United Parcel Service (UPS) financials

NYSE · Industrials · Integrated Freight & Logistics · 460,000 employees · CEO Carol Tomé

Price: $108.25 +0.86%
Market cap: $81.1B
Enterprise value: $105B
Last report: Q3 '26 filed 2026-09-30
Next report: 2027-01-26 EPS est. $2.76

Revenue (TTM)$91.4B+2.2% vs a year agoLast 4 quarters; bars = each quarter

Operating margin (TTM)7.1%-2.1 pp vs a year agoOperating income $6.52B

Net income (TTM)$4.42B-19.6% vs a year agoAfter tax, incl. non-operating gains

Free cash flow (TTM)$6.38B+45.1% vs a year agoCapex $2.94B

Diluted EPS (TTM)$5.20-19.8% vs a year agoSum of the last 4 quarters

Net cash-$23.5B-4.8% vs a year agoCash + short-term investments - debt

Valuation & key figures

Market cap: $81.1B
Revenue: $91.4B
Revenue growth: +4%
Profit margin: 4.8%
P/E: 20.8×
P/S: 0.9×
EV / EBITDA: 9.9×
Free cash flow: $6.38B
Net income: $4.42B
Revenue estimate: $92.4B
Earnings: 2027-01-26
Dividend: $6.56

Key takeaways

Computed from the reported numbers - every statement carries the figure it rests on.

Last report (2026-10-27): revenue beat by 2.8%, EPS beat by 4.3%Revenue $22.9B vs $22.3B expected (+2.8%); EPS $1.69 vs $1.62 (+4.3%).
Revenue growth accelerating: 6.7% year on yearQ3 '26 revenue $22.9B, against an average of -0.2% over the four quarters before.
Operating margin 7.1% (TTM), -2.1 pp on a year agoOperating income grew -21.3% while revenue grew 2.2%.
11.8% of pre-tax profit is eaten by non-operating lossesPre-tax income $5.83B vs operating income $6.52B (TTM). Losses on equity stakes and other one-off items cut net income and EPS - operating income is the cleaner measure of the business.
Capex 3.2% of revenue (a year ago 4.5%)$2.94B invested in the last 4 quarters (-27.8% on a year earlier). Free cash flow $6.38B = 144.3% of net income.
Returned $5.42B to shareholders = 84.9% of free cash flowBuybacks $0 (a year earlier $1B), dividends $5.42B, stock-based pay $127M (TTM).
Diluted share count up 0.5% in a year852M diluted shares in Q3 '26, 848M a year earlier.
Net debt $23.5BCash + short-term investments $6.84B, debt incl. leases $30.3B; a year ago net debt $22.4B.

Last quarter: Q3 '26

Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.

Quarter vs a year ago

	Q3 '26	Year ago	Change
Revenue	$22.9B	$21.4B	+6.7%
Gross margin	21.5%	16.3%	+5.2 pp
Operating income	$1.74B	$1.8B	-3.3%
Operating margin	7.6%	8.4%	-0.8 pp
Net income	$1.16B	$1.31B	-11.3%
Diluted EPS	$1.37	$1.55	-11.6%
Operating cash flow	$2.9B	$2.48B	+17.0%
Capex	$497M	$970M	-48.8%
Free cash flow	$2.41B	$1.51B	+59.1%
R&D	$0	$0	–
Stock-based compensation	$37M	$20M	+85.0%

Reported vs consensus

2026-10-27

	Actual	Consensus	vs consensus
Revenue	$22.9B	$22.3B	+2.8%
EPS (as estimated)	$1.69	$1.62	+4.3%

From the report of 2026-10-27 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.

EPS vs consensus

last 8 reports

Revenue

Where the money comes from - by business line and by region, quarter by quarter.

Revenue, operating income and growth

quarterly

Revenue by business line

stacked, quarterly

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
U.S. Domestic Package	$14.9B	–	65.4%	–	–
International Package	–	–	–	–	–
International	$5.04B	–	22.1%	–	–
Supply Chain & Freight	–	–	–	–	–
Supply Chain Solutions ("SCS")	$2.86B	–	12.5%	–	–

Revenue by region

share of total

Segment	Q2 '26	y/y	Share	TTM	TTM y/y
United States	$14.9B	+6.0%	65.4%	$44.7B	-26.2%
International	$5.04B	+12.5%	22.1%	$15.2B	-16.4%
Supply Chain & Freight	$2.86B	+7.8%	12.5%	$7.92B	-31.5%

Segment profits

Operating income per reported segment, read from the segment note of each 10-Q / 10-K (the profit split most data feeds leave out).

