undamentalytics Newsletter
Sign in

United Parcel Service (UPS) stock

Add to watchlist

Add holding +

NYSE: UPS NYSE Air Freight & Logistics Next results ~January 26, 2027

B Fundamentals grade

United Parcel Service is a US-listed company in the air freight & logistics industry. Its financial year ends in December.

Stock price today

Loading chart…

Third-party market data · may be delayed

Fair value per share

~$75

Cash-flow model

Base case. Range ~$49–$110 across our lower- and higher-growth cases (-3%–7% a year).

Price vs value

Overvalued

The price is above our entire value range; our base value is 31% below it.

Price used: $109.71, November 2, 2026

United Parcel Service valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter United Parcel Service files

Where United Parcel Service stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $89.9bn, down 0.4% on a year earlier, faster than -2.9% a quarter earlier. That puts it 838 of 931 for growth among all the companies we cover. Free-cash-flow margin rose to 6.1% from 3.9% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades C. It passes 2 of our 2 financial-health checks. Our cash-flow model value is $65.10 a share, against a share price of $98.75. At that price, our model says the market is pricing in about 7.7% a year of cash-flow growth for five years, faster than the -1.6% a year revenue growth it has delivered.

Source: 10-Q filed August 5, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

United Parcel Service's trailing-twelve-month revenue fell 0.4% year on year, with a free-cash-flow margin of 6.1%. Where it stands out: stock pay as % of revenue of 0.1% ranks 2 of 18 air freight & logistics companies we cover. Where it lags: long-term debt as % of assets of 33.5% ranks 13 of 15 air freight & logistics companies we cover.

Our discounted-cash-flow model values the business at ~$75 per share in the base case (~$49–$110 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 54.2% while net income fell 20.2%: a 74pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Priced above our value. The share price of $109.71 is 31% above our value per share of $75.
  • Revenue shrinking. Revenue fell 0.4% over the last 12 months.
  • Below peers: long-term debt as % of assets. Long-term debt as % of assets of 33.5% ranks 13 of 15 air freight & logistics companies we cover (median 16.8%).

Latest results: FY2026 Q2

Filed August 5, 2026
Earnings per share
$1.69 against an average estimate of $1.62: beat by 4.0%
Revenue
$22.83bn, up 7.6% on a year earlier
Share reaction
+5.3% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Guidance given
consolidated Revenue Outlook $91.2bn (Full-year 2026); non-GAAP Adj. Operating Profit Target $8.65bn (Full-year 2026)
Next report
January 26, 2027; average EPS estimate $2.77

United Parcel Service's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+1.3%
  • 1 week+9.4%
  • 1 month+17.9%
  • This year+15.9%
  • 1 year+21.3%
  • 5 years-34.7%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$89.9B
Operating margin
7.3%
Net margin
5.1%
EPS (TTM, diluted)
$5.37

Growth

Revenue growth
−0.4%
Change in growth rate
+2.4 pts
Share count change
−0.1%

Cash

Free cash flow (TTM)
$5.5B
FCF margin
6.1%
Stock pay % of revenue
0.1%

Earnings

Last results
October 27, 2026
Next results (est.)
January 26, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Announcement

    UPS lifts 2026 outlook after third-quarter revenue rise

    United Parcel Service reported third-quarter 2026 revenue of $22.9 billion, up 6.7 percent year on year. The company said diluted earnings per share were $1.37, while non-GAAP adjusted diluted earnings per share reached $1.69. UPS raised its full-year 2026 revenue target to approximately $92.6 billion and increased its non-GAAP adjusted free cash flow target to approximately $6.1 billion.

    Company releaseRead source ↗
  2. Results

    UPS reports third-quarter results for period ending September 30

    United Parcel Service said it issued a press release on October 27, 2026, detailing its financial condition for the quarter ended September 30, 2026. The company also posted additional financial statement schedules on its investor website. Brian Dykes, the executive vice president and chief financial officer, signed the filing.

    SEC 8-KRead source ↗
  3. Our research
  4. Announcement

    UPS sets date for third-quarter 2026 earnings release

    United Parcel Service said it will publish its third-quarter 2026 results on October 27, 2026, at approximately 6:00 a.m. Eastern Time. The company added that CEO Carol Tomé and CFO Brian Dykes will lead an investor conference call at 8:30 a.m. ET to discuss the figures.

