Stock Analysis on Net
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United Parcel Service Inc. (NYSE:UPS)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 

United Parcel Service Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2025 Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021
Current maturities of long-term debt and finance leases 0.83 2.62 4.73 3.29 3.07
Current maturities of operating leases 1.04 1.05 1.00 0.87 0.84
Accounts payable 9.08 8.99 8.95 10.56 10.84
Accrued wages and withholdings 5.08 5.22 4.55 5.69 5.50
Self-insurance reserves 1.56 1.55 1.86 1.50 1.51
Accrued group welfare and retirement plan contributions 1.90 1.98 2.09 1.51 1.50
Other current liabilities 1.88 2.05 1.77 2.07 2.06
Current liabilities 21.37% 23.46% 24.95% 25.50% 25.31%
Long-term debt and finance leases, excluding current maturities 32.18 27.75 26.70 24.35 28.51
Non-current operating leases 5.06 5.19 5.30 4.55 4.37
Pension and postretirement benefit obligations 8.98 9.79 8.69 6.76 11.59
Deferred income tax liabilities 5.05 5.13 5.32 6.05 4.50
Other non-current liabilities 5.12 4.78 4.61 4.94 5.16
Non-current liabilities 56.39% 52.64% 50.62% 46.65% 54.13%
Total liabilities 77.76% 76.11% 75.56% 72.16% 79.44%
Class A common stock 0.00 0.00 0.00 0.00 0.00
Class B common stock 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 0.38 0.19 0.00 0.00 1.94
Retained earnings 27.57 29.80 29.71 29.98 23.31
Accumulated other comprehensive loss -5.76 -6.15 -5.30 -2.18 -4.72
Deferred compensation obligations 0.01 0.01 0.01 0.02 0.02
Treasury stock -0.01 -0.01 -0.01 -0.02 -0.02
Equity for controlling interests 22.20% 23.86% 24.42% 27.82% 20.54%
Noncontrolling interests 0.04 0.04 0.01 0.02 0.02
Total shareowners’ equity 22.24% 23.89% 24.44% 27.84% 20.56%
Total liabilities and shareowners’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2025-12-31), 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).

The composition of liabilities and shareowners’ equity exhibited several notable shifts between 2021 and 2025. Overall, the proportion of total liabilities increased slightly over the period, while the share of equity decreased. A more detailed examination reveals specific trends within both categories.

Current Liabilities
Current liabilities, as a percentage of the total, generally decreased from 25.31% in 2021 to 21.37% in 2025. Within this category, current maturities of long-term debt and finance leases demonstrated a significant decline from 3.07% to 0.83%. Accounts payable remained relatively stable, fluctuating between 8.95% and 10.84%. Accrued wages and withholdings decreased from 5.50% to 5.08%, while other current liabilities showed a similar downward trend, moving from 2.06% to 1.88%.
Non-Current Liabilities
Non-current liabilities displayed a more complex pattern. Initially decreasing from 54.13% in 2021 to 46.65% in 2022, they subsequently increased to 56.39% in 2025. Long-term debt excluding current maturities increased substantially from 24.35% in 2022 to 32.18% in 2025. Pension and postretirement benefit obligations decreased significantly from 11.59% in 2021 to 8.98% in 2025, while deferred income tax liabilities remained relatively stable, fluctuating between 5.05% and 6.05%.
Total Liabilities
Total liabilities decreased from 79.44% in 2021 to a low of 72.16% in 2022, then increased to 77.76% in 2025. This suggests a period of deleveraging followed by a renewed reliance on debt financing. The increase in long-term debt in later years contributed to this trend.
Shareowners’ Equity
Shareowners’ equity decreased from 20.56% in 2021 to 22.24% in 2025. Retained earnings, a significant component of equity, decreased from 23.31% to 27.57% over the period. Accumulated other comprehensive loss increased in absolute value, moving from -4.72% to -5.76%. Additional paid-in capital experienced a slight increase from 1.94% to 0.38% in 2025, after being unavailable in 2022 and 2023.

The observed trends indicate a shift in the company’s capital structure towards greater reliance on long-term debt and a corresponding decrease in the proportion of equity financing. The reduction in current liabilities suggests improved short-term liquidity management, while the increase in non-current liabilities may reflect strategic investments or financing decisions. The changes in retained earnings and accumulated other comprehensive loss warrant further investigation to understand their underlying drivers.

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