Industrials · NYSE: UPS
UPS: how the business works
UPS picks up and delivers about 20.8 million packages a day in the US and more than 200 countries and territories, with revenue of $88.7 billion in FY2025.
By Hardik Bhandare · Checked against filings: . Editorial policy. Corrections
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United Parcel Service, Inc. · Atlanta, Georgia · Founded 1907
Updated for Q3 FY2026 · checked
- Revenue, FY2025
- $88.7B
- Net income, FY2025
- $5.57B
- Packages a day, FY2025 average
- 20.8M
- Employees, end of 2025
- About 460,000
- Founded
- 1907
The short version
UPS in 5 points
1 · What it sells
UPS picks up and delivers packages and freight by ground and air in the US and more than 200 countries and territories, and sells forwarding and logistics, with revenue of $88,661 million in FY2025.
2 · Who pays it
In FY2025, U.S. Domestic Package customers paid 67.1% of UPS's revenue, International Package customers 21.0% and Supply Chain Solutions customers 11.9%, with Amazon the largest single customer.
3 · What it keeps from $100
Of every $100 that came in during FY2025, UPS kept $6.26 as net income and $8.84 as operating profit, with no pension mark-to-market gain or loss that year.
4 · Where the operating profit comes from
U.S. Domestic Package earned $3,926 million of FY2025 operating profit, International Package $2,873 million and Supply Chain Solutions $1,068 million, including a $330 million sale-leaseback gain.
5 · The one thing to watch
UPS paid $5,398 million of dividends in FY2025 against free cash flowCash from operations minus spending on buildings and equipment. Learn more of $4,765 million, and said on Oct 27, 2026 that it expects about $5.4 billion of dividends in 2026.
Sources: From UPS's FY2025 10-K, the Q3 FY2026 10-Q and the Q3 FY2026 earnings release · checked
See the full receipt and the management scorecard below
01Where the money goes · FY2025
Where does $100 of UPS' money go?
UPS · FY2025
Receipt for every $100
| Pay and benefits | $54.6 |
|---|---|
| Purchased transportation and fuel | $16.8 |
| Buildings, repairs and other costs | $15.2 |
| Depreciation and amortization | $4.2 |
| Interest | $1.1 |
| Income tax | $1.8 |
| Kept as net income | $6.3 |
| Total | $100 |
Each line = amount ÷ total money in × 100. Lines may not add to exactly $100 because of rounding.
How this is worked out
Cityfort calculation from FY2025 10-K. Of every $100 that came in during FY2025: each line = line ÷ $88,975 million × 100 (revenue $88,661 million + investment income and other $314 million). Operating profit was $7,867 million, or $8.84 of each $100. FY2025 had no pension mark-to-market gain or loss; FY2021 and FY2022 net income included pension gains.
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02The business in one line
What does UPS do?
Shippers, from Amazon to small businesses, pay UPS to pick up, fly, truck and deliver their packages and freight; more than half of the money goes on its workers' pay and benefits, and $6.26 of every $100 that came in during FY2025 was left as net income.
- U.S. Domestic Package customers paid 67.1% of FY2025 revenue, International Package customers 21.0% and Supply Chain Solutions customers 11.9%. Amazon alone was 10.6% of revenue.
- Pay and benefits cost $48,605 million in FY2025, or $54.63 of every $100 that came in; operating profit was $8.84 of every $100 (Cityfort calculation from FY2025 10-K).
03Who pays it
Who pays UPS?
Shippers within the US
67%
of revenue
U.S. Domestic Package customers paid 67.1% of FY2025 revenue, or $59,519 million. Amazon, UPS's largest customer, was 10.6% of total revenue, almost all in this segment. UPS says small and medium-sized businesses were over 30% of U.S. package volume in 2025.
Shippers sending packages abroad or outside the US
21%
of revenue
International Package customers paid 21.0% of FY2025 revenue, or $18,576 million.
Businesses buying forwarding and logistics
12%
of revenue
Supply Chain Solutions customers paid 11.9% of FY2025 revenue, or $10,566 million.
- Shippers within the US67%
- Shippers sending packages abroad or outside the US21%
- Businesses buying forwarding and logistics12%
Customer concentration
Amazon.com and its affiliates were 10.6% of UPS's FY2025 revenue, down from 11.8% in FY2024. On Jan 30, 2025 UPS agreed in principle with its largest customer to cut that customer's volume by more than 50% from 2024 levels, which UPS says it completed in Q2 2026. UPS names no other customer. Shares by segment are a Cityfort calculation from FY2025 10-K.
- Largest customer
- 11%
04Why it makes money
Why does UPS make money?
UPS runs one shared network of hubs, planes and trucks whose costs stay high when volume falls, so profit depends on what it earns per package.
Pay and benefits took $54.8 of every $100 of FY2025 revenue (Cityfort calculation from FY2025 10-K). Average daily packages fell from 25.3 million in FY2021 to 20.8 million in FY2025, while revenue per package rose from $12.32 to $14.50. Operating margin went from 13.2% to 8.9% over the same years.
Average revenue per package
$12.3$14.5
FY2021 to FY2025
- Shippers hand over packages and pay by service and weight
- Trucks and planes carry them through one shared hub network
- Union labor, fuel and aircraft costs stay largely fixed day to day
- More revenue per package or more packages per route lowers cost per package
- Fewer packages leave the same network less full
- UPS closes buildings and cuts jobs to match lower volume
↺ Step 6 feeds back into step 1.
