United Parcel Service, Inc.

UPS · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Valuation
Market cap	$84,151	$107,610	$133,948	$150,357	$186,292	$146,364	$101,742	$84,767	$103,558	$99,638	$83,638	$101,832	$98,775	$70,781	$71,799	$72,145	$57,255	$56,043	$74,751	$81,353	$83,572	$96,555	$84,065	$70,676	$61,383	$67,863	$77,123	$74,600
Enterprise value	$106,882	$126,969	$154,613	$166,300	$201,243	$167,814	$124,184	$102,484	$124,308	$111,617	$93,742	$109,850	$104,889	$76,247	$78,725	$79,314	$64,742	$64,865	$83,165	$83,486	$84,511	$95,806	$85,823	$72,264	$64,933	$70,588	$75,343	$75,572
P/E (TTM) at period end	15.10×	18.61×	19.97×	13.02×	14.45×	108.98×	22.91×	17.69×	21.11×	29.12×	17.27×	33.59×	22.59×	87.71×	18.87×	21.61×	29.09×	18.66×	195.68×	19.36×	21.59×	28.97×	29.01×	22.21×	25.59×	23.13×	87.34×	42.85×
P/S (TTM) at period end	0.95×	1.18×	1.47×	1.50×	1.91×	1.73×	1.37×	1.18×	1.57×	1.64×	1.43×	1.75×	1.78×	1.31×	1.35×	1.46×	1.26×	1.09×	1.50×	1.71×	1.96×	2.64×	2.51×	2.26×	2.00×	2.28×	2.85×	3.01×
P/B at period end	5.19×	6.44×	7.74×	7.60×	13.07×	222.78×	31.14×	28.06×	104.18×	246.02×	33.86×	47.56×	15.26×	15.21×	10.21×	9.04×	7.50×	8.27×	6.14×	5.25×	4.95×	5.89×	5.66×	5.67×	5.99×	6.97×	6.18×	10.40×
EV / EBITDA (TTM)	9.20×	10.51×	12.36×	10.21×	12.77×	16.16×	12.23×	11.10×	12.67×	11.26×	9.61×	15.94×	11.78×	23.82×	10.01×	10.67×	12.32×	9.01×	35.80×	9.94×	10.79×	14.33×	14.32×	13.00×	12.12×	12.42×	14.70×	38.21×
EV / Sales (TTM)	1.21×	1.39×	1.70×	1.66×	2.07×	1.98×	1.68×	1.43×	1.89×	1.83×	1.61×	1.89×	1.89×	1.41×	1.48×	1.60×	1.43×	1.26×	1.67×	1.76×	1.98×	2.62×	2.56×	2.31×	2.12×	2.37×	2.79×	3.05×
Returns
Return on equity	34.3%	34.6%	38.8%	58.4%	90.4%	204.4%	135.9%	158.6%	493.5%	844.9%	196.1%	141.6%	67.5%	17.3%	54.1%	41.8%	25.8%	44.3%	3.1%	27.1%	22.9%	20.3%	19.5%	25.5%	23.4%	30.1%	7.1%	24.3%
Return on invested capital	15.7%	18.1%	17.5%	27.0%	33.7%	24.9%	23.4%	25.9%	23.0%	38.1%	34.7%	29.1%	35.0%	10.4%	26.3%	22.4%	14.3%	20.0%	2.4%	22.8%	20.2%	17.3%	16.7%	17.9%	16.8%	22.0%	15.8%	21.7%
Dividend yield	6.4%	5.0%	4.0%	3.4%	1.8%	2.3%	3.1%	3.6%	2.7%	2.7%	3.0%	2.3%	2.3%	3.0%	2.8%	2.5%	3.1%	4.0%	2.3%	1.9%	1.7%	1.3%	0.1%	1.2%	1.4%	1.2%	0.9%	0.6%
Financial health
Current ratio	1.22×	1.17×	1.10×	1.22×	1.42×	1.19×	1.11×	1.15×	1.22×	1.18×	1.23×	1.30×	1.88×	1.86×	1.89×	1.96×	1.49×	1.13×	1.20×	1.40×	1.58×	1.94×	1.80×	1.57×	1.64×	1.58×	2.43×	1.46×
Debt / equity	1.49×	1.27×	1.29×	0.99×	1.54×	37.53×	7.73×	7.53×	24.44×	39.69×	5.80×	5.03×	1.68×	2.77×	1.58×	1.36×	1.25×	1.46×	0.90×	0.27×	0.24×	0.27×	0.26×	0.37×	0.50×	0.37×	0.19×	0.36×
Effective tax rate	22.2%	22.3%	21.8%	22.1%	22.3%	27.2%	21.4%	20.4%	31.3%	33.2%	34.0%	34.6%	34.5%	17.1%	34.1%	36.9%	36.0%	40.1%	11.4%	35.5%	36.3%	32.3%	33.7%	35.0%	38.4%	39.3%	57.7%	40.0%
Share count
Diluted shares outstanding	850	856	860	875	878	871	869	870	875	887	906	924	948	969	991	1,003	1,004	1,022	1,063	1,089	1,115	1,138	1,136	1,132	1,142	1,174	1,147	1,109

