Income Statement
The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.
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- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Reportable Segments
- Analysis of Geographic Areas
- Enterprise Value (EV)
- Net Profit Margin since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Analysis of Revenues
- Analysis of Debt
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United Parcel Service Inc., consolidated income statement
US$ in millions
Based on: 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), 10-K (reporting date: 2020-12-31).
- Revenue
- Revenue increased consistently from 2020 to 2022, peaking at approximately $100.3 billion in 2022, followed by a decline in 2023 and stabilization in 2024 around $91 billion.
- Compensation and benefits
- This expense category rose steadily over the five-year period, increasing from about $44.5 billion in 2020 to nearly $48.1 billion in 2024, reflecting rising labor costs despite fluctuating revenue.
- Repairs and maintenance
- Repairs and maintenance expenses exhibited a gradual upward trend from $2.37 billion in 2020 to $2.94 billion in 2024, indicating ongoing investment in asset upkeep.
- Depreciation and amortization
- These costs increased steadily each year, from $2.7 billion in 2020 to $3.6 billion in 2024, consistent with capital asset additions or revised depreciation schedules.
- Purchased transportation
- Purchased transportation expenses rose significantly from 2020 to 2021, then declined sharply through 2024, dropping from $19.1 billion in 2021 to approximately $13.6 billion in 2024, suggesting improved cost management or decreased outsourcing.
- Fuel
- Fuel expenses escalated sharply between 2020 and 2022, reaching a peak of about $6 billion, followed by a marked decline in 2023 and 2024 to $4.4 billion, potentially reflecting changes in fuel prices or consumption efficiency.
- Other occupancy
- Expenses in this category showed a consistent incremental increase from $1.5 billion to $2.1 billion, indicating rising facility-related costs over time.
- Other expenses
- Other expenses increased slightly between 2020 and 2022, peaking at $8.3 billion, then decreasing somewhat in subsequent years, reaching $7.9 billion in 2024.
- Operating expenses
- Operating expenses rose steeply from $76.9 billion in 2020 to a peak of $87.2 billion in 2022, before falling back to around $82.6 billion in 2024, paralleling the trend in revenue and certain cost reductions.
- Operating profit
- Operating profit increased significantly from about $7.7 billion in 2020 to a high of nearly $13.1 billion in 2022, followed by a decrease in 2023 and 2024 to approximations of $9.1 billion and $8.5 billion respectively, mirroring the revenue pattern downward after 2022.
- Investment income (expense) and other
- This line item showed considerable volatility, moving from a negative $5.1 billion in 2020 to positive $4.5 billion in 2021, followed by declining positive amounts and ending in a modest negative position by 2024, indicating fluctuating investment results and other income components.
- Interest expense
- Interest expense remained relatively stable around $0.7 billion until 2022, then increased modestly to $0.87 billion by 2024, possibly reflecting increased borrowing costs or debt levels.
- Other income and (expense)
- Other income and expense showed significant swings, turning positive in 2021 and 2022 before reverting to negative values in 2023 and 2024, indicating variability in non-operating financial activities.
- Income before income taxes
- Income before taxes increased markedly from $1.8 billion in 2020 to $16.6 billion in 2021, declined gradually to $14.8 billion in 2022, and further decreased in the following years to $7.4 billion in 2024, reflecting the combined effect of operating results and other income components.
- Income tax expense
- Income tax expense rose from $0.5 billion in 2020 to a peak of $3.7 billion in 2021, decreased to $3.3 billion in 2022, and further declined to about $1.7 billion in 2024, consistent with the fluctuation in income before taxes.
- Net income
- Net income showed strong growth from $1.3 billion in 2020 to a peak of $12.9 billion in 2021, followed by a decline to $11.5 billion in 2022 and a more pronounced decrease thereafter, reaching approximately $5.8 billion in 2024, reflecting the declines in revenue and operating profit after 2022.