UNITED PARCEL SERVICE INC financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data UNITED PARCEL SERVICE INC files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	61,610	66,585	71,861	74,094	84,628	97,287	100,338	90,958	91,070	88,661
Operating income	7,688	7,529	7,024	7,798	7,684	12,810	13,094	9,141	8,468	7,867
Interest expense	381	453	605	653	701	694	704	785	866	1,017
Other non-operating income	-2,567	-392	-1,005	-2,146	-5,840	3,785	1,731	-568	-1,026	-703
Pre-tax income	5,121	7,137	6,019	5,652	1,844	16,595	14,825	8,573	7,442	7,164
Income tax	1,699	2,232	1,228	1,212	501	3,705	3,277	1,865	1,660	1,592
Net income	3,422	4,905	4,791	4,440	1,343	12,890	11,548	6,708	5,782	5,572
EBITDA	9,912	9,811	9,231	10,158	10,382	15,763	16,282	11,941	11,468	10,867
EPS, basic	3.88	5.63	5.53	5.14	1.55	14.75	13.26	7.81	6.76	6.56
EPS, diluted	3.86	5.61	5.51	5.11	1.54	14.68	13.20	7.80	6.75	6.56
Shares, basic (weighted)	883	871	866	864	867	874	871	859	855	849
Shares, diluted (weighted)	887	875	870	869	871	878	875	860	856	850
Dividend per share						4.08	6.08	6.48	6.52	6.56

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	3,476	3,320	4,225	5,238	5,910	10,255	5,602	3,206	6,112	5,887
Short-term investments	1,091	749	810	503	406	338	1,993	2,866	206
Receivables	7,695	8,773	8,958	9,552	10,750	12,541	12,583	11,216	10,871	11,209
Inventory	342	404	421	511	620	717	889	935	826	739
Other current assets	954	1,303	1,277	1,810	1,953	1,800	2,039	2,125	2,327	1,949
Total current assets	13,849	15,718	16,210	17,103	20,216	24,934	22,217	19,413	19,310	19,045
Property, plant and equipment	18,800	22,118	26,576	30,482	32,254	33,475	34,719	36,945	37,179	37,731
Lease right-of-use assets			0	2,856	3,073	3,562	3,755	4,308	4,149	4,263
Goodwill	3,757	3,872	3,811	3,813	3,367	3,692	4,223	4,872	4,300	5,837
Intangible assets	1,758	1,964	2,075	2,167	2,274	2,486	2,796	3,305	3,064	4,021
Other non-current assets	1,146	1,153	1,033	1,082	672	1,080	3,275	1,888	1,956	2,053
Total assets	40,545	45,574	50,016	57,857	62,408	69,405	71,124	70,857	70,070	73,090
Accounts payable	3,042	3,934	5,188	5,555	6,455	7,523	7,515	6,340	6,302	6,633
Accrued liabilities	2,317	2,608	3,047	2,552	3,569	3,819	4,049	3,224	3,655	3,715
Deferred revenue		31	5	7	21	27	11	20	0	0
Short-term debt	3,681	4,011	2,805	3,420	2,623	2,131	2,341	3,348	1,838	608
Total current liabilities	11,730	12,886	14,087	15,413	17,016	17,569	18,140	17,676	16,441	15,620
Long-term debt	12,394	20,278	19,931	21,818	22,031	19,784	17,321	18,916	19,446	23,519
Lease liabilities			0	2,391	2,540	3,033	3,238	3,756	3,635	3,700
Other non-current liabilities	1,224	1,804	1,424	2,719	3,847	3,578	3,513	3,264	3,351	3,739
Total liabilities	39,948	44,550	46,979	54,574	61,739	55,136	51,321	53,543	53,327	56,835
Total debt	15,557	23,886	22,349	24,891	24,472	21,677	19,436	21,998	21,030	23,585
Paid-in capital	0	0	0	150	865	1,343	0	0	136	275
Retained earnings	4,879	5,852	8,006	9,105	6,896	16,179	21,326	21,055	20,882	20,151
Treasury stock	-45	-37	-32	-26	-20	-16	-13	-9	-7	-5
Other comprehensive income	-4,483	-4,867	-4,994	-5,997	-7,113	-3,278	-1,549	-3,758	-4,309	-4,208
Shareholders' equity	405	994	3,021	3,267	657	14,253	19,786	17,306	16,718	16,227
Minority interests	24	30	16	16	12	16	17	8	25	28
Total equity	429	1,024	3,037	3,283	669	14,269	19,803	17,314	16,743	16,255
Total liabilities and equity	40,377	45,574	50,016	57,857	62,408	69,405	71,124	70,857	70,070	73,090

