The company is a package delivery and logistics provider offering transportation and delivery through an integrated air and ground network, along with distribution, contract logistics, ocean freight, airfreight, customs brokerage and insurance services. Operations are organized into U.S. Domestic Package and International Package reporting segments, with remaining businesses reported as Supply Chain Solutions, which includes forwarding, logistics, and digital and other services such as crowdsourced delivery and returns processing.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 88,661 | 91,070 | 90,958 | 4 |
| · Ground | 44,183 | 45,347 | 44,971 | |
| · Export | 14,479 | 14,142 | 14,003 | |
| · Next Day Air | 9,652 | 9,703 | 9,894 | |
| · Logistics | 5,855 | 6,437 | 5,927 | |
| · Deferred | 4,446 | 4,757 | 5,093 | |
| · Domestic | 3,401 | 3,186 | 3,144 | |
| · Forwarding | 2,916 | 4,728 | 5,534 | |
| · Other | 1,795 | 1,569 | 1,461 | |
| · Cargo & Other | 1,238 | 569 | 247 | |
| · Cargo | 696 | 632 | 684 | |
| Depreciation, depletion and amortization | 3,000 | 3,000 | 2,800 | |
| Impairments | 201 | 108 | — | |
| Total operating expenses | 80,794 | 82,602 | 81,817 | |
| Operating income | 7,867 | 8,468 | 9,141 | |
| Interest expense | — | — | 785 | |
| Other income (expense), net | (703) | (1,026) | (568) | |
| Income before income taxes | 7,164 | 7,442 | 8,573 | |
| Income tax provision | 1,592 | 1,660 | 1,865 | 1 |
| — of which current | 1,600 | 1,675 | 1,666 | 1 |
| Net income attributable to common | 5,572 | 5,782 | 6,708 | 2 |
| Diluted earnings per share | $6.56 | $6.75 | $7.80 | 1 |
| Weighted-average diluted shares | 850 | 856 | 860 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 5,572 | 5,782 | 6,708 | |
| Depreciation, depletion and amortization | 3,000 | 3,000 | 2,800 | |
| Share-based compensation | 73 | 24 | 220 | |
| Deferred income taxes | (8) | (15) | 199 | |
| Change in receivables | 382 | 566 | (1,256) | |
| Change in payables | (190) | 262 | (1,377) | |
| Net cash provided by operating activities | 8,450 | 10,122 | 10,238 | 4 |
| Capital expenditure | 3,685 | 3,909 | 5,158 | 1 |
| Acquisitions, net of cash | 1,968 | 71 | 1,329 | |
| Net cash used in investing activities | (4,735) | (217) | (7,133) | |
| Dividends paid | 5,398 | 5,399 | 5,372 | 2 |
| Repurchases of common stock | 1,000 | 500 | 2,250 | 2 |
| Debt issued | 4,153 | 2,785 | 3,429 | |
| Debt repaid | 2,069 | 2,487 | 2,429 | |
| Net cash used in financing activities | (4,141) | (6,850) | (5,534) | |
| Cash and equivalents at end of period | 5,887 | 6,112 | 3,206 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 5,887 | 6,112 | |
| Short-term investments | — | 206 | |
| Receivables, net | 11,209 | 10,871 | 1 |
| Inventories | 739 | 826 | 1 |
| Total current assets | 19,045 | 19,310 | |
| Goodwill | 5,837 | 4,300 | 1 |
| Intangible assets, net | 4,016 | 3,060 | |
| Total assets | 73,090 | 70,070 | 1 |
| Accounts payable | 6,633 | 6,302 | |
| Current debt | 608 | 1,838 | |
| Total current liabilities | 15,620 | 16,441 | |
| Long-term debt | 23,519 | 19,446 | |
| Stockholders' equity | 16,227 | 16,718 | |
| Noncontrolling interests | 28 | 25 | |
| Total equity | 16,255 | 16,743 |
| Segments · as filed in the segment note · $ millions | U.S. Domestic Package | International | Reconciliation | Consolidated |
|---|---|---|---|---|
| Net sales | 59,519 | 18,576 | 10,566 | 88,661 |
| Operating income | 3,926 | 2,873 | 1,068 | 7,867 |
| · operating margin | 6.6% | 15.5% | — | 8.9% |
| Assets | 38,359 | 18,214 | 16,517 | 73,090 |
| Revenue by product or service · as filed · $ millions | FY2025 | Share |
|---|---|---|
| Ground | 44,183 | 49.8% |
| Export | 14,479 | 16.3% |
| Next Day Air | 9,652 | 10.9% |
| Logistics | 5,855 | 6.6% |
| Deferred | 4,446 | 5.0% |
| Domestic | 3,401 | 3.8% |
| Forwarding | 2,916 | 3.3% |
| Other | 1,795 | 2.0% |
| Cargo & Other | 1,238 | 1.4% |
| Cargo | 696 | 0.8% |
| Total revenues, as filed | 88,661 | 100.0% |
Product lines sum to the filed total. Lines not filed as one figure are the sum of their filed pieces across segments.
| Revenue by geography · as filed · $ millions | FY2025 | Share |
|---|---|---|
| United States | 67,432 | 76.1% |
| International | 21,229 | 23.9% |
| Total revenues, as filed | 88,661 | 100.0% |
Geographic lines sum to the filed total.
