NYSE : UPS
United Parcel Service, Inc. — Financial statements
Industrials · Integrated Freight & Logistics · United States
Last price 108.25 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 92.10B
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Financial statements
United Parcel Service, Inc. (UPS) reported revenue of 91.37B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 91.37B | 88.66B | 91.07B | 90.96B | 100.34B | 97.29B |
| Cost of Revenue | 71.83B | 68.62B | 71.71B | 70.06B | 75.12B | 74.00B |
| Gross Profit | 19.54B | 20.04B | 19.36B | 20.89B | 25.21B | 23.29B |
| Other Operating Expenses | 8.38B | 7.77B | 7.74B | 7.98B | 7.71B | 7.47B |
| Operating Expenses | 12.23B | 11.46B | 11.35B | 11.35B | 10.90B | 10.42B |
| Operating Income | 7.31B | 8.58B | 8.01B | 9.54B | 14.31B | 12.87B |
| Interest Expense | -1.09B | -1.02B | -860.00M | -787.00M | -704.00M | -694.00M |
| Interest & Investment Income | 526.00M | 513.00M | 697.00M | 384.00M | 1.40B | 1.39B |
| Currency Exchange Gain (Loss) | -22.00M | -22.00M | -38.00M | -53.00M | 72.00M | -36.00M |
| EBT Excluding Unusual Items | 6.72B | 8.06B | 7.81B | 9.09B | 15.08B | 13.52B |
| Merger & Restructuring Charges | -672.00M | -672.00M | -322.00M | -435.00M | -203.00M | -206.00M |
| Gain (Loss) on Sale of Investments | -19.00M | -19.00M | -3.00M | -3.00M | 5.00M | |
| Gain (Loss) on Sale of Assets | -19.00M | -19.00M | 156.00M | -8.00M | -33.00M | |
| Asset Writedown | -182.00M | -182.00M | -108.00M | -8.00M | -17.00M | |
| Other Unusual Items | -94.00M | -61.00M | 3.27B | |||
| Pretax Income | 5.83B | 7.16B | 7.44B | 8.57B | 14.82B | 16.59B |
| Income Tax Expense | 1.41B | 1.59B | 1.66B | 1.86B | 3.28B | 3.71B |
| Net Income | 4.42B | 5.57B | 5.78B | 6.71B | 11.55B | 12.89B |
| Net Income to Common | 4.42B | 5.57B | 5.78B | 6.71B | 11.55B | 12.89B |
| Shares Outstanding (Basic) | 850.50M | 849.00M | 855.00M | 859.00M | 871.00M | 874.00M |
| Shares Outstanding (Diluted) | 851.50M | 850.00M | 856.00M | 860.00M | 875.00M | 878.00M |
| EPS (Basic) | 5.20 | 6.56 | 6.76 | 7.81 | 13.26 | 14.75 |
| EPS (Diluted) | 5.19 | 6.56 | 6.75 | 7.80 | 13.20 | 14.68 |
| Free Cash Flow | 6.35B | 4.76B | 6.21B | 5.08B | 9.34B | 10.81B |
| Free Cash Flow Per Share | 7.46 | 5.61 | 7.26 | 5.91 | 10.67 | 12.31 |
| Dividend Per Share | 6.56 | 6.56 | 6.52 | 6.48 | 6.08 | 4.08 |
| Gross Margin | 21.38% | 22.60% | 21.26% | 22.97% | 25.13% | 23.94% |
| Operating Margin | 8.00% | 9.68% | 8.80% | 10.49% | 14.27% | 13.23% |
| Profit Margin | 4.84% | 6.29% | 6.35% | 7.38% | 11.51% | 13.25% |
| Free Cash Flow Margin | 6.95% | 5.37% | 6.82% | 5.58% | 9.30% | 11.12% |
| EBITDA | 11.15B | 12.27B | 11.62B | 12.91B | 17.50B | 15.82B |
| EBITDA Margin | 12.21% | 13.84% | 12.76% | 14.19% | 17.44% | 16.26% |
| D&A For EBITDA | 3.84B | 3.69B | 3.61B | 3.37B | 3.19B | 2.95B |
| EBIT | 7.31B | 8.58B | 8.01B | 9.54B | 14.31B | 12.87B |
| EBIT Margin | 8.00% | 9.68% | 8.80% | 10.49% | 14.27% | 13.23% |
| Effective Tax Rate | 24.12% | 22.22% | 22.31% | 21.75% | 22.11% | 22.33% |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 6.84B | 5.89B | 6.11B | 3.21B | 5.60B | 10.26B |
