United Parcel Service
UPS NYSE Air Freight & Logistics Financials FY2016–FY2025
United Parcel Service's revenue fell 2.6% to $88.7 billion in fiscal 2025. Its operating margin was 8.9%, down from 9.3% a year earlier. Free cash flow was $4.8 billion, down 23.3%. It paid out $6.4 billion in dividends and buybacks, 134% of free cash flow. The diluted share count fell 0.7%.
What United Parcel Service does
UPS picks up and delivers packages for businesses and consumers in more than 200 countries and territories, using one network of planes, trucks and sorting hubs. It also moves freight by air and sea, runs warehouses, handles customs paperwork and sells shipping insurance. In 2025 it delivered an average of 20.8 million packages a day, and its total revenue was $88.7 billion.
It reports two package segments, U.S. Domestic Package and International Package, and groups its freight forwarding, logistics and digital businesses as Supply Chain Solutions. Its largest customer, Amazon, made up about 10.6% of 2025 revenue, almost all in the U.S. package business, and UPS plans to cut the volume it handles for Amazon by more than 50% by June 2026 from 2024 levels. UPS is expanding in health care shipping and says that business brought in more than $11 billion in 2025. It competes with local, regional, national and international delivery and logistics firms, and with national postal services.
UPS has about 460,000 employees, not counting seasonal workers, with 370,000 in the U.S. Nearly 80% of its U.S. employees belong to unions, many of them under contracts with the Teamsters. In 2025 it bought two health care logistics firms, Frigo-Trans and Andlauer Healthcare Group, to add cold-storage shipping.
- Legal name
- UNITED PARCEL SERVICE INC
- Fiscal year ends
- December 31, 2025
- Latest annual report
- 10-K · Feb 17, 2026
- Accession · CIK
- 0001628280-26-008432
0001090727
Revenue and margins
United Parcel Service had $88.7B of revenue in fiscal 2025, down 2.7% on the year before.
Net income and earnings per share
From fiscal 2016 to 2025, diluted EPS grew 6.1% a year. Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $4.8B in fiscal 2025, 5.4% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
United Parcel Service returned $6.4B to shareholders in fiscal 2025, 134% of free cash flow. The diluted share count fell 0.7%.
Value United Parcel Service yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$18.5B and divides by 850.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Earnings multiple
Value per share
—
Reference multiples: today 18.8x · peers 27.8x · sector 26.0x.
Balance sheet
Cash, debt and the ratios that show how comfortably United Parcel Service can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $10.6B | $7.6B | $6.1B | $6.3B | $5.9B |
| Debt incl. finance leases | $22.1B | $19.8B | $22.5B | $21.5B | $24.4B |
| Net debt / EBITDA | 0.7x | 0.8x | 1.4x | 1.3x | 1.7x |
| Debt / equity | 1.6x | 1.0x | 1.3x | 1.3x | 1.5x |
| Interest coverage | 18.5x | 18.6x | 11.6x | 9.8x | 7.7x |
| Current ratio | 1.4x | 1.2x | 1.1x | 1.2x | 1.2x |
| Quick ratio | 1.4x | 1.2x | 1.1x | 1.1x | 1.2x |
