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United Parcel Service (NYSE: UPS) stock fundamentals

NYSE: UPS · Industrials · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

United Parcel Service (NYSE: UPS) is a global package delivery and logistics provider. Its Form 10-K reports revenue of USD 88.7 billion and net income of USD 5.57 billion for FY2025. Its Form 10-Q for Q2 2026 reports revenue of USD 22.8 billion for the quarter ended 30 Jun 2026.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

United Parcel Service (NYSE: UPS) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
88.7
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
89.9
TTM to · derived
Revenue by quarter, from USD 22.2 bn in Q3 2024 to USD 22.8 bn in Q2 2026
Net income attributable to shareholders (USD bn)
5.57
FY2025 (ended ) · Form 10-K
Operating margin
8.9%
FY2025 (ended ) · derived
Free cash flow (USD bn)
4.77
FY2025 (ended ) · derived
Net debt (USD bn)
19.8
at · derived: total debt minus cash and short-term investments
Dividend paid per share (USD)
6.56
FY2025 (ended ) · Form 10-K

Fundamentals profile

vs United Parcel Service's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places United Parcel Service's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

United Parcel Service fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricUnited Parcel ServiceOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY2025−4.0%Own 5-year median 2.4%Below its 5-year median
Lower (−4.0%) Higher (10.6%)
MarginsOperating margin (TTM to Q2 2026)7.3%Own 5-year median 10.0%Below its 5-year median
Lower (8.9%) Higher (13.2%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)1.9×Own 5-year median 1.2×Above its 5-year median
Lower (0.7×) Higher (1.6×)
Cash flowFCF margin (TTM to Q2 2026)6.1%Own 5-year median 6.8%Near its 5-year median
Lower (5.4%) Higher (11.1%)
Dividend historyConsecutive years of cash dividends, to FY2025Counted from FY2017; our data has no dividend per share for FY2016, so the run may be longer.At least 9Own 5-year median not availablenot availablenot available

Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with United Parcel Service's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How far did United Parcel Service's operating margin fall from FY2021 to FY2025?

United Parcel Service's operating margin, our calculation, was 8.9% in FY2025, down from 13.2% in FY2021. Its revenue went from USD 97.3 billion to USD 88.7 billion over those 5 fiscal years, according to its Form 10-K filings. Its net margin, our calculation, went from 13.2% to 6.3%.

Report an error in this table

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Table 1 United Parcel Service annual revenue and margins, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Revenue88,66191,07090,958100,33897,287
Revenue YoY %decreased 2.6%increased 0.1%decreased 9.3%increased 3.1%increased 15.0%
Operating margin %8.9%9.3%10.0%13.0%13.2%
Net margin %6.3%6.3%7.4%11.5%13.2%
(opens in new tab)

Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

Arrows show direction of change only, not whether a change is good or bad.

Operating margin fell in each fiscal year after FY2021, to 13.0% in FY2022, 10.0% in FY2023 and 9.3% in FY2024. Revenue followed a different path. It rose 15.0% in FY2021 and 3.1% in FY2022, fell 9.3% in FY2023, rose 0.1% in FY2024 and fell 2.6% in FY2025.

Net income was USD 5.57 billion in FY2025. Over the 12 months to 30 Jun 2026, operating margin was 7.3% (our calculation), against a range of 8.9% to 13.2% for the 5 fiscal years. The United Parcel Service financial statements set out the income statement for 5 fiscal years and 8 quarters.

Did United Parcel Service's free cash flow cover its dividends paid from FY2021 to FY2025?

United Parcel Service's free cash flow, our calculation, was USD 4.77 billion in FY2025, against USD 5.40 billion of dividends paid, so its FCF cover, our calculation, was 0.9×. The cover was 1.2× in FY2024, 0.9× in FY2023, 1.8× in FY2022 and 3.1× in FY2021, according to its Form 10-K filings.

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Table 2 United Parcel Service dividends per share and dividends paid, FY2021–FY2025 Per-share amounts in USD; other amounts in USD millions; ratios as multiples
Unit per rowFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Dividends paid per share (USD)6.56 16.52 16.48 16.08 1 24.08 1 2
FCF cover (×)0.9×1.2×0.9×1.8×3.1×
Dividends paid−5,398−5,399−5,372−5,114−3,437
(opens in new tab)

Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

1 Dividends paid per share, used where dividends declared per share are not reported.

2 As presented in Form 10-K filed .

Free cash flow is cash from operations less capital expenditure. FCF cover divides it by the dividends paid in the same fiscal year, so a cover of less than one means free cash flow was smaller than the dividends paid. That was the case in FY2023 and FY2025. In FY2024, USD 6.21 billion of free cash flow was larger than the USD 5.40 billion paid.

