United Parcel Service (UPS) Financials

$97.73 +0.18 (+0.18%)

As of 09:33 AM Eastern

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	1,187	1,721	1,539	1,409	1,113	1,605	1,127	2,081	1,895	3,453	2,584
Consolidated Net Income / (Loss)	1,187	1,721	1,539	1,409	1,113	1,605	1,127	2,081	1,895	3,453	2,584
Net Income / (Loss) Continuing Operations	1,187	1,721	1,539	1,409	1,113	1,605	1,127	2,081	1,895	3,453	2,584
Total Pre-Tax Income	1,523	2,127	1,910	1,869	1,536	2,063	1,268	2,720	2,522	4,467	3,269
Total Operating Income	1,666	2,926	1,985	1,944	1,613	2,477	1,343	2,780	2,541	3,195	3,113
Total Gross Profit	17,151	-5,001	17,285	5,424	5,197	7,107	4,087	6,140	6,098	7,196	6,528
Total Revenue	21,546	25,301	22,245	21,818	21,706	24,917	21,061	22,055	22,925	27,033	24,161
Operating Revenue	21,546	25,301	22,245	21,818	21,706	24,917	21,061	22,055	22,925	27,033	24,161
Total Cost of Revenue	4,395	30,302	4,960	16,394	16,509	17,810	16,974	15,915	16,827	19,837	17,633
Operating Cost of Revenue	4,395	30,302	4,960	16,394	16,509	17,810	16,974	15,915	16,827	19,837	17,633
Total Operating Expenses	15,485	-7,927	15,300	3,480	3,584	4,630	2,744	3,360	3,557	4,001	3,415
Selling, General & Admin Expense	14,573	-8,846	14,395	2,593	2,686	3,763	1,907	2,532	2,723	3,113	2,641
Depreciation Expense	912	919	905	887	898	867	837	828	834	888	774
Total Other Income / (Expense), net	-143	-799	-75	-75	-77	-414	-75	-60	-19	1,272	156
Interest Expense	222	-	230	-	195	-	199	-	188	-	177
Interest & Investment Income	79	-	155	-	118	-	124	-	169	-	333
Income Tax Expense	336	406	371	460	423	458	141	639	627	1,014	685
Basic Earnings per Share	$1.40	$2.01	$1.80	$1.65	$1.30	$1.88	$1.31	$2.42	$2.20	$3.98	$2.97
Weighted Average Basic Shares Outstanding	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
Diluted Earnings per Share	$1.40	$2.00	$1.80	$1.65	$1.30	$1.88	$1.31	$2.42	$2.19	$3.96	$2.96
Weighted Average Diluted Shares Outstanding	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
Weighted Average Basic & Diluted Shares Outstanding	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
Cash Dividends to Common per Share	$1.64	-	$1.63	$1.63	$1.63	-	$1.62	$1.62	$1.62	-	$1.52

