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UPSUnited Parcel Service

Industrials · Trucking & Delivery · NYSE

UPS, founded in 1907, is a global package delivery and logistics provider. 10-K, Item 1

Employees: 460,000
Headquarters: Atlanta, GA
Next results: around Jan 26, 2027

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UPS and 9 peers, year by year

The 9 Industrials companies closest to UPS in revenue over the last twelve months. Every number is from the 10-K and links to it in SEC's Inline XBRL viewer.

5 years 10 years Download CSV

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Each company's latest fiscal year
Company	Year	Revenue	Sales growth	Gross margin	Operating margin	Net margin	FCF margin	Return on equity	Debt / equity
UPS United Parcel Service	FY2025	$88.7B	−2.6%	-	8.9%	6.3%	5.4%	34.3%	1.49
BA Boeing	FY2025	$89.5B	+34.5%	4.8%	4.8%	2.5%	−2.1%	41.0%	11.42
RTX RTX Corporation	FY2025	$88.6B	+9.7%	-	10.5%	7.6%	9.0%	10.3%	0.58
FDX FedEx	FY2026	$94.7B	+7.7%	-	5.8%	4.7%	5.4%	14.0%	0.76
LMT Lockheed Martin	FY2025	$75.0B	+5.6%	10.2%	10.3%	6.7%	9.2%	74.6%	3.23
CAT Caterpillar Inc.	FY2025	$67.6B	+4.3%	-	16.5%	13.1%	13.2%	41.7%	1.70
DAL Delta Air Lines	FY2025	$63.4B	+2.8%	-	9.2%	7.9%	6.1%	24.0%	0.64
UAL United Airlines Holdings	FY2025	$59.1B	+3.5%	-	8.0%	5.7%	4.3%	21.9%	1.61
UBER Uber	FY2025	$52.0B	+18.3%	-	10.7%	19.3%	18.8%	37.2%	0.39
GD General Dynamics	FY2025	$52.5B	+10.1%	-	10.2%	8.0%	7.5%	16.4%	0.35

Revenuepeer median $67.6B

Sales growthpeer median +7.7%

Gross margin

LMT 10.2%
BA 4.8%
UPS -
RTX -
FDX -
CAT -
DAL -
UAL -
UBER -
GD -

Operating marginpeer median 10.2%

Net marginpeer median 7.6%

UBER 19.3%
CAT 13.1%
GD 8.0%
DAL 7.9%
RTX 7.6%
LMT 6.7%
UPS 6.3%
UAL 5.7%
FDX 4.7%
BA 2.5%

FCF marginpeer median 7.5%

Return on equitypeer median 24.0%

Debt / equitypeer median 0.76

BA 11.42
LMT 3.23
CAT 1.70
UAL 1.61
UPS 1.49
FDX 0.76
DAL 0.64
RTX 0.58
UBER 0.39
GD 0.35

RevenueSales growthGross marginOperating marginNet marginFree cash flowFCF marginReturn on equityDebt / equityEPS (diluted)

Revenue, FY2016 to FY2025

Revenue as reported in the 10-K.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	$61.6B	$66.6B	$71.9B	$74.1B	$84.6B	$97.3B	$100.3B	$91.0B	$91.1B	$88.7B
BA Dec	$93.5B	$94.0B	$101.1B	$76.6B	$58.2B	$62.3B	$66.6B	$77.8B	$66.5B	$89.5B
RTX Dec	$57.2B	$59.8B	$34.7B	$45.3B	$56.6B	$64.4B	$67.1B	$68.9B	$80.7B	$88.6B
FDX May	$50.4B	$60.3B	$65.5B	$69.7B	$69.2B	$84.0B	$93.5B	$90.2B	$87.7B	$87.9B
LMT Dec	$47.3B	$51.0B	$53.8B	$59.8B	$65.4B	$67.0B	$66.0B	$67.6B	$71.0B	$75.0B
CAT Dec	$38.5B	$45.5B	$54.7B	$53.8B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B
DAL Dec	$39.6B	$41.2B	$44.4B	$47.0B	$17.1B	$29.9B	$50.6B	$58.0B	$61.6B	$63.4B
UAL Dec	$36.6B	$37.8B	$41.3B	$43.3B	$15.4B	$24.6B	$45.0B	$53.7B	$57.1B	$59.1B
UBER Dec	-	$7.9B	$10.4B	$13.0B	$11.1B	$17.5B	$31.9B	$37.3B	$44.0B	$52.0B
GD Dec	$30.6B	$31.0B	$36.2B	$39.4B	$37.9B	$38.5B	$39.4B	$42.3B	$47.7B	$52.5B
Peer median	$43.5B	$45.5B	$44.4B	$47.0B	$41.7B	$51.0B	$59.4B	$67.1B	$64.8B	$67.6B