| Short-Term Investments | 2.87B | 1.99B | 338.00M | |||
| Trading Asset Securities | 11.00M | |||||
| Cash & Short-Term Investments | 6.84B | 5.89B | 6.11B | 6.07B | 7.59B | 10.60B |
| Accounts Receivable | 10.39B | 11.48B | 11.18B | 11.45B | 12.89B | 12.85B |
| Receivables | 10.39B | 11.48B | 11.18B | 11.45B | 12.89B | 12.85B |
| Inventory | 739.00M | 826.00M | 935.00M | 889.00M | 717.00M | |
| Other Current Assets | 2.08B | 935.00M | 1.19B | 953.00M | 842.00M | 768.00M |
| Total Current Assets | 19.31B | 19.05B | 19.31B | 19.41B | 22.22B | 24.93B |
| Property, Plant & Equipment | 41.96B | 41.99B | 41.33B | 41.25B | 38.47B | 37.04B |
| Long-Term Investments | 300.00M | 346.00M | 342.00M | 287.00M | 54.00M | |
| Goodwill | 5.59B | 5.84B | 4.30B | 4.87B | 4.22B | 3.69B |
| Other Intangible Assets | 3.95B | 4.02B | 3.06B | 3.31B | 2.80B | 2.49B |
| Long-Term Deferred Tax Assets | 151.00M | 140.00M | 112.00M | 126.00M | 139.00M | 176.00M |
| Other Long-Term Assets | 1.75B | 1.75B | 1.61B | 1.55B | 2.99B | 1.03B |
| Total Assets | 72.72B | 73.09B | 70.07B | 70.86B | 71.12B | 69.41B |
| Accounts Payable | 6.15B | 6.63B | 6.30B | 6.34B | 7.51B | 7.52B |
| Accrued Expenses | 6.00B | 6.44B | 6.27B | 6.19B | 6.24B | 6.06B |
| Short-Term Debt | 2.17B | |||||
| Current Portion of Long-Term Debt | 957.00M | 501.00M | 1.73B | 1.07B | 2.25B | 2.00B |
| Current Portion of Leases | 725.00M | 870.00M | 837.00M | 813.00M | 713.00M | 709.00M |
| Current Unearned Revenue | 20.00M | 11.00M | 27.00M | |||
| Other Current Liabilities | 1.74B | 1.18B | 1.29B | 1.07B | 1.41B | 1.25B |
| Total Current Liabilities | 15.58B | 15.62B | 16.44B | 17.68B | 18.14B | 17.57B |
| Long-Term Debt | 25.12B | 22.84B | 19.09B | 18.55B | 17.03B | 19.52B |
| Long-Term Leases | 3.49B | 4.37B | 3.99B | 4.12B | 3.54B | 3.31B |
| Long-Term Unearned Revenue | 49.00M | 27.00M | 25.00M | 26.00M | 25.00M | |
| Pension & Post-Retirement Benefits | 5.75B | 7.36B | 7.66B | 6.97B | 5.63B | 8.88B |
| Long-Term Deferred Tax Liabilities | 3.93B | 3.69B | 3.60B | 3.77B | 4.30B | 3.12B |
| Other Long-Term Liabilities | 3.82B | 2.90B | 2.52B | 2.43B | 2.66B | 2.71B |
| Total Liabilities | 57.69B | 56.84B | 53.33B | 53.54B | 51.32B | 55.14B |
| Common Stock | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M | 9.00M |
| Additional Paid-In Capital | 585.00M | 275.00M | 136.00M | 1.34B | ||
| Retained Earnings | 18.60B | 20.15B | 20.88B | 21.05B | 21.33B | 16.18B |
| Treasury Stock | -3.00M | -5.00M | -7.00M | -9.00M | -13.00M | -16.00M |
| Comprehensive Income & Other | -4.20B | -4.20B | -4.30B | -3.75B | -1.54B | -3.26B |
| Total Common Equity | 14.99B | 16.23B | 16.72B | 17.31B | 19.79B | 14.25B |
| Minority Interest | 32.00M | 28.00M | 25.00M | 8.00M | 17.00M | 16.00M |
| Shareholders' Equity | 15.03B | 16.25B | 16.74B | 17.31B | 19.80B | 14.27B |
| Total Liabilities & Equity | 72.72B | 73.09B | 70.07B | 70.86B | 71.12B | 69.41B |
| Total Debt | 30.29B | 28.59B | 25.65B | 26.73B | 23.53B | 25.54B |
| Net Cash (Debt) | -23.45B | -22.70B | -19.54B | -20.66B | -15.93B | -14.93B |
