financial statements

The full income statement, balance sheet, and cash-flow statement for United Parcel Service Inc. (UPS), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

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PeriodRangeOrderChangeYoYQoQAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	88.7B YoY-2.6%	91.1B YoY+0.1%	91.0B YoY-9.3%	100B YoY+3.1%	97.3B YoY+15.0%
Amortization of intangibles	700M YoY+8.0%	648M YoY+8.5%	597M YoY+13.7%	525M YoY+10.5%	475M YoY+14.2%
Provision for credit losses	371M YoY+19.3%	311M YoY+51.7%	205M YoY-4.2%	214M YoY+22.3%	175M YoY-31.1%
Operating income	7.87B YoY-7.1%	8.47B YoY-7.4%	9.14B YoY-30.2%	13.1B YoY+2.2%	12.8B YoY+66.7%
Interest expense	1.02B YoY+17.4%	866M YoY+10.3%	785M YoY+11.5%	704M YoY+1.4%	694M YoY-1.0%
Other non-operating income	-703M YoY+31.5%	-1.03B YoY-80.6%	-568M YoY-132.8%	1.73B YoY-54.3%	3.79B YoY+164.8%
Pre-tax income	7.16B YoY-3.7%	7.44B YoY-13.2%	8.57B YoY-42.2%	14.8B YoY-10.7%	16.6B YoY+799.9%
Income tax	1.59B YoY-4.1%	1.66B YoY-11.0%	1.86B YoY-43.1%	3.28B YoY-11.6%	3.71B YoY+639.5%
Net income	5.57B YoY-3.6%	5.78B YoY-13.8%	6.71B YoY-41.9%	11.5B YoY-10.4%	12.9B YoY+859.8%
	$6.56 YoY-2.8%	$6.75 YoY-13.5%	$7.80 YoY-40.9%	$13.20 YoY-10.1%	$14.68 YoY+853.2%
EPS (basic)	$6.56 YoY-3.0%	$6.76 YoY-13.4%	$7.81 YoY-41.1%	$13.26 YoY-10.1%	$14.75 YoY+851.6%
Weighted-avg shares (basic)	849M YoY-0.7%	855M YoY-0.5%	859M YoY-1.4%	871M YoY-0.3%	874M YoY+0.8%
Weighted-avg shares (diluted)	850M YoY-0.7%	856M YoY-0.5%	860M YoY-1.7%	875M YoY-0.3%	878M YoY+0.8%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	19.0B YoY-1.4%	19.3B YoY-0.5%	19.4B YoY-12.6%	22.2B YoY-10.9%	24.9B YoY+23.3%
Cash & equivalents	5.89B YoY-3.7%	6.11B YoY+90.6%	3.21B YoY-42.8%	5.60B YoY-45.4%	10.3B YoY+73.5%
Short-term investments	68.0M YoY-67.0%	206M YoY-92.8%	2.87B YoY+43.8%	1.99B YoY+489.6%	338M YoY-16.7%
Accounts receivable	11.2B YoY+3.1%	10.9B YoY-3.1%	11.2B YoY-10.9%	12.6B YoY+0.3%	12.5B YoY+16.7%
Inventory	739M YoY-10.5%	826M YoY-11.7%	935M YoY+5.2%	889M YoY+24.0%	717M YoY+15.6%
Other current assets	1.95B YoY-16.2%	2.33B YoY+9.5%	2.13B YoY+4.2%	2.04B YoY+13.3%	1.80B YoY-7.8%
	73.1B YoY+4.3%	70.1B YoY-1.1%	70.9B YoY-0.4%	71.1B YoY+2.5%	69.4B YoY+11.2%
Property, plant & equipment	35.0B YoY+0.0%	35.0B YoY+0.0%	35.0B YoY+0.8%	34.7B YoY+3.7%	33.5B YoY+3.8%
Operating lease right-of-use	4.26B YoY+2.7%	4.15B YoY-3.7%	4.31B YoY+14.7%	3.75B YoY+5.4%	3.56B YoY+15.9%
Goodwill	5.84B YoY+35.7%	4.30B YoY-11.7%	4.87B YoY+15.4%	4.22B YoY+14.4%	3.69B YoY+9.7%
Intangible assets	4.02B YoY+31.2%	3.06B YoY-7.3%	3.31B YoY+18.2%	2.80B YoY+12.5%	2.49B YoY+9.3%
Deferred tax assets	330M YoY+0.0%	330M YoY+0.0%	330M YoY+0.0%	330M YoY+0.0%	330M YoY+0.0%