Sales growth, FY2016 to FY2025

Revenue against the fiscal year before.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	+4.4%	+8.1%	+7.9%	+3.1%	+14.2%	+15.0%	+3.1%	−9.3%	+0.1%	−2.6%
BA Dec	−1.6%	+0.5%	+7.6%	−24.3%	−24.0%	+7.1%	+6.9%	+16.8%	−14.5%	+34.5%
RTX Dec	+2.0%	+4.5%	+11.1%	+30.7%	+24.8%	+13.8%	+4.2%	+2.8%	+17.1%	+9.7%
FDX May	-	+19.8%	+8.5%	+6.5%	−0.7%	+21.3%	+11.4%	−3.6%	−2.7%	+0.3%
LMT Dec	+16.6%	+5.6%	+7.6%	+11.3%	+9.3%	+2.5%	−1.6%	+2.4%	+5.1%	+5.6%
CAT Dec	−18.0%	+18.0%	+20.4%	−1.7%	−22.4%	+22.1%	+16.6%	+12.8%	−3.4%	+4.3%
DAL Dec	−2.6%	+4.3%	+8.0%	+5.8%	−63.6%	+74.9%	+69.2%	+14.8%	+6.2%	+2.8%
UAL Dec	−3.5%	+3.4%	+9.3%	+4.7%	−64.5%	+60.4%	+82.5%	+19.5%	+6.2%	+3.5%
UBER Dec	-	-	+42.1%	+24.6%	−14.3%	+56.7%	+82.6%	+17.0%	+18.0%	+18.3%
GD Dec	−3.8%	+1.3%	+16.9%	+8.7%	−3.6%	+1.4%	+2.4%	+7.3%	+12.9%	+10.1%
Peer median	−2.6%	+4.4%	+9.3%	+6.5%	−14.3%	+21.3%	+11.4%	+12.8%	+6.2%	+5.6%

Gross margin, FY2016 to FY2025

Gross profit / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	-	-	-	-	-	-	-	-	-	-
BA Dec	15.5%	18.5%	19.4%	5.8%	−9.8%	4.9%	5.3%	9.9%	−3.0%	4.8%
RTX Dec	-	-	-	-	-	-	-	-	-	-
FDX May	-	-	-	-	-	-	-	-	-	-
LMT Dec	11.4%	12.5%	13.5%	14.0%	13.2%	13.5%	12.6%	12.5%	9.8%	10.2%
CAT Dec	-	-	-	-	-	-	-	-	-	-
DAL Dec	-	-	-	-	-	-	-	-	-	-
UAL Dec	-	-	-	-	-	-	-	-	-	-
UBER Dec	-	-	-	-	-	-	-	-	-	-
GD Dec	-	-	-	-	-	-	-	-	-	-
Peer median	-	-	-	-	-	-	-	-	-	-

