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United Parcel Service (UPS) Financials

United Parcel Service logo
$100.37 -0.41 (-0.41%)
As of 10:07 AM Eastern
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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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782 5,572
Consolidated Net Income / (Loss)		 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782 5,572
Net Income / (Loss) Continuing Operations		 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782 5,572
Total Pre-Tax Income 		7,342 5,121 7,137 6,019 5,652 1,844 16,595 14,825 8,573 7,442 7,164
Total Operating Income		 7,668 7,688 7,529 7,024 7,798 7,684 12,810 13,094 9,141 8,468 7,867
Total Gross Profit		 14,388 14,531 14,866 14,696 17,915 20,347 26,002 27,086 23,432 22,905 22,883
Total Revenue		 58,363 61,610 66,585 71,861 74,094 84,628 97,287 100,338 90,958 91,070 88,661
Operating Revenue		 58,363 61,610 66,585 71,861 74,094 84,628 97,287 100,338 90,958 91,070 88,661
Total Cost of Revenue		 43,975 47,079 51,719 57,165 56,179 64,281 71,285 73,252 67,526 68,165 65,778
Operating Cost of Revenue		 43,975 47,079 51,719 57,165 56,179 64,281 71,285 73,252 67,526 68,165 65,778
Total Operating Expenses		 6,720 6,843 7,337 7,672 10,117 12,663 13,192 13,992 14,291 14,437 15,016
Selling, General & Admin Expense		 4,636 4,619 5,055 5,465 7,757 9,965 10,239 10,804 8,097 7,888 8,163
Depreciation Expense		 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609 3,746
Other Operating Expenses / (Income)		 - - - - - - - - 2,828 2,940 3,107
Total Other Income / (Expense), net		 -326 -2,567 -392 -1,005 -2,146 -5,840 3,785 1,731 -568 -1,026 -703
Interest Expense		 341 381 453 605 653 701 694 - 787 866 1,017
Other Income / (Expense), net		 - - - - - - - - 219 -160 314
Income Tax Expense		 2,498 1,699 2,232 1,228 1,212 501 3,705 3,277 1,865 1,660 1,592
Basic Earnings per Share		 $5.38 $3.88 $5.63 $5.53 $5.14 $1.55 $14.75 $13.26 $7.81 $6.76 $6.56
Weighted Average Basic Shares Outstanding		 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
Diluted Earnings per Share		 $5.35 $3.86 $5.61 $5.51 $5.11 $1.54 $14.68 $13.20 $7.80 $6.75 $6.56
Weighted Average Diluted Shares Outstanding		 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
Weighted Average Basic & Diluted Shares Outstanding		 901M 870.03M 871M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
Cash Dividends to Common per Share		 - - - - - - $4.08 $6.08 $6.48 $6.52 $6.56

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283 1,311 1,791 864
Consolidated Net Income / (Loss)		 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283 1,311 1,791 864
Net Income / (Loss) Continuing Operations		 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283 1,311 1,791 864
Total Pre-Tax Income 		1,268 2,063 1,536 1,869 1,910 2,127 1,523 1,662 1,607 2,372 1,124
Total Operating Income		 1,343 2,477 1,613 1,944 1,985 2,926 1,666 1,822 1,804 2,575 1,267
Total Gross Profit		 4,087 7,107 16,836 5,424 5,330 -5,001 5,324 5,471 5,215 -4,954 5,136
Total Revenue		 21,061 24,917 21,706 21,818 22,245 25,301 21,546 21,221 21,415 24,479 21,202
Operating Revenue		 21,061 24,917 21,706 21,818 22,245 25,301 21,546 21,221 21,415 24,479 21,202
Total Cost of Revenue		 16,974 17,810 4,870 16,394 16,915 30,302 16,222 15,750 16,200 29,433 16,066
Operating Cost of Revenue		 16,974 17,810 4,870 16,394 16,915 30,302 16,222 15,750 16,200 29,433 16,066
Total Operating Expenses		 2,744 4,630 15,223 3,480 3,345 -7,927 3,658 3,649 3,411 -7,529 3,869
Selling, General & Admin Expense		 1,907 3,763 14,325 2,593 2,440 -8,846 2,746 2,713 2,485 -11,608 2,884
Depreciation Expense		 837 867 898 887 905 919 912 936 926 972 985
Total Other Income / (Expense), net		 -75 -414 -77 -75 -75 -799 -143 -160 -197 -203 -143
Interest Expense		 199 - 195 212 230 - 222 238 291 266 266
Interest & Investment Income		 124 - 118 137 155 - 79 78 94 - 123
Income Tax Expense		 141 458 423 460 371 406 336 379 296 581 260
Basic Earnings per Share		 $1.31 $1.88 $1.30 $1.65 $1.80 $2.01 $1.40 $1.51 $1.55 $2.10 $1.02
Weighted Average Basic Shares Outstanding		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
Diluted Earnings per Share		 $1.31 $1.88 $1.30 $1.65 $1.80 $2.00 $1.40 $1.51 $1.55 $2.10 $1.02
Weighted Average Diluted Shares Outstanding		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
Weighted Average Basic & Diluted Shares Outstanding		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
Cash Dividends to Common per Share		 $1.62 - $1.63 - - - $1.64 - - - $1.64

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Net Change in Cash & Equivalents		 439 749 -205 689 871 672 4,345 -4,653 -2,396 2,906 -225
Net Cash From Operating Activities		 7,430 6,473 1,479 12,711 8,639 10,459 15,007 14,104 10,238 10,122 8,450
Net Cash From Continuing Operating Activities		 7,430 6,473 1,479 12,711 8,639 10,459 15,007 14,104 10,238 10,122 8,450
Net Income / (Loss) Continuing Operations		 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782 5,572
Consolidated Net Income / (Loss)		 4,844 3,422 4,905 4,791 4,440 1,343 12,890 11,548 6,708 5,782 5,572
Depreciation Expense		 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609 3,746
Non-Cash Adjustments To Reconcile Net Income		 349 1,450 -5,530 2,983 1,768 5,713 -2,017 -780 422 460 -166
Changes in Operating Assets and Liabilities, net		 153 -623 -178 2,730 71 705 1,181 148 -258 271 -702
Net Cash From Investing Activities		 -5,309 -2,563 -4,971 -6,330 -6,061 -5,283 -3,818 -7,472 -7,133 -217 -4,735
Net Cash From Continuing Investing Activities		 -5,309 -2,563 -4,971 -6,330 -6,061 -5,283 -3,818 -7,472 -7,133 -217 -4,735
Purchase of Property, Plant & Equipment		 -2,379 -2,965 -5,227 -6,283 -6,380 -5,412 -4,194 -4,769 -5,158 -3,909 -3,685
Acquisitions		 -1,904 -547 -134 -2.00 -6.00 -20 -602 -755 -1,329 -71 -1,968
Purchase of Investments		 -7,415 -4,813 -1,630 -973 -561 -210 -312 -1,906 -3,521 -76 -90
Sale of Property, Plant & Equipment		 26 88 24 37 65 40 872 12 193 1,115 700
Sale and/or Maturity of Investments		 6,393 5,733 1,995 890 896 360 366 255 2,701 2,748 293
Other Investing Activities, net		 -30 -59 1.00 1.00 -75 -41 52 -309 -19 -24 15
Net Cash From Financing Activities		 -1,565 -3,140 3,287 -5,692 -1,727 -4,517 -6,823 -11,185 -5,534 -6,850 -4,141
Net Cash From Continuing Financing Activities		 -1,565 -3,140 3,287 -5,692 -1,727 -4,517 -6,823 -11,185 -5,534 -6,850 -4,141
Repayment of Debt		 -370 -3,991 -4,392 -3,175 -2,952 -6,207 -3,137 -2,833 -1,589 -3,968 -2,055
Repurchase of Common Equity		 -2,702 -2,678 -1,813 -1,011 -1,004 -224 -500 -3,500 -2,250 -500 -1,000
Payment of Dividends		 -2,525 -2,643 -2,771 -3,011 -3,194 -3,374 -3,437 -5,114 -5,372 -5,399 -5,398
Issuance of Debt		 3,783 5,927 12,016 1,265 5,205 5,003 0.00 0.00 3,429 2,785 4,153
Issuance of Common Equity		 249 245 247 240 218 285 251 262 248 232 159
Effect of Exchange Rate Changes		 -117 -21 - - - 13 -21 -100 33 -149 201

