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UPSUnited Parcel Service

Industrials · Trucking & Delivery · NYSE

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FY2025 at a glance

Sales down 2.6%, free cash flow down to $4.8B

XBRL, from each 10-K

RevenueStatements ↓

$88.7B

from $91.1B in FY2024

FY2016FY2025

Net incomeStatements ↓

$5.6B

from $5.8B in FY2024

FY2016FY2025

Free cash flowStatements ↓

$4.8B

from $6.2B in FY2024

FY2016FY2025

EPS (diluted)Statements ↓

$6.56

from $6.75 in FY2024

FY2016FY2025

Operating marginStatements ↓

8.9%

from 9.3% in FY2024

FY2016FY2025

Total debtStatements ↓

$24.2B

from $22.9B in FY2024

FY2016FY2025

Price and key numbers

The latest figures

All key numbers (41, from the latest 10-K and 10-Q) From EDGAR

EPS (ttm)	5.19	Sales (ttm)	91.4B	Net income (ttm)	4.4B	Sales growth	-2.6%	EPS growth	-2.8%	Sales Q/Q	+6.7%
Free cash flow	6.4B	Gross margin	-	Oper. margin	7.1%	Net margin	4.8%	FCF margin	7.0%	ROE	29.5%
ROA	6.1%	R&D / sales	-	Dividend	6.56	Debt/Eq	1.74	Curr. ratio	1.24	Cash	6.8B
Op. cash flow (ttm)	9.3B	EBITDA	10.9B	EBITDA margin	12.3%	Net debt	19.2B	Quick ratio	1.19	Interest cover	7.74
ROIC	14.9%	Payout ratio	100.0%	Tax rate	22.2%	Stock pay / sales	0.1%	Shares out.	852.0M	Shares Y/Y	-0.7%
Book / share	17.60	Cash / share	8.02	Sales / share	107.24	Asset turnover	1.26	Days sales out.	46	Sales 3Y CAGR	-4.0%
Sales 5Y CAGR	+0.9%	EPS 3Y CAGR	-20.8%	EPS 5Y CAGR	+33.6%	Employees	460,000	Sales / employee	199K

Hover or tap a number to see the XBRL line item and filing it comes from; click it to open that filing at SEC. What each number means. Looks wrong? Tell us.

UPS against Industrials peers

Ten years, side by side → · All 83 →

UPSPeer median

Each side 0 to 100, ranked against every company we cover: relative position on reported figures, not a buy score. How

Every dot is one of the 83 companies, the better end on the right. Hover a dot for the company.

Sales growth

-2.6%74th of 82 · median +4.8%

Net margin

4.8%75th of 82 · median 13.0%

Return on equity

29.5%29th of 77 · median 24.9%

Free cash flow margin

7.0%66th of 79 · median 13.0%

Debt / equity (less is better)

1.7467th of 72 · median 0.72

UPS and the 5 peers closest in revenue
Company	Revenue (ttm)	Sales growth	Gross margin	Net margin	ROE	FCF margin	Debt / equity
UPS United Parcel Service	$91.4B	-2.6%	-	4.8%	29.5%	7.0%	1.74
FDX FedEx	$98.5B	+7.7%	-	8.8%	25.0%	5.0%	0.56
RTX RTX Corporation	$96.0B	+9.7%	-	8.8%	12.1%	9.9%	0.54
BA Boeing	$94.9B	+34.5%	-	8.1%	116.9%	0.0%	7.66
LMT Lockheed Martin	$79.1B	+5.6%	11.7%	8.2%	64.7%	10.6%	2.04
CAT Caterpillar Inc.	$77.8B	+4.3%	92.3%	15.2%	55.1%	14.5%	1.69

Profitability

2 of 3

!
Net margin below the peer median4.8% vs 13.0%
✓
Return on equity above 15%29.5%
✓
A profit in every one of 10 years

Net margin, FY2016 to FY2025: 5.6% → 6.3%

Balance sheet

2 of 4

✓
Interest covered more than 5 timesOperating income is 7.7× interest expense
!
Debt larger than equityDebt / equity 1.74 on the latest balance sheet (peer median 0.72)
✓
Current assets cover current liabilitiesCurrent ratio 1.24
!
Net debt over 3 years of free cash flow$19.2B net debt, 3.0 years

Debt / equity at each year end, FY2016 to FY2025: 38.41 → 1.49

What the debt is made of ↓

Cash and shareholders

3 of 4

!
Free cash flow positive in 9 of 10 years$4.8B last year
✓
Share count down over 5 years−2.4%
✓
Dividend per share up over 4 years$4.08 → $6.56
✓
Cash from operations above net income$8.4B vs $5.6B

Free cash flow, FY2016 to FY2025: 3.5B → 4.8B

Each tick is a fact with a fixed rule (on /methodology), not a score or advice. A check without the numbers it needs is left out.