05Business segments · FY2025
Which businesses make up UPS?
U.S. Domestic Package
67%Ground and air delivery within the US, plus US air cargo. Operating profit per $100 of revenue was $6.6 in FY2025 (Cityfort calculation from FY2025 10-K).
Revenue $59.5B · Operating profit $3.9B
International Package
21%Packages between countries and within countries outside the US. Operating profit per $100 of revenue was $15.5 in FY2025.
Revenue $18.6B · Operating profit $2.9B
Supply Chain Solutions
12%Forwarding, logistics (including health care) and other smaller businesses. FY2025 operating profit includes a $330 million gain on a sale-leaseback. US air cargo moved out of this group into U.S. Domestic Package from Q4 2024; the history shown is on the new basis.
Revenue $10.6B · Operating profit $1.1B
How the mix changed
- U.S. Domestic Package
- International Package
- Supply Chain Solutions
Revenue by segment, FY2022 to FY2025.
US$
See the numbers
06The numbers · Consolidated · US$
How has UPS done?
Revenue
$88.7BFY2025
Revenue fell from $100.3 billion in FY2022 to $88.7 billion in FY2025; revenue for the first nine months of FY2026 was $66.9 billion, up 4.2% from the same period of FY2025.
US$
See the numbers
Net profit
$5.6BFY2025
Net income fell from $12,890 million in FY2021 to $5,572 million in FY2025; FY2021 and FY2022 include pension gains of $3,272 million and $1,027 million before tax.
US$
See the numbers
Profit kept per $100 of revenue
$6.3FY2025
Net income per $100 of revenue was $6.3 in FY2024 and FY2025, down from $13.2 in FY2021, a year lifted by a pension gain.
$ of profit per $100 of revenue (net margin)
See the numbers
Free cash flow
$4.8BFY2025
Free cash flow (operating cash flow minus capital spending) fell from $10,813 million in FY2021 to $4,765 million in FY2025, less than the $5,398 million UPS paid in dividends that year.
US$ · cash from operations minus spending on plants and equipment
See the numbers
See all yearly numbers
EBITDA here = operating income plus depreciation and amortization (from the cash flow statement). Fiscal years are the company's own (Fiscal year ends Dec 31). Net profit is the share belonging to the company's owners.
Download UPS's yearly and quarterly numbers (CSV, with source ids)
Learn: Fiscal years that don't end in December: Nvidia's FY2027 explained
Sources (14)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Form 10-K, fiscal year 2024 (ended Dec 31, 2024)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024)
- Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2)
- Financial schedules, Q4 FY2024 (Form 8-K Exhibit 99.2)
- Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025)
- Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025)
- Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1)
07Who runs it
Who runs UPS, and did they deliver?
Carol Tomé
Chief Executive Officer · since 2020
CEO since June 2020 and a director since 2003. Her 2025 total pay was $22,878,788, and the proxy's CEO pay ratio was 345 to 1.
Brian Dykes
Executive Vice President and Chief Financial Officer · since 2024
CFO since July 2024.
William Johnson
Independent board chair
The proxy says the board chair is independent.
Wilfredo Ramos
EVP and Chief International, Healthcare and Supply Chain Solutions Officer · since 2026
Named in August 2026, as Kate Gutmann retired from her EVP role on Sep 1, 2026.
Shannon Eisenhardt
Director · since 2026
Joined the board and its Audit Committee in November 2026; Group CFO of Reckitt. The board was set at 11 members.
What they said, and what happened
1 delivered · 1 missed · 1 too early to tell
Said on Jan 30, 2025
UPS said on Jan 30, 2025 that it had agreed in principle with its largest customer to cut that customer's volume by more than 50% by the second half of 2026.
DeliveredWhat happened
UPS says the reduction was completed in the second quarter of 2026. Amazon fell from 11.8% of revenue in FY2024 to 10.6% in FY2025.
Said on Jan 30, 2025
UPS said on Jan 30, 2025 that it expected FY2025 revenue of about $89.0 billion and an operating margin of about 10.8%.
MissedWhat happened
UPS stopped updating the outlook in April 2025. FY2025 revenue was $88,661 million; operating margin was 8.9% (GAAP) and 9.8% on UPS's adjusted measure.
Said on Jan 27, 2026
UPS said on Jan 27, 2026 that it expected 2026 revenue of about $89.7 billion and capital spending of about $3.0 billion.
Too early to tellWhat happened
The year is not over. UPS raised its revenue outlook to about $91.2 billion in July and about $92.6 billion in October 2026. Capital spending was $2,221 million in the first nine months.
Sources (11)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K: executive leadership changes and retention RSU awards (Items 5.02, 7.01)
- Form 8-K: Shannon Eisenhardt appointed to the board, board size set at eleven (Items 5.02, 7.01)
- Earnings release, Q4 FY2024 and 2025 guidance (Form 8-K Exhibit 99.1)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1)
- Earnings release, Q1 FY2025 (Form 8-K Exhibit 99.1)
- Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2)
- Earnings release, Q4 FY2025 and 2026 guidance (Form 8-K Exhibit 99.1)
- Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1)
08What could go wrong
What could go wrong for UPS?