Lines render when they sum to the filed total within 0.5 percent. A reconciling line the company filed closes the gap at any size, and the table is split: every line shown is filed, nothing is implied. A computed line, the filed total less the lines shown, closes up to 5 percent of the total; beyond that the table is partial and says so. Members that add to more than the filed total are a conflict and are not shown. The tolerance is 0.5 percent of the filed total or 2 million dollars, whichever is larger; for a filed total under 400 million dollars the floor is the binding one and the table says within tolerance. Every figure is as filed, in millions of dollars; shares are arithmetic on filed lines.
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Net cash used in investing activities · CF | (4,735) | (217) | −4,518 | -2,082.0% | ◐ outsized |
| Long-term debt · BS | 23,519 | 19,446 | +4,073 | +20.9% | — |
| Total assets · BS | 73,090 | 70,070 | +3,020 | +4.3% | — |
| Net cash used in financing activities · CF | (4,141) | (6,850) | +2,709 | +39.5% | — |
| Total revenues · IS | 88,661 | 91,070 | −2,409 | -2.6% | — |
| Acquisitions, net of cash · CF | 1,968 | 71 | +1,897 | +2,671.8% | — |
| · Forwarding · IS | 2,916 | 4,728 | −1,812 | -38.3% | — |
| Total operating expenses · IS | 80,794 | 82,602 | −1,808 | -2.2% | — |
| Net cash provided by operating activities · CF | 8,450 | 10,122 | −1,672 | -16.5% | — |
| Goodwill · BS | 5,837 | 4,300 | +1,537 | +35.7% | — |
| Debt issued · CF | 4,153 | 2,785 | +1,368 | +49.1% | — |
| Current debt · BS | 608 | 1,838 | −1,230 | -66.9% | — |
| · Ground · IS | 44,183 | 45,347 | −1,164 | -2.6% | — |
| Intangible assets, net · BS | 4,016 | 3,060 | +956 | +31.2% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 33.8% sector median 22.7% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | n/a sector median -0.8% | insufficient data |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 1.49 sector median 0.63 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 8.1% sector median 13.6% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 21,546 | 21,221 | 21,415 | 21,202 | 22,834 |
| Depreciation, depletion and amortization | 912 | 936 | 926 | 985 | 980 |
| Total operating expenses | 19,880 | 19,399 | 19,611 | 19,935 | 21,904 |
| Operating income | 1,666 | 1,822 | 1,804 | 1,267 | 930 |
| Interest expense | 222 | 238 | 291 | 266 | 272 |
| Other income (expense), net | (143) | (160) | (197) | (143) | (169) |
| Income before income taxes | 1,523 | 1,662 | 1,607 | 1,124 | 761 |
| Income tax provision | 336 | 379 | 296 | 260 | 157 |
| Net income incl. noncontrolling interests | — | 1,283 | 1,311 | — | — |
| Net income attributable to common | 1,187 | 1,283 | — | 864 | 604 |
| Diluted earnings per share | $1.40 | $1.51 | $1.55 | $1.02 | $0.71 |
| Weighted-average diluted shares | 850 | 847 | 848 | 850 | 851 |
| Net cash provided by operating activities | 2,318 | — | — | 2,224 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total operating expenses | 19,935 | 21,904 | +1,969 | +9.9% |
| Total revenues | 21,202 | 22,834 | +1,632 | +7.7% |
| Income before income taxes | 1,124 | 761 | −363 | -32.3% |
| Operating income | 1,267 | 930 | −337 | -26.6% |
| Net income attributable to common | 864 | 604 | −260 | -30.1% |
| Income tax provision | 260 | 157 | −103 | -39.6% |
| Net cash provided by operating activities | 2,318 | 2,224 | −94 | -4.1% |
| Net income incl. noncontrolling interests | 1,283 | 1,311 | +28 | +2.2% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $74,240M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 3 filings · 0 non-market txns | quiet |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| · BlackRock, Inc. | 6.0% | 5%+ holder · DEF 14A filed 2026-03-19 |
| · The Vanguard Group | 9.0% | 5%+ holder · DEF 14A filed 2026-03-19 |
| Institutional % | 2 holders of 5%+ named | full 13F total pending — never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from United Parcel Service's Form 10-K for FY2025 (accession 0001628280-26-008432), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. UPS is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.