Operating margin, FY2016 to FY2025

Operating income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	12.5%	11.3%	9.8%	10.5%	9.1%	13.2%	13.0%	10.0%	9.3%	8.9%
BA Dec	7.0%	11.0%	11.9%	−2.6%	−22.0%	−4.6%	−5.3%	−1.0%	−16.1%	4.8%
RTX Dec	14.4%	13.6%	8.3%	10.8%	−3.3%	8.0%	8.2%	5.2%	8.1%	10.5%
FDX May	6.1%	7.6%	6.5%	6.4%	3.5%	7.0%	6.7%	5.4%	6.3%	5.9%
LMT Dec	12.5%	13.2%	13.6%	14.3%	13.2%	13.6%	12.7%	12.6%	9.9%	10.3%
CAT Dec	3.0%	9.8%	15.2%	15.4%	10.9%	13.5%	13.3%	19.3%	20.2%	16.5%
DAL Dec	17.6%	14.5%	11.8%	14.1%	−72.9%	6.3%	7.2%	9.5%	9.7%	9.2%
UAL Dec	11.9%	9.6%	7.8%	9.9%	−41.4%	−4.1%	5.2%	7.8%	8.9%	8.0%
UBER Dec	-	−51.4%	−29.1%	−66.1%	−43.7%	−22.0%	−5.7%	3.0%	6.4%	10.7%
GD Dec	12.3%	13.7%	12.1%	11.6%	10.9%	10.8%	10.7%	10.0%	10.1%	10.2%
Peer median	12.1%	11.0%	11.8%	10.8%	−3.3%	7.0%	7.2%	7.8%	8.9%	10.2%

Net margin, FY2016 to FY2025

Net income / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	5.6%	7.4%	6.7%	6.0%	1.6%	13.2%	11.5%	7.4%	6.3%	6.3%
BA Dec	5.4%	9.0%	10.3%	−0.8%	−20.4%	−6.7%	−7.4%	−2.9%	−17.8%	2.5%
RTX Dec	8.8%	7.6%	15.2%	12.2%	−6.2%	6.0%	7.7%	4.6%	5.9%	7.6%
FDX May	3.6%	5.0%	7.0%	0.8%	1.9%	6.2%	4.1%	4.4%	4.9%	4.7%
LMT Dec	10.9%	3.8%	9.4%	10.4%	10.4%	9.4%	8.7%	10.2%	7.5%	6.7%
CAT Dec	−0.2%	1.7%	11.2%	11.3%	7.2%	12.7%	11.3%	15.4%	16.7%	13.1%
DAL Dec	10.6%	7.8%	8.9%	10.1%	−72.4%	0.9%	2.6%	7.9%	5.6%	7.9%
UAL Dec	6.1%	5.7%	5.1%	7.0%	−46.0%	−8.0%	1.6%	4.9%	5.5%	5.7%
UBER Dec	-	−50.8%	9.6%	−65.4%	−60.8%	−2.8%	−28.7%	5.1%	22.4%	19.3%
GD Dec	8.4%	9.4%	9.2%	8.9%	8.4%	8.5%	8.6%	7.8%	7.9%	8.0%
Peer median	7.3%	5.7%	9.4%	8.9%	−6.2%	6.0%	4.1%	5.1%	5.9%	7.6%