- Concentration
Fewer packages after the Amazon cut
Amazon was 10.6% of FY2025 revenue. After UPS cut its volume by more than half, average daily packages fell to 18.6 million in Q3 FY2026, down 4.2% from a year earlier. UPS's 10-K says large customers have moved business to competitors before and some contracts allow termination on notice.
Watch Average daily packages and revenue per package each quarter in the 10-Q.
- Execution
Union contracts and labor costs
Nearly 80% of UPS's US employees are represented by unions. The Teamsters contract runs to Jul 31, 2028; the pilots' contract has been open for amendment since Sep 1, 2025 and the airline mechanics' from Nov 1, 2026. The 10-K names strikes or work stoppages as a risk.
Watch Pilot and mechanic negotiations, and pay and benefits against revenue ($54.8 per $100 in FY2025).
- Cash and liquidity
Dividends above free cash flow
UPS paid $5,398 million of dividends in FY2025 against free cash flow of $4,765 million. Total debt rose from $24,127 million at the end of 2025 to $26,078 million on Sep 30, 2026.
Watch Operating cash flow minus capital spending against dividends in the FY2026 10-K.
- Governance
Class A holders control the vote
Class A shares, held by current and former employees and directors, had 57.0% of the votes with 11.7% of the shares on Oct 15, 2026. Holders of the listed class B shares have 43.0% of the votes; a 2026 proposal to give class A one vote a share did not pass.
Watch Class A shares outstanding on each 10-Q cover, and future shareowner proposals.
- Execution
Restructuring costs and impairments
UPS incurred $1.4 billion of transformation costs in the first nine months of 2026, mostly for its Driver Choice Program, which cut Q2 FY2026 operating profit to $930 million. Q3 FY2026 included a $182 million goodwill impairment in health care logistics.
Watch Transformation costs and impairments in the Q4 FY2026 results; UPS expects $1.4 billion to $1.6 billion for 2026.
- Legal
Louisville aircraft accident claims
Claims and lawsuits over the November 2025 cargo aircraft accident in Louisville are pending. UPS says additional charges and related insurance recoveries are reasonably possible but cannot be reasonably estimated, and it does not expect a material adverse effect on its financial condition, results of operations or liquidity.
Watch The legal proceedings note in each 10-Q.
- Competition
Competition, including from customers
UPS's 10-K lists postal services, express companies, freight forwarders and e-commerce companies and retailers building their own delivery, some of them UPS customers, as competitors.
Watch U.S. Domestic Package volume and operating profit each quarter.
- Debt
Pension obligations
UPS carried $5,751 million of pension and postretirement obligations on Sep 30, 2026, outside its debt. It says it will contribute $1.3 billion to pension plans in 2026, and $450 million of new notes went straight to pension trusts in August 2026.
Watch Pension contributions and the year-end pension mark-to-market result in the FY2026 10-K.
Sources (6)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K: 2026 annual meeting results, incl. vote on the class A voting power proposal (Items 5.02, 5.07)
- Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1)
- Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1)
- Form 8-K: underwriting agreement, $1.0 billion 4.850% Senior Notes due 2031, $450 million of them to be contributed to pension trusts (Item 8.01)
09Both sides
What do supporters and critics point to?
What supporters point to
- Average revenue per package was $15.96 in Q3 FY2026, up 7.7% from a year earlier.
- Q3 FY2026 revenue was $22,853 million, up 6.7%, after the Amazon volume cut was completed.
- International Package operating profit was $746 million in Q3 FY2026, up from $676 million.
- Dividends declared rose from $4.08 a share in FY2021 to $6.56 in FY2025.
- UPS's Aug 10, 2026 note term sheet states ratings of A2 from Moody's and A from S&P.
What critics point to
- Revenue fell from $100,338 million in FY2022 to $88,661 million in FY2025, and average daily packages from 25.3 million in FY2021 to 20.8 million.
- Operating profit per $100 of revenue fell from $13.2 in FY2021 to $8.9 in FY2025, and nine-month FY2026 operating profit was down 25.5%.
- Dividends paid of $5,398 million in FY2025 were more than free cash flow of $4,765 million.
- Net debt rose to $19,241 million on Sep 30, 2026, and S&P's outlook is negative.
- Class A shares hold 57.0% of the votes with 11.7% of the shares.
10What to watch next
What should you watch next at UPS?
Next event
Q4 FY2026 results
Date not announced yet.
Q4 against UPS's own outlook
UPS said on Oct 27, 2026 that it expects Q4 revenue of about $25.7 billion and adjusted operating profit of about $3.3 billion. Q4 FY2025 revenue was $24,479 million.
Packages against price
Average daily packages were 18.6 million in Q3 FY2026, down 4.2%, while revenue per package rose 7.7% to $15.96.
Cash against dividends
In the first nine months of FY2026, operating cash flow minus capital spending was $3,765 million and dividends paid were $4,064 million (Cityfort calculation from the Q3 FY2026 10-Q).
Pilot and mechanic contracts
The pilots' contract has been open for amendment since Sep 1, 2025 and the airline mechanics' since Nov 1, 2026.
11Key facts
Key facts about UPS
- What does UPS do?
