Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

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

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

Microsoft Excel
Sep 30, 2025 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
Current maturities of operating leases
Accounts payable
Accrued wages and withholdings
Self-insurance reserves
Accrued group welfare and retirement plan contributions
Hedge margin liabilities
Liabilities to be disposed of
Other current liabilities
Current liabilities
Long-term debt and finance leases, excluding current maturities
Non-current operating leases
Pension and postretirement benefit obligations
Deferred income tax liabilities
Other non-current liabilities
Non-current liabilities
Total liabilities
Class A common stock
Class B common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Deferred compensation obligations
Treasury stock
Equity for controlling interests
Noncontrolling interests
Total shareowners’ equity
Total liabilities and shareowners’ equity

Based on: 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), 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 Maturities of Long-term Debt, Commercial Paper, and Finance Leases
This liability category displayed a general declining trend from early 2020 (7.23%) through mid-2025 (around 1.3%), with some fluctuations. Notably, there was a drop to near 1.3% in mid-2025, indicating reduced short-term obligations in this area relative to total liabilities and equity.
Current Maturities of Operating Leases
This item remained relatively stable, fluctuating between 0.8% and 1.05% of total liabilities and shareowners’ equity across the entire period. A slight upward trend is visible toward 2024 and 2025, suggesting modest growth in lease obligations maturing within one year.
Accounts Payable
Accounts payable hovered mostly between 7.5% and 10.8%, with a peak near 10.84% in late 2021 and comparatively lower percentages in mid-2023 to 2025 (around 8%-8.5%). This suggests relative stability in supplier obligations but with modest reductions toward the later periods.
Accrued Wages and Withholdings
The accrued wages and withholdings as a percentage of total liabilities and equity fluctuated modestly between 4.17% and 5.85%, peaking in the first half of 2021. Thereafter, it maintained a consistent level around 4.5% to 5.2%, indicating steady accrued employee-related liabilities.
Self-Insurance Reserves
This reserve remained relatively constant near 1.4% to 1.9%, with minor variations reflecting stable risk retention policies over the quarters reviewed.
Accrued Group Welfare and Retirement Plan Contributions
This category increased gradually from about 1.3% in early 2020 to a peak exceeding 2.3% by early 2024, indicating a gradual rise in accrued welfare and retirement obligations within the company’s balance sheet.
Other Current Liabilities
This fluctuated between approximately 1.5% and 2.9%, without a clear long-term trend, though it mostly remained higher in the earlier periods compared to late 2023 and 2025.
Current Liabilities (Total)
Current liabilities as a total declined from over 26% in early 2020 to roughly 20% by mid-2025, showing a gradual decrease in short-term liabilities as a proportion of total liabilities and equity, with some variations in between.
Long-term Debt and Finance Leases Excluding Current Maturities
There is a marked decreasing trend from near 40% in early 2020 to a low around 24% by late 2022, followed by an increase to over 33% by mid-2025. This depicts an initial deleveraging in long-term debt, succeeded by a rebound in borrowing or lease financing.
Non-current Operating Leases
This liability increased steadily over time from about 4.1% in early 2020 to around 5.2% in 2025, indicating a growing long-term lease commitment relative to total liabilities and equity.
Pension and Postretirement Benefit Obligations
This item shows significant volatility, starting near 17.2% in early 2020, peaking sharply to 25.3% by year-end 2020, then declining to below 7% in late 2022. Thereafter, it moderately rises again to near 10% by mid-2025. The fluctuations reflect changes in pension obligations and assumptions impacting the balance sheet.
Deferred Income Tax Liabilities
Deferred tax liabilities rose consistently over the analyzed period, from roughly 2.9% in early 2020 to a peak of approximately 6.5% in late 2022, followed by slight fluctuations maintaining levels near 5% to 6%. This trend signals growing tax-related deferred liabilities.
Other Non-current Liabilities
These liabilities remained stable between about 4.5% and 6.1%, with no strong directional change, indicating consistency in other long-term obligations.
Non-current Liabilities (Total)
Non-current liabilities decreased initially from about 68.5% in early 2020 to near 46.7% by late 2022, then rebounded to around 57.4% by mid-2025. This trend follows the patterns noted in long-term debt and pension obligations, reflecting balance sheet restructuring and new borrowings.
Total Liabilities
Total liabilities declined from nearly 95% of total liabilities and equity in early 2020 to approximately 72% by late 2022, then gradually increased back to about 78% by mid-2025. This suggests a deleveraging phase followed by renewed liability growth.
Shareowners’ Equity Components
The company’s equity increased substantially from about 5.4% in early 2020 to nearly 28% by late 2022, then declined to about 22% by mid-2025. Retained earnings consistently rose over the entire period, reaching close to 30% by early 2024 and slightly decreasing thereafter. Accumulated other comprehensive loss improved from a high negative near -11.4% in late 2020 to about -2% in late 2022 but reversed closer to -6% by mid-2025. Additional paid-in capital showed variable values, indicating occasional equity transaction activities.
Overall Capital Structure
The data reflects a transition from a highly leveraged position in 2020 with over 90% liabilities to a reduced leverage and stronger equity base by 2022, followed by a reversal towards elevated liabilities and somewhat lower equity proportions by mid-2025. The fluctuations in pension obligations and long-term debt primarily drove these shifts. Short-term liabilities exhibited a declining trend, enhancing liquidity positions in later years.