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Stocks · Industrials · Trucking & Courier Services (No Air)

United Parcel Service

UPS Clue Score32
United States Fiscal year ends December CIK 0001090727
$94.57 +0.47% Close, 9 Oct 2026
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Price $94.57 −47.96% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back. P/E and P/FCF are the market value over the last full fiscal year's net income or free cash flow, as public on each day, so they step once a year when the annual report comes out. A hatched band marks a stretch with none: a year of net loss, or of cash burnt.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue61.61Operating income7.69Net income3.42EPS, diluted3.86Fiscal year 2017Revenue66.59 +8.1%Operating income7.53Net income4.91 +43.3%EPS, diluted5.61 +45.3%Fiscal year 2018Revenue71.86 +7.9%Operating income7.02Net income4.79 −2.3%EPS, diluted5.51 −1.8%Fiscal year 2019Revenue74.09 +3.1%Operating income7.80Net income4.44 −7.3%EPS, diluted5.11 −7.3%Fiscal year 2020Revenue84.63 +14.2%Operating income7.68Net income1.34 −69.8%EPS, diluted1.54 −69.9%Fiscal year 2021Revenue97.29 +15.0%Operating income12.81Net income12.89 +859.8%EPS, diluted14.68 +853.2%Fiscal year 2022Revenue100.34 +3.1%Operating income13.09Net income11.55 −10.4%EPS, diluted13.20 −10.1%Fiscal year 2023Revenue90.96 −9.3%Operating income9.14Net income6.71 −41.9%EPS, diluted7.80 −40.9%Fiscal year 2024Revenue91.07 +0.1%Operating income8.47Net income5.78 −13.8%EPS, diluted6.75 −13.5%Fiscal year 2025Revenue88.66 −2.6%Operating income7.87Net income5.57 −3.6%EPS, diluted6.56 −2.8%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 61.61 66.59 71.86 74.09 84.63 97.29 100.34 90.96 91.07 88.66
Growth +8.1% +7.9% +3.1% +14.2% +15.0% +3.1% −9.3% +0.1% −2.6%
Operating income 7.69 7.53 7.02 7.80 7.68 12.81 13.09 9.14 8.47 7.87
Net income 3.42 4.91 4.79 4.44 1.34 12.89 11.55 6.71 5.78 5.57
Growth +43.3% −2.3% −7.3% −69.8% +859.8% −10.4% −41.9% −13.8% −3.6%
EPS, diluted 3.86 5.61 5.51 5.11 1.54 14.68 13.20 7.80 6.75 6.56
Growth +45.3% −1.8% −7.3% −69.9% +853.2% −10.1% −40.9% −13.5% −2.8%

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Operating marginNet margin
Fiscal year 2016Operating margin12.5%Net margin5.6%Free cash flow margin5.7%Fiscal year 2017Operating margin11.3%Net margin7.4%Free cash flow margin−5.6%Fiscal year 2018Operating margin9.8%Net margin6.7%Free cash flow margin8.9%Fiscal year 2019Operating margin10.5%Net margin6.0%Free cash flow margin3.0%Fiscal year 2020Operating margin9.1%Net margin1.6%Free cash flow margin6.0%Fiscal year 2021Operating margin13.2%Net margin13.2%Free cash flow margin11.1%Fiscal year 2022Operating margin13.0%Net margin11.5%Free cash flow margin9.3%Fiscal year 2023Operating margin10.0%Net margin7.4%Free cash flow margin5.6%Fiscal year 2024Operating margin9.3%Net margin6.3%Free cash flow margin6.8%Fiscal year 2025Operating margin8.9%Net margin6.3%Free cash flow margin5.4%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
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%
Free cash flow margin 5.7% −5.6% 8.9% 3.0% 6.0% 11.1% 9.3% 5.6% 6.8% 5.4%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2016Operating cash flow6.47Capital expenditure−2.97Free cash flow3.51Buybacks−2.68Dividends paid−2.64Fiscal year 2017Operating cash flow1.48Capital expenditure−5.23Free cash flow−3.75 −206.8%Buybacks−1.81Dividends paid−2.77Fiscal year 2018Operating cash flow12.71Capital expenditure−6.28Free cash flow6.43Buybacks−1.01Dividends paid−3.01Fiscal year 2019Operating cash flow8.64Capital expenditure−6.38Free cash flow2.26 −64.9%Buybacks−1.00Dividends paid−3.19Fiscal year 2020Operating cash flow10.46Capital expenditure−5.41Free cash flow5.05 +123.4%Buybacks−0.22Dividends paid−3.37Fiscal year 2021Operating cash flow15.01Capital expenditure−4.19Free cash flow10.81 +114.2%Buybacks−0.50Dividends paid−3.44Fiscal year 2022Operating cash flow14.10Capital expenditure−4.77Free cash flow9.34 −13.7%Buybacks−3.50Dividends paid−5.11Fiscal year 2023Operating cash flow10.24Capital expenditure−5.16Free cash flow5.08 −45.6%Buybacks−2.25Dividends paid−5.37Fiscal year 2024Operating cash flow10.12Capital expenditure−3.91Free cash flow6.21 +22.3%Buybacks−0.50Dividends paid−5.40Fiscal year 2025Operating cash flow8.45Capital expenditure−3.69Free cash flow4.77 −23.3%Buybacks−1.00Dividends paid−5.40
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow 6.47 1.48 12.71 8.64 10.46 15.01 14.10 10.24 10.12 8.45
Capital expenditure −2.97 −5.23 −6.28 −6.38 −5.41 −4.19 −4.77 −5.16 −3.91 −3.69
Free cash flow 3.51 −3.75 6.43 2.26 5.05 10.81 9.34 5.08 6.21 4.77
Growth −206.8% −64.9% +123.4% +114.2% −13.7% −45.6% +22.3% −23.3%
Buybacks −2.68 −1.81 −1.01 −1.00 −0.22 −0.50 −3.50 −2.25 −0.50 −1.00
Dividends paid −2.64 −2.77 −3.01 −3.19 −3.37 −3.44 −5.11 −5.37 −5.40 −5.40

