Common-Size Income Statement
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- Balance Sheet: Assets
- Common-Size Balance Sheet: Assets
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Short-term (Operating) Activity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Analysis of Geographic Areas
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Net Profit Margin since 2005
- Analysis of Debt
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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).
- Compensation and benefits
- Compensation and benefits as a percentage of revenue show a general downward trend from around -55.92% in early 2020 to fluctuating levels near -54.79% by mid-2025, with some improvement through 2021 and early 2022, followed by increases again in the latter periods. Seasonal and cyclical fluctuations are apparent, notably an increase in late 2023 and mid-2025.
- Repairs and maintenance
- This expense category remained relatively stable throughout the periods, generally fluctuating between -3.56% and -1.61% of revenue. A slight upward trend is observed from 2022 onwards with a few peaks around -3.4%, indicating modestly increasing maintenance costs relative to revenue over time.
- Depreciation and amortization
- Depreciation and amortization costs as a percentage of revenue generally increased from about -3.59% in early 2020 to levels peaking near -4.41% by late 2024. This trend suggests increasing capital expenditures or asset base growth impacting non-cash charges over time.
- Purchased transportation
- Purchased transportation exhibited volatility with percentages ranging from around -20.64% in late 2021 down to approximately -11.88% in mid-2025. A notable declining trend after 2021 suggests improved efficiency or reduced reliance on third-party transportation, potentially contributing to cost containment.
- Fuel
- Fuel expenses relative to revenue showed a significant increase in mid-2022 to mid-2023, peaking around -6.85%, followed by a reduction to about -4.99% by mid-2025. This pattern reflects fluctuating fuel prices and possible operational adjustments to manage fuel consumption.
- Other occupancy
- Other occupancy costs remained relatively stable near -2%, with moderate fluctuations throughout the periods. The slight increases observed in 2023 to 2025 indicate marginally higher occupancy-related expenses relative to revenue.
- Other expenses
- Other expense ratios fluctuated between approximately -9.4% and -7.42%, with intermittent spikes notably in early 2021 and late 2022. This variability reflects other operational cost pressures that intermittently affected overall cost structure.
- Operating expenses
- Overall operating expenses as a percentage of revenue demonstrated a gradual improvement from a high near -94.06% in early 2020 to a lower range close to -85.73% through mid-2022, followed by some deterioration back towards the low 90s% in later periods. This indicates some operational leverage and cost control efforts, although late-period volatility suggests ongoing expense management challenges.
- Operating profit
- Operating profit margins exhibited a recovery from a low of 5.94% in early 2020 to a peak near 14.27% in mid-2022. Subsequent quarters show volatility with a downward trend averaging between 6% and 12%, reflecting sensitivity to cost pressures and revenue stability.
- Investment income (expense) and other
- This category showed significant variability, including an extreme negative spike around -24.7% in late 2020 and a substantial positive spike of 15.78% in early 2021, followed by lower, relatively stable contributions near 0.3-0.7% in recent periods. These fluctuations indicate the impact of irregular investment gains or losses.
- Interest expense
- Interest expense as a percentage of revenue remained relatively low and stable, fluctuating narrowly between -0.62% and -1.12%, with a slight upward tendency toward later periods, which could suggest marginally increased debt levels or interest rates.
- Other income (expense)
- Other income and expense showed notable volatility with sharp negative values in late 2020 (about -25.41%) and early 2021 (15.01%), then settling to small positive or negative amounts near zero through mid-2025. This indicates one-off income or expense items affecting net financial results during the earlier periods.
- Income before income taxes
- Income before income taxes followed a pattern similar to operating profit, with a trough of -17.22% in late 2020, peaks around 27.08% in early 2021, and more moderate levels averaging 7-14% in subsequent periods. This reflects volatility driven by both operating performance and other income or expense fluctuations.
- Income tax expense
- Income tax expense as a percentage of revenue was generally negative, indicating tax payments, with a few anomalous positive values reflecting tax benefits or adjustments. The tax rate varied but was mostly stable around -1.5% to -3.5% with some relief observed in early 2023 to late 2024.
- Net income
- Net income margins mirrored income before taxes, showing a sharp decline to -13.44% in late 2020, followed by recovery surges reaching 12.77% in late 2022. Subsequently, net income stabilized within the 5%-11% range, reflecting an overall resilient profitability despite some earlier periods of significant pressure.