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United Parcel Service financial statements: income, balance sheet, cash flow

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) reported revenue of USD 22.8 billion and net income of USD 604 million for Q2 2026 in its Form 10-Q for the quarter ended 30 Jun 2026. Free cash flow for the quarter was USD 166 million, our calculation, against USD 1.36 billion of dividends paid.

Data as of Source: Form 10-Q for Q2 2026, filed

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, 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
Operating income, TTM (USD bn)
6.58
TTM to · derived
Net income, TTM (USD bn)
4.57
TTM to · derived
Free cash flow, TTM (USD bn)
5.46
TTM to · derived
Total assets (USD bn)
71.3
at · Form 10-Q
Net debt (USD bn)
19.8
at · derived: total debt minus cash and short-term investments

What the numbers show

United Parcel Service's income statement for Q2 FY2026, the quarter ended 30 Jun 2026, shows revenue of USD 22.8 billion, up 7.6% on Q2 FY2025. Operating income was USD 930 million, an operating margin of 4.1%, our calculation, against 8.6% a year earlier. Net income was USD 604 million.

Revenue year on year was lower in each of the four quarters before Q2 FY2026. From FY2021 to FY2025 it fell 2.3% a year, our calculation, to USD 88.7 billion, and operating income fell 11.5% a year, to USD 7.87 billion. Net income was USD 5.57 billion in FY2025, against USD 12.9 billion in FY2021.

UPS's balance sheet held total assets of USD 71.3 billion at 30 Jun 2026, down from USD 73.1 billion at 31 Dec 2025. Net property, plant and equipment, USD 37.9 billion, is more than half of the total. Equity was USD 15.1 billion, against USD 19.8 billion at the end of FY2022. Current assets exceeded current liabilities of USD 14.9 billion.

Total debt, short-term plus long-term borrowings, was USD 21.4 billion at 31 Mar 2025, USD 24.7 billion at 30 Jun 2025 and USD 24.5 billion at 30 Jun 2026. Net debt, our calculation, was USD 19.8 billion at 30 Jun 2026. Total liabilities were USD 56.2 billion, so borrowings are less than half of them.

In the cash flow statement, cash from operations was USD 8.45 billion in FY2025 against net income of USD 5.57 billion. After capital expenditure of USD 3.69 billion, free cash flow, our calculation, was USD 4.77 billion. A 10-Q reports cash flows year to date, so cells marked D are our derivation. Q2 FY2026 cash from operations was USD 859 million and free cash flow USD 166 million.

Dividends paid were USD 5.40 billion in FY2025 and USD 3.44 billion in FY2021, each read from that year's own 10-K. The FCF cover, our calculation, was below 1 in FY2023 and FY2025 and above 1 in FY2022 and FY2024. Quarterly dividends paid were USD 1.36 billion in Q2 FY2026, and no buybacks appear after Q1 FY2025. Diluted EPS was USD 0.71 per share in Q2 FY2026, against USD 1.51 per share in Q2 FY2025, and United Parcel Service stock fundamentals covers the dividend record.

Income statement

Chart 1

United Parcel Service quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 22.2 bn in Q3 2024 to USD 22.8 bn in Q2 2026.010203022.8Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 1 United Parcel Service income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue88,66191,07090,958100,33897,287decreased 2.3%
Revenue YoY %decreased 2.6%increased 0.1%decreased 9.3%increased 3.1%increased 15.0%not available
Operating income7,8678,4689,14113,09412,810decreased 11.5%
Operating margin %8.9%9.3%10.0%13.0%13.2%not available
Pre-tax income7,1647,4428,57314,82516,595decreased 18.9%
Income tax1,5921,6601,8653,2773,705decreased 19.0%
Net income5,5725,7826,70811,54812,890decreased 18.9%
Net margin %6.3%6.3%7.4%11.5%13.2%not available
Per share
Diluted EPS (USD)6.566.757.8013.2014.68decreased 18.2%
Diluted shares (m)850856860875878not available
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • Not available

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

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Table 2 United Parcel Service income statement, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue22,83421,20224,479 D21,41521,22121,54625,301 D22,245
Revenue YoY %increased 7.6%decreased 1.6%decreased 3.2%decreased 3.7%decreased 2.7%decreased 0.7%increased 1.5%increased 5.6%
Operating income9301,2672,575 D1,8041,8221,6662,926 D1,985
Operating margin %4.1%6.0%10.5%8.4%8.6%7.7%11.6%8.9%
Pre-tax income7611,1242,372 D1,6071,6621,5232,127 D1,910
Income tax157260581 D296379336406 D371
Net income6048641,791 D1,311 D1,283 11,1871,721 D1,539
Net margin %2.6%4.1%7.3%6.1%6.0%5.5%6.8%6.9%
Per share
Diluted EPS (USD)0.711.02not available1.551.511.40not available1.80
Diluted shares (m)851850not available848847850not available855
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Not available

1 As presented in Form 10-Q filed .

Totals may not add up because of rounding.

