Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data
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- Income Statement
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- Analysis of Short-term (Operating) Activity Ratios
- Analysis of Geographic Areas
- Enterprise Value to EBITDA (EV/EBITDA)
- Operating Profit Margin since 2005
- Price to Sales (P/S) since 2005
- Analysis of Revenues
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United Parcel Service Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)
Based on: 10-Q (reporting date: 2026-03-31), 10-K (reporting date: 2025-12-31), 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).
The capital structure of the organization exhibits a notable shift in the balance between liabilities and shareowners' equity over the analyzed period. Total liabilities, which initially represented 88.69% of the total balance sheet in March 2021, experienced a gradual reduction to a low of 72.16% by December 2022. However, a subsequent upward trend is observed, with total liabilities returning to 78.01% by March 2026. Conversely, total shareowners' equity grew from 11.31% to a peak of 28.48% in June 2023, before moderating to 21.99% by the end of the period.
- Current Liabilities Trends
- Current liabilities have shown a general decline, moving from 25.75% in March 2021 to 20.43% by March 2026. Accounts payable, a significant component of this category, fluctuated between 7.63% and 10.84%, ending the period at 8.23%. Accrued wages and withholdings also saw a downward trajectory, decreasing from 5.85% to 4.51%. Current maturities of long-term debt and commercial paper displayed volatility, peaking at 4.73% in December 2023 before dropping significantly to 0.89% by March 2026, indicating a reduction in immediate debt obligations.
- Non-Current Liabilities and Long-Term Debt
- Long-term debt and finance leases, excluding current maturities, represent the most substantial portion of the liability structure. This metric declined from 34.62% in March 2021 to 24.35% in December 2022, but thereafter increased to 33.07% by March 2026, suggesting a strategic return to long-term borrowing. Pension and postretirement benefit obligations showed a marked decrease from 15.15% in March 2021 to a low of 6.37% in March 2023, eventually stabilizing around 9.28% by March 2026. Deferred income tax liabilities increased from 3.15% to a peak of 6.55% in September 2023 before settling at 5.25%.
- Equity and Retained Earnings Analysis
- Equity for controlling interests experienced significant expansion, rising from 11.29% in March 2021 to 28.46% in June 2023, reflecting a period of strong internal capital accumulation. This growth was primarily driven by retained earnings, which climbed from 16.98% to a peak of 30.68% in June 2023, before declining to 27.33% by March 2026. The decline in total equity toward the end of the period is partly mirrored by a widening in accumulated other comprehensive losses, which moved from -2.05% in March 2023 to -5.92% by March 2026.
- Overall Leverage and Solvency Observations
- The organization transitioned from a highly leveraged position in early 2021 toward a more balanced capital structure by mid-2023, characterized by higher equity ratios and lower total liabilities. However, the trend reversed in the latter part of the period, with an increase in non-current liabilities and a reduction in total shareowners' equity, indicating a renewed reliance on debt to fund operations or assets by March 2026.