United Parcel Service (UPS)财务

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

股价: $108.25 +0.86%
市值: $811亿
企业价值: $1050亿
最近财报: Q3 '26 2026-09-30提交
下次财报: 2027-01-26 EPS预期 $2.76

营收(TTM)$914亿+2.2% 对比去年同期最近4个季度;柱状图=各季度

营业利润率(TTM)7.1%-2.1 百分点对比去年同期营业利润 $65.2亿

净利润(TTM)$44.2亿-19.6% 对比去年同期税后,含营业外收益

自由现金流(TTM)$63.8亿+45.1% 对比去年同期资本支出 $29.4亿

稀释EPS(TTM)$5.20-19.8% 对比去年同期最近4个季度之和

净现金-$235亿-4.8% 对比去年同期现金 + 短期投资 - 债务

估值与关键数据

市值: $811亿
营收: $914亿
营收增速: +4%
净利润率: 4.8%
P/E: 20.8×
P/S: 0.9×
EV / EBITDA: 9.9×
自由现金流: $63.8亿
净利润: $44.2亿
营收预期: $924亿
盈利: 2027-01-26
股息: $6.56

核心要点

根据披露数据计算,每条结论都附有其依据的数字。

最近财报(2026-10-27):营收超预期2.8%,EPS 超预期4.3%营收$229亿,预期$223亿(+2.8%);EPS $1.69,预期$1.62(+4.3%)。
营收增长加速:同比6.7%Q3 '26营收$229亿,此前四个季度的平均值为-0.2%。
营业利润率7.1%(TTM),较去年同期-2.1 百分点营收增长2.2%,营业利润增长-21.3%。
税前利润的11.8%被营业外亏损吞噬税前利润$58.3亿,营业利润$65.2亿(TTM)。股权投资亏损等一次性项目压低了净利润和EPS,营业利润更能反映业务本身。
资本支出占营收的3.2%(去年为4.5%)最近4个季度投入$29.4亿(同比-27.8%)。自由现金流$63.8亿,相当于净利润的144.3%。
股东回报$54.2亿 = 自由现金流的84.9%回购$0(去年为$10亿),股息$54.2亿,股权激励$1.27亿(TTM)。
稀释股数一年内增加0.5%Q3 '26稀释股数8.52亿,一年前为8.48亿。
净债务 $235亿现金 + 短期投资 $68.4亿,含租赁债务 $303亿;一年前净债务 $224亿。

上一季度:Q3 '26

截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。

本季度与去年同期

	Q3 '26	去年同期	变化
营收	$229亿	$214亿	+6.7%
毛利率	21.5%	16.3%	+5.2 百分点
营业利润	$17.4亿	$18亿	-3.3%
营业利润率	7.6%	8.4%	-0.8 百分点
净利润	$11.6亿	$13.1亿	-11.3%
稀释EPS	$1.37	$1.55	-11.6%
经营现金流	$29亿	$24.8亿	+17.0%
资本支出	$4.97亿	$9.7亿	-48.8%
自由现金流	$24.1亿	$15.1亿	+59.1%
R&D	$0	$0	–
股权激励费用	$3700万	$2000万	+85.0%

实际 vs 一致预期

2026-10-27

	实际	一致预期	对比预期
营收	$229亿	$223亿	+2.8%
EPS(一致预期口径)	$1.69	$1.62	+4.3%

来自2026-10-27发布的Q3 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。

EPS与一致预期

营收

收入从何而来,按业务线和地区逐季展示。

营收、营业利润与增速

季度

按业务线划分的营收

堆叠,季度

分部	Q2 '26	同比	占比	TTM	TTM同比
U.S. Domestic Package	$149亿	–	65.4%	–	–
International Package	–	–	–	–	–
International	$50.4亿	–	22.1%	–	–
Supply Chain & Freight	–	–	–	–	–
Supply Chain Solutions ("SCS")	$28.6亿	–	12.5%	–	–

按地区划分的营收

占总额比例

分部	Q2 '26	同比	占比	TTM	TTM同比
United States	$149亿	+6.0%	65.4%	$447亿	-26.2%
International	$50.4亿	+12.5%	22.1%	$152亿	-16.4%
Supply Chain & Freight	$28.6亿	+7.8%	12.5%	$79.2亿	-31.5%

分部利润

取自每份10-Q / 10-K分部附注的各披露分部营业利润(多数数据源缺少的利润拆分)。

Q2 '26分部

分部	营收	同比	营业利润	同比	利润率	去年同期利润率	TTM营业利润
US Domestic Package	–	–	–	–	–	–	–
International Package	–	–	–	–	–	–	–
Supply Chain Solutions	$28.6亿	+7.8%	–	–	–	–	–
U.S.Domestic Package Segment	–	–	$1600万	-98.3%	–	–	$25.6亿
International Segment	–	–	$6.23亿	-7.3%	–	–	$27.3亿
Corporate (unallocated)	–	–	$2.91亿	+24.4%	–	–	$12.8亿