- UPS (United Parcel Service) picks up, carries and delivers packages, documents and freight by air and ground in more than 200 countries and territories, and sells freight forwarding and logistics services. In FY2025 UPS carried an average of 20.8 million packages a day and had revenue of $88,661 million.
- How does UPS make money, and what is its business model?
- UPS's business model is charging shippers for each package or shipment that moves through its single air and ground network. In FY2025 UPS earned an average of $14.50 per package across its small package business, and its operating profit was $7,867 million on revenue of $88,661 million.
- Is UPS profitable?
- UPS's FY2025 net income was $5,572 million, down from $5,782 million in FY2024 and $12,890 million in FY2021. UPS's Q3 FY2026 net income was $1,163 million, down from $1,311 million in Q3 FY2025, on revenue of $22,853 million.
- What is UPS's revenue by segment?
- UPS's FY2025 revenue was $59,519 million from U.S. Domestic Package, $18,576 million from International Package and $10,566 million from Supply Chain Solutions, for a total of $88,661 million. U.S. Domestic Package earned $3,926 million of operating profit, International Package $2,873 million and Supply Chain Solutions $1,068 million.
- Who are UPS's customers?
- UPS served 1.6 million shipping customers in 2025. Its largest customer, Amazon.com and its affiliates, was 10.6% of UPS's FY2025 revenue, almost all in U.S. Domestic Package. UPS says small and medium-sized businesses were over 30% of its total U.S. package volume in 2025.
- Who owns UPS?
- UPS has two share classes. Class A shares have 10 votes each, are not listed and are held by current and former employees, directors and their families; on Oct 15, 2026 they were 11.7% of UPS's shares and 57.0% of its votes. Vanguard Capital Management reported 7.46% of class B shares and BlackRock 6.1%.
- What is UPS's U.S. Domestic Package business?
- UPS's U.S. Domestic Package segment delivers packages within the US by ground, next-day air and deferred air, and carries air cargo. In FY2025 it had revenue of $59,519 million, of which Ground was $44,183 million and Next Day Air $9,652 million, and operating profit of $3,926 million.
- What is UPS's International Package business?
- UPS's International Package segment carries packages between countries (export) and delivers within countries outside the US. In FY2025 it had revenue of $18,576 million, of which export was $14,479 million, and operating profit of $2,873 million.
- What is UPS's Supply Chain Solutions business?
- UPS's Supply Chain Solutions arranges freight forwarding, runs warehouses and distribution (logistics), including for health care customers, and holds other smaller businesses. In FY2025 it had revenue of $10,566 million, of which logistics was $5,855 million and forwarding $2,916 million, and operating profit of $1,068 million.
Sources (5)
Terms on this page
- Capital expenditures (capex)
- Customer concentration
- Debt-to-equity
- Earnings per share (EPS)
- EBITDA
- Free cash flow
- Market cap
- Net debt
- Net margin
- P/E ratio
Each explains the term in plain English, with the same number from other companies on Cityfort.
Go deeper
More detail from the same filings. Open any section.
12What it sells
12What it sells
What does UPS sell?
Ground delivery in the US
Packages carried by truck within the US, to businesses and homes. Ground brought in $44,183 million in FY2025, about half of all UPS revenue.
Air delivery in the US
Next Day Air ($9,652 million in FY2025) and slower deferred air services ($4,446 million), plus air cargo, including for the US Postal Service ($1,238 million with other items).
International packages
Packages sent between countries (export, $14,479 million in FY2025) and delivered within countries outside the US ($3,401 million), through the Worldport air hub in Louisville, Kentucky and other hubs.
Logistics and health care logistics
Warehousing and distribution for businesses ($5,855 million in FY2025), including temperature-controlled storage and shipping for health care customers. UPS says its health care portfolio generated more than $11 billion of revenue in 2025, across all segments.
Freight forwarding
Arranging air and ocean freight and customs brokerage, often on other carriers ($2,916 million in FY2025). It fell from $4,728 million in FY2024 after UPS sold its Coyote truckload brokerage in September 2024.
What it does
- Does: Owns or operates 295 aircraft, including 26 retired MD-11s, and charters or leases 221 more (Dec 31, 2025).
- Does: Runs about 1,000 package facilities in the US and about 125,000 ground vehicles.
- Does: Delivers to more than 10.7 million recipients a day (2025).
What it does not do
- Does not: Sell truckload brokerage any more: it sold Coyote in September 2024.
- Does not: Fly the MD-11 any more: its 26 MD-11 aircraft were permanently grounded and retired in Q4 2025.
- Does not: Carry as much Amazon volume as before: it cut that volume by more than half from 2024 levels, completed in Q2 2026.
13How the money flows
13How the money flows · FY2025
How does money flow through UPS?
Money in
- Revenue$88.7B
- Investment income and other$314M
The company
UPS
$89.0B came in
Money out
- Pay and benefits$48.6B
- Purchased transportation ($10,588M) and fuel ($4,316M)$14.9B
- Buildings, repairs and other costs$13.5B
- Depreciation and amortization$3.7B
- Interest$1.0B
- Income tax$1.6B
- Net income$5.6B
- Shippers paid UPS $88.7 billion of revenue in FY2025.
- Pay and benefits for about 460,000 employees took $48.6 billion, the biggest cost.
- Other carriers UPS hired took $10.6 billion and fuel $4.3 billion. Repairs, buildings and other costs took $13.5 billion, and wear on planes, trucks and buildings $3.7 billion.
