Balance Sheet: Assets
Quarterly Data

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

United Parcel Service Inc., consolidated balance sheet: assets (quarterly data)

US$ in millions

	Mar 31, 2026	Dec 31, 2025	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
Cash and cash equivalents	5,802)	5,887)	6,764)	6,194)	4,802)	6,112)	5,855)	6,319)	4,281)	3,206)	4,311)	4,812)	6,190)	5,602)	11,045)	11,735)	12,208)	10,255)	10,212)	9,608)	7,731)
Accounts receivable, net	9,948)	11,209)	9,967)	10,430)	9,887)	10,871)	9,195)	9,048)	9,554)	11,216)	9,461)	9,587)	10,299)	12,583)	10,975)	11,396)	11,199)	12,541)	10,474)	10,137)	10,127)
Assets held for sale	—)	—)	—)	—)	—)	—)	—)	1,183)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,135)
Other current assets	2,044)	1,949)	2,254)	2,226)	2,401)	2,327)	2,214)	2,273)	2,342)	4,991)	5,479)	5,040)	5,236)	4,032)	2,578)	2,440)	2,194)	2,138)	2,157)	2,243)	1,992)
Current assets	17,794)	19,045)	18,985)	18,850)	17,090)	19,310)	17,264)	18,823)	16,177)	19,413)	19,251)	19,439)	21,725)	22,217)	24,598)	25,571)	25,601)	24,934)	22,843)	21,988)	20,985)
Property, plant and equipment, net	38,029)	37,731)	37,743)	37,711)	37,250)	37,179)	37,389)	37,129)	37,168)	36,945)	36,013)	35,501)	34,995)	34,719)	33,625)	33,487)	33,595)	33,475)	32,859)	32,631)	32,455)
Operating lease right-of-use assets	4,084)	4,263)	4,217)	3,979)	4,015)	4,149)	4,129)	4,088)	4,223)	4,308)	4,162)	4,219)	4,089)	3,755)	3,417)	3,436)	3,481)	3,562)	3,460)	3,568)	3,044)
Goodwill	5,796)	5,837)	4,810)	4,806)	4,691)	4,300)	4,411)	4,350)	4,846)	4,872)	4,097)	4,250)	4,249)	4,223)	3,624)	3,675)	3,668)	3,692)	3,332)	3,357)	3,346)
Intangible assets, net	3,981)	4,021)	3,455)	3,356)	3,301)	3,064)	3,108)	3,106)	3,308)	3,305)	2,892)	2,890)	2,811)	2,796)	2,439)	2,476)	2,465)	2,486)	2,224)	2,238)	2,268)
Deferred income tax assets	154)	140)	158)	142)	135)	112)	125)	123)	126)	126)	127)	137)	155)	139)	143)	158)	173)	176)	181)	187)	243)
Other non-current assets	1,971)	2,053)	2,024)	2,079)	1,984)	1,956)	1,837)	1,799)	1,780)	1,888)	3,739)	3,911)	4,165)	3,275)	1,698)	1,286)	1,130)	1,080)	840)	900)	971)
Non-current assets	54,015)	54,045)	52,407)	52,073)	51,376)	50,760)	50,999)	50,595)	51,451)	51,444)	51,030)	50,908)	50,464)	48,907)	44,946)	44,518)	44,512)	44,471)	42,896)	42,881)	42,327)
Total assets	71,809)	73,090)	71,392)	70,923)	68,466)	70,070)	68,263)	69,418)	67,628)	70,857)	70,281)	70,347)	72,189)	71,124)	69,544)	70,089)	70,113)	69,405)	65,739)	64,869)	63,312)

The total asset base exhibited a general expansion from March 2021 through March 2026, rising from 63,312 million US$ to 71,809 million US$. This growth is characterized by a strategic shift in asset composition, with a noticeable transition from liquid current assets toward long-term fixed and intangible assets.

Liquidity and Current Asset Trends: Current assets peaked in March 2022 at 25,601 million US$ before entering a period of gradual decline, settling at 17,794 million US$ by March 2026. This contraction was primarily driven by a significant reduction in cash and cash equivalents, which declined from a high of 12,208 million US$ in March 2022 to 5,802 million US$ by the end of the observed period. Accounts receivable remained relatively stable, fluctuating between 9,000 million US$ and 12,500 million US$, reflecting consistent revenue collection patterns. A temporary spike in other current assets occurred throughout 2023, peaking at 5,479 million US$ in September before normalizing to approximately 2,000 million US$ in subsequent periods.
Fixed Asset and Infrastructure Investment: Property, plant and equipment, net, demonstrated a consistent and steady upward trajectory, increasing from 32,455 million US$ in March 2021 to 38,029 million US$ by March 2026. This persistent growth indicates sustained capital expenditure in physical infrastructure. Similarly, operating lease right-of-use assets increased from 3,044 million US$ to 4,084 million US$ over the same duration, suggesting an expanded reliance on leased operational capacity.
Intangible Assets and Goodwill: There is a marked increase in the valuation of non-physical assets. Goodwill grew from 3,346 million US$ in March 2021 to 5,796 million US$ by March 2026. Net intangible assets followed a similar pattern, rising from 2,268 million US$ to 3,981 million US$. This growth in goodwill and intangibles suggests strategic acquisitions or an increase in the valuation of intellectual property and brand equity.
Non-Current Asset Composition: Non-current assets grew significantly from 42,327 million US$ in March 2021 to 54,015 million US$ in March 2026. While PPE was the primary driver, the increase was further supported by the rise in goodwill and intangible assets. Other non-current assets showed volatility, peaking at 4,165 million US$ in March 2023 before stabilizing near 2,000 million US$ in later quarters.

Overall, the financial trajectory indicates a transition toward a more asset-heavy balance sheet. The reduction in cash reserves, coupled with the steady rise in fixed and intangible assets, points to a period of intensified capital investment and strategic expansion of the operational footprint.

United Parcel Service Inc. (NYSE:UPS)

Balance Sheet: Assets
Quarterly Data

Assets: Selected Items

Current Assets: Selected Items

United Parcel Service Inc. (NYSE:UPS)

Balance Sheet: AssetsQuarterly Data

Assets: Selected Items

Current Assets: Selected Items

Balance Sheet: Assets
Quarterly Data