Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity 
Quarterly Data

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

Microsoft Excel
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
Current maturities of long-term debt, commercial paper and finance leases 1.30 2.71 2.62 2.35 2.89 1.72 4.73 3.19 2.01 3.23 3.29 3.71 3.68 3.05 3.07 1.93 2.41 2.86 4.20 3.82 6.04 7.23
Current maturities of operating leases 1.02 1.05 1.05 1.02 0.98 1.03 1.00 0.94 0.96 0.93 0.87 0.81 0.80 0.83 0.84 0.84 0.86 0.87 0.90 0.90 0.86 0.86
Accounts payable 8.52 7.97 8.99 7.93 7.63 7.98 8.95 8.50 8.65 8.73 10.56 9.68 10.23 10.04 10.84 9.80 10.12 9.96 10.34 8.99 8.49 7.85
Accrued wages and withholdings 4.54 4.78 5.22 5.17 4.77 4.76 4.55 4.75 4.21 4.17 5.69 5.24 4.82 4.87 5.50 5.79 5.76 5.85 5.72 5.03 4.71 4.28
Self-insurance reserves 1.53 1.47 1.55 1.91 1.83 1.96 1.86 1.52 1.57 1.48 1.50 1.55 1.54 1.46 1.51 1.66 1.71 1.74 1.74 1.81 1.74 1.61
Accrued group welfare and retirement plan contributions 1.52 2.26 1.98 1.82 1.73 2.33 2.09 1.86 1.71 1.66 1.51 1.45 1.35 1.32 1.50 1.46 1.36 1.48 1.49 1.37 1.28 1.30
Hedge margin liabilities 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 1.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Liabilities to be disposed of 0.00 0.00 0.00 0.00 0.54 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.47 0.56 0.00 0.00 0.00
Other current liabilities 1.65 2.63 2.05 1.89 1.35 1.96 1.77 1.74 1.78 2.33 2.07 1.50 2.32 2.45 2.06 2.06 2.09 2.54 2.32 2.85 3.10 2.89
Current liabilities 20.08% 22.87% 23.46% 22.09% 21.73% 21.73% 24.95% 22.51% 20.88% 22.53% 25.50% 25.42% 24.74% 24.02% 25.31% 23.54% 24.31% 25.75% 27.27% 24.77% 26.22% 26.02%
Long-term debt and finance leases, excluding current maturities 33.59 28.50 27.75 29.77 29.09 27.87 26.70 26.87 27.51 27.51 24.35 25.55 25.68 28.15 28.51 31.70 32.41 34.62 35.30 37.39 37.38 39.73
Non-current operating leases 4.86 5.12 5.19 5.29 5.13 5.46 5.30 5.19 5.23 4.90 4.55 4.26 4.23 4.24 4.37 4.47 4.68 3.99 4.07 3.96 3.97 4.09
Pension and postretirement benefit obligations 9.02 10.25 9.79 7.89 9.29 9.35 8.69 6.64 6.59 6.37 6.76 9.70 11.90 11.70 11.59 11.67 11.83 15.15 25.34 15.43 17.01 17.21
Deferred income tax liabilities 4.92 5.26 5.13 5.51 5.53 5.66 5.32 6.55 6.28 6.02 6.05 5.41 5.10 4.79 4.50 4.22 3.98 3.15 0.78 3.44 3.09 2.93
Other non-current liabilities 5.29 5.10 4.78 4.71 4.66 4.90 4.61 4.95 5.03 4.89 4.94 5.23 5.08 5.09 5.16 6.06 6.09 6.03 6.16 6.03 5.28 4.57
Non-current liabilities 57.68% 54.22% 52.64% 53.17% 53.70% 53.23% 50.62% 50.20% 50.64% 49.69% 46.65% 50.15% 51.99% 53.97% 54.13% 58.12% 59.01% 62.94% 71.66% 66.25% 66.73% 68.54%
Total liabilities 77.75% 77.09% 76.11% 75.27% 75.43% 74.96% 75.56% 72.71% 71.52% 72.22% 72.16% 75.57% 76.73% 77.99% 79.44% 81.66% 83.32% 88.69% 98.93% 91.02% 92.95% 94.56%
Class A common stock 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Class B common stock 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01
Additional paid-in capital 0.12 0.00 0.19 0.00 0.20 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.82 1.76 1.94 1.66 2.05 1.66 1.39 0.79 0.41 0.05
Retained earnings 27.96 29.12 29.80 30.11 29.81 30.58 29.71 29.45 30.68 29.80 29.98 29.01 27.05 24.86 23.31 21.26 19.32 16.98 11.05 17.81 16.17 15.00
Accumulated other comprehensive loss -5.89 -6.26 -6.15 -5.43 -5.48 -5.59 -5.30 -2.19 -2.24 -2.05 -2.18 -4.63 -4.64 -4.65 -4.72 -4.61 -4.72 -7.36 -11.40 -9.65 -9.56 -9.65
Deferred compensation obligations 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.01 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.02 0.03 0.03 0.03 0.03
Treasury stock -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.01 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.02 -0.03 -0.03 -0.03 -0.03
Equity for controlling interests 22.21% 22.87% 23.86% 24.69% 24.53% 25.00% 24.42% 27.27% 28.46% 27.76% 27.82% 24.40% 23.24% 21.99% 20.54% 18.32% 16.66% 11.29% 1.05% 8.96% 7.03% 5.42%
Noncontrolling interests 0.04 0.04 0.04 0.04 0.03 0.04 0.01 0.02 0.03 0.02 0.02 0.03 0.03 0.03 0.02 0.02 0.03 0.02 0.02 0.02 0.02 0.02
Total shareowners’ equity 22.25% 22.91% 23.89% 24.73% 24.57% 25.04% 24.44% 27.29% 28.48% 27.78% 27.84% 24.43% 23.27% 22.01% 20.56% 18.34% 16.68% 11.31% 1.07% 8.98% 7.05% 5.44%
Total liabilities and shareowners’ equity 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Current Liabilities
