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.
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- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Long-term (Investment) Activity Ratios
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Current Ratio since 2005
- Total Asset Turnover since 2005
- Price to Operating Profit (P/OP) since 2005
- Price to Sales (P/S) since 2005
- Analysis of Debt
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United Parcel Service Inc., consolidated income statement (quarterly data)
US$ in millions
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).
- Revenue Trends
- Revenue exhibited a general pattern of fluctuation across the reported quarters, with a notable peak in December 2021 at approximately $27.8 billion. Thereafter, revenue declined during the subsequent quarters of 2022 and into early 2023, reaching a low point around $21.1 billion. A modest recovery trend was observable in the last few quarters up to March 2025, though revenue remained below the peak levels seen in late 2021.
- Compensation and Benefits
- Compensation and benefits costs tended to increase in line with revenue peaks, notably rising to nearly $13 billion in December 2021 and again in December 2022 and 2024. This expense category followed a somewhat cyclical pattern but generally trended upwards over the period, suggesting ongoing investment in workforce or rising labor costs corresponding with operational scale and inflationary pressures.
- Operating Expenses
- Operating expenses showed a strong correlation with revenue trends, peaking in the quarters of December 2021 and December 2022 near $23.8 billion. Expenses displayed some volatility but remained consistently high, reflecting the company's substantial cost base. Despite revenue fluctuations, operating expenses maintained a relatively stable ratio to revenue, indicating consistent operational cost management relative to sales volume.
- Purchased Transportation and Fuel Costs
- Purchased transportation costs increased sharply from early 2020, peaking in December 2021 at $5.7 billion before dropping considerably in 2023 and 2024, potentially reflecting changes in logistics strategy or external cost factors. Fuel expenses followed a similar pattern, rising significantly through 2021 and peaking around late 2021 to early 2022, then generally declining into 2023 and beyond. This decline aligns with broader trends in fuel pricing and efficiency initiatives.
- Depreciation and Amortization
- The depreciation and amortization expense showed a gradual upward trend over the period, reflecting ongoing capital investments and asset base growth. Peaks were modest but consistent, with values rising from around $648 million in early 2020 to near $926 million in late 2025, indicating sustained investments in property, plant, and equipment.
- Operating Profit
- Operating profit experienced fluctuations, with significant peaks in the quarters ending June and December 2021 and December 2024, reaching above $3.8 billion and $2.9 billion respectively. Periods of lower operating profit occurred in late 2023, corresponding with declines in revenue and rising costs. Overall, operating profit maintained a positive trajectory, denoting profitable core operations despite external economic challenges.
- Income Before Income Taxes and Net Income
- Income before income taxes mirrored the fluctuations in operating profit but showed heightened volatility, notably the steep negative value in December 2020 driven by large operating expenses or extraordinary events. Post that period, income before taxes recovered strongly, peaking at over $6 billion in early 2021. Net income followed a similar pattern, with sharp losses in late 2020 followed by strong gains in 2021. Net income remained positive thereafter but showed variation consistent with operating performance and tax impacts.
- Interest Expense and Other Income (Expense)
- Interest expense held relatively stable around $170 to $230 million per quarter, showing a modest increasing trend aligned with potential debt levels or interest rate changes. Other income and investment-related items presented considerable volatility, including a substantial negative impact during December 2020, which contributed to overall income fluctuations. These items recovered in subsequent periods with occasional spikes and declines but generally represented a smaller component of total income relative to operating results.
- Summary of Operating Efficiency and Profitability
- The company demonstrated resilient operating profitability throughout the reported periods despite cycles of revenue fluctuations and expense volatility. Expense management remained consistent with revenue changes, and investment in operational assets continued steadily as indicated by depreciation trends. The volatility seen in non-operating income items notably impacted pre-tax results predominantly in late 2020 but stabilized thereafter. Overall, the financial data suggest a firm maintaining profitability while navigating external economic pressures, operational costs, and investment needs with balanced expense control.