Company file · UPS
UPS
UPS's revenue fell in 2025 as it cut lower-margin volume, and net income dipped
Revenue fell 2.6% to $88.7B. Net income fell 3.6% to $5.6B.
Key facts
UPS (NYSE: UPS) closed fiscal 2025 on Dec 31, 2025 with revenue of $88.7B, down 2.6% from a year before; net income came to $5.6B, down 3.6%. Its newest quarterly report covers the three months to Jun 30, 2026: revenue of $22.8B, up 7.6% on the same stretch of the prior year, and net income of $604M. Sources: 10-K for fiscal 2025 (filed Feb 17, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Aug 5, 2026).
Source: 10-K FY2025, filed Feb 17, 2026
Source: 10-Q filed May 6, 2026 · 10-Q filed Aug 5, 2026
How it makes money
U.S. Domestic Package was 67% of 2025 revenue and International Package 21%. Operating cash flow was $8.4B.
Package segments, FY2025
Share is of FY2025 revenue; the items listed don't cover all of it. The last column is the change from FY2024.
What changed last quarter
Comparing Q2 2026 (Apr to Jun 2026) compared with Q2 2025 (Apr to Jun 2025)
Each pair of bars shows the dollar amount for both quarters. Longer bar, more money. Bars in a group share one scale.
Q2 2026Q2 2025
Company
Source: UPS 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
By segment
Source: UPS 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026
The bull case and the bear case
The bull case
- International Package revenue grew 3.4% in 2025. 10-K, FY2025
- Revenue in the quarter ended Jun 30, 2026 was $22.8B, up 7.6% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Diluted shares fell 0.7% in 2025. 10-K, FY2025
The bear case
- Revenue fell 2.6% in 2025 to $88.7B, and U.S. Domestic Package revenue fell 1.4%, as UPS reduced the volume it handles for Amazon, its largest customer, as the 10-K explains. 10-K, FY2025
- Operating cash flow fell 16.5% in 2025 to $8.4B, while total debt rose 13.4%. 10-K, FY2025
- Net income in the quarter ended Jun 30, 2026 fell 52.9% to $604M on a year earlier. 10-Q, quarter ended Jun 30, 2026
- The 10-K lists the economy, competition, its largest customer, labor relations, fuel costs and cyberattacks among its risks. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
UPS is one of the world's largest package delivery companies. It delivers parcels in the US and around the world and offers freight forwarding and logistics.
U.S. Domestic Package delivers ground and air packages within the US. International Package delivers packages to, from and outside the US. Supply Chain Solutions provides forwarding, logistics and health care logistics.
Its fiscal year is the calendar year.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in UPS's latest 10-K. Read the original for the full list.
- EconomyPackage volumes fall when consumers and businesses spend less.
- CompetitionIt competes with FedEx, the US Postal Service, Amazon's own delivery network and others.
- LaborMost US employees are unionized, so labor contracts drive costs.
- CustomersChanges in volume from its largest customers affect revenue and network use.
- TradeTariffs and trade policy affect international shipments.
- CybersecurityAttacks could disrupt its delivery network.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Revenue | $91.0B | $91.1B | $88.7B |
| Net income | $6.7B | $5.8B | $5.6B |
| Operating cash flow | $10.2B | $10.1B | $8.4B |
| Cash & equivalents (year end) | $3.2B | $6.1B | $5.9B |
| Total debt (year end) | $22.3B | $21.3B | $24.1B |
| Diluted shares | 860M | 856M | 850M |
- Revenue: Fees for delivering packages and freight in the US and abroad, plus logistics and forwarding services.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current maturities plus long-term debt, including finance leases, at carrying value.
- Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.
About these numbers
- Supply Chain Solutions is reported outside the two package segments, so their shares don't add up to the whole.
Recent filings
Latest filings
No new 8-K, Form 4 or 13D/13G filings from UPS in the last 30 days.
Common questions about UPS
How does UPS make money?
Fiscal 2025 revenue: $88.7B. U.S. Domestic Package was 67% of 2025 revenue and International Package 21%. Operating cash flow was $8.4B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What was UPS's revenue in fiscal 2025?
$88.7B, down 2.6% from fiscal 2024 ($91.1B). The year ended Dec 31, 2025; for fiscal 2023 the figure was $91.0B. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
Is UPS profitable?
Net income was $5.6B in fiscal 2025 (down 3.6%; fiscal 2024 was $5.8B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $604M. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 17, 2026.
What did UPS report in its latest quarterly filing?
For the three months to Jun 30, 2026: revenue $22.8B (up 7.6% from $21.2B) and net income $604M (down 52.9% from $1.3B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Aug 5, 2026.
How much cash and debt does UPS have?
As of Jun 30, 2026: $4.7B of cash and cash equivalents, $24.5B of total debt. Total debt here is current maturities plus long-term debt, including finance leases, at carrying value. Source: 10-Q filed Aug 5, 2026.
What are the main risks UPS lists?
The risk factors are in Item 1A of the 10-K filed Feb 17, 2026. This page sorts them into 6 groups (Economy; competition; labor; customers; trade; cybersecurity). The first group in plain English: Package volumes fall when consumers and businesses spend less. Source: 10-K, Item 1A Risk Factors.
Where do these UPS numbers come from?
The 10-K filed Feb 17, 2026 (fiscal 2025) and the 10-Q filed Aug 5, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in UPS
- The editor holds no position in UPS (UPS). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell UPS from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number or, for charts, in the source line under them.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold UPS, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| UPS | FY2025 | $88.7B | −2.6% | $5.6B |
| FedExFDX | FY2026 | $94.7B | +7.7% | $4.4B |
| Union PacificUNP | FY2025 | $24.5B | +1.1% | $7.1B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.