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 -501 -1,105 1,168 1,945 -464 257 -1,310 1,392 570 -877 -85
Net Cash From Operating Activities		 2,233 2,411 3,316 1,993 1,498 3,315 2,318 348 2,482 3,302 2,224
Net Cash From Continuing Operating Activities		 2,233 2,411 3,316 1,993 1,498 3,315 2,318 348 2,482 3,302 2,224
Net Income / (Loss) Continuing Operations		 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283 1,311 1,791 864
Consolidated Net Income / (Loss)		 1,127 1,605 1,113 1,409 1,539 1,721 1,187 1,283 1,311 1,791 864
Depreciation Expense		 837 867 898 887 905 919 912 936 926 972 985
Non-Cash Adjustments To Reconcile Net Income		 337 781 311 226 -1,157 1,080 233 -560 -362 523 233
Changes in Operating Assets and Liabilities, net		 -68 -842 994 -529 211 -405 -14 -1,311 607 16 142
Net Cash From Investing Activities		 -1,070 -3,204 1,566 -913 187 -1,057 -1,355 -923 -456 -2,001 -944
Net Cash From Continuing Investing Activities		 -1,070 -3,204 1,566 -913 187 -1,057 -1,355 -923 -456 -2,001 -944
Purchase of Property, Plant & Equipment		 -1,289 -2,049 -1,035 -933 -843 -1,098 -876 -1,123 -970 -716 -1,031
Acquisitions		 -5.00 -1,290 -44 -22 - -5.00 -478 -1.00 - -1,489 0.00
Purchase of Investments		 -377 -174 -50 -2.00 - -24 -90 - - - 0.00
Sale of Property, Plant & Equipment		 - - 13 15 - - 65 26 494 115 82
Sale and/or Maturity of Investments		 494 304 2,696 19 10 23 34 171 24 64 0.00
Other Investing Activities, net		 -10 -21 -14 10 -22 2.00 -10 4.00 -4.00 25 5.00
Net Cash From Financing Activities		 -1,603 -349 -3,666 899 -2,236 -1,847 -2,313 1,794 -1,428 -2,194 -1,328
Net Cash From Continuing Financing Activities		 -1,603 -349 -3,666 899 -2,236 -1,847 -2,313 1,794 -1,428 -2,194 -1,328
Repayment of Debt		 -39 463 -2,372 -610 -441 -545 -45 -1,032 -111 -867 -4.00
Repurchase of Common Equity		 -752 - 0.00 - -500 - -1,000 - - - 0.00
Payment of Dividends		 -1,341 -1,338 -1,348 -1,353 -1,348 -1,350 -1,348 -1,349 -1,348 -1,353 -1,352
Issuance of Debt		 458 468 0.00 2,785 - - 25 4,128 - - 0.00
Issuance of Common Equity		 71 58 54 77 53 48 55 47 31 26 28
Effect of Exchange Rate Changes		 - - -48 -24 77 -154 40 173 -28 16 -37

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
Total Assets		 38,311 40,377 45,574 50,016 57,857 62,408 69,405 71,124 70,857 70,070 73,090
Total Current Assets		 13,208 13,849 15,718 16,210 17,103 20,216 24,934 22,217 19,413 19,310 19,045
Cash & Equivalents		 2,730 3,476 3,320 4,225 5,238 5,910 10,255 5,602 3,206 6,112 5,887
Accounts Receivable		 7,134 7,695 8,773 8,958 9,552 10,750 12,541 12,583 11,216 10,871 11,209
Other Current Assets		 1,348 954 1,303 1,277 1,810 1,953 1,800 2,039 2,125 2,327 1,949
Plant, Property, & Equipment, net		 18,352 18,800 22,118 26,576 30,482 0.00 33,475 34,719 36,945 37,179 37,731
Total Noncurrent Assets		 6,751 7,728 7,738 7,230 10,272 42,192 10,996 14,188 14,499 13,581 16,314
Goodwill		 3,419 3,757 3,872 3,811 3,813 3,367 3,692 4,223 4,872 4,300 5,837
Intangible Assets		 1,549 1,758 1,964 2,075 2,167 2,274 2,486 2,796 3,305 3,064 4,021
Noncurrent Deferred & Refundable Income Taxes		 255 591 266 141 330 527 176 139 126 112 140
Other Noncurrent Operating Assets		 1,055 1,146 1,153 1,033 3,938 35,999 4,642 7,030 6,196 6,105 6,316
Total Liabilities & Shareholders' Equity		 38,311 40,377 45,574 50,016 57,857 62,408 69,405 71,124 70,857 70,070 73,090
Total Liabilities		 35,820 39,948 44,550 46,979 54,574 61,739 55,136 51,321 53,543 53,327 56,835
Total Current Liabilities		 10,696 11,730 12,886 14,087 15,413 17,016 17,569 18,140 17,676 16,441 15,620
Short-Term Debt		 3,018 3,681 4,011 2,805 3,420 2,623 2,131 2,341 3,348 1,838 608
Accounts Payable		 2,587 3,042 3,934 5,188 5,555 6,455 7,523 7,515 6,340 6,302 6,633
Accrued Expenses		 525 598 677 715 793 927 1,038 1,078 1,479 1,390 1,389
Current Employee Benefit Liabilities		 2,253 2,317 2,608 3,047 2,552 3,569 3,819 4,049 3,224 3,655 3,715
Other Current Liabilities		 2,313 2,092 1,656 2,332 3,093 3,442 3,058 3,157 3,285 3,256 3,275
Total Noncurrent Liabilities		 25,124 28,218 31,664 32,892 39,161 44,723 37,567 33,181 35,867 36,886 41,215
Long-Term Debt		 11,316 12,394 20,278 19,931 21,818 22,031 19,784 17,321 18,916 19,446 23,519
Noncurrent Deferred & Payable Income Tax Liabilities		 115 112 756 1,619 1,632 488 3,125 4,302 3,772 3,595 3,690
Noncurrent Employee Benefit Liabilities		 10,638 12,694 7,061 8,347 10,601 15,817 8,047 4,807 6,159 6,859 6,567
Other Noncurrent Operating Liabilities		 1,224 1,224 1,804 1,424 5,110 6,387 6,611 6,751 7,020 6,986 7,439
Total Equity & Noncontrolling Interests		 2,491 429 1,024 3,037 3,283 669 14,269 19,803 17,314 16,743 16,255
Total Preferred & Common Equity		 2,470 405 994 3,021 3,276 657 14,253 19,786 17,306 16,718 16,227
Total Common Equity		 2,470 405 994 3,012 3,267 657 14,253 19,786 17,306 16,718 16,227
Common Stock		 9.00 9.00 9.00 0.00 159 874 1,352 9.00 9.00 145 284
Retained Earnings		 6,001 4,879 5,852 8,006 9,105 6,896 16,179 21,326 21,055 20,882 20,151
Accumulated Other Comprehensive Income / (Loss)		 -3,540 -4,483 -4,867 -4,994 -5,997 -7,113 -3,278 -1,549 -3,758 -4,309 -4,208
Other Equity Adjustments		 51 45 37 32 26 20 16 0.00 0.00 0.00 0.00
Noncontrolling Interest		 21 24 30 16 16 12 16 17 8.00 25 28

