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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United Parcel Service Inc. pages available for free this week:
- Common-Size Income Statement
- Analysis of Long-term (Investment) Activity Ratios
- Present Value of Free Cash Flow to Equity (FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Return on Assets (ROA) since 2005
- Debt to Equity since 2005
- Total Asset Turnover since 2005
- Price to Earnings (P/E) since 2005
- Price to Sales (P/S) since 2005
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United Parcel Service Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 10-Q (reporting date: 2026-06-30), 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
Revenue patterns demonstrate consistent seasonality, with significant peaks occurring every fourth quarter. However, a broader downward trajectory is evident when comparing 2021-2022 levels to the 2024-2026 period. While revenues in 2021 frequently exceeded 23 billion US dollars, the 2024 and 2025 quarters frequently fluctuated between 21 billion and 22 billion US dollars, indicating a contraction in top-line growth.
- Operating Expense Dynamics
- Compensation and benefits constitute the most substantial cost driver, remaining relatively inelastic despite fluctuations in revenue. A notable shift is observed in purchased transportation costs, which declined from peaks of over 5 billion US dollars in late 2021 to a range of 2.4 billion to 3.2 billion US dollars in 2024 and 2025, suggesting a strategic change in logistics sourcing or a reduction in volume.
- Fuel expenses exhibit high volatility, with a significant spike observed in mid-2022 and a renewed sharp increase in June 2026, where costs rose to 1.697 billion US dollars. This volatility directly impacts short-term operating margins.
- Depreciation and amortization show a steady, incremental increase over the analyzed period, rising from approximately 722 million US dollars in early 2021 to 980 million US dollars by mid-2026, reflecting ongoing capital investment in infrastructure.
- Profitability and Margin Analysis
- Operating profit has trended downward over the long term. The peaks seen in 2021 and 2022, where quarterly profits often exceeded 3 billion US dollars, have been replaced by lower yields in 2025 and 2026. By June 30, 2026, operating profit fell to 930 million US dollars, the lowest point in the provided series.
- Net income follows a similar decelerating path. The high net income figures recorded in 2021 (peaking at 4.792 billion US dollars in March) have transitioned to a lower baseline, with 2026 figures dropping to 864 million and 604 million US dollars in the first two quarters.
- Financial Obligations and Non-Operating Items
- Interest expenses have trended upward, increasing from approximately 177 million US dollars in 2021 to a range of 266 million to 272 million US dollars in 2026, indicating an increase in the cost of debt or a higher total debt load.
- Investment and other income have become increasingly volatile and less supportive of the bottom line. Early periods showed significant positive contributions, whereas more recent quarters have frequently recorded negative values in other income, further compressing net income.
The overall financial trajectory is characterized by compressing margins. The combination of stagnating or declining revenue, rising interest costs, and periodic spikes in fuel expenses has led to a significant erosion of both operating and net profitability from 2021 through mid-2026.