United Parcel Service, Inc.
Financial Performance
United Parcel Service Revenue & Financials
Revenue
$88.7B (FY2025)
Market Cap
$91B
Net Income
$5.6B
Employees
460,000
What is United Parcel Service's revenue?
United Parcel Service had $88.7B in revenue for fiscal year 2025, down 2.6% from 2024. Net income was $5.6B.
- Latest revenue
- $88.7B (FY2025)
- Year-over-year
- -2.6%
- Growth rate (CAGR)
- 4.3% over 9 years
- Peak revenue
- $100.3B (FY2022)
- Years of data
- 10
- Employees
- 460,000
- What is United Parcel Service's operating income?
- United Parcel Service reported operating income of $7.9B for fiscal year 2025. sec.gov
- How much profit does United Parcel Service make?
- United Parcel Service reported net income of $5.6B for fiscal year 2025. sec.gov
- How many employees does United Parcel Service have?
- United Parcel Service has about 460,000 employees.
Financial Analysis
UPS revenue peaked at $100.3 billion in 2022, then fell to $91.0 billion in 2023 and 2024 and $88.7 billion in 2025. Net income declined from $11.5 billion in 2022 to $5.6 billion in 2025. In Q2 2026 revenue was $22.8 billion, GAAP operating margin was 4.1% and adjusted operating margin was 9.2%; U.S. Domestic revenue rose about 6% despite lower volume as revenue per piece increased. UPS raised its 2026 outlook to about $91.2 billion in revenue and about $8.65 billion in adjusted operating profit.
Revenue Trend Analysis
YoY Change
-2.6%
9-Year CAGR
+4.3%
Peak Year
2022
Trend
Consistent Growth
United Parcel Service, Inc. has 10 full fiscal year figures on this page, compounding at +4.3% annually over 9 years. The most recent year saw a 2.6% decline versus the prior year. Annual revenue peaked in fiscal year 2022 at $100.3B. Of 9 comparable year-over-year steps, 7 showed growth and 2 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $88.7B | $7.9Bfiling | $5.6B | -2.6% | UPS 2025 Form 10-K (SEC EDGAR, filed 2026) Fiscal year ended 2025-12-31. |
| FY2024 | $91.1B | $8.5Bfiling | $5.8B | +0.1% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2024-12-31. |
| FY2023 | $91B | $9.1Bfiling | $6.7B | -9.3% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2023-12-31. |
| FY2022 | $100.3B | $13.1Bfiling | $11.5B | +3.1% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2022-12-31. |
| FY2021 | $97.3B | $12.8Bfiling | $12.9B | +15.0% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2021-12-31. |
| FY2020 | $84.6B | $7.7Bfiling | $1.3B | +14.2% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2020-12-31. |
| FY2019 | $74.1B | $7.8Bfiling | $4.4B | +3.1% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2019-12-31. |
| FY2018 | $71.9B | $7Bfiling | $4.8B | +9.1% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2018-12-31. |
| FY2017 | $65.9B | $7.5Bfiling | $4.9B | +8.2% | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2017-12-31. |
| FY2016 | $60.9B | $7.7Bfiling | $3.4B | — | UPS Form 10-K (SEC EDGAR) Fiscal year ended 2016-12-31. |
Click any row to see year details.
