Common-Size Income Statement
Quarterly Data
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United Parcel Service Inc. pages available for free this week:
- Statement of Comprehensive Income
- Analysis of Liquidity Ratios
- Analysis of Reportable Segments
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Debt to Equity since 2005
- Price to Earnings (P/E) since 2005
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
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United Parcel Service Inc., common-size consolidated income statement (quarterly data)
Based on: 10-Q (reporting date: 2025-09-30), 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Revenue and Operating Expenses
- The revenue percentage is consistently maintained at 100% throughout all periods, providing a stable base for expense and profitability analysis. Operating expenses as a percentage of revenue show some volatility, initially declining from about 94% in early 2020 to a low of approximately 85.99% by late 2021, suggesting improved cost control during that phase. However, from 2022 onward, operating expenses fluctuate and generally trend upward again, reaching levels above 91% in several quarters by 2025, indicating increased cost pressures.
- Compensation and Benefits
- This cost category, the largest component of operating expenses, demonstrates a decreasing trend from almost 56% in early 2020 to a lower point near 45.91% by the end of 2021, reflecting enhanced operational efficiencies or labor cost management. Subsequently, from 2022 through 2025, compensation and benefits costs increase again, rising above 54% by several quarters in 2025, which may indicate wage inflation or staffing adjustments.
- Purchased Transportation
- This expense shows a notable increase during 2020, peaking over 20% in late 2020 and 2021, aligned with increased logistics demands or external transportation costs. From 2022 forward, there is a consistent declining trend down to around 11.5% by late 2025, pointing to possible improvements in internal logistics or cost-saving initiatives on purchased transport services.
- Fuel
- Fuel costs as a percentage of revenue have shown considerable variability. Initially low in early 2020 (around 2.44%), they sharply rose through 2021 and 2022, peaking near 6.85% mid-2022, likely reflecting fluctuating energy prices. A moderate decline follows afterward, stabilizing between 4.8% and 5.0% toward 2025, indicating partial mitigation of fuel cost impacts or improved fuel efficiencies.
- Depreciation and Amortization
- Depreciation and amortization expenses remain relatively stable but show a gradual upward drift from approximately 2.72% in late 2021 to above 4% by 2025. This suggests ongoing asset investment leading to higher amortization charges over time.
- Other Operating Expenses
- Categories such as repairs and maintenance, other occupancy, and other expenses exhibit moderate fluctuation but generally hold steady percentages of revenue. Repairs and maintenance costs slightly increase over time, rising from around 2.18% to nearly 3.75%, indicating potentially higher upkeep costs. Other occupancy and other expenses maintain a broad range but tend to increase slightly toward the end of the analyzed period.
- Operating Profit
- Operating profit margins experience considerable volatility. They increase from roughly 6% in early 2020 to a peak near 14% in 2021 and early 2022, reflecting improved operating leverage and cost management. However, significant reductions occur in some quarters, notably falling near 6.4% in late 2023 and other low points, before recovering somewhat to levels around 8-11% in 2024 and 2025, pointing to cyclical profitability challenges.
- Non-Operating Items and Income Before Income Taxes
- Investment income and other non-operating income show irregular behavior, with occasional negative spikes causing volatility, notably in late 2020. Interest expense remains a stable but gradually increasing cost from under 1% to over 1.3% by late 2025, reflecting higher financing costs. Overall, income before income taxes correlates with operating profit trends, generally fluctuating between 6% and 16%, with some periods of significant volatility driven by non-operating items.
- Income Tax Expense
- Income tax expense as a percentage of revenue varies widely, including occasional negative values which likely correspond to income tax benefits or adjustments. The general range is between about -6% and -1%, with a trend toward moderately lower rates after mid-2021, contributing to net income stability.
- Net Income
- Net income margins broadly follow the pattern of operating profit and pre-tax income, increasing from around 5.3% in early 2020, peaking above 12% in some early 2022 quarters, then experiencing declines and partial recoveries. By 2025, the net income percentage stabilizes roughly between 5% and 6%, reflecting moderate profitability amid cost pressures and evolving expense structure.