United Parcel Service (UPS) FY2023 results: revenue $91.0 billion, down 9.3% on the year
United Parcel Service Inc. (UPS) reported revenue of $91.0 billion for fiscal 2023, the year ended 31 December 2023, down 9.3% on the year before. Net income was $6.7 billion, down 41.9%, and diluted earnings per share $7.80. The figures are the company's own, from the 10-K it filed with the SEC on 20 February 2024.
Revenue
$91.0 billion
-9.3% on the year
FY2016FY2023
Operating margin
10.0%
13.0% a year earlier
FY2016FY2023
Net income
$6.7 billion
-41.9% on the year
FY2016FY2023
Diluted EPS
$7.80
-40.9% on the year
FY2016FY2023
this yearthe year beforeHover a bar for its figure.
$ 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
FY2023
FY2022
FY2021
On the year
Last 8 years
Operating cash flow
10,238
14,104
15,007
-27.4%
Capital expenditure
5,158
4,769
4,194
+8.2%
Free cash flow
5,080
9,335
10,813
-45.6%
Free cash flow margin
5.6%
9.3%
11.1%
Cash from investing
-7,133
-7,472
-3,818
Cash from financing
-5,534
-11,185
-6,823
Depreciation and amortisation
2,800
3,188
2,953
-12.2%
Share-based compensation
220
1,568
878
-86.0%
Buybacks
2,250
3,500
500
-35.7%
Dividends paid
5,372
5,114
3,437
+5.0%
Dividend per share
$6.48
$6.08
$4.08
+6.6%
Diluted shares, weighted
860m
875m
878m
-1.7%
Balance sheet
$ million
FY2023
FY2022
FY2021
On the year
Last 8 years
Shareholders' equity
17,306
19,786
14,253
-12.5%
Non-controlling interest
8.0
17.0
16.0
-52.9%
Debt
22,264
19,662
21,677
+13.2%
Operating lease liabilities
3,756
3,238
3,033
+16.0%
Finance lease liabilities
368
298
279
+23.5%
Other liabilities
27,155
28,123
30,147
-3.4%
Total liabilities and equity
70,857
71,124
69,405
-0.4%
Fixed assets
n/a
34,719
33,475
Goodwill
4,872
4,223
3,692
+15.4%
Intangible assets
3,305
2,796
2,486
+18.2%
Investments
2,866
1,993
338
+43.8%
Trading assets
2,866
1,993
2.0
+43.8%
Cash and equivalents
3,206
5,602
10,255
-42.8%
Receivables
11,216
12,583
12,541
-10.9%
Inventory
935
889
717
+5.2%
Other assets
41,591
6,326
5,899
+557.5%
Total assets
70,857
71,124
69,405
-0.4%
10-K for the year ended 31 December 2023, filed 20 February 2024: the filing.