    Company releaseRead source ↗
  5. Announcement
  6. Leadership
  7. Announcement
  8. Announcement
  9. Dividend
  10. Announcement
  11. Results
  12. Guidance
  13. Announcement

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

United Parcel Service valuation models and calculator

What the price is pricing in

The share price implies about 7.4% a year of cash-flow growth for five years.That is faster than the -1.6% a year revenue growth United Parcel Service has delivered.

  • Priced in7.4%
  • Last 12 months-0.4%
  • 3 years a year-2.2%
  • 5 years a year-1.6%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($109.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Sell12-month view
12-month price target
~$75
Price used
$109.15close November 3, 2026
Implied change
▼ 31%
Uncertainty
High

How we got here: a discounted-cash-flow model of United Parcel Service's free cash flow after stock-based pay with after-tax interest added back ($5.2B, FY2026 Q2 TTM), growing 3.6% and 2.5% in the next two years (forecasts, guidance and its record), then back to 2% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$49–~$110 ; that spread sets a 35% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of United Parcel Service's free cash flow after stock-based pay ( $5.2B, FY2026 Q2 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value United Parcel Service as an operating company, with every model that fits that kind of business. Cost of equity 9.1%: the 10-year Treasury yield (4.9%) plus a beta of 0.93 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$75 ~$49–$110 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$110 ~$98–$150 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$130 ~$110–$160 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$98 ~$75–$130 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare United Parcel Service with Air Freight & Logistics in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −33%
  • Revenue growth 5 points higher ▲ +43%
  • Free-cash-flow margin 1 point lower ▼ −19%
  • Last year's free-cash-flow margin change, if it persists ▲ +67%
  • Discount rate 1 point higher ▼ −19%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $59$91$133$188$260$354
8.5% $39$62$92$131$183$249
10% $26$44$67$97$137$187

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$63.73$78.20$83.79$70.82$87.98$130.78$170.04$142.48$133.99$112.64$94.69$109.71
Market value$57.7bn$69.4bn$73.3bn$61.6bn$76.5bn$113.9bn$149.3bn$124.7bn$115.2bn$96.4bn$80.5bn$93.4bn
+ Net debt (− = net cash)$14.6bn$16.3bn$25.0bn$21.3bn$26.8bn$21.4bn$13.8bn$14.1bn$19.1bn$15.2bn$18.2bn$19.8bn
Enterprise value$72.4bn$85.6bn$98.3bn$82.9bn$103.3bn$135.3bn$163.1bn$138.7bn$134.3bn$111.6bn$98.7bn$113.2bn
Multiples
Price / sales 1.0x1.1x1.1x0.9x1.0x1.3x1.5x1.2x1.3x1.1x0.9x1.0x
Price / earnings 11.9x20.3x14.9x12.9x17.2x84.8x11.6x10.8x17.2x16.7x14.4x20.4x
Price / free cash flow 11.4x19.8x—9.6x33.8x22.6x13.8x13.4x22.7x15.5x16.9x17.1x
EV / EBITDA 7.4x8.6x10.0x9.0x10.2x13.0x10.3x8.5x11.2x9.7x9.1x11.9x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

64 /100

Moderate moat

How hard United Parcel Service's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 14 / 20

    Net income has been a median 9.0% of total assets over 10 years.

  • Durability 12 / 20

    Operating margin has been a median 9.9%; its worst year was 7.3%.

  • Cash conversion 12 / 20

    Free cash flow was positive in 9 of 10 years, at a median 5.6% of revenue.

  • Discipline 18 / 20

    The diluted share count fell 2.7% over five years; stock-based pay has been a median 1.0% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (69 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, before the open. Analysts expect revenue of $25.7bn and EPS of $2.77 (range $2.73 to $2.83) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $7.26 +2% $92.5bn +4%
Next $8.08 +11% $95.5bn +3%

Next year's EPS estimate has moved 0.0% in 90 days, across 28 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.8% on 90 days ago. In the last 30 days, 1 analyst raised United Parcel Service's forecast and 7 cut it.

