UNITED PARCEL SERVICE INC UPS
UPS, founded in 1907, is a global package delivery and logistics provider. We offer a broad range of industry-leading products and services through our extensive global presence, serving over 200 countries and territories. Our services include transportation and delivery through our integrated air and ground network, distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance. In 2025, we delivered an average of 20.8 million packages per day, totaling 5.2 billion packages during the year. Total revenue in 2025 was $88.7 billion.
We are continuing to execute our Customer First, People Led, Innovation Driven strategy, which focuses on growing in the parts of our market that value our end-to-end solutions, including healthcare, business-to-business ("B2B"), small- and medium-sized businesses ("SMBs"), and international.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.66B | $91.07B | $90.96B | $100.34B | $97.29B | $84.63B | $74.09B | $71.86B | $66.58B | $61.61B |
| Total operating expenses | $80.79B | $82.60B | $81.82B | $87.24B | $84.48B | $76.94B | $66.30B | $64.84B | $59.06B | $53.92B |
| Operating income | $7.87B | $8.47B | $9.14B | $13.09B | $12.81B | $7.68B | $7.80B | $7.02B | $7.53B | $7.69B |
| Interest expense | $1.02B | $866.0M | $787.0M | $704.0M | $694.0M | $701.0M | $653.0M | $605.0M | $453.0M | $381.0M |
| Pre-tax income | $7.16B | $7.44B | $8.57B | $14.82B | $16.59B | $1.84B | $5.65B | $6.02B | $7.14B | $5.12B |
| Income tax | $1.59B | $1.66B | $1.86B | $3.28B | $3.71B | $501.0M | $1.21B | $1.23B | $2.23B | $1.70B |
| Net income | $5.57B | $5.78B | $6.71B | $11.55B | $12.89B | $1.34B | $4.44B | $4.79B | $4.91B | $3.42B |
| EPS, basic | 6.56 | 6.76 | 7.81 | 13.26 | 14.75 | 1.55 | 5.14 | 5.53 | 5.63 | 3.88 |
| EPS, diluted | 6.56 | 6.75 | 7.80 | 13.20 | 14.68 | 1.54 | 5.11 | 5.51 | 5.61 | 3.86 |
| Shares, diluted (wtd. avg.) | $850.0M | $856.0M | $860.0M | $875.0M | $878.0M | $871.0M | $869.0M | $870.0M | $875.0M | $887.0M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $5.89B | $6.11B | $3.21B | $5.60B | $10.26B | $5.91B | $5.24B | $4.37B | $3.77B | $3.92B |
| Short-term investments | — | $206.0M | $2.87B | $1.99B | $336.0M | $404.0M | $503.0M | $810.0M | $749.0M | $1.09B |
| Receivables | $11.21B | $10.87B | $11.22B | $12.58B | $12.54B | $10.75B | $9.55B | $8.96B | $8.77B | $7.70B |
| Inventory | $739.0M | $826.0M | $935.0M | $889.0M | $717.0M | $620.0M | $511.0M | $421.0M | $404.0M | $342.0M |
| Total current assets | $19.05B | $19.31B | $19.41B | $22.22B | $24.93B | $20.22B | $17.10B | $16.21B | $15.72B | $13.85B |
| Property, plant and equipment | — | — | — | $34.72B | $33.48B | $32.25B | $30.48B | $26.58B | $22.12B | $18.80B |
| Goodwill | $4.80B | $4.30B | $4.87B | $4.22B | $3.69B | $3.37B | $3.81B | $3.81B | $3.87B | $3.76B |
| Other intangibles | $4.02B | $3.06B | $3.31B | $2.80B | $2.49B | $2.27B | $2.17B | $2.08B | $1.96B | $1.76B |
| Total assets | $73.09B | $70.07B | $70.86B | $71.12B | $69.41B | $62.41B | $57.86B | $50.02B | $45.57B | $40.55B |
| Accounts payable | $6.63B | $6.30B | $6.34B | $7.51B | $7.52B | $6.46B | $5.55B | $5.19B | $3.93B | $3.04B |
| Short-term debt | $608.0M | $1.84B | $3.35B | $2.34B | $2.13B | $2.62B | $3.42B | $2.81B | $4.01B | $3.68B |
| Total current liabilities | $15.62B | $16.44B | $17.68B | $18.14B | $17.57B | $17.02B | $15.41B | $14.09B | $12.89B | $11.73B |
| Long-term debt | $23.59B | $21.03B | $22.00B | $17.32B | $19.78B | $22.03B | $21.82B | $19.93B | $20.28B | $12.39B |
| Retained earnings | $20.15B | $20.88B | $21.05B | $21.33B | $16.18B | $6.90B | $9.11B | $8.01B | $5.85B | $4.88B |
| Total equity | $16.23B | $16.72B | $17.31B | $19.79B | $14.25B | $657.0M | $3.27B | $3.02B | $994.0M | $405.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $8.45B | $10.12B | $10.24B | $14.10B | $15.01B | $10.46B | $8.64B | $12.71B | $1.48B | $6.47B |
| Depreciation and amortisation | $3.00B | $3.00B | $2.80B | $76.0M | — | — | $212.0M | — | — | — |
| Stock-based compensation | $73.0M | $24.0M | $220.0M | $1.57B | $878.0M | $796.0M | $915.0M | $634.0M | $584.0M | $591.0M |
| Capital expenditure | $3.69B | $3.91B | $5.16B | $4.77B | $4.19B | $5.41B | $6.38B | $6.28B | $5.23B | $2.96B |
| Investing cash flow | -$4.74B | -$217.0M | -$7.13B | -$7.47B | -$3.82B | -$5.28B | -$6.06B | -$6.33B | -$4.97B | -$2.56B |
| Financing cash flow | -$4.14B | -$6.85B | -$5.53B | -$11.19B | -$6.82B | -$4.52B | -$1.73B | -$5.69B | $3.29B | -$3.14B |
| Dividends paid | $5.40B | $5.40B | $5.37B | $5.11B | $3.44B | $3.37B | $3.19B | $3.01B | $2.77B | $2.64B |
| Buybacks | $1.00B | $500.0M | $2.25B | $3.50B | $500.0M | $224.0M | $1.00B | $1.01B | $1.81B | $2.68B |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001628280-26-008432.
Others in SIC 4210
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ETS | Elite Express Holding Inc. | $40.4M | — | — |
| TOPP | Toppoint Holdings Inc. | $3.4M | — | 3.2% |
| FLX | BingEx Ltd | — | — | -6.7% |
| TFII | TFI International Inc. | — | — | -6.1% |
| HXHX | Haoxin Holdings Ltd | — | — | 29.2% |
| SFWL | SHENGFENG DEVELOPMENT Ltd | — | — | 13.6% |
| ZTO | ZTO Express (Cayman) Inc. | — | — | 15.7% |