各分部营业利润

季度

各分部营业利润率

季度

第四季度为推算值:10-K披露全年数据,减去10-Q的前三个季度。

利润率与成本结构

每一单位营收在各层级还剩多少,成本又花在哪里。

利润率

季度

成本占营收比例

季度

现金流与资本配置

创造了多少现金,用在何处,又有多少回到股东手中。

经营现金流、资本支出、自由现金流

季度

现金用途与经营现金流

财年

股数与EPS

季度,稀释

资产负债表

各季度末的流动性、投资和债务。

现金、投资与债务

季度末

估值与回报

当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。

估值倍数与回报

TTM与过去5个财年

	当前	5年均值	当前处于5年区间的位置
P/E(TTM)	20.8×	16.3×	13.1× – 20.1×
EV / EBITDA	9.9×	10.2×	9.0× – 12.5×
EV / 营收	1.1×	1.6×	1.2× – 2.1×
股价 / FCF	12.7×	19.0×	16.2× – 26.6×
股价 / 净资产	6.1×	8.0×	5.2× – 13.1×
FCF收益率	7.9%	5.4%	3.8% – 6.2%
投入资本回报率	8.4%	14.4%	10.4% – 18.7%
净资产收益率	28.5%	51.3%	34.3% – 90.4%

分析师

一致目标价 $115.79 (+7.0%)
区间 $76.00 – $135.00 · 评级 Hold

强烈买入2

买入19

持有21

卖出3

强烈卖出0

展望

分析师对未来财年的一致预期,以及按当前股价意味着什么。

一致预期

财年	营收	增速	EPS	增速	按当前股价的P/E	分析师(EPS)
FY2026	$924亿	+4.3%	$7.26	+10.6%	14.9×	18
FY2027	$957亿	+3.5%	$8.05	+10.9%	13.4×	19
FY2028	$988亿	+3.2%	$8.57	+6.5%	12.6×	9
FY2029	$1060亿	+6.9%	$9.97	+16.3%	10.9×	3
FY2030	$1140亿	+7.7%	$11.32	+13.6%	9.6×	3

财务报表

利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。

利润表营收、成本、营业利润、净利润和EPS查看 资产负债表现金、投资、资产、债务、负债和权益查看 现金流量表经营现金流、资本支出、自由现金流、回购和股息查看

全部披露项目

United Parcel Service, Inc.在近期10-Q / 10-K文件中标记的全部285项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。