Consensus EPS forecast United Parcel Service, last 90 days
$7.00 $7.50 $8.00 $8.50 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $7.21 Current fiscal year, 60 days ago: $7.21 Current fiscal year, 30 days ago: $7.20 Current fiscal year, 7 days ago: $7.20 Current fiscal year, Now: $7.26 $7.26 Next fiscal year, 90 days ago: $8.07 Next fiscal year, 60 days ago: $8.07 Next fiscal year, 30 days ago: $8.07 Next fiscal year, 7 days ago: $8.06 Next fiscal year, Now: $8.08 $8.08

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $7.21$8.07
60 days ago $7.21$8.07
30 days ago $7.20$8.07
7 days ago $7.20$8.06
Now $7.26$8.08

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $1.62 $1.69 +4.0%
Jun 2026 $1.66 $1.76 +5.8%
Mar 2026 $1.02 $1.07 +4.8%
Dec 2025 $2.20 $2.38 +8.1%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026
  • Consolidated Revenue Outlook Full-year 2026 about $91.2bn Raised
    “Raises Full-year 2026 Consolidated Revenue Outlook to Approximately $91.2B and Non-GAAP Adj. Operating Profit Target to Approximately $8.65B” source
  • Non-GAAP Adj. Diluted EPS Guidance Full-year about $7.22 Non-GAAP Raised
    “Raises Full-year Non-GAAP Adj. Diluted EPS Guidance to Approximately $7.22” source
  • Non-GAAP Adj. Operating Profit Target Full-year 2026 about $8.65bn Non-GAAP Raised
    “Raises Full-year 2026 Consolidated Revenue Outlook to Approximately $91.2B and Non-GAAP Adj. Operating Profit Target to Approximately $8.65B” source
  • expected capital expenditures full year 2026 about $3bn Maintained
    “The company also confirms expected capital expenditures of about $3.0 billion and dividend payments of around $5.4 billion, subject to board approval.” source
  • effective tax rate full year 2026 about 23% Maintained
    “The effective tax rate is still expected to be approximately 23.0%.” source

Figures and quotations are management's, copied from the company's own press release (SEC 8-K exhibit) and checked word for word against it. Forward-looking statements are the company's expectations, not ours and not advice; guidance can change or be missed.

How our valuation uses these forecasts

Our cash-flow model grows United Parcel Service's revenue by +3.6% next year and +2.5% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+4.5%, weight 57%) , management guidance (+3.1%, weight 18%) and the company's own record (+2.0%, weight 25%) . How the weights are set.

Analyst recommendations

29 analysts, Oct 2026
Buy1448%
Hold1241%
Sell310%

Monthly trend

  1. Oct 2026141229
  2. Sep 2026141229
  3. Aug 2026141229
  4. Jul 2026141229

Counts of recommendations published by analysts covering United Parcel Service, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
3.5%
of tradable shares
Days to cover
5.17
at average volume
Short interest, 1 month
+2%
to October 15, 2026
Held by institutions
74%
of shares
Held by insiders
0.0%
of shares
Employees
241,250
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

What moved the share price

Last 12 months +21.3%

$90.48 on October 31, 2025 to $109.71

ThenNowEffect
Revenue (last 12 months) $90.3bn $89.9bn −0.4%
Net margin 6.3% 5.1% −19.9%
P/E multiple 13.4x 20.4x +51.9%
Share count 852m 851m +0.1%

Biggest factor: p/e multiple.

Last 3 years −8.8%

$120.33 on November 3, 2023 to $109.71

ThenNowEffect
Revenue (last 12 months) $96.2bn $89.9bn −6.5%
Net margin 10.4% 5.1% −51.2%
P/E multiple 10.4x 20.4x +95.9%
Share count 868m 851m +2.0%

Biggest factor: net margin.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
UPS+30%−16%−6%−16%−16%+16%
Industry peers (median)+26%−26%+24%−7%−14%−23%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
UPS58%67%50%33%58%64%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
UPS−17%−30%−30%−22%−36%−21%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 58% from February 2, 2022 to September 25, 2025. Getting back needed a 138% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$86.75 – $115.87
From 52-week high
−5.3%
vs 50-day average
+10.4%
vs 200-day average
+7.0%
Volatility (1 year)
29%
Beta vs S&P 500
0.66

