Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

$24.99

Return on Equity (ROE)
since 2005

Microsoft Excel

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Calculation

United Parcel Service Inc., ROE, long-term trends, calculation

Microsoft Excel
ROE = 100 × Net income1 ÷ Equity for controlling interests1
Dec 31, 2025 = 100 × ÷
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Dec 31, 2021 = 100 × ÷
Dec 31, 2020 = 100 × ÷
Dec 31, 2019 = 100 × ÷
Dec 31, 2018 = 100 × ÷
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Dec 31, 2014 = 100 × ÷
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Dec 31, 2012 = 100 × ÷
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Dec 31, 2006 = 100 × ÷
Dec 31, 2005 = 100 × ÷

Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

1 US$ in millions

The return on equity (ROE) exhibited significant fluctuations over the observed period, spanning from 2005 to 2025. Initial values demonstrated a strong performance, followed by periods of volatility and subsequent recovery, culminating in a stabilization towards the end of the timeframe.

Initial Growth and Volatility (2005-2009)
From 2005 to 2006, ROE increased from 22.92% to 27.14%, indicating improving profitability relative to shareholder equity. A substantial decline occurred in 2007, falling to 3.14%, suggesting a significant decrease in net income or a rise in equity. The following year, 2008, witnessed a dramatic increase to 44.29%, likely driven by a combination of factors including cost management and a decrease in equity. This was followed by a decrease to 28.20% in 2009.
Period of High ROE (2010-2011)
ROE experienced a notable surge in 2010, reaching 43.71%, and continued to climb to 54.07% in 2011. This period suggests a highly efficient use of shareholder equity in generating profits. The increase in ROE during these years was likely fueled by strong net income and a relatively stable equity base.
Subsequent Fluctuations and Peaks (2012-2016)
A considerable decrease to 17.34% was observed in 2012, followed by a peak of 67.53% in 2013. The year 2014 saw an exceptionally high ROE of 141.62%, and 2015 reached an outlier value of 847.16%. These peaks are likely attributable to significant reductions in equity relative to net income. 2016 saw a decrease to 343.1%.
Normalization and Recent Trends (2017-2025)
Following the exceptionally high values in the preceding years, ROE decreased to 491.00% in 2017 and 158.59% in 2018. The ROE then stabilized in the range of 135.90% to 204.41% between 2019 and 2020. A decline to 90.44% occurred in 2021, followed by a further decrease to 58.36% in 2022. The final three years, 2023-2025, show a relatively stable ROE, ranging from 38.76% to 34.34%, indicating a return to more moderate levels of profitability relative to equity.

The substantial variations in ROE throughout the period suggest the company’s profitability was sensitive to changes in both net income and shareholder equity. The exceptionally high ROE values observed in the 2014-2017 timeframe warrant further investigation to understand the underlying drivers and their sustainability. The recent stabilization in ROE may indicate a more consistent and predictable financial performance.

Comparison to Competitors

United Parcel Service Inc., ROE, long-term trends, comparison to competitors

Microsoft Excel
United Parcel Service Inc. FedEx Corp. Uber Technologies Inc. Union Pacific Corp. United Airlines Holdings Inc.
Dec 31, 2025
Dec 31, 2024
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Sector (Transportation)

United Parcel Service Inc., ROE, long-term trends, comparison to sector (transportation)

Microsoft Excel
United Parcel Service Inc. Transportation
Dec 31, 2025
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).

Comparison to Industry (Industrials)

United Parcel Service Inc., ROE, long-term trends, comparison to industry (industrials)

Microsoft Excel
United Parcel Service Inc. Industrials
Dec 31, 2025
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Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).