United Parcel Service (UPS) FY2018 results: revenue $71.9 billion, up 7.9% on the year
United Parcel Service Inc. (UPS) reported revenue of $71.9 billion for fiscal 2018, the year ended 31 December 2018, up 7.9% on the year before. Net income was $4.8 billion, down 2.4%, and diluted earnings per share $5.51. The figures are the company's own, from the 10-K it filed with the SEC on 21 February 2019.
Revenue
$71.9 billion
+7.9% on the year
FY2011FY2018
Operating margin
9.8%
11.3% a year earlier
FY2011FY2018
Net income
$4.8 billion
-2.4% on the year
FY2011FY2018
Diluted EPS
$5.51
-1.8% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
71,861
66,585
61,610
+7.9%
Operating income
7,024
7,529
7,688
-6.7%
Operating margin
9.8%
11.3%
12.5%
Interest expense
605
453
381
+33.6%
Pre-tax income
6,019
7,148
5,121
-15.8%
Income tax
1,228
2,232
1,699
-45.0%
Effective tax rate
20.4%
31.2%
33.2%
Net income
4,791
4,910
3,422
-2.4%
Net margin
6.7%
7.4%
5.6%
Diluted EPS
$5.51
$5.61
$3.86
-1.8%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
12,711
1,479
6,473
+759.4%
Capital expenditure
6,283
5,227
2,965
+20.2%
Free cash flow
6,428
-3,748
3,508
Free cash flow margin
8.9%
-5.6%
5.7%
Cash from investing
-6,330
-4,975
-2,566
Cash from financing
-5,692
3,287
-3,140
Depreciation and amortisation
2,207
2,282
2,224
-3.3%
Share-based compensation
634
584
591
+8.6%
Buybacks
1,011
1,813
2,678
-44.2%
Dividends paid
3,011
2,771
2,643
+8.7%
Diluted shares, weighted
870m
875m
887m
-0.6%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
3,021
994
405
+203.9%
Non-controlling interest
16.0
30.0
24.0
-46.7%
Debt
22,349
24,289
16,075
-8.0%
Operating lease liabilities
0.0
n/a
n/a
Other liabilities
24,630
20,261
24,041
+21.6%
Total liabilities and equity
50,016
45,574
40,545
+9.7%
Fixed assets
26,576
22,118
18,800
+20.2%
Goodwill
3,811
3,872
3,757
-1.6%
Intangible assets
2,075
1,964
1,758
+5.7%
Investments
810
749
1,091
+8.1%
Trading assets
139
168
517
-17.3%
Cash and equivalents
4,225
3,320
3,476
+27.3%
Receivables
8,958
8,773
7,695
+2.1%
Inventory
421
404
342
+4.2%
Other assets
3,001
4,206
3,109
-28.6%
Total assets
50,016
45,574
40,545
+9.7%
10-K for the year ended 31 December 2018, filed 21 February 2019: the filing.