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Boeing vs United Parcel Service: revenue, profit, margins and growth compared

Boeing brought in $89.5B of revenue in fiscal 2025, United Parcel Service $88.7B in fiscal 2025. Revenue changed by +34.5% at Boeing and -2.6% at United Parcel Service on the year before, so Boeing grew faster. Boeing kept 2.5% of its revenue as net profit, United Parcel Service 6.3%. Free cash flow was -$1.9B at Boeing and $4.8B at United Parcel Service.

Side by side, latest fiscal year

BAUPS
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$89.5B$88.7B
Revenue growth+34.5%-2.6%
Net income$2.2B$5.6B
Net margin2.5%6.3%
Free cash flow-$1.9B$4.8B
Free cash flow margin-2.1%5.4%
Earnings per share (diluted)$2.48$6.56
Cash$10.9B$5.9B
Debt$53.8B$23.6B
Price to earnings79.914.3
Market value$156.5B$79.9B
Dividend yieldn/a6.98%
Rank by revenue in sector#4 of 451 · Industrials#5 of 451 · Industrials

Over the years

Revenue
BA FY2018: $101.1BBA FY2019: $76.6BBA FY2020: $58.2BBA FY2021: $62.3BBA FY2022: $66.6BBA FY2023: $77.8BBA FY2024: $66.5BBA FY2025: $89.5BUPS FY2018: $71.9BUPS FY2019: $74.1BUPS FY2020: $84.6BUPS FY2021: $97.3BUPS FY2022: $100.3BUPS FY2023: $91BUPS FY2024: $91.1BUPS FY2025: $88.7BFY18FY19FY20FY21FY22FY23FY24FY25
BA $89.5BUPS $88.7B
Net income
BA FY2018: $10.5BBA FY2019: -$636MBA FY2020: -$11.9BBA FY2021: -$4.2BBA FY2022: -$4.9BBA FY2023: -$2.2BBA FY2024: -$11.8BBA FY2025: $2.2BUPS FY2018: $4.8BUPS FY2019: $4.4BUPS FY2020: $1.3BUPS FY2021: $12.9BUPS FY2022: $11.5BUPS FY2023: $6.7BUPS FY2024: $5.8BUPS FY2025: $5.6BFY18FY19FY20FY21FY22FY23FY24FY25
BA $2.2BUPS $5.6B
Net margin
BA FY2018: 10.3%BA FY2019: -0.8%BA FY2020: -20.4%BA FY2021: -6.7%BA FY2022: -7.4%BA FY2023: -2.9%BA FY2024: -17.8%BA FY2025: 2.5%UPS FY2018: 6.7%UPS FY2019: 6.0%UPS FY2020: 1.6%UPS FY2021: 13.2%UPS FY2022: 11.5%UPS FY2023: 7.4%UPS FY2024: 6.3%UPS FY2025: 6.3%FY18FY19FY20FY21FY22FY23FY24FY25
BA 2.5%UPS 6.3%
Revenue growth
BA FY2019: -24.3%BA FY2020: -24.0%BA FY2021: +7.1%BA FY2022: +6.9%BA FY2023: +16.8%BA FY2024: -14.5%BA FY2025: +34.5%UPS FY2019: +3.1%UPS FY2020: +14.2%UPS FY2021: +15.0%UPS FY2022: +3.1%UPS FY2023: -9.3%UPS FY2024: +0.1%UPS FY2025: -2.6%FY19FY20FY21FY22FY23FY24FY25
BA +34.5%UPS -2.6%
Free cash flow
BA FY2018: $13.6BBA FY2019: -$4.3BBA FY2020: -$19.7BBA FY2021: -$4.4BBA FY2022: $2.3BBA FY2023: $4.4BBA FY2024: -$14.3BBA FY2025: -$1.9BUPS FY2018: $6.4BUPS FY2019: $2.3BUPS FY2020: $5BUPS FY2021: $10.8BUPS FY2022: $9.3BUPS FY2023: $5.1BUPS FY2024: $6.2BUPS FY2025: $4.8BFY18FY19FY20FY21FY22FY23FY24FY25
BA -$1.9BUPS $4.8B

Fiscal years as each company reports them; the two may end in different months.

Questions about Boeing and United Parcel Service

Which is bigger by revenue, Boeing or United Parcel Service?

Boeing is bigger by revenue: $89.5B in fiscal 2025, against $88.7B for United Parcel Service in fiscal 2025.

Which keeps more of its revenue as profit, Boeing or United Parcel Service?

Boeing had a net margin of 2.5% in fiscal 2025; United Parcel Service had 6.3% in fiscal 2025.

Which grew revenue faster, Boeing or United Parcel Service?

In their latest fiscal years revenue changed by +34.5% at Boeing and -2.6% at United Parcel Service.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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