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 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 9/30/2025 3/31/2026
Total Assets		 70,347 70,281 70,857 67,628 69,418 68,263 70,070 68,466 70,923 71,392 71,809
Total Current Assets		 19,439 19,251 19,413 16,177 18,823 17,264 19,310 17,090 18,850 18,985 17,794
Cash & Equivalents		 4,812 4,311 3,206 4,281 6,319 5,855 6,112 4,802 6,194 6,764 5,802
Accounts Receivable		 9,587 9,461 11,216 9,554 9,048 9,195 10,871 9,887 10,430 9,967 9,948
Other Current Assets		 1,969 2,512 2,125 1,212 2,060 2,009 2,121 2,138 2,134 2,254 2,044
Plant, Property, & Equipment, net		 35,501 36,013 36,945 37,168 37,129 37,389 37,179 37,250 37,711 37,743 38,029
Total Noncurrent Assets		 15,407 15,017 14,499 14,283 13,466 13,610 13,581 14,126 14,362 14,664 15,986
Goodwill		 4,250 4,097 4,872 4,846 4,350 4,411 4,300 4,691 4,806 4,810 5,796
Intangible Assets		 2,890 2,892 3,305 3,308 3,106 3,108 3,064 3,301 3,356 3,455 3,981
Noncurrent Deferred & Refundable Income Taxes		 137 127 126 126 123 125 112 135 142 158 154
Other Noncurrent Operating Assets		 8,130 7,901 6,196 6,003 5,887 5,966 6,105 5,999 6,058 6,241 6,055
Total Liabilities & Shareholders' Equity		 70,347 70,281 70,857 67,628 69,418 68,263 70,070 68,466 70,923 71,392 71,809
Total Liabilities		 50,310 51,101 53,543 50,695 52,365 51,379 53,327 52,782 55,146 55,544 56,018
Total Current Liabilities		 14,686 15,817 17,676 14,696 15,085 15,081 16,441 15,660 14,240 14,552 14,674
Short-Term Debt		 1,412 2,243 3,348 1,164 2,008 1,606 1,838 1,858 920 932 637
Accounts Payable		 6,085 5,972 6,340 5,397 5,299 5,410 6,302 5,454 6,040 5,784 5,913
Accrued Expenses		 1,200 1,306 1,479 1,573 1,202 1,239 1,390 1,549 1,079 1,221 1,414
Current Employee Benefit Liabilities		 2,962 3,341 3,224 3,217 3,308 3,527 3,655 3,271 3,223 3,476 3,238
Other Current Liabilities		 3,027 2,955 3,285 3,345 2,895 3,299 3,256 2,563 2,978 3,139 3,472
Total Noncurrent Liabilities		 35,624 35,284 35,867 35,999 37,280 36,298 36,886 37,122 40,906 40,992 41,344
Long-Term Debt		 19,351 18,882 18,916 18,849 20,197 20,324 19,446 19,511 23,820 23,850 23,749
Noncurrent Deferred & Payable Income Tax Liabilities		 4,421 4,601 3,772 3,825 3,841 3,761 3,595 3,598 3,489 3,581 3,772
Noncurrent Employee Benefit Liabilities		 4,635 4,670 6,159 6,323 6,449 5,384 6,859 7,016 6,398 6,187 6,665
Other Noncurrent Operating Liabilities		 7,217 7,131 7,020 7,002 6,793 6,829 6,986 6,997 7,199 7,374 7,158
Total Equity & Noncontrolling Interests		 20,037 19,180 17,314 16,933 17,053 16,884 16,743 15,684 15,777 15,848 15,791
Total Preferred & Common Equity		 20,019 19,168 17,306 16,909 17,030 16,857 16,718 15,660 15,750 15,823 15,763
Total Common Equity		 20,019 19,168 17,306 16,909 17,030 16,857 16,718 15,660 15,750 15,823 15,763
Common Stock		 9.00 9.00 9.00 9.00 145 9.00 145 9.00 93 187 391
Retained Earnings		 21,584 20,699 21,055 20,681 20,692 20,552 20,882 19,939 19,832 19,753 19,622
Accumulated Other Comprehensive Income / (Loss)		 -1,574 -1,540 -3,758 -3,781 -3,807 -3,704 -4,309 -4,288 -4,175 -4,117 -4,250
Other Equity Adjustments		 9.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Noncontrolling Interest		 18 12 8.00 24 23 27 25 24 27 25 28