Other non-current assets	2.05B YoY+5.0%	1.96B YoY+3.6%	1.89B YoY-42.4%	3.27B YoY+203.2%	1.08B YoY+60.7%
	15.6B YoY-5.0%	16.4B YoY-7.0%	17.7B YoY-2.6%	18.1B YoY+3.3%	17.6B YoY+3.2%
Accounts payable	6.63B YoY+5.3%	6.30B YoY-0.6%	6.34B YoY-15.6%	7.51B YoY-0.1%	7.52B YoY+16.5%
Deferred revenue	0.00	0.00 YoY-100.0%	20.0M YoY+81.8%	11.0M YoY-59.3%	27.0M YoY+28.6%
Short-term & current debt	608M YoY-66.9%	1.84B YoY-45.1%	3.35B YoY+43.0%	2.34B YoY+9.9%	2.13B YoY-18.8%
Current lease liability	763M YoY+4.1%	733M YoY+3.4%	709M YoY+14.2%	621M YoY+7.1%	580M YoY+3.6%
Other current liabilities	1.38B YoY-4.3%	1.44B YoY+14.4%	1.26B YoY-14.4%	1.47B YoY+2.6%	1.43B YoY-1.4%
Long-term debt	23.6B YoY+12.1%	21.0B YoY-4.4%	22.0B YoY+27.0%	17.3B YoY-12.4%	19.8B YoY-10.2%
Deferred revenue (non-current)	49.0M YoY+81.5%	27.0M YoY+8.0%	25.0M YoY-3.8%	26.0M YoY+4.0%	25.0M YoY-3.8%
Non-current lease liability	3.70B YoY+1.8%	3.63B YoY-3.2%	3.76B YoY+16.0%	3.24B YoY+6.8%	3.03B YoY+19.4%
Deferred tax liabilities	3.69B YoY+2.6%	3.60B YoY-4.7%	3.77B YoY-12.3%	4.30B YoY+37.7%	3.13B YoY+540.4%
Other non-current liabilities	3.74B YoY+11.6%	3.35B YoY+2.7%	3.26B YoY-7.1%	3.51B YoY-1.8%	3.58B YoY-7.0%
	16.2B YoY-2.9%	16.7B YoY-3.4%	17.3B YoY-12.5%	19.8B YoY+38.8%	14.3B YoY+2069.4%
Additional paid-in capital	275M YoY+102.2%	136M	0.00	0.00 YoY-100.0%	1.34B YoY+55.3%
Retained earnings	20.2B YoY-3.5%	20.9B YoY-0.8%	21.1B YoY-1.3%	21.3B YoY+31.8%	16.2B YoY+134.6%
Treasury stock	5.00M YoY-28.6%	7.00M YoY-22.2%	9.00M YoY-30.8%	13.0M YoY-18.8%	16.0M YoY-20.0%
Accumulated other comprehensive income	-4.21B YoY+2.3%	-4.31B YoY-14.7%	-3.76B YoY-142.6%	-1.55B YoY+52.7%	-3.28B YoY+53.9%
Non-controlling interest	28.0M YoY+12.0%	25.0M YoY+212.5%	8.00M YoY-52.9%	17.0M YoY+6.3%	16.0M YoY+33.3%
Total equity incl. non-controlling	16.3B YoY-2.9%	16.7B YoY-3.3%	17.3B YoY-12.6%	19.8B YoY+38.8%	14.3B YoY+2032.9%
Total liabilities & equity	73.1B YoY+4.3%	70.1B YoY-1.1%	70.9B YoY-0.4%	71.1B YoY+2.5%	69.4B YoY+11.2%
Shares outstanding (cover)	714M YoY+0.0%	714M YoY+0.0%	714M YoY+0.0%	714M YoY+0.0%	714M YoY+0.0%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	8.45B YoY-16.5%	10.1B YoY-1.1%	10.2B YoY-27.4%	14.1B YoY-6.0%	15.0B YoY+43.5%
Depreciation & amortization	3.00B YoY+0.0%	3.00B YoY+7.1%	2.80B YoY-12.2%	3.19B YoY+8.0%	2.95B YoY+9.5%
Share-based compensation	73.0M YoY+204.2%	24.0M YoY-89.1%	220M YoY-86.0%	1.57B YoY+78.6%	878M YoY+10.3%
Deferred income taxes	-8.00M YoY+46.7%	-15.0M YoY-107.5%	199M YoY-62.5%	531M YoY-67.7%	1.65B YoY+291.7%
Change in receivables	382M YoY-32.5%	566M YoY+145.1%	-1.26B YoY-490.1%	322M YoY-85.0%	2.15B YoY+37.5%
