FirmAtlas
Company handbook · UPS · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
UPS · CIK 1090727 · LATEST FILING: 10-Q JUN '26 · FILED AUG 5, 2026
United Parcel Service, Inc.
$97.48
−0.35 (−0.36%)
Close, Oct 16, 2026 · 52-week $85–122
UPS delivers packages by air and ground in the U.S. and more than 200 countries, and offers supply chain services such as freight forwarding, customs brokerage, warehousing and health care logistics.
Business
- RegionsUS 76% · Outside US 24% (FY25)
- CustomersBusinesses of all sizes, online sellers and consumers; sold by its own sales force, online, and at The UPS Store and other drop-off points
- Cash useFY24–FY25: dividends $10.8B · capex $7.6B · acquisitions $2.0B · buybacks $1.5B
Reinvested 52% of operating cash flow · returned 112% of free cash flow
Last fiscal year
United Parcel Service, Inc. reported revenue of $88.7B for the year ended Dec 31, 2025 (FY25), down 2.6% from FY24. Net income was $5.6B, operating cash flow $8.4B and free cash flow $4.8B. Source: 10-K filed Feb 17, 2026.
Market cap
$82.9B
P/E
18.1
EV/EBITDA
9.3x
P/B
5.5
Div yield
6.73%
ROIC
18.5%
Revenue 1Y
−2.6%/yr
EPS 1Y
−2.8%/yr
Shares 1Y
−0.7%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOCarol Tomé
HQAtlanta, GA
AuditorDeloitte & Touche LLP
Employees460,000
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
−1.1%
−12.8%
−14.6%
13.8%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$21.9B deployed
Capex
$7.6B
34.6%
Acquisitions
$2.0B
9.3%
Dividends
$10.8B
49.2%
Buybacks
$1.5B
6.8%
Operating cash flow over the period: $18.6B. Total debt changed by +$2.8B.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
91,070
88,661−2.6%
89,930
YoY
−2.6%
Operating income
8,468
7,867−7.1%
6,576
Operating margin
9.3%
8.9%−0.4 pp
—
EBITDA
11,468
10,867−5.2%
—
EBITDA margin
12.6%
12.3%−0.3 pp
—
Interest expense
866
1,017+17.4%
—
Interest coverage
13.24x
10.69x−2.56x
—
Net income
5,782
5,572−3.6%
4,570
YoY
−3.6%
Net margin
6.3%
6.3%−0.1 pp
—
EPS (diluted, $)
6.75
6.56−2.8%
5.39
YoY
−2.8%
Balance sheet
Total assets
70,070
73,090+4.3%
71,267
Cash & short-term investments
6,318
5,887−6.8%
—
Accounts receivable
10,871
11,209+3.1%
—
Inventory
826
739−10.5%
—
Net PP&E
37,179
37,731+1.5%
—
Other assets
14,876
17,524+17.8%
—
Total liabilities
53,352
56,863+6.6%
56,200
Accounts payable
6,302
6,633+5.3%
—
Total debt
21,284
24,127+13.4%
24,484
Other liabilities
25,766
26,103+1.3%
—
Shareholders’ equity
16,718
16,227−2.9%
15,067
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
10,122
8,450−16.5%
8,867
Net income
5,782
5,572−3.6%
—
Depreciation & amortization
3,000
3,000+0.0%
—
Stock-based compensation
24
73+204.2%
—
Working capital & other
1,316
(195)−114.8%
—
Cash from investing
(217)
(4,735)n/m
—
Capex
(3,909)
(3,685)n/m
—
Acquisitions
(71)
(1,968)n/m
—
Investments bought
(76)
(90)n/m
—
Investments sold / matured
2,748
293−89.3%
—
Other investing
1,091
715−34.5%
—
Cash from financing
(6,850)
(4,141)n/m
—
Debt raised
2,785
4,153+49.1%
—
Debt repaid
(2,487)
(2,069)n/m
—
Dividends
(5,399)
(5,398)n/m
—
Buybacks
(500)
(1,000)n/m
—
Shares issued
232
159−31.5%
—
Other financing
(1,481)
14n/m
—
Net change in cash
2,906
(225)−107.7%
—
Free cash flow (OCF − capex)
6,213
4,765−23.3%
5,457
Where the cash went
Operating cash flow
10,122
8,450−16.5%
8,867
Reinvested in the business
3,980
5,653+42.0%
—
% of operating cash flow
39.3%
66.9%
Capex
3,909
3,685−5.7%
3,410
Acquisitions
71
1,968+2671.8%
—
Free cash flow
6,213
4,765−23.3%
5,457
YoY
−23.3%
Returned to shareholders
5,899
6,398+8.5%
—
% of free cash flow
94.9%
134.3%
Dividends
5,399
5,398−0.0%
—
Buybacks
500
1,000+100.0%
—
Change in total debt
—
2,843
—
Cash left over
—
(758)
—
FCF conversion (FCF ÷ net income)
107.5%
85.5%−21.9 pp
—
Owner earnings
—
4,967
—
Owner earnings margin
—
5.6%
—
Buyback yield
0.5%
1.2%+0.7 pp
—
Returns & ratios
ROIC (all capital)
20.8%
18.5%−2.3 pp
—
ROIC (operating)
15.5%
14.3%−1.2 pp
—
Net debt / EBITDA
1.31x
1.68x+0.37x
—
Debt / equity
1.27x
1.49x+0.21x
—
ROE
34.6%
34.3%−0.2 pp
—
ROA
8.3%
7.6%−0.6 pp
—
ROCE
15.8%
13.7%−2.1 pp
—
NOPAT
6,579
6,119−7.0%
—
Invested capital (operating)
42,574
43,046+1.1%
—
Invested capital (all)
31,684
34,467+8.8%
—
Reinvestment rate
—
7.7%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
21,415
24,479
21,202
22,834
vs year-ago quarter
Operating income
1,804
2,575
1,267
930
Net income
1,311
1,791
864
604
vs year-ago quarter
Net margin
6.1%
7.3%
4.1%
2.6%
EPS (diluted, $)
1.55
2.11
1.02
0.71
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
71,392
73,090
71,809
71,267
Cash & equivalents
6,764
5,887
5,802
4,653
Total debt
24,782
24,127
24,386
24,484
Shareholders’ equity
15,823
16,227
15,763
15,067
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
2,482
3,302
2,224
859
Capex
970
716
1,031
693
Free cash flow
1,512
2,586
1,193
166
vs year-ago quarter