Analysis of Revenues

Revenues as Reported

Revenues as Reported

United Parcel Service Inc., income statement, revenues

US$ in millions

12 months ended:	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Next Day Air	9,652)	9,703)	9,894)	10,699)	10,009)
Deferred	4,446)	4,757)	5,093)	5,968)	5,846)
Ground	44,183)	45,347)	44,971)	47,542)	44,462)
Cargo & Other	1,238)	569)	247)	402)	—)
U.S. Domestic Package	59,519)	60,376)	60,205)	64,611)	60,317)
Domestic	3,401)	3,186)	3,144)	3,346)	3,690)
Export	14,479)	14,142)	14,003)	15,341)	15,012)
Cargo & Other	696)	632)	684)	1,011)	839)
International Package	18,576)	17,960)	17,831)	19,698)	19,541)
Forwarding	2,916)	4,728)	5,534)	8,943)	9,872)
Logistics	5,855)	6,437)	5,927)	5,351)	4,767)
Freight	—)	—)	—)	—)	1,064)
Other	1,795)	1,569)	1,461)	1,735)	1,726)
Supply Chain Solutions	10,566)	12,734)	12,922)	16,029)	17,429)
Consolidated revenue	88,661)	91,070)	90,958)	100,338)	97,287)

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).

Overall, consolidated revenue exhibited initial growth followed by a decline over the observed period. Revenue peaked in 2022 at US$100.338 billion before decreasing to US$88.661 billion by 2025. This represents a net decrease of approximately 11.6% over the five-year period. Several key segments contributed to these trends, exhibiting varying performance.

U.S. Domestic Package Revenue: U.S. Domestic Package revenue increased from US$60.317 billion in 2021 to US$64.611 billion in 2022, but subsequently declined, reaching US$59.519 billion in 2025. While remaining the largest single revenue contributor, the segment experienced a net decrease of approximately 1.3% over the period. Within this segment, Next Day Air revenue showed a consistent, albeit moderate, decline from US$10.009 billion to US$9.652 billion. Deferred and Ground revenues also experienced declines, though Ground revenue remained relatively stable between 2023 and 2024.
International Revenue: International Package revenue demonstrated a similar pattern to the U.S. Domestic segment, peaking at US$19.698 billion in 2022 and decreasing to US$18.576 billion in 2025. Export revenue remained relatively consistent, fluctuating between US$14.003 billion and US$15.341 billion. A significant decline is observed in Forwarding revenue, decreasing from US$9.872 billion in 2021 to US$2.916 billion in 2025. Cargo & Other revenue within the international segment showed growth, particularly in 2025.
Supply Chain Solutions Revenue: Supply Chain Solutions revenue experienced a substantial and consistent decline throughout the period, decreasing from US$17.429 billion in 2021 to US$10.566 billion in 2025. This represents a decrease of approximately 39.4% over the five-year period and is a significant contributor to the overall revenue decline.
Other Revenue Segments: Logistics revenue generally increased from US$4.767 billion to US$6.437 billion between 2021 and 2023, before decreasing to US$5.855 billion in 2025. Other revenue showed modest growth, increasing from US$1.726 billion to US$1.795 billion. The Freight segment only has revenue reported for 2021, and Cargo & Other revenue showed growth in later years, though from a smaller base.

The decline in consolidated revenue appears to be driven primarily by decreases in Supply Chain Solutions and U.S. Domestic Package revenue, partially offset by growth in Logistics and Cargo & Other revenue. The significant reduction in Forwarding revenue within the International segment also contributed to the overall downward trend.

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United Parcel Service Inc. (NYSE:UPS)

Analysis of Revenues

Revenues as Reported