The proportion of current maturities of long-term debt, commercial paper, and finance leases within total liabilities and equity displayed a generally declining trend from 7.23% in March 2020 to a low of 1.3% in June 2025, despite some fluctuations, indicating a reduction in short-term debt obligations over time. Current maturities of operating leases remained relatively stable, fluctuating narrowly between 0.83% and 1.05%. Accounts payable increased slightly from 7.85% in March 2020 to peak near 10.84% in December 2021, then tapered down to approximately 8.52% by June 2025, reflecting variations in payables management. Accrued wages and withholdings showed an upward trend early on, peaking near 5.85% in the first half of 2021, followed by some volatility but stabilized around 4.5% to 5.2% in later periods. Other current liabilities showed modest fluctuations with no clear directional trend, hovering between approximately 1.35% and 3.1%. Overall, total current liabilities as a percentage of total liabilities and equity generally declined from 26.02% in early 2020 to a range between 20.08% and 24.95% more recently.
Non-Current Liabilities
Long-term debt and finance leases, excluding current maturities, steadily decreased from a high of nearly 39.7% in March 2020 to a low near 24.35% by December 2022, followed by a slight rebound to 33.59% by June 2025. This suggests a gradual reduction in long-term debt, with some recent increases possibly reflecting new financing. Non-current operating leases steadily increased from about 4.09% in early 2020 to peak levels around 5.46% in early 2024, indicating growing lease obligations. Pension and postretirement benefit obligations showed significant volatility, peaking sharply at 25.34% in December 2020, then decreasing to a low around 6.37% in early 2023, before fluctuating moderately thereafter and stabilizing near 9% most recently. Deferred income tax liabilities rose steadily from 2.93% in 2020 to a peak near 6.55% in late 2022, then declined slightly but remained elevated around 4.9% to 5.7%. Other non-current liabilities remained relatively stable, fluctuating between 4.57% and 6.16% without a distinct trend. Overall, total non-current liabilities showed a downward trend from approximately 68.54% in early 2020 to lower levels near 46.65% by the end of 2022, followed by a recovery toward 57.68% by mid-2025.
Total Liabilities
Total liabilities as a percentage of total liabilities and equity declined steadily from a peak near 98.93% in December 2020 to approximately 72.16% by December 2022, then fluctuated moderately in the low to mid-70s through mid-2025. This indicates a gradual decrease in overall liabilities relative to the company's capital base over time, suggesting improved balance sheet leverage.
Shareholders’ Equity
The equity section exhibited notable changes. Retained earnings showed a strong upward trend from 15% in March 2020 to nearly 30% by early 2023, maintaining around that level through mid-2025, indicating accumulated profitability. Accumulated other comprehensive loss decreased sharply in magnitude from about -9.65% in early 2020 to a low near -2.05% by late 2022, before increasing volatility pushed the figure back to around -5.9% by mid-2025, reflecting changes in other comprehensive components. Additional paid-in capital experienced growth primarily through 2021 with peaks near 2%, but recent data show some missing values and a slight decline. Equity for controlling interests increased significantly from about 5.42% in March 2020 to approximately 27.82% by the end of 2022, after which it declined gradually to around 22.21% by mid-2025. Total shareholders’ equity mirrored this pattern, rising sharply to nearly 28% by late 2022 before trending downward slightly through mid-2025. Minor components such as treasury stock and deferred compensation obligations remained relatively negligible throughout the observed periods.
Summary and Insights
The data reflects a strategic deleveraging over the period, with reductions in both current and long-term liabilities relative to total capital, particularly after 2020. The company increased its equity base mainly through retained earnings accumulation, improving financial stability. Lease obligations, both current and non-current, displayed a moderate increase, possibly indicating higher commitments under operating leases. Pension and postretirement obligations exhibited significant volatility, which could suggest fluctuating actuarial assumptions or funding strategies. Deferred tax liabilities increased over time but stabilized at elevated levels. The overall trend indicates strengthening equity positions with a corresponding decrease in leverage, contributing to an improved solvency profile. Fluctuations in accounts payable and accrued expenses suggest active working capital management responding to operational needs.