $(7) |
| Other financing activities(2) | $70 | $42 |
| Capitalization: | ||
| Total debt outstanding at period end | $24,386 | $21,369 |
| Total shareowners' equity at period end | 15,791 | 15,684 |
| Total capitalization | $40,177 | $37,053 |
(1)For additional information on our share repurchase activities, see note 11 to the unaudited, consolidated financial statements.
(2)Includes issuances of common stock.
We did not repurchase any shares under our stock repurchase program during the first quarter of 2026.
The declaration of dividends is subject to the discretion of the Board and depends on various factors, including our net income, financial condition, cash requirements, future prospects and other relevant factors. We paid a quarterly cash dividend of $1.64 per share in each of the first quarters of 2026 and 2025.
The amount of commercial paper outstanding fluctuates based on daily liquidity needs. As of March 31, 2026, we had no outstanding balances under our U.S. or European commercial paper programs. The average balance outstanding of commercial paper during the first quarters of 2026 and 2025 was $45 and $52 million, respectively, and the average interest rates were 3.46% and 4.08%, respectively. The amount of commercial paper outstanding under these programs in the remainder of 2026 is expected to fluctuate. As of March 31, 2026, we had $500 million of fixed-rate senior notes currently outstanding that mature in 2026 and we intend to repay or refinance these amounts when due. We consider the overall fixed and floating interest rate mix of our portfolio and the related overall cost of borrowing when planning for future issuances and non-scheduled repayments of debt.
Cash flows from other financing activities included cash proceeds of $55 million related to collections from customers on accounts receivable that had been factored in 2026. This reflected $114 million of obligations related to factored receivables that were not remitted to third-party purchasers as of March 31, 2026, partially offset by $59 million repaid from prior-period balances. This program was not in place in the 2025 period.
At March 31, 2026, we had parent company guarantees of approximately $1.8 billion related to aircraft leases. For additional information on guarantees, see note 9 to the unaudited, consolidated financial statements.
Except as disclosed above and in our Annual Report on Form 10-K for the year ended December 31, 2025, we do not have other guarantees or off-balance sheet financing arrangements, including variable interest entities, which we believe could have a material impact on our financial condition or liquidity.
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