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-1,310	257	-464	1,945	1,168	-1,105	-501	-1,378	588	-5,443	-690
Net Cash From Operating Activities	2,318	3,315	1,498	1,993	3,316	2,411	2,233	3,237	2,357	3,332	2,479
Net Cash From Continuing Operating Activities	2,318	3,315	1,498	1,993	3,316	2,411	2,233	3,237	2,357	3,332	2,479
Net Income / (Loss) Continuing Operations	1,187	1,721	1,539	1,409	1,113	1,605	1,127	2,081	1,895	3,453	2,584
Consolidated Net Income / (Loss)	1,187	1,721	1,539	1,409	1,113	1,605	1,127	2,081	1,895	3,453	2,584
Depreciation Expense	912	919	905	887	898	867	837	828	834	888	774
Non-Cash Adjustments To Reconcile Net Income	233	1,080	-1,157	226	311	781	337	225	-921	-165	-1,553
Changes in Operating Assets and Liabilities, net	-14	-405	211	-529	994	-842	-68	103	549	-844	674
Net Cash From Investing Activities	-1,355	-1,057	187	-913	1,566	-3,204	-1,070	-1,046	-1,813	-5,064	-909
Net Cash From Continuing Investing Activities	-1,355	-1,057	187	-913	1,566	-3,204	-1,070	-1,046	-1,813	-5,064	-909
Purchase of Property, Plant & Equipment	-876	-1,098	-843	-933	-1,035	-2,049	-1,289	-1,211	-609	-2,491	-890
Acquisitions	-478	-5.00	-	-22	-44	-1,290	-5.00	-	-34	-649	-7.00
Purchase of Investments	-90	-24	-	-2.00	-50	-174	-377	-599	-2,371	-1,711	-63
Sale of Property, Plant & Equipment	65	-	-	15	13	-	-	45	5.00	-	3.00
Sale and/or Maturity of Investments	34	23	10	19	2,696	304	494	724	1,179	62	63
Other Investing Activities, net	-10	2.00	-22	10	-14	-21	-10	-5.00	17	-275	-15
Net Cash From Financing Activities	-2,313	-1,847	-2,236	899	-3,666	-349	-1,603	-3,586	4.00	-3,710	-2,189
Net Cash From Continuing Financing Activities	-2,313	-1,847	-2,236	899	-3,666	-349	-1,603	-3,586	4.00	-3,710	-2,189
Repayment of Debt	-45	-545	-441	-610	-2,372	463	-39	-1,564	-449	-1,196	-24
Repurchase of Common Equity	-1,000	-	-500	-	0.00	-	-752	-747	-751	-1,306	-952
Payment of Dividends	-1,348	-1,350	-1,348	-1,353	-1,348	-1,338	-1,341	-1,345	-1,348	-1,272	-1,275
Issuance of Debt	25	-	-	2,785	0.00	468	458	-	2,503	-	-
Issuance of Common Equity	55	48	53	77	54	58	71	70	49	64	62
Effect of Exchange Rate Changes	40	-154	77	-24	-48	-	-	17	40	-	-

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

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	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	68,466	70,070	68,263	69,418	67,628	70,857	70,281	70,347	72,189	71,124	69,544
Total Current Assets	17,090	19,310	17,264	18,823	16,177	19,413	19,251	19,439	21,725	22,217	24,598
Cash & Equivalents	4,802	6,112	5,855	6,319	4,281	3,206	4,311	4,812	6,190	5,602	11,045
Short-Term Investments	263	206	205	213	232	2,866	2,967	3,071	3,208	1,993	331
Accounts Receivable	9,887	10,871	9,195	9,048	9,554	11,216	9,461	9,587	10,299	12,583	10,975