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
4 up, 8 down
typical move ±7.0%
After a week
4 up, 7 down
typical move ±7.0%
After a month
5 up, 6 down
typical move ±6.3%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 +5.3% +0.9% — —
July 28, 2026 −7.4% −1.3% −3.4% −5.0%
April 28, 2026 −1.5% −0.5% −9.4% +0.2%
January 27, 2026 −3.1% +0.4% +4.6% +10.6%
October 28, 2025 +9.2% +0.3% +4.5% +9.1%
July 29, 2025 −14.2% −0.4% −14.6% −11.9%
April 29, 2025 −1.8% +0.7% −3.4% +2.7%
January 30, 2025 −14.6% 0.0% −15.2% −9.6%
October 24, 2024 +4.6% +0.2% +2.0% +3.9%
July 23, 2024 −11.5% −2.4% −11.1% −10.8%
April 23, 2024 +0.9% +1.1% +1.5% 0.0%
January 30, 2024 −10.2% −1.7% −7.7% −5.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How United Parcel Service’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.00× the last 60 days’ realised volatility , richer than 21% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: rated Sell.

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

UPS United Parcel Service Grade B $109.51

Own 100 shares, sell the $112 call expiring December 4, 2026 (32 days) for $1.61 a share — $161 per contract.

Previous session · Bid $1.61, ask $1.94, quoted Mon 2 Nov, 17:38 New York time with UPS at $109.51. Option prices move with the shares: check the live chain at your broker before trading.

  • If UPS ends below $112: you keep your shares and the $161 — 1.5% extra on the position, 16.8% a year at that pace.
  • If it ends above $112: your shares are sold at $112, a total return of 3.7% including the premium — at or above our value of ~$75.
$410 $0 −$2.2k Break-even $107.9 Price $109.51 ← Our value ~$75
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$161
Annualised
16.8%
Break-even
$107.9
Max gain
$410
Chance of selling
~40%

Collar

Own the shares, buy the $100 put and sell the $111 call, both expiring November 27, 2026 (25 days).

  • Net credit of $1.13 a share ($113 per contract of 100 shares).
  • Worst case at expiry: -7.7%, if the shares fall below $100 (-8.7% from today).
  • Best case at expiry: +2.4%, if the shares rise above $111 (+1.4%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $75.00: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

