United Parcel Service, Inc. (UPS) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$1.66	$1.76	+6.0%	—	$22.8B	—
Q1 26	$1.02	$1.07	+4.9%	—	$21.2B	—
Q4 25	$2.2	$2.38	+8.2%	—	$24.5B	—
Q3 25	$1.3	$1.74	+33.8%	—	$21.4B	—
Q2 25	$1.57	$1.55	-1.3%	—	$21.2B	—
Q1 25	$1.38	$1.49	+8.0%	—	$21.5B	—
Q4 24	$2.53	$2.75	+8.7%	—	$25.3B	—
Q3 24	$1.62	$1.76	+8.6%	—	$22.2B	—
Q2 24	$1.99	$1.79	-10.1%	—	$21.8B	—
Q1 24	$1.34	$1.43	+6.7%	—	$21.7B	—
Q4 23	$2.46	$2.47	+0.4%	—	$24.9B	—
Q3 23	$1.56	$1.57	+0.6%	—	$21.1B	—
Q2 23	$2.5	$2.54	+1.6%	—	$22.1B	—
Q1 23	$2.21	$2.2	-0.5%	—	$22.9B	—
Q4 22	$3.58	$3.62	+1.1%	—	$27B	—
Q3 22	$2.85	$2.99	+4.9%	—	$24.2B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$6.56	—	—	$88.7B	—
FY24	—	$6.76	—	—	$91.1B	—
FY23	—	$7.81	—	—	$91B	—
FY22	—	$13.3	—	—	$100.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$61.6B	$66.6B	$71.9B	$74.1B	$84.6B	$97.3B	$100.3B	$91B	$91.1B	$88.7B
YoY change	+5.56%	+8.07%	+7.92%	+3.11%	+14.2%	+15%	+3.14%	-9.35%	+0.12%	-2.65%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	61.6B	66.6B	71.9B	74.1B	84.6B	97.3B	100.3B	91B	91.1B	88.7B
Cost of revenue	49.3B	54B	59.4B	60.4B	69.3B	77B	79.3B	73.7B	74.7B	72.6B
Gross profit	12.3B	12.6B	12.5B	13.7B	15.3B	20.3B	21B	17.2B	16.4B	16B
Gross margin	20%	18.9%	17.4%	18.5%	18.1%	20.8%	20.9%	18.9%	18%	18.1%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—
Operating expenses	4.6B	5.1B	5.5B	5.9B	7.6B	7.5B	7.9B	8.1B	7.9B	8.2B
Operating income	7.7B	7.5B	7B	7.8B	7.7B	12.8B	13.1B	9.1B	8.5B	7.9B
Operating margin	12.5%	11.3%	9.77%	10.5%	9.08%	13.2%	13%	10%	9.3%	8.87%
Non-operating income, net	-2.2B	61M	-400M	-1.5B	-5.1B	4.5B	2.4B	217M	-160M	314M
Pretax income	5.1B	7.1B	6B	5.7B	1.8B	16.6B	14.8B	8.6B	7.4B	7.2B
Income tax	1.7B	2.2B	1.2B	1.2B	501M	3.7B	3.3B	1.9B	1.7B	1.6B
Net income	3.4B	4.9B	4.8B	4.4B	1.3B	12.9B	11.5B	6.7B	5.8B	5.6B
Net margin	5.55%	7.37%	6.67%	5.99%	1.59%	13.2%	11.5%	7.37%	6.35%	6.28%
EBITDA	9.9B	9.8B	9.2B	10.2B	10.4B	15.8B	16.3B	12.5B	12.1B	11.6B
EPS	3.89	5.64	5.53	5.14	1.65	14.8	13.3	7.81	6.76	6.56
Diluted EPS	3.87	5.61	5.51	5.11	1.64	14.7	13.2	7.8	6.75	6.56