Dividends paid rose from USD 3.44 billion in FY2021 to USD 5.37 billion in FY2023 and were USD 5.40 billion in both FY2024 and FY2025. Free cash flow fell from USD 10.8 billion in FY2021 to USD 4.77 billion in FY2025. Dividends per share rose in each fiscal year, from USD 4.08 per share in FY2021 to USD 6.56 per share in FY2025. We take them from the per-share cash dividends paid in its 10-K filings.

Each fiscal year's dividends paid is read from the cash flow statement of that year's own Form 10-K, and every column of the table links to its filing. The cover compares the flows of one fiscal year only. It does not show how dividends were funded when the cover was less than one.

How did United Parcel Service's buybacks and capital expenditure compare with its dividends from FY2021 to FY2025?

United Parcel Service spent USD 1.00 billion on share buybacks in FY2025, against USD 5.40 billion on dividends and USD 3.69 billion on capital expenditure. Buybacks were USD 3.50 billion in FY2022, USD 2.25 billion in FY2023 and USD 500 million in FY2024, according to its Form 10-K filings.

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Table 3 United Parcel Service cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations8,45010,12210,23814,10415,007
Capital expenditure−3,685−3,909−5,158−4,769−4,194
Free cash flow4,765 D6,213 D5,080 D9,335 D10,813 D
Dividends paid−5,398−5,399−5,372−5,114−3,437
Share buybacks−1,000−500−2,250−3,500−500
(opens in new tab)

Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Cash from operations was USD 8.45 billion in FY2025, down from USD 15.0 billion in FY2021. Capital expenditure was USD 4.19 billion in FY2021, USD 5.16 billion in FY2023 and USD 3.69 billion in FY2025. Free cash flow was USD 4.77 billion in FY2025, our calculation of cash from operations less capital expenditure.

Buybacks were USD 500 million in FY2021 and peaked at USD 3.50 billion in FY2022. Since then they have stayed between USD 500 million and USD 2.25 billion.

The PepsiCo stock fundamentals page sets that company's free cash flow beside its dividends paid and buybacks in the same way. Our methodology for free cash flow sets out the formula behind the free cash flow figures on this page.

How we got these numbers

Every figure comes from United Parcel Service's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2024 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
None in the periods shown.
Comparator
Each profile row compares the current value with United Parcel Service's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind United Parcel Service's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
United Parcel Service, Inc.
Exchange
NYSE
Ticker
UPS
Sector
Industrials
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0001090727
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-K, fiscal year ended 31 Dec 2025 United Parcel Service, Inc. · · sec.gov
  2. [2] Filing Form 10-K, fiscal year ended 31 Dec 2024 United Parcel Service, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2023 United Parcel Service, Inc. · · sec.gov
  4. [4] Filing Form 10-K, fiscal year ended 31 Dec 2022 United Parcel Service, Inc. · · sec.gov
  5. [5] Filing Form 10-K, fiscal year ended 31 Dec 2021 United Parcel Service, Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 30 Jun 2026 United Parcel Service, Inc. · · sec.gov
  7. [7] Filing Form 10-Q, quarter ended 31 Mar 2026 United Parcel Service, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2025 United Parcel Service, Inc. · · sec.gov
  9. [9] Filing Form 10-Q, quarter ended 30 Jun 2025 United Parcel Service, Inc. · · sec.gov
  10. [10] Filing Form 10-Q, quarter ended 31 Mar 2025 United Parcel Service, Inc. · · sec.gov
  11. [11] Filing Form 10-Q, quarter ended 30 Sep 2024 United Parcel Service, Inc. · · sec.gov
  12. [12] Filing Form 10-K, fiscal year ended 31 Dec 2020 United Parcel Service, Inc. · · sec.gov
  13. [13] Filing Form 10-K, fiscal year ended 31 Dec 2019 United Parcel Service, Inc. · · sec.gov
  14. [14] Filing Form 10-K, fiscal year ended 31 Dec 2018 United Parcel Service, Inc. · · sec.gov
  15. [15] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "United Parcel Service (NYSE: UPS) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ups/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

  • The filings behind the figures on this page are listed in Sources and data above.
  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.