Saturday 31 October 2026 Export UPS’s income statement to Excel — free account

United Parcel Service, Inc.

UPS Industrials Integrated Freight & Logistics

United Parcel Service, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $88.7 billion, down 2.65% from fiscal 2024. In the quarter to June 2026, revenue grew 7.60%, EPS fell 53.0%, free cash flow grew 137.7% and total debt fell 1.03%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for twenty-five consecutive years.

108.63 1.30 +1.21%

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Market cap: $91.3B
P/E: 20.2×
Fwd P/E: 16.7×
Dividend yield: 6.04%
F-score: 6/9
Altman Z: 2.90
Beneish M: −2.61
Dividend safety: 36/100

Overview Business Profile Earnings & Analysis Segments Filings

Insider Decisions trades per month

Total sells 2.66

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	1	—	—	—	—	—	—	—	—	—

Insider Ownership 11.96%

Capital & Financial Ratios $m

Market Cap 91,310.00

Revenue 89,930.00

Net Income 4,570.00

Free Cash Flow 6,264.00

Net Debt 19,831.00

Current Ratio 1.18

Debt/Equity 1.62

P/E ratio 20.15

Fwd P/E 16.70

P/S ratio 1.03

P/B ratio 6.12

Past 5Y EPS Growth 31.95%

This Y EPS Growth 1.37%

Next Y EPS Growth 10.90%

Next Y revenue growth 3.47%

Next 5Y EPS Growth 6.17%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

EV/Sales, ten years

P/E against its own 10 years 61.33%

10-year low 10-year high

P/S against its own 10 years 12.27%

10-year low 10-year high

P/B against its own 10 years 15.24%

10-year low 10-year high

EV/Sales against its own 10 years 13.26%

10-year low 10-year high

EV/FCF against its own 10 years 20.17%

10-year low 10-year high

Dividends

Payout Ratio 1.22

Annual Dividend Rate 6.56

Annual Dividend Yield 6.04%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	6.56	1.64 1.64 1.64
2025	6.56	1.64 1.64 1.64 1.64
2024	6.52	1.63 1.63 1.63 1.63
2023	6.48	1.62 1.62 1.62 1.62
2022	6.08	1.52 1.52 1.52 1.52
2021	4.08	1.02 1.02 1.02 1.02
2020	4.04	1.01 1.01 1.01 1.01
2019	3.84	0.96 0.96 0.96 0.96
2018	3.64	0.91 0.91 0.91 0.91
2017	3.32	0.83 0.83 0.83 0.83
2016	3.12	0.78 0.78 0.78 0.78

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	6,072	6,112	5,887	4,653
Receivables	11,216	10,871	11,209	10,710
Inventory	—	—	—	—
Other	2,125	2,327	1,949	2,182
	19,413	19,310	19,045	17,545

	2023	2024	2025	Q'26
Payables	6,340	6,302	6,633	5,976
ST’ Debt	3,348	1,838	608	634
Other	2,576	2,523	2,512	3,086
	17,676	16,441	15,620	14,881

Compound Annual Growth %

	10y	5y	3y
Sales	4.27%	0.94%	(4.04%)
Cash Flow	1.29%	(4.18%)	(15.70%)
Earnings	1.41%	32.92%	(21.57%)
Book Value	20.63%	89.28%	(6.37%)

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 1.63 Actual 1.69

0.79 1.34 1.89 2.44 3.00

Q4 FY25 Beat +0.16

Q1 FY26 Beat +0.03

Q2 FY26 Beat +0.11

Q3 FY26 Beat +0.06

Q4 FY26 — Jan 26

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q4 FY25	2.22	2.38	Beat by 0.16
Q1 FY26	1.04	1.07	Beat by 0.03
Q2 FY26	1.65	1.76	Beat by 0.11
Q3 FY26	1.63	1.69	Beat by 0.06
Q4 FY26	2.74	—	Reports 26 January 2027

EPS $

	Mar	Jun	Sep	Dec	Year
’26	1.02	0.71	—	—	—
’25	1.40	1.51	1.55	2.10	6.56
’24	1.30	1.65	1.80	2.01	6.75
’23	2.19	2.42	1.31	1.87	7.80
’22	3.03	3.25	2.96	3.96	13.20
’21	5.47	3.05	2.65	3.52	14.68
’20	1.11	2.03	2.24	(3.75)	1.64

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	21,202	22,834	—	—	—
’25	21,546	21,221	21,415	24,479	88,661
’24	21,706	21,818	22,245	25,301	91,070
’23	22,925	22,055	21,061	24,917	90,958
’22	24,378	24,766	24,161	27,033	100,338
’21	22,908	23,424	23,184	27,771	97,287
’20	18,035	20,459	21,238	24,896	84,628

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	2,224	859	—	—	—
’25	2,318	348	2,482	3,302	8,450
’24	3,316	1,993	1,498	3,315	10,122
’23	2,357	3,237	2,233	2,411	10,238
’22	4,480	3,813	2,479	3,332	14,104
’21	4,531	3,923	3,307	3,246	15,007
’20	2,550	3,397	3,336	1,176	10,459