Segments in Q2 '26

Segment	Revenue	y/y	Operating income	y/y	Margin	Margin a year ago	TTM operating income
US Domestic Package	–	–	–	–	–	–	–
International Package	–	–	–	–	–	–	–
Supply Chain Solutions	$2.86B	+7.8%	–	–	–	–	–
U.S.Domestic Package Segment	–	–	$16M	-98.3%	–	–	$2.56B
International Segment	–	–	$623M	-7.3%	–	–	$2.73B
Corporate (unallocated)	–	–	$291M	+24.4%	–	–	$1.28B

Operating income by segment

quarterly

Segment operating margin

quarterly

Fourth quarters are derived: the 10-K reports the full year, minus the three quarters of the 10-Qs.

Margins & cost structure

How much of each unit of revenue is left at each level - and where the costs go.

Margins

quarterly

Costs as % of revenue

quarterly

Cash flow & capital allocation

Cash generated, what it is spent on, and what reaches shareholders.

Operating cash flow, capex, free cash flow

quarterly

Uses of cash vs operating cash flow

fiscal years

Last 4 quarters

cash flow statement

Operating cash flow: $9.32B
Capex: -$2.94B
Buybacks: $0
Dividends: -$5.42B
Acquisitions: -$1.5B
Net debt issued: -$6.23B
Stock-based compensation: $127M
Free cash flow: $6.38B
Returned to shareholders / FCF: 84.9%

Share count and EPS

quarterly, diluted

Balance sheet

Liquidity, investments and debt at each quarter end.

Cash, investments and debt

quarter ends

Valuation & returns

Today's multiples against the company's own last five fiscal years; analyst targets and ratings.

Multiples and returns

TTM vs 5 fiscal years

	Now	5y average	Where today sits in the 5-year range
P/E (TTM)	20.8×	16.3×	13.1× – 20.1×
EV / EBITDA	9.9×	10.2×	9.0× – 12.5×
EV / Sales	1.1×	1.6×	1.2× – 2.1×
Price / FCF	12.7×	19.0×	16.2× – 26.6×
Price / Book	6.1×	8.0×	5.2× – 13.1×
FCF yield	7.9%	5.4%	3.8% – 6.2%
Return on invested capital	8.4%	14.4%	10.4% – 18.7%
Return on equity	28.5%	51.3%	34.3% – 90.4%

Analysts

Consensus target $115.79 (+7.0%)
range $76.00 – $135.00 · rating Hold

Strong buy2

Buy19

Hold21

Sell3

Strong sell0

Outlook

Analyst consensus for the coming fiscal years and what it implies at today's price.

Consensus estimates

Fiscal year	Revenue	Growth	EPS	Growth	P/E at today's price	Analysts (EPS)
FY2026	$92.4B	+4.3%	$7.26	+10.6%	14.9×	18
FY2027	$95.7B	+3.5%	$8.05	+10.9%	13.4×	19
FY2028	$98.8B	+3.2%	$8.57	+6.5%	12.6×	9
FY2029	$106B	+6.9%	$9.97	+16.3%	10.9×	3
FY2030	$114B	+7.7%	$11.32	+13.6%	9.6×	3

Financial statements

Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.

Income statementRevenue, costs, operating income, net income and EPSOpen Balance sheetCash, investments, assets, debt, liabilities and equityOpen Cash flowOperating cash flow, capex, free cash flow, buybacks and dividendsOpen

Every reported line

All 285 figures United Parcel Service, Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).

