United Parcel Service, Inc. (UPS) Income Statement
UPS 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsUPS revenue and net income
Where UPS's revenue goes
2025Each bar shows an amount and its share of revenue. UPS kept 6.3% of revenue as net income.
UPS profit margins
UPS growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −2.5% | −3.9% | +1.0% | +4.3% |
| Gross profit | −6.0% | −7.2% | −5.9% | −5.2% |
| Operating income | −9.4% | −15.3% | +0.1% | +0.3% |
| Net income | −3.6% | −21.6% | +32.9% | +1.4% |
| EPS (diluted) | −7.4% | −17.9% | −2.7% | +2.8% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
UPS quarterly EPS vs estimates
UPS beat the analyst EPS estimate in 7 of the last 8 quarters. Next report: October 27, 2026 (estimate $1.63).
UPS income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $88.66B | $90.89B | $90.75B | $100.03B | $97.20B | $84.43B | $73.92B | $71.91B | $65.87B | $60.91B |
| Cost of revenue | $72.63B | $73.84B | $73.04B | $79.95B | $79.77B | $62.65B | $57.82B | $57.74B | $58.34B | $55.44B |
| Gross profit | $16.03B | $17.06B | $17.71B | $20.08B | $17.43B | $21.78B | $16.09B | $14.17B | $7.53B | $5.47B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $53.98B | $53.15B | $51.94B | $56.05B | $46.71B | $52.13B | $44.83B | $42.70B | $39.63B | $39.39B |
| Total operating expenses | $8.16B | $8.37B | $8.34B | $7.11B | $4.33B | $13.95B | $8.22B | $7.09B | $5.04B | $4.62B |
| Operating income | $7.87B | $8.69B | $9.37B | $12.97B | $13.11B | $7.84B | $7.88B | $7.07B | $7.53B | $5.47B |
| Interest income | $1.02B | $866.0M | $785.0M | $704.0M | $694.0M | $701.0M | $654.0M | $691.0M | $398.0M | $381.0M |
| Interest expense | $1.01B | $861.0M | $775.0M | $694.0M | $683.0M | $684.0M | $629.0M | $572.0M | $453.0M | $381.0M |
| Income before taxes | $7.16B | $7.44B | $8.57B | $14.82B | $16.59B | $1.84B | $5.65B | $6.02B | $7.15B | $5.14B |
| Income taxes | $1.59B | $1.66B | $1.86B | $3.28B | $3.71B | $501.0M | $1.21B | $1.23B | $2.24B | $1.71B |
| Net income | $5.57B | $5.78B | $6.71B | $11.55B | $12.89B | $1.34B | $4.44B | $4.79B | $4.91B | $3.43B |
| EBITDA | $11.93B | $11.91B | $12.71B | $18.71B | $20.23B | $5.23B | $8.64B | $8.80B | $9.81B | $7.69B |
| EPS (diluted) | $7.16 | $7.73 | $8.78 | $12.95 | $12.13 | $8.22 | $7.53 | $7.25 | $6.02 | $5.77 |
| Gross margin | 18.1% | 18.8% | 19.5% | 20.1% | 17.9% | 25.8% | 21.8% | 19.7% | 11.4% | 9.0% |
| Operating margin | 8.9% | 9.6% | 10.3% | 13.0% | 13.5% | 9.3% | 10.7% | 9.8% | 11.4% | 9.0% |
| Net margin | 6.3% | 6.4% | 7.4% | 11.5% | 13.3% | 1.6% | 6.0% | 6.7% | 7.5% | 5.6% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $22.83B | $21.20B | $24.48B | $21.41B | $21.22B | $21.55B | $25.24B | $22.21B | $21.77B | $21.66B | $24.86B | $21.02B |
| Cost of revenue | $19.80B | $17.84B | $19.39B | $17.93B | $17.44B | $17.87B | $19.99B | $18.42B | $18.00B | $18.09B | $19.94B | $17.67B |
| Gross profit | $3.03B | $3.36B | $5.08B | $3.49B | $3.78B | $3.68B | $5.25B | $3.79B | $3.78B | $3.57B | $4.92B | $3.35B |
| Sales, general & admin | — | — | $14.42B | $13.47B | $12.93B | $13.17B | $14.31B | $13.19B | — | — | — | $12.73B |
