Income Statement
Quarterly Data

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.

United Parcel Service Inc., consolidated income statement (quarterly data)

US$ in millions

3 months ended:	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
Revenue	24,479)	21,415)	21,221)	21,546)	25,301)	22,245)	21,818)	21,706)	24,917)	21,061)	22,055)	22,925)	27,033)	24,161)	24,766)	24,378)	27,771)	23,184)	23,424)	22,908)
Compensation and benefits	(13,034)	(12,118)	(11,626)	(11,827)	(12,996)	(11,955)	(11,503)	(11,639)	(12,901)	(11,528)	(11,197)	(11,462)	(13,301)	(11,506)	(11,358)	(11,616)	(12,749)	(11,148)	(11,327)	(11,483)
Repairs and maintenance	(817)	(803)	(755)	(732)	(775)	(713)	(734)	(718)	(702)	(719)	(682)	(725)	(607)	(639)	(643)	(626)	(606)	(619)	(599)	(619)
Depreciation and amortization	(972)	(926)	(936)	(912)	(919)	(905)	(887)	(898)	(867)	(837)	(828)	(834)	(888)	(774)	(762)	(764)	(754)	(738)	(739)	(722)
Purchased transportation	(2,873)	(2,463)	(2,522)	(2,730)	(3,695)	(3,375)	(3,273)	(3,246)	(3,817)	(3,118)	(3,173)	(3,543)	(4,495)	(4,173)	(4,385)	(4,600)	(5,731)	(4,638)	(4,446)	(4,243)
Fuel	(1,129)	(1,071)	(1,058)	(1,058)	(1,112)	(1,068)	(1,126)	(1,060)	(1,282)	(1,132)	(1,090)	(1,271)	(1,571)	(1,530)	(1,697)	(1,220)	(1,175)	(950)	(915)	(807)
Other occupancy	(570)	(548)	(544)	(607)	(544)	(517)	(492)	(564)	(529)	(481)	(458)	(551)	(480)	(427)	(420)	(491)	(446)	(384)	(402)	(466)
Other expenses	(2,509)	(1,682)	(1,958)	(2,014)	(2,334)	(1,727)	(1,859)	(1,968)	(2,342)	(1,903)	(1,847)	(1,998)	(2,496)	(1,999)	(1,966)	(1,810)	(2,419)	(1,811)	(1,738)	(1,803)
Operating expenses	(21,904)	(19,611)	(19,399)	(19,880)	(22,375)	(20,260)	(19,874)	(20,093)	(22,440)	(19,718)	(19,275)	(20,384)	(23,838)	(21,048)	(21,231)	(21,127)	(23,880)	(20,288)	(20,166)	(20,143)
Operating profit	2,575)	1,804)	1,822)	1,666)	2,926)	1,985)	1,944)	1,613)	2,477)	1,343)	2,780)	2,541)	3,195)	3,113)	3,535)	3,251)	3,891)	2,896)	3,258)	2,765)
Investment income (expense) and other	63)	94)	78)	79)	(570)	155)	137)	118)	(207)	124)	131)	169)	1,454)	333)	333)	315)	244)	274)	345)	3,616)
Interest expense	(266)	(291)	(238)	(222)	(229)	(230)	(212)	(195)	(207)	(199)	(191)	(188)	(182)	(177)	(171)	(174)	(173)	(177)	(167)	(177)
Other income (expense)	(203)	(197)	(160)	(143)	(799)	(75)	(75)	(77)	(414)	(75)	(60)	(19)	1,272)	156)	162)	141)	71)	97)	178)	3,439)
Income before income taxes	2,372)	1,607)	1,662)	1,523)	2,127)	1,910)	1,869)	1,536)	2,063)	1,268)	2,720)	2,522)	4,467)	3,269)	3,697)	3,392)	3,962)	2,993)	3,436)	6,204)
Income tax expense	(581)	(296)	(379)	(336)	(406)	(371)	(460)	(423)	(458)	(141)	(639)	(627)	(1,014)	(685)	(848)	(730)	(869)	(664)	(760)	(1,412)
Net income	1,791)	1,311)	1,283)	1,187)	1,721)	1,539)	1,409)	1,113)	1,605)	1,127)	2,081)	1,895)	3,453)	2,584)	2,849)	2,662)	3,093)	2,329)	2,676)	4,792)

The financial performance presented demonstrates considerable fluctuation over the observed period. Revenue initially increased through the end of 2021, peaking at US$27.771 billion, before experiencing a decline through the first three quarters of 2023, reaching a low of US$21.061 billion. A subsequent recovery is observed in the final quarter of 2023 and continues into the first half of 2025, with revenue reaching US$24.479 billion in December 2023 and US$21.415 billion in September 2025.

Operating expenses consistently represent a significant portion of revenue, generally ranging between 70% and 80% of revenue. A peak in operating expenses occurred in December 2021 and December 2023, coinciding with periods of higher revenue. Despite this correlation, operating profit demonstrates volatility, peaking at US$3.891 billion in December 2021 and declining to US$1.343 billion in September 2023 before recovering to US$2.575 billion in December 2025.

Compensation and Benefits: Compensation and benefits consistently represent the largest single operating expense, ranging from approximately US$11.148 billion to US$13.301 billion. A general upward trend is observed in this expense category, particularly from 2023 onwards, potentially reflecting wage inflation or increased headcount. The expense reached US$13.034 billion in December 2023 and US$12.118 billion in September 2025.
Transportation and Fuel Costs: Purchased transportation and fuel costs exhibit significant variability. Purchased transportation decreased from US$4.243 billion in March 2021 to US$2.463 billion in September 2025. Fuel costs followed a similar pattern, decreasing from US$807 million in March 2021 to US$1.071 billion in September 2025, with a notable spike in June 2022 (US$1.697 billion). These declines likely reflect changes in fuel prices and transportation demand.
Depreciation and Amortization: Depreciation and amortization expenses show a consistent upward trend throughout the period, increasing from US$722 million in March 2021 to US$972 million in December 2025. This suggests ongoing investment in long-term assets.

Net income mirrors the fluctuations in operating profit, reaching a high of US$4.792 billion in March 2021 and a low of US$1.127 billion in September 2023. A recovery is evident in the later periods, with net income reaching US$1.791 billion in December 2025. Investment income and other items contribute positively to net income in several periods, but also include a significant expense in December 2023 (-US$207 million) and December 2024 (-US$570 million). Interest expense remains relatively stable, while other income/expense demonstrates considerable volatility.

Income tax expense generally follows the trend of net income, decreasing during periods of lower profitability and increasing during periods of higher profitability. The effective tax rate appears to fluctuate, potentially due to changes in tax regulations or the geographic distribution of income.

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United Parcel Service Inc. (NYSE:UPS)

Income Statement Quarterly Data

Income Statement
Quarterly Data