United Parcel Service
UPS · NYSETrucking & Courier Services (No Air) · Fiscal year ends Dec 31
United Parcel Service reported revenue of $88.7B in the fiscal year ended Dec 2025, down 2.6% from the year before. Operating income was $7.9B, an operating margin of 8.9%, and net income was $5.6B. Operating cash flow of $8.5B less capital expenditure of $3.7B left free cash flow of $4.8B. Net debt was $18.3B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $97.3B | $100B | $91B | $91.1B | $88.7B |
| Operating income | $12.8B | $13.1B | $9.1B | $8.5B | $7.9B |
| Interest expense | $694M | $704M | $785M | $866M | $1B |
| Pre-tax income | $16.6B | $14.8B | $8.6B | $7.4B | $7.2B |
| Income tax | $3.7B | $3.3B | $1.9B | $1.7B | $1.6B |
| Net income | $12.9B | $11.5B | $6.7B | $5.8B | $5.6B |
| Diluted EPS | 14.68 | 13.20 | 7.80 | 6.75 | 6.56 |
| Diluted shares | 878M | 875M | 860M | 856M | 850M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $10.3B | $5.6B | $3.2B | $6.1B | $5.9B |
| Receivables | $12.5B | $12.6B | $11.2B | $10.9B | $11.2B |
| Inventory | $717M | $889M | $935M | $826M | $739M |
| Current assets | $24.9B | $22.2B | $19.4B | $19.3B | $19B |
| Net PP&E | $33.5B | $34.7B | – | – | – |
| Goodwill | $3.7B | $4.2B | $4.9B | $4.3B | $5.8B |
| Total assets | $69.4B | $71.1B | $70.9B | $70.1B | $73.1B |
| Payables | $7.5B | $7.5B | $6.3B | $6.3B | $6.6B |
| Deferred revenue | $27M | $11M | $20M | $0 | $0 |
| Current liabilities | $17.6B | $18.1B | $17.7B | $16.4B | $15.6B |
| Short-term debt | $2.1B | $2.3B | $3.3B | $1.8B | $608M |
| Long-term debt | $19.8B | $17.3B | $22B | $21B | $23.6B |
| Shareholders' equity | $14.3B | $19.8B | $17.3B | $16.7B | $16.2B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $15B | $14.1B | $10.2B | $10.1B | $8.5B |
| Capital expenditure | $4.2B | $4.8B | $5.2B | $3.9B | $3.7B |
| Free cash flow | $10.8B | $9.3B | $5.1B | $6.2B | $4.8B |
| Depreciation & amortisation | $3B | $3.2B | $2.8B | $3B | $3B |
| Stock-based compensation | $878M | $1.6B | $220M | $24M | $73M |
| Acquisitions | $602M | $755M | $1.3B | $71M | $2B |
| Share buybacks | $500M | $3.5B | $2.3B | $500M | $1B |
| Dividends paid | $3.4B | $5.1B | $5.4B | $5.4B | $5.4B |
| Dividend per share | 4.08 | 6.08 | 6.48 | 6.52 | 6.56 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 3.1% | −9.3% | 0.1% | −2.6% |
| Operating income growth (YoY) | – | 2.2% | −30.2% | −7.4% | −7.1% |
| EPS growth (YoY) | – | −10.1% | −40.9% | −13.5% | −2.8% |
| Operating margin | 13.2% | 13.0% | 10.0% | 9.3% | 8.9% |
| Net margin | 13.2% | 11.5% | 7.4% | 6.3% | 6.3% |
| Return on equityBlank when equity is negative | 90.4% | 58.4% | 38.8% | 34.6% | 34.3% |
| ROCEEBIT ÷ (assets − current liabilities) | 24.7% | 24.7% | 17.2% | 15.8% | 13.7% |
| Free cash flow margin | 11.1% | 9.3% | 5.6% | 6.8% | 5.4% |
| Cash conversion (CFO ÷ net income) | 1.16x | 1.22x | 1.53x | 1.75x | 1.52x |
| Receivable days | 47 | 46 | 45 | 44 | 46 |
| Interest cover | 18.5x | 18.6x | 11.6x | 9.78x | 7.74x |
| Debt ÷ equity | 1.54x | 0.99x | 1.46x | 1.37x | 1.49x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $11.7B | $14.1B | $22.1B | $16.8B | $18.3B |
| Current ratio | 1.42x | 1.22x | 1.10x | 1.17x | 1.22x |
Recent filings
More in Trucking & Courier Services (No Air)
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.