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United Parcel ServiceUPS

Legal name
United Parcel Service, Inc.
Sector
Other
Industry
Trucking & Courier Services (No Air)
Exchange
NYSE

Stock Price $UPS

Latest filings

You are here#16 of 116 in Industrials by market cap

Filing record · 2016–202610-K1110-Q338-K111

UPS filed 11 annual reports (10-K), 33 quarterly reports (10-Q) and 111 current reports (8-K) between 2016 and 2026.

  1. FY2018 annual report10-K · Feb ’19Feb ’19
  2. Leadership change8-K · May ’21May ’21
  3. Leadership change8-K · Jun ’25Jun ’25

01—Key figures

Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025
Source: 10-KFY2025

Revenue Trend

Year-over-year comparison from 10-K annual reports

  19. $88.66B
YoY changeLargest recent move+15.0%in FY21Latest −2.6%

Latest bar from 10-KFY2025Click a bar to open its SEC filing

View full history →
All UPS Financial Metrics57 metrics

Income Statement11

Balance Sheet26

Cash Flow15

Per Share5

02—Overview

United Parcel Service Financial Overview 2021–2025

Updated Nov 5, 2026

United Parcel Service is navigating a structural transition, highlighted by a planned more than 50% volume reduction from its largest customer, Amazon, between FY2024 and mid-2026. This deliberate pivot away from low-margin e-commerce forms the core investment thesis: UPS is intentionally shrinking its footprint to prioritize higher-yielding healthcare and small-to-medium business logistics, sacrificing top-line scale to rebuild long-term pricing power.

The friction of this restructuring is visible across the company's financial arc. Total revenue declined from $97.3 billion in FY2021 to $88.7 billiona in FY2025, driven by macroeconomic headwinds and strategic customer exits. Profitability compressed during this window, with the operating margin dropping from a peak of 13.2% to just 8.9% in FY2025 as the company absorbed elevated labor costs from a new Teamsters contract alongside steep internal transformation expenses. However, the focus on revenue quality over raw volume is altering unit economics. Despite average daily package volume sinking 7.0% in FY2025, consolidated revenue per piece jumped 6.6% to $14.50.

To streamline operations, UPS divested its Coyote truckload brokerage for $1.002 billionb in FY2024 while acquiring cold-chain healthcare assets. The company continues to fund shareholder returns, distributing $6.4 billion via dividends and share repurchases in FY2025. The market weighed this transitional friction at the close of FY2025, valuing the stock at $99.19 and 15.1x earnings.

Recent Developments (Q2 and Q3 2026)

During Q2 2026 and Q3 2026, consolidated revenue grew to $22.8 billionc and $22.9 billion, respectively, bolstered by pricing actions and the Andlauer Healthcare Group acquisition. However, GAAP operating profit plunged 49.0% in Q2 2026 due to $1.17 billion in network restructuring charges, while global small package volume fell 5.2% year-to-date. Management raised full-year guidance to $92.6 billion in revenue and executed leadership changes to support a new global operating model.

The bull case centers on accelerating healthcare expansion and small-and-medium-business growth offsetting Amazon volume declines, while the bear case highlights persistent cost inflation and heavy transformation expenses. The stock trades at 17.4x earnings as of the Q3 2026 filing, based on an annual EPS of $6.56d and a share price of $114.31.

