5-year revenue CAGR
-2.3%
UPS financials
Normalized actualsUPS generated $88.7bn of revenue in fiscal 2025. Over the displayed five-year period revenue compounded at -2.3%, while the latest operating margin was 8.9% and free-cash-flow margin was 5.4%.
Operating margin
8.9%
Free-cash-flow margin
5.4%
Cash conversion
85.5%
Net debt / (net cash)
$26.1bn
How has the operating model changed over five years?
Revenue compounded at -2.3% from fiscal 2021 to 2025; the latest reported operating margin was 8.9%.
Calculation: Revenue CAGR and operating income divided by revenue.
Does accounting profit convert into cash?
Latest fiscal free cash flow was $4.8bn, equal to 5.4% of revenue and 85.5% of net income.
Calculation: Free cash flow divided by revenue and net income.
What changed in the latest reported quarter?
For the quarter ended 2026-06-30, revenue was $22.8bn, a +7.6% year-over-year change. Latest annual net debt was $26.1bn and capital expenditure was 4.2% of revenue.
Calculation: Quarterly year-over-year revenue change; debt less cash; absolute capital expenditure divided by revenue.
Annual history
Five fiscal years · reported values
| Metric · USD bn | FY 20252025-12-31 | FY 20242024-12-31 | FY 20232023-12-31 | FY 20222022-12-31 | FY 20212021-12-31 |
|---|---|---|---|---|---|
| Revenue | 88.7 | 90.9 | 90.7 | 100.0 | 97.2 |
| Operating income | 7.9 | 8.7 | 9.4 | 13.0 | 13.1 |
| Net income | 5.6 | 5.8 | 6.7 | 11.5 | 12.9 |
| Operating cash flow | 8.5 | 10.1 | 10.2 | 14.1 | 15.0 |
| Capital expenditure | -3.7 | -3.9 | -5.2 | -4.8 | -4.2 |
| Free cash flow | 4.8 | 6.2 | 5.1 | 9.3 | 10.8 |
Quarterly history
Eight fiscal quarters · reported values
| Metric · USD bn | Q22026-06-30 | Q12026-03-31 | Q42025-12-31 | Q32025-09-30 | Q22025-06-30 | Q12025-03-31 | Q42024-12-31 | Q32024-09-30 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 22.8 | 21.2 | 24.5 | 21.4 | 21.2 | 21.5 | 25.2 | 22.2 |
| Operating income | 0.9 | 1.3 | 2.6 | 1.8 | 1.8 | 1.7 | 3.0 | 2.1 |
| Net income | 0.6 | 0.9 | 1.8 | 1.3 | 1.3 | 1.2 | 1.7 | 1.5 |
| Operating cash flow | 0.9 | 2.2 | 3.3 | 2.5 | 0.3 | 2.3 | 3.3 | 1.5 |
| Capital expenditure | -0.7 | -1.0 | -0.7 | -1.0 | -1.1 | -0.9 | -1.1 | -0.8 |
| Free cash flow | 0.2 | 1.2 | 2.6 | 1.5 | -0.8 | 1.4 | 2.2 | 0.7 |
Public evidence
Primary and company-published context
E01
United Parcel Service, Inc. 2025 Form 10-K
U.S. Securities and Exchange Commission · Feb 17, 2026 · Public document
E02
UPS Releases 2Q 2026 Earnings
UPS Investor Relations · Jul 28, 2026 · Public document
E03
UPS 2026 Proxy Statement
U.S. Securities and Exchange Commission · Mar 19, 2026 · Public document
E04
Cheers to 118 years of UPS!
UPS · Aug 25, 2025 · Public document
E05
Industries at a Glance: Couriers and Messengers (NAICS 492)
U.S. Bureau of Labor Statistics · Sep 10, 2026 · Public document
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