Free cash flow, FY2016 to FY2025

Cash from operations minus capital spending.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	$3.5B	−$3.7B	$6.4B	$2.3B	$5.0B	$10.8B	$9.3B	$5.1B	$6.2B	$4.8B
BA Dec	$7.9B	$11.6B	$13.6B	−$4.3B	−$19.7B	−$4.4B	$2.3B	$4.4B	−$14.3B	−$1.9B
RTX Dec	$4.7B	$3.6B	$1.2B	$4.0B	$2.5B	$5.0B	$4.9B	$5.5B	$4.5B	$7.9B
FDX May	$890.0M	−$186.0M	−$989.0M	$123.0M	−$771.0M	$4.3B	$3.1B	$2.7B	$3.1B	$3.0B
LMT Dec	$4.1B	$5.3B	$1.9B	$5.8B	$6.4B	$7.7B	$6.1B	$6.2B	$5.3B	$6.9B
CAT Dec	$4.5B	$4.8B	$5.3B	$5.9B	$5.3B	$6.1B	$6.5B	$11.3B	$10.0B	$8.9B
DAL Dec	$3.8B	$1.1B	$1.8B	$3.5B	−$5.7B	$17.0M	−$3.0M	$1.1B	$2.9B	$3.8B
UAL Dec	$2.3B	−$396.0M	$2.1B	$2.4B	−$5.9B	−$40.0M	$1.2B	−$260.0M	$3.8B	$2.6B
UBER Dec	-	−$2.2B	−$2.1B	−$4.9B	−$3.4B	−$743.0M	$390.0M	$3.4B	$6.9B	$9.8B
GD Dec	$1.8B	$3.4B	$2.5B	$2.0B	$2.9B	$3.4B	$3.5B	$3.8B	$3.2B	$4.0B
Peer median	$4.0B	$3.4B	$1.9B	$2.4B	−$771.0M	$3.4B	$3.1B	$3.8B	$3.8B	$4.0B

FCF margin, FY2016 to FY2025

Free cash flow / revenue.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	5.7%	−5.6%	8.9%	3.0%	6.0%	11.1%	9.3%	5.6%	6.8%	5.4%
BA Dec	8.4%	12.3%	13.4%	−5.6%	−33.9%	−7.1%	3.4%	5.7%	−21.5%	−2.1%
RTX Dec	8.2%	6.0%	3.5%	8.7%	4.5%	7.8%	7.3%	7.9%	5.6%	9.0%
FDX May	1.8%	−0.3%	−1.5%	0.2%	−1.1%	5.1%	3.3%	3.0%	3.6%	3.4%
LMT Dec	8.7%	10.4%	3.5%	9.7%	9.8%	11.5%	9.3%	9.2%	7.4%	9.2%
CAT Dec	11.8%	10.6%	9.7%	10.9%	12.8%	12.0%	10.9%	16.8%	15.5%	13.2%
DAL Dec	9.6%	2.7%	4.2%	7.4%	−33.3%	0.1%	0.0%	2.0%	4.7%	6.1%
UAL Dec	6.3%	−1.0%	5.1%	5.5%	−38.2%	−0.2%	2.8%	−0.5%	6.7%	4.3%
UBER Dec	-	−28.2%	−20.1%	−37.8%	−30.2%	−4.3%	1.2%	9.0%	15.7%	18.8%
GD Dec	5.8%	11.1%	6.8%	5.1%	7.6%	8.8%	8.8%	9.0%	6.7%	7.5%
Peer median	8.3%	6.0%	4.2%	5.5%	−1.1%	5.1%	3.4%	7.9%	6.7%	7.5%

Return on equity, FY2016 to FY2025

Net income / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	n/m	n/m	158.6%	135.9%	n/m	90.4%	58.4%	38.8%	34.6%	34.3%
BA Dec	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	n/m	41.0%
RTX Dec	18.3%	15.4%	13.7%	13.3%	−4.9%	5.3%	7.2%	5.3%	7.9%	10.3%
FDX May	13.2%	18.6%	23.5%	3.0%	7.0%	21.6%	15.3%	15.2%	15.7%	14.6%
LMT Dec	n/m	n/m	n/m	199.2%	113.6%	57.6%	61.9%	101.2%	84.3%	74.6%
CAT Dec	−0.5%	5.5%	43.7%	41.7%	19.5%	39.3%	42.2%	53.0%	55.4%	41.7%
DAL Dec	37.2%	25.6%	28.7%	31.0%	n/m	7.2%	20.0%	41.5%	22.6%	24.0%
UAL Dec	26.1%	24.4%	21.1%	26.1%	−118.6%	−39.1%	10.7%	28.1%	24.8%	21.9%
UBER Dec	-	n/m	n/m	−59.9%	−55.2%	−3.4%	−124.5%	16.8%	45.7%	37.2%
GD Dec	25.0%	24.7%	27.6%	24.9%	20.2%	18.5%	18.3%	15.6%	17.1%	16.4%
Peer median	21.6%	21.5%	25.6%	25.5%	7.0%	12.8%	16.8%	22.4%	23.7%	24.0%