- That left $7,867 million of operating profit. Investment income added $314 million; interest of $1,017 million and tax of $1,592 million went out.
- $5,572 million was left as net income.
14What it needs to run
14What it needs to run
What does UPS need to run?
People, mostly represented by unions
About 460,000 employees at the end of 2025, 370,000 of them in the US. Nearly 80% of US employees are represented by unions; the main Teamsters contract runs to Jul 31, 2028.
Planes
295 aircraft owned or operated (including 26 retired MD-11s) and 221 chartered or leased on Dec 31, 2025, with 18 Boeing 767-300s on order. About 3,400 pilots fly them.
Hubs and vehicles
About 1,000 US package facilities (about 90 million square feet), about 600 forwarding and logistics facilities and about 125,000 ground vehicles. Worldport in Louisville, Kentucky is its main air hub.
Fuel
Fuel cost $4,316 million in FY2025, down from $6,018 million in FY2022.
Capital spending
UPS spent $3,685 million on property and equipment in FY2025 and $2,221 million in the first nine months of FY2026.
15Where it sells
15Where it sells · FY2025
Where does UPS sell?
- United States76%
- Outside the US24%
16Where growth could come from
16Where growth could come from
Where could UPS' growth come from?
UPS said in its Oct 27, 2026 earnings release that it expects 2026 revenue of about $92.6 billion, adjusted operating profit of about $8.75 billion, adjusted diluted EPS of about $7.28, adjusted free cash flow of about $6.1 billion and dividends of about $5.4 billion. Apart from revenue and dividends, these are company (non-GAAPThe company's own "adjusted" numbers, not the official (GAAP) ones. Always read them next to the official figure. Learn more) measures. On Jan 27, 2026 UPS had said it expected revenue of about $89.7 billion.
Revenue per package
Working$15.96, Q3 FY2026 (+7.7%)
Average revenue per package rose every quarter from Q1 FY2025 compared with a year earlier, as UPS shifted toward what it calls higher-yielding volume. In International Package it rose 15.0% in Q3 FY2026.
Status: Working, on track against what the company said.
Amazon volume cut
WorkingCompleted Q2 2026
UPS said on Jan 30, 2025 that it would cut its largest customer's volume by more than 50% from 2024 levels, and says the cut was completed in Q2 2026. Average daily packages fell 4.2% in Q3 FY2026 to 18.6 million.
Status: Working, on track against what the company said.
Cost savings and building closures
Working$1.8B benefits, 9M FY2026
UPS says its programs delivered about $1.8 billion of benefits in the first nine months of 2026 and expects nearly $3 billion for the year. It closed 47 buildings in that time and incurred $1.4 billion of transformation costs, mostly for its Driver Choice Program.
Status: Working, on track against what the company said.
International Package
Working$746M operating profit, Q3 FY2026
Up from $676 million a year earlier, on revenue of $5,007 million, up 7.1%.
Status: Working, on track against what the company said.
Health care logistics
Mixed$182M goodwill impairment, Q3 FY2026
UPS bought Frigo-Trans and Andlauer Healthcare Group in 2025 and says health care generated more than $11 billion of revenue that year. Supply Chain Solutions revenue rose 18.2% in Q3 FY2026, but its operating profit was $92 million after an impairment in the Healthcare Logistics and Distribution unit.
Status: Mixed, partly on track.
Status compares progress with what the company itself said it would do: Working = on track against what the company said; Mixed = partly on track; Behind = behind the company's own plan; New = recently announced; Early = too early to judge.
17The company's own measures (non-GAAP)
17The company's own measures · FY2025, Q3 FY2026 and the first nine months of FY2026, as each row says
What do UPS' own measures show?
Official (GAAP): Operating profit, FY2025
$7.9B
Company's own measure: Adjusted operating profit, FY2025
$8.7B
Leaves out transformation costs (restructuring programs), goodwill and asset impairments, gains and losses on selling businesses and pension mark-to-market changes.
Official (GAAP): Diluted EPS, FY2025
$6.56
Company's own measure: Adjusted diluted EPS, FY2025
$7.16
Same exclusions as adjusted operating profit, after tax, and also leaves out a tax valuation allowance reversal.
Official (GAAP): Operating cash flow, FY2025
$8.5B
Company's own measure: Free cash flow as UPS defines it, FY2025
$5.5B
UPS's measure subtracts capital spending, then adds proceeds from selling property and other investing items. Operating cash flow minus capital spending, as this page calculates it, was $4,765 million.
Official (GAAP): Operating profit, Q3 FY2026
$1.7B
Company's own measure: Adjusted operating profit, Q3 FY2026
$2.1B
Leaves out transformation costs, mostly separation costs for the Driver Choice Program, the $182 million goodwill impairment and a gain on MD-11 parts.
Official (GAAP): Diluted EPS, Q3 FY2026
$1.37
Company's own measure: Adjusted diluted EPS, Q3 FY2026
$1.69
Same exclusions as adjusted operating profit, after tax.
Official (GAAP): Operating cash flow, first nine months of FY2026
$6.0B
Company's own measure: Free cash flow as UPS defines it, first nine months of FY2026
$4.2B
UPS's measure, defined as for FY2025. Operating cash flow minus capital spending was $3,765 million (Cityfort calculation from the Q3 FY2026 10-Q).