| Total assets | $69.4B | $71.1B | $70.9B | $70.1B | $73.1B |
| Total liabilities | $55.1B | $51.3B | $53.5B | $53.3B | $56.8B |
| Shareholders' equity | $14.3B | $19.8B | $17.3B | $16.7B | $16.2B |
| Net debt (− = net cash) | $11.5B | $12.2B | $16.4B | $15.2B | $18.5B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$2.7M
1 insider
Of sales under plans
0%
$0.0M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Jan 28, 2026 | Norman M. Brothers JrChief Legal & Compliance Off | Sold | 25,014 | $106.15 | $2.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✕ | ✕ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✕ | ✓ | ✕ |
| Current ratio rose | ✕ | ✓ | ✓ |
| Share count didn't rise | ✓ | ✓ | ✓ |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✕ | ✓ | ✕ |
| F-score | 4 / 8 | 7 / 8 | 5 / 8 |
| Accruals ratio | −5.0% | −6.2% | −4.0% |
| Altman Z'' | 2.34 | 2.38 | 2.23 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| United Parcel Service UPS | $86.0B | −2.7% | 8.9% | 5.4% | 18.4% | 18.8x | 5 | |
| FedEx FDX | $71.4B | 7.7% | 5.8% | 5.4% | 9.4% | 16.1x | 7 | Compare → |
| C.H. Robinson CHRW | $16.9B | −8.4% | 4.9% | 5.5% | 22.6% | 26.9x | 6 | Compare → |
| GXO Logistics GXO | $5.6B | 12.6% | 1.9% | 0.8% | 2.3% | 42.9x | 5 | Compare → |
| Expeditors International EXPD | $25.8B | 4.4% | 9.5% | 8.6% | — | 28.6x | — | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $60.9B | $65.9B | $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 | $381M | $453M | $605M | $653M | $701M | $694M | $704M | $785M | $866M | $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 | $501M | $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 |
| Diluted EPS | $3.86 | $5.61 | $5.51 | $5.11 | $1.54 | $14.68 | $13.20 | $7.80 | $6.75 | $6.56 |
| Diluted shares | 0.89B | 0.88B | 0.87B | 0.87B | 0.87B | 0.88B | 0.88B | 0.86B | 0.86B | 0.85B |
| Cash flow | ||||||||||
| Cash from operations | $6.5B | $1.5B | $12.7B | $8.6B | $10.5B | $15.0B | $14.1B | $10.2B | $10.1B | $8.5B |
| Capital expenditure | $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 |
| Depreciation and amortization | $2.2B | $2.3B | $2.2B | $2.4B | $2.7B | $3.0B | $3.2B | $2.8B | $3.0B | $3.0B |
| Stock-based compensation | $591M | $584M | $634M | $915M | $796M | $878M | $1.6B | $220M | $24.0M | $73.0M |
| Acquisitions | $547M | $134M | $2.0M | $6.0M | $20.0M | $602M | $755M | $1.3B | $71.0M | $2.0B |
| Share buybacks | $2.7B | $1.8B | $1.0B | $1.0B | $224M | $500M | $3.5B | $2.3B | $500M | $1.0B |
| Dividends paid | $2.6B | $2.8B | $3.0B | $3.2B | $3.4B | $3.4B | $5.1B | $5.4B | $5.4B | $5.4B |
| Dividends and buybacks | $5.3B | $4.6B | $4.0B | $4.2B | $3.6B | $3.9B | $8.6B | $7.6B | $5.9B | $6.4B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $4.6B | $4.1B | $5.0B | $5.7B | $6.3B | $10.6B | $7.6B | $6.1B | $6.3B | $5.9B |
| Total debt | $15.6B | $23.9B | $22.3B | $24.9B | $24.5B | $21.7B | $19.4B | $22.0B | $21.0B | $23.6B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $498M | $342M | $408M | $390M | $472M | $455M | $781M |
| Current assets | $13.8B | $15.7B | $16.2B | $17.1B | $20.2B | $24.9B | $22.2B | $19.4B | $19.3B | $19.0B |
