United Parcel Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
United Parcel has an operating margin of 9.3%, meaning the company retains $9 of operating profit per $100 of revenue. This results in a moderate score of 47/100, indicating healthy but not exceptional operating efficiency. This is down from 10.1% the prior year.
United Parcel's revenue grew a modest 0.1% year-over-year to $91.1B. This slow but positive growth earns a score of 29/100.
United Parcel carries a low D/E ratio of 1.26, meaning only $1.26 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 65/100, indicating a strong balance sheet with room for future borrowing.
United Parcel's current ratio of 1.17 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.
United Parcel has a free cash flow margin of 6.8%, earning a moderate score of 34/100. The company generates positive cash flow after capital investments, but with room for improvement.
United Parcel earns a strong 34.6% return on equity (ROE), meaning it generates $35 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 100/100. This is down from 38.8% the prior year.
United Parcel scores 3.30, well above the 2.99 safe threshold. This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
United Parcel passes 6 of 9 financial strength tests. 3 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, United Parcel generates $1.75 in operating cash flow ($10.1B OCF vs $5.8B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
United Parcel earns $9.8 in operating income for every $1 of interest expense ($8.5B vs $866.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.
This page shows United Parcel (UPS) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 18 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
United Parcel generated $91.1B in revenue in fiscal year 2024. This represents an increase of 0.1% from the prior year.
United Parcel's EBITDA was $12.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 3.4% from the prior year.
United Parcel generated $6.2B in free cash flow in fiscal year 2024, representing cash available after capex. This represents an increase of 22.3% from the prior year.
United Parcel reported $5.8B in net income in fiscal year 2024. This represents a decrease of 13.8% from the prior year.
United Parcel earned $6.75 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 13.5% from the prior year.
United Parcel held $6.1B in cash against $21.0B in long-term debt as of fiscal year 2024.
United Parcel paid $6.52 per share in dividends in fiscal year 2024. This represents an increase of 0.6% from the prior year.
United Parcel's operating margin was 9.3% in fiscal year 2024, reflecting core business profitability. This is down 0.8 percentage points from the prior year.
United Parcel's net profit margin was 6.3% in fiscal year 2024, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.
United Parcel's ROE was 34.6% in fiscal year 2024, measuring profit generated per dollar of shareholder equity. This is down 4.2 percentage points from the prior year.
United Parcel spent $500.0M on share buybacks in fiscal year 2024, returning capital to shareholders by reducing shares outstanding. This represents a decrease of 77.8% from the prior year.
United Parcel invested $3.9B in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents a decrease of 24.2% from the prior year.
UPS Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $21.4B+0.9% | $21.2B-1.5% | $21.5B-14.8% | $25.3B+16.0% | $21.8B+0.5% | $21.7B-12.9% | $24.9B+18.3% | $21.1B |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| SG&A Expenses | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Income | $1.8B-1.0% | $1.8B+9.4% | $1.7B-43.1% | $2.9B+50.5% | $1.9B+20.5% | $1.6B-34.9% | $2.5B+84.4% | $1.3B |