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 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 12/31/2025
DEI Shares Outstanding		 - - - - - - - - - - 848,385,599.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 848,385,599.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 6.57
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 0.23% 5.56% 8.08% 7.92% 3.11% 14.22% 14.96% 3.14% -9.35% 0.12% -2.65%
EBITDA Growth		 41.52% 1.64% -1.02% -5.91% 10.04% 2.21% 51.83% 3.29% -23.19% -3.44% 0.08%
EBIT Growth		 54.35% 0.26% -2.07% -6.71% 11.02% -1.46% 66.71% 2.22% -30.19% -7.36% -1.53%
NOPAT Growth		 55.74% 1.55% 0.72% 8.05% 9.57% -8.64% 77.80% 2.51% -29.88% -8.02% -7.00%
Net Income Growth		 59.76% -29.36% 43.34% -2.32% -7.33% -69.75% 859.79% -10.41% -41.91% -13.80% -3.63%
EPS Growth		 63.11% -27.85% 45.34% -1.78% -7.26% -69.86% 853.25% -10.08% -40.91% -13.46% -2.81%
Operating Cash Flow Growth		 29.76% -12.88% -77.15% 759.43% -32.04% 21.07% 43.48% -6.02% -27.41% -1.13% -16.52%
Free Cash Flow Firm Growth		 -54.85% 104.09% -177.81% 240.20% -31.92% 168.35% -79.71% 82.86% 40.70% 51.84% -56.69%
Invested Capital Growth		 26.85% -1.42% 81.14% -0.93% 10.64% -21.84% 43.89% 24.54% 5.13% -5.36% 8.08%
Revenue Q/Q Growth		 0.27% 2.63% 2.05% 1.23% 0.98% 5.39% 3.05% -0.73% -2.27% 0.42% -0.92%
EBITDA Q/Q Growth		 15.94% -2.33% 3.17% -1.16% 2.15% -0.13% 13.67% -3.34% -5.58% 4.33% 0.13%
EBIT Q/Q Growth		 20.36% -3.25% 3.72% -0.83% 1.68% -1.23% 16.92% -5.05% -7.28% 5.60% -0.45%
NOPAT Q/Q Growth		 20.83% -1.48% 4.79% -0.54% 2.15% -6.88% 17.50% -5.33% -6.92% 6.83% -6.37%
Net Income Q/Q Growth		 22.14% -31.57% 37.74% -11.83% -11.18% -70.70% 99.85% 3.22% -21.60% 2.05% 1.27%
EPS Q/Q Growth		 22.99% -31.44% 37.84% -11.84% -11.13% -70.72% 100.27% 3.53% -21.05% 1.81% 1.55%
Operating Cash Flow Q/Q Growth		 -6.54% 1.49% -73.25% 96.07% -3.82% -14.47% 16.00% 0.61% -8.25% 9.81% -0.15%
Free Cash Flow Firm Q/Q Growth		 -54.33% 58.69% -345.46% 3,937.99% 57.02% 21.18% -69.14% -53.39% 820.05% 30.24% -34.74%
Invested Capital Q/Q Growth		 12.04% -6.44% 33.88% -3.34% -8.12% -19.37% 8.53% 22.85% 1.45% -3.19% 1.86%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 24.65% 23.59% 22.33% 20.45% 24.18% 24.04% 26.73% 26.99% 25.76% 25.15% 25.81%
EBITDA Margin		 16.71% 16.09% 14.73% 12.85% 13.71% 12.27% 16.20% 16.23% 13.75% 13.26% 13.45%
Operating Margin		 13.14% 12.48% 11.31% 9.77% 10.52% 9.08% 13.17% 13.05% 10.05% 9.30% 8.87%
EBIT Margin		 13.14% 12.48% 11.31% 9.77% 10.52% 9.08% 13.17% 13.05% 10.05% 9.30% 9.23%
Profit (Net Income) Margin		 8.30% 5.55% 7.37% 6.67% 5.99% 1.59% 13.25% 11.51% 7.37% 6.35% 6.28%
Tax Burden Percent		 65.98% 66.82% 68.73% 79.60% 78.56% 72.83% 77.67% 77.90% 78.25% 77.69% 77.78%
Interest Burden Percent		 95.75% 66.61% 94.79% 85.69% 72.48% 24.00% 129.55% 113.22% 93.79% 87.88% 87.57%
Effective Tax Rate		 34.02% 33.18% 31.27% 20.40% 21.44% 27.17% 22.33% 22.10% 21.75% 22.31% 22.22%
Return on Invested Capital (ROIC)		 48.67% 44.50% 32.12% 27.06% 28.28% 27.61% 45.88% 35.50% 21.88% 20.18% 18.43%
ROIC Less NNEP Spread (ROIC-NNEP)		 46.00% 27.49% 30.37% 22.76% 19.17% 4.36% 66.55% 47.03% 18.74% 15.06% 15.15%
Return on Net Nonoperating Assets (RNNOA)		 159.72% 189.88% 643.04% 208.90% 112.23% 40.36% 126.70% 32.28% 14.26% 13.78% 15.34%
Return on Equity (ROE)		 208.39% 234.38% 675.15% 235.95% 140.51% 67.97% 172.58% 67.79% 36.15% 33.95% 33.77%
Cash Return on Invested Capital (CROIC)		 24.99% 45.93% -25.61% 27.99% 18.18% 52.13% 9.89% 13.65% 16.88% 25.69% 10.66%
Operating Return on Assets (OROA)		 20.79% 19.54% 17.52% 14.70% 14.46% 12.78% 19.44% 18.64% 12.88% 12.02% 11.43%
Return on Assets (ROA)		 13.14% 8.70% 11.41% 10.02% 8.23% 2.23% 19.56% 16.44% 9.45% 8.21% 7.78%
Return on Common Equity (ROCE)		 206.69% 230.77% 650.06% 232.76% 139.59% 67.48% 172.26% 67.72% 36.12% 33.92% 33.72%
Return on Equity Simple (ROE_SIMPLE)		 196.11% 844.94% 493.46% 158.59% 135.53% 204.41% 90.44% 58.36% 38.76% 34.59% 0.00%
Net Operating Profit after Tax (NOPAT)		 5,059 5,137 5,174 5,591 6,126 5,596 9,950 10,200 7,152 6,579 6,119
NOPAT Margin		 8.67% 8.34% 7.77% 7.78% 8.27% 6.61% 10.23% 10.17% 7.86% 7.22% 6.90%
Net Nonoperating Expense Percent (NNEP)		 2.66% 17.01% 1.75% 4.29% 9.11% 23.25% -20.68% -11.53% 3.15% 5.12% 3.27%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 25.84% 18.07% 17.30% 15.15%
Cost of Revenue to Revenue		 75.35% 76.41% 77.67% 79.55% 75.82% 75.96% 73.27% 73.01% 74.24% 74.85% 74.19%
SG&A Expenses to Revenue		 7.94% 7.50% 7.59% 7.61% 10.47% 11.78% 10.52% 10.77% 12.01% 11.89% 9.21%
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		 11.51% 11.11% 11.02% 10.68% 13.65% 14.96% 13.56% 13.94% 15.71% 15.85% 16.94%
Earnings before Interest and Taxes (EBIT)		 7,668 7,688 7,529 7,024 7,798 7,684 12,810 13,094 9,141 8,468 8,181
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 9,752 9,912 9,811 9,231 10,158 10,382 15,763 16,282 12,507 12,077 11,927
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 26.72 195.99 84.49 23.50 26.87 200.13 11.93 6.87 7.28 6.35 5.11
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 21.05 10.65 13.80 11.34 13.03
Price to Revenue (P/Rev)		 1.13 1.29 1.26 0.98 1.18 1.55 1.75 1.36 1.39 1.16 0.94
Price to Earnings (P/E)		 13.62 23.20 17.12 14.77 19.77 97.91 13.19 11.78 18.78 18.35 14.89
Dividend Yield		 3.94% 3.43% 3.41% 4.42% 3.75% 2.66% 2.09% 5.48% 4.38% 5.24% 6.71%
Earnings Yield		 7.34% 4.31% 5.84% 6.77% 5.06% 1.02% 7.58% 8.49% 5.32% 5.45% 6.71%
Enterprise Value to Invested Capital (EV/IC)		 6.46 7.89 5.00 4.29 4.71 8.42 7.09 4.65 4.24 3.82 2.94
Enterprise Value to Revenue (EV/Rev)		 1.29 1.47 1.56 1.23 1.45 1.77 1.86 1.48 1.56 1.33 1.14
Enterprise Value to EBITDA (EV/EBITDA)		 7.71 9.12 10.57 9.57 10.56 14.43 11.50 9.10 11.37 10.03 8.49
Enterprise Value to EBIT (EV/EBIT)		 9.80 11.76 13.78 12.57 13.76 19.50 14.16 11.31 15.55 14.30 12.38
Enterprise Value to NOPAT (EV/NOPAT)		 14.86 17.60 20.05 15.80 17.51 26.77 18.22 14.52 19.88 18.40 16.55
Enterprise Value to Operating Cash Flow (EV/OCF)		 10.12 13.97 70.15 6.95 12.42 14.32 12.08 10.50 13.89 11.96 11.98
Enterprise Value to Free Cash Flow (EV/FCFF)		 28.93 17.06 0.00 15.27 27.24 14.18 84.57 37.77 25.77 14.46 28.62
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 5.75 37.47 23.72 7.49 7.69 36.85 1.54 0.99 1.29 1.27 1.48
Long-Term Debt to Equity		 4.54 28.89 19.80 6.56 6.65 32.93 1.39 0.87 1.09 1.16 1.45
Financial Leverage		 3.47 6.91 21.18 9.18 5.86 9.26 1.90 0.69 0.76 0.91 1.01
