At a glance
United Parcel Service Inc is worth $93.34B, about 17 times its fiscal 2025 earnings. Revenue fell 2.6% to $88.66B in fiscal 2025, with 6.3% kept as profit; over 5 years it has grown 0.9% a year. It pays a 5.98% dividend yield, raised every year for at least 9 years, and returned $32.47B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +21.3% over the past year with dividends reinvested and −7.9% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 18.5% in the 2020 crash (S&P 500: 33.7%) and 29.8% in the 2022 bear market (S&P 500: 24.5%).
The business in plain English
UPS, founded in 1907, delivers packages, documents and freight in more than 200 countries and territories. Air, ground, domestic and international shipments all move through one network of aircraft, hubs and delivery vehicles, centered on its main air hub in Louisville, Kentucky. In fiscal 2025 it delivered an average of 20.8 million packages a day and took in $88.7 billion in revenue, mostly from package delivery.
U.S. Domestic Package is the core, at $59.5 billion, or 67.1% of revenue. It sells same-day to three-day air service and a ground network that handles about 15 million packages a day. International Package, covering Europe, the Middle East, Africa, Canada, Latin America and Asia, brought in $18.6 billion, or 21%. The rest comes from Supply Chain Solutions: arranging air and ocean freight, clearing goods through customs, fulfillment and logistics, plus smaller units such as Roadie (crowdsourced same-day delivery) and Happy Returns. About 76.1% of revenue came from the United States.
UPS is steering toward higher-paying shipments from healthcare, business-to-business and small and mid-sized business customers. It bought Frigo-Trans and Andlauer Healthcare Group in 2025 to expand temperature-controlled ‘cold chain’ shipping, and its healthcare portfolio produced more than $11 billion of revenue that year. Meanwhile, it is deliberately shrinking volume from Amazon, its largest customer at 10.6% of fiscal 2025 revenue.
Price history
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UPS +21.3% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By business segment
| U.S. Domestic Package Segment | $59.52B | 67.1% |
| International Segment | $18.58B | 21% |
By geography
| United States | $67.43B | 76.1% |
| International | $21.23B | 23.9% |
Latest results
- In Q2 FY2026 (ended Jun 30, 2026), revenue was $22.83B, up 7.6% from a year earlier, and net income was $604.0M (-52.9%).
- For fiscal 2025, revenue was $88.66B (-2.6% year over year; +0.9% a year from FY2020 to FY2025) with a 6.3% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +0.9% watch |
|---|---|
| Operating margin | 8.9% watch |
| Free cash flow margin | 5.4% watch |
| Return on equity (FY2025) | 34.3% good |
| Return on assets (FY2025) | 7.6% watch |
| Net cash (cash minus debt) | $-19.83B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $84.63B | $1.34B | $5.05B |
| FY2021 | $97.29B | $12.89B | $10.81B |
| FY2022 | $100.34B | $11.55B | $9.34B |
| FY2023 | $90.96B | $6.71B | $5.08B |
| FY2024 | $91.07B | $5.78B | $6.21B |
| FY2025 | $88.66B | $5.57B | $4.76B |
Valuation snapshot
| Market value | $93.34B |
|---|---|
| P/E ratio | 16.7 |
| Dividend yield | 5.98% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| UPS price data to Nov 2, 2026 | +15.9% | +21.3% | -2.8% | -7.9% | +4.2% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +15.9% |
| 2025 | -15.9% |
| 2024 | -16.0% |
| 2023 | -5.9% |
| 2022 | -16.3% |
| 2021 | +30.0% |
| 2020 | +48.7% |
| 2019 | +24.2% |
| 2018 | -15.5% |
| 2017 | +7.1% |
| 2016 | +22.7% |
| 2015 | -10.9% |
| 2014 | +8.7% |
| 2013 | +46.5% |
| 2012 | +3.8% |
| 2011 | +3.9% |
| 2010 | +30.3% |
| 2009 | +7.8% |
| 2008 | -19.8% |
| 2007 | -3.5% |
| 2006 | +1.8% |
| 2005 | -10.5% |
| 2004 | +16.4% |
| 2003 | +19.9% |
| 2002 | +17.2% |
| 2001 | -6.0% |
| 2000 | -13.8% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 47.9% over that stretch · deepest drop along the way 47.9%, back to its old high 20.7 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 13% over that stretch · deepest drop along the way 18.5%, back to its old high 2.8 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.6% over that stretch · deepest drop along the way 29.8%, not recovered by the end of the data |
Insider activity
Form 4 filings from 2025-10-31 to 2026-10-31 (25 read): 0 open-market purchases and 1 sales ($877K).
| Date | Insider | Type | Value |
|---|---|---|---|
| Oct 28, 2026 | Matthew W Guffey Chief US Domestic Officer | sell | $877K |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.46% | Mar 31, 2026 |
| BlackRock, Inc. | 6.1% | Mar 31, 2025 |
ETFs with the most weight in UPS
| FTXR First Trust Nasdaq Transportation ETF | 7.79% |
| SHPP Pacer Industrials and Logistics ETF | 7.75% |
| IYT iShares US Transportation ETF | 7.02% |
| SUPL ProShares Supply Chain Logistics ETF | 4.06% |
| WBIY WBI Power Factor High Dividend ETF | 4.04% |
| DURA VanEck Durable High Dividend ETF | 3.99% |
| FLV American Century Focused Large Cap Value ETF | 3.21% |
| XUDV Franklin U.S. Dividend Multiplier Index ETF | 3.09% |
What could go wrong
- Deliberately shrinking its biggest customer, Amazon. Amazon was 10.6% of fiscal 2025 revenue, and UPS is cutting that volume on purpose. It is reducing facilities, vehicles, aircraft and staff; if costs fall more slowly than revenue, profits could shrink.