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2016Cash3.48Total debt16.08Net cash (debt)−12.60Shareholders’ equity0.41Debt to equity39.69Fiscal year 2017Cash3.32Total debt24.29Net cash (debt)−20.97Shareholders’ equity0.99Debt to equity24.44Fiscal year 2018Cash4.23Total debt22.74Net cash (debt)−18.51Shareholders’ equity3.02Debt to equity7.53Fiscal year 2019Cash5.24Total debt25.24Net cash (debt)−20.00Shareholders’ equity3.27Debt to equity7.73Fiscal year 2020Cash5.91Total debt24.65Net cash (debt)−18.74Shareholders’ equity0.66Debt to equity37.53Fiscal year 2021Cash10.26Total debt21.92Net cash (debt)−11.66Shareholders’ equity14.25Debt to equity1.54Fiscal year 2022Cash5.60Total debt19.66Net cash (debt)−14.06Shareholders’ equity19.79Debt to equity0.99Fiscal year 2023Cash3.21Total debt22.00Net cash (debt)−18.79Shareholders’ equity17.31Debt to equity1.27Fiscal year 2024Cash6.11Total debt21.03Net cash (debt)−14.92Shareholders’ equity16.72Debt to equity1.26Fiscal year 2025Cash5.89Total debt23.59Net cash (debt)−17.70Shareholders’ equity16.23Debt to equity1.45
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 3.48 3.32 4.23 5.24 5.91 10.26 5.60 3.21 6.11 5.89
Total debt 16.08 24.29 22.74 25.24 24.65 21.92 19.66 22.00 21.03 23.59
Net cash (debt) −12.60 −20.97 −18.51 −20.00 −18.74 −11.66 −14.06 −18.79 −14.92 −17.70
Shareholders’ equity 0.41 0.99 3.02 3.27 0.66 14.25 19.79 17.31 16.72 16.23
Debt to equity 39.69 24.44 7.53 7.73 37.53 1.54 0.99 1.27 1.26 1.45

In billions of USD, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Income statement

In billions of USD, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020 31 Dec 2020 FY2021 31 Dec 2021 FY2022 31 Dec 2022 FY2023 31 Dec 2023 FY2024 31 Dec 2024 FY2025 31 Dec 2025
Revenue and profit
61.61 66.59 71.86 74.09 84.63 97.29 100.34 90.96 91.07 88.66
Growth +8.1% +7.9% +3.1% +14.2% +15.0% +3.1% −9.3% +0.1% −2.6%
7.69 7.53 7.02 7.80 7.68 12.81 13.09 9.14 8.47 7.87
Growth −2.1% −6.7% +11.0% −1.5% +66.7% +2.2% −30.2% −7.4% −7.1%
5.12 7.14 6.02 5.65 1.84 16.60 14.83 8.57 7.44 7.16
1.70 2.23 1.23 1.21 0.50 3.71 3.28 1.87 1.66 1.59
3.42 4.91 4.79 4.44 1.34 12.89 11.55 6.71 5.78 5.57
Growth +43.3% −2.3% −7.3% −69.8% +859.8% −10.4% −41.9% −13.8% −3.6%
Per share
3.88 5.63 5.53 5.14 1.55 14.75 13.26 7.81 6.76 6.56
3.86 5.61 5.51 5.11 1.54 14.68 13.20 7.80 6.75 6.56
Growth +45.3% −1.8% −7.3% −69.9% +853.2% −10.1% −40.9% −13.5% −2.8%
883.0 871.0 866.0 864.0 867.0 874.0 871.0 859.0 855.0 849.0
887.0 875.0 870.0 869.0 871.0 878.0 875.0 860.0 856.0 850.0
Growth −1.4% −0.6% −0.1% +0.2% +0.8% −0.3% −1.7% −0.5% −0.7%

Five years in brief

Worked out from the figures above, not from a press release
  • Revenue grew 0.9% a year over five years, and earnings per share grew 33.6% a year.
  • The diluted share count fell 2.4% in five years, so buybacks did some of the work per share.
  • Operating margin is flat at 8.9%.
  • Profitable in every one of the 10 years on file.