Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

Common-Size Balance Sheet: Assets 
Quarterly Data

United Parcel Service Inc., common-size consolidated balance sheet: assets (quarterly data)

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Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
Cash and cash equivalents 7.01 8.72 8.58 9.10 6.33 4.52 6.13 6.84 8.57 7.88 15.88 16.74 17.41 14.78 15.53 14.81 12.21 9.47 14.16 14.20 14.71
Marketable securities 0.38 0.29 0.30 0.31 0.34 4.04 4.22 4.37 4.44 2.80 0.48 0.48 0.48 0.49 0.53 0.53 0.55 0.65 0.64 0.65 0.83
Accounts receivable, net 14.44 15.51 13.47 13.03 14.13 15.83 13.46 13.63 14.27 17.69 15.78 16.26 15.97 18.07 15.93 15.63 16.00 17.23 14.41 14.87 13.34
Assets held for sale 0.00 0.00 0.00 1.70 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.79 1.92 0.00 0.00 0.00
Other current assets 3.12 3.03 2.94 2.97 3.12 3.00 3.57 2.80 2.81 2.87 3.23 3.00 2.65 2.59 2.75 2.92 2.59 3.13 2.72 2.87 2.96
Current assets 24.96% 27.56% 25.29% 27.12% 23.92% 27.40% 27.39% 27.63% 30.09% 31.24% 35.37% 36.48% 36.51% 35.93% 34.75% 33.90% 33.15% 32.39% 31.94% 32.59% 31.84%
Property, plant and equipment, net 54.41 53.06 54.77 53.49 54.96 52.14 51.24 50.47 48.48 48.81 48.35 47.78 47.92 48.23 49.98 50.30 51.26 51.68 51.54 50.66 50.76
Operating lease right-of-use assets 5.86 5.92 6.05 5.89 6.24 6.08 5.92 6.00 5.66 5.28 4.91 4.90 4.96 5.13 5.26 5.50 4.81 4.92 4.84 4.83 4.99
Goodwill 6.85 6.14 6.46 6.27 7.17 6.88 5.83 6.04 5.89 5.94 5.21 5.24 5.23 5.32 5.07 5.18 5.28 5.40 6.11 6.10 6.20
Intangible assets, net 4.82 4.37 4.55 4.47 4.89 4.66 4.11 4.11 3.89 3.93 3.51 3.53 3.52 3.58 3.38 3.45 3.58 3.64 3.67 3.56 3.57
Deferred income tax assets 0.20 0.16 0.18 0.18 0.19 0.18 0.18 0.19 0.21 0.20 0.21 0.23 0.25 0.25 0.28 0.29 0.38 0.84 0.44 0.45 0.49
Other non-current assets 2.90 2.79 2.69 2.59 2.63 2.66 5.32 5.56 5.77 4.60 2.44 1.83 1.61 1.56 1.28 1.39 1.53 1.12 1.45 1.81 2.14
Non-current assets 75.04% 72.44% 74.71% 72.88% 76.08% 72.60% 72.61% 72.37% 69.91% 68.76% 64.63% 63.52% 63.49% 64.07% 65.25% 66.10% 66.85% 67.61% 68.06% 67.41% 68.16%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).

Cash and cash equivalents
There is a fluctuating trend in cash and cash equivalents as a percentage of total assets. Initially around 14-15% in early 2020, the proportion significantly declined towards the end of 2022, reaching a low point below 5% in late 2023 and early 2024. Subsequently, a mild recovery is observed in mid to late 2024, but the ratio remains below the levels seen at the start of the period.
Marketable securities
The percentage allocated to marketable securities remains quite low throughout the observed period, generally below 1% until the end of 2022. A notable spike occurs in late 2022 and early 2023, where the ratio temporarily rises above 4%. However, this spike is short-lived as values quickly revert to below 0.5% from mid-2023 onward.
Accounts receivable, net
This component of current assets fluctuates moderately, typically ranging between approximately 13% and 18%. Peaks are noted around the end of 2020 and the end of 2022, with a relative trough in early 2023. The accounts receivable percentage demonstrates some volatility without a clear sustained upward or downward trajectory.
Assets held for sale
This item appears sporadically, recorded only in a few periods with minor percentages roughly between 1.7% and 1.9%, indicating occasional disposals or planned sales of assets during the timeline.
Other current assets
The share represented by other current assets remains relatively stable, fluctuating narrowly between about 2.6% and 3.6%, with no large directional changes over the entire period.
Current assets
The proportion of current assets within total assets shows a gradual decline, starting around 32-35% in 2020 and decreasing steadily to the mid-20% range by early 2025. This trend suggests a relative reduction in liquidity or short-term asset holdings over the five-year span.
Property, plant and equipment, net
This category consistently comprises the largest portion of total assets, generally maintaining a band between 47% and 54%. An upward trend is noticeable from around 48% at the beginning of 2022 to above 54% by early 2025, indicating increased investment or capitalization in fixed assets.
Operating lease right-of-use assets
The share of operating lease right-of-use assets oscillates between approximately 4.8% and 6.2%. A slow upward trend is observed, particularly from late 2022 through 2024, suggesting increased capitalized leases or lease obligations reflected on the balance sheet.
Goodwill
The goodwill percentage remains relatively stable in the mid-single digits, around 5-7%. Slight fluctuations are evident but there is no clear trend, indicating consistent levels of acquired intangible value relative to total assets.
Intangible assets, net
Intangible assets show a mild increase over time, rising gradually from about 3.5% to near 4.8%. This steady growth points to increasing recognition or capitalization of intangible assets on the balance sheet.
Deferred income tax assets
This component remains small and stable, hovering around 0.2% to 0.8%, with a slight declining tendency towards the end of the period. It represents a relatively minor proportion of total assets.
Other non-current assets
There is a notable increase in other non-current assets during 2022 and early 2023, peaking above 5%, followed by a normalization back to around 2.5-3% in later periods. This volatility may be related to reclassifications or one-off entries during that timeframe.
Non-current assets
Non-current assets represent the majority of total assets, generally between approximately 63% and 76%. A gradual increase is observed over the timeline, with a peak close to 76% in early 2025, indicating a growing asset base in longer-term investments relative to current assets.
Total assets
The total assets figure consistently represents 100% by definition, serving as the base for proportional analysis.