Common-Size Balance Sheet: Assets
Quarterly Data
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United Parcel Service Inc., common-size consolidated balance sheet: assets (quarterly data)
Based on: 10-K (reporting date: 2025-12-31), 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 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).
The composition of assets for the analyzed entity exhibits several notable shifts over the observed period, spanning from March 31, 2021, to December 31, 2025. A general trend indicates a decrease in the proportion of current assets relative to non-current assets throughout the period. Within current assets, cash and cash equivalents initially increased, peaking in June 2021, before declining significantly to reach its lowest point in December 2022, and showing some recovery towards the end of the period. Accounts receivable, net, remained relatively stable as a percentage of total assets, with some fluctuation, but generally staying within a range of 13% to 18%. A notable increase in ‘Other current assets’ is observed from 2022 onwards, peaking in September 2023, before decreasing again.
- Property, Plant, and Equipment (PP&E)
- PP&E consistently represents the largest portion of total assets, generally ranging between 47% and 55%. A gradual increase is observed in the proportion of PP&E over the period, suggesting a potential focus on long-term asset investment. This increase is particularly pronounced in 2023 and early 2024.
- Long-Term Assets
- Goodwill and intangible assets demonstrate an increasing trend as a percentage of total assets. Goodwill, in particular, shows a substantial rise from approximately 5% in early 2021 to nearly 8% by the end of 2025. Intangible assets also exhibit a similar upward trajectory, increasing from around 3.6% to 5.5% over the same period. Operating lease right-of-use assets remained relatively stable between 4.8% and 6.2% for most of the period, with a slight increase towards the end. Other non-current assets also increased, particularly from 2022 onwards, reaching a peak in December 2023 before decreasing slightly.
The shift in asset composition suggests a potential strategic move towards greater reliance on long-term assets and a reduction in the relative importance of highly liquid current assets. The increases in goodwill and intangible assets could be indicative of acquisitions or increased investment in internally developed intellectual property. The fluctuations in cash and cash equivalents may reflect changes in working capital management or investment activities. The increase in ‘Other current assets’ warrants further investigation to understand its composition and potential impact on the company’s financial position.
- Overall Trend
- The overall trend indicates a transition from a more current-asset-heavy balance sheet to one with a greater proportion of non-current assets. This shift could reflect a long-term growth strategy focused on expanding operational capacity and building brand equity through intangible assets.