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United Parcel Service (UPS) Financials

United Parcel Service logo
$88.71 +2.56 (+2.98%)
Closing price 08/22/2025 03:59 PM Eastern
Extended Trading
$88.78 +0.06 (+0.07%)
As of 08/22/2025 07:59 PM Eastern
Extended trading is trading that happens on electronic markets outside of regular trading hours. This is a fair market value extended hours price provided by Polygon.io. Learn more.
Annual Income Statements for United Parcel Service

Annual Income Statements for United Parcel Service

This table shows United Parcel Service's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Income / (Loss) Attributable to Common Shareholders
3,032 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782
Consolidated Net Income / (Loss)
3,032 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782
Net Income / (Loss) Continuing Operations
3,032 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782
Total Pre-Tax Income
4,637 7,342 5,121 7,137 6,019 5,652 1,844 16,595 14,825 8,573 7,442
Total Operating Income
4,968 7,668 7,688 7,529 7,024 7,798 7,684 12,810 13,094 9,141 8,468
Total Gross Profit
11,429 14,388 14,531 14,866 14,696 17,915 20,347 26,002 27,086 23,432 22,905
Total Revenue
58,232 58,363 61,610 66,585 71,861 74,094 84,628 97,287 100,338 90,958 91,070
Operating Revenue
58,232 58,363 61,610 66,585 71,861 74,094 84,628 97,287 100,338 90,958 91,070
Total Cost of Revenue
46,803 43,975 47,079 51,719 57,165 56,179 64,281 71,285 73,252 67,526 68,165
Operating Cost of Revenue
46,803 43,975 47,079 51,719 57,165 56,179 64,281 71,285 73,252 67,526 68,165
Total Operating Expenses
6,461 6,720 6,843 7,337 7,672 10,117 12,663 13,192 13,992 14,291 14,437
Selling, General & Admin Expense
4,538 4,636 4,619 5,055 5,465 7,757 9,965 10,239 10,804 10,925 10,828
Depreciation Expense
1,923 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609
Total Other Income / (Expense), net
-331 -326 -2,567 -392 -1,005 -2,146 -5,840 3,785 1,731 -568 -1,026
Income Tax Expense
1,605 2,498 1,699 2,232 1,228 1,212 501 3,705 3,277 1,865 1,660
Basic Earnings per Share
$3.31 $5.38 $3.88 $5.63 $5.53 $5.14 $1.55 $14.75 $13.26 $7.81 $6.76
Weighted Average Basic Shares Outstanding
916M 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Diluted Earnings per Share
$3.28 $5.35 $3.86 $5.61 $5.51 $5.11 $1.54 $14.68 $13.20 $7.80 $6.75
Weighted Average Diluted Shares Outstanding
916M 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Weighted Average Basic & Diluted Shares Outstanding
916M 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Cash Dividends to Common per Share
- - - - - - - $4.08 $6.08 $6.48 $6.52

Quarterly Income Statements for United Parcel Service

This table shows United Parcel Service's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders
3,453 1,895 2,081 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283
Consolidated Net Income / (Loss)
3,453 1,895 2,081 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283
Net Income / (Loss) Continuing Operations
3,453 1,895 2,081 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283
Total Pre-Tax Income
4,467 2,522 2,720 1,268 2,063 1,536 1,869 1,910 2,127 1,523 1,662
Total Operating Income
3,195 2,541 2,780 1,343 2,477 1,613 1,944 1,985 2,926 1,666 1,822
Total Gross Profit
7,196 6,098 6,140 4,087 7,107 16,836 5,424 17,285 -5,001 17,151 5,471
Total Revenue
27,033 22,925 22,055 21,061 24,917 21,706 21,818 22,245 25,301 21,546 21,221
Operating Revenue
27,033 22,925 22,055 21,061 24,917 21,706 21,818 22,245 25,301 21,546 21,221
Total Cost of Revenue
19,837 16,827 15,915 16,974 17,810 4,870 16,394 4,960 30,302 4,395 15,750
Operating Cost of Revenue
19,837 16,827 15,915 16,974 17,810 4,870 16,394 4,960 30,302 4,395 15,750
Total Operating Expenses
4,001 3,557 3,360 2,744 4,630 15,223 3,480 15,300 -7,927 15,485 3,649
Selling, General & Admin Expense
3,113 2,723 2,532 1,907 3,763 14,325 2,593 14,395 -8,846 14,573 2,713
Depreciation Expense
888 834 828 837 867 898 887 905 919 912 936
Total Other Income / (Expense), net
1,272 -19 -60 -75 -414 -77 -75 -75 -799 -143 -160
Interest Expense
- 188 - 199 - 195 212 230 - 222 238
Interest & Investment Income
- 169 - 124 - 118 137 155 - 79 78
Income Tax Expense
1,014 627 639 141 458 423 460 371 406 336 379
Basic Earnings per Share
$3.98 $2.20 $2.42 $1.31 $1.88 $1.30 $1.65 $1.80 $2.01 $1.40 $1.51
Weighted Average Basic Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M
Diluted Earnings per Share
$3.96 $2.19 $2.42 $1.31 $1.88 $1.30 $1.65 $1.80 $2.00 $1.40 $1.51
Weighted Average Diluted Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M
Weighted Average Basic & Diluted Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M

Annual Cash Flow Statements for United Parcel Service

This table details how cash moves in and out of United Parcel Service's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Net Change in Cash & Equivalents
-2,374 439 749 -205 689 871 672 4,345 -4,653 -2,396 2,906
Net Cash From Operating Activities
5,726 7,430 6,473 1,479 12,711 8,639 10,459 15,007 14,104 10,238 10,122
Net Cash From Continuing Operating Activities
5,726 7,430 6,473 1,479 12,711 8,639 10,459 15,007 14,104 10,238 10,122
Net Income / (Loss) Continuing Operations
3,032 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782
Consolidated Net Income / (Loss)
3,032 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782
Depreciation Expense
1,923 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609
Non-Cash Adjustments To Reconcile Net Income
265 349 1,450 -5,530 2,983 1,768 5,713 -2,017 -780 422 460
Changes in Operating Assets and Liabilities, net
506 153 -623 -178 2,730 71 705 1,181 148 -258 271
Net Cash From Investing Activities
-2,801 -5,309 -2,563 -4,971 -6,330 -6,061 -5,283 -3,818 -7,472 -7,133 -217
Net Cash From Continuing Investing Activities
-2,801 -5,309 -2,563 -4,971 -6,330 -6,061 -5,283 -3,818 -7,472 -7,133 -217
Purchase of Property, Plant & Equipment
-2,328 -2,379 -2,965 -5,227 -6,283 -6,380 -5,412 -4,194 -4,769 -5,158 -3,909
Acquisitions
-88 -1,904 -547 -134 -2.00 -6.00 -20 -602 -755 -1,329 -71
Purchase of Investments
-3,525 -7,415 -4,813 -1,630 -973 -561 -210 -312 -1,906 -3,521 -76
Sale of Property, Plant & Equipment
53 26 88 24 37 65 40 872 12 193 1,115
Sale and/or Maturity of Investments
3,150 6,393 5,733 1,995 890 896 360 366 255 2,701 2,748
Other Investing Activities, net
-63 -30 -59 1.00 1.00 -75 -41 52 -309 -19 -24
Net Cash From Financing Activities
-5,161 -1,565 -3,140 3,287 -5,692 -1,727 -4,517 -6,823 -11,185 -5,534 -6,850
Net Cash From Continuing Financing Activities
-5,161 -1,565 -3,140 3,287 -5,692 -1,727 -4,517 -6,823 -11,185 -5,534 -6,850
Repayment of Debt
-1,899 -370 -3,991 -4,392 -3,175 -2,952 -6,207 -3,137 -2,833 -1,589 -3,968
Repurchase of Common Equity
-2,695 -2,702 -2,678 -1,813 -1,011 -1,004 -224 -500 -3,500 -2,250 -500
Payment of Dividends
-2,366 -2,525 -2,643 -2,771 -3,011 -3,194 -3,374 -3,437 -5,114 -5,372 -5,399
Issuance of Debt
1,525 3,783 5,927 12,016 1,265 5,205 5,003 0.00 0.00 3,429 2,785
Issuance of Common Equity
274 249 245 247 240 218 285 251 262 248 232
Effect of Exchange Rate Changes
-138 -117 -21 - - - 13 -21 -100 33 -149
Cash Interest Paid
366 345 373 428 595 628 691 697 721 762 854
Cash Income Taxes Paid
1,524 1,913 2,064 1,559 2.00 514 1,138 1,869 2,574 1,976 1,347