These are the company's own measures, defined by the company. They are not comparable across companies, and they are not added together. Each sits beside the nearest official (GAAP) figure.
Learn: Non-GAAP measures: what a company's "adjusted" numbers leave out
18Financial strength and debt
18Financial strength · Sep 30, 2026
How much debt does UPS have?
- Total debt$26.1B
- Cash and investments$6.8B
- Net debt (debt minus cash)$19.2B
- Net worth (shareholders' money)$15.0B
- Debt to equity
- 1.74×
- $ of debt for every $1 of shareholders' money
- Net debt of $19,241 million is total debt of $26,078 million minus cash of $6,837 million (Cityfort calculation from the Q3 FY2026 10-Q). It was $18,240 million on Dec 31, 2025 (Cityfort calculation from FY2025 10-K).
- Not counted as debt here: operating lease liabilities of $4,212 million and pension and postretirement obligations of $5,751 million on Sep 30, 2026. Finance leases of $1,467 million are included in total debt.
- In August 2026 UPS issued $1.0 billion of 4.850% notes due 2031, of which $450 million went straight to its pension trusts, and $325 million of floating-rate notes due 2076.
- No commercial paper was outstanding on Sep 30, 2026. UPS's $1.0 billion and $2.0 billion revolving credit facilities were undrawn on Dec 31, 2025.
- Debt to equity of 1.74 uses equity attributable to UPS of $14,994 million on Sep 30, 2026.
Sources (4)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Form 8-K: underwriting agreement, $1.0 billion 4.850% Senior Notes due 2031, $450 million of them to be contributed to pension trusts (Item 8.01)
- Form 8-K: underwriting agreement, $325 million Floating Rate Senior Notes due 2076 (Item 8.01)
19Who owns it
19Who owns it · ownership as of Mar 2, 2026
Who owns UPS?
- Officers and directors (as a group), shares
- 0.2%
- Officers and directors (as a group), votes
- 0.9%
Shares vs votes by class
UPS has more than one class of shares, and the classes carry different votes. The share of votes a class holds can differ a lot from its share of the shares.
- Class A common stock: share of all votes57.0%
- Class B common stock: share of all votes43.0%
Each class's part of all votes = its shares outstanding × votes per share ÷ the total for all classes.
Share classes
Holders of 5% or more
From the company's proxy statement (DEF 14A), later Schedule 13G filings and the share counts on its latest annual or quarterly report. Each holder row shows the date of its own filing.
Insider trades · Form 4 data as of Nov 6, 2026
What did UPS' insiders report trading?
UPS' insiders made 51 Form 4A filing an insider must make within two business days of buying or selling the company's shares. Learn more filings in the 12 months to Nov 6, 2026.
They reported no purchases and 4 sales (33,331.9409 shares) in the open market or privately (codes P and S).
None of the sales were on forms with the Rule 10b5-1 plan box checked.
The same filings report 34 other share transactions (F: 16, M: 16, J: 2).
They also report 58 transactions in options, stock units or other derivatives.
Insiders are a company's officers, directors and owners of more than 10% of a class of its shares. Most changes in their holdings must be reported to the SEC on a Form 4 within two business days. Source: SEC Form 4 filings on EDGAR.
- P
- a purchase in the open market or privately
- S
- a sale in the open market or privately
- F
- shares withheld or handed over to pay an exercise price or tax when an award is received, exercised or vests
- M
- exercise or conversion of an option or other derivative, exempt under Rule 16b-3
- J
- another acquisition or disposition, described in a footnote
Code meanings: General Instruction 8 of Form 4 (SEC).
The latest 25 of 38 transactions
Shares: A = acquired, D = disposed of. A price the filing gives only in a footnote shows as “See filing”. The 10b5-1 box is checked when at least one trade on the form was made under a Rule 10b5-1 plan. A Form 4/A replaces the form it amends. See all of UPS' Form 4 filings on EDGAR.
Learn: Dual-class shares: when votes and ownership don't match · How to read a proxy statement (DEF 14A): Nvidia's 2026 proxy · Form 4 insider filings: who files, the codes and the footnotes · Rule 10b5-1 trading plans: how insiders pre-schedule their trades
Sources (6)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- Schedule 13G filed by Vanguard Capital Management LLC (event date Mar 31, 2026)
- Schedule 13G/A filed by The Vanguard Group (event date Mar 13, 2026; 0 shares after internal realignment)
- Schedule 13G/A filed by BlackRock, Inc. (class B, event date Mar 31, 2025)
20What it does with profit
20What it does with profit
What does UPS do with its profit?
Dividend per share
$6.56FY2025
Dividend paid for each share, by financial year.
$ per share
See the numbers
Buyback · Dec 31, 2021
Shares repurchased in FY2021.
$500M
Buyback · Dec 31, 2022
Shares repurchased in FY2022.
$3.5B
Buyback · Dec 31, 2023
Shares repurchased in FY2023.
$2.3B
Buyback · Dec 31, 2024
Shares repurchased in FY2024.
$500M
Buyback · Dec 31, 2025
Shares repurchased in FY2025 (8.6 million class B shares).
$1.0B
21Governance signals
21Governance signals
What do UPS' governance filings show?
