Common-Size Income Statement
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- Common-Size Balance Sheet: Assets
- Analysis of Solvency Ratios
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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United Parcel Service Inc., common-size consolidated income statement
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue and Expense Overview
- Revenue remained constant as a percentage of itself at 100% throughout the analyzed period, serving as the baseline for expense and profit calculations.
- Operating expenses fluctuated moderately, showing a reduction from 90.92% in 2020 to a lower point of 86.83% in 2021 but slightly increasing again toward 90.7% by 2024, indicating some variability in cost control or expense pressures over the years.
- Compensation and Benefits
- Compensation and benefits as a percentage of revenue declined from 52.62% in 2020 to a low of 47.62% in 2022, suggesting improved efficiency or cost management in this category for that period. However, it subsequently rose again to 52.81% by 2024, nearly returning to the initial level, indicating increased labor-related costs or adjustments in wage policies in recent years.
- Repairs and Maintenance
- Repair and maintenance costs showed a slight but consistent upward trend from 2.79% in 2020 to 3.23% in 2024, which might reflect aging infrastructure or increased upkeep expenses.
- Depreciation and Amortization
- Depreciation and amortization expenses increased gradually from 3.19% in 2020 to 3.96% in 2024, reflecting ongoing capital investments and asset aging impacting the income statement over time.
- Purchased Transportation
- Purchased transportation costs decreased notably from 18.47% of revenue in 2020 to 14.92% in 2024, indicating potential improvements in logistics efficiency, renegotiated contracts, or changes in outsourcing strategies.
- Fuel Costs
- Fuel expenses as a percentage of revenue rose sharply from 3.05% in 2020 to 6.00% in 2022, then declined to 4.79% in 2024. This volatile pattern likely reflects fluctuating fuel prices or changes in fuel consumption efficiency during the period.
- Other Occupancy and Other Expenses
- Other occupancy costs increased slightly from 1.82% in 2020 to 2.32% in 2024, while other expenses remained relatively stable around 8–9% of revenue, indicating stable operational overhead outside of direct compensation and transport costs.
- Operating Profit
- Operating profit rose from 9.08% in 2020 to a peak of 13.17% in 2021 but then declined progressively to 9.3% in 2024. This suggests an initial improvement in operational efficiency or profitability followed by margin pressures impacting core operations in later years.
- Investment Income (Expense) and Other
- This category displayed significant volatility, shifting from a negative 6.07% of revenue in 2020 to a positive 4.6% in 2021, declining again to near zero or slightly negative levels in subsequent years. These swings indicate variable returns or gains from investments and other income sources that fluctuate independently from core operations.
- Interest Expense
- Interest expense remained relatively stable, around 0.7% to 0.95% of revenue, showing modest increases possibly linked to incremental debt or changes in interest rates over time.
- Income Before Income Taxes
- Income before income taxes followed a pattern similar to operating profit but amplified by investment and other income effects, peaking at 17.06% in 2021 before declining to 8.17% in 2024, reflecting the combined impact of operational performance and financial income fluctuations.
- Income Tax Expense
- Income tax expense increased significantly in 2021, reaching 3.81% of revenue, and then gradually decreased to 1.82% by 2024. This pattern mirrors changes in profitability and possibly tax planning strategies or tax rate adjustments.
- Net Income
- Net income as a percentage of revenue increased markedly from 1.59% in 2020 to 13.25% in 2021, followed by a steady decline to 6.35% in 2024. This trajectory reflects the impact of fluctuations in both operating performance and non-operating income elements on overall profitability.