Quarterly Cash Flow Statements for United Parcel Service

This table details how cash moves in and out of United Parcel Service's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents
-5,443 588 -1,378 -501 -1,105 1,168 1,945 -464 257 -1,310 1,392
Net Cash From Operating Activities
3,332 2,357 3,237 2,233 2,411 3,316 1,993 1,498 3,315 2,318 348
Net Cash From Continuing Operating Activities
3,332 2,357 3,237 2,233 2,411 3,316 1,993 1,498 3,315 2,318 348
Net Income / (Loss) Continuing Operations
3,453 1,895 2,081 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283
Consolidated Net Income / (Loss)
3,453 1,895 2,081 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283
Depreciation Expense
888 834 828 837 867 898 887 905 919 912 936
Non-Cash Adjustments To Reconcile Net Income
-165 -921 225 337 781 311 226 -1,157 1,080 233 -560
Changes in Operating Assets and Liabilities, net
-844 549 103 -68 -842 994 -529 211 -405 -14 -1,311
Net Cash From Investing Activities
-5,064 -1,813 -1,046 -1,070 -3,204 1,566 -913 187 -1,057 -1,355 -923
Net Cash From Continuing Investing Activities
-5,064 -1,813 -1,046 -1,070 -3,204 1,566 -913 187 -1,057 -1,355 -923
Purchase of Property, Plant & Equipment
-2,491 -609 -1,211 -1,289 -2,049 -1,035 -933 -843 -1,098 -876 -1,123
Acquisitions
-649 -34 - -5.00 -1,290 -44 -22 - -5.00 -478 -1.00
Sale of Property, Plant & Equipment
- 5.00 45 - - 13 15 - - 65 26
Sale and/or Maturity of Investments
62 1,179 724 494 304 2,696 19 10 23 34 171
Other Investing Activities, net
-275 17 -5.00 -10 -21 -14 10 -22 2.00 -10 4.00
Net Cash From Financing Activities
-3,710 4.00 -3,586 -1,603 -349 -3,666 899 -2,236 -1,847 -2,313 1,794
Net Cash From Continuing Financing Activities
-3,710 4.00 -3,586 -1,603 -349 -3,666 899 -2,236 -1,847 -2,313 1,794
Repayment of Debt
-1,196 -449 -1,564 -39 463 -2,372 -610 -441 -545 -45 -1,032
Payment of Dividends
-1,272 -1,348 -1,345 -1,341 -1,338 -1,348 -1,353 -1,348 -1,350 -1,348 -1,349
Issuance of Debt
- 2,503 - 458 468 0.00 2,785 - - 25 4,128
Issuance of Common Equity
64 49 70 71 58 54 77 53 48 55 47
Effect of Exchange Rate Changes
- 40 17 - - -48 -24 77 -154 40 173

Annual Balance Sheets for United Parcel Service

This table presents United Parcel Service's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Total Assets
35,440 38,311 40,377 45,574 50,016 57,857 62,408 69,405 71,124 70,857 70,070
Total Current Assets
11,218 13,208 13,849 15,718 16,210 17,103 20,216 24,934 22,217 19,413 19,310
Cash & Equivalents
2,291 2,730 3,476 3,320 4,225 5,238 5,910 10,255 5,602 3,206 6,112
Short-Term Investments
992 1,996 1,091 749 810 503 406 338 1,993 2,866 206
Accounts Receivable
6,661 7,134 7,695 8,773 8,958 9,552 10,750 12,541 12,583 11,216 10,871
Other Current Assets
1,274 1,348 954 1,303 1,277 1,810 1,953 1,800 2,039 2,125 2,121
Plant, Property, & Equipment, net
18,281 18,352 18,800 22,118 26,576 30,482 0.00 33,475 34,719 36,945 37,179
Total Noncurrent Assets
5,941 6,751 7,728 7,738 7,230 10,272 42,192 10,996 14,188 14,499 13,581
Goodwill
2,184 3,419 3,757 3,872 3,811 3,813 3,367 3,692 4,223 4,872 4,300
Intangible Assets
847 1,549 1,758 1,964 2,075 2,167 2,274 2,486 2,796 3,305 3,064
Noncurrent Deferred & Refundable Income Taxes
1,219 255 591 266 141 330 527 176 139 126 112
Other Noncurrent Operating Assets
1,202 1,055 1,146 1,153 1,033 3,938 35,999 4,642 7,030 6,196 6,105
Total Liabilities & Shareholders' Equity
35,440 38,311 40,377 45,574 50,016 57,857 62,408 69,405 71,124 70,857 70,070
Total Liabilities
33,282 35,820 39,948 44,550 46,979 54,574 61,739 55,136 51,321 53,543 53,327
Total Current Liabilities
8,621 10,696 11,730 12,886 14,087 15,413 17,016 17,569 18,140 17,676 16,441
Short-Term Debt
923 3,018 3,681 4,011 2,805 3,420 2,623 2,131 2,341 3,348 1,838
Accounts Payable
2,754 2,587 3,042 3,934 5,188 5,555 6,455 7,523 7,515 6,340 6,302
Accrued Expenses
- 525 598 677 715 793 927 1,038 1,078 1,479 1,390
Current Employee Benefit Liabilities
2,373 2,253 2,317 2,608 3,047 2,552 3,569 3,819 4,049 3,224 3,655
Other Current Liabilities
2,571 2,313 2,092 1,656 2,332 3,093 3,442 3,058 3,157 3,285 3,256
Total Noncurrent Liabilities
24,661 25,124 28,218 31,664 32,892 39,161 44,723 37,567 33,181 35,867 36,886
Long-Term Debt
9,856 11,316 12,394 20,278 19,931 21,818 22,031 19,784 17,321 18,916 19,446
Noncurrent Deferred & Payable Income Tax Liabilities
78 115 112 756 1,619 1,632 488 3,125 4,302 3,772 3,595
Noncurrent Employee Benefit Liabilities
11,452 10,638 12,694 7,061 8,347 10,601 15,817 8,047 4,807 6,159 6,859
Other Noncurrent Operating Liabilities
1,359 1,224 1,224 1,804 1,424 5,110 6,387 6,611 6,751 7,020 6,986
Total Equity & Noncontrolling Interests
2,158 2,491 429 1,024 3,037 3,283 669 14,269 19,803 17,314 16,743
Total Preferred & Common Equity
2,141 2,470 405 994 3,021 3,276 657 14,253 19,786 17,306 16,718
Total Common Equity
2,141 2,470 405 994 3,012 3,267 657 14,253 19,786 17,306 16,718
Common Stock
9.00 9.00 9.00 9.00 0.00 159 874 1,352 9.00 9.00 145
Retained Earnings
5,726 6,001 4,879 5,852 8,006 9,105 6,896 16,179 21,326 21,055 20,882
Accumulated Other Comprehensive Income / (Loss)
-3,594 -3,540 -4,483 -4,867 -4,994 -5,997 -7,113 -3,278 -1,549 -3,758 -4,309
Other Equity Adjustments
59 51 45 37 32 26 20 16 0.00 0.00 0.00
Noncontrolling Interest
17 21 24 30 16 16 12 16 17 8.00 25

