United Parcel Service (UPS) FY2019 results: revenue $74.1 billion, up 3.1% on the year
United Parcel Service Inc. (UPS) reported revenue of $74.1 billion for fiscal 2019, the year ended 31 December 2019, up 3.1% on the year before. Net income was $4.4 billion, down 7.3%, and diluted earnings per share $5.11. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2020.
Revenue
$74.1 billion
+3.1% on the year
FY2012FY2019
Operating margin
10.5%
9.8% a year earlier
FY2012FY2019
Net income
$4.4 billion
-7.3% on the year
FY2012FY2019
Diluted EPS
$5.11
-7.3% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
74,094
71,861
66,585
+3.1%
Operating income
7,798
7,024
7,529
+11.0%
Operating margin
10.5%
9.8%
11.3%
Interest expense
653
605
453
+7.9%
Pre-tax income
5,652
6,019
7,148
-6.1%
Income tax
1,212
1,228
2,232
-1.3%
Effective tax rate
21.4%
20.4%
31.2%
Net income
4,440
4,791
4,910
-7.3%
Net margin
6.0%
6.7%
7.4%
Diluted EPS
$5.11
$5.51
$5.61
-7.3%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
8,639
12,711
1,479
-32.0%
Capital expenditure
6,380
6,283
5,227
+1.5%
Free cash flow
2,259
6,428
-3,748
-64.9%
Free cash flow margin
3.0%
8.9%
-5.6%
Cash from investing
-6,061
-6,330
-4,975
Cash from financing
-1,727
-5,692
3,287
Depreciation and amortisation
2,360
2,207
2,282
+6.9%
Share-based compensation
915
634
584
+44.3%
Buybacks
1,004
1,011
1,813
-0.7%
Dividends paid
3,194
3,011
2,771
+6.1%
Diluted shares, weighted
869m
870m
875m
-0.1%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
3,267
3,021
994
+8.1%
Non-controlling interest
16.0
16.0
30.0
0.0%
Debt
25,238
22,349
24,289
+12.9%
Operating lease liabilities
2,391
0.0
n/a
Finance lease liabilities
317
n/a
n/a
Other liabilities
26,628
24,630
20,261
+8.1%
Total liabilities and equity
57,857
50,016
45,574
+15.7%
Fixed assets
30,482
26,576
22,118
+14.7%
Goodwill
3,813
3,811
3,872
+0.1%
Intangible assets
2,167
2,075
1,964
+4.4%
Investments
503
810
749
-37.9%
Trading assets
114
139
168
-18.0%
Cash and equivalents
5,238
4,225
3,320
+24.0%
Receivables
9,552
8,958
8,773
+6.6%
Inventory
511
421
404
+21.4%
Other assets
5,477
3,001
4,206
+82.5%
Total assets
57,857
50,016
45,574
+15.7%
10-K for the year ended 31 December 2019, filed 20 February 2020: the filing.