United Parcel Service in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) United Parcel Service
$88B $90B $92B $94B FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $93.1B Revenue (TTM), FY23 Q4: $91B Revenue (TTM), FY24 Q1: $89.7B Revenue (TTM), FY24 Q2: $89.5B Revenue (TTM), FY24 Q3: $90.7B Revenue (TTM), FY24 Q4: $91.1B Revenue (TTM), FY25 Q1: $90.9B Revenue (TTM), FY25 Q2: $90.3B Revenue (TTM), FY25 Q3: $89.5B Revenue (TTM), FY25 Q4: $88.7B Revenue (TTM), FY26 Q1: $88.3B Revenue (TTM), FY26 Q2: $89.9B $89.9B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $93.1B
FY23 Q4 $91B
FY24 Q1 $89.7B
FY24 Q2 $89.5B
FY24 Q3 $90.7B
FY24 Q4 $91.1B
FY25 Q1 $90.9B
FY25 Q2 $90.3B
FY25 Q3 $89.5B
FY25 Q4 $88.7B
FY26 Q1 $88.3B
FY26 Q2 $89.9B
Revenue growth, TTM YoY United Parcel Service
-10% -5% 0% 5% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: -7.9% Revenue growth, TTM YoY, FY23 Q4: -9.3% Revenue growth, TTM YoY, FY24 Q1: -9.2% Revenue growth, TTM YoY, FY24 Q2: -6.9% Revenue growth, TTM YoY, FY24 Q3: -2.6% Revenue growth, TTM YoY, FY24 Q4: 0.1% Revenue growth, TTM YoY, FY25 Q1: 1.3% Revenue growth, TTM YoY, FY25 Q2: 0.9% Revenue growth, TTM YoY, FY25 Q3: -1.3% Revenue growth, TTM YoY, FY25 Q4: -2.6% Revenue growth, TTM YoY, FY26 Q1: -2.9% Revenue growth, TTM YoY, FY26 Q2: -0.4% -0.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 -7.9%
FY23 Q4 -9.3%
FY24 Q1 -9.2%
FY24 Q2 -6.9%
FY24 Q3 -2.6%
FY24 Q4 0.1%
FY25 Q1 1.3%
FY25 Q2 0.9%
FY25 Q3 -1.3%
FY25 Q4 -2.6%
FY26 Q1 -2.9%
FY26 Q2 -0.4%
Operating margin (TTM) United Parcel Service
7% 8% 9% 10% 11% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: 10.6% Operating margin (TTM), FY23 Q4: 10.0% Operating margin (TTM), FY24 Q1: 9.2% Operating margin (TTM), FY24 Q2: 8.2% Operating margin (TTM), FY24 Q3: 8.8% Operating margin (TTM), FY24 Q4: 9.3% Operating margin (TTM), FY25 Q1: 9.4% Operating margin (TTM), FY25 Q2: 9.3% Operating margin (TTM), FY25 Q3: 9.2% Operating margin (TTM), FY25 Q4: 8.9% Operating margin (TTM), FY26 Q1: 8.5% Operating margin (TTM), FY26 Q2: 7.3% 7.3%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 10.6%
FY23 Q4 10.0%
FY24 Q1 9.2%
FY24 Q2 8.2%
FY24 Q3 8.8%
FY24 Q4 9.3%
FY25 Q1 9.4%
FY25 Q2 9.3%
FY25 Q3 9.2%
FY25 Q4 8.9%
FY26 Q1 8.5%
FY26 Q2 7.3%
FCF margin (TTM) United Parcel Service
3% 4% 5% 6% 7% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: 6.0% FCF margin (TTM), FY23 Q4: 5.6% FCF margin (TTM), FY24 Q1: 6.3% FCF margin (TTM), FY24 Q2: 5.2% FCF margin (TTM), FY24 Q3: 4.8% FCF margin (TTM), FY24 Q4: 6.8% FCF margin (TTM), FY25 Q1: 5.9% FCF margin (TTM), FY25 Q2: 3.9% FCF margin (TTM), FY25 Q3: 4.9% FCF margin (TTM), FY25 Q4: 5.4% FCF margin (TTM), FY26 Q1: 5.1% FCF margin (TTM), FY26 Q2: 6.1% 6.1%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 6.0%
FY23 Q4 5.6%
FY24 Q1 6.3%
FY24 Q2 5.2%
FY24 Q3 4.8%
FY24 Q4 6.8%
FY25 Q1 5.9%
FY25 Q2 3.9%
FY25 Q3 4.9%
FY25 Q4 5.4%
FY26 Q1 5.1%
FY26 Q2 6.1%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar United Parcel Service took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $88.7B
  2. Other operating costs $80.8B · 91.1%
  3. Operating income $7.9B · 8.9%
  4. Income tax $1.6B · 1.8%
  5. Interest and other $703M · 0.8%
  6. Net income $5.6B · 6.3%