- Unionized workforce and strike risk. UPS has about 460,000 employees, and nearly 80% of its U.S. workers are represented by unions. A strike, work stoppage or slowdown could disrupt deliveries across its network and seriously hurt results.
- Rivals include some of its own customers. Competitors range from postal services and express carriers to e-commerce companies and retailers building their own logistics networks, some of them UPS customers. Shippers may also refuse price increases and move volume elsewhere.
- Integrating its healthcare acquisitions. UPS bought Frigo-Trans and Andlauer Healthcare Group in 2025 to grow its temperature-controlled healthcare logistics business. If integration stumbles, it may not get the benefits it expected from these deals.
- Fuel and employee benefit costs. Prices for jet fuel, diesel and gasoline can swing, and supplies can be interrupted. Employee health, retiree health and pension benefits are also a significant expense; further increases could squeeze profits.
- Exposed to the economy and trade policy. UPS's results are affected by industrial production, consumer spending, retail activity and international trade policies. Downturns, trade changes or geopolitical conflicts, including in Ukraine and the Middle East, can reduce shipping volumes.
Recent events
- Quarterly results released
- Executive or board change; Investor presentation or announcement
- Other company announcement
- Quarterly results released
- Executive or board change
- Executive or board change
- Executive or board change; Shareholder vote results
- Quarterly results released
- Executive or board change
- Quarterly results released
For income and retirement investors
UPS has raised its dividend at least nine years in a row through fiscal 2025; the true streak may be longer. Dividends per share rose from $3.87 in fiscal 2020 to $6.56 in fiscal 2025, about 11.1% a year, but increases shrank to small steps after $6.48 in fiscal 2023. The payout is stretched: dividends took 96.9% of fiscal 2025 earnings and 113.3% of free cash flow (cash left after capital spending). UPS also repurchased $1.0 billion of its own shares in fiscal 2025 and $7.75 billion over fiscal 2021–2025. The yield was 6.21% as of October 28, 2026.
In downturns, the shares fell 47.9% in the 2008 financial crisis and took about 21 months after the bottom to recover. They dropped 18.5% in the 2020 COVID crash and recovered in under three months. From a February 2022 peak they fell 29.8% and had not regained it by October 28, 2026. Single stocks carry more risk than diversified funds.
Questions investors ask
How does UPS make money?
Mostly by delivering packages. In fiscal 2025, the U.S. Domestic Package segment brought in $59.5 billion, or 67.1% of UPS's $88.7 billion revenue, and International Package added $18.6 billion, or 21%. The rest came from Supply Chain Solutions, which arranges air and ocean freight, clears goods through customs and runs fulfillment and logistics services. UPS delivered an average of 20.8 million packages a day that year, and its healthcare portfolio produced more than $11 billion of revenue.
Does UPS raise its dividend every year?
Yes, through fiscal 2025. UPS has raised its dividend at least nine years in a row, and the true streak may be longer. The raises have become small, though: dividends per share went from $6.48 in fiscal 2023 to $6.52 in 2024 and $6.56 in 2025. In fiscal 2025 the dividend equaled 96.9% of earnings and 113.3% of free cash flow (cash left after capital spending), which leaves little cushion if profits fall.
How much of UPS's revenue comes from Amazon?
About a tenth. Amazon and its affiliates accounted for 10.6% of UPS's total revenue in fiscal 2025, which made Amazon the company's largest customer. UPS is deliberately reducing Amazon volume to focus on higher-paying shipments from healthcare, business-to-business and small and mid-sized business customers. To match the smaller volume, it has been cutting facilities, vehicles, aircraft and staff. If costs do not fall as fast as revenue, profits could suffer.
What is UPS's dividend yield?
It was 6.21% as of October 28, 2026. The yield is high partly because the share price fell about 16% in both 2024 and 2025. The payout is stretched, at 96.9% of fiscal 2025 earnings and 113.3% of free cash flow. UPS also had $24.5 billion of total debt and $4.7 billion of cash and investments as of June 30, 2026. A high yield can come with a greater risk of slower dividend growth or a cut.
How has UPS stock performed over the long run?
Poorly over five years and modestly over ten. As of October 28, 2026, the share price was down about 9% a year over five years, a 37% total drop, and up 3.8% a year over ten years, or 45% in total. It rose 16.9% over the one year to that date, after falling in every calendar year from 2022 through 2025. Its deepest decline in 27 years of price history was 58%. These figures track the share price only and leave out dividends.