Debt

$23.6B of principal due, schedule of Dec 31, 2025

Repayment schedule →

From the balance sheet in the latest 10-K or 10-Q (XBRL). When each part falls due, year by year, and the debt note's own lines are on the Debt tab.

Revenue and net income, FY2016 to FY2025

Revenue 88.7B Net income 5.6B

From XBRL in each 10-K. Hover a bar for the line item and filing. Full financials →

Where the $88.7B of revenue came from

by region, year to Dec 31, 2025

United States $67.4B · 76%
International $21.2B · 24%

From the segment tables in the 10-K XBRL. Revenue by segment, product and region →

Statements

Income statement, balance sheet and cash flow

XBRL, each 10-K and 10-Q

UPS's income statement, balance sheet and cash flow as reported to the SEC in XBRL, one column per fiscal year. Hover a number to see the line item and filing it comes from. Where a company changed how it tags a line, the first tag it reported for that period is used. A number looks wrong? Tell us.

Annual Quarterly

Revenue88.7B

Net income5.6B

Free cash flow4.8B

EPS (diluted)6.56

Dividend per share6.56

Diluted shares850.0M

The segments changed

10-K filed 2026-02-17

Compared with the 10-K of Feb 18, 2025: no longer reported: International Package, Supply Chain Solutions.

When a company changes its segments, the years before are usually recast, so growth by segment is not comparable with what earlier 10-Ks showed. Found by comparing the segments with revenue in the last two 10-Ks (XBRL) and by the 10-K's own words, without AI.

Revenue by business segment

year to Dec 31, 2025

	Revenue	Share	vs year before
U.S.Domestic Package	59.5B	67.1%	-1.4%
International	18.6B	21.0%	+3.4%

10-K 0001628280-26-008432, segment and revenue notes (XBRL).

Revenue by region

year to Dec 31, 2025

	Revenue	Share	vs year before
United States	67.4B	76.1%	-4.2%
International	21.2B	23.9%	+2.6%

10-K 0001628280-26-008432, segment and revenue notes (XBRL).

Income statement

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	61.6B	66.6B	71.9B	74.1B	84.6B	97.3B	100.3B	91.0B	91.1B	88.7B
Operating income	7.7B	7.5B	7.0B	7.8B	7.7B	12.8B	13.1B	9.1B	8.5B	7.9B
Interest expense	381.0M	453.0M	605.0M	653.0M	701.0M	694.0M	704.0M	785.0M	866.0M	1.0B
Pretax income	5.1B	7.1B	6.0B	5.7B	1.8B	16.6B	14.8B	8.6B	7.4B	7.2B
Income tax	1.7B	2.2B	1.2B	1.2B	501.0M	3.7B	3.3B	1.9B	1.7B	1.6B
Net income	3.4B	4.9B	4.8B	4.4B	1.3B	12.9B	11.5B	6.7B	5.8B	5.6B
EPS (diluted)	3.86	5.61	5.51	5.11	1.54	14.68	13.20	7.80	6.75	6.56
Diluted shares	887.0M	875.0M	870.0M	869.0M	871.0M	878.0M	875.0M	860.0M	856.0M	850.0M
Depreciation & amortization	2.2B	2.3B	2.2B	2.4B	2.7B	3.0B	3.2B	2.8B	3.0B	3.0B
EBITDA	9.9B	9.8B	9.2B	10.2B	10.4B	15.8B	16.3B	11.9B	11.5B	10.9B
Operating margin	12.5%	11.3%	9.8%	10.5%	9.1%	13.2%	13.0%	10.0%	9.3%	8.9%
Net margin	5.6%	7.4%	6.7%	6.0%	1.6%	13.2%	11.5%	7.4%	6.3%	6.3%
Revenue growth	-	+8.1%	+7.9%	+3.1%	+14.2%	+15.0%	+3.1%	-9.3%	+0.1%	-2.6%
EPS growth	-	+45.3%	-1.8%	-7.3%	-69.9%	+853%	-10.1%	-40.9%	-13.5%	-2.8%