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	21.1B	24.9B	21.7B	21.8B	22.2B	25.3B	21.5B	21.2B	21.4B	24.5B	21.2B	22.8B
Cost of revenue	17.8B	20.1B	18.1B	18B	18.5B	20B	17.9B	17.4B	17.9B	19.4B	17.8B	19.9B
Gross profit	3.3B	4.8B	3.6B	3.8B	3.7B	5.3B	3.7B	3.8B	3.5B	5.1B	3.4B	3B
Gross margin	15.4%	19.3%	16.5%	17.4%	16.7%	20.8%	17.1%	17.8%	16.3%	20.8%	15.8%	13%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	—	—	—	—	—	—	—	—	—	—	—	—
Operating expenses	1.9B	2.3B	2B	1.9B	1.7B	2.3B	2B	2B	1.7B	2.5B	2.1B	2B
Operating income	1.3B	2.5B	1.6B	1.9B	2B	2.9B	1.7B	1.8B	1.8B	2.6B	1.3B	930M
Operating margin	6.38%	9.94%	7.43%	8.91%	8.92%	11.6%	7.73%	8.59%	8.42%	10.5%	5.98%	4.07%
Non-operating income, net	124M	-207M	118M	137M	155M	-570M	79M	78M	94M	63M	123M	103M
Pretax income	1.3B	2.1B	1.5B	1.9B	1.9B	2.1B	1.5B	1.7B	1.6B	2.4B	1.1B	761M
Income tax	141M	458M	423M	460M	371M	406M	336M	379M	296M	581M	260M	157M
Net income	1.1B	1.6B	1.1B	1.4B	1.5B	1.7B	1.2B	1.3B	1.3B	1.8B	864M	604M
Net margin	5.35%	6.44%	5.13%	6.46%	6.92%	6.8%	5.51%	6.05%	6.12%	7.32%	4.08%	2.65%
EBITDA	2.2B	3.3B	2.5B	2.8B	2.9B	3.8B	2.6B	2.8B	2.7B	3.5B	2.3B	1.9B
EPS	1.31	1.88	1.3	1.65	1.8	2.02	1.4	1.51	1.55	2.11	1.02	0.71
Diluted EPS	1.31	1.87	1.3	1.65	1.8	2.01	1.4	1.51	1.55	2.1	1.02	0.71

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	101.2B	103.8B	84.5B	101.1B	146B	187.3B	151.4B	135.1B	107.8B	84.2B	80.2B
Enterprise value	112.7B	124B	102.2B	123.6B	167.4B	202.3B	167.3B	155.7B	127.1B	106.9B	104B
Shares outstanding	883M	871M	866M	864M	867M	874M	871M	859M	855M	849M	849M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	29.6	21.2	17.6	22.8	108.7	14.5	13.1	20.1	18.6	15.1	17.5
P/S	1.64	1.56	1.18	1.37	1.73	1.93	1.51	1.48	1.18	0.95	0.89
P/B	236	101.3	27.8	30.8	218.2	13.1	7.65	7.8	6.44	5.18	5.31
EV/EBITDA	11.4	12.6	11.1	12.2	16.1	12.8	10.3	12.5	10.5	9.21	8.61
EV/Sales	1.83	1.86	1.42	1.67	1.98	2.08	1.67	1.71	1.4	1.21	1.16
Earnings yield	3.38%	4.73%	5.67%	4.39%	0.92%	6.88%	7.63%	4.97%	5.36%	6.62%	5.73%
FCF yield	3.47%	-3.61%	7.61%	2.23%	3.46%	5.77%	6.17%	3.76%	5.76%	5.66%	6.98%
PEG	—	—	—	—	—	—	—	—	—	—	-0.33

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	20%	18.9%	17.4%	18.5%	18.1%	20.8%	20.9%	18.9%	18%	18.1%	13%
Operating margin	12.5%	11.3%	9.77%	10.5%	9.08%	13.2%	13%	10%	9.3%	8.87%	9.05%
Net margin	5.55%	7.37%	6.67%	5.99%	1.59%	13.2%	11.5%	7.37%	6.35%	6.28%	5.08%
ROE	797.7%	479%	157.8%	135.2%	200.7%	90.3%	58.3%	38.7%	34.5%	34.3%	29.6%
ROA	8.48%	10.8%	9.58%	7.67%	2.15%	18.6%	16.2%	9.47%	8.25%	29.3%	7.28%
ROIC	43%	24.4%	27%	23.8%	25.3%	34.1%	28.5%	18.8%	18.2%	15.7%	13.1%
Return on tangible assets	11.7%	14.5%	12.5%	9.67%	2.63%	22.6%	20.2%	12.3%	10.4%	-830.4%	8.82%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.18	1.22	1.15	1.11	1.19	1.42	1.22	1.1	1.17	1.22	1.18
Quick ratio	1.15	1.19	1.12	1.08	1.15	1.38	1.18	1.1	1.12	1.17	1.18
Debt / equity	37.5	23.7	7.49	8.58	41.5	1.79	1.19	1.54	1.53	1.76	1.9
Debt / assets	0.4	0.53	0.45	0.49	0.44	0.37	0.33	0.38	0.37	1.5	0.4
Net debt / EBITDA	1.16	2.06	1.92	2.21	2.06	0.95	0.98	1.65	1.6	1.95	2.3
Interest coverage	14.4	16.8	10.9	9.66	3.63	24.9	22.1	11.9	9.59	8.04	6.36
Effective tax rate	33.2%	31.3%	20.4%	21.4%	27.2%	22.3%	22.1%	21.8%	22.3%	22.2%	22.1%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	69.8	76.4	83	85.8	97.6	111.3	115.2	105.9	106.5	104.4	105.9
EPS (basic)	3.89	5.64	5.53	5.14	1.65	14.8	13.3	7.81	6.76	6.56	6.56
EPS (diluted)	3.87	5.61	5.51	5.11	1.64	14.7	13.2	7.8	6.75	6.56	5.38
Book value per share	0.49	1.18	3.51	3.8	0.77	16.3	22.7	20.2	19.6	19.1	17.7
FCF per share	3.97	-4.3	7.42	2.61	5.82	12.4	10.7	5.91	7.27	5.61	6.41
Cash per share	5.17	4.67	5.81	6.64	7.28	12.1	8.72	7.07	7.39	6.93	5.47
Capex per share	0.1	0.03	0.04	0.08	0.05	1	—	—	—	4.34	4.01