Line (SEC label)	Latest quarter	Year ago	y/y	Latest FY	Prior FY	y/y
Accounts Payable, Current	$5.98B	$6.04B	-1.1%	$6.63B	$6.3B	+5.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$10.7B	$10.4B	+2.7%	$11.2B	$10.9B	+3.1%
Accounts Receivable, Allowance for Credit Loss, Current	$213M	$161M	+32.3%	$180M	$136M	+32.4%
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	–	–	–	$44M	$10M	+340.0%
Accounts Receivable, Credit Loss Expense (Reversal)	$102M	$103M	-1.0%	$371M	$311M	+19.3%
Accrual for Environmental Loss Contingencies	$104M	–	–	–	–	–
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$4.25B	-$4.18B	-1.9%	-$4.21B	-$4.31B	+2.3%
Additional Paid in Capital, Common Stock	$482M	$84M	+473.8%	$275M	$136M	+102.2%
Amortization of Intangible Assets	–	–	–	$700M	$648M	+8.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	1.4M	500K	+180.0%
Asset Impairment Charges	–	–	–	$201M	$108M	+86.1%
Assets	$71.3B	$70.9B	+0.5%	$73.1B	$70.1B	+4.3%
Assets Held-for-sale, Not Part of Disposal Group, Current	$74M	–	–	$54M	–	–
Assets, Current	$17.5B	$18.9B	-6.9%	$19B	$19.3B	-1.4%
Business Combination, Consideration Transferred	–	–	–	$71M2024-12-31	–	–
Capital Expenditures Incurred but Not yet Paid	-$116M	$119M	-197.5%	$524M	$227M	+130.8%
Cash and Cash Equivalents, at Carrying Value	$4.65B	$6.19B	-24.9%	$5.89B	$6.11B	-3.7%
Cash Collateral for Borrowed Securities	$1.6B2025-12-31	$2.7B	-40.7%	$1.6B	$2.7B	-40.7%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$41M2026-03-31	$64M	-35.9%	$85M	$146M	-41.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$4.65B	$6.19B	-24.9%	$5.89B	$6.11B	-3.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$1.15B	$1.39B	-182.5%	-$225M	$2.91B	-107.7%
Collateral Securities Repledged, Delivered, or Used	$02025-12-31	$0	–	$0	$0	–
Common Stock, Dividends, Per Share, Cash Paid	$1.64	$1.64	0.0%	$6.56	$6.52	+0.6%
Compensation and Benefits Trust	$3M	$4M	-25.0%	$5M	$7M	-28.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$600M	$1.4B	-57.0%	$5.67B	$5.23B	+8.4%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$1.37B2025-09-30	$1.64B	-16.6%	–	–	–
Construction in Progress Expenditures Incurred but Not yet Paid	$40M	$30M	+33.3%	$107M	$0	–
Contract with Customer, Asset, after Allowance for Credit Loss	$289M	$272M	+6.3%	$275M	$307M	-10.4%
Contract with Customer, Liability, Current	$0	$15M	-100.0%	$0	$0	–
Contract with Customer, Liability, Noncurrent	$43M	$55M	-21.8%	$49M	$27M	+81.5%
Cost of Other Property Operating Expense	$557M	$544M	+2.4%	$2.27B	$2.12B	+7.2%
Costs and Expenses	$21.9B	$19.4B	+12.9%	$80.8B	$82.6B	-2.2%
Current Federal Tax Expense (Benefit)	–	–	–	$970M	$1.09B	-11.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$517M	$410M	+26.1%
Current Income Tax Expense (Benefit)	–	–	–	$1.6B	$1.68B	-4.5%
Current State and Local Tax Expense (Benefit)	–	–	–	$113M	$172M	-34.3%
Debt and Lease Obligation	$24.5B	$24.7B	-1.0%	$24.1B	$21.3B	+13.4%
Debt Instrument, Face Amount	$24.7B	$25B	-1.1%	$24.4B	$21.5B	+13.4%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$02025-09-30	$0	–	$02024-12-31	$6M	-100.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$02025-12-31	$1M	-100.0%	$0	$1M	-100.0%
Debt Securities, Available-for-sale, Restricted	$02025-12-31	$177M	-100.0%	$0	$177M	-100.0%
Debt Securities, Trading, Amortized Cost	$3M2025-12-31	$207M	-98.6%	$3M	$207M	-98.6%
Debt Securities, Trading, and Equity Securities, FV-NI	$3M2025-12-31	$206M	-98.5%	$3M	$206M	-98.5%
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$69M2025-09-30	–	–	–	–	–
Debt, Current	$634M	$920M	-31.1%	$608M	$1.84B	-66.9%
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss	$02025-12-31	$204M	-100.0%	$0	$204M	-100.0%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$02025-12-31	$203M	-100.0%	$0	$203M	-100.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$26M	$38M	-168.4%
Deferred Federal, State and Local, Tax Expense (Benefit)	–	–	–	$7M	-$30M	+123.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$11M	-$23M	+147.8%
Deferred Income Tax Expense (Benefit)	–	–	–	-$8M	-$15M	+46.7%
Deferred Income Tax Liabilities, Net	$3.88B	$3.49B	+11.3%	$3.69B	$3.6B	+2.6%
Deferred Income Taxes and Other Assets, Noncurrent	$155M	$142M	+9.2%	$140M	$112M	+25.0%
Deferred Income Taxes and Tax Credits	$99M	-$44M	+325.0%	-$8M	-$15M	+46.7%
Deferred Tax Assets, Gross	$4.19B2025-12-31	$4.17B	+0.4%	$4.19B	$4.17B	+0.4%
Deferred Tax Assets, Net of Valuation Allowance	$4.1B2025-12-31	$3.99B	+2.9%	$4.1B	$3.99B	+2.9%
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$580M2025-12-31	$475M	+22.1%	$580M	$475M	+22.1%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$976M2025-12-31	$1.04B	-6.4%	$976M	$1.04B	-6.4%
Deferred Tax Assets, Other	$455M2025-12-31	$367M	+24.0%	$455M	$367M	+24.0%
Deferred Tax Assets, Tax Credit Carryforwards	$66M2025-12-31	$47M	+40.4%	$66M	$47M	+40.4%

Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.

Sources

Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30, 10-Q 2024-06-30

Data as of 2026-11-01