| Net Cash Per Share | -27.54 | -26.71 | -22.83 | -24.02 | -18.21 | -17.01 |
| Filing Date Shares Outstanding | 851.00M | 849.10M | 854.17M | 852.65M | 858.74M | 870.39M |
| Total Common Shares Outstanding | 851.00M | 849.00M | 854.00M | 853.00M | 859.00M | 870.00M |
| Working Capital | 3.73B | 3.42B | 2.87B | 1.74B | 4.08B | 7.37B |
| Book Value Per Share | 17.62 | 19.11 | 19.58 | 20.29 | 23.03 | 16.38 |
| Tangible Book Value | 5.45B | 6.37B | 9.35B | 9.13B | 12.77B | 8.07B |
| Tangible Book Value Per Share | 6.41 | 7.50 | 10.95 | 10.70 | 14.86 | 9.28 |
| Land | 2.05B | 2.10B | 2.14B | 2.14B | 2.14B | |
| Buildings | 12.59B | 12.31B | 11.50B | 11.10B | 10.81B | |
| Machinery | 58.39B | 56.91B | 54.63B | 51.78B | 50.44B | |
| Construction In Progress | 2.14B | 1.97B | 3.25B | 2.41B | 1.42B |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 4.42B | 5.57B | 5.78B | 6.71B | 11.55B | 12.89B |
| Depreciation & Amortization | 3.84B | 3.69B | 3.61B | 3.37B | 3.19B | 2.95B |
| Loss (Gain) From Sale of Assets | 414.00M | 113.00M | 262.00M | 265.00M | 123.00M | 137.00M |
| Asset Writedown & Restructuring Costs | 58.00M | 58.00M | ||||
| Stock-Based Compensation | 127.00M | 73.00M | 24.00M | 220.00M | 1.57B | 878.00M |
| Other Operating Activities | 640.00M | -57.00M | 189.00M | 51.00M | -1.95B | -1.19B |
| Change in Accounts Receivable | -801.00M | -382.00M | -566.00M | 1.26B | -322.00M | -2.15B |
| Change in Accounts Payable | 490.00M | -190.00M | 262.00M | -1.38B | 34.00M | 1.26B |
| Change in Other Net Operating Assets | 94.00M | -425.00M | 560.00M | -251.00M | -81.00M | 218.00M |
| Operating Cash Flow | 9.29B | 8.45B | 10.12B | 10.24B | 14.10B | 15.01B |
| Capital Expenditures | -2.94B | -3.69B | -3.91B | -5.16B | -4.77B | -4.19B |
| Sale of Property, Plant & Equipment | 588.00M | 700.00M | 1.11B | 193.00M | 872.00M | |
| Cash Acquisitions | -1.50B | -1.97B | -71.00M | -1.33B | -755.00M | -602.00M |
| Divestitures | 12.00M | |||||
| Investment in Securities | 64.00M | 203.00M | 2.67B | -820.00M | -1.65B | 54.00M |
| Other Investing Activities | 7.00M | 15.00M | -24.00M | -19.00M | -309.00M | 52.00M |
| Investing Cash Flow | -3.78B | -4.74B | -217.00M | -7.13B | -7.47B | -3.82B |
| Short-Term Debt Issued | 1.27B | |||||
| Long-Term Debt Issued | 4.15B | 2.79B | 3.43B | |||
| Total Debt Issued | 870.00M | 4.15B | 2.79B | 4.70B | ||
| Short-Term Debt Repaid | -1.27B | |||||
| Long-Term Debt Repaid | -2.07B | -2.49B | -2.43B | -2.30B | -2.77B | |
| Total Debt Repaid | -1.06B | -2.07B | -3.76B | -2.43B | -2.30B | -2.77B |
| Net Debt Issued (Repaid) | -187.00M | 2.08B | -974.00M | 2.27B | -2.30B | -2.77B |
| Issuance of Common Stock | 112.00M | 159.00M | 232.00M | 248.00M | 262.00M | 251.00M |
| Repurchase of Common Stock | -1.00B | -500.00M | -2.25B | -3.50B | -500.00M | |
| Common Dividends Paid | -5.42B | -5.40B | -5.40B | -5.37B | -5.11B | -3.44B |
| Other Financing Activities | 92.00M | 14.00M | -209.00M | -432.00M | -529.00M | -364.00M |
| Financing Cash Flow | -5.40B | -4.14B | -6.85B | -5.53B | -11.19B | -6.82B |
| Foreign Exchange Rate Adjustments | -37.00M | 201.00M | -149.00M | 33.00M | -100.00M | -21.00M |
