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:	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
Revenue	21,202)	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	(11,545)	(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	(792)	(817)	(803)	(755)	(732)	(775)	(713)	(734)	(718)	(702)	(719)	(682)	(725)	(607)	(639)	(643)	(626)	(606)	(619)	(599)	(619)
Depreciation and amortization	(985)	(972)	(926)	(936)	(912)	(919)	(905)	(887)	(898)	(867)	(837)	(828)	(834)	(888)	(774)	(762)	(764)	(754)	(738)	(739)	(722)
Purchased transportation	(2,764)	(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	(1,083)	(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	(674)	(570)	(548)	(544)	(607)	(544)	(517)	(492)	(564)	(529)	(481)	(458)	(551)	(480)	(427)	(420)	(491)	(446)	(384)	(402)	(466)
Other expenses	(2,092)	(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	(19,935)	(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	1,267)	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	123)	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)	(266)	(291)	(238)	(222)	(229)	(230)	(212)	(195)	(207)	(199)	(191)	(188)	(182)	(177)	(171)	(174)	(173)	(177)	(167)	(177)
Other income (expense)	(143)	(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	1,124)	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	(260)	(581)	(296)	(379)	(336)	(406)	(371)	(460)	(423)	(458)	(141)	(639)	(627)	(1,014)	(685)	(848)	(730)	(869)	(664)	(760)	(1,412)
Net income	864)	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)

Revenue exhibits a recurring seasonal pattern characterized by significant spikes every fourth quarter, though a broader downward trend in baseline revenue is evident starting in 2023. While quarterly peaks reached as high as 27.7 billion US$ in late 2021, subsequent periods show lower peaks and reduced troughs, indicating a contraction in overall top-line growth.

Operating Expense Analysis: Compensation and benefits remain the primary cost driver, maintaining a consistent range between 11 billion and 13 billion US$ per quarter. Conversely, purchased transportation expenses have decreased substantially, falling from peaks of over 5.7 billion US$ in 2021 to a range between 2.5 billion and 3.6 billion US$ in later periods. Depreciation and amortization costs show a steady upward trajectory, increasing from 722 million US$ in early 2021 to 985 million US$ by early 2026, suggesting a sustained increase in the asset base or capital investment.
Operating Profitability: Operating profit demonstrates a marked decline from the levels observed in 2021 and 2022. Peak quarterly operating profits of 3.8 billion US$ in late 2021 have transitioned to a lower performance range, with several quarters in 2023, 2024, and 2025 falling below 2 billion US$. This trajectory indicates margin compression as revenue declines exceed the rate of reduction in operating expenses.
Net Income and Non-Operating Factors: Net income has experienced significant volatility, heavily influenced by non-operating items in earlier periods. Large contributions from investment and other income in early 2021 and late 2022 provided temporary boosts to the bottom line. Interest expenses have trended upward, rising from 177 million US$ to 266 million US$ over the analyzed period, further pressuring net margins. As a result, net income has shifted from early peaks above 4 billion US$ to a more stabilized but lower range, typically between 800 million and 1.7 billion US$.

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United Parcel Service Inc. (NYSE:UPS)

Income Statement Quarterly Data

Income Statement
Quarterly Data