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	1,275	282	—	—	—
’25	1,507	(749)	2,006	2,701	5,465
’24	2,294	1,075	1,697	2,262	7,328
’23	1,753	2,071	1,061	388	5,273
’22	3,932	2,982	1,592	841	9,347
’21	3,707	3,940	2,414	1,624	11,685
’20	1,618	2,266	2,190	(987)	5,087

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Price, $
Price, $	Low	87.30	102.12	89.89	92.65	82.00	154.76	154.87	133.68	122.01	82.00		(0.7%)	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	High	120.44	125.16	135.53	125.31	178.01	220.24	233.72	197.80	161.48	136.99		+1.4%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
People
People	Employees	434,000	454,000	481,000	495,000	543,000	534,000	536,000	500,000	490,000	460,000		+0.6%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
	Revenue/emp, $m	0.14	0.15	0.15	0.15	0.16	0.18	0.19	0.18	0.19	0.19		+3.5%	‡‡‡‡	‡‡‡‡	‡‡‡‡	‡‡‡‡
Income, $m
Income, $m	Revenue	61,610	66,585	71,861	74,094	84,628	97,287	100,338	90,958	91,070	88,661		+4.1%	91,741	95,174	98,379	+3.5%
	Gross margin, %	78.07	75.99	74.16	76.09	75.68	73.59	73.52	76.65	77.06	79.69		+1.6 pt	Powerpack United Parcel Service, Inc.’s next three years, line by line Analysts expect revenue to grow 3.5% a year to 2028 — slower than the 4.1% of the last 9 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	5,121	7,137	6,019	5,652	1,844	16,595	14,825	8,573	7,442	7,164		+3.8%
	EBT margin, %	8.31	10.72	8.38	7.63	2.18	17.06	14.78	9.43	8.17	8.08		(0.2) pt
	Net income	3,422	4,905	4,791	4,440	1,343	12,890	11,548	6,708	5,782	5,572		+5.6%
	Depreciation	2,224	2,282	2,207	2,360	2,698	2,953	3,188	3,366	3,609	3,746		+6.0%
Per share, $
Per share, $	Revenue	69.77	76.45	82.98	85.76	97.61	111.95	115.60	106.38	106.64	104.55		+4.6%
	Earnings	3.89	5.64	5.53	5.14	1.65	14.75	13.26	7.81	6.76	6.56		+6.0%
	Cash flow	7.33	1.70	14.68	10.00	12.06	17.27	16.25	11.97	11.85	9.96		+3.5%
	Capex	(3.26)	(5.97)	(7.21)	(7.31)	(6.20)	(3.82)	(5.48)	(5.81)	(3.27)	(3.52)		+0.9%
	Free cash flow	4.07	(4.28)	7.47	2.69	5.87	13.45	10.77	6.17	8.58	6.44		+5.2%
	Book value	0.49	1.18	3.51	3.80	0.77	16.42	22.81	20.25	19.61	19.17		+50.4%
	Shares, m	883	871	866	864	867	869	868	855	854	848		(0.4%)
Valuation, ×
Valuation, ×	P/E	29.74	21.97	17.67	22.91	102.06	14.53	13.22	20.27	18.63	15.10		27.6
	P/S	1.65	1.62	1.18	1.37	1.73	1.91	1.52	1.49	1.18	0.95		1.5
	P/B	236.87	105.19	27.81	30.81	218.24	13.05	7.68	7.82	6.43	5.17		65.9
	EV/Sales	1.84	1.92	1.42	1.63	1.94	2.03	1.64	1.67	1.35	1.15		1.7
	EV/FCF	31.46	(34.35)	15.80	51.91	32.31	16.91	17.57	28.75	16.77	18.73		19.6
Cash, $m
Cash, $m	Operating cash flow	6,473	1,479	12,711	8,639	10,459	15,007	14,104	10,238	10,122	8,450		+3.0%
	Capex	(2,877)	(5,203)	(6,246)	(6,315)	(5,372)	(3,322)	(4,757)	(4,965)	(2,794)	(2,985)		+0.4%
	Free cash flow	3,596	(3,724)	6,465	2,324	5,087	11,685	9,347	5,273	7,328	5,465		+4.8%
Balance, $m
Balance, $m	Working capital	2,119	2,832	2,123	1,690	3,200	7,365	4,077	1,737	2,869	3,425		+5.5%
	Total debt	16,075	24,289	22,736	25,238	24,654	21,915	19,662	22,264	21,284	24,127		+4.6%
	Net debt	11,508	20,220	17,701	19,497	18,338	11,322	12,067	16,192	15,172	18,240		+5.3%
	Shareholders’ equity	429	1,024	3,037	3,283	669	14,269	19,803	17,314	16,743	16,255		+49.8%
Returns, %
Returns, %	ROA	8.70	11.41	10.02	8.23	2.23	19.56	16.44	9.45	8.21	7.78		(0.9) pt
	ROIC	40.25	22.15	21.17	21.39	25.27	31.29	25.68	17.05	16.58	14.25		(26.0) pt
	ROE	234.38	675.15	235.95	140.51	67.97	172.58	67.79	36.15	33.95	33.77		(200.6) pt

