15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 0.9% per year over the past 5 years.
Net income has grown faster than revenue (32.9% vs 0.9% per year).
Operating margin has been roughly flat, at 8.9% in the latest year.
Free cash flow has declined 1.1% per year over the past 5 years.
Financial health
Total debt ($23.6B) exceeds cash ($5.9B); net debt is $17.7B.
Total debt has grown in line with revenue (-0.7% vs 0.9% per year).
Operating income covered interest expense 7.7× in the latest year.
Total debt is 2.2× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 96.9% of earnings and 113.3% of free cash flow.
The dividend has grown 9.9% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$88.7B
$5.6B
0.0%
8.9%
$4.8B
$23.6B
$5.9B
2024
$91.1B
$5.8B
0.0%
9.3%
$6.2B
$21.0B
$6.1B
2023
$91.0B
$6.7B
0.0%
10.0%
$5.1B
$22.0B
$3.2B
2022
$100.3B
$11.5B
0.0%
13.0%
$9.3B
$19.4B
$5.6B
2021
$97.3B
$12.9B
0.0%
13.2%
$10.8B
$21.7B
$10.3B
2020
$84.6B
$1.3B
0.0%
9.1%
$5.0B
$24.5B
$5.9B
2019
$74.1B
$4.4B
0.0%
10.5%
$2.3B
$24.9B
$5.2B
2018
$71.9B
$4.8B
0.0%
9.8%
$6.4B
$22.3B
$4.2B
2017
$66.6B
$4.9B
0.0%
11.3%
-$3.7B
$23.9B
$3.3B
2016
$61.6B
$3.4B
0.0%
12.5%
$3.5B
$15.6B
$3.5B
2015
—
$4.8B
—
—
$5.1B
$13.7B
$2.7B
2014
—
$3.0B
—
—
$3.4B
$10.1B
$2.3B
2013
—
$4.4B
—
—
$5.2B
$10.3B
$4.7B
2012
—
$807M
—
—
$5.1B
$12.0B
$7.3B
2011
—
$3.8B
—
—
$5.1B
$11.1B
$3.0B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$21.2B
$864M
0.0%
6.0%
$1.2B
—
$5.8B
Dec '25
$24.5B
$1.8B
0.0%
10.5%
$2.6B
$23.6B
$5.9B
Sep '25
$21.4B
$1.3B
0.0%
8.4%
$1.5B
—
$6.8B
Jun '25
$21.2B
$1.3B
0.0%
8.6%
-$775M
—
$6.2B
Mar '25
$21.5B
$1.2B
0.0%
7.7%
$1.4B
—
$4.8B
Dec '24
$25.3B
$1.7B
0.0%
11.6%
$2.2B
$21.0B
$6.1B
Sep '24
$22.2B
$1.5B
0.0%
8.9%
$655M
—
$5.9B
Jun '24
$21.8B
$1.4B
0.0%
8.9%
$1.1B
—
$6.3B
Mar '24
$21.7B
$1.1B
0.0%
7.4%
$2.3B
—
$4.3B
Dec '23
$24.9B
$1.6B
0.0%
9.9%
$362M
$22.0B
$3.2B
Sep '23
$21.1B
$1.1B
0.0%
6.4%
$944M
—
$4.3B
Jun '23
$22.1B
$2.1B
0.0%
12.6%
$2.0B
$20.8B
$4.8B
Mar '23
$22.9B
$1.9B
0.0%
11.1%
$1.7B
$22.2B
$6.2B
Dec '22
$27.0B
$3.5B
0.0%
11.8%
$841M
$19.4B
$5.6B
Sep '22
$24.2B
$2.6B
0.0%
12.9%
$1.6B
$20.4B
$11.0B
Jun '22
$24.8B
$2.8B
0.0%
14.3%
$3.0B
$20.6B
$11.7B
Mar '22
$24.4B
$2.7B
0.0%
13.3%
$3.9B
$21.9B
$12.2B
Dec '21
$27.8B
$3.1B
0.0%
14.0%
$1.6B
$21.7B
$10.3B
Sep '21
$23.2B
$2.3B
0.0%
12.5%
$2.4B
$22.1B
$10.2B
Jun '21
$23.4B
$2.7B
0.0%
13.9%
$3.1B
$23.1B
$9.6B
Valuation over time
How the market has priced UPS against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has risen from 14.3× (Mar '23) to 16.7× (Jun '26).
The price-to-sales ratio has fallen from 1.6× (Mar '23) to 1.0× (Jun '26).
The dividend yield has risen from 3.1% (Mar '23) to 5.8% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is UPS growing its revenue and profit?
Over the past 5 years, United Parcel Service's revenue has grown 0.9% per year, and net income grown 32.9% per year. These are computed facts, not advice.
How much debt does UPS have?
As of FY2025, United Parcel Service reported $23.6B of total debt against $5.9B of cash; operating income covered interest expense 7.7×.
What is UPS's profit margin?
In FY2025, gross margin was —, operating margin 8.9%, and net margin 6.3%.
What is UPS's P/E ratio?
As of Jun '26, United Parcel Service traded at a price-to-earnings ratio of about 16.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.