项目(SEC标签)	最近季度	去年同期	同比	最近财年	上一财年	同比
Accounts Payable, Current	$59.8亿	$60.4亿	-1.1%	$66.3亿	$63亿	+5.3%
Accounts Receivable, after Allowance for Credit Loss, Current	$107亿	$104亿	+2.7%	$112亿	$109亿	+3.1%
Accounts Receivable, Allowance for Credit Loss, Current	$2.13亿	$1.61亿	+32.3%	$1.8亿	$1.36亿	+32.4%
Accounts Receivable, Allowance for Credit Loss, Period Increase (Decrease)	–	–	–	$4400万	$1000万	+340.0%
Accounts Receivable, Credit Loss Expense (Reversal)	$1.02亿	$1.03亿	-1.0%	$3.71亿	$3.11亿	+19.3%
Accrual for Environmental Loss Contingencies	$1.04亿	–	–	–	–	–
Accumulated Other Comprehensive Income (Loss), Net of Tax	-$42.5亿	-$41.8亿	-1.9%	-$42.1亿	-$43.1亿	+2.3%
Additional Paid in Capital, Common Stock	$4.82亿	$8400万	+473.8%	$2.75亿	$1.36亿	+102.2%
Amortization of Intangible Assets	–	–	–	$7亿	$6.48亿	+8.0%
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	–	–	–	140万	50万	+180.0%
Asset Impairment Charges	–	–	–	$2.01亿	$1.08亿	+86.1%
Assets	$713亿	$709亿	+0.5%	$731亿	$701亿	+4.3%
Assets Held-for-sale, Not Part of Disposal Group, Current	$7400万	–	–	$5400万	–	–
Assets, Current	$175亿	$189亿	-6.9%	$190亿	$193亿	-1.4%
Business Combination, Consideration Transferred	–	–	–	$7100万2024-12-31	–	–
Capital Expenditures Incurred but Not yet Paid	-$1.16亿	$1.19亿	-197.5%	$5.24亿	$2.27亿	+130.8%
Cash and Cash Equivalents, at Carrying Value	$46.5亿	$61.9亿	-24.9%	$58.9亿	$61.1亿	-3.7%
Cash Collateral for Borrowed Securities	$16亿2025-12-31	$27亿	-40.7%	$16亿	$27亿	-40.7%
Cash Flow Hedge Gain (Loss) to be Reclassified within Twelve Months	$4100万2026-03-31	$6400万	-35.9%	$8500万	$1.46亿	-41.8%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents	$46.5亿	$61.9亿	-24.9%	$58.9亿	$61.1亿	-3.7%
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect	-$11.5亿	$13.9亿	-182.5%	-$2.25亿	$29.1亿	-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	$300万	$400万	-25.0%	$500万	$700万	-28.6%
Comprehensive Income (Loss), Net of Tax, Attributable to Parent	$6亿	$14亿	-57.0%	$56.7亿	$52.3亿	+8.4%
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest	$13.7亿2025-09-30	$16.4亿	-16.6%	–	–	–
Construction in Progress Expenditures Incurred but Not yet Paid	$4000万	$3000万	+33.3%	$1.07亿	$0	–
Contract with Customer, Asset, after Allowance for Credit Loss	$2.89亿	$2.72亿	+6.3%	$2.75亿	$3.07亿	-10.4%
Contract with Customer, Liability, Current	$0	$1500万	-100.0%	$0	$0	–
Contract with Customer, Liability, Noncurrent	$4300万	$5500万	-21.8%	$4900万	$2700万	+81.5%
Cost of Other Property Operating Expense	$5.57亿	$5.44亿	+2.4%	$22.7亿	$21.2亿	+7.2%
Costs and Expenses	$219亿	$194亿	+12.9%	$808亿	$826亿	-2.2%
Current Federal Tax Expense (Benefit)	–	–	–	$9.7亿	$10.9亿	-11.3%
Current Foreign Tax Expense (Benefit)	–	–	–	$5.17亿	$4.1亿	+26.1%
Current Income Tax Expense (Benefit)	–	–	–	$16亿	$16.8亿	-4.5%
Current State and Local Tax Expense (Benefit)	–	–	–	$1.13亿	$1.72亿	-34.3%
Debt and Lease Obligation	$245亿	$247亿	-1.0%	$241亿	$213亿	+13.4%
Debt Instrument, Face Amount	$247亿	$250亿	-1.1%	$244亿	$215亿	+13.4%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax	$02025-09-30	$0	–	$02024-12-31	$600万	-100.0%
Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax	$02025-12-31	$100万	-100.0%	$0	$100万	-100.0%
Debt Securities, Available-for-sale, Restricted	$02025-12-31	$1.77亿	-100.0%	$0	$1.77亿	-100.0%
Debt Securities, Trading, Amortized Cost	$300万2025-12-31	$2.07亿	-98.6%	$300万	$2.07亿	-98.6%
Debt Securities, Trading, and Equity Securities, FV-NI	$300万2025-12-31	$2.06亿	-98.5%	$300万	$2.06亿	-98.5%
Debt Securities, Trading, and Equity Securities, FV-NI, Cost	$6900万2025-09-30	–	–	–	–	–
Debt, Current	$6.34亿	$9.2亿	-31.1%	$6.08亿	$18.4亿	-66.9%
DebtSecuritiesAvailableForSaleAmortizedCostExcludingAccruedInterestAfterAllowanceForCreditLoss	$02025-12-31	$2.04亿	-100.0%	$0	$2.04亿	-100.0%
DebtSecuritiesAvailableForSaleExcludingAccruedInterestCurrent	$02025-12-31	$2.03亿	-100.0%	$0	$2.03亿	-100.0%
Deferred Federal Income Tax Expense (Benefit)	–	–	–	-$2600万	$3800万	-168.4%
Deferred Federal, State and Local, Tax Expense (Benefit)	–	–	–	$700万	-$3000万	+123.3%
Deferred Foreign Income Tax Expense (Benefit)	–	–	–	$1100万	-$2300万	+147.8%
Deferred Income Tax Expense (Benefit)	–	–	–	-$800万	-$1500万	+46.7%
Deferred Income Tax Liabilities, Net	$38.8亿	$34.9亿	+11.3%	$36.9亿	$36亿	+2.6%
Deferred Income Taxes and Other Assets, Noncurrent	$1.55亿	$1.42亿	+9.2%	$1.4亿	$1.12亿	+25.0%
Deferred Income Taxes and Tax Credits	$9900万	-$4400万	+325.0%	-$800万	-$1500万	+46.7%
Deferred Tax Assets, Gross	$41.9亿2025-12-31	$41.7亿	+0.4%	$41.9亿	$41.7亿	+0.4%
Deferred Tax Assets, Net of Valuation Allowance	$41亿2025-12-31	$39.9亿	+2.9%	$41亿	$39.9亿	+2.9%
Deferred Tax Assets, Operating Loss Carryforwards, Foreign	$5.8亿2025-12-31	$4.75亿	+22.1%	$5.8亿	$4.75亿	+22.1%
Deferred Tax Assets, Operating Loss Carryforwards, State and Local	$9.76亿2025-12-31	$10.4亿	-6.4%	$9.76亿	$10.4亿	-6.4%
Deferred Tax Assets, Other	$4.55亿2025-12-31	$3.67亿	+24.0%	$4.55亿	$3.67亿	+24.0%
Deferred Tax Assets, Tax Credit Carryforwards	$6600万2025-12-31	$4700万	+40.4%	$6600万	$4700万	+40.4%

来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。

数据来源

报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。已读取的文件: 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

数据截至 2026-11-01