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by regions, and margins
United States	67,432	76.06%
International	21,229	23.94%
Gross margin		79.69%
Operating margin		8.87%
Pre-tax margin		8.08%

Revenue by segment since 2008

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
UPS United Parcel Service, Inc.	$91.3B	20.2×	16.7×	+7.60% (above 0%: growing)	−52.98% (below 0%: shrinking)	+137.65% (above 0%: growing)	75.16%	4.07%
FDX FedEx Corporation	$72.1B	16.9×	14.6×	+12.54% (above 0%: growing)	−4.07% (below 0%: shrinking)	+62.20% (above 0%: growing)	69.62%	6.20%	Compare
EXPD Expeditors International of Washington, Inc.	$25.8B	28.9×	24.8×	+32.07% (above 0%: growing)	+50.37% (above 0%: growing)	+2.03% (above 0%: growing)	30.99%	9.98%	Compare
JBHT J.B. Hunt Transport Services, Inc.	$20.7B	31.3×	31.2×	+19.37% (above 0%: growing)	+45.80% (above 0%: growing)	+29.82% (above 0%: growing)	41.31%	7.42%	Compare
FDXF FedEx Freight Holding Company Inc.	$16.4B	—	—	—	—	—	—	—	Compare
CHRW C.H. Robinson Worldwide, Inc.	$14.7B	23.6×	22.9×	+19.28% (above 0%: growing)	+24.41% (above 0%: growing)	−91.47% (below 0%: shrinking)	14.96%	5.18%	Compare
ZTO ZTO Express (Cayman) Inc.	$10.9B	10.6×	10.0×	+29.83% (above 0%: growing)	+73.53% (above 0%: growing)	+121.35% (above 0%: growing)	25.66%	22.19%	Compare
GXO GXO Logistics, Inc.	$5.7B	43.8×	29.7×	+4.30% (above 0%: growing)	−4.35% (below 0%: shrinking)	+127.91% (above 0%: growing)	14.76%	2.24%	Compare
LSTR Landstar System, Inc.	$4.8B	37.1×	27.9×	+18.09% (above 0%: growing)	+20.00% (above 0%: growing)	−950.32% (below 0%: shrinking)	21.71%	4.62%	Compare
Median of peers	$15.6B	28.9×	24.8×	+19.28%	+24.41%	+29.82%	25.66%	6.20%

All 32 Integrated Freight & Logistics stocks →

Business profile

Updated 27 October 2026

United Parcel Service, Inc. (UPS) is a package delivery and logistics company founded in 1907, headquartered in Sandy Springs, and led by Chief Executive Officer Carol Tomé. It serves shipping customers that need to move documents, parcels, palletized freight and other goods, as well as businesses that need logistics, distribution, customs and returns support.

UPS operates an integrated air-and-ground transportation network. Its global small-package operations offer time-definite delivery for express letters, documents, packages and palletized freight, including air, ground, domestic and international services. The U.S. ground network reaches substantially all business and residential ZIP codes in the contiguous U.S.; Ground Saver serves non-urgent, lightweight residential shipments.

Read the full business profile →

From the latest earnings call

Updated 26 October 2026

Brian Dykes said UPS expected its network reconfiguration and Amazon glide-down actions to conclude by the end of June, with fewer replacement-aircraft leases thereafter.
Carol Tomé said UPS was focusing on SMB, B2B and healthcare customers, while Brian Dykes said revenue per piece and base pricing remained areas of focus.

Read the Earnings & Analysis →

Analyst rating changes each firm’s latest, last six months

Firm	Date	Action	Rating	Target
Goldman Sachs	Oct 28, 2026	Target raised	Buy	132.00 → 135.00
Bank of America	Oct 28, 2026	Target raised	Hold	108.00 → 114.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 62.60%

Held by the ten largest 32.94%

Holder	Shares	Stake	Change
Vanguard	70.58m	8.30%	+1.26m
BlackRock	54.93m	6.46%	+3.81m
State Street	33.86m	3.98%	+1.27m
Fidelity (FMR)	32.85m	3.86%	+273.72k
Charles Schwab	24.70m	2.90%	+2.59m
Geode Capital Management	17.86m	2.10%	+349.40k
Victory Capital	14.25m	1.68%	+3.21m
UBS	11.52m	1.35%	−451.44k
Bank of America	10.80m	1.27%	+1.07m
Morgan Stanley	8.90m	1.05%	−1.27m

13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 19 March 2026

Chief executive’s pay

Year	Total pay	Actually paid	$100 invested
2025	22.88m	10.26m	74.69
2024	24.06m	9.19m	87.89
2023	23.39m	15.17m	105.29
2022	18.97m	13.07m	111.96
2021	27.62m	43.25m	133.61

Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement