United Parcel Service (UPS) financial statements
United Parcel Service reported revenue of $88.7B in fiscal 2025, up 4.1% a year over 9 years.
Net income was $5.6B and the operating margin 8.9%, against 12.5% in 2016.
Free cash flow was $4.8B, and the company returned $5.4B in dividends and $1.0B in net buybacks.
The diluted share count fell 4% over the period (buybacks).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from United Parcel Service's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | $381M | $453M | $605M | $653M | $701M | $694M | $704M | $785M | $866M | $1.0B |
| Pre-tax 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 |
| EPS (diluted) | $3.86 | $5.61 | $5.51 | $5.11 | $1.54 | $14.68 | $13.20 | $7.80 | $6.75 | $6.56 |
| Diluted shares | 887M | 875M | 870M | 869M | 871M | 878M | 875M | 860M | 856M | 850M |
| 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% |
Balance sheet
Fiscal years, from United Parcel Service's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 |
| Receivables | $7.7B | $8.8B | $9.0B | $9.6B | $10.8B | $12.5B | $12.6B | $11.2B | $10.9B | $11.2B |
| Inventory | $342M | $404M | $421M | $511M | $620M | $717M | $889M | $935M | $826M | $739M |
| Total current assets | $13.8B | $15.7B | $16.2B | $17.1B | $20.2B | $24.9B | $22.2B | $19.4B | $19.3B | $19.0B |
| Property, plant and equipment | $18.8B | $22.1B | $26.6B | $30.5B | $32.3B | $33.5B | $34.7B | $36.9B | $37.2B | $37.7B |
| 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 |
| Total current liabilities | $11.7B | $12.9B | $14.1B | $15.4B | $17.0B | $17.6B | $18.1B | $17.7B | $16.4B | $15.6B |
| Long-term debt | $12.4B | $20.3B | $19.9B | $21.8B | $22.0B | $19.8B | $17.3B | $18.9B | $19.4B | $23.5B |
| Total liabilities | $39.9B | $44.5B | $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 |
| Net debt | $12.6B | $21.0B | $18.5B | $20.0B | $18.7B | $11.7B | $14.1B | $19.1B | $15.2B | $18.2B |
Cash flow
Fiscal years, from United Parcel Service's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 compensation | $591M | $584M | $634M | $915M | $796M | $878M | $1.6B | $220M | $24M | $73M |
| Dividends paid | $2.6B | $2.8B | $3.0B | $3.2B | $3.4B | $3.4B | $5.1B | $5.4B | $5.4B | $5.4B |
| Share buybacks (net) | -$2.7B | -$1.8B | -$1.0B | -$1.0B | -$224M | -$500M | -$3.5B | -$2.2B | -$500M | -$1.0B |
| Net borrowing | $2.0B | $7.8B | -$1.6B | $2.4B | -$851M | -$2.8B | -$2.3B | $2.3B | -$974M | $2.1B |
| Free cash flow margin | 5.7% | -5.6% | 8.9% | 3.0% | 6.0% | 11.1% | 9.3% | 5.6% | 6.8% | 5.4% |
| Dividends per share | $2.98 | $3.17 | $3.46 | $3.68 | $3.87 | $3.91 | $5.84 | $6.25 | $6.31 | $6.35 |
Questions
What was United Parcel Service's revenue in 2025?
$88.7B in fiscal 2025, from its 10-K filing.
How much free cash flow does United Parcel Service generate?
$4.8B in fiscal 2025 (operating cash flow minus capital spending).
From United Parcel Service's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.