Other Current Assets	2,138	2,121	2,009	2,060	1,212	2,125	2,512	1,969	2,028	2,039	2,247
Plant, Property, & Equipment, net	37,250	37,179	37,389	37,129	37,168	36,945	36,013	35,501	34,995	34,719	33,625
Total Noncurrent Assets	14,126	13,581	13,610	13,466	14,283	14,499	15,017	15,407	15,469	14,188	11,321
Goodwill	4,691	4,300	4,411	4,350	4,846	4,872	4,097	4,250	4,249	4,223	3,624
Intangible Assets	3,301	3,064	3,108	3,106	3,308	3,305	2,892	2,890	2,811	2,796	2,439
Noncurrent Deferred & Refundable Income Taxes	135	112	125	123	126	126	127	137	155	139	143
Other Noncurrent Operating Assets	5,999	6,105	5,966	5,887	6,003	6,196	7,901	8,130	8,254	7,030	5,095
Total Liabilities & Shareholders' Equity	68,466	70,070	68,263	69,418	67,628	70,857	70,281	70,347	72,189	71,124	69,544
Total Liabilities	52,782	53,327	51,379	52,365	50,695	53,543	51,101	50,310	52,136	51,321	52,556
Total Current Liabilities	15,660	16,441	15,081	15,085	14,696	17,676	15,817	14,686	16,262	18,140	17,679
Short-Term Debt	1,858	1,838	1,606	2,008	1,164	3,348	2,243	1,412	2,332	2,341	2,581
Accounts Payable	5,454	6,302	5,410	5,299	5,397	6,340	5,972	6,085	6,302	7,515	6,731
Accrued Expenses	1,549	1,390	1,239	1,202	1,573	1,479	1,306	1,200	1,196	1,078	1,006
Current Deferred & Payable Income Tax Liabilities	965	-	-	-	-	-	-	-	-	-	-
Current Employee Benefit Liabilities	3,271	3,655	3,527	3,308	3,217	3,224	3,341	2,962	3,012	4,049	3,643
Other Current Liabilities	2,563	3,256	3,299	2,895	3,345	3,285	2,955	3,027	3,420	3,157	3,718
Total Noncurrent Liabilities	37,122	36,886	36,298	37,280	35,999	35,867	35,284	35,624	35,874	33,181	34,877
Long-Term Debt	19,511	19,446	20,324	20,197	18,849	18,916	18,882	19,351	19,856	17,321	17,769
Noncurrent Deferred & Payable Income Tax Liabilities	3,598	3,595	3,761	3,841	3,825	3,772	4,601	4,421	4,345	4,302	3,761
Noncurrent Employee Benefit Liabilities	7,016	6,859	5,384	6,449	6,323	6,159	4,670	4,635	4,602	4,807	6,747
Other Noncurrent Operating Liabilities	6,997	6,986	6,829	6,793	7,002	7,020	7,131	7,217	7,071	6,751	6,600
Total Equity & Noncontrolling Interests	15,684	16,743	16,884	17,053	16,933	17,314	19,180	20,037	20,053	19,803	16,988
Total Preferred & Common Equity	15,660	16,718	16,857	17,030	16,909	17,306	19,168	20,019	20,038	19,786	16,968
Total Common Equity	15,660	16,718	16,857	17,030	16,909	17,306	19,168	20,019	20,038	19,786	16,968
Common Stock	9.00	145	9.00	145	9.00	9.00	9.00	9.00	9.00	9.00	9.00
Retained Earnings	19,939	20,882	20,552	20,692	20,681	21,055	20,699	21,584	21,510	21,326	20,177
Accumulated Other Comprehensive Income / (Loss)	-4,288	-4,309	-3,704	-3,807	-3,781	-3,758	-1,540	-1,574	-1,481	-1,549	-3,218
Other Equity Adjustments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	9.00	9.00	0.00	12
Noncontrolling Interest	24	25	27	23	24	8.00	12	18	15	17	20