Shares of revenue. Source: United Parcel Service's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 45.3 49.5 53.1 54.1 55.4 58.2 58.4 60.9 65.9 71.9 74.1 84.6 97.3 100.3 91.0 91.1 88.7 89.9
EBITDA 5.3 7.4 7.9 3.2 8.9 6.9 9.8 9.9 9.8 9.2 10.2 10.4 15.8 16.3 11.9 11.5 10.9 9.5
Operating income 3.5 5.6 6.1 1.3 7.0 5.0 7.7 7.7 7.5 7.0 7.8 7.7 12.8 13.1 9.1 8.5 7.9 6.6
Net income 2.0 3.3 3.8 0.8 4.4 3.0 4.8 3.4 4.9 4.8 4.4 1.3 12.9 11.5 6.7 5.8 5.6 4.6
Diluted EPS $1.96 $3.33 $3.84 $0.83 $4.61 $3.28 $5.35 $3.86 $5.61 $5.51 $5.11 $1.54 $14.68 $13.20 $7.80 $6.75 $6.56 $5.37
Growth (year on year)
Revenue −12.0% +9.4% +7.2% +1.9% +2.4% +5.0% +0.2% +4.4% +8.2% +9.1% +3.1% +14.2% +15.0% +3.1% −9.3% +0.1% −2.6% −0.4%
EBITDA −27.0% +41.4% +5.8% −59.3% +178.1% −22.6% +41.5% +1.6% −1.0% −5.9% +10.0% +2.2% +51.8% +3.3% −26.7% −4.0% −5.2% −15.9%
Operating income −34.8% +60.8% +7.8% −77.9% +423.8% −29.4% +54.3% +0.3% −2.1% −6.7% +11.0% −1.5% +66.7% +2.2% −30.2% −7.4% −7.1% −21.7%
Net income −34.5% +69.6% +14.0% −78.8% — −30.6% +59.8% −29.4% +43.3% −2.3% −7.3% −69.8% — −10.4% −41.9% −13.8% −3.6% −20.2%
Diluted EPS −33.3% +69.9% +15.3% −78.4% — −28.9% +63.1% −27.9% +45.3% −1.8% −7.3% −69.9% — −10.1% −40.9% −13.5% −2.8% −20.2%
Margins
EBITDA margin 11.6% 15.0% 14.8% 5.9% 16.1% 11.8% 16.7% 16.3% 14.9% 12.8% 13.7% 12.3% 16.2% 16.2% 13.1% 12.6% 12.3% 10.6%
Operating margin 7.7% 11.4% 11.4% 2.5% 12.7% 8.5% 13.1% 12.6% 11.4% 9.8% 10.5% 9.1% 13.2% 13.0% 10.0% 9.3% 8.9% 7.3%
Net margin 4.3% 6.7% 7.2% 1.5% 7.9% 5.2% 8.3% 5.6% 7.4% 6.7% 6.0% 1.6% 13.2% 11.5% 7.4% 6.3% 6.3% 5.1%
Free-cash-flow margin 8.1% 4.9% 9.5% 9.4% 9.5% 5.8% 8.7% 5.8% −5.7% 8.9% 3.0% 6.0% 11.1% 9.3% 5.6% 6.8% 5.4% 6.1%
Cash flow
Cash from operations 5.3 3.8 7.1 7.2 7.3 5.7 7.4 6.5 1.5 12.7 8.6 10.5 15.0 14.1 10.2 10.1 8.5 8.9
Capital spending 1.6 1.4 2.0 2.2 2.1 2.3 2.4 3.0 5.2 6.3 6.4 5.4 4.2 4.8 5.2 3.9 3.7 3.4
Free cash flow 3.7 2.4 5.1 5.1 5.2 3.4 5.1 3.5 −3.7 6.4 2.3 5.0 10.8 9.3 5.1 6.2 4.8 5.5
Stock-based pay 0.4 0.5 0.5 0.5 0.5 0.5 0.6 0.6 0.6 0.6 0.9 0.8 0.9 1.6 0.2 0.0 0.1 0.1
Free cash flow after stock pay 3.3 1.9 4.5 4.5 4.7 2.9 4.5 2.9 −4.3 5.8 1.3 4.3 9.9 7.8 4.9 6.2 4.7 5.3
Balance sheet
Cash 1.5 3.0 3.0 7.3 4.7 2.3 2.7 3.5 3.3 4.2 5.2 5.9 10.3 5.6 3.2 6.1 5.9 4.7
Total debt 9.5 10.8 11.2 14.7 10.9 11.7 17.4 19.8 28.3 25.5 32.1 27.3 24.0 19.7 22.3 21.3 24.1 24.5
Net debt (negative = net cash) 8.0 7.8 8.1 7.3 6.3 9.4 14.6 16.3 25.0 21.3 26.8 21.4 13.8 14.1 19.1 15.2 18.2 19.8
Diluted shares 1,004m 1,003m 991m 969m 948m 924m 906m 887m 875m 870m 869m 871m 878m 875m 860m 856m 850m 851m
Returned to shareholders
Dividends 1.8 1.8 2.0 2.1 2.3 2.4 2.5 2.6 2.8 3.0 3.2 3.4 3.4 5.1 5.4 5.4 5.4 5.4
Buybacks 0.6 0.8 2.7 1.6 3.8 2.7 2.7 2.7 1.8 1.0 1.0 0.2 0.5 3.5 2.3 0.5 1.0 0.0
Total returned 2.3 2.6 4.7 3.8 6.1 5.1 5.2 5.3 4.6 4.0 4.2 3.6 3.9 8.6 7.6 5.9 6.4 5.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 6 checks passed · June 30, 2026
What it owns · $71.3bn
Short-term assets $17.5bnLonger-term assets $53.7bn
What it owes, and who funded it · $29.9bn
Short-term liabilities $14.9bnShareholders' equity $15.1bn
  • Short-term assets cover short-term liabilities $17.5bn of assets due within a year against $14.9bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities Not assessable from the reported split. Not assessable.
  • More cash than debt $4.7bn of cash against $24.5bn of debt.
  • Debt below 40% of shareholders' equity Debt is 163% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 139% to 163% over five years.
  • A year's operating cash flow covers at least 20% of debt $8.9bn of operating cash flow against $24.5bn of debt.
  • Operating profit covers interest at least five times over Operating income of $6.6bn against $1.1bn of interest.