Balance sheet

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash	3.5B	3.3B	4.2B	5.2B	5.9B	10.3B	5.6B	3.2B	6.1B	5.9B
Short-term investments	1.1B	749.0M	810.0M	503.0M	406.0M	338.0M	2.0B	2.9B	206.0M	-
Receivables	7.7B	8.8B	9.0B	9.6B	10.8B	12.5B	12.6B	11.2B	10.9B	11.2B
Inventory	342.0M	404.0M	421.0M	511.0M	620.0M	717.0M	889.0M	935.0M	826.0M	739.0M
Current assets	13.8B	15.7B	16.2B	17.1B	20.2B	24.9B	22.2B	19.4B	19.3B	19.0B
Property & equipment	18.8B	22.1B	26.6B	30.5B	32.3B	33.5B	34.7B	-	-	-
Goodwill	3.8B	3.9B	3.8B	3.8B	3.4B	3.7B	4.2B	4.9B	4.3B	5.8B
Total assets	40.5B	45.6B	50.0B	57.9B	62.4B	69.4B	71.1B	70.9B	70.1B	73.1B
Accounts payable	3.0B	3.9B	5.2B	5.6B	6.5B	7.5B	7.5B	6.3B	6.3B	6.6B
Current liabilities	11.7B	12.9B	14.1B	15.4B	17.0B	17.6B	18.1B	17.7B	16.4B	15.6B
Total debt	15.6B	23.9B	22.3B	28.3B	24.5B	21.7B	19.4B	25.3B	22.9B	24.2B
Shareholders' equity	405.0M	994.0M	3.0B	3.3B	657.0M	14.3B	19.8B	17.3B	16.7B	16.2B
Retained earnings	4.9B	5.9B	8.0B	9.1B	6.9B	16.2B	21.3B	21.1B	20.9B	20.2B

Cash flow

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Operating cash flow	6.5B	1.5B	12.7B	8.6B	10.5B	15.0B	14.1B	10.2B	10.1B	8.4B
Capital spending	3.0B	5.2B	6.3B	6.4B	5.4B	4.2B	4.8B	5.2B	3.9B	3.7B
Free cash flow	3.5B	-3.7B	6.4B	2.3B	5.0B	10.8B	9.3B	5.1B	6.2B	4.8B
Stock-based pay (added back)	591.0M	584.0M	634.0M	915.0M	796.0M	878.0M	1.6B	220.0M	24.0M	73.0M
Dividends paid	2.6B	2.8B	3.0B	3.2B	3.4B	3.4B	5.1B	5.4B	5.4B	5.4B
Buybacks	2.7B	1.8B	1.0B	1.0B	224.0M	500.0M	3.5B	2.2B	500.0M	1.0B
Acquisitions	547.0M	134.0M	2.0M	6.0M	20.0M	602.0M	755.0M	1.3B	71.0M	2.0B
Debt raised	5.9B	12.0B	1.2B	5.2B	5.0B	0	0	3.4B	2.8B	4.2B
Debt repaid	3.8B	3.9B	2.9B	3.1B	3.4B	2.8B	2.3B	2.4B	2.5B	2.1B
Investing cash flow	-2.6B	-5.0B	-6.3B	-6.1B	-5.3B	-3.8B	-7.5B	-7.1B	-217.0M	-4.7B
Financing cash flow	-3.1B	3.3B	-5.7B	-1.7B	-4.5B	-6.8B	-11.2B	-5.5B	-6.8B	-4.1B
Dividend per share	-	-	-	-	-	4.08	6.08	6.48	6.52	6.56

Stock-based pay and leases

From EDGAR

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Stock-based pay (expense)	591.0M	584.0M	634.0M	915.0M	796.0M	878.0M	1.6B	220.0M	24.0M	73.0M
Stock-based pay / revenue	1.0%	0.9%	0.9%	1.2%	0.9%	0.9%	1.6%	0.2%	0.0%	0.1%
Operating lease cost	-	-	-	643.0M	711.0M	729.0M	736.0M	860.0M	912.0M	950.0M
Operating lease cash paid	-	-	-	620.0M	686.0M	731.0M	705.0M	835.0M	877.0M	954.0M
Finance lease principal paid	-	-	-	140.0M	192.0M	208.0M	149.0M	126.0M	136.0M	133.0M
Right-of-use assets	-	-	0	2.9B	3.1B	3.6B	3.8B	4.3B	4.1B	4.3B
Operating lease liabilities	-	-	2.7B	2.9B	3.1B	3.6B	3.9B	4.5B	4.4B	4.5B
Finance lease liabilities	-	-	-	498.0M	342.0M	408.0M	390.0M	472.0M	455.0M	781.0M

From SEC's XBRL company facts (data.sec.gov). EBITDA = operating income + depreciation and amortization; free cash flow = operating cash flow - capital spending; total debt = long-term debt (with its current part) + short-term borrowings. Stock-based pay and leases are shown as the company reports them; Tickdelta does not take them out of earnings or add leases to debt. Click a number to open the filing in SEC's Inline XBRL viewer, where you can click the same number to see how it is tagged. Values a company later revised show as revised; the Revised numbers tab lists the changes.

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