Ultrapar (ADR)
Distributes fuels and LPG, stores liquid bulk, and operates waterway logistics in Brazil.
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Profile
Four operating businesses—Ipiranga, Ultragaz, Ultracargo, and Hidrovias—cover fuel distribution, LPG and other-energy distribution, liquid-bulk storage, and waterway and multimodal logistics. The listed holding company uses its structure for capital allocation across the portfolio.
Four operating businesses anchor the portfolio: Ipiranga distributes fuels and related products, Ultragaz distributes LPG and other energies, Ultracargo provides liquid-bulk storage, and Hidrovias supplies waterway and multimodal logistics infrastructure.
Formed as the listed holding company in a 1999 corporate reorganization, the group uses this structure for capital allocation and an investment portfolio. Its stated operating model emphasizes disciplined capital allocation, agile and robust governance, and operational efficiency.
The portfolio links Brazilian energy and mobility distribution with logistics infrastructure. Control of Hidrovias added waterway logistics to the continuing operating structure; the latest filing reports Ipiranga, Ultragaz, Ultracargo, Hidrovias, and Others as that structure.
Company facts
Categories
Key statistics
Year to date +69.1% · Average volume (30d) 3.1M
Analysts
Ratings
Target range
Latest analyst notes
| Date | Firm | Action | Prior rating | Rating | Prior target | Target |
|---|---|---|---|---|---|---|
| Aug 26, 2026 | Goldman Sachs | Reiterate | Neutral | $6.50 | $5.80 | |
| Jul 8, 2026 | B of A Securities | Upgrade | Neutral | Buy | ||
| Jul 1, 2026 | Goldman Sachs | Target | $7.30 | $6.50 | ||
| Jun 17, 2026 | UBS | Reiterate | Buy | $7.20 | ||
| May 12, 2026 | Goldman Sachs | Target | $5.40 | $7.30 |
Earnings
EPS
Revenue
History
| Report date | EPS est | EPS | Surprise | Revenue est | Revenue | Surprise | Next session |
|---|---|---|---|---|---|---|---|
| Aug 12, 2026Q2 FY26 | $0.27 | $0.28 | +3.7% | $8.18B | $8.03B | −1.8% | −1.85% |
| May 6, 2026 | $0.14 | $0.15 | +7.1% | $7.49B | $7.49B | 0.0% | −1.50% |
| Mar 4, 2026Q4 FY25 | $0.07 | $0.06 | −14.3% | $6.77B | $7.58B | +11.9% | −0.20% |
| Nov 12, 2025Q3 FY25 | $0.09 | $0.12 | +33.3% | $6.37B | $6.94B | +9.0% | −4.22% |
Financial highlights
| 12 quarters | Q1 FY25 | Q2 FY25 | Q3 FY25 | Q4 FY25 | Q1 FY26 | Q2 FY26 | |
|---|---|---|---|---|---|---|---|
| Revenue | $6.40B | $6.54B | $7.11B | $7.29B | $7.06B | $8.16B | |
| Gross profit | $411.4M | $412.6M | $476.0M | $497.9M | $609.7M | $907.4M | |
| Operating income | $188.8M | $270.8M | $274.4M | $217.3M | $350.1M | $624.7M | |
| Net income | $63.9M | $209.1M | $136.2M | $62.1M | $168.2M | $304.3M | |
| Diluted EPS | $0.06 | $0.19 | $0.12 | $0.06 | $0.15 | $0.28 | |
| Gross margin | 6.4% | 6.3% | 6.7% | 6.8% | 8.6% | 11.1% | |
| Operating margin | 2.9% | 4.1% | 3.9% | 3.0% | 5.0% | 7.7% |
Fiscal years (4-quarter sums)FY21 $16.05B · FY22 $27.59B · FY23 $24.21B · FY24 $25.65B · FY25 $27.35B
Revenue by geography · FY25
Balance sheet, Jun 30, 2026Cash & short-term investments $1.77B · Total debt $3.75B · Total assets $10.12B · Shareholders' equity $3.44B
Dividends
Raised for 2 straight years — most recently to $0.1933 from $0.1825 in Aug 2026. To collect a payout, hold shares through the close before the ex-date.
History
| Ex-date | Record | Paid | Amount | Note |
|---|---|---|---|---|
| Aug 26, 2026 | Aug 26 | Sep 14 | $0.1933 | raised from $0.1825 |
| Dec 12, 2025 | Dec 12 | Dec 26 | $0.1825 | raised from $0.0551 |
| Aug 25, 2025 | Aug 25 | Sep 8 | $0.0551 | cut from $0.0783 |
| Mar 10, 2025 | Mar 10 | Mar 24 | $0.0783 | raised from $0.0454 |
| Aug 19, 2024 | Aug 19 | Sep 3 | $0.0454 | cut from $0.0799 |
| Mar 8, 2024 | Mar 11 | Mar 25 | $0.0799 | raised from $0.0511 |
| Aug 18, 2023 | Aug 21 | Sep 5 | $0.0511 | raised from $0.0192 |
| Feb 24, 2023 | Feb 27 | Mar 13 | $0.0192 | cut from $0.0337 |
Ownership
Shares outstanding 1.07B · Float 1.07B · 100.0% free float
Top shareholders13F · 13D/G · Form 4
| Holder | Shares | % outstanding | Form | Filed |
|---|---|---|---|---|
| Bizma Investimentos Ltda | 12.73M | 1.19% | 13F | May 15, 2026 |
| Goldman Sachs Group Inc | 5.51M | 0.52% | 13F | May 15, 2026 |
| Morgan Stanley | 4.87M | 0.46% | 13F | May 15, 2026 |
| BlackRock, Inc. | 3.94M | 0.37% | 13F | May 13, 2026 |
| Renaissance Technologies LLC | 3.74M | 0.35% | 13F | May 14, 2026 |
Insider tradesForm 4
| Date | Insider | Role | Shares | Avg price |
|---|---|---|---|---|
| Aug 18, 2026 | Andre Saleme Hachem | officer: CFO and IRO Hidrovias | −585 | $6.51 |
Peers
Not reported.