Common-Size Income Statement
Quarterly Data
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United Parcel Service Inc. pages available for free this week:
- Income Statement
- Analysis of Profitability Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Price to FCFE (P/FCFE)
- Selected Financial Data since 2005
- Return on Assets (ROA) since 2005
- Total Asset Turnover since 2005
- Analysis of Revenues
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United Parcel Service Inc., common-size consolidated income statement (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 financial performance, as represented by common-size income statements, reveals several notable trends between March 2021 and December 2025. Revenue consistently remained at 100% throughout the period, serving as the base for all percentage calculations. A significant portion of revenue is consistently allocated to compensation and benefits, fluctuating between approximately 45% and 57% over the observed timeframe, with a clear upward trend towards the end of the period.
- Cost of Goods Sold & Operating Expenses
- Purchased transportation, fuel, and repairs & maintenance collectively represent a substantial portion of revenue, ranging from approximately 27% to 36% during the analyzed period. Fuel costs experienced a notable increase from 3.52% in March 2021 to around 5% in early 2023, before decreasing to 4.61% by December 2025. Purchased transportation costs demonstrated a consistent downward trend, decreasing from 18.52% to 11.74% over the period. Other occupancy and other expenses also contribute significantly, consistently accounting for around 10% of revenue. Operating expenses, in total, consistently consumed between 85% and 94% of revenue, with a peak of 93.62% in September 2023.
Operating profit as a percentage of revenue exhibited volatility, ranging from a low of 6.38% in September 2023 to a high of 14.01% in December 2021. A general downward trend in operating profit is observed from 2021 through 2023, followed by a slight recovery towards the end of 2024 and 2025. Investment income and other items show fluctuations, with a significant spike in June 2022 (5.38%), but generally remain relatively small contributors to overall profitability.
- Profitability & Taxes
- Interest expense remained relatively stable, fluctuating between approximately 0.67% and 1.36% of revenue. Income before income taxes demonstrated a similar pattern to operating profit, with a decline in 2023 and a subsequent partial recovery. The effective tax rate, as indicated by income tax expense as a percentage of revenue, varied between approximately 2.86% and 6.16%. Net income as a percentage of revenue followed the trends of income before taxes, ranging from a low of 5.35% to a high of 20.92%, with a noticeable decrease in 2023 and a subsequent increase towards the end of the period.
The period between September 2023 and December 2025 shows some stabilization in several expense categories, alongside a modest recovery in operating profit and net income. However, compensation and benefits continue to represent a growing proportion of revenue, potentially indicating increasing labor costs. The decrease in purchased transportation costs is a positive trend, potentially reflecting efficiency gains or changes in logistical strategies.