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

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

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

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-0.74%	1.54%	5.62%	-1.07%	-5.32%	-7.83%	-12.83%	-10.95%	-5.96%	-2.66%	4.21%
EBITDA Growth	2.67%	14.98%	32.57%	-21.54%	-25.60%	-18.10%	-43.92%	-16.03%	-15.94%	-12.10%	6.96%
EBIT Growth	3.29%	18.13%	47.80%	-30.07%	-36.52%	-22.47%	-56.86%	-21.36%	-21.84%	-17.89%	7.49%
NOPAT Growth	11.09%	22.85%	33.99%	-31.10%	-38.78%	-21.97%	-51.49%	-21.92%	-25.17%	-18.69%	9.19%
Net Income Growth	6.65%	7.23%	36.56%	-32.29%	-41.27%	-53.52%	-56.39%	-26.96%	-28.81%	11.64%	10.95%
EPS Growth	7.69%	6.38%	37.40%	-31.82%	-40.64%	-52.53%	-55.74%	-25.54%	-27.72%	12.82%	11.70%
Operating Cash Flow Growth	-30.10%	37.49%	-32.92%	-38.43%	40.69%	-27.64%	-9.92%	-15.11%	-47.39%	2.65%	-25.04%
Free Cash Flow Firm Growth	10.43%	1,330.66%	131.78%	141.14%	125.52%	107.64%	-6,130.72%	-539.55%	-1,019.27%	20.12%	-86.66%
Invested Capital Growth	-1.37%	-5.36%	-0.83%	-3.04%	-1.25%	5.13%	27.31%	32.76%	32.71%	24.54%	10.02%
Revenue Q/Q Growth	-14.84%	13.74%	1.96%	0.52%	-12.89%	18.31%	-4.51%	-3.80%	-15.20%	11.89%	-2.44%
EBITDA Q/Q Growth	-32.95%	33.05%	2.08%	12.74%	-24.91%	53.39%	-39.58%	6.90%	-17.34%	5.04%	-9.54%
EBIT Q/Q Growth	-43.06%	47.41%	2.11%	20.52%	-34.88%	84.44%	-51.69%	9.41%	-20.47%	2.63%	-11.94%
NOPAT Q/Q Growth	-45.15%	48.02%	9.14%	25.39%	-39.35%	61.44%	-43.88%	11.40%	-22.69%	0.37%	-9.67%
Net Income Q/Q Growth	-31.03%	11.83%	9.23%	26.59%	-30.65%	42.41%	-45.84%	9.82%	-45.12%	33.63%	-9.30%
EPS Q/Q Growth	-30.00%	11.11%	9.09%	26.92%	-30.85%	43.51%	-45.87%	10.50%	-44.70%	33.78%	-8.92%
Operating Cash Flow Q/Q Growth	-30.08%	121.30%	-24.84%	-39.90%	37.54%	7.97%	-31.02%	37.34%	-29.26%	34.41%	-34.99%
Free Cash Flow Firm Q/Q Growth	-58.14%	122.41%	-24.09%	56.23%	442.38%	104.94%	1.75%	3.07%	-62.39%	-3,999.38%	-92.84%
Invested Capital Q/Q Growth	0.88%	-3.19%	2.63%	-1.59%	-3.20%	1.45%	0.33%	0.23%	3.05%	22.85%	4.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	79.60%	-19.77%	77.70%	24.86%	23.94%	28.52%	19.41%	27.84%	26.60%	26.62%	27.02%
EBITDA Margin	11.97%	15.20%	12.99%	12.98%	11.57%	13.42%	10.35%	16.36%	14.72%	15.10%	16.09%
Operating Margin	7.73%	11.56%	8.92%	8.91%	7.43%	9.94%	6.38%	12.60%	11.08%	11.82%	12.88%
EBIT Margin	7.73%	11.56%	8.92%	8.91%	7.43%	9.94%	6.38%	12.60%	11.08%	11.82%	12.88%
Profit (Net Income) Margin	5.51%	6.80%	6.92%	6.46%	5.13%	6.44%	5.35%	9.44%	8.27%	12.77%	10.69%
Tax Burden Percent	77.94%	80.91%	80.58%	75.39%	72.46%	77.80%	88.88%	76.51%	75.14%	77.30%	79.05%
Interest Burden Percent	91.42%	72.69%	96.22%	96.14%	95.23%	83.29%	94.42%	97.84%	99.25%	139.81%	105.01%
Effective Tax Rate	22.06%	19.09%	19.42%	24.61%	27.54%	22.20%	11.12%	23.49%	24.86%	22.70%	20.95%
Return on Invested Capital (ROIC)	17.01%	26.13%	19.82%	18.55%	14.81%	21.52%	17.89%	32.14%	28.60%	31.91%	41.57%
ROIC Less NNEP Spread (ROIC-NNEP)	16.31%	21.98%	19.42%	18.14%	14.41%	19.24%	17.31%	31.71%	28.47%	40.31%	42.78%
Return on Net Nonoperating Assets (RNNOA)	15.90%	20.11%	16.00%	13.57%	11.02%	14.65%	10.91%	18.64%	17.73%	27.67%	30.16%
Return on Equity (ROE)	32.91%	46.25%	35.83%	32.11%	25.83%	36.17%	28.80%	50.78%	46.33%	59.58%	71.73%
Cash Return on Invested Capital (CROIC)	22.23%	25.69%	19.55%	20.84%	20.91%	16.88%	2.03%	2.94%	5.11%	13.65%	33.97%
Operating Return on Assets (OROA)	10.33%	14.95%	11.68%	11.41%	9.54%	12.74%	8.49%	17.26%	15.40%	16.88%	19.25%