Quarterly Balance Sheets for United Parcel Service

This table presents United Parcel Service's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets
71,124 72,189 70,347 70,281 70,857 67,628 69,418 68,263 70,070 68,466 70,923
Total Current Assets
22,217 21,725 19,439 19,251 19,413 16,177 18,823 17,264 19,310 17,090 18,850
Cash & Equivalents
5,602 6,190 4,812 4,311 3,206 4,281 6,319 5,855 6,112 4,802 6,194
Short-Term Investments
1,993 3,208 3,071 2,967 2,866 232 213 205 206 263 92
Accounts Receivable
12,583 10,299 9,587 9,461 11,216 9,554 9,048 9,195 10,871 9,887 10,430
Other Current Assets
2,039 2,028 1,969 2,512 2,125 1,212 2,060 2,009 2,121 2,138 2,134
Plant, Property, & Equipment, net
34,719 34,995 35,501 36,013 36,945 37,168 37,129 37,389 37,179 37,250 37,711
Total Noncurrent Assets
14,188 15,469 15,407 15,017 14,499 14,283 13,466 13,610 13,581 14,126 14,362
Goodwill
4,223 4,249 4,250 4,097 4,872 4,846 4,350 4,411 4,300 4,691 4,806
Intangible Assets
2,796 2,811 2,890 2,892 3,305 3,308 3,106 3,108 3,064 3,301 3,356
Noncurrent Deferred & Refundable Income Taxes
139 155 137 127 126 126 123 125 112 135 142
Other Noncurrent Operating Assets
7,030 8,254 8,130 7,901 6,196 6,003 5,887 5,966 6,105 5,999 6,058
Total Liabilities & Shareholders' Equity
71,124 72,189 70,347 70,281 70,857 67,628 69,418 68,263 70,070 68,466 70,923
Total Liabilities
51,321 52,136 50,310 51,101 53,543 50,695 52,365 51,379 53,327 52,782 55,146
Total Current Liabilities
18,140 16,262 14,686 15,817 17,676 14,696 15,085 15,081 16,441 15,660 14,240
Short-Term Debt
2,341 2,332 1,412 2,243 3,348 1,164 2,008 1,606 1,838 1,858 920
Accounts Payable
7,515 6,302 6,085 5,972 6,340 5,397 5,299 5,410 6,302 5,454 6,040
Accrued Expenses
1,078 1,196 1,200 1,306 1,479 1,573 1,202 1,239 1,390 1,549 1,079
Current Employee Benefit Liabilities
4,049 3,012 2,962 3,341 3,224 3,217 3,308 3,527 3,655 3,271 3,223
Other Current Liabilities
3,157 3,420 3,027 2,955 3,285 3,345 2,895 3,299 3,256 2,563 2,978
Total Noncurrent Liabilities
33,181 35,874 35,624 35,284 35,867 35,999 37,280 36,298 36,886 37,122 40,906
Long-Term Debt
17,321 19,856 19,351 18,882 18,916 18,849 20,197 20,324 19,446 19,511 23,820
Noncurrent Deferred & Payable Income Tax Liabilities
4,302 4,345 4,421 4,601 3,772 3,825 3,841 3,761 3,595 3,598 3,489
Noncurrent Employee Benefit Liabilities
4,807 4,602 4,635 4,670 6,159 6,323 6,449 5,384 6,859 7,016 6,398
Other Noncurrent Operating Liabilities
6,751 7,071 7,217 7,131 7,020 7,002 6,793 6,829 6,986 6,997 7,199
Total Equity & Noncontrolling Interests
19,803 20,053 20,037 19,180 17,314 16,933 17,053 16,884 16,743 15,684 15,777
Total Preferred & Common Equity
19,786 20,038 20,019 19,168 17,306 16,909 17,030 16,857 16,718 15,660 15,750
Total Common Equity
19,786 20,038 20,019 19,168 17,306 16,909 17,030 16,857 16,718 15,660 15,750
Common Stock
9.00 9.00 9.00 9.00 9.00 9.00 145 9.00 145 9.00 93
Retained Earnings
21,326 21,510 21,584 20,699 21,055 20,681 20,692 20,552 20,882 19,939 19,832
Accumulated Other Comprehensive Income / (Loss)
-1,549 -1,481 -1,574 -1,540 -3,758 -3,781 -3,807 -3,704 -4,309 -4,288 -4,175
Other Equity Adjustments
0.00 9.00 9.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest
17 15 18 12 8.00 24 23 27 25 24 27