Leverage Ratio		 15.86 26.95 59.15 23.54 17.07 30.43 8.82 4.12 3.83 4.14 4.34
Compound Leverage Factor		 15.19 17.95 56.07 20.17 12.37 7.30 11.43 4.67 3.59 3.64 3.80
Debt to Total Capital		 85.19% 97.40% 95.95% 88.22% 88.49% 97.36% 60.57% 49.82% 56.25% 55.97% 59.75%
Short-Term Debt to Total Capital		 17.94% 22.30% 15.85% 10.88% 11.99% 10.36% 5.89% 5.93% 8.46% 4.83% 1.51%
Long-Term Debt to Total Capital		 67.26% 75.10% 80.11% 77.33% 76.50% 87.00% 54.68% 43.89% 47.79% 51.14% 58.24%
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		 0.12% 0.15% 0.12% 0.06% 0.06% 0.05% 0.04% 0.04% 0.02% 0.07% 0.07%
Common Equity to Total Capital		 14.68% 2.45% 3.93% 11.69% 11.45% 2.59% 39.39% 50.14% 43.73% 43.96% 40.18%
Debt to EBITDA		 1.47 1.62 2.48 2.46 2.48 2.37 1.39 1.21 1.78 1.76 2.02
Net Debt to EBITDA		 0.94 1.11 2.01 1.90 1.92 1.76 0.72 0.74 1.29 1.24 1.53
Long-Term Debt to EBITDA		 1.16 1.25 2.07 2.16 2.15 2.12 1.26 1.06 1.51 1.61 1.97
Debt to NOPAT		 2.83 3.13 4.69 4.07 4.12 4.41 2.20 1.93 3.11 3.24 3.94
Net Debt to NOPAT		 1.81 2.15 3.81 3.14 3.18 3.27 1.14 1.18 2.26 2.27 2.98
Long-Term Debt to NOPAT		 2.24 2.41 3.92 3.56 3.56 3.94 1.99 1.70 2.64 2.96 3.84
Altman Z-Score		 3.59 3.58 3.39 3.08 2.95 3.26 4.31 4.10 3.57 3.36 2.90
Noncontrolling Interest Sharing Ratio		 0.82% 1.54% 3.72% 1.35% 0.65% 0.71% 0.19% 0.10% 0.07% 0.10% 0.16%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.23 1.18 1.22 1.15 1.11 1.19 1.42 1.22 1.10 1.17 1.22
Quick Ratio		 1.11 1.05 1.00 0.99 0.99 1.00 1.32 1.11 0.98 1.05 1.09
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 2,598 5,302 -4,126 5,784 3,938 10,567 2,144 3,921 5,516 8,376 3,539
Operating Cash Flow to CapEx		 315.77% 224.99% 28.43% 203.51% 136.80% 194.69% 451.75% 296.49% 206.20% 362.28% 283.08%
Free Cash Flow to Firm to Interest Expense		 7.62 13.92 -9.11 9.56 6.03 15.07 3.09 0.00 0.00 0.00 3.48
Operating Cash Flow to Interest Expense		 21.79 16.99 3.26 21.01 13.23 14.92 21.62 0.00 0.00 0.00 8.31
Operating Cash Flow Less CapEx to Interest Expense		 14.89 9.44 -8.22 10.69 3.56 7.26 16.84 0.00 0.00 0.00 5.37
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.58 1.57 1.55 1.50 1.37 1.41 1.48 1.43 1.28 1.29 1.24
Accounts Receivable Turnover		 8.46 8.31 8.09 8.11 8.01 8.34 8.35 7.99 7.64 8.25 8.03
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		 3.19 3.32 3.25 2.95 2.60 0.00 0.00 2.94 2.54 2.46 2.37
Accounts Payable Turnover		 16.47 16.73 14.83 12.53 10.46 10.70 10.20 9.74 9.75 10.78 10.17
Days Sales Outstanding (DSO)		 43.14 43.93 45.14 45.03 45.59 43.78 43.69 45.70 47.75 44.26 45.45
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)		 22.17 21.82 24.62 29.12 34.90 34.10 35.79 37.47 37.45 33.85 35.89
Cash Conversion Cycle (CCC)		 20.97 22.11 20.52 15.91 10.69 9.68 7.91 8.23 10.31 10.41 9.56
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 11,626 11,461 20,761 20,568 22,756 17,785 25,591 31,870 33,506 31,709 34,495
Invested Capital Turnover		 5.61 5.34 4.13 3.48 3.42 4.17 4.49 3.49 2.78 2.79 2.67
Increase / (Decrease) in Invested Capital		 2,461 -165 9,300 -193 2,188 -4,971 7,806 6,279 1,636 -1,797 2,580
Enterprise Value (EV)		 75,154 90,432 103,746 88,323 107,275 149,813 181,330 148,090 142,182 121,082 101,262
Market Capitalization		 65,998 79,376 83,979 70,776 87,786 131,488 169,992 136,006 125,982 106,091 82,994
Book Value per Share		 $2.77 $0.46 $1.15 $3.51 $3.81 $0.76 $16.40 $22.88 $20.31 $19.59 $19.13
Tangible Book Value per Share		 ($2.81) ($5.86) ($5.62) ($3.34) ($3.16) ($5.77) $9.29 $14.76 $10.72 $10.96 $7.51
Total Capital		 16,825 16,504 25,313 25,773 28,521 25,323 36,184 39,465 39,578 38,027 40,382
Total Debt		 14,334 16,075 24,289 22,736 25,238 24,654 21,915 19,662 22,264 21,284 24,127
Total Long-Term Debt		 11,316 12,394 20,278 19,931 21,818 22,031 19,784 17,321 18,916 19,446 23,519
Net Debt		 9,135 11,032 19,737 17,531 19,473 18,313 11,322 12,067 16,192 14,966 18,240
Capital Expenditures (CapEx)		 2,353 2,877 5,203 6,246 6,315 5,372 3,322 4,757 4,965 2,794 2,985
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 804 1,233 2,774 -107 -631 -493 -1,097 -1,177 -987 -1,611 -1,854
Debt-free Net Working Capital (DFNWC)		 5,530 5,800 6,843 4,928 5,110 5,823 9,496 6,418 5,085 4,707 4,033
Net Working Capital (NWC)		 2,512 2,119 2,832 2,123 1,690 3,200 7,365 4,077 1,737 2,869 3,425
Net Nonoperating Expense (NNE)		 215 1,715 269 800 1,686 4,253 -2,940 -1,348 444 797 547
Net Nonoperating Obligations (NNO)		 9,135 11,032 19,737 17,531 19,473 17,116 11,322 12,067 16,192 14,966 18,240
Total Depreciation and Amortization (D&A)		 2,084 2,224 2,282 2,207 2,360 2,698 2,953 3,188 3,366 3,609 3,746
Debt-free, Cash-free Net Working Capital to Revenue		 1.38% 2.00% 4.17% -0.15% -0.85% -0.58% -1.13% -1.17% -1.09% -1.77% -2.09%
Debt-free Net Working Capital to Revenue		 9.48% 9.41% 10.28% 6.86% 6.90% 6.88% 9.76% 6.40% 5.59% 5.17% 4.55%
Net Working Capital to Revenue		 4.30% 3.44% 4.25% 2.95% 2.28% 3.78% 7.57% 4.06% 1.91% 3.15% 3.86%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $5.38 $3.89 $5.64 $5.53 $5.14 $1.55 $14.75 $13.26 $7.81 $6.76 $6.56
Adjusted Weighted Average Basic Shares Outstanding		 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
Adjusted Diluted Earnings per Share		 $5.35 $3.87 $5.61 $5.51 $5.11 $1.54 $14.68 $13.20 $7.80 $6.75 $6.56
Adjusted Weighted Average Diluted Shares Outstanding		 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
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		 884.39M 870.03M 861.61M 860.23M 858.49M 1.73B 1.74B 1.72B 852.65M 854.17M 849.10M
Normalized Net Operating Profit after Tax (NOPAT)		 5,059 5,137 5,174 5,591 6,126 5,596 9,950 10,200 7,152 6,579 6,119
Normalized NOPAT Margin		 8.67% 8.34% 7.77% 7.78% 8.27% 6.61% 10.23% 10.17% 7.86% 7.22% 6.90%
Pre Tax Income Margin		 12.58% 8.31% 10.72% 8.38% 7.63% 2.18% 17.06% 14.78% 9.43% 8.17% 8.08%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 22.49 20.18 16.62 11.61 11.94 10.96 18.46 0.00 0.00 0.00 8.04
NOPAT to Interest Expense		 14.84 13.48 11.42 9.24 9.38 7.98 14.34 0.00 0.00 0.00 6.02
EBIT Less CapEx to Interest Expense		 15.59 12.63 5.13 1.29 2.27 3.30 13.67 0.00 0.00 0.00 5.11
NOPAT Less CapEx to Interest Expense		 7.94 5.93 -0.06 -1.08 -0.29 0.32 9.55 0.00 0.00 0.00 3.08
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 52.13% 77.24% 56.49% 62.85% 71.94% 251.23% 26.66% 44.28% 80.08% 93.38% 96.88%
Augmented Payout Ratio		 107.91% 155.49% 93.46% 83.95% 94.55% 267.91% 30.54% 74.59% 113.63% 102.02% 114.82%