Return on Assets (ROA)	7.36%	8.79%	9.06%	8.27%	6.58%	8.25%	7.12%	12.92%	11.49%	18.24%	15.98%
Return on Common Equity (ROCE)	32.86%	46.20%	35.79%	32.08%	25.80%	36.15%	28.78%	50.73%	46.29%	59.52%	71.64%
Return on Equity Simple (ROE_SIMPLE)	37.39%	0.00%	33.61%	30.85%	35.05%	0.00%	44.64%	50.02%	53.80%	0.00%	65.94%
Net Operating Profit after Tax (NOPAT)	1,298	2,367	1,599	1,466	1,169	1,927	1,194	2,127	1,909	2,470	2,461
NOPAT Margin	6.03%	9.36%	7.19%	6.72%	5.38%	7.73%	5.67%	9.64%	8.33%	9.14%	10.18%
Net Nonoperating Expense Percent (NNEP)	0.70%	4.15%	0.41%	0.41%	0.39%	2.28%	0.58%	0.43%	0.13%	-8.41%	-1.20%
Return On Investment Capital (ROIC_SIMPLE)	3.50%	6.23%	-	-	-	4.87%	-	-	-	6.26%	-
Cost of Revenue to Revenue	20.40%	119.77%	22.30%	75.14%	76.06%	71.48%	80.59%	72.16%	73.40%	73.38%	72.98%
SG&A Expenses to Revenue	67.64%	-34.96%	64.71%	11.88%	12.37%	15.10%	9.05%	11.48%	11.88%	11.52%	10.93%
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	71.87%	-31.33%	68.78%	15.95%	16.51%	18.58%	13.03%	15.23%	15.52%	14.80%	14.13%
Earnings before Interest and Taxes (EBIT)	1,666	2,926	1,985	1,944	1,613	2,477	1,343	2,780	2,541	3,195	3,113
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	2,578	3,845	2,890	2,831	2,511	3,344	2,180	3,608	3,375	4,083	3,887
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	6.00	6.35	6.93	6.88	7.49	7.28	6.63	7.37	7.98	6.87	7.81
Price to Tangible Book Value (P/TBV)	12.25	11.34	12.51	12.23	14.46	13.80	10.44	11.45	12.32	10.65	12.15
Price to Revenue (P/Rev)	1.03	1.16	1.29	1.31	1.41	1.39	1.37	1.53	1.62	1.36	1.31
Price to Earnings (P/E)	16.04	18.35	20.61	22.28	21.37	18.78	14.86	14.73	14.83	11.78	11.85
Dividend Yield	5.94%	5.24%	4.77%	4.75%	4.37%	4.38%	5.31%	4.54%	4.14%	5.48%	4.33%
Earnings Yield	6.23%	5.45%	4.85%	4.49%	4.68%	5.32%	6.73%	6.79%	6.75%	8.49%	8.44%
Enterprise Value to Invested Capital (EV/IC)	3.45	3.82	4.05	4.16	4.38	4.24	4.27	4.87	5.26	4.65	5.45
Enterprise Value to Revenue (EV/Rev)	1.21	1.33	1.46	1.48	1.58	1.56	1.51	1.67	1.75	1.48	1.40
Enterprise Value to EBITDA (EV/EBITDA)	9.08	10.03	11.46	12.22	12.21	11.37	10.64	10.73	11.04	9.10	8.40
Enterprise Value to EBIT (EV/EBIT)	12.94	14.30	16.55	18.00	17.31	15.55	14.30	13.79	13.94	11.31	10.26
Enterprise Value to NOPAT (EV/NOPAT)	16.42	18.40	21.55	23.08	22.16	19.88	18.35	17.88	18.04	14.52	13.13
Enterprise Value to Operating Cash Flow (EV/OCF)	12.09	11.96	14.39	13.34	12.70	13.89	12.63	14.06	14.41	10.50	10.09
Enterprise Value to Free Cash Flow (EV/FCFF)	15.40	14.46	20.63	19.66	20.83	25.77	235.15	188.87	117.26	37.77	16.82
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	1.36	1.27	1.30	1.30	1.18	1.29	1.10	1.04	1.11	0.99	1.20
Long-Term Debt to Equity	1.24	1.16	1.20	1.18	1.11	1.09	0.98	0.97	0.99	0.87	1.05
Financial Leverage	0.98	0.91	0.82	0.75	0.76	0.76	0.63	0.59	0.62	0.69	0.71
Leverage Ratio	4.17	4.14	3.84	3.77	3.78	3.83	3.87	3.86	4.01	4.12	4.66
Compound Leverage Factor	3.81	3.01	3.70	3.62	3.60	3.19	3.65	3.78	3.98	5.77	4.89
Debt to Total Capital	57.67%	55.97%	56.50%	56.56%	54.17%	56.25%	52.41%	50.89%	52.53%	49.82%	54.50%
Short-Term Debt to Total Capital	5.01%	4.83%	4.14%	5.11%	3.15%	8.46%	5.57%	3.46%	5.52%	5.93%	6.91%
Long-Term Debt to Total Capital	52.66%	51.14%	52.36%	51.45%	51.02%	47.79%	46.85%	47.43%	47.01%	43.89%	47.59%
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	0.06%	0.07%	0.07%	0.06%	0.07%	0.02%	0.03%	0.04%	0.04%	0.04%	0.05%