What to watch: Network reconfiguration progress; transformation cost trajectory

03—Filings

Recent SEC Filings

  1. 8-KUnited Parcel Service 8-K Report, Executive Changes (Nov 5, 2026)United Parcel Service, Inc. (UPS) announced a strategic expansion of its Board of Directors on November 5, 2026, through an 8-K filing. The company appointed Shannon Eisenhardt as a new director, effective immediately, also making her a member of the Audit Committee. Ms. Eisenhardt brings a wealth of financial and operational experience, notably her current role as Group Chief Financial Officer at Reckitt Benckiser Group plc and her previous extensive tenure at NIKE, Inc. as Chief Financial Officer of Consumer, Marketplace and Brand. This appointment is significant as it enhances the board's financial acumen and oversight capabilities, particularly within the Audit Committee, which is crucial for investor confidence. Ms. Eisenhardt's background in managing global finance, strategy, and business transformation at major consumer and retail companies suggests she will bring valuable insights as UPS continues to navigate its strategic objectives and maintain strong corporate governance. Investors should view this as a positive step towards strengthening board independence and expertise.
  2. 8-KUnited Parcel Service 8-K Report, Financial Results (Oct 27, 2026)United Parcel Service, Inc. (UPS) reported its third-quarter 2026 results, demonstrating robust revenue growth and raising its full-year financial outlook. Consolidated revenue for the quarter increased by 6.7% year-over-year to $22.9 billion, driven by solid performance across all business segments. The company highlighted a 4.5% revenue increase in U.S. Domestic and a 7.1% increase in International, with Supply Chain Solutions seeing an impressive 18.2% jump, largely due to growth in forwarding and logistics. Despite some GAAP charges, including transformation strategy costs and a goodwill impairment in Supply Chain Solutions, UPS raised its full-year 2026 guidance. This includes an improved outlook for consolidated revenue to approximately $92.6 billion, non-GAAP adjusted operating profit to around $8.75 billion, and non-GAAP adjusted diluted EPS to approximately $7.28. The company also increased its non-GAAP adjusted free cash flow target to $6.1 billion, indicating strong operational performance and confidence in future business prospects.
  3. 8-KUnited Parcel Service 8-K Report, Executive Changes (Aug 31, 2026)UPS filed an 8-K on August 31, 2026 disclosing a senior leadership reshuffle tied to a new global operating model. Kate Gutmann, EVP and President, International, Healthcare and Supply Chain Solutions, retires from her current role effective September 1, 2026, and will stay in a transitional advisory role through March 31, 2027. Wilfredo Ramos, a more than 20-year UPS veteran who most recently led Asia Pacific and Global Brokerage, succeeds her as EVP and Chief International, Healthcare and Supply Chain Solutions Officer. The filing describes the departure as personal and family-related, and no financial results or guidance were disclosed. The more substantive change is the shift to a global operating model, which the company says follows the completion of the Amazon volume glide-down and network reconfiguration in June 2026. UPS plans to standardize critical operational processes across geographies while keeping local flexibility. Nando Cesarone moves from EVP and President, U.S. to EVP and Chief Global Operations Officer, overseeing the global air network, surface transportation, facilities and engineering, the Intelligent Network of the Future initiative, automotive operations, and sustainability. Matt Guffey becomes EVP and Chief U.S. Domestic Officer, and a new Chief Global Commercial Strategy Officer role is being created, with a search underway. Retention RSU awards are granted to Cesarone ($6.0 million) and Bala Subramanian ($3.0 million), vesting 25%/25%/50% on September 1 of 2027, 2028 and 2029. For investors, the filing is primarily a governance and organizational update rather than a financial event. The reorganization signals management's intent to shift from the Amazon-related network transition toward profitable growth and a more integrated global logistics model. Execution risk is the key issue to monitor, particularly the unfilled commercial strategy role, the pace of process standardization, and whether the retention awards keep key operators in place through the transition.
  4. 8-KUnited Parcel Service 8-K Report, Corporate Update (Aug 18, 2026)United Parcel Service, Inc. (UPS) has announced a significant financing event through an Underwriting Agreement dated August 14, 2026. The company has agreed to sell, and underwriters have agreed to purchase, $325,105,000 in aggregate principal amount of Floating Rate Senior Notes due 2076. This issuance is a key strategic move to bolster the company's financial flexibility and support its ongoing operations. The net proceeds from this transaction are earmarked for general corporate purposes, indicating a broad application for strengthening UPS's financial position. Investors should view this as a proactive step by management to secure capital for future growth initiatives, working capital needs, or other strategic investments. The long maturity of the notes (due 2076) suggests a long-term funding strategy, potentially locking in favorable rates for an extended period.
  5. 8-KUnited Parcel Service 8-K Report, Corporate Update (Aug 12, 2026)United Parcel Service, Inc. (UPS) announced on August 10, 2026, the execution of an Underwriting Agreement to sell $1 billion in aggregate principal amount of 4.850% Senior Notes due 2031. This offering is structured to allocate a significant portion of the proceeds directly to the company's pension trusts. Specifically, $200 million principal amount of these Notes will be contributed to the UPS Retirement Plan Trust, and another $250 million will go to the Master Trust, which funds several defined benefit pension plans. The net proceeds from the portion of the offering not allocated to the trusts will be used by UPS for general corporate purposes. Investors should note that UPS will not receive proceeds from the Notes that are directly transferred to the Trusts as part of this transaction.
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04—See also

Related Companies

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