UPSNYSETrucking & Courier Services (No Air)Fiscal year ends December 31
UNITED PARCEL SERVICE INC
Financials through Q2 FY2026, quarter ended Jun 30, 2026Last filing: 10-Q on Aug 5, 2026
$97.46−0.02 (-0.02%)
Close on Oct 19, 2026
- Market cap
- $82.94B
- P/E (TTM)
- 18.1
- Dividend yield
- 6.73%
Margins
Share of revenue, fiscal years 2011 to 2025
Operating margin
8.9%−0.2 pts over 5 years
Net margin
6.3%+4.7 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | -2.6% | -4.0% | +0.9% | +4.3% | |
| Operating income | -7.1% | -15.6% | +0.5% | +0.3% | |
| Net income | -3.6% | -21.6% | +32.9% | +1.4% | |
| EPS, diluted | -2.8% | -20.8% | +33.6% | +2.1% | |
| Free cash flow | -23.3% | -20.1% | -1.1% | -0.6% | |
| Dividend per share | +0.6% | +2.6% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | 238.1% | 68.5% | 33.8% | |
| Return on assets | 8.7% | 2.2% | 7.8% | |
| Current ratio | 1.18 | 1.19 | 1.22 | |
| Debt to equity | 39.69 | 37.53 | 1.49 | |
| Net debt to EBITDA | 1.23× | 1.81× | 1.68× | |
| Interest coverage | 20.2× | 11.0× | 7.7× | |
| Capex to revenue | 4.8% | 6.4% | 4.2% | |
| Diluted shares | 887M | 871M | 850M |
Where the cash went
Fiscal 2021 to 2025, five years combined
United Parcel Service generated $57.92B from operations and spent $54.19B on capital expenditure, dividends and share buybacks. 40% of that went back into the business.
Generated
$57.92B
Used
$54.19B
Capital expenditure$21.72B40%Dividends$24.72B46%Share buybacks$7.75B14%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin6.3%
×Asset turnover1.24×
×Equity multiplier4.35×
=Return on equity, FY202533.8%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 6.3% | 1.24× | 4.35× | 33.8% |
| FY2024 | 6.3% | 1.29× | 4.14× | 34.0% |
| FY2023 | 7.4% | 1.28× | 3.83× | 36.2% |
| FY2022 | 11.5% | 1.43× | 4.13× | 67.9% |
| FY2021 | 13.2% | 1.48× | 8.84× | 172.9% |
| FY2020 | 1.6% | 1.41× | 30.65× | 68.5% |
| FY2019 | 6.0% | 1.37× | 17.16× | 141.2% |
| FY2018 | 6.7% | 1.50× | 23.81× | 238.7% |
| FY2017 | 7.4% | 1.55× | 61.56× | 701.2% |
| FY2016 | 5.6% | 1.56× | 27.43× | 238.1% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
5of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero$5.57B
- Cash generatingOperating cash flow above zero$8.45B
- Return on assets improvedROA up on the prior year8.2% → 8.0%
- Earnings backed by cashOperating cash flow above net income$8.45B vs $5.57B
- Less leverageLong-term debt to assets fell27.8% → 32.2%
- Better liquidityCurrent ratio rose1.17 → 1.22
- No dilutionShare count did not rise856M → 850M
- Gross margin improvedGross margin up on the prior year– → –
- More efficientAsset turnover rose1.29 → 1.27