| Interest Expense | $291.0M+22.3% | $238.0M+7.2% | $222.0M-3.1% | $229.0M+8.0% | $212.0M+8.7% | $195.0M-5.8% | $207.0M+4.0% | $199.0M |
| Income Tax | $296.0M-21.9% | $379.0M+12.8% | $336.0M-17.2% | $406.0M-11.7% | $460.0M+8.7% | $423.0M-7.6% | $458.0M+224.8% | $141.0M |
| Net Income | $1.3B+2.2% | $1.3B+8.1% | $1.2B-31.0% | $1.7B+22.1% | $1.4B+26.6% | $1.1B-30.7% | $1.6B+42.4% | $1.1B |
| EPS (Diluted) | $1.55+2.6% | $1.51+7.9% | $1.40-30.0% | $2.00+21.2% | $1.65+26.9% | $1.30-30.9% | $1.88+43.5% | $1.31 |
UPS Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $71.4B+0.7% | $70.9B+3.6% | $68.5B-2.3% | $70.1B+0.9% | $69.4B+2.6% | $67.6B-4.6% | $70.9B+0.8% | $70.3B |
| Current Assets | $19.0B+0.7% | $18.9B+10.3% | $17.1B-11.5% | $19.3B+2.6% | $18.8B+16.4% | $16.2B-16.7% | $19.4B+0.8% | $19.3B |
| Cash & Equivalents | $6.8B+9.2% | $6.2B+29.0% | $4.8B-21.4% | $6.1B-3.3% | $6.3B+47.6% | $4.3B+33.5% | $3.2B-25.6% | $4.3B |
| Inventory | N/A | N/A | N/A | $826.0M | N/A | N/A | $935.0M | N/A |
| Accounts Receivable | $10.0B-4.4% | $10.4B+5.5% | $9.9B-9.1% | $10.9B+20.1% | $9.0B-5.3% | $9.6B-14.8% | $11.2B+18.5% | $9.5B |
| Goodwill | $4.8B+0.1% | $4.8B+2.5% | $4.7B+9.1% | $4.3B-1.1% | $4.3B-10.2% | $4.8B-0.5% | $4.9B+18.9% | $4.1B |
| Total Liabilities | $55.6B+0.7% | $55.2B+4.5% | $52.8B-1.0% | $53.4B+1.8% | $52.4B+3.3% | $50.7B-5.3% | $53.6B+4.8% | $51.1B |
| Current Liabilities | $14.6B+2.2% | $14.2B-9.1% | $15.7B-4.8% | $16.4B+9.0% | $15.1B+2.6% | $14.7B-16.9% | $17.7B+11.8% | $15.8B |
| Long-Term Debt | $23.9B+0.1% | $23.8B+22.1% | $19.5B-7.2% | $21.0B+4.1% | $20.2B+7.2% | $18.8B-14.3% | $22.0B+16.5% | $18.9B |
| Total Equity | $15.8B+0.5% | $15.8B+0.6% | $15.7B-6.3% | $16.7B-1.8% | $17.0B+0.7% | $16.9B-2.3% | $17.3B-9.7% | $19.2B |
| Retained Earnings | $19.8B-0.4% | $19.8B-0.5% | $19.9B-4.5% | $20.9B+0.9% | $20.7B+0.1% | $20.7B-1.8% | $21.1B+1.7% | $20.7B |
UPS Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $2.5B+613.2% | $348.0M-85.0% | $2.3B-30.1% | $3.3B+66.3% | $2.0B-39.9% | $3.3B+37.5% | $2.4B+8.0% | $2.2B |
| Capital Expenditures | $970.0M-13.6% | $1.1B+28.2% | $876.0M-20.2% | $1.1B+17.7% | $933.0M-9.9% | $1.0B-49.5% | $2.0B+59.0% | $1.3B |
| Free Cash Flow | $1.5B+295.1% | -$775.0M-153.7% | $1.4B-35.0% | $2.2B+109.2% | $1.1B-53.5% | $2.3B+530.1% | $362.0M-61.7% | $944.0M |
| Investing Cash Flow | -$456.0M+50.6% | -$923.0M+31.9% | -$1.4B-28.2% | -$1.1B-15.8% | -$913.0M-158.3% | $1.6B+148.9% | -$3.2B-199.4% | -$1.1B |
| Financing Cash Flow | -$1.4B-179.6% | $1.8B+177.6% | -$2.3B-25.2% | -$1.8B-305.5% | $899.0M+124.5% | -$3.7B-950.4% | -$349.0M+78.2% | -$1.6B |
| Dividends Paid | $1.3B-0.1% | $1.3B+0.1% | $1.3B-0.1% | $1.4B-0.2% | $1.4B+0.4% | $1.3B+0.7% | $1.3B-0.2% | $1.3B |
| Share Buybacks | $0 | $0-100.0% | $1.0B | $0 | $0 | $0 | $0-100.0% | $752.0M |
UPS Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | 8.4%-0.2pp | 8.6%+0.9pp | 7.7%-3.8pp | 11.6%+2.6pp | 8.9%+1.5pp | 7.4%-2.5pp | 9.9%+3.6pp | 6.4% |
| Net Margin | 6.1%+0.1pp | 6.0%+0.5pp | 5.5%-1.3pp | 6.8%+0.3pp | 6.5%+1.3pp | 5.1%-1.3pp | 6.4%+1.1pp | 5.3% |
| Return on Equity | 8.3%+0.1pp | 8.2%+0.6pp | 7.6%-2.7pp | 10.3%+2.0pp | 8.3%+1.7pp | 6.6%-2.7pp | 9.3%+3.4pp | 5.9% |
| Return on Assets | 1.8%+0.0pp | 1.8%+0.1pp | 1.7%-0.7pp | 2.5%+0.4pp | 2.0%+0.4pp | 1.7%-0.6pp | 2.3%+0.7pp | 1.6% |
| Current Ratio | 1.30-0.0 | 1.32+0.2 | 1.09-0.1 | 1.17-0.1 | 1.25+0.1 | 1.100.0 | 1.10-0.1 | 1.22 |
| Debt-to-Equity | 1.510.0 | 1.51+0.3 | 1.25-0.0 | 1.26+0.1 | 1.19+0.1 | 1.11-0.2 | 1.27+0.3 | 0.99 |
| FCF Margin | 7.1%+10.7pp | -3.6%-10.3pp | 6.7%-2.1pp | 8.8%+3.9pp | 4.9%-5.7pp | 10.5%+9.1pp | 1.5%-3.0pp | 4.5% |
