Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

$24.99

Common-Size Income Statement
Quarterly Data

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United Parcel Service Inc., common-size consolidated income statement (quarterly data)

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3 months ended: 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
Revenue
Compensation and benefits
Repairs and maintenance
Depreciation and amortization
Purchased transportation
Fuel
Other occupancy
Other expenses
Operating expenses
Operating profit
Investment income (expense) and other
Interest expense
Other income (expense)
Income before income taxes
Income tax expense
Net income

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.