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

Balance sheet

Annual

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Table 3 United Parcel Service assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments5,8876,318 D6,072 D7,595 D10,593 D
Receivables11,20910,87111,21612,58312,541
Inventory739826935889717
Total current assets19,04519,31019,41322,21724,934
PP&E (net)37,73137,17936,94534,71933,475
Goodwill and intangibles9,858 D7,364 D8,177 D7,019 D6,178 D
Total assets73,09070,07070,85771,12469,405
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

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Table 4 United Parcel Service liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities15,62016,44117,67618,14017,569
Total debt24,127 D21,284 D22,264 D19,662 D21,915 D
Total liabilities56,835 D53,327 D53,543 D51,321 D55,136 D
Shareholders' equity16,22716,71817,30619,78614,253
Net debt / (net cash)18,240 D14,966 D16,192 D12,067 D11,322 D
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Total liabilities = total liabilities and equity − total equity, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

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Table 5 United Parcel Service assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments4,6535,8025,8876,832 D6,286 D5,065 D6,318 D6,060 D
Receivables10,7109,94811,2099,96710,4309,88710,8719,195
Inventorynot availablenot available739not availablenot availablenot available826not available
Total current assets17,54517,79419,04518,98518,85017,09019,31017,264
PP&E (net)37,89438,02937,73137,74337,71137,25037,17937,389
Goodwill and intangibles9,724 D9,777 D9,858 D8,265 D8,162 D7,992 D7,364 D7,519 D
Total assets71,26771,80973,09071,39270,92368,46670,07068,263
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
  • Not available

Totals may not add up because of rounding.

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Table 6 United Parcel Service liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Current liabilities14,88114,67415,62014,55214,24015,66016,44115,081
Total debt24,484 D24,386 D24,127 D24,782 D24,740 D21,369 D21,284 D21,930 D
Total liabilities56,168 D56,018 D56,835 D55,544 D55,146 D52,782 D53,327 D51,379 D
Shareholders' equity15,06715,76316,22715,82315,75015,66016,71816,857
Net debt / (net cash)19,831 D18,584 D18,240 D17,950 D18,454 D16,304 D14,966 D15,870 D
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Total liabilities = total liabilities and equity − total equity, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Cash flow

Chart 2

United Parcel Service quarterly free cash flow, Q3 2024 to Q2 2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 655 m in Q3 2024 to USD 166 m in Q2 2026.−10123−0.80.2Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

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Table 7 United Parcel Service cash flow, annual, 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
Cash from investing−4,735−217−7,133−7,472−3,818
Cash from financing−4,141−6,850−5,534−11,185−6,823
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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.

Quarterly

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Table 8 United Parcel Service cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations859 D2,2243,302 D2,482 D348 D2,3183,315 D1,498 D
Capital expenditure−693 D−1,031−716 D−970 D−1,123 D−876−1,098 D−843 D
Free cash flow166 D1,193 D2,586 D1,512 D−775 D1,442 D2,217 D655 D
Dividends paid−1,356 D−1,352−1,353 D−1,348 D−1,349 D−1,348−1,350 D−1,348 D
Share buybacks0 D00 D0 D0 D−1,0000 D−500 D
Cash from investing−566 D−944−2,001 D−456 D−923 D−1,355−1,057 D187 D
Cash from financing−1,429 D−1,328−2,194 D−1,428 D1,794 D−2,313−1,847 D−2,236 D
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Source: United Parcel Service Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.

Totals may not add up because of rounding.

Per share and dividends

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Table 9 United Parcel Service per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)6.566.767.8113.2614.75
Diluted EPS (USD)6.566.757.8013.2014.68
Dividends paid per share (USD)6.56 16.52 16.48 16.08 1 24.08 1 2
Diluted shares (m)850856860875878
FCF cover (×)0.9×1.2×0.9×1.8×3.1×
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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 .

Notes on these figures

  • R Restated
    • None in the periods shown.
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
    • Cash and cash equivalents plus the short-term investments, current marketable securities or current debt securities the filing tags, from the same filing.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Total liabilities = total liabilities and equity − total equity, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
None in the periods shown.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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-Q, quarter ended 30 Jun 2026 United Parcel Service, Inc. · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 United Parcel Service, Inc. · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 United Parcel Service, Inc. · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 United Parcel Service, Inc. · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 United Parcel Service, Inc. · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 United Parcel Service, Inc. · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 United Parcel Service, Inc. · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 United Parcel Service, Inc. · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 United Parcel Service, Inc. · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 United Parcel Service, Inc. · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 United Parcel Service, Inc. · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 United Parcel Service, Inc. · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 United Parcel Service, Inc. · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 United Parcel Service, Inc. · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 United Parcel Service, Inc. · · sec.gov
  16. [16] 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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StockFactsheet (2026). "United Parcel Service financial statements: income, balance sheet, cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ups/financials/

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