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	3,422	4,905	4,791	4,440	1,343	12,890	11,548	6,708	5,782	5,572
Depreciation and amortization	2,224	2,282	2,207	2,360	2,698	2,953	3,188	2,800	3,000	3,000
Stock-based compensation	591	584	634	915	796	878	1,568	220	24	73
Deferred income tax	117	1,224	758	100	-858	1,645	531	199	-15	-8
Change in receivables	-704	-1,022	-421	-717	-1,562	-2,147	-322	1,256	-566	-382
Change in payables	460	599	1,034	419	904	1,265	34	-1,377	262	-190
Cash from operations	6,473	1,479	12,711	8,639	10,459	15,007	14,104	10,238	10,122	8,450
Capital expenditures	-2,965	-5,227	-6,283	-6,380	-5,412	-4,194	-4,769	-5,158	-3,909	-3,685
Acquisitions	-547	-134	-2	-6	-20	-602	-755	-1,329	-71	-1,968
Purchases of investments	-4,813	-1,630	-973	-561	-254	-312	-1,906	-3,521	-76	-90
Sales and maturities of investments	5,724	1,990	886	883	360	366	255	2,701	2,748	293
Cash from investing	-2,563	-4,971	-6,330	-6,061	-5,283	-3,818	-7,472	-7,133	-217	-4,735
Debt issued	5,927	12,016	1,202	5,205	5,003	0	0	3,429	2,785	4,153
Debt repaid	-3,805	-3,939	-2,887	-3,096	-3,392	-2,773	-2,304	-2,429	-2,487	-2,069
Stock issued	245	247	240	218	285	251	262	248	232	159
Share buybacks	-2,678	-1,813	-1,011	-1,004	-224	-500	-3,500	-2,250	-500	-1,000
Dividends paid	-2,643	-2,771	-3,011	-3,194	-3,374	-3,437	-5,114	-5,372	-5,399	-5,398
Cash from financing	-3,140	3,287	-5,692	-1,727	-4,517	-6,823	-11,185	-5,534	-6,850	-4,141
Exchange rate effect	-21	53	-91	20	13	-21	-100	33	-149	201
Net change in cash	749	-152	598	871	672	4,345	-4,653	-2,396	2,906	-225
Free cash flow	3,508	-3,748	6,428	2,259	5,047	10,813	9,335	5,080	6,213	4,765
Interest paid	373	428	595	628	691	697	721	762	854	990
Income taxes paid	2,064	1,559	2	514	1,138	1,869	2,574	1,976	1,347	1,912

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $93.96 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	7.3%	Operating income / revenue.
EBITDA margin	11.4%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	6.5%	Pre-tax income / revenue.
Net margin	5.1%	Net income / revenue.
FCF margin	6.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	9.9%	Cash from operations / revenue.
Effective tax rate	22.1%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	30.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	6.4%	Net income / average total assets.
Return on invested capital (ROIC)	14.7%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	0.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.8%	Capital expenditures / revenue.
D&A / revenue	4.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	-2.6%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	-4.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	0.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	-7.1%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	-15.6%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	0.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	-5.2%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	-12.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	0.9%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	-3.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	-21.6%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	32.9%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	-2.8%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	-20.8%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	33.6%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	-16.5%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-15.7%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-4.2%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-23.3%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-20.1%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-1.1%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	0.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	2.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	-2.9%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-6.4%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	89.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	4.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	0.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	3.2%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-0.7%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-1.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-0.5%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.18x	Current assets / current liabilities.
Quick ratio	1.03x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.31x	(Cash + short-term investments) / current liabilities.
Debt / equity	1.63x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	34.4%	Total debt / total assets.
Liabilities / assets	78.8%	Total liabilities / total assets.
Net debt	$19.83B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	1.94x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	6.01x	Operating income / interest expense.
Working capital	$2.66B	Current assets - current liabilities.
Goodwill and intangibles / assets	13.6%	(Goodwill + intangible assets) / total assets.
Tangible book value	$5.34B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	1.26x	Revenue / average total assets.
Fixed asset turnover	2.37x	Revenue / average property, plant and equipment.
Receivables turnover	8.40x	Revenue / average receivables.
Days sales outstanding	43 days	365 x average receivables / revenue.
FCF conversion	119.4%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	38.5%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$5.37	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$105.68	Revenue / diluted weighted shares.
FCF per share	$6.41	Free cash flow / diluted weighted shares.
Operating cash flow per share	$10.42	Cash from operations / diluted weighted shares.
Book value per share	$17.71	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$6.28	Tangible book value / shares outstanding.
Cash per share	$5.47	(Cash + short-term investments) / shares outstanding.
Payout ratio	118.4%	Dividends paid / net income, when net income is positive.
Dividends / FCF	99.1%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	0.0%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$79.94B	Share price x shares outstanding.
Enterprise value	$99.77B	Market cap + total debt - cash - short-term investments.
P/E	17.5x	Market cap / net income. Only when net income is positive.
P/S	0.89x	Market cap / revenue.
P/B	5.31x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	15.0x	Market cap / tangible book value, when positive.
P/FCF	14.6x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	9.02x	Market cap / cash from operations, when positive.
EV/Sales	1.11x	Enterprise value / revenue.
EV/EBIT	15.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	9.74x	Enterprise value / EBITDA, when both are positive.
EV/FCF	18.3x	Enterprise value / free cash flow, when both are positive.
FCF yield	6.8%	Free cash flow / market cap.
Earnings yield	5.7%	Net income / market cap (the inverse of P/E).
Dividend yield	6.8%	Dividends paid over the period / market cap.
Shareholder yield	6.8%	(Dividends paid + share buybacks) / market cap.

What was UNITED PARCEL SERVICE INC's revenue in fiscal 2025?

UNITED PARCEL SERVICE INC reported revenue of $88.66B for fiscal 2025, 2.6% lower than the year before.

Was UNITED PARCEL SERVICE INC profitable in fiscal 2025?

Yes. Net income was $5.57B, a net margin of 6.3%.

How much free cash flow did UNITED PARCEL SERVICE INC generate in fiscal 2025?

Cash from operations of $8.45B minus capital expenditures of $3.69B left free cash flow of $4.77B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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