United Parcel Service (UPS) Q4 FY2025 earnings: revenue $24.5 billion, down 3.2% on the year

United Parcel Service Inc. (UPS) reported revenue of $24.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.2% on the same quarter a year earlier. Net income was $1.8 billion, up 4.1% on the year, and diluted earnings per share $2.10. The figures are the company's own, from the 10-K it filed with the SEC on 17 February 2026.

Revenue

$24.5 billion

-3.2% on the year · +14.3% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

10.5%

11.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$1.8 billion

+4.1% on the year · +36.6% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$2.10

+4.5% on the year · +35.5% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 6 new.

Revenue of $24.5 billion: The company reported fourth-quarter 2025 consolidated revenue of $24.5 billion, with operating profit of $2.6 billion and non-GAAP adjusted operating profit of $2.9 billion.
MD-11 fleet retirement and write-off: UPS accelerated its fleet modernization plans and completed retirement of the MD-11 fleet in the quarter, with a non-cash, after-tax write-off of $137 million.
U.S. Domestic volume fell in fourth quarter: Average daily U.S. Domestic package volume was 19,970 thousand in the fourth quarter, against 22,382 thousand a year earlier.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	24,479	21,415	25,301	+14.3%	-3.2%
Operating income	2,575	1,804	2,926	+42.7%	-12.0%
Operating margin	10.5%	8.4%	11.6%
Interest expense	266	291	229	-8.6%	+16.2%
Pre-tax income	2,372	1,607	2,127	+47.6%	+11.5%
Income tax	581	296	406	+96.3%	+43.1%
Effective tax rate	24.5%	18.4%	19.1%
Net income	1,791	1,311	1,721	+36.6%	+4.1%
Net margin	7.3%	6.1%	6.8%
Diluted EPS	$2.10	$1.55	$2.01	+35.5%	+4.5%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	3,302	2,482	3,315	+33.0%	-0.4%
Capital expenditure	716	970	1,098	-26.2%	-34.8%
Free cash flow	2,586	1,512	2,217	+71.0%	+16.6%
Free cash flow margin	10.6%	7.1%	8.8%
Cash from investing	-2,001	-456	-1,057
Cash from financing	-2,194	-1,428	-1,847
Depreciation and amortisation	700	926	919	-24.4%	-23.8%
Share-based compensation	32.0	25.0	45.0	+28.0%	-28.9%
Buybacks	-1,000	0.0	0.0
Dividends paid	1,353	1,348	1,350	+0.4%	+0.2%
Dividend per share	n/a	$1.64	n/a
Diluted shares, weighted	853m	848m	858m	+0.6%	-0.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	16,227	15,823	16,718	+2.6%	-2.9%
Non-controlling interest	28.0	25.0	25.0	+12.0%	+12.0%
Debt	24,127	24,782	21,284	-2.6%	+13.4%
Operating lease liabilities	3,700	3,687	3,635	+0.4%	+1.8%
Finance lease liabilities	674	510	351	+32.2%	+92.0%
Other liabilities	28,334	26,565	28,057	+6.7%	+1.0%
Total liabilities and equity	73,090	71,392	70,070	+2.4%	+4.3%
Goodwill	5,837	4,810	4,300	+21.4%	+35.7%
Intangible assets	4,021	3,455	3,064	+16.4%	+31.2%
Investments	n/a	68.0	206
Trading assets	3.0	68.0	206	-95.6%	-98.5%
Cash and equivalents	5,887	6,764	6,112	-13.0%	-3.7%
Receivables	11,209	9,967	10,871	+12.5%	+3.1%
Inventory	739	n/a	826		-10.5%
Other assets	45,394	46,260	44,485	-1.9%	+2.0%
Total assets	73,090	71,392	70,070	+2.4%	+4.3%

Questions

What was United Parcel Service's revenue in Q4 FY2025?

United Parcel Service (UPS) reported revenue of $24.5 billion for Q4 FY2025, the quarter ended 31 December 2025, down 3.2% on the same quarter a year earlier.

How much did United Parcel Service earn in Q4 FY2025?

Net income for Q4 FY2025 was $1.8 billion, up 4.1% on the year, and diluted earnings per share $2.10.

When did United Parcel Service report Q4 FY2025 results?

United Parcel Service filed its 10-K for the year that ended with the quarter on 17 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	27,771	24,378	24,766	24,161	27,033	22,925	22,055	21,061	24,917	21,706	21,818	22,245	25,301	21,546	21,221	21,415	24,479	21,202	22,834	22,853
Operating income	3,891	3,251	3,535	3,113	3,195	2,541	2,780	1,343	2,477	1,613	1,944	1,985	2,926	1,666	1,822	1,804	2,575	1,267	930	1,744
Operating margin	14%	13%	14%	13%	12%	11%	13%	6%	10%	7%	9%	9%	12%	8%	9%	8%	11%	6%	4%	8%
Interest expense	173	174	171	177	182	188	191	199	207	195	212	230	229	222	238	291	266	266	272	289
Pre-tax income	3,962	3,392	3,697	3,269	4,467	2,522	2,720	1,268	2,063	1,536	1,869	1,910	2,127	1,523	1,662	1,607	2,372	1,124	761	1,571
Tax rate	22%	22%	23%	21%	23%	25%	23%	11%	22%	28%	25%	19%	19%	22%	23%	18%	24%	23%	21%	26%
Net income	3,093	2,662	2,849	2,584	3,453	1,895	2,081	1,127	1,605	1,113	1,409	1,539	1,721	1,187	1,283	1,311	1,791	864	604	1,163
Net margin	11%	11%	12%	11%	13%	8%	9%	5%	6%	5%	6%	7%	7%	6%	6%	6%	7%	4%	3%	5%
Diluted EPS	$3.51	$3.03	$3.25	$2.96	$3.96	$2.19	$2.42	$1.31	$1.87	$1.30	$1.65	$1.80	$2.01	$1.40	$1.51	$1.55	$2.10	$1.02	$0.71	$1.37
Operating cash flow	3,246	4,480	3,813	2,479	3,332	2,357	3,237	2,233	2,411	3,316	1,993	1,498	3,315	2,318	348	2,482	3,302	2,224	859	2,903
Capital expenditure	1,624	548	840	890	2,491	609	1,211	1,289	2,049	1,035	933	843	1,098	876	1,123	970	716	1,031	693	497
Free cash flow	1,622	3,932	2,973	1,589	841	1,748	2,026	944	362	2,281	1,060	655	2,217	1,442	-775	1,512	2,586	1,193	166	2,406
Buybacks	0.0	254	988	952	1,306	751	747	752	0.0	0.0	0.0	500	0.0	1,000	1,000	0.0	-1,000	0.0	0.0	0.0
Dividends paid	859	1,284	1,283	1,275	1,272	1,348	1,345	1,341	1,338	1,348	1,353	1,348	1,350	1,348	1,349	1,348	1,353	1,352	1,356	1,356
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 17 February 2026: the filing.