United Parcel Service (UPS) FY2020 results: revenue $84.6 billion, up 14.2% on the year
United Parcel Service Inc. (UPS) reported revenue of $84.6 billion for fiscal 2020, the year ended 31 December 2020, up 14.2% on the year before. Net income was $1.3 billion, down 69.8%, and diluted earnings per share $1.54. The figures are the company's own, from the 10-K it filed with the SEC on 22 February 2021.
Revenue
$84.6 billion
+14.2% on the year
FY2013FY2020
Operating margin
9.1%
10.5% a year earlier
FY2013FY2020
Net income
$1.3 billion
-69.8% on the year
FY2013FY2020
Diluted EPS
$1.54
-69.9% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
84,628
74,094
71,861
+14.2%
Operating income
7,684
7,798
7,024
-1.5%
Operating margin
9.1%
10.5%
9.8%
Interest expense
701
653
605
+7.4%
Pre-tax income
1,844
5,652
6,019
-67.4%
Income tax
501
1,212
1,228
-58.7%
Effective tax rate
27.2%
21.4%
20.4%
Net income
1,343
4,440
4,791
-69.8%
Net margin
1.6%
6.0%
6.7%
Diluted EPS
$1.54
$5.11
$5.51
-69.9%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,459
8,639
12,711
+21.1%
Capital expenditure
5,412
6,380
6,283
-15.2%
Free cash flow
5,047
2,259
6,428
+123.4%
Free cash flow margin
6.0%
3.0%
8.9%
Cash from investing
-5,283
-6,061
-6,330
Cash from financing
-4,517
-1,727
-5,692
Depreciation and amortisation
2,698
2,360
2,207
+14.3%
Share-based compensation
796
915
634
-13.0%
Buybacks
224
1,004
1,011
-77.7%
Dividends paid
3,374
3,194
3,011
+5.6%
Diluted shares, weighted
871m
869m
870m
+0.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
657
3,267
3,021
-79.9%
Non-controlling interest
12.0
16.0
16.0
-25.0%
Debt
24,472
25,238
22,349
-3.0%
Operating lease liabilities
2,540
2,391
0.0
+6.2%
Finance lease liabilities
286
317
n/a
-9.8%
Other liabilities
34,441
26,628
24,630
+29.3%
Total liabilities and equity
62,408
57,857
50,016
+7.9%
Fixed assets
32,254
30,482
26,576
+5.8%
Goodwill
3,367
3,813
3,811
-11.7%
Intangible assets
2,274
2,167
2,075
+4.9%
Investments
406
503
810
-19.3%
Trading assets
2.0
114
139
-98.2%
Cash and equivalents
5,910
5,238
4,225
+12.8%
Receivables
10,750
9,552
8,958
+12.5%
Inventory
620
511
421
+21.3%
Other assets
6,825
5,477
3,001
+24.6%
Total assets
62,408
57,857
50,016
+7.9%
10-K for the year ended 31 December 2020, filed 22 February 2021: the filing.