From United Parcel Service's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q2 TTM
Buybacks (TTM)
$0
Dividends (TTM)
$5.4B
Returned to shareholders
99%
of free cash flow
Buybacks, last 3 fiscal years
$3.8B
Diluted share count
−0.1%
year over year
Total shareholder yield
5.8%
dividends 5.8% + buybacks 0.0% of market value
Dividend payout ratio
118%
of net income paid out
Days sales outstanding
43 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in air freight & logistics
Last 12 months unless stated UPS FDX CHRW GXO EXPD ZTO Median
Revenue, last 12 months $89.9bn $95.3bn $18.2bn $13.6bn $12.0bn $6.8bn $555m
Revenue growth, last 12 months −0.4% 9.9% 10.4% 7.6% 6.8% 11.0% 6.4%
Revenue growth, 3-year average −2.2% 2.5% −0.4% 12.9% −1.6% — 2.5%
Revenue growth, latest quarter 7.6% 11.9% 29.5% 4.3% 32.1% — 15.2%
Gross margin — 76.0% — — 30.4% 25.0% 10.9%
Operating margin 7.3% 5.6% 4.9% 2.4% 9.8% 21.3% −0.8%
Operating margin, 3-year average 8.3% 5.8% 4.3% 2.1% 9.7% 22.7% 2.0%
Net margin 5.1% 4.1% 3.7% 1.0% 7.6% 18.5% 1.0%
Cash from operations / revenue 9.9% 8.7% 2.9% 3.7% 8.1% 24.4% 1.0%
Free-cash-flow margin 6.1% 4.2% 2.9% 1.3% 7.7% 12.0% 1.0%
Free-cash-flow margin, 3-year average 5.1% 3.6% 3.2% 1.8% 7.5% 3.7% 1.5%
Stock pay / revenue 0.1% 0.2% 0.5% 0.3% 0.6% 0.5% 0.5%
Change in share count −0.1% −0.4% −1.1% −2.4% −3.7% −2.1% 0.8%

Median of all 21 companies we cover in air freight & logistics. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

21 air freight & logistics companies
Measure Company Peer median Rank
Revenue growth Growth -0.4% 6.4% 14 of 21
Change in growth rate Growth +2.4pp +2.4pp 11 of 21
Operating margin Profitability 7.3% -0.8% 4 of 21
Net margin Profitability 5.1% 1.0% 5 of 21
Free-cash-flow margin Cash generation 6.1% 1.0% 4 of 21
Stock pay as % of revenue Cash generation 0.1% 0.5% 2 of 18
Long-term debt as % of assets Balance sheet 33.5% 16.8% 13 of 15
Change in share count Balance sheet -0.1% 0.9% 9 of 20
Days sales outstanding Balance sheet 43 days 55 days 7 of 16

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Geography
Region Revenue Share YoY
United States $67.4B 76.1% ▼ 4.2%
Outside the US $21.2B 23.9% ▲ 2.6%

From United Parcel Service's 10-K filed February 17, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$57.4B
Institutions reporting
2,128
Shares held vs prior quarter
▲ 6.2%
Positions opened / closed
164 / 135