Common Equity to Total Capital	42.26%	43.96%	43.43%	43.38%	45.77%	43.73%	47.56%	49.07%	47.44%	50.14%	45.44%
Debt to EBITDA	1.76	1.76	1.89	2.04	1.72	1.78	1.59	1.39	1.42	1.21	1.21
Net Debt to EBITDA	1.34	1.24	1.37	1.44	1.33	1.29	1.05	0.86	0.82	0.74	0.53
Long-Term Debt to EBITDA	1.61	1.61	1.76	1.86	1.62	1.51	1.43	1.29	1.27	1.06	1.05
Debt to NOPAT	3.18	3.24	3.56	3.86	3.12	3.11	2.75	2.31	2.32	1.93	1.89
Net Debt to NOPAT	2.43	2.27	2.58	2.72	2.42	2.26	1.80	1.44	1.34	1.18	0.83
Long-Term Debt to NOPAT	2.90	2.96	3.30	3.51	2.94	2.64	2.46	2.16	2.08	1.70	1.65
Altman Z-Score	2.91	3.10	3.25	3.21	3.36	3.26	3.35	3.77	3.83	3.64	3.64
Noncontrolling Interest Sharing Ratio	0.15%	0.10%	0.11%	0.11%	0.11%	0.07%	0.09%	0.11%	0.09%	0.10%	0.12%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.09	1.17	1.14	1.25	1.10	1.10	1.22	1.32	1.34	1.22	1.39
Quick Ratio	0.95	1.05	1.01	1.03	0.96	0.98	1.06	1.19	1.21	1.11	1.26
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,743	4,164	1,872	2,467	1,579	291	-5,891	-5,996	-6,186	-3,809	98
Operating Cash Flow to CapEx	285.82%	301.91%	177.70%	217.10%	324.46%	117.67%	173.24%	277.62%	390.23%	133.76%	279.48%
Free Cash Flow to Firm to Interest Expense	7.85	0.00	8.14	0.00	8.10	0.00	-29.60	0.00	-32.90	0.00	0.55
Operating Cash Flow to Interest Expense	10.44	0.00	6.51	0.00	17.01	0.00	11.22	0.00	12.54	0.00	14.01
Operating Cash Flow Less CapEx to Interest Expense	6.79	0.00	2.85	0.00	11.76	0.00	4.74	0.00	9.32	0.00	8.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.34	1.29	1.31	1.28	1.28	1.28	1.33	1.37	1.39	1.43	1.49
Accounts Receivable Turnover	9.35	8.25	9.72	9.61	9.04	7.64	9.11	9.17	9.20	7.99	9.42
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	2.44	2.46	2.47	2.46	2.49	2.54	2.67	2.79	2.88	2.94	3.04
Accounts Payable Turnover	12.48	10.78	9.78	11.89	11.49	9.75	10.95	10.60	10.82	9.74	11.16
Days Sales Outstanding (DSO)	39.03	44.26	37.54	38.00	40.37	47.75	40.07	39.82	39.68	45.70	38.73
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)	29.26	33.85	37.31	30.69	31.76	37.45	33.33	34.45	33.74	37.47	32.71
Cash Conversion Cycle (CCC)	9.77	10.41	0.24	7.31	8.61	10.31	6.74	5.37	5.94	8.23	6.02
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	31,988	31,709	32,754	31,916	32,433	33,506	33,027	32,917	32,843	31,870	25,942
Invested Capital Turnover	2.82	2.79	2.76	2.76	2.75	2.78	3.16	3.33	3.43	3.49	4.08
Increase / (Decrease) in Invested Capital	-445	-1,797	-273	-1,001	-410	1,636	7,085	8,123	8,095	6,279	2,363
Enterprise Value (EV)	110,278	121,082	132,683	132,779	142,146	142,182	140,989	160,390	172,640	148,090	141,502
Market Capitalization	93,950	106,091	116,786	117,083	126,622	125,982	127,130	147,492	159,835	136,006	132,528
Book Value per Share	$18.33	$19.59	$19.68	$19.91	$19.76	$20.31	$22.43	$23.31	$23.33	$22.88	$19.53
Tangible Book Value per Share	$8.98	$10.96	$10.90	$11.19	$10.23	$10.72	$14.25	$15.00	$15.11	$14.76	$12.55
Total Capital	37,053	38,027	38,814	39,258	36,946	39,578	40,305	40,800	42,241	39,465	37,338
Total Debt	21,369	21,284	21,930	22,205	20,013	22,264	21,125	20,763	22,188	19,662	20,350
Total Long-Term Debt	19,511	19,446	20,324	20,197	18,849	18,916	18,882	19,351	19,856	17,321	17,769
Net Debt	16,304	14,966	15,870	15,673	15,500	16,192	13,847	12,880	12,790	12,067	8,954
Capital Expenditures (CapEx)	811	1,098	843	918	1,022	2,049	1,289	1,166	604	2,491	887
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-1,777	-1,611	-2,271	-786	-1,868	-987	-1,601	-1,718	-1,603	-1,177	-1,876
Debt-free Net Working Capital (DFNWC)	3,288	4,707	3,789	5,746	2,645	5,085	5,677	6,165	7,795	6,418	9,500
Net Working Capital (NWC)	1,430	2,869	2,183	3,738	1,481	1,737	3,434	4,753	5,463	4,077	6,919
Net Nonoperating Expense (NNE)	111	646	60	57	56	322	67	46	14	-983	-123
Net Nonoperating Obligations (NNO)	16,304	14,966	15,870	14,863	15,500	16,192	13,847	12,880	12,790	12,067	8,954
Total Depreciation and Amortization (D&A)	912	919	905	887	898	867	837	828	834	888	774
Debt-free, Cash-free Net Working Capital to Revenue	-1.95%	-1.77%	-2.50%	-0.88%	-2.08%	-1.09%	-1.72%	-1.79%	-1.62%	-1.17%	-1.86%
Debt-free Net Working Capital to Revenue	3.62%	5.17%	4.18%	6.42%	2.95%	5.59%	6.10%	6.41%	7.88%	6.40%	9.40%
Net Working Capital to Revenue	1.57%	3.15%	2.41%	4.18%	1.65%	1.91%	3.69%	4.94%	5.52%	4.06%	6.85%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$1.40	$2.01	$1.80	$1.65	$1.30	$1.88	$1.31	$2.42	$2.20	$3.98	$2.97
Adjusted Weighted Average Basic Shares Outstanding	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
Adjusted Diluted Earnings per Share	$1.40	$2.00	$1.80	$1.65	$1.30	$1.88	$1.31	$2.42	$2.19	$3.96	$2.96
Adjusted Weighted Average Diluted Shares Outstanding	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
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	846.80M	854.17M	853.37M	856.58M	855.56M	852.65M	851.93M	854.45M	858.89M	1.72B	864.92M
Normalized Net Operating Profit after Tax (NOPAT)	1,298	2,367	1,599	1,466	1,169	1,927	1,194	2,127	1,909	2,470	2,461
Normalized NOPAT Margin	6.03%	9.36%	7.19%	6.72%	5.38%	7.73%	5.67%	9.64%	8.33%	9.14%	10.18%
Pre Tax Income Margin	7.07%	8.41%	8.59%	8.57%	7.08%	8.28%	6.02%	12.33%	11.00%	16.52%	13.53%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	7.50	0.00	8.63	0.00	8.27	0.00	6.75	0.00	13.52	0.00	17.59
NOPAT to Interest Expense	5.85	0.00	6.95	0.00	5.99	0.00	6.00	0.00	10.16	0.00	13.90
EBIT Less CapEx to Interest Expense	3.85	0.00	4.97	0.00	3.03	0.00	0.27	0.00	10.30	0.00	12.58
NOPAT Less CapEx to Interest Expense	2.20	0.00	3.29	0.00	0.75	0.00	-0.48	0.00	6.94	0.00	8.89
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	92.20%	93.38%	95.08%	102.40%	90.65%	80.08%	62.02%	52.33%	48.03%	44.28%	42.02%
Augmented Payout Ratio	117.81%	102.02%	103.90%	116.71%	115.95%	113.63%	103.58%	89.84%	85.10%	74.59%	61.63%

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 9 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 $4.84 billion in 2015. 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 revenue changed over the last 9 years?

Over the last 9 years, United Parcel Service's total revenue changed from $58.36 billion in 2015 to $91.07 billion in 2024, a change of 56.0%.

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 48.9% increase since 2015.

How much cash does United Parcel Service have?

In the past 9 years, United Parcel Service's cash and equivalents has ranged from $2.73 billion in 2015 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 9 years?

Over the last 9 years, United Parcel Service's book value per share changed from 2.77 in 2015 to 19.59 in 2024, a change of 606.2%.

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This page (NYSE:UPS) was last updated on 5/28/2025 by MarketBeat.com Staff

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United Parcel Service (UPS) Financials

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