Annual Metrics And Ratios for United Parcel Service

This table displays calculated financial ratios and metrics derived from United Parcel Service's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 12/31/2014 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024
Growth Metrics
- - - - - - - - - - -
Revenue Growth
5.04% 0.23% 5.56% 8.08% 7.92% 3.11% 14.22% 14.96% 3.14% -9.35% 0.12%
EBITDA Growth
-22.58% 41.52% 1.64% -1.02% -5.91% 10.04% 2.21% 51.83% 3.29% -23.19% -3.44%
EBIT Growth
-29.37% 54.35% 0.26% -2.07% -6.71% 11.02% -1.46% 66.71% 2.22% -30.19% -7.36%
NOPAT Growth
-29.50% 55.74% 1.55% 0.72% 8.05% 9.57% -8.64% 77.80% 2.51% -29.88% -8.02%
Net Income Growth
-30.65% 59.76% -29.36% 43.34% -2.32% -7.33% -69.75% 859.79% -10.41% -41.91% -13.80%
EPS Growth
-28.85% 63.11% -27.85% 45.34% -1.78% -7.26% -69.86% 853.25% -10.08% -40.91% -13.46%
Operating Cash Flow Growth
-21.60% 29.76% -12.88% -77.15% 759.43% -32.04% 21.07% 43.48% -6.02% -27.41% -1.13%
Free Cash Flow Firm Growth
149.24% -54.85% 104.09% -177.81% 240.20% -31.92% 168.35% -79.71% 82.86% 40.70% 51.84%
Invested Capital Growth
-21.47% 26.85% -1.42% 81.14% -0.93% 10.64% -21.84% 43.89% 24.54% 5.13% -5.36%
Revenue Q/Q Growth
1.60% 0.27% 2.63% 2.05% 1.23% 0.98% 5.39% 3.05% -0.73% -2.27% 0.42%
EBITDA Q/Q Growth
-14.02% 15.94% -2.33% 3.17% -1.16% 2.15% -0.13% 13.67% -3.34% -5.58% 4.33%
EBIT Q/Q Growth
-18.85% 20.36% -3.25% 3.72% -0.83% 1.68% -1.23% 16.92% -5.05% -7.28% 5.60%
NOPAT Q/Q Growth
-17.86% 20.83% -1.48% 4.79% -0.54% 2.15% -6.88% 17.50% -5.33% -6.92% 6.83%
Net Income Q/Q Growth
-19.06% 22.14% -31.57% 37.74% -11.83% -11.18% -70.70% 99.85% 3.22% -21.60% 2.05%
EPS Q/Q Growth
-18.61% 22.99% -31.44% 37.84% -11.84% -11.13% -70.72% 100.27% 3.53% -21.05% 1.81%
Operating Cash Flow Q/Q Growth
-11.02% -6.54% 1.49% -73.25% 96.07% -3.82% -14.47% 16.00% 0.61% -8.25% 9.81%
Free Cash Flow Firm Q/Q Growth
351.10% -54.33% 58.69% -345.46% 3,937.99% 57.02% 21.18% -69.14% -53.39% 820.05% 30.24%
Invested Capital Q/Q Growth
-22.85% 12.04% -6.44% 33.88% -3.34% -8.12% -19.37% 8.53% 22.85% 1.45% -3.19%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
19.63% 24.65% 23.59% 22.33% 20.45% 24.18% 24.04% 26.73% 26.99% 25.76% 25.15%
EBITDA Margin
11.83% 16.71% 16.09% 14.73% 12.85% 13.71% 12.27% 16.20% 16.23% 13.75% 13.26%
Operating Margin
8.53% 13.14% 12.48% 11.31% 9.77% 10.52% 9.08% 13.17% 13.05% 10.05% 9.30%
EBIT Margin
8.53% 13.14% 12.48% 11.31% 9.77% 10.52% 9.08% 13.17% 13.05% 10.05% 9.30%
Profit (Net Income) Margin
5.21% 8.30% 5.55% 7.37% 6.67% 5.99% 1.59% 13.25% 11.51% 7.37% 6.35%
Tax Burden Percent
65.39% 65.98% 66.82% 68.73% 79.60% 78.56% 72.83% 77.67% 77.90% 78.25% 77.69%
Interest Burden Percent
93.34% 95.75% 66.61% 94.79% 85.69% 72.48% 24.00% 129.55% 113.22% 93.79% 87.88%
Effective Tax Rate
34.61% 34.02% 33.18% 31.27% 20.40% 21.44% 27.17% 22.33% 22.10% 21.75% 22.31%
Return on Invested Capital (ROIC)
31.18% 48.67% 44.50% 32.12% 27.06% 28.28% 27.61% 45.88% 35.50% 21.88% 20.18%
ROIC Less NNEP Spread (ROIC-NNEP)
27.63% 46.00% 27.49% 30.37% 22.76% 19.17% 4.36% 66.55% 47.03% 18.74% 15.06%
Return on Net Nonoperating Assets (RNNOA)
38.96% 159.72% 189.88% 643.04% 208.90% 112.23% 40.36% 126.70% 32.28% 14.26% 13.78%
Return on Equity (ROE)
70.14% 208.39% 234.38% 675.15% 235.95% 140.51% 67.97% 172.58% 67.79% 36.15% 33.95%
Cash Return on Invested Capital (CROIC)
55.24% 24.99% 45.93% -25.61% 27.99% 18.18% 52.13% 9.89% 13.65% 16.88% 25.69%
Operating Return on Assets (OROA)
13.87% 20.79% 19.54% 17.52% 14.70% 14.46% 12.78% 19.44% 18.64% 12.88% 12.02%
Return on Assets (ROA)
8.46% 13.14% 8.70% 11.41% 10.02% 8.23% 2.23% 19.56% 16.44% 9.45% 8.21%
Return on Common Equity (ROCE)
69.89% 206.69% 230.77% 650.06% 232.76% 139.59% 67.48% 172.26% 67.72% 36.12% 33.92%
Return on Equity Simple (ROE_SIMPLE)
141.62% 196.11% 844.94% 493.46% 158.59% 135.53% 204.41% 90.44% 58.36% 38.76% 34.59%
Net Operating Profit after Tax (NOPAT)
3,248 5,059 5,137 5,174 5,591 6,126 5,596 9,950 10,200 7,152 6,579
NOPAT Margin
5.58% 8.67% 8.34% 7.77% 7.78% 8.27% 6.61% 10.23% 10.17% 7.86% 7.22%
Net Nonoperating Expense Percent (NNEP)
3.55% 2.66% 17.01% 1.75% 4.29% 9.11% 23.25% -20.68% -11.53% 3.15% 5.12%
Return On Investment Capital (ROIC_SIMPLE)
- - - - - - - - 25.84% 18.07% 17.30%
Cost of Revenue to Revenue
80.37% 75.35% 76.41% 77.67% 79.55% 75.82% 75.96% 73.27% 73.01% 74.24% 74.85%
SG&A Expenses to Revenue
7.79% 7.94% 7.50% 7.59% 7.61% 10.47% 11.78% 10.52% 10.77% 12.01% 11.89%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
11.10% 11.51% 11.11% 11.02% 10.68% 13.65% 14.96% 13.56% 13.94% 15.71% 15.85%
Earnings before Interest and Taxes (EBIT)
4,968 7,668 7,688 7,529 7,024 7,798 7,684 12,810 13,094 9,141 8,468
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
6,891 9,752 9,912 9,811 9,231 10,158 10,382 15,763 16,282 12,507 12,077
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
35.18 26.72 195.99 84.49 23.50 26.87 200.13 11.93 6.87 7.28 6.35
Price to Tangible Book Value (P/TBV)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 21.05 10.65 13.80 11.34
Price to Revenue (P/Rev)
1.29 1.13 1.29 1.26 0.98 1.18 1.55 1.75 1.36 1.39 1.16
Price to Earnings (P/E)
24.84 13.62 23.20 17.12 14.77 19.77 97.91 13.19 11.78 18.78 18.35
Dividend Yield
3.22% 3.94% 3.43% 3.41% 4.42% 3.75% 2.66% 2.09% 5.48% 4.38% 5.24%
Earnings Yield
4.03% 7.34% 4.31% 5.84% 6.77% 5.06% 1.02% 7.58% 8.49% 5.32% 5.45%
Enterprise Value to Invested Capital (EV/IC)
8.99 6.46 7.89 5.00 4.29 4.71 8.42 7.09 4.65 4.24 3.82
Enterprise Value to Revenue (EV/Rev)
1.41 1.29 1.47 1.56 1.23 1.45 1.77 1.86 1.48 1.56 1.33
Enterprise Value to EBITDA (EV/EBITDA)
11.95 7.71 9.12 10.57 9.57 10.56 14.43 11.50 9.10 11.37 10.03
Enterprise Value to EBIT (EV/EBIT)
16.58 9.80 11.76 13.78 12.57 13.76 19.50 14.16 11.31 15.55 14.30
Enterprise Value to NOPAT (EV/NOPAT)
25.35 14.86 17.60 20.05 15.80 17.51 26.77 18.22 14.52 19.88 18.40
Enterprise Value to Operating Cash Flow (EV/OCF)
14.38 10.12 13.97 70.15 6.95 12.42 14.32 12.08 10.50 13.89 11.96
Enterprise Value to Free Cash Flow (EV/FCFF)
14.31 28.93 17.06 0.00 15.27 27.24 14.18 84.57 37.77 25.77 14.46
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
4.99 5.75 37.47 23.72 7.49 7.69 36.85 1.54 0.99 1.29 1.27
Long-Term Debt to Equity
4.57 4.54 28.89 19.80 6.56 6.65 32.93 1.39 0.87 1.09 1.16
Financial Leverage