Top buyers and sellers, Q2 2026: 1,052 institutions bought and 945 sold ; the biggest buyer was Capital World Investors (+5.1M shares) and the biggest seller Pacer Advisors, Inc (−3.5M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $5.9B 54.9M 10.3% ▲ 7.5%
Vanguard Capital Management LLC $5.2B 48.7M 9.1% ▲ 1.2%
State Street Corp $3.6B 33.9M 6.3% ▲ 3.9%
FMR LLC $3.5B 32.8M 6.2% ▲ 0.8%
Charles Schwab Investment Management Inc $2.7B 24.7M 4.6% ▲ 11.7%
Geode Capital Management, LLC $1.9B 17.9M 3.3% ▲ 2.0%
Victory Capital Management Inc $1.5B 14.3M 2.7% ▲ 29.1%
Vanguard Portfolio Management LLC $1.5B 13.9M 2.6% ▲ 3.1%
Bank Of America Corp $1.2B 10.8M 2.0% ▲ 11.0%
Morgan Stanley $957M 8.9M 1.7% ▼ 12.5%
Goldman Sachs Group Inc $950M 8.8M 1.7% ▲ 24.3%
Capital World Investors $862M 8.0M 1.5% ▲ 170.4%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not United Parcel Service's complete shareholder register. Values are as reported by the filers ; 8 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $3.5M 4 trades by 2 insiders · 0% under pre-set plans
Net ▼ $3.5M net selling
Insider Date Trade Shares Price Value
Guffey Matthew W Chief US Domestic Officer October 28, 2026 Sell 8,318 $105.39 $876,628
Brothers Norman M. Jr Chief Legal & Compliance Off January 28, 2026 Sell 388 $107.68 $41,780
Brothers Norman M. Jr Chief Legal & Compliance Off January 28, 2026 Sell 3,241 $106.68 $345,750
Brothers Norman M. Jr Chief Legal & Compliance Off January 28, 2026 Sell 21,385 $106.04 $2.3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 148 trades and filings

In the last 12 months, 2 members of Congress disclosed 2 purchases and 2 sales of United Parcel Service shares.

  • Dan Newhouse(R-WA 4):Sale (full), $1,001 - $15,000, traded July 10, 2026, filed July 17, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded March 13, 2026, filed April 7, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded January 9, 2026, filed February 13, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 26, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 27, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on United Parcel Service was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

United Parcel Service in brief

What does United Parcel Service do?
United Parcel Service is a US-listed company in the air freight & logistics industry. Its financial year ends in December.
What is United Parcel Service's stock ticker?
United Parcel Service trades under the ticker UPS on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is United Parcel Service's revenue, and how fast is it growing?
Over its most recent trailing twelve months, United Parcel Service reported revenue of $89.9B, 0.4% lower than a year earlier, according to its SEC filings.
What is United Parcel Service's free cash flow?
United Parcel Service's free-cash-flow margin is 6.1% of revenue over the trailing twelve months, ranking 4 of the 21 air freight & logistics companies we cover.
What is United Parcel Service's fair value (intrinsic value) per share?
Our discounted-cash-flow model of United Parcel Service's free cash flow after stock-based pay gives ~$75 per share in the base case, and ~$49–$110 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are United Parcel Service's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is United Parcel Service buying back stock, and does it pay a dividend?
United Parcel Service spent $0 on share repurchases over the trailing twelve months, and its diluted share count fell 0.1% over the year.
What is United Parcel Service's market cap?
On November 2, 2026, United Parcel Service's market capitalisation was about $93.4B, with a price-to-earnings ratio of 20.4 and net debt of $19.8B. Market figures come from third-party market data and may be delayed.
Does United Parcel Service pay a dividend?
Yes: United Parcel Service paid $5.4B in dividends over the trailing twelve months, a dividend yield of 5.79% and a payout ratio of 118.4%.
How much debt does United Parcel Service have?
United Parcel Service's debt-to-equity ratio is 162.5%, from its latest balance sheet (138.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are United Parcel Service's competitors?
In our Air Freight & Logistics peer group, the companies closest to United Parcel Service are FedEx, C.H. Robinson, GXO Logistics, Inc., Expeditors International and ZTO Express (cayman) Inc. The side-by-side comparison below sets their revenue, margins and growth against United Parcel Service's.
Are insiders buying or selling United Parcel Service stock?
Over the last 12 months, United Parcel Service's directors and officers reported 0 open-market purchases and 4 sales on Form 4. The insider trading page charts every trade.
When is United Parcel Service's next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — United Parcel Service announces its own schedule.