Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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United Parcel Service Inc. pages available for free this week:
- Statement of Comprehensive Income
- Cash Flow Statement
- Common-Size Income Statement
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to FCFF (EV/FCFF)
- Price to FCFE (P/FCFE)
- Present Value of Free Cash Flow to Equity (FCFE)
- Net Profit Margin since 2005
- Return on Assets (ROA) since 2005
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United Parcel Service Inc., consolidated balance sheet: assets
US$ in millions
Based on: 10-K (reporting date: 2025-12-31), 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31).
An examination of the asset composition reveals several noteworthy trends between 2021 and 2025. Total assets demonstrate a generally stable pattern, with a slight increase over the period, moving from US$69.405 billion to US$73.090 billion. However, the composition of these assets has shifted considerably.
- Current Assets
- Current assets experienced a consistent decline from US$24.934 billion in 2021 to US$19.045 billion in 2025. This decrease is primarily driven by a substantial reduction in cash and cash equivalents, which fell from US$10.255 billion to US$5.887 billion. Accounts receivable, net, remained relatively stable, fluctuating within a range of US$10.871 billion to US$12.583 billion. Inventories also showed a modest decrease overall. A significant fluctuation is observed in ‘Other current assets’, peaking in 2023 at US$4.056 billion before declining to US$1.210 billion in 2025.
- Non-Current Assets
- Non-current assets exhibited an increasing trend, rising from US$44.471 billion in 2021 to US$54.045 billion in 2025. Property, plant, and equipment, net, consistently increased, reaching US$37.731 billion in 2025. Operating lease right-of-use assets also showed a moderate increase. Goodwill and intangible assets, net, both experienced growth, with goodwill notably increasing from US$3.692 billion to US$5.837 billion. ‘Other non-current assets’ showed volatility, peaking in 2022 at US$3.275 billion before settling at US$2.053 billion in 2025.
The shift in asset allocation suggests a strategic move towards long-term investments. The decline in liquid assets, specifically cash and cash equivalents, coupled with the growth in property, plant, and equipment, goodwill, and intangible assets, indicates a potential reinvestment of funds into operational capabilities and acquisitions. The fluctuations in ‘Other current assets’ and ‘Other non-current assets’ warrant further investigation to understand the underlying drivers of these changes.
- Asset Mix
- In 2021, current assets represented approximately 35.9% of total assets, while non-current assets comprised 64.1%. By 2025, this proportion shifted to 26.1% for current assets and 73.9% for non-current assets. This demonstrates a clear trend towards a greater reliance on long-term assets.
Overall, the asset profile indicates a company transitioning towards a more capital-intensive structure, potentially focused on long-term growth and expansion. The decreasing liquidity position should be monitored to ensure sufficient short-term financial flexibility.