Change in payables	-190M YoY-172.5%	262M YoY+119.0%	-1.38B YoY-4150.0%	34.0M YoY-97.3%	1.26B YoY+39.9%
	-4.74B YoY-2082.0%	-217M YoY+97.0%	-7.13B YoY+4.5%	-7.47B YoY-95.7%	-3.82B YoY+27.7%
Capital expenditure	3.69B YoY-5.7%	3.91B YoY-24.2%	5.16B YoY+8.2%	4.77B YoY+13.7%	4.19B YoY-22.5%
Acquisitions	1.97B YoY+2671.8%	71.0M YoY-94.7%	1.33B YoY+76.0%	755M YoY+25.4%	602M YoY+2910.0%
Purchases of investments	90.0M YoY+18.4%	76.0M YoY-97.8%	3.52B YoY+84.7%	1.91B YoY+510.9%	312M YoY+22.8%
Sales/maturities of investments	293M YoY-89.3%	2.75B YoY+1.7%	2.70B YoY+959.2%	255M YoY-30.3%	366M YoY+1.7%
Proceeds from sale of PP&E	—	—	—	12.0M	—
Other investing activities	-15.0M YoY-162.5%	24.0M YoY+26.3%	19.0M YoY-93.9%	309M YoY+694.2%	-52.0M YoY-226.8%
	-4.14B YoY+39.5%	-6.85B YoY-23.8%	-5.53B YoY+50.5%	-11.2B YoY-63.9%	-6.82B YoY-51.1%
Long-term debt issued	4.15B YoY+49.1%	2.79B YoY-18.8%	3.43B	0.00	0.00 YoY-100.0%
Long-term debt repaid	2.07B YoY-16.8%	2.49B YoY+2.4%	2.43B YoY+5.4%	2.30B YoY-16.9%	2.77B YoY-18.2%
Net short-term debt	0.00 YoY+100.0%	-1.27B YoY-200.0%	1.27B	0.00	0.00 YoY+100.0%
Common stock issued	159M YoY-31.5%	232M YoY-6.5%	248M YoY-5.3%	262M YoY+4.4%	251M YoY-11.9%
Common stock repurchased	1.00B YoY+100.0%	500M YoY-77.8%	2.25B YoY-35.7%	3.50B YoY+600.0%	500M YoY+123.2%
Dividends paid	5.40B YoY-0.0%	5.40B YoY+0.5%	5.37B YoY+5.0%	5.11B YoY+48.8%	3.44B YoY+1.9%
Other financing activities	14.0M YoY+106.7%	-209M YoY+51.6%	-432M YoY+18.3%	-529M YoY-45.3%	-364M YoY-3.1%
FX effect on cash	201M YoY+234.9%	-149M YoY-551.5%	33.0M YoY+133.0%	-100M YoY-376.2%	-21.0M YoY-261.5%
Net change in cash	-225M YoY-107.7%	2.91B YoY+221.3%	-2.40B YoY+48.5%	-4.65B YoY-207.1%	4.34B YoY+546.6%
Interest paid	990M YoY+15.9%	854M YoY+12.1%	762M YoY+5.7%	721M YoY+3.4%	697M YoY+0.9%
Income taxes paid	1.91B YoY+41.9%	1.35B YoY-31.8%	1.98B YoY-23.2%	2.57B YoY+37.7%	1.87B YoY+64.2%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	70.8B YoY-21.3%	90.0B YoY-19.8%	112B YoY-9.6%	124B YoY-18.9%	153B YoY+27.3%
P/E	12.7× YoY-18.4%	15.6× YoY+18.7%	13.1× YoY+18.3%	11.1× YoY-6.6%	11.9× YoY-86.7%
P/S	0.8× YoY-19.2%	1.0× YoY-18.0%	1.2× YoY-1.8%	1.2× YoY-21.9%	1.6× YoY+10.7%
P/B	4.4× YoY-19.0%	5.4× YoY-8.0%	5.9× YoY-19.9%	7.3× YoY-31.9%	10.7× YoY-94.1%
P/FCF	14.9× YoY+2.6%	14.5× YoY-28.2%	20.2× YoY+64.6%	12.3× YoY-13.3%	14.2× YoY-40.6%
Earnings yield	7.9% YoY+22.5%	6.4% YoY-15.7%	7.6% YoY-15.4%	9.0% YoY+7.0%	8.4% YoY+654.1%
FCF yield	6.7% YoY-2.5%	6.9% YoY+39.4%	5.0% YoY-39.2%	8.2% YoY+15.3%	7.1% YoY+68.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: UPS's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all UPS filings on SEC EDGAR → Not investment advice.

UPS▼ financial statements

About this data

financial statements