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0.14%	0.04%	0.05%	0.09%	0.05%	0.9%	—	—	—	4.16%	3.79%
Capex / operating cash flow	1.65%	0.32%	0.36%	0.77%	0.92%	4.82%	—	—	—	43.6%	38.5%
Payout ratio	77.2%	56.5%	62.8%	71.9%	251.2%	26.7%	44.3%	80.1%	93.4%	96.9%	121.9%
Dividend yield	2.61%	2.67%	3.56%	3.16%	2.31%	1.83%	3.38%	3.98%	5.01%	6.41%	6.95%

Yield

6.95%

trailing twelve months

Frequency

Quarterly

Last dividend

$1.64

ex-dividend Aug 17, 2026

Payout ratio

122%

of earnings

Dividend growth

16 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 17, 2026	$1.64
May 18, 2026	$1.64
Feb 17, 2026	$1.64

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$21.1B	$24.9B	$21.7B	$21.8B	$22.2B	$25.3B	$21.5B	$21.2B	$21.4B	$24.5B	$21.2B	$22.8B
YoY change	-12.8%	-7.83%	-5.32%	-1.07%	+5.62%	+1.54%	-0.74%	-2.74%	-3.73%	-3.25%	-1.6%	+7.6%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	4.6B	4.1B	5B	5.7B	6.3B	10.6B	7.6B	6.1B	6.3B	5.9B
Receivables	7.7B	8.8B	9B	9.6B	10.8B	12.5B	12.6B	11.2B	10.9B	11.2B
Inventory	342M	404M	421M	511M	620M	717M	889M	—	826M	739M
Total current assets	13.8B	15.7B	16.2B	17.1B	20.2B	24.9B	22.2B	19.4B	19.3B	19B
Property, plant & equipment	-12.5B	-11.5B	-9.9B	-6.3B	-5.4B	-5.8B	-5.9B	-4.9B	-6.7B	-6.5B
Goodwill & intangibles	11B	11.7B	11.8B	12B	11.3B	12.4B	14B	16.4B	14.7B	19.7B
Total assets	40.4B	45.6B	50B	57.9B	62.4B	69.4B	71.1B	70.9B	70.1B	19B
Accounts payable	3B	3.9B	5.2B	5.6B	6.5B	7.5B	7.5B	6.3B	6.3B	6.6B
Short-term debt	3.7B	4B	2.8B	4B	3.2B	2.7B	3B	4.1B	2.6B	1.4B
Total current liabilities	11.7B	12.9B	14.1B	15.4B	17B	17.6B	18.1B	17.7B	16.4B	15.6B
Long-term debt	12.4B	20.3B	19.9B	24.2B	24.6B	22.8B	20.6B	22.7B	23.1B	27.2B
Total liabilities	39.9B	44.5B	47B	54.6B	61.7B	55.1B	51.3B	53.5B	53.3B	56.8B
Shareholders' equity	429M	1B	3B	3.3B	669M	14.3B	19.8B	17.3B	16.7B	16.3B
Total debt	16.1B	24.3B	22.7B	28.2B	27.8B	25.5B	23.5B	26.7B	25.7B	28.6B
Net debt	12.6B	21B	18.5B	22.9B	21.8B	15.3B	17.9B	23.5B	19.5B	22.7B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	7.3B	6.1B	4.5B	6.5B	6.1B	6.3B	5.1B	6.3B	6.8B	5.9B	5.8B	4.7B
Receivables	9.5B	11.2B	9.6B	9B	9.2B	10.9B	9.9B	10.4B	10B	11.2B	9.9B	10.7B
Inventory	—	—	898M	—	—	826M	—	—	—	739M	—	—
Total current assets	19.3B	19.4B	16.2B	18.8B	17.3B	19.3B	17.1B	18.9B	19B	19B	17.8B	17.5B
Property, plant & equipment	-5.3B	-4.9B	-5.3B	-6.2B	-6.4B	-6.7B	-7B	-6.9B	-6.5B	-6.5B	-6.8B	-7.1B
Goodwill & intangibles	14B	16.4B	16.3B	14.9B	15B	14.7B	16B	16.3B	16.5B	19.7B	19.6B	19.4B
Total assets	70.3B	70.9B	67.6B	69.4B	68.3B	70.1B	68.5B	70.9B	71.4B	73.1B	71.8B	71.3B
Accounts payable	6B	6.3B	5.4B	5.3B	5.4B	6.3B	5.5B	6B	5.8B	6.6B	5.9B	6B