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003	FY2002	FY2001	FY2000	FY1999	FY1998
Revenue and gross profit
Revenue	$89,930	$88,661	$91,070	$90,958	$100,338	$97,287	$84,628	$74,094	$71,861	$65,872	$60,906	$58,363	$58,232	$55,438	$54,127	$53,105	$49,545	$45,297	$51,486	$49,692	$47,547	$42,581	$36,582	$33,485	$31,272	$30,646	$29,771	$27,052	$24,788
Cost of revenue	($74,971)	($72,631)	($73,836)	($73,039)	($79,954)	($79,772)	($62,649)	($57,824)	($57,745)	($53,201)	($48,165)	($45,939)	($46,547)	($44,079)	($43,703)	($42,046)	($39,700)	($37,191)	($40,754)	($44,367)	($36,413)	($32,265)	($27,598)	($8,154)	($7,768)	($7,891)	($7,540)	($6,640)	($6,240)
Gross profit	$14,959	$16,030	$17,058	$17,706	$20,080	$17,432	$21,783	$16,093	$14,166	$13,349	$12,337	$12,111	$11,709	$11,412	$10,361	$11,160	$9,749	$7,928	$10,732	$5,325	$11,134	$10,316	$8,984	$25,331	$23,504	$22,755	$22,231	$20,412	$18,548
Operating expenses
Research and development	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–	–
Selling, general and administrative	($49,351)	($48,605)	($48,093)	($47,092)	($47,724)	($68,488)	($46,894)	($40,746)	($37,235)	($34,577)	($32,534)	($31,028)	($32,045)	($28,557)	($33,102)	($27,575)	($26,557)	($4,066)	($4,779)	($4,452)	($4,485)	($4,125)	($3,841)	($19,328)	($17,944)	($17,397)	($16,546)	($15,285)	($14,346)
Total operating expenses	($8,383)	($8,163)	($8,590)	($8,565)	($6,986)	($4,622)	($14,099)	($8,295)	($7,142)	($5,820)	($4,649)	($4,443)	($6,741)	($4,378)	($9,018)	($5,080)	($4,108)	($4,420)	($5,350)	($4,747)	($4,485)	($4,125)	($3,841)	($20,886)	($19,408)	($18,793)	($17,719)	($16,424)	($15,458)
Total costs and expenses	($83,354)	($80,794)	($82,602)	($81,817)	($87,244)	($84,477)	($76,944)	($66,296)	($64,837)	($58,343)	($53,218)	($50,695)	($53,264)	($48,404)	($52,784)	($47,025)	($43,904)	($41,789)	($46,104)	($49,114)	($40,898)	($36,390)	($31,439)	($29,040)	($27,176)	($26,684)	($25,259)	($23,064)	($21,698)
Operating income	$6,576	$7,867	$8,468	$9,141	$13,094	$12,810	$7,684	$7,798	$7,024	$7,529	$7,688	$7,668	$4,968	$7,034	$1,343	$6,080	$5,641	$3,508	$5,382	$578	$6,649	$6,191	$5,143	$4,445	$4,096	$3,962	$4,512	$3,988	$3,090
Earnings
EBITDA	$10,439	$11,613	$12,077	$12,507	$16,282	$15,763	$10,382	$10,158	$9,231	$9,811	$9,912	$9,752	$6,891	$8,901	$3,201	$7,862	$7,433	$5,255	$7,196	$2,323	$8,397	$7,835	$6,686	$5,994	$5,560	$5,358	$5,685	$5,127	$1,978
Interest income	$383	$314	($160)	$219	$2,435	$4,479	($5,139)	($1,493)	($400)	$61	($2,186)	$15	$22	$20	$24	$44	$3	$87	$127	$99	$86	$104	$82	–	–	–	–	–	–
Interest expense	($1,095)	($1,017)	($866)	($785)	($704)	($694)	($701)	($653)	($605)	($453)	($381)	($341)	($353)	($380)	($393)	($348)	($354)	($445)	($442)	($246)	($211)	($172)	($149)	–	–	–	–	–	–
Pre-tax income	$5,864	$7,164	$7,442	$8,573	$14,825	$16,595	$1,844	$5,652	$6,019	$7,137	$5,121	$7,342	$4,637	$6,674	$974	$5,776	$5,290	$3,073	$5,015	$431	$6,510	$6,075	$4,922	$4,370	$5,009	$3,937	$4,834	$2,088	$2,902
Income tax expense	($1,294)	($1,592)	($1,660)	($1,865)	($3,277)	($3,705)	($501)	($1,212)	($1,228)	($2,232)	($1,699)	($2,498)	($1,605)	($2,302)	($167)	($1,972)	($1,952)	($1,105)	($2,012)	($49)	($2,308)	($2,205)	($1,589)	($1,472)	($1,755)	($1,512)	($1,900)	($1,205)	($1,161)
Net income	$4,570	$5,572	$5,782	$6,708	$11,548	$12,890	$1,343	$4,440	$4,791	$4,905	$3,422	$4,844	$3,032	$4,372	$807	$3,804	$3,338	$1,968	$3,003	$382	$4,202	$3,870	$3,333	$2,898	$3,182	$2,399	$2,934	$883	$1,741
Per share
Diluted EPS (GAAP)	$5.38	$6.56	$6.75	$7.80	$13.20	$14.68	$1.54	$5.11	$5.51	$5.61	$3.86	$5.35	$3.28	$4.61	$0.83	$3.84	$3.33	$1.96	$2.94	$0.36	$3.86	$3.47	$2.93	$2.55	$2.81	$2.10	$2.50	$0.77	$1.57
Basic EPS (GAAP)	$5.39	$6.56	$6.76	$7.81	$13.26	$14.75	$1.55	$5.14	$5.53	$5.63	$3.88	$5.38	$3.31	$4.65	$0.84	$3.88	$3.36	$1.97	$2.96	$0.36	$3.87	$3.48	$2.95	$2.57	$2.84	$2.13	$2.54	$0.79	$1.59
Basic shares outstanding	850	849	855	859	871	874	867	864	866	871	883	901	916	940	960	981	994	998	1,016	1,057	1,085	1,112	1,130	1,128	1,120	1,126	1,155	1,118	1,095
Margins
Gross margin	16.6%	18.1%	18.7%	19.5%	20.0%	17.9%	25.7%	21.7%	19.7%	20.3%	20.3%	20.8%	20.1%	20.6%	19.1%	21.0%	19.7%	17.5%	20.8%	10.7%	23.4%	24.2%	24.6%	75.6%	75.2%	74.3%	74.7%	75.5%	74.8%
Operating margin	7.3%	8.9%	9.3%	10.0%	13.0%	13.2%	9.1%	10.5%	9.8%	11.4%	12.6%	13.1%	8.5%	12.7%	2.5%	11.4%	11.4%	7.7%	10.5%	1.2%	14.0%	14.5%	14.1%	13.3%	13.1%	12.9%	15.2%	14.7%	12.5%
Net margin	5.1%	6.3%	6.3%	7.4%	11.5%	13.2%	1.6%	6.0%	6.7%	7.4%	5.6%	8.3%	5.2%	7.9%	1.5%	7.2%	6.7%	4.3%	5.8%	0.8%	8.8%	9.1%	9.1%	8.7%	10.2%	7.8%	9.9%	3.3%	7.0%