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - 848,385,599.00 849,101,714.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - 848,385,599.00 849,101,714.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - 2.11 1.02
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 -12.83% -7.83% -5.32% -1.07% 5.62% 1.54% -0.74% -2.74% -3.73% -3.25% -1.60%
EBITDA Growth		 -43.92% -18.10% -25.60% -21.54% 32.57% 14.98% 2.67% -2.58% -5.54% -7.75% -12.65%
EBIT Growth		 -56.86% -22.47% -36.52% -30.07% 47.80% 18.13% 3.29% -6.28% -9.12% -12.00% -23.95%
NOPAT Growth		 -51.49% -21.97% -38.78% -31.10% 33.99% 22.85% 11.09% -4.03% -7.99% -17.88% -24.99%
Net Income Growth		 -56.39% -53.52% -41.27% -32.29% 36.56% 7.23% 6.65% -8.94% -14.81% 4.07% -27.21%
EPS Growth		 -55.74% -52.53% -40.64% -31.82% 37.40% 6.38% 7.69% -8.48% -13.89% 5.00% -27.14%
Operating Cash Flow Growth		 -9.92% -27.64% 40.69% -38.43% -32.92% 37.49% -30.10% -82.54% 65.69% -0.39% -4.06%
Free Cash Flow Firm Growth		 -6,130.72% 107.64% 125.52% 141.14% 131.78% 1,330.66% 10.43% -136.83% -80.79% -116.06% -181.05%
Invested Capital Growth		 27.31% 5.13% -1.25% -3.04% -0.83% -5.36% -1.37% 7.25% 3.40% 8.08% 7.46%
Revenue Q/Q Growth		 -4.51% 18.31% -12.89% 0.52% 1.96% 13.74% -14.84% -1.51% 0.91% 14.31% -13.39%
EBITDA Q/Q Growth		 -39.58% 53.39% -24.91% 12.74% 2.08% 33.05% -32.95% 6.98% -1.02% 29.93% -36.51%
EBIT Q/Q Growth		 -51.69% 84.44% -34.88% 20.52% 2.11% 47.41% -43.06% 9.36% -0.99% 42.74% -50.80%
NOPAT Q/Q Growth		 -43.88% 61.44% -39.35% 25.39% 9.14% 48.02% -45.15% 8.32% 4.64% 32.11% -49.91%
Net Income Q/Q Growth		 -45.84% 42.41% -30.65% 26.59% 9.23% 11.83% -31.03% 8.09% 2.18% 36.61% -51.76%
EPS Q/Q Growth		 -45.87% 43.51% -30.85% 26.92% 9.09% 11.11% -30.00% 7.86% 2.65% 35.48% -51.43%
Operating Cash Flow Q/Q Growth		 -31.02% 7.97% 37.54% -39.90% -24.84% 121.30% -30.08% -84.99% 613.22% 33.04% -32.65%
Free Cash Flow Firm Q/Q Growth		 1.75% 104.94% 442.38% 56.23% -24.09% 122.41% -58.14% -152.11% 139.59% -276.73% -122.28%
Invested Capital Q/Q Growth		 0.33% 1.45% -3.20% -1.59% 2.63% -3.19% 0.88% 7.01% -1.07% 1.86% -0.35%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 19.41% 28.52% 23.94% 24.86% 77.70% -19.77% 79.60% 25.78% 24.35% -20.24% 24.22%
EBITDA Margin		 10.35% 13.42% 11.57% 12.98% 12.99% 15.20% 11.97% 13.00% 12.75% 14.49% 10.62%
Operating Margin		 6.38% 9.94% 7.43% 8.91% 8.92% 11.56% 7.73% 8.59% 8.42% 10.52% 5.98%
EBIT Margin		 6.38% 9.94% 7.43% 8.91% 8.92% 11.56% 7.73% 8.59% 8.42% 10.52% 5.98%
Profit (Net Income) Margin		 5.35% 6.44% 5.13% 6.46% 6.92% 6.80% 5.51% 6.05% 6.12% 7.32% 4.08%
Tax Burden Percent		 88.88% 77.80% 72.46% 75.39% 80.58% 80.91% 77.94% 77.20% 81.58% 75.51% 76.87%
Interest Burden Percent		 94.42% 83.29% 95.23% 96.14% 96.22% 72.69% 91.42% 91.22% 89.08% 92.12% 88.71%
Effective Tax Rate		 11.12% 22.20% 27.54% 24.61% 19.42% 19.09% 22.06% 22.80% 18.42% 24.49% 23.13%
Return on Invested Capital (ROIC)		 17.89% 21.52% 14.81% 18.55% 19.82% 26.13% 17.01% 18.10% 18.46% 21.21% 12.23%
ROIC Less NNEP Spread (ROIC-NNEP)		 17.31% 19.24% 14.41% 18.14% 19.42% 21.98% 16.31% 17.36% 17.51% 20.29% 11.60%
Return on Net Nonoperating Assets (RNNOA)		 10.91% 14.65% 11.02% 13.57% 16.00% 20.11% 15.90% 17.61% 18.13% 20.54% 12.85%
Return on Equity (ROE)		 28.80% 36.17% 25.83% 32.11% 35.83% 46.25% 32.91% 35.71% 36.59% 41.75% 25.08%
Cash Return on Invested Capital (CROIC)		 2.03% 16.88% 20.91% 20.84% 19.55% 25.69% 22.23% 13.15% 16.28% 10.66% 10.27%
Operating Return on Assets (OROA)		 8.49% 12.74% 9.54% 11.41% 11.68% 14.95% 10.33% 11.05% 10.80% 13.03% 7.52%
Return on Assets (ROA)		 7.12% 8.25% 6.58% 8.27% 9.06% 8.79% 7.36% 7.78% 7.85% 9.06% 5.13%
Return on Common Equity (ROCE)		 28.78% 36.15% 25.80% 32.08% 35.79% 46.20% 32.86% 35.66% 36.54% 41.69% 25.04%
Return on Equity Simple (ROE_SIMPLE)		 44.64% 0.00% 35.05% 30.85% 33.61% 0.00% 37.39% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 1,194 1,927 1,169 1,466 1,599 2,367 1,298 1,407 1,472 1,944 974
NOPAT Margin		 5.67% 7.73% 5.38% 6.72% 7.19% 9.36% 6.03% 6.63% 6.87% 7.94% 4.59%
Net Nonoperating Expense Percent (NNEP)		 0.58% 2.28% 0.39% 0.41% 0.41% 4.15% 0.70% 0.74% 0.95% 0.92% 0.63%
Return On Investment Capital (ROIC_SIMPLE)		 - 4.87% - - - 6.23% 3.50% 3.47% 3.62% 4.81% 2.42%
Cost of Revenue to Revenue		 80.59% 71.48% 76.06% 75.14% 22.30% 119.77% 20.40% 74.22% 75.65% 120.24% 75.78%
SG&A Expenses to Revenue		 9.05% 15.10% 12.37% 11.88% 64.71% -34.96% 67.64% 12.78% 11.60% -47.42% 13.60%
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		 13.03% 18.58% 16.51% 15.95% 68.78% -31.33% 71.87% 17.20% 15.93% -30.76% 18.25%
Earnings before Interest and Taxes (EBIT)		 1,343 2,477 1,613 1,944 1,985 2,926 1,666 1,822 1,804 2,575 1,267
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 2,180 3,344 2,511 2,831 2,890 3,845 2,578 2,758 2,730 3,547 2,252
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 6.63 7.28 7.49 6.88 6.93 6.35 6.00 5.43 4.47 5.11 5.30
Price to Tangible Book Value (P/TBV)		 10.44 13.80 14.46 12.23 12.51 11.34 12.25 11.26 9.37 13.03 13.96
Price to Revenue (P/Rev)		 1.37 1.39 1.41 1.31 1.29 1.16 1.03 0.95 0.79 0.94 0.95
Price to Earnings (P/E)		 14.86 18.78 21.37 22.28 20.61 18.35 16.04 14.92 12.87 14.89 15.91
Dividend Yield		 5.31% 4.38% 4.37% 4.75% 4.77% 5.24% 5.94% 6.48% 7.84% 6.71% 6.67%
Earnings Yield		 6.73% 5.32% 4.68% 4.49% 4.85% 5.45% 6.23% 6.70% 7.77% 6.71% 6.28%
Enterprise Value to Invested Capital (EV/IC)		 4.27 4.24 4.38 4.16 4.05 3.82 3.45 3.04 2.62 2.94 2.97
Enterprise Value to Revenue (EV/Rev)		 1.51 1.56 1.58 1.48 1.46 1.33 1.21 1.15 0.99 1.14 1.16
Enterprise Value to EBITDA (EV/EBITDA)		 10.64 11.37 12.21 12.22 11.46 10.03 9.08 8.61 7.46 8.49 9.05
Enterprise Value to EBIT (EV/EBIT)		 14.30 15.55 17.31 18.00 16.55 14.30 12.94 12.38 10.81 12.38 13.68
Enterprise Value to NOPAT (EV/NOPAT)		 18.35 19.88 22.16 23.08 21.55 18.40 16.42 15.60 13.59 16.55 17.63
Enterprise Value to Operating Cash Flow (EV/OCF)		 12.63 13.89 12.70 13.34 14.39 11.96 12.09 13.90 10.50 11.98 12.22
Enterprise Value to Free Cash Flow (EV/FCFF)		 235.15 25.77 20.83 19.66 20.63 14.46 15.40 23.90 16.38 28.62 29.98
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 1.10 1.29 1.18 1.30 1.30 1.27 1.36 1.57 1.56 1.48 1.54
Long-Term Debt to Equity		 0.98 1.09 1.11 1.18 1.20 1.16 1.24 1.51 1.50 1.45 1.50
Financial Leverage		 0.63 0.76 0.76 0.75 0.82 0.91 0.98 1.01 1.04 1.01 1.11
Leverage Ratio		 3.87 3.83 3.78 3.77 3.84 4.14 4.17 4.27 4.27 4.34 4.46
Compound Leverage Factor		 3.65 3.19 3.60 3.62 3.70 3.01 3.81 3.90 3.80 4.00 3.95
Debt to Total Capital		 52.41% 56.25% 54.17% 56.56% 56.50% 55.97% 57.67% 61.06% 60.99% 59.75% 60.70%
Short-Term Debt to Total Capital		 5.57% 8.46% 3.15% 5.11% 4.14% 4.83% 5.01% 2.27% 2.29% 1.51% 1.59%
Long-Term Debt to Total Capital		 46.85% 47.79% 51.02% 51.45% 52.36% 51.14% 52.66% 58.79% 58.70% 58.24% 59.11%
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		 0.03% 0.02% 0.07% 0.06% 0.07% 0.07% 0.06% 0.07% 0.06% 0.07% 0.07%
Common Equity to Total Capital		 47.56% 43.73% 45.77% 43.38% 43.43% 43.96% 42.26% 38.87% 38.94% 40.18% 39.23%
Debt to EBITDA		 1.59 1.78 1.72 2.04 1.89 1.76 1.76 2.05 2.08 2.02 2.16
Net Debt to EBITDA		 1.05 1.29 1.33 1.44 1.37 1.24 1.34 1.53 1.51 1.53 1.65
Long-Term Debt to EBITDA		 1.43 1.51 1.62 1.86 1.76 1.61 1.61 1.97 2.00 1.97 2.10
Debt to NOPAT		 2.75 3.11 3.12 3.86 3.56 3.24 3.18 3.71 3.79 3.94 4.21
Net Debt to NOPAT		 1.80 2.26 2.42 2.72 2.58 2.27 2.43 2.77 2.76 2.98 3.21
Long-Term Debt to NOPAT		 2.46 2.64 2.94 3.51 3.30 2.96 2.90 3.57 3.65 3.84 4.10
Altman Z-Score		 3.35 3.26 3.36 3.21 3.25 3.10 2.91 2.76 2.56 2.65 2.62
Noncontrolling Interest Sharing Ratio		 0.09% 0.07% 0.11% 0.11% 0.11% 0.10% 0.15% 0.15% 0.16% 0.16% 0.17%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.22 1.10 1.10 1.25 1.14 1.17 1.09 1.32 1.30 1.22 1.21
Quick Ratio		 1.06 0.98 0.96 1.03 1.01 1.05 0.95 1.17 1.15 1.09 1.07
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 -5,891 291 1,579 2,467 1,872 4,164 1,743 -908 360 -636 -1,413
Operating Cash Flow to CapEx		 173.24% 117.67% 324.46% 217.10% 177.70% 301.91% 285.82% 31.72% 521.43% 549.42% 234.35%
Free Cash Flow to Firm to Interest Expense		 -29.60 0.00 8.10 0.00 8.14 0.00 7.85 -3.82 1.24 -2.39 -5.31
Operating Cash Flow to Interest Expense		 11.22 0.00 17.01 0.00 6.51 0.00 10.44 1.46 8.53 12.41 8.36
Operating Cash Flow Less CapEx to Interest Expense		 4.74 0.00 11.76 0.00 2.85 0.00 6.79 -3.15 6.89 10.15 4.79
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 1.33 1.28 1.28 1.28 1.31 1.29 1.34 1.29 1.28 1.24 1.26
Accounts Receivable Turnover		 9.11 7.64 9.04 9.61 9.72 8.25 9.35 9.27 9.34 8.03 8.91
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		 2.67 2.54 2.49 2.46 2.47 2.46 2.44 2.41 2.38 2.37 2.35
Accounts Payable Turnover		 10.95 9.75 11.49 11.89 9.78 10.78 12.48 11.83 11.85 10.17 11.55
Days Sales Outstanding (DSO)		 40.07 47.75 40.37 38.00 37.54 44.26 39.03 39.36 39.08 45.45 40.99
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)		 33.33 37.45 31.76 30.69 37.31 33.85 29.26 30.86 30.80 35.89 31.61
Cash Conversion Cycle (CCC)		 6.74 10.31 8.61 7.31 0.24 10.41 9.77 8.50 8.28 9.56 9.37
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 33,027 33,506 32,433 31,916 32,754 31,709 31,988 34,231 33,866 34,495 34,375
Invested Capital Turnover		 3.16 2.78 2.75 2.76 2.76 2.79 2.82 2.73 2.69 2.67 2.66
Increase / (Decrease) in Invested Capital		 7,085 1,636 -410 -1,001 -273 -1,797 -445 2,315 1,112 2,580 2,387
Enterprise Value (EV)		 140,989 142,182 142,146 132,779 132,683 121,082 110,278 103,957 88,840 101,262 102,147
Market Capitalization		 127,130 125,982 126,622 117,083 116,786 106,091 93,950 85,476 70,797 82,994 83,535
Book Value per Share		 $22.43 $20.31 $19.76 $19.91 $19.68 $19.59 $18.33 $18.60 $18.67 $19.13 $18.56
Tangible Book Value per Share		 $14.25 $10.72 $10.23 $11.19 $10.90 $10.96 $8.98 $8.96 $8.92 $7.51 $7.05
Total Capital		 40,305 39,578 36,946 39,258 38,814 38,027 37,053 40,517 40,630 40,382 40,177
Total Debt		 21,125 22,264 20,013 22,205 21,930 21,284 21,369 24,740 24,782 24,127 24,386
Total Long-Term Debt		 18,882 18,916 18,849 20,197 20,324 19,446 19,511 23,820 23,850 23,519 23,749
Net Debt		 13,847 16,192 15,500 15,673 15,870 14,966 16,304 18,454 18,018 18,240 18,584
Capital Expenditures (CapEx)		 1,289 2,049 1,022 918 843 1,098 811 1,097 476 601 949
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,601 -987 -1,868 -786 -2,271 -1,611 -1,777 -756 -1,399 -1,854 -2,045
Debt-free Net Working Capital (DFNWC)		 5,677 5,085 2,645 5,746 3,789 4,707 3,288 5,530 5,365 4,033 3,757
Net Working Capital (NWC)		 3,434 1,737 1,481 3,738 2,183 2,869 1,430 4,610 4,433 3,425 3,120
Net Nonoperating Expense (NNE)		 67 322 56 57 60 646 111 124 161 153 110
Net Nonoperating Obligations (NNO)		 13,847 16,192 15,500 14,863 15,870 14,966 16,304 18,454 18,018 18,240 18,584
Total Depreciation and Amortization (D&A)		 837 867 898 887 905 919 912 936 926 972 985
Debt-free, Cash-free Net Working Capital to Revenue		 -1.72% -1.09% -2.08% -0.88% -2.50% -1.77% -1.95% -0.84% -1.56% -2.09% -2.32%
Debt-free Net Working Capital to Revenue		 6.10% 5.59% 2.95% 6.42% 4.18% 5.17% 3.62% 6.12% 6.00% 4.55% 4.25%
Net Working Capital to Revenue		 3.69% 1.91% 1.65% 4.18% 2.41% 3.15% 1.57% 5.10% 4.95% 3.86% 3.53%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.31 $1.88 $1.30 $1.65 $1.80 $2.01 $1.40 $1.51 $1.55 $2.10 $1.02
Adjusted Weighted Average Basic Shares Outstanding		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
Adjusted Diluted Earnings per Share		 $1.31 $1.88 $1.30 $1.65 $1.80 $2.00 $1.40 $1.51 $1.55 $2.10 $1.02
Adjusted Weighted Average Diluted Shares Outstanding		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
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		 851.93M 852.65M 855.56M 856.58M 853.37M 854.17M 846.80M 847.57M 848.39M 849.10M 850.01M
Normalized Net Operating Profit after Tax (NOPAT)		 1,194 1,927 1,169 1,466 1,599 2,367 1,298 1,407 1,472 1,944 974
Normalized NOPAT Margin		 5.67% 7.73% 5.38% 6.72% 7.19% 9.36% 6.03% 6.63% 6.87% 7.94% 4.59%
Pre Tax Income Margin		 6.02% 8.28% 7.08% 8.57% 8.59% 8.41% 7.07% 7.83% 7.50% 9.69% 5.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 6.75 0.00 8.27 0.00 8.63 0.00 7.50 7.66 6.20 9.68 4.76
NOPAT to Interest Expense		 6.00 0.00 5.99 0.00 6.95 0.00 5.85 5.91 5.06 7.31 3.66
EBIT Less CapEx to Interest Expense		 0.27 0.00 3.03 0.00 4.97 0.00 3.85 3.05 4.56 7.42 1.20
NOPAT Less CapEx to Interest Expense		 -0.48 0.00 0.75 0.00 3.29 0.00 2.20 1.30 3.42 5.05 0.09
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 62.02% 80.08% 90.65% 102.40% 95.08% 93.38% 92.20% 94.15% 98.06% 96.88% 102.91%
Augmented Payout Ratio		 103.58% 113.63% 115.95% 116.71% 103.90% 102.02% 117.81% 120.33% 116.23% 114.82% 102.91%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused read on United Parcel Service (NYSE: UPS) using the latest quarterly statements across 2022–2025. The focus is on trends in cash flow, profitability, and balance-sheet health over the last four years.

