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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Jun 30, 2025 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 8.73 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 0.13 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 14.71 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 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 3.01 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 26.58% 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 53.17 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 5.61 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 6.78 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 4.73 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 0.20 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 2.93 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 73.42% 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% 100.00%

Based on: 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), 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
The proportion of cash and cash equivalents to total assets exhibited some variability over the periods. It started at 14.71% in March 2020, experienced a decline to a low of 4.52% in December 2023, and then showed a modest recovery, reaching 8.73% by June 2025. The overall trend suggests a reduction in liquidity levels relative to total assets over the longer term, with some intermittent recoveries.
Marketable Securities
This component remained relatively low throughout the periods, generally below 1% until a notable spike occurred in the December 2022 quarter at 2.8%, peaking at 4.44% in June 2023. Subsequently, there was a sharp decrease again, dropping below 0.4% by June 2025. The brief rise may indicate temporary investment activity or strategic shifts in short-term asset allocation.
Accounts Receivable, Net
The ratio fluctuated moderately, with a range from about 13.34% to 18.07%. It peaked around December 2020 and December 2022 at 17.23% and 17.69%, respectively. The data suggests seasonal or operational influences affecting receivables, although it predominantly stayed within a relatively stable range, implying consistent credit and collection practices over time.
Assets Held for Sale
This category appeared sporadically, emerging briefly in December 2020 and March 2021 at just under 2%, disappearing thereafter until resurfacing at 1.7% in June 2024. The intermittent presence indicates occasional asset divestitures or restructuring events during the analyzed timeframe.
Other Current Assets
These assets showed modest fluctuations, generally maintaining a narrow range between 2.59% and 3.57%. The trend suggests relative stability in miscellaneous current asset holdings, with no significant spikes or declines observed.
Current Assets
The proportion of current assets to total assets initially increased from approximately 31.84% in early 2020 to a peak near 36.51% by March 2022. Subsequently, there was a decline to 23.92% by March 2024, followed by some recovery towards 26.58% in June 2025. This pattern indicates a shift in asset allocation between current and non-current assets, possibly reflecting operational or strategic changes impacting liquidity and working capital.
Property, Plant, and Equipment, Net
This asset class consistently represented the largest share of total assets, fluctuating between 47.78% and 54.96%, with a generally upward trajectory in recent periods. This indicates ongoing investment and perhaps expansion or enhancement in physical assets, supporting core operational capacity.
Operating Lease Right-of-Use Assets
The allocation for right-of-use assets remained relatively stable, ranging from 4.81% to 6.24%, with a slight increasing trend observed around 2023 and 2024. This stability reflects consistent lease obligations and associated assets over the analyzed periods.
Goodwill
Goodwill as a percentage of total assets held steady around 5-7%, with a slight upward trend into 2024, reaching 7.17%. This indicates plausible acquisitions or goodwill impairments not severely impacting the carrying value, thus maintaining a significant intangible asset base.
Intangible Assets, Net
Intangible assets maintained a proportional range between 3.37% and 4.89%, trending upwards particularly from 2022 onward. This may reflect continued capitalization of intangible resources such as patents, trademarks, or software development, contributing growing value to the asset portfolio.
Deferred Income Tax Assets
The share of deferred tax assets remained consistently low, under 1%, with a slight declining trajectory overall. This stability suggests limited fluctuations in temporary differences or carryforwards affecting tax accounting over time.
Other Non-Current Assets
These assets showed variable trends with a pronounced increase from 2.44% in September 2022 to a peak of 5.77% in March 2023, followed by a decline towards historical levels near 2.9% by mid-2025. Such swings imply episodic recognition or disposition of certain non-current assets unrelated to primary categories.
Non-Current Assets
The aggregate non-current assets portion generally declined from roughly 68% at the start of the period to a low near 63.49% in March 2021, but then increased to peak at 76.08% by March 2024 before settling around 73.42% in mid-2025. This pattern highlights a reallocation towards long-term investments and capital assets in recent years, highlighting strategic emphasis on fixed and intangible assets.