| Current liabilities | $11.7B | $12.9B | $14.1B | $15.4B | $17.0B | $17.6B | $18.1B | $17.7B | $16.4B | $15.6B |
| Inventory | $342M | $404M | $421M | $511M | $620M | $717M | $889M | $935M | $826M | $739M |
| Property and equipment, net | $18.8B | $22.1B | $26.6B | $30.5B | $32.3B | $33.5B | $34.7B | $36.9B | $37.2B | $37.7B |
| Total assets | $40.5B | $45.6B | $50.0B | $57.9B | $62.4B | $69.4B | $71.1B | $70.9B | $70.1B | $73.1B |
| Total liabilities | $39.9B | $44.6B | $47.0B | $54.6B | $61.7B | $55.1B | $51.3B | $53.5B | $53.3B | $56.8B |
| Shareholders' equity | $405M | $994M | $3.0B | $3.3B | $657M | $14.3B | $19.8B | $17.3B | $16.7B | $16.2B |
| Margins | ||||||||||
| Operating margin | 12.6% | 11.4% | 9.8% | 10.5% | 9.1% | 13.2% | 13.1% | 10.1% | 9.3% | 8.9% |
| EBITDA margin | 16.3% | 14.9% | 12.9% | 13.7% | 12.3% | 16.2% | 16.2% | 13.1% | 12.6% | 12.3% |
| Net margin | 5.6% | 7.5% | 6.7% | 6.0% | 1.6% | 13.3% | 11.5% | 7.4% | 6.4% | 6.3% |
| FCF margin | 5.8% | −5.7% | 9.0% | 3.1% | 6.0% | 11.1% | 9.3% | 5.6% | 6.8% | 5.4% |
| Returns | ||||||||||
| Return on capital | 44.9% | 32.1% | 27.2% | 28.3% | 26.6% | 44.3% | 35.3% | 21.8% | 20.1% | 18.4% |
| Return on capital employed | 27.3% | 24.5% | 20.5% | 19.9% | 17.5% | 26.4% | 25.0% | 17.2% | 15.9% | 14.2% |
| Return on equity | — | — | — | 141.2% | — | 172.9% | 67.9% | 36.2% | 34.0% | 33.8% |
| Return on assets | 8.7% | 11.4% | 10.0% | 8.2% | 2.2% | 19.6% | 16.4% | 9.5% | 8.2% | 7.8% |
| Growth | ||||||||||
| Revenue growth | 4.4% | 8.2% | 9.1% | 3.1% | 14.2% | 15.0% | 3.1% | −9.4% | 0.1% | −2.7% |
| Net income growth | −29.4% | 43.3% | −2.3% | −7.3% | −69.8% | 859.8% | −10.4% | −41.9% | −13.8% | −3.6% |
| EPS growth | −27.9% | 45.3% | −1.8% | −7.3% | −69.9% | 853.3% | −10.1% | −40.9% | −13.5% | −2.8% |
| FCF growth | −30.6% | −206.8% | — | −64.9% | 123.4% | 114.3% | −13.7% | −45.6% | 22.3% | −23.3% |
| Share count change | −2.1% | −1.4% | −0.6% | −0.1% | 0.2% | 0.8% | −0.3% | −1.7% | −0.5% | −0.7% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.1x | 2.0x | 1.9x | 1.9x | 1.8x | 0.7x | 0.8x | 1.4x | 1.3x | 1.7x |
| Debt / equity | — | — | 7.4x | 7.8x | — | 1.6x | 1.0x | 1.3x | 1.3x | 1.5x |
| Interest coverage | 20.2x | 16.6x | 11.6x | 11.9x | 11.0x | 18.5x | 18.6x | 11.6x | 9.8x | 7.7x |
| Current ratio | 1.2x | 1.2x | 1.2x | 1.1x | 1.2x | 1.4x | 1.2x | 1.1x | 1.2x | 1.2x |
| Quick ratio | 1.2x | 1.2x | 1.1x | 1.1x | 1.2x | 1.4x | 1.2x | 1.1x | 1.1x | 1.2x |
| Capital allocation | ||||||||||
| Capex / revenue | 4.9% | 7.9% | 8.7% | 8.6% | 6.4% | 4.3% | 4.8% | 5.7% | 4.3% | 4.2% |
| Stock comp / revenue | 1.0% | 0.9% | 0.9% | 1.2% | 0.9% | 0.9% | 1.6% | 0.2% | 0.0% | 0.1% |
| Payouts / FCF | 151.7% | — | 62.6% | 185.8% | 71.3% | 36.4% | 92.3% | 150.0% | 95.0% | 134.3% |
| Quality scores | ||||||||||
| Piotroski F-score | 4.0 | 6.0 | 5.0 | 5.0 | 5.0 | 7.0 | 5.0 | 4.0 | 7.0 | 5.0 |
| Altman Z'' | 2.0 | 2.0 | 1.8 | 1.7 | 1.5 | 3.0 | 3.0 | 2.3 | 2.4 | 2.2 |
| Accruals ratio | −7.7% | 8.0% | −16.6% | −7.8% | −15.2% | −3.2% | −3.6% | −5.0% | −6.2% | −4.0% |
Source: SEC EDGAR XBRL filings (CIK 0001090727). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.