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Frequently Asked Questions
What is United Parcel's annual revenue?
United Parcel (UPS) reported $91.1B in total revenue for fiscal year 2024. This represents a 0.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is United Parcel's revenue growing?
United Parcel (UPS) revenue grew by 0.1% year-over-year, from $91.0B to $91.1B in fiscal year 2024.
Is United Parcel profitable?
Yes, United Parcel (UPS) reported a net income of $5.8B in fiscal year 2024, with a net profit margin of 6.3%.
What is United Parcel's earnings per share (EPS)?
United Parcel (UPS) reported diluted earnings per share of $6.75 for fiscal year 2024. This represents a -13.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is United Parcel's EBITDA?
United Parcel (UPS) had EBITDA of $12.1B in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does United Parcel have?
As of fiscal year 2024, United Parcel (UPS) had $6.1B in cash and equivalents against $21.0B in long-term debt.
What is United Parcel's operating margin?
United Parcel (UPS) had an operating margin of 9.3% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is United Parcel's net profit margin?
United Parcel (UPS) had a net profit margin of 6.3% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
Does United Parcel pay dividends?
Yes, United Parcel (UPS) paid $6.52 per share in dividends during fiscal year 2024.
What is United Parcel's return on equity (ROE)?
United Parcel (UPS) has a return on equity of 34.6% for fiscal year 2024, measuring how efficiently the company generates profit from shareholder equity.
What is United Parcel's free cash flow?
United Parcel (UPS) generated $6.2B in free cash flow during fiscal year 2024. This represents a 22.3% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is United Parcel's operating cash flow?
United Parcel (UPS) generated $10.1B in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are United Parcel's total assets?
United Parcel (UPS) had $70.1B in total assets as of fiscal year 2024, including both current and long-term assets.
What are United Parcel's capital expenditures?
United Parcel (UPS) invested $3.9B in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
Does United Parcel buy back shares?
Yes, United Parcel (UPS) spent $500.0M on share buybacks during fiscal year 2024, returning capital to shareholders by reducing shares outstanding.
What is United Parcel's current ratio?
United Parcel (UPS) had a current ratio of 1.17 as of fiscal year 2024, which is considered adequate.
What is United Parcel's debt-to-equity ratio?
United Parcel (UPS) had a debt-to-equity ratio of 1.26 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is United Parcel's return on assets (ROA)?
United Parcel (UPS) had a return on assets of 8.3% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is United Parcel's Altman Z-Score?
United Parcel (UPS) has an Altman Z-Score of 3.30, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios—working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets—to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is United Parcel's Piotroski F-Score?
United Parcel (UPS) has a Piotroski F-Score of 6 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are United Parcel's earnings high quality?
United Parcel (UPS) has an earnings quality ratio of 1.75x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can United Parcel cover its interest payments?
United Parcel (UPS) has an interest coverage ratio of 9.8x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is United Parcel?
United Parcel (UPS) scores 50 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.