Short-term debt	2.9B	4.1B	1.9B	2.7B	2.3B	2.6B	2.6B	1.6B	1.7B	1.4B	1.4B	1.4B
Total current liabilities	15.8B	17.7B	14.7B	15.1B	15.1B	16.4B	15.7B	14.2B	14.6B	15.6B	14.7B	14.9B
Long-term debt	22.5B	22.7B	22.5B	23.8B	23.9B	23.1B	23B	27.3B	27.5B	27.2B	27.3B	27.3B
Total liabilities	51.1B	53.5B	50.7B	52.4B	51.4B	53.3B	52.8B	55.1B	55.5B	56.8B	56B	56.2B
Shareholders' equity	19.2B	17.3B	16.9B	17.1B	16.9B	16.7B	15.7B	15.8B	15.8B	16.3B	15.8B	15.1B
Total debt	25.4B	26.7B	24.4B	26.4B	26.2B	25.7B	25.6B	28.9B	29.2B	28.6B	28.7B	28.7B
Net debt	21.1B	23.5B	20.1B	20.1B	20.4B	19.5B	20.8B	22.7B	22.4B	22.7B	22.9B	24B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	3.4B	4.9B	4.8B	4.4B	1.3B	12.9B	11.5B	6.7B	5.8B	5.6B
Depreciation & amortization	2.2B	2.3B	2.2B	2.4B	2.7B	3B	3.2B	3.4B	3.6B	3.7B
Stock-based compensation	591M	584M	634M	915M	796M	878M	1.6B	220M	24M	73M
Change in working capital	-785M	-1.6B	1.5B	582M	-550M	-419M	-180M	-76M	-245M	-1B
Operating cash flow	5.3B	7.4B	10.2B	8.5B	4.3B	18.1B	16.8B	10.5B	9.4B	8.4B
Capital expenditure	88M	24M	37M	65M	40M	872M	—	—	—	-3.7B
Investing cash flow	402M	256M	-47M	319M	169M	1.2B	-2.7B	-2B	3.7B	-4.7B
Dividends paid	-2.6B	-2.8B	-3B	-3.2B	-3.4B	-3.4B	-5.1B	-5.4B	-5.4B	-5.4B
Share repurchases	-2.7B	-1.8B	-1B	-1B	-224M	-500M	-3.5B	-2.3B	-500M	-1B
Financing cash flow	-3.1B	3.3B	-5.7B	-1.7B	-4.5B	-6.8B	-11.2B	-5.5B	-6.8B	-4.1B
Net change in cash	2.6B	11B	4.5B	7.1B	-23M	12.5B	2.9B	3B	6.2B	-426M
Free cash flow	3.5B	-3.7B	6.4B	2.3B	5B	10.8B	9.3B	5.1B	6.2B	4.8B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	1.1B	1.6B	1.1B	1.4B	1.5B	1.7B	1.2B	1.3B	1.3B	1.8B	864M	604M
Depreciation & amortization	837M	867M	898M	887M	905M	919M	912M	936M	926M	972M	985M	980M
Stock-based compensation	21M	34M	-27M	30M	-24M	45M	21M	-5M	25M	32M	24M	34M
Change in working capital	-619M	-489M	933M	-638M	52M	-592M	362M	-1.3B	396M	-469M	592M	-880M
Operating cash flow	1.6B	2B	3.1B	1.8B	2.3B	2.3B	2.5B	854M	2.5B	3.3B	2.2B	859M
Capital expenditure	—	—	—	—	—	—	—	—	-970M	-716M	-1B	-693M
Investing cash flow	219M	-1.2B	2.6B	20M	1B	41M	-479M	200M	-456M	-2B	-944M	-566M
Dividends paid	-1.3B	-1.3B	-1.3B	-1.4B	-1.3B	-1.4B	-1.3B	-1.3B	-1.3B	-1.4B	-1.4B	-1.4B
Share repurchases	-752M	0	0	0	-500M	0	-1B	0	0	0	0	0
Financing cash flow	-1.6B	-349M	-3.7B	899M	-2.2B	-1.8B	-2.3B	1.8B	-1.4B	-2.2B	-1.3B	-1.4B
Net change in cash	244M	501M	2B	2.7B	1.1B	492M	-295M	2.8B	598M	-893M	-48M	-1.1B
Free cash flow	944M	362M	2.3B	1.1B	655M	2.2B	1.4B	-775M	1.5B	2.6B	1.2B	166M

United Parcel Service, Inc. Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement