UPSUPS

UPSUPS

Revenue: is the business selling more than it used to?

$88.7B−3% YoYFY 2025

→Revenue reached $88.7B in 2025, compounding -4% a year since 2022 though the path has been bumpy.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Net income: how much of that revenue becomes profit?

$5.6B−4% YoYFY 2025

→Net income was $5.6B in 2025, compounding -22% a year over three years. Trailing twelve-month profit stands at $4.6B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

How fast is it growing, year by year?

-2.6%revenue growth, FY 2025

→Revenue grew -3% in 2025 against a five-year average of +1%. Earnings fell +4% on top of it. 2013's +442% earnings rebound off a collapsed base and 2021's +860% earnings rebound off a collapsed base sits off the axis.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Revenue per share: is your slice growing as fast as the company?

$104.31revenue per share, FY 2025

→Revenue per share reached $104.31 in 2025, compounding -3% a year - in line with UPS's own -4%, so the share count is not distorting your slice. Free cash flow per share stands at $5.61.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Free cash flow: what is left in real cash after everything?

$4.8B−23% YoYFY 2025

→Free cash flow was $4.8B in 2025, compounding -20% a year since 2022. The trailing twelve months stand at $5.5B.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

How much of every sales dollar ends up as free cash?

→5 cents of every sales dollar became free cash in 2025, down 4 points since 2022.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

What does staying competitive cost, per dollar of sales?

→The biggest claim on each sales dollar is capital spending, at 4% of revenue (stock compensation 0%).

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

When sales grow, do profits grow faster?

→Operating profit outgrew revenue in only 1 of the last 5 years. Costs are growing roughly in step with the business, so scale isn't yet paying for itself.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Margins: of every $1 of sales, how much survives each cost layer?

→Operating margin compressed 4 points to 9% since 2022. After everything, 6 cents of each sales dollar reaches net profit. UPS doesn't tag a gross-profit line in its filings, so the chart starts at operating margin.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

What does it earn on the money it uses?

→ROE of 30% sits well above ROCE of 14%. A meaningful share of the shareholder return is manufactured with leverage rather than operations.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

What has the market paid for UPS over time?

19.0xP/E today

→At 19.0x earnings, the market is paying +29% more than UPS's own 11-year median of 14.7x. Expectations are elevated, so more has to go right to justify the price.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

What cash return does the business throw off per dollar of market value?

7.5%FCF yield today

→Every dollar of market value currently buys 7.5% of annual free cash flow, more than its 11-year median of 6.0% - the cash is cheaper than usual.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Could it handle its debt if things went wrong?

→Debt of $24.5B sits against $4.7B of cash, or 1.6x shareholders' equity. Earnings cover interest 6.0 times - adequate, with less room than it looks in a downturn.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Is the company's own capital growing?

→The company's own capital shrank from $17.3B in 2023 to $15.1B (-13%). Buybacks or losses are drawing the buffer down - the distinction matters.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

How much goes back, and how much leaks out as stock comp?

→Shareholders received $1.0B in buybacks and $5.4B in dividends in 2025. Stock compensation issued $73M of new shares in the same year, offsetting 1% of that.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

How fast is your ownership being diluted - or concentrated?

→The share count shrank 0.7% in 2025, averaging 1.0% a year over three years. Buybacks are concentrating your ownership: the same business, split fewer ways.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Is the dividend cheque growing?

→The dividend per share reached $6.35 in 2025, compounding +10% a year since 2020.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Can it afford the dividend?

→The dividend consumed 97% of profit and 113% of free cash flow in 2025. That is a thin cushion: a bad year would put the payment under real pressure.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

Does UPS earn more on its capital than that capital costs?

→UPS earns 13.7% on the capital it employs, comfortably above the 10% most investors treat as the cost of capital. It was 24.7% in 2022, so the trend is down, though the pace has cooled.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30

UPSUPS

UPS has issued or retired shares - did shareholders end up better off?

→UPS has shrunk its share count -14% from 2011 to 2025, so each remaining share owns more of the business. Revenue per share is +95% over the same years.

Source: SEC EDGAR (XBRL company facts) · as at 2026-06-30