United Parcel Service, Inc. balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $8.4B | $3.7B | $73.1B | $16.2B | $4.8B | Form 10-K |
| FY2024ended Dec 31, 2024 | $10.1B | $3.9B | $70.1B | $16.7B | $6.2B | Form 10-K |
| FY2023ended Dec 31, 2023 | $10.2B | $5.2B | $70.9B | $17.3B | $5.1B | Form 10-K |
| FY2022ended Dec 31, 2022 | $14.1B | $4.8B | $71.1B | $19.8B | $9.3B | Form 10-K |
| FY2021ended Dec 31, 2021 | $15B | $4.2B | $69.4B | $14.3B | $10.8B | Form 10-K |
| FY2020ended Dec 31, 2020 | $10.5B | $5.4B | $62.4B | $657M | $5B | Form 10-K |
| FY2019ended Dec 31, 2019 | $8.6B | $6.4B | $57.9B | $3.3B | $2.3B | Form 10-K |
| FY2018ended Dec 31, 2018 | $12.7B | $6.3B | $50B | $3B | $6.4B | Form 10-K |
| FY2017ended Dec 31, 2017 | $1.5B | $5.2B | $45.6B | $994M | -$3.7B | Form 10-K |
| FY2016ended Dec 31, 2016 | $6.5B | $3B | $40.5B | $405M | $3.5B | Form 10-K |
Keep researching United Parcel Service
United Parcel Service Revenue and Financial FAQ
What were UPS's total revenue and operating profit for 2025?
In 2025, UPS reported consolidated revenue of $88.7 billion and adjusted operating profit of approximately $8.5 billion, reflecting steady margin recovery following post-pandemic volume normalization and Teamsters contract absorption.
What was UPS's adjusted operating profit margin in 2025?
UPS achieved a consolidated adjusted operating margin of approximately 9.6% to 10.0%, with International Package delivering industry-leading operating margins near 16–18% and US Domestic Package operating around 8–9%.
How did the 2023 Teamsters labor contract impact UPS's cost structure?
The contract front-loaded wage increases in year one, temporarily squeezing US domestic margins in late 2023 and 2024 before being offset by productivity gains, management headcount cuts, and price increases.
How much free cash flow does UPS generate annually?
UPS generates dependable free cash flow of $5.0 billion to $6.0 billion annually, driven by disciplined working capital management and strong cash conversion.
What is UPS's dividend track record and payout yield?
UPS has paid or increased its dividend for over 50 consecutive years, currently paying an annual dividend of approximately $6.52 per share with an attractive dividend yield typically between 4.5% and 5.0%.
What is the scale of UPS's annual capital expenditure (CapEx)?
UPS invests approximately $4.0 billion to $4.5 billion annually in CapEx, prioritizing sorting hub automation, IT infrastructure, sustainable fleet vehicles, and cargo aircraft fleet modernization.
Why did UPS divest truckload freight broker Coyote Logistics in 2024?
In June 2024, UPS sold Coyote Logistics to RXO for $1.025 billion in cash, divesting a highly cyclical, non-core truckload freight brokerage to focus strictly on integrated small parcel and healthcare logistics.
What is UPS's balance sheet debt and credit rating profile?
UPS maintains an investment-grade balance sheet with total debt of approximately $22 billion to $24 billion, holding high credit ratings of "A2" from Moody's and "A" from S&P Global.
What were the financial savings from cutting 12,000 management jobs in 2024?
In early 2024, CEO Carol Tomé announced the elimination of 12,000 corporate and operational management positions, delivering over $1.0 billion in structural non-labor overhead savings.
What is the revenue trajectory of UPS Healthcare?
UPS Healthcare reached approximately $10 billion in annual revenue, on track toward a $20 billion target by 2026–2028, serving as the company's fastest-growing and highest-margin logistics vertical.
What was the financial contribution of winning the USPS air cargo contract?
The multi-year USPS contract provides billions in recurring base revenue for UPS Airlines, absorbing fixed flight network costs and enhancing daytime cargo aircraft utilization.
What are the financial targets outlined in UPS's 1+2 strategic plan?
UPS targets consolidated revenue of $108 billion to $114 billion by 2026–2027, consolidated operating margins above 13%, and return on invested capital (ROIC) exceeding 28%.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "United Parcel Service Revenue & Financials." CorpDigest, https://corpdigest.com/company/united-parcel-service/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>United Parcel Service reported $88.7B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/united-parcel-service/financials" target="_blank" rel="noopener">CorpDigest — United Parcel Service financials</a></div>Related Financial Audits
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