Analyst consensus

Hold45 analysts

Bearish · 4 · Hold · 20 · Bullish · 21

Earnings history

	EPS	Estimate
Q3 2024	$1.76	$1.63	Beat
Q4 2024	$2.75	$2.52	Beat
Q1 2025	$1.49	$1.38	Beat
Q2 2025	$1.55	$1.56	Miss
Q3 2025	$1.74	$1.29	Beat
Q4 2025	$2.38	$2.20	Beat
Q1 2026	$1.07	$1.04	Beat
Q2 2026	$1.76	$1.66	Beat

Peers

Company overview

IPO dateNov 10, 1999

CEOCarol Tomé

Employees460,000

SectorIndustrials

IndustryIntegrated Freight & Logistics

CountryUS

ExchangeNew York Stock Exchange

Websitewww.ups.com

United Parcel Service, Inc., a package delivery and logistics provider, offers transportation and delivery services. It operates through two segments, U.S. Domestic Package and International Package. The U.S. Domestic Package segment offers time-definite delivery services for express letters, documents, packages and palletized freight through air and ground services. The International Package segment provides small package operations in Europe, the Middle East and Africa, Canada and Latin America, and Asia. The company offers a range of guaranteed day- and time-definite international transportation services; day-definite services; cross-border ground package delivery; contract-only, e-commerce solutions for non-urgent, and cross-border shipments; and international service for urgent and palletized shipments. It also provides international air and ocean freight forwarding, contract logistics, customs brokerage and insurance, mail services, healthcare logistics, distribution, and post-sales services. United Parcel Service, Inc. was founded in 1907 and is headquartered in Atlanta, Georgia.

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