1.41 3.47 6.91 21.18 9.18 5.86 9.26 1.90 0.69 0.76 0.91
Leverage Ratio
8.29 15.86 26.95 59.15 23.54 17.07 30.43 8.82 4.12 3.83 4.14
Compound Leverage Factor
7.74 15.19 17.95 56.07 20.17 12.37 7.30 11.43 4.67 3.59 3.64
Debt to Total Capital
83.32% 85.19% 97.40% 95.95% 88.22% 88.49% 97.36% 60.57% 49.82% 56.25% 55.97%
Short-Term Debt to Total Capital
7.13% 17.94% 22.30% 15.85% 10.88% 11.99% 10.36% 5.89% 5.93% 8.46% 4.83%
Long-Term Debt to Total Capital
76.18% 67.26% 75.10% 80.11% 77.33% 76.50% 87.00% 54.68% 43.89% 47.79% 51.14%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.13% 0.12% 0.15% 0.12% 0.06% 0.06% 0.05% 0.04% 0.04% 0.02% 0.07%
Common Equity to Total Capital
16.55% 14.68% 2.45% 3.93% 11.69% 11.45% 2.59% 39.39% 50.14% 43.73% 43.96%
Debt to EBITDA
1.56 1.47 1.62 2.48 2.46 2.48 2.37 1.39 1.21 1.78 1.76
Net Debt to EBITDA
1.02 0.94 1.11 2.01 1.90 1.92 1.76 0.72 0.74 1.29 1.24
Long-Term Debt to EBITDA
1.43 1.16 1.25 2.07 2.16 2.15 2.12 1.26 1.06 1.51 1.61
Debt to NOPAT
3.32 2.83 3.13 4.69 4.07 4.12 4.41 2.20 1.93 3.11 3.24
Net Debt to NOPAT
2.16 1.81 2.15 3.81 3.14 3.18 3.27 1.14 1.18 2.26 2.27
Long-Term Debt to NOPAT
3.03 2.24 2.41 3.92 3.56 3.56 3.94 1.99 1.70 2.64 2.96
Altman Z-Score
3.78 3.59 3.58 3.39 3.08 2.95 3.26 4.31 4.10 3.57 3.36
Noncontrolling Interest Sharing Ratio
0.36% 0.82% 1.54% 3.72% 1.35% 0.65% 0.71% 0.19% 0.10% 0.07% 0.10%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.30 1.23 1.18 1.22 1.15 1.11 1.19 1.42 1.22 1.10 1.17
Quick Ratio
1.15 1.11 1.05 1.00 0.99 0.99 1.00 1.32 1.11 0.98 1.05
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
5,754 2,598 5,302 -4,126 5,784 3,938 10,567 2,144 3,921 5,516 8,376
Operating Cash Flow to CapEx
251.69% 315.77% 224.99% 28.43% 203.51% 136.80% 194.69% 451.75% 296.49% 206.20% 362.28%
Free Cash Flow to Firm to Interest Expense
16.30 7.62 13.92 -9.11 9.56 6.03 15.07 3.09 0.00 0.00 0.00
Operating Cash Flow to Interest Expense
16.22 21.79 16.99 3.26 21.01 13.23 14.92 21.62 0.00 0.00 0.00
Operating Cash Flow Less CapEx to Interest Expense
9.78 14.89 9.44 -8.22 10.69 3.56 7.26 16.84 0.00 0.00 0.00
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.63 1.58 1.57 1.55 1.50 1.37 1.41 1.48 1.43 1.28 1.29
Accounts Receivable Turnover
8.85 8.46 8.31 8.09 8.11 8.01 8.34 8.35 7.99 7.64 8.25
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
3.21 3.19 3.32 3.25 2.95 2.60 0.00 0.00 2.94 2.54 2.46
Accounts Payable Turnover
17.89 16.47 16.73 14.83 12.53 10.46 10.70 10.20 9.74 9.75 10.78
Days Sales Outstanding (DSO)
41.25 43.14 43.93 45.14 45.03 45.59 43.78 43.69 45.70 47.75 44.26
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
20.40 22.17 21.82 24.62 29.12 34.90 34.10 35.79 37.47 37.45 33.85
Cash Conversion Cycle (CCC)
20.85 20.97 22.11 20.52 15.91 10.69 9.68 7.91 8.23 10.31 10.41
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
9,165 11,626 11,461 20,761 20,568 22,756 17,785 25,591 31,870 33,506 31,709
Invested Capital Turnover
5.59 5.61 5.34 4.13 3.48 3.42 4.17 4.49 3.49 2.78 2.79
Increase / (Decrease) in Invested Capital
-2,506 2,461 -165 9,300 -193 2,188 -4,971 7,806 6,279 1,636 -1,797
Enterprise Value (EV)
82,350 75,154 90,432 103,746 88,323 107,275 149,813 181,330 148,090 142,182 121,082
Market Capitalization
75,326 65,998 79,376 83,979 70,776 87,786 131,488 169,992 136,006 125,982 106,091
Book Value per Share
$2.37 $2.77 $0.46 $1.15 $3.51 $3.81 $0.76 $16.40 $22.88 $20.31 $19.59
Tangible Book Value per Share
($0.98) ($2.81) ($5.86) ($5.62) ($3.34) ($3.16) ($5.77) $9.29 $14.76 $10.72 $10.96
Total Capital
12,937 16,825 16,504 25,313 25,773 28,521 25,323 36,184 39,465 39,578 38,027
Total Debt
10,779 14,334 16,075 24,289 22,736 25,238 24,654 21,915 19,662 22,264 21,284
Total Long-Term Debt
9,856 11,316 12,394 20,278 19,931 21,818 22,031 19,784 17,321 18,916 19,446
Net Debt
7,007 9,135 11,032 19,737 17,531 19,473 18,313 11,322 12,067 16,192 14,966
Capital Expenditures (CapEx)
2,275 2,353 2,877 5,203 6,246 6,315 5,372 3,322 4,757 4,965 2,794
Debt-free, Cash-free Net Working Capital (DFCFNWC)
237 804 1,233 2,774 -107 -631 -493 -1,097 -1,177 -987 -1,611
Debt-free Net Working Capital (DFNWC)
3,520 5,530 5,800 6,843 4,928 5,110 5,823 9,496 6,418 5,085 4,707
Net Working Capital (NWC)
2,597 2,512 2,119 2,832 2,123 1,690 3,200 7,365 4,077 1,737 2,869
Net Nonoperating Expense (NNE)
216 215 1,715 269 800 1,686 4,253 -2,940 -1,348 444 797
Net Nonoperating Obligations (NNO)
7,007 9,135 11,032 19,737 17,531 19,473 17,116 11,322 12,067 16,192 14,966
Total Depreciation and Amortization (D&A)
1,923 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609
Debt-free, Cash-free Net Working Capital to Revenue
0.41% 1.38% 2.00% 4.17% -0.15% -0.85% -0.58% -1.13% -1.17% -1.09% -1.77%
Debt-free Net Working Capital to Revenue
6.04% 9.48% 9.41% 10.28% 6.86% 6.90% 6.88% 9.76% 6.40% 5.59% 5.17%
Net Working Capital to Revenue
4.46% 4.30% 3.44% 4.25% 2.95% 2.28% 3.78% 7.57% 4.06% 1.91% 3.15%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.31 $5.38 $3.89 $5.64 $5.53 $5.14 $1.55 $14.75 $13.26 $7.81 $6.76
Adjusted Weighted Average Basic Shares Outstanding
902.54M 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Adjusted Diluted Earnings per Share
$3.28 $5.35 $3.87 $5.61 $5.51 $5.11 $1.54 $14.68 $13.20 $7.80 $6.75
Adjusted Weighted Average Diluted Shares Outstanding
902.54M 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
902.54M 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M
Normalized Net Operating Profit after Tax (NOPAT)
3,248 5,059 5,137 5,174 5,591 6,126 5,596 9,950 10,200 7,152 6,579
Normalized NOPAT Margin
5.58% 8.67% 8.34% 7.77% 7.78% 8.27% 6.61% 10.23% 10.17% 7.86% 7.22%
Pre Tax Income Margin
7.96% 12.58% 8.31% 10.72% 8.38% 7.63% 2.18% 17.06% 14.78% 9.43% 8.17%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
14.07 22.49 20.18 16.62 11.61 11.94 10.96 18.46 0.00 0.00 0.00
NOPAT to Interest Expense
9.20 14.84 13.48 11.42 9.24 9.38 7.98 14.34 0.00 0.00 0.00
EBIT Less CapEx to Interest Expense
7.63 15.59 12.63 5.13 1.29 2.27 3.30 13.67 0.00 0.00 0.00
NOPAT Less CapEx to Interest Expense
2.76 7.94 5.93 -0.06 -1.08 -0.29 0.32 9.55 0.00 0.00 0.00
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
78.03% 52.13% 77.24% 56.49% 62.85% 71.94% 251.23% 26.66% 44.28% 80.08% 93.38%
Augmented Payout Ratio
166.92% 107.91% 155.49% 93.46% 83.95% 94.55% 267.91% 30.54% 74.59% 113.63% 102.02%

Quarterly Metrics And Ratios for United Parcel Service

This table displays calculated financial ratios and metrics derived from United Parcel Service's official financial filings.

Metric Q4 2022 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics
- - - - - - - - - - -
Revenue Growth
-2.66% -5.96% -10.95% -12.83% -7.83% -5.32% -1.07% 5.62% 1.54% -0.74% -2.74%
EBITDA Growth
-12.10% -15.94% -16.03% -43.92% -18.10% -25.60% -21.54% 32.57% 14.98% 2.67% -2.58%
EBIT Growth
-17.89% -21.84% -21.36% -56.86% -22.47% -36.52% -30.07% 47.80% 18.13% 3.29% -6.28%
NOPAT Growth
-18.69% -25.17% -21.92% -51.49% -21.97% -38.78% -31.10% 33.99% 22.85% 11.09% -4.03%
Net Income Growth
11.64% -28.81% -26.96% -56.39% -53.52% -41.27% -32.29% 36.56% 7.23% 6.65% -8.94%
EPS Growth
12.82% -27.72% -25.54% -55.74% -52.53% -40.64% -31.82% 37.40% 6.38% 7.69% -8.48%
Operating Cash Flow Growth
2.65% -47.39% -15.11% -9.92% -27.64% 40.69% -38.43% -32.92% 37.49% -30.10% -82.54%
Free Cash Flow Firm Growth
20.12% -1,019.27% -539.55% -6,130.72% 107.64% 125.52% 141.14% 131.78% 1,330.66% 10.43% -136.83%
Invested Capital Growth
24.54% 32.71% 32.76% 27.31% 5.13% -1.25% -3.04% -0.83% -5.36% -1.37% 7.25%
Revenue Q/Q Growth
11.89% -15.20% -3.80% -4.51% 18.31% -12.89% 0.52% 1.96% 13.74% -14.84% -1.51%
EBITDA Q/Q Growth
5.04% -17.34% 6.90% -39.58% 53.39% -24.91% 12.74% 2.08% 33.05% -32.95% 6.98%
EBIT Q/Q Growth
2.63% -20.47% 9.41% -51.69% 84.44% -34.88% 20.52% 2.11% 47.41% -43.06% 9.36%
NOPAT Q/Q Growth
0.37% -22.69% 11.40% -43.88% 61.44% -39.35% 25.39% 9.14% 48.02% -45.15% 8.32%
Net Income Q/Q Growth
33.63% -45.12% 9.82% -45.84% 42.41% -30.65% 26.59% 9.23% 11.83% -31.03% 8.09%
EPS Q/Q Growth
33.78% -44.70% 10.50% -45.87% 43.51% -30.85% 26.92% 9.09% 11.11% -30.00% 7.86%
Operating Cash Flow Q/Q Growth
34.41% -29.26% 37.34% -31.02% 7.97% 37.54% -39.90% -24.84% 121.30% -30.08% -84.99%
Free Cash Flow Firm Q/Q Growth
-3,999.38% -62.39% 3.07% 1.75% 104.94% 442.38% 56.23% -24.09% 122.41% -58.14% -152.11%
Invested Capital Q/Q Growth
22.85% 3.05% 0.23% 0.33% 1.45% -3.20% -1.59% 2.63% -3.19% 0.88% 7.01%
Profitability Metrics
- - - - - - - - - - -
Gross Margin
26.62% 26.60% 27.84% 19.41% 28.52% 23.94% 24.86% 77.70% -19.77% 79.60% 25.78%
EBITDA Margin
15.10% 14.72% 16.36% 10.35% 13.42% 11.57% 12.98% 12.99% 15.20% 11.97% 13.00%
Operating Margin
11.82% 11.08% 12.60% 6.38% 9.94% 7.43% 8.91% 8.92% 11.56% 7.73% 8.59%
EBIT Margin
11.82% 11.08% 12.60% 6.38% 9.94% 7.43% 8.91% 8.92% 11.56% 7.73% 8.59%
Profit (Net Income) Margin
12.77% 8.27% 9.44% 5.35% 6.44% 5.13% 6.46% 6.92% 6.80% 5.51% 6.05%
Tax Burden Percent
77.30% 75.14% 76.51% 88.88% 77.80% 72.46% 75.39% 80.58% 80.91% 77.94% 77.20%
Interest Burden Percent
139.81% 99.25% 97.84% 94.42% 83.29% 95.23% 96.14% 96.22% 72.69% 91.42% 91.22%
Effective Tax Rate
22.70% 24.86% 23.49% 11.12% 22.20% 27.54% 24.61% 19.42% 19.09% 22.06% 22.80%
Return on Invested Capital (ROIC)
31.91% 28.60% 32.14% 17.89% 21.52% 14.81% 18.55% 19.82% 26.13% 17.01% 18.10%
ROIC Less NNEP Spread (ROIC-NNEP)
40.31% 28.47% 31.71% 17.31% 19.24% 14.41% 18.14% 19.42% 21.98% 16.31% 17.36%
Return on Net Nonoperating Assets (RNNOA)
27.67% 17.73% 18.64% 10.91% 14.65% 11.02% 13.57% 16.00% 20.11% 15.90% 17.61%
Return on Equity (ROE)
59.58% 46.33% 50.78% 28.80% 36.17% 25.83% 32.11% 35.83% 46.25% 32.91% 35.71%
Cash Return on Invested Capital (CROIC)
13.65% 5.11% 2.94% 2.03% 16.88% 20.91% 20.84% 19.55% 25.69% 22.23% 13.15%
Operating Return on Assets (OROA)
16.88% 15.40% 17.26% 8.49% 12.74% 9.54% 11.41% 11.68% 14.95% 10.33% 11.05%
Return on Assets (ROA)
18.24% 11.49% 12.92% 7.12% 8.25% 6.58% 8.27% 9.06% 8.79% 7.36% 7.78%
Return on Common Equity (ROCE)
59.52% 46.29% 50.73% 28.78% 36.15% 25.80% 32.08% 35.79% 46.20% 32.86% 35.66%
Return on Equity Simple (ROE_SIMPLE)
0.00% 53.80% 50.02% 44.64% 0.00% 35.05% 30.85% 33.61% 0.00% 37.39% 0.00%
Net Operating Profit after Tax (NOPAT)
2,470 1,909 2,127 1,194 1,927 1,169 1,466 1,599 2,367 1,298 1,407
NOPAT Margin
9.14% 8.33% 9.64% 5.67% 7.73% 5.38% 6.72% 7.19% 9.36% 6.03% 6.63%
Net Nonoperating Expense Percent (NNEP)
-8.41% 0.13% 0.43% 0.58% 2.28% 0.39% 0.41% 0.41% 4.15% 0.70% 0.74%
Return On Investment Capital (ROIC_SIMPLE)
6.26% - - - 4.87% - - - 6.23% 3.50% 3.47%
Cost of Revenue to Revenue
73.38% 73.40% 72.16% 80.59% 71.48% 76.06% 75.14% 22.30% 119.77% 20.40% 74.22%
SG&A Expenses to Revenue
11.52% 11.88% 11.48% 9.05% 15.10% 12.37% 11.88% 64.71% -34.96% 67.64% 12.78%
R&D to Revenue
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue
14.80% 15.52% 15.23% 13.03% 18.58% 16.51% 15.95% 68.78% -31.33% 71.87% 17.20%
Earnings before Interest and Taxes (EBIT)
3,195 2,541 2,780 1,343 2,477 1,613 1,944 1,985 2,926 1,666 1,822
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)
4,083 3,375 3,608 2,180 3,344 2,511 2,831 2,890 3,845 2,578 2,758
Valuation Ratios
- - - - - - - - - - -
Price to Book Value (P/BV)
6.87 7.98 7.37 6.63 7.28 7.49 6.88 6.93 6.35 6.00 5.43
Price to Tangible Book Value (P/TBV)
10.65 12.32 11.45 10.44 13.80 14.46 12.23 12.51 11.34 12.25 11.26
Price to Revenue (P/Rev)
1.36 1.62 1.53 1.37 1.39 1.41 1.31 1.29 1.16 1.03 0.95
Price to Earnings (P/E)
11.78 14.83 14.73 14.86 18.78 21.37 22.28 20.61 18.35 16.04 14.92
Dividend Yield
5.48% 4.14% 4.54% 5.31% 4.38% 4.37% 4.75% 4.77% 5.24% 5.94% 6.48%
Earnings Yield
8.49% 6.75% 6.79% 6.73% 5.32% 4.68% 4.49% 4.85% 5.45% 6.23% 6.70%
Enterprise Value to Invested Capital (EV/IC)
4.65 5.26 4.87 4.27 4.24 4.38 4.16 4.05 3.82 3.45 3.04
Enterprise Value to Revenue (EV/Rev)
1.48 1.75 1.67 1.51 1.56 1.58 1.48 1.46 1.33 1.21 1.15
Enterprise Value to EBITDA (EV/EBITDA)
9.10 11.04 10.73 10.64 11.37 12.21 12.22 11.46 10.03 9.08 8.61
Enterprise Value to EBIT (EV/EBIT)
11.31 13.94 13.79 14.30 15.55 17.31 18.00 16.55 14.30 12.94 12.38
Enterprise Value to NOPAT (EV/NOPAT)
14.52 18.04 17.88 18.35 19.88 22.16 23.08 21.55 18.40 16.42 15.60
Enterprise Value to Operating Cash Flow (EV/OCF)
10.50 14.41 14.06 12.63 13.89 12.70 13.34 14.39 11.96 12.09 13.90
Enterprise Value to Free Cash Flow (EV/FCFF)
37.77 117.26 188.87 235.15 25.77 20.83 19.66 20.63 14.46 15.40 23.90
Leverage & Solvency
- - - - - - - - - - -
Debt to Equity
0.99 1.11 1.04 1.10 1.29 1.18 1.30 1.30 1.27 1.36 1.57
Long-Term Debt to Equity
0.87 0.99 0.97 0.98 1.09 1.11 1.18 1.20 1.16 1.24 1.51
Financial Leverage
0.69 0.62 0.59 0.63 0.76 0.76 0.75 0.82 0.91 0.98 1.01
Leverage Ratio
4.12 4.01 3.86 3.87 3.83 3.78 3.77 3.84 4.14 4.17 4.27
Compound Leverage Factor
5.77 3.98 3.78 3.65 3.19 3.60 3.62 3.70 3.01 3.81 3.90
Debt to Total Capital
49.82% 52.53% 50.89% 52.41% 56.25% 54.17% 56.56% 56.50% 55.97% 57.67% 61.06%
Short-Term Debt to Total Capital
5.93% 5.52% 3.46% 5.57% 8.46% 3.15% 5.11% 4.14% 4.83% 5.01% 2.27%
Long-Term Debt to Total Capital
43.89% 47.01% 47.43% 46.85% 47.79% 51.02% 51.45% 52.36% 51.14% 52.66% 58.79%
Preferred Equity to Total Capital
0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Noncontrolling Interests to Total Capital
0.04% 0.04% 0.04% 0.03% 0.02% 0.07% 0.06% 0.07% 0.07% 0.06% 0.07%
Common Equity to Total Capital
50.14% 47.44% 49.07% 47.56% 43.73% 45.77% 43.38% 43.43% 43.96% 42.26% 38.87%
Debt to EBITDA
1.21 1.42 1.39 1.59 1.78 1.72 2.04 1.89 1.76 1.76 2.05
Net Debt to EBITDA
0.74 0.82 0.86 1.05 1.29 1.33 1.44 1.37 1.24 1.34 1.53
Long-Term Debt to EBITDA
1.06 1.27 1.29 1.43 1.51 1.62 1.86 1.76 1.61 1.61 1.97
Debt to NOPAT
1.93 2.32 2.31 2.75 3.11 3.12 3.86 3.56 3.24 3.18 3.71
Net Debt to NOPAT
1.18 1.34 1.44 1.80 2.26 2.42 2.72 2.58 2.27 2.43 2.77
Long-Term Debt to NOPAT
1.70 2.08 2.16 2.46 2.64 2.94 3.51 3.30 2.96 2.90 3.57
Altman Z-Score
3.64 3.83 3.77 3.35 3.26 3.36 3.21 3.25 3.10 2.91 2.76
Noncontrolling Interest Sharing Ratio
0.10% 0.09% 0.11% 0.09% 0.07% 0.11% 0.11% 0.11% 0.10% 0.15% 0.15%
Liquidity Ratios
- - - - - - - - - - -
Current Ratio
1.22 1.34 1.32 1.22 1.10 1.10 1.25 1.14 1.17 1.09 1.32
Quick Ratio
1.11 1.21 1.19 1.06 0.98 0.96 1.03 1.01 1.05 0.95 1.17
Cash Flow Metrics
- - - - - - - - - - -
Free Cash Flow to Firm (FCFF)
-3,809 -6,186 -5,996 -5,891 291 1,579 2,467 1,872 4,164 1,743 -908
Operating Cash Flow to CapEx
133.76% 390.23% 277.62% 173.24% 117.67% 324.46% 217.10% 177.70% 301.91% 285.82% 31.72%
Free Cash Flow to Firm to Interest Expense
0.00 -32.90 0.00 -29.60 0.00 8.10 0.00 8.14 0.00 7.85 -3.82
Operating Cash Flow to Interest Expense
0.00 12.54 0.00 11.22 0.00 17.01 0.00 6.51 0.00 10.44 1.46
Operating Cash Flow Less CapEx to Interest Expense
0.00 9.32 0.00 4.74 0.00 11.76 0.00 2.85 0.00 6.79 -3.15
Efficiency Ratios
- - - - - - - - - - -
Asset Turnover
1.43 1.39 1.37 1.33 1.28 1.28 1.28 1.31 1.29 1.34 1.29
Accounts Receivable Turnover
7.99 9.20 9.17 9.11 7.64 9.04 9.61 9.72 8.25 9.35 9.27
Inventory Turnover
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover
2.94 2.88 2.79 2.67 2.54 2.49 2.46 2.47 2.46 2.44 2.41
Accounts Payable Turnover
9.74 10.82 10.60 10.95 9.75 11.49 11.89 9.78 10.78 12.48 11.83
Days Sales Outstanding (DSO)
45.70 39.68 39.82 40.07 47.75 40.37 38.00 37.54 44.26 39.03 39.36
Days Inventory Outstanding (DIO)
0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)
37.47 33.74 34.45 33.33 37.45 31.76 30.69 37.31 33.85 29.26 30.86
Cash Conversion Cycle (CCC)
8.23 5.94 5.37 6.74 10.31 8.61 7.31 0.24 10.41 9.77 8.50
Capital & Investment Metrics
- - - - - - - - - - -
Invested Capital
31,870 32,843 32,917 33,027 33,506 32,433 31,916 32,754 31,709 31,988 34,231
Invested Capital Turnover
3.49 3.43 3.33 3.16 2.78 2.75 2.76 2.76 2.79 2.82 2.73
Increase / (Decrease) in Invested Capital
6,279 8,095 8,123 7,085 1,636 -410 -1,001 -273 -1,797 -445 2,315
Enterprise Value (EV)
148,090 172,640 160,390 140,989 142,182 142,146 132,779 132,683 121,082 110,278 103,957
Market Capitalization
136,006 159,835 147,492 127,130 125,982 126,622 117,083 116,786 106,091 93,950 85,476
Book Value per Share
$22.88 $23.33 $23.31 $22.43 $20.31 $19.76 $19.91 $19.68 $19.59 $18.33 $18.60
Tangible Book Value per Share
$14.76 $15.11 $15.00 $14.25 $10.72 $10.23 $11.19 $10.90 $10.96 $8.98 $8.96
Total Capital
39,465 42,241 40,800 40,305 39,578 36,946 39,258 38,814 38,027 37,053 40,517
Total Debt
19,662 22,188 20,763 21,125 22,264 20,013 22,205 21,930 21,284 21,369 24,740
Total Long-Term Debt
17,321 19,856 19,351 18,882 18,916 18,849 20,197 20,324 19,446 19,511 23,820
Net Debt
12,067 12,790 12,880 13,847 16,192 15,500 15,673 15,870 14,966 16,304 18,454
Capital Expenditures (CapEx)
2,491 604 1,166 1,289 2,049 1,022 918 843 1,098 811 1,097
Debt-free, Cash-free Net Working Capital (DFCFNWC)
-1,177 -1,603 -1,718 -1,601 -987 -1,868 -786 -2,271 -1,611 -1,777 -756
Debt-free Net Working Capital (DFNWC)
6,418 7,795 6,165 5,677 5,085 2,645 5,746 3,789 4,707 3,288 5,530
Net Working Capital (NWC)
4,077 5,463 4,753 3,434 1,737 1,481 3,738 2,183 2,869 1,430 4,610
Net Nonoperating Expense (NNE)
-983 14 46 67 322 56 57 60 646 111 124
Net Nonoperating Obligations (NNO)
12,067 12,790 12,880 13,847 16,192 15,500 14,863 15,870 14,966 16,304 18,454
Total Depreciation and Amortization (D&A)
888 834 828 837 867 898 887 905 919 912 936
Debt-free, Cash-free Net Working Capital to Revenue
-1.17% -1.62% -1.79% -1.72% -1.09% -2.08% -0.88% -2.50% -1.77% -1.95% -0.84%
Debt-free Net Working Capital to Revenue
6.40% 7.88% 6.41% 6.10% 5.59% 2.95% 6.42% 4.18% 5.17% 3.62% 6.12%
Net Working Capital to Revenue
4.06% 5.52% 4.94% 3.69% 1.91% 1.65% 4.18% 2.41% 3.15% 1.57% 5.10%
Earnings Adjustments
- - - - - - - - - - -
Adjusted Basic Earnings per Share
$3.98 $2.20 $2.42 $1.31 $1.88 $1.30 $1.65 $1.80 $2.01 $1.40 $1.51
Adjusted Weighted Average Basic Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M
Adjusted Diluted Earnings per Share
$3.96 $2.19 $2.42 $1.31 $1.88 $1.30 $1.65 $1.80 $2.00 $1.40 $1.51
Adjusted Weighted Average Diluted Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M
Adjusted Basic & Diluted Earnings per Share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding
1.72B 858.89M 854.45M 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M
Normalized Net Operating Profit after Tax (NOPAT)
2,470 1,909 2,127 1,194 1,927 1,169 1,466 1,599 2,367 1,298 1,407
Normalized NOPAT Margin
9.14% 8.33% 9.64% 5.67% 7.73% 5.38% 6.72% 7.19% 9.36% 6.03% 6.63%
Pre Tax Income Margin
16.52% 11.00% 12.33% 6.02% 8.28% 7.08% 8.57% 8.59% 8.41% 7.07% 7.83%
Debt Service Ratios
- - - - - - - - - - -
EBIT to Interest Expense
0.00 13.52 0.00 6.75 0.00 8.27 0.00 8.63 0.00 7.50 7.66
NOPAT to Interest Expense
0.00 10.16 0.00 6.00 0.00 5.99 0.00 6.95 0.00 5.85 5.91
EBIT Less CapEx to Interest Expense
0.00 10.30 0.00 0.27 0.00 3.03 0.00 4.97 0.00 3.85 3.05
NOPAT Less CapEx to Interest Expense
0.00 6.94 0.00 -0.48 0.00 0.75 0.00 3.29 0.00 2.20 1.30
Payout Ratios
- - - - - - - - - - -
Dividend Payout Ratio
44.28% 48.03% 52.33% 62.02% 80.08% 90.65% 102.40% 95.08% 93.38% 92.20% 94.15%
Augmented Payout Ratio
74.59% 85.10% 89.84% 103.58% 113.63% 115.95% 116.71% 103.90% 102.02% 117.81% 120.33%