  • Robust operating cash flow in late 2025. Consolidated net cash from continuing operating activities was 3.302 billion in Q4 2025, reflecting strong cash generation even as quarterly dynamics fluctuated.
  • Consistent quarterly profitability from continuing operations. Net income from continuing operations was 1.791 billion in Q4 2025 (and similarly positive in recent quarters), signaling ongoing profitability.
  • Solid free cash flow in the latest quarter. In Q4 2025, roughly 3.302B of CFO minus about 0.716B of capital expenditures yields meaningful free cash flow, illustrating the company’s ability to fund dividends, debt service, and investments from operating cash.
  • Steady dividend policy supporting income investors. Quarterly dividends around 1.35B have been a consistent feature in 2025, underscoring a reliable payout profile.
  • Improved near-term liquidity versus late 2023. Cash and equivalents hovered around 6–7B in 2024–2025 (e.g., 6.764B in Q3 2025), providing a liquidity buffer for debt service and capex needs.
  • Revenue stability, with some quarter-to-quarter variation. Operating revenues typically sit in the mid-20s billions (e.g., about $24.48B in Q4 2025 vs. $25.30B in Q4 2024), indicating resilience but no clear multi-year growth in the latest period.
  • Gross margin pressure in the latest quarter. Q4 2025 shows a total gross profit of -$4.95B, suggesting a one-quarter margin compression or elevated costs relative to revenue; other quarters remain positive.
  • Capex cadence shows ongoing network and equipment investment. Capital expenditures (purchase of PPE) were about $0.7B in Q4 2025, with higher or lower levels in other quarters, signaling continued investment in the network infrastructure.
  • Debt load remains substantial but manageable in the near term. Long-term debt sits in the low-$20s billions in mid-2025 (around $23.8B by Q3 2025), and interest expense runs hundreds of millions quarterly, which is meaningful but typical for a large logistics operator.
  • Margin compression and cost pressures. The Q4 2025 gross loss highlights margin headwinds that could weigh on the trend if elevated costs persist, even as operating income remains positive.
05/11/26 07:50 AM ETAI Generated. May Contain Errors.

United Parcel Service Financials - Frequently Asked Questions

According to the most recent income statement we have on file, United Parcel Service's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

United Parcel Service's net income appears to be on an upward trend, with a most recent value of $5.57 billion in 2025, rising from $4.84 billion in 2015. The previous period was $5.78 billion in 2024. Find out what analysts predict for United Parcel Service in the coming months.

United Parcel Service's total operating income in 2025 was $7.87 billion, based on the following breakdown:
  • Total Gross Profit: $22.88 billion
  • Total Operating Expenses: $15.02 billion

Over the last 10 years, United Parcel Service's total revenue changed from $58.36 billion in 2015 to $88.66 billion in 2025, a change of 51.9%.

United Parcel Service's total liabilities were at $56.84 billion at the end of 2025, a 6.6% increase from 2024, and a 58.7% increase since 2015.

In the past 10 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 $5.89 billion as of their latest financial filing in 2025.

Over the last 10 years, United Parcel Service's book value per share changed from 2.77 in 2015 to 19.13 in 2025, a change of 589.5%.


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Financial statements for NYSE:UPS last updated on 5/8/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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