Debt / equity, FY2016 to FY2025

Total debt / shareholders' equity at the year end.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	n/m	n/m	7.40	8.67	n/m	1.52	0.98	1.46	1.37	1.49
BA Dec	12.18	6.27	n/m	n/m	n/m	n/m	n/m	n/m	n/m	11.42
RTX Dec	0.86	0.93	1.17	0.98	0.44	0.43	0.44	0.73	0.68	0.58
FDX May	0.99	0.93	0.85	0.99	1.18	0.80	0.79	0.76	0.72	0.71
LMT Dec	9.45	n/m	10.55	4.05	2.02	1.07	1.68	2.55	3.20	3.23
CAT Dec	2.28	2.08	2.18	2.15	1.82	1.90	1.99	1.49	1.63	1.70
DAL Dec	0.62	0.67	0.68	0.66	18.24	6.45	3.25	1.68	1.00	0.64
UAL Dec	1.26	1.51	1.34	1.26	4.49	6.63	4.52	3.37	2.22	1.61
UBER Dec	-	-	n/m	0.41	0.65	0.65	1.28	0.85	0.44	0.39
GD Dec	0.38	0.34	1.11	1.07	1.03	0.71	0.64	0.46	0.47	0.35
Peer median	1.12	0.93	1.17	1.03	1.50	0.93	1.48	1.17	0.86	0.71

EPS (diluted), FY2016 to FY2025

Diluted earnings per share, on today's share count after splits.

Company	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
UPS Dec	$3.86	$5.61	$5.51	$5.11	$1.54	$14.68	$13.20	$7.80	$6.75	$6.56
BA Dec	$7.83	$13.85	$17.85	−$1.12	−$20.88	−$7.15	−$8.30	−$3.67	−$18.36	$2.48
RTX Dec	$6.12	$5.70	$6.50	$6.41	−$2.59	$2.56	$3.50	$2.23	$3.55	$4.96
FDX May	$6.51	$11.07	$16.79	$2.03	$4.90	$19.45	$14.33	$15.48	$17.21	$16.81
LMT Dec	$17.07	$6.75	$17.59	$21.95	$24.30	$22.76	$21.66	$27.55	$22.31	$21.49
CAT Dec	−$0.11	$1.26	$10.26	$10.74	$5.46	$11.83	$12.64	$20.12	$22.05	$18.81
DAL Dec	$5.55	$4.43	$5.67	$7.30	−$19.49	$0.44	$2.06	$7.17	$5.33	$7.66
UAL Dec	$6.76	$7.06	$7.67	$11.58	−$25.30	−$6.10	$2.23	$7.89	$9.45	$10.20
UBER Dec	-	−$9.46	$0.00	−$6.81	−$3.86	−$0.29	−$4.65	$0.87	$4.56	$4.73
GD Dec	$8.29	$9.56	$11.18	$11.98	$11.00	$11.55	$12.19	$12.02	$13.63	$15.45
Peer median	$6.63	$6.75	$10.26	$7.30	−$2.59	$2.56	$3.50	$7.89	$9.45	$10.20

Fiscal years are lined up as each company's 10-K names them; the month next to a ticker is when its year ends. Hover a number for the XBRL line items and the filing; click it to open the filing on sec.gov. "n/m" means not meaningful: equity below zero, or a base so close to zero that the ratio says nothing. The peer median leaves out UPS and needs at least three peers with the number. P/E, P/S and P/FCF at each year end appear here once the site has daily prices. What the same companies write about AI, tariffs and more →

Work on UPS in a spreadsheet: Excel workbook (a sheet per section, ten years by column, charts, links to the filings) · CSV. For a Google Sheet that stays up to date, paste =IMPORTDATA("https://tickdelta.com/company/UPS/export.csv") into a cell.