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 Profitability Ratios
- Analysis of Reportable Segments
- Enterprise Value (EV)
- Enterprise Value to EBITDA (EV/EBITDA)
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Operating Profit Margin since 2005
- Return on Equity (ROE) since 2005
- Current Ratio since 2005
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United Parcel Service Inc., consolidated income statement (quarterly data)
US$ in millions
Based on: 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 Trend
- The revenue figures exhibit significant fluctuations over the examined periods. Initially, revenue increased from $18,035 million in March 2020 to a peak of $27,771 million in December 2021. Following this peak, a decline is observed through 2022 and early 2023, with values dropping to around $21,061 million in September 2023 before again rising in December 2024 to $25,301 million. The latest figure shows a decline to $21,546 million in March 2025. This suggests a volatile revenue stream with recurring peaks towards the end of certain years and dips in others.
- Compensation and Benefits
- Compensation and benefits expenses closely mirror revenue trends but with less volatility. These expenses trend upward from $10,086 million in March 2020 to approximately $12,996 million in December 2024, generally rising over time with periodic slight decreases. The relative stability in this expense category, despite revenue fluctuations, indicates sustained labor costs throughout the periods, contributing consistently as a major component of operating expenses.
- Operating Expenses
- Total operating expenses generally parallel the movement of revenues and compensation costs. Starting at $16,963 million in March 2020, operating expenses peak at $23,880 million in December 2020, again spike in December 2022 to $23,838 million, and reach a high of $22,440 million in December 2023. The values show a pattern of rising expenses in quarters correlating with revenue peaks, underscoring the company's variable cost structure tied to volume and business activity cycles.
- Key Expense Categories
- Purchased transportation costs vary substantially, rising sharply from $2,931 million in March 2020 to $5,731 million in December 2020, before gradually declining to around $2,730 million in March 2025. This reflects changing logistics and outsourcing trends affecting costs. Fuel expenses demonstrate notable volatility, initially decreasing after March 2020 from $761 million to $499 million in June, then climbing to a high of $1,697 million in June 2022 before decreasing again toward $1,058 million in March 2025. This fluctuation indicates sensitivity to market fuel price changes. Depreciation and amortization expenses display a mild upward trend, generally increasing from $648 million in March 2020 to $919 million in December 2024, indicating growing asset base or increasing capital expenditure. Repairs and maintenance and other occupancy costs both rise moderately over the period, indicating increased upkeep and facility expenses aligned with company growth and operational scale.
- Profitability Metrics
- Operating profit shows evident correlation with revenue, increasing substantially from $1,072 million in March 2020 to a peak of nearly $3,891 million in December 2021, and then fluctuating downward to $1,343 million by September 2023. It rebounds again through the last quarters analyzed, reaching $2,926 million in December 2024 before dipping to $1,666 million in March 2025. This reflects variations in cost management and revenue generation efficiency. Net income follows a less predictable pattern, with a significant negative outlier occurring in December 2020 (-$3,347 million), presumably due to extraordinary items or income tax effects, but recovers to highs above $4,700 million by March 2021, then stabilizes with fluctuations around $1,100 million to $3,453 million in subsequent quarters. The fluctuations in net income relative to operating profit highlight the influence of other income/expenses, tax charges, and non-operating items.
- Non-Operating Items and Other Income
- Investment income and related other income show sharp negative impact in December 2020 (-$6,150 million), with notable positive spikes in March 2021 ($3,616 million) and other quarters, indicating volatile non-core financial impacts. Similar patterns are evident in "Other income (expense)" with extreme negative values at December 2020 (-$6,325 million) and rebounds following. These variances contribute to pronounced swings in income before taxes and net income, emphasizing the importance of non-operational factors in overall profitability.
- Income Tax Expense
- The effective income tax expense varies significantly with the operating results, turning positive (tax benefit) in December 2020 at $941 million, coinciding with net losses. Generally, taxes are proportionate to income before tax with occasional reliefs and boosts likely due to tax planning or deferred tax adjustments, leading to a range of -$1,412 million to around -$336 million in subsequent periods.
- Summary of Operational Efficiency
- The data reflect a company undergoing cyclical revenue and profit fluctuations with strong sensitivity to operating costs related to labor, transportation, and fuel. Exceptional items severely impacted the bottom line in late 2020, distorting otherwise generally positive operating trends. Despite volatility, profitability resumes with moderate margins in most quarters, supported by stable operating cost management and controlled interest expenses. The interaction of volatile non-operating income and expenses suggests a complex financial environment affecting net income beyond core operations.