| Net Cash Flow | 73.00M | -225.00M | 2.91B | -2.40B | -4.65B | 4.34B |
| Free Cash Flow | 6.35B | 4.76B | 6.21B | 5.08B | 9.34B | 10.81B |
| Free Cash Flow Margin | 6.95% | 5.37% | 6.82% | 5.58% | 9.30% | 11.12% |
| Free Cash Flow Per Share | 7.46 | 5.61 | 7.26 | 5.91 | 10.67 | 12.31 |
| Levered Free Cash Flow | 5.62B | 5.22B | 4.59B | 3.62B | 8.52B | 7.84B |
| Unlevered Free Cash Flow | 6.30B | 5.86B | 5.12B | 4.12B | 8.96B | 8.27B |
| Cash Interest Paid | 990.00M | 990.00M | 854.00M | 762.00M | 721.00M | 697.00M |
| Cash Income Tax Paid | 1.91B | 1.91B | 1.35B | 1.98B | 2.57B | 1.87B |
| Change in Working Capital | -217.00M | -997.00M | 256.00M | -372.00M | -369.00M | -664.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 93.09B | 84.15B | 107.61B | 133.95B | 150.36B | 186.29B |
| Enterprise Value | 116.55B | 106.56B | 127.82B | 152.12B | 162.88B | 201.35B |
| Last Close Price | 108.25 | 94.69 | 112.64 | 133.99 | 142.48 | 170.04 |
| PE Ratio | 21.08 | 15.10 | 18.61 | 19.97 | 13.02 | 14.45 |
| Forward PE | 13.73 | 14.45 | 14.80 | 17.13 | 13.94 | 17.91 |
| PS Ratio | 1.01 | 0.95 | 1.18 | 1.47 | 1.50 | 1.92 |
| PB Ratio | 6.14 | 5.18 | 6.43 | 7.74 | 7.59 | 13.06 |
| P/TBV Ratio | 16.90 | 13.21 | 11.50 | 14.67 | 11.78 | 23.07 |
| P/FCF Ratio | 14.50 | 17.66 | 17.32 | 26.37 | 16.11 | 17.23 |
| P/OCF Ratio | 9.92 | 9.96 | 10.63 | 13.08 | 10.66 | 12.41 |
| PEG Ratio | 1.28 | 4.64 | 2.88 | 7.63 | 2.35 | 1.16 |
| EV/Sales Ratio | 1.26 | 1.20 | 1.40 | 1.67 | 1.62 | 2.07 |
| EV/EBITDA Ratio | 10.36 | 8.68 | 11.00 | 11.78 | 9.31 | 12.73 |
| EV/EBIT Ratio | 15.81 | 12.42 | 15.96 | 15.94 | 11.38 | 15.65 |
| EV/FCF Ratio | 18.19 | 22.36 | 20.57 | 29.95 | 17.45 | 18.62 |
| Debt / Equity Ratio | 2.02 | 1.76 | 1.53 | 1.54 | 1.19 | 1.79 |
| Debt / EBITDA Ratio | 2.20 | 1.95 | 1.84 | 1.76 | 1.18 | 1.40 |
| Debt / FCF Ratio | 4.77 | 6.00 | 4.13 | 5.26 | 2.52 | 2.36 |
| Net Debt / Equity Ratio | 1.56 | 1.40 | 1.17 | 1.19 | 0.80 | 1.05 |
| Net Debt / EBITDA Ratio | 2.10 | 1.85 | 1.68 | 1.60 | 0.91 | 0.94 |
| Net Debt / FCF Ratio | 3.69 | 4.76 | 3.15 | 4.07 | 1.71 | 1.38 |
| Asset Turnover | 1.27 | 1.24 | 1.29 | 1.28 | 1.43 | 1.48 |
| Inventory Turnover | 87.70 | 81.44 | 76.83 | 93.55 | 110.69 | |
| Quick Ratio | 1.11 | 1.11 | 1.05 | 0.99 | 1.13 | 1.33 |
| Current Ratio | 1.24 | 1.22 | 1.18 | 1.10 | 1.23 | 1.42 |
| Return on Equity (ROE) | 28.64% | 33.77% | 33.95% | 36.14% | 67.79% | 172.58% |
| Return on Assets (ROA) | 6.34% | 7.49% | 7.11% | 8.40% | 12.73% | 12.20% |
| Return on Invested Capital (ROIC) | 14.29% | 17.74% | 16.76% | 20.26% | 34.34% | 38.95% |
| Return on Capital Employed (ROCE) | 12.80% | 14.90% | 14.90% | 17.90% | 27.00% | 24.80% |
| Earnings Yield | 4.74% | 6.62% | 5.37% | 5.01% | 7.68% | 6.92% |
| FCF Yield | 6.90% | 5.66% | 5.77% | 3.79% | 6.21% | 5.80% |
| Dividend Yield | 5.99% | 6.62% | 5.17% | 4.13% | 3.47% | 1.91% |
| Payout Ratio | 126.40% | 96.88% | 93.38% | 80.08% | 44.29% | 26.66% |
| Buyback Yield / Dilution | -0.12% | 0.70% | 0.46% | 1.71% | 0.34% | -0.80% |
| Total Shareholder Return | 5.94% | 7.32% | 5.64% | 5.84% | 3.82% | 1.10% |