Key Financial Trends

United Parcel Service Inc. (NYSE: UPS) has shown solid financial performance over the last four years through Q2 2025, with several key highlights and trends emerging from the income, cash flow, and balance sheet statements.

  • Steady growth in Operating Revenue: UPS’s quarterly operating revenue has remained robust, with Q2 2025 at $21.22 billion, slightly down from Q1 2025’s $21.55 billion but stable compared to Q2 2024 ($21.82 billion). This indicates consistent demand and resilience in UPS’s core operations.
  • Positive net income trend: UPS reported net income of $1.283 billion in Q2 2025, an improvement from Q1 2025 ($1.187 billion) and Q2 2024 ($1.409 billion). The company has maintained profitability with net income generally above $1 billion per quarter, demonstrating solid earnings generation.
  • Strong cash flows from operations: Operating cash flow remains positive and substantial, with $348 million generated in Q2 2025 and $2.32 billion in Q1 2025. This shows UPS’s ability to convert earnings into cash, supporting capital expenditures and financial flexibility.
  • Significant investments in property, plant & equipment: Capital expenditures are significant but controlled, with $1.12 billion spent in Q2 2025, up from $876 million in Q1 2025 and $933 million in Q2 2024. These investments signal ongoing commitment to infrastructure and technology to support future growth.
  • Issuance of debt to fund growth and operations: UPS issued $4.13 billion in debt in Q2 2025, substantially higher than $25 million in Q1 2025 and continuing the company's strategy to raise capital via debt markets, possibly reflecting favorable borrowing conditions.
  • Consistent dividend payments: Dividend payments remain steady, with $1.35 billion paid in Q2 2025 and $1.35 billion in Q1 2025. The consistent dividend reflects UPS's commitment to shareholder returns.
  • Increase in total assets over four years: Total assets grew from approximately $67.6 billion in Q1 2024 to $70.9 billion in Q2 2025, reflecting asset growth likely tied to investments in plant, property, and equipment as well as operational expansion.
  • Stable total liabilities: Total liabilities have increased moderately from $50.7 billion in Q1 2023 to $55.1 billion in Q2 2025, in line with asset growth and debt issuance, indicating balanced leverage.
  • Rising short-term and long-term debt levels: Long-term debt increased from $19.85 billion in Q1 2024 to $23.82 billion in Q2 2025 and short-term debt also shows fluctuations, indicating rising leverage that could increase interest costs and refinancing risks.
  • Fluctuations in cash and equivalents and net changes in cash: Cash & equivalents have risen to $6.19 billion in Q2 2025 from $4.80 billion in Q1 2025 but showed declines versus $6.32 billion in Q2 2024, with net cash changes volatile quarter over quarter, indicating variable liquidity management.

Summary: UPS’s financials exhibit steady revenue and earnings growth, backed by strong operating cash flow and strategic investments in infrastructure. The company maintains consistent dividends and has accessed debt capital at an increased scale in recent quarters, which supports growth initiatives but raises leverage considerations. Assets and liabilities have grown gradually in balance. Investors should watch UPS’s debt levels and cash flow trends alongside its operational performance to assess future sustainability and growth potential.

08/24/25 01:18 AMAI Generated. May Contain Errors.

Frequently Asked Questions About United Parcel Service's Financials

When does United Parcel Service's financial year end?

According to the most recent income statement we have on file, United Parcel Service's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has United Parcel Service's net income changed over the last 10 years?

United Parcel Service's net income appears to be on an upward trend, with a most recent value of $5.78 billion in 2024, rising from $3.03 billion in 2014. The previous period was $6.71 billion in 2023. See where experts think United Parcel Service is headed by visiting United Parcel Service's forecast page.

What is United Parcel Service's operating income?
United Parcel Service's total operating income in 2024 was $8.47 billion, based on the following breakdown:
  • Total Gross Profit: $22.91 billion
  • Total Operating Expenses: $14.44 billion
How has United Parcel Service's revenue changed over the last 10 years?

Over the last 10 years, United Parcel Service's total revenue changed from $58.23 billion in 2014 to $91.07 billion in 2024, a change of 56.4%.

How much debt does United Parcel Service have?

United Parcel Service's total liabilities were at $53.33 billion at the end of 2024, a 0.4% decrease from 2023, and a 60.2% increase since 2014.

How much cash does United Parcel Service have?

In the past 10 years, United Parcel Service's cash and equivalents has ranged from $2.29 billion in 2014 to $10.26 billion in 2021, and is currently $6.11 billion as of their latest financial filing in 2024.

How has United Parcel Service's book value per share changed over the last 10 years?

Over the last 10 years, United Parcel Service's book value per share changed from 2.37 in 2014 to 19.59 in 2024, a change of 728.3%.



This page (NYSE:UPS) was last updated on 8/24/2025 by MarketBeat.com Staff
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