- Auditor
- Deloitte & Touche LLP, since 1969
- Auditor changes
- None in the period covered
- Audit qualifications
- None reported
- Related-party dealings
- The 2026 proxy says there were no related person transactions requiring disclosure from Jan 1, 2025 to the proxy date. It notes ordinary-course dealings with companies linked to directors, which it calls immaterial.
- Credit rating
- Moody's and S&P Global Ratings, as stated in UPS's Aug 10, 2026 note term sheet A2 (Moody's) / A (S&P) (Stable (Moody's) / Negative (S&P)), Aug 10, 2026
A credit rating describes the company's ability to repay debt. It is not a rating of the share.
Flags to know about
other · May 7, 2026
Class A shares hold most of the votes
Class A shares, held by current and former employees and directors, had 11.7% of shares and 57.0% of votes on Oct 15, 2026. At the May 7, 2026 annual meeting a shareowner proposal to cut class A votes from 10 to 1 did not pass: 418,305,353 votes for and 614,820,130 against.
other · Sep 30, 2026
Louisville cargo aircraft accident
Claims and lawsuits over a November 2025 UPS cargo aircraft accident in Louisville are pending. UPS recorded a $47 million environmental remediation contingency with a matching insurance recovery receivable. UPS says additional charges and related insurance recoveries are reasonably possible but cannot be reasonably estimated, and it does not expect a material adverse effect on its financial condition, results of operations or liquidity.
regulatory
Spanish competition decision
In 2018 Spain's competition authority (CNMC) found an infringement and fined UPS, in a case about alleged agreements among delivery companies to allocate customers; UPS says the fine is immaterial. Spain's Supreme Court affirmed the decision in June 2026, and UPS intends to appeal further.
other
Overtime class action
Malone et al. v. UPS, a Pennsylvania overtime class action, was certified in December 2025; UPS says a loss cannot be estimated.
Sources (5)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Free writing prospectus: final term sheet, $1.0 billion 4.850% Senior Notes due 2031 (states expected Moody's and S&P ratings)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Form 8-K: 2026 annual meeting results, incl. vote on the class A voting power proposal (Items 5.02, 5.07)
22What the market paid
22What the market paid · price as of Nov 5, 2026
What did the market pay for UPS on Nov 5, 2026?
Price as of Nov 5, 2026 (shown for education; prices change daily).
Price as of Nov 5, 2026: a $111.04 close, from Nasdaq's historical price table for UPS; UPS class B shares are listed on the NYSE. Market value = $111.04 × 851,469,372 class A and B shares (10-Q cover, Oct 15, 2026) = $94,547 million (Cityfort calculation from the Nov 5, 2026 closing price and the Q3 FY2026 10-Q). Class A shares are counted at the class B price because each converts into one class B share. P/E is price ÷ earnings per share: 21.4 on the last four quarters' diluted EPS of $5.20 (Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 financial schedules and Q1 to Q3 FY2026 10-Qs).
- Share price
- $111.04
- Market value (market cap)
- $94.5B
- P/E
- 21.4×
More price-based ratios · as of Nov 5, 2026
Each ratio divides a number from the company's filings by the market value or share price on Nov 5, 2026. Prices change daily, so these ratios do too.
Price to sales (P/S)
1×
$94.5B market value ÷ $91.4B revenue (four quarters to Sep 30, 2026) = 1×
Cityfort calculation from the Nov 5, 2026 closing price and the Q4 FY2025 to Q3 FY2026 10-Qs and earnings releases. Source: UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2) and 4 more
How price ratios workDividend yield
5.91%
$6.56 dividends per share (FY2025) ÷ $111.04 share price = 5.91%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2) and 3 more
What dividend yield meansFree cash flow yield
5.0%
$4.8B free cash flow (FY2025) ÷ $94.5B market value = 5.0%
Cityfort calculation from the FY2025 10-K and the Nov 5, 2026 closing price. Source: UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2) and 3 more
What free cash flow means
Shares used for the market value: 851.47 million ($111.04 × 851.47 million shares ≈ $94.5B). Source: Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); 2026 proxy statement (DEF 14A); Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
Source: UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE); Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026); Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2) and 2 more
Sources (9)
- UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2)
- Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026)
- Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026)
- Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1)
- Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
23How it got here
23How it got here
How did UPS get here?
1907
Milestone
Founded
UPS was founded in 1907.
2020
Milestone
Carol Tomé becomes CEO
Carol Tomé, a UPS director since 2003, became CEO in June 2020.
2021
Milestone
Peak profit, lifted by a pension gain
FY2021 net income reached $12,890 million, including a $3.3 billion pension remeasurement gain after the American Rescue Plan Act.
2024
Business-model change
Coyote sold
UPS sold Coyote, its truckload brokerage, in September 2024; it had about $1.6 billion of FY2024 revenue. From Q4 2024, US air cargo moved into U.S. Domestic Package.
2025
Business-model change
Plan to cut Amazon volume
On Jan 30, 2025, UPS said it had agreed in principle with its largest customer to cut that customer's volume by more than 50% by the second half of 2026.
2025
Milestone
Health care logistics purchases
UPS bought Frigo-Trans and Andlauer Healthcare Group, for about $2.0 billion of acquisitions net of cash in 2025, and ended a plan to buy Estafeta in Mexico in September 2025.