| Total operating expenses | $2.10B | $2.09B | $2.51B | $1.68B | $1.96B | $2.01B | $2.27B | $1.68B | $1.85B | $1.86B | $2.30B | $1.89B |
| Operating income | $930.0M | $1.27B | $2.58B | $1.80B | $1.82B | $1.67B | $2.99B | $2.11B | $1.93B | $1.71B | $2.63B | $1.46B |
| Interest income | — | — | $266.0M | $291.0M | $238.0M | $222.0M | $229.0M | $230.0M | — | — | — | $199.0M |
| Interest expense | $804.0M | $266.0M | $266.0M | $290.0M | $236.0M | $221.0M | $228.0M | $229.0M | $210.0M | $194.0M | $206.0M | $193.0M |
| Income before taxes | $761.0M | $1.12B | $2.37B | $1.61B | $1.66B | $1.52B | $2.13B | $1.91B | $1.87B | $1.54B | $2.06B | $1.27B |
| Income taxes | $157.0M | $260.0M | $581.0M | $296.0M | $379.0M | $336.0M | $406.0M | $371.0M | $460.0M | $423.0M | $458.0M | $141.0M |
| Net income | $604.0M | $864.0M | $1.79B | $1.31B | $1.28B | $1.19B | $1.72B | $1.54B | $1.41B | $1.11B | $1.60B | $1.13B |
| EBITDA | $1.79B | $2.38B | $3.61B | $2.82B | $2.84B | $2.66B | $3.27B | $3.04B | $2.97B | $2.63B | $3.14B | $2.30B |
| EPS (diluted) | $1.76 | $1.07 | $2.38 | $1.74 | $1.55 | $1.49 | $2.75 | $1.76 | $1.79 | $1.43 | $2.47 | $1.57 |
| Gross margin | 13.3% | 15.8% | 20.8% | 16.3% | 17.8% | 17.1% | 20.8% | 17.1% | 17.3% | 16.5% | 19.8% | 15.9% |
| Operating margin | 4.1% | 6.0% | 10.5% | 8.4% | 8.6% | 7.7% | 11.8% | 9.5% | 8.9% | 7.9% | 10.6% | 6.9% |
| Net margin | 2.6% | 4.1% | 7.3% | 6.1% | 6.0% | 5.5% | 6.8% | 6.9% | 6.5% | 5.1% | 6.5% | 5.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in UPS's financial statements (latest annual report filed February 17, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
UPS financial results
In fiscal year 2025 (ended December 31, 2025), UPS reported revenue of $88.7 billion, down 2.5% from the year before. It had net income of $5.6 billion (down 3.6%), a net profit margin of 6.3%. Diluted earnings per share came to $7.16. Over five years revenue grew at an average rate of 1.0% a year.
See the UPS stock overview for the latest quote and news, or the UPS chart for price history and technical indicators.
UPS income statement FAQ
What is UPS's annual revenue?
UPS reported total revenue of $88.7 billion for fiscal year 2025, which ended on December 31, 2025. That was down 2.5% from $90.9 billion the previous year.
Is UPS profitable?
Yes. UPS reported net income of $5.6 billion in fiscal 2025, a net profit margin of 6.3%; its operating margin was 8.9%.
What is UPS's gross margin?
UPS's gross margin was 18.1% in fiscal 2025: for every $100 of revenue, UPS kept $18 after the direct cost of its products and services.
How fast is UPS growing?
Revenue grew 1.0% a year on average over the last five fiscal years, from $84.4 billion to $88.7 billion.
What are UPS's earnings per share?
UPS earned $7.16 per diluted share in fiscal 2025, compared with $7.73 a year earlier.
When will UPS report its next earnings?
UPS is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 before the market opens.
When does UPS's fiscal year end?
UPS's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 17, 2026.