2025
Crisis
Louisville accident and MD-11 retirement
A UPS cargo aircraft accident occurred in Louisville in November 2025. In Q4 2025 UPS permanently grounded and retired its 26 MD-11 aircraft, with a $137 million after-tax write-off.
2026
Business-model change
Amazon cut completed, Driver Choice Program
UPS says the Amazon volume cut was completed in Q2 2026. That quarter carried $891 million of after-tax transformation charges, mostly Driver Choice Program separation costs.
Sources (8)
- Form 10-K, fiscal year 2025 (ended Dec 31, 2025)
- 2026 proxy statement (DEF 14A)
- Form 10-K, fiscal year 2023 (ended Dec 31, 2023)
- Earnings release, Q4 FY2024 and 2025 guidance (Form 8-K Exhibit 99.1)
- Form 8-K: plan to acquire Estafeta terminated (Item 7.01)
- Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026)
- Earnings release, Q4 FY2025 and 2026 guidance (Form 8-K Exhibit 99.1)
- Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1)
24Sources and changes
Where every number on this page comes from
Sources (30 documents)
- S1Form 10-K, fiscal year 2025 (ended Dec 31, 2025) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 17, 2026
- S2Form 10-K, fiscal year 2024 (ended Dec 31, 2024) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 18, 2025
- S3Form 10-K, fiscal year 2023 (ended Dec 31, 2023) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 20, 2024
- S4Form 10-K, fiscal year 2022 (ended Dec 31, 2022) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Feb 21, 2023
- S5Form 10-Q, Q3 FY2026 (quarter ended Sep 30, 2026) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 4, 2026
- S6Form 10-Q, Q2 FY2026 (quarter ended Jun 30, 2026) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 5, 2026
- S7Form 10-Q, Q1 FY2026 (quarter ended Mar 31, 2026) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 6, 2026
- S8Form 10-Q, Q3 FY2025 (quarter ended Sep 30, 2025) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2025
- S9Form 10-Q, Q2 FY2025 (quarter ended Jun 30, 2025) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 6, 2025
- S10Form 10-Q, Q1 FY2025 (quarter ended Mar 31, 2025) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 7, 2025
- S11Form 10-Q, Q3 FY2024 (quarter ended Sep 30, 2024) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 6, 2024
- S12Earnings release, Q3 FY2026 (Form 8-K Exhibit 99.1) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Oct 27, 2026
- S13Earnings release, Q2 FY2026 (Form 8-K Exhibit 99.1) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jul 28, 2026
- S15Earnings release, Q4 FY2025 and 2026 guidance (Form 8-K Exhibit 99.1) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S16Financial schedules, Q4 FY2025 (Form 8-K Exhibit 99.2) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 27, 2026
- S19Earnings release, Q1 FY2025 (Form 8-K Exhibit 99.1) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 29, 2025
- S20Earnings release, Q4 FY2024 and 2025 guidance (Form 8-K Exhibit 99.1) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S21Financial schedules, Q4 FY2024 (Form 8-K Exhibit 99.2) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Jan 30, 2025
- S232026 proxy statement (DEF 14A) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Mar 19, 2026
- S24Schedule 13G/A filed by BlackRock, Inc. (class B, event date Mar 31, 2025) · BlackRock, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Apr 17, 2025
- S25Schedule 13G/A filed by The Vanguard Group (event date Mar 13, 2026; 0 shares after internal realignment) · The Vanguard Group (SEC EDGAR) · Tier 1: company or exchange filing · Mar 27, 2026
- S26Schedule 13G filed by Vanguard Capital Management LLC (event date Mar 31, 2026) · Vanguard Capital Management LLC (SEC EDGAR) · Tier 1: company or exchange filing · Apr 30, 2026
- S27Free writing prospectus: final term sheet, $1.0 billion 4.850% Senior Notes due 2031 (states expected Moody's and S&P ratings) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 10, 2026
- S28Form 8-K: underwriting agreement, $1.0 billion 4.850% Senior Notes due 2031, $450 million of them to be contributed to pension trusts (Item 8.01) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 12, 2026
- S29Form 8-K: underwriting agreement, $325 million Floating Rate Senior Notes due 2076 (Item 8.01) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 18, 2026
- S30Form 8-K: executive leadership changes and retention RSU awards (Items 5.02, 7.01) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Aug 31, 2026
- S31Form 8-K: Shannon Eisenhardt appointed to the board, board size set at eleven (Items 5.02, 7.01) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Nov 5, 2026
- S32Form 8-K: 2026 annual meeting results, incl. vote on the class A voting power proposal (Items 5.02, 5.07) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · May 11, 2026
- S36Form 8-K: plan to acquire Estafeta terminated (Item 7.01) · United Parcel Service, Inc. (SEC EDGAR) · Tier 1: company or exchange filing · Sep 18, 2025
- S37UPS historical prices, Oct 15 to Nov 5, 2026 (Nasdaq.com historical table; UPS class B is listed on the NYSE) · Nasdaq, Inc. · Tier 1: company or exchange filing · Nov 7, 2026
Changes to this page (v1 · Nov 7, 2026)
- v1 · Nov 7, 2026First version, through Q3 FY2026 (quarter ended Sep 30, 2026). (first version)
Numbers come only from tier 1 and tier 2 sources. Read how we research.
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