Stock Analysis on Net
Stock Analysis on Net

United Parcel Service Inc. (NYSE:UPS)

$24.99

Balance Sheet: Liabilities and Stockholders’ Equity
Quarterly Data

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.

Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.

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United Parcel Service Inc., consolidated balance sheet: liabilities and stockholders’ equity (quarterly data)

US$ in millions

Microsoft Excel
Mar 31, 2026 Dec 31, 2025 Sep 30, 2025 Jun 30, 2025 Mar 31, 2025 Dec 31, 2024 Sep 30, 2024 Jun 30, 2024 Mar 31, 2024 Dec 31, 2023 Sep 30, 2023 Jun 30, 2023 Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021
Current maturities of long-term debt, commercial paper and finance leases
Current maturities of operating leases
Accounts payable
Accrued wages and withholdings
Self-insurance reserves
Accrued group welfare and retirement plan contributions
Hedge margin liabilities
Liabilities to be disposed of
Other current liabilities
Current liabilities
Long-term debt and finance leases, excluding current maturities
Non-current operating leases
Pension and postretirement benefit obligations
Deferred income tax liabilities
Other non-current liabilities
Non-current liabilities
Total liabilities
Class A common stock
Class B common stock
Additional paid-in capital
Retained earnings
Accumulated other comprehensive loss
Deferred compensation obligations
Treasury stock
Equity for controlling interests
Noncontrolling interests
Total shareowners’ equity
Total liabilities and shareowners’ equity

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 overall capital structure reflects a period of significant expansion in shareholders' equity followed by a subsequent contraction and a resurgence in long-term debt obligations. Total liabilities and shareowners' equity remained relatively stable, fluctuating between 63 billion and 73 billion US dollars over the analyzed period, while the internal composition of these figures shifted notably.

Current Liabilities and Short-Term Obligations
Current liabilities exhibited a peaking trend in December 2022 at 18.1 billion US dollars before stabilizing in a range between 14 billion and 16 billion US dollars. Accounts payable, a primary component, showed volatility, with peaks in late 2021 and late 2022, followed by a general decline through 2023 and 2024. Current maturities of long-term debt and commercial paper displayed irregular fluctuations, reaching a high of 3.3 billion US dollars in December 2023 before declining significantly to 637 million US dollars by March 2026.
Long-Term Debt and Non-Current Liabilities
A distinct shift in long-term financing is observed. Long-term debt and finance leases, excluding current maturities, decreased from 21.9 billion US dollars in March 2021 to a low of 17.3 billion US dollars in December 2022. However, a sharp increase occurred in mid-2025, with levels rising to 23.8 billion US dollars and remaining elevated through March 2026. Pension and postretirement benefit obligations showed significant volatility, dropping from 9.6 billion US dollars in March 2021 to 4.6 billion US dollars in March 2023, before climbing back to 6.7 billion US dollars by the end of the period.
Shareholders' Equity and Retained Earnings
Total shareowners' equity experienced rapid growth during the first two years, increasing from 7.1 billion US dollars in March 2021 to a peak of 20.0 billion US dollars in March 2023. This growth was primarily driven by a substantial increase in retained earnings, which rose from 10.7 billion US dollars to 21.5 billion US dollars in the same timeframe. A downward trend followed, with total equity contracting to 15.8 billion US dollars by March 2026, mirroring a gradual decline in retained earnings to 19.6 billion US dollars.
Comprehensive Loss and Other Equity Components
Accumulated other comprehensive loss showed persistent negative values, with a notable recovery to -1.5 billion US dollars in September 2022 before widening again to -4.3 billion US dollars in December 2024. Additional paid-in capital remained negligible for much of the period, with a slight increase observed in early 2026, reaching 382 million US dollars.
Total Liability Trends
Total liabilities remained relatively consistent, ending the period at 56.0 billion US dollars, which is close to the initial March 2021 level of 56.1 billion US dollars. The stability of total liabilities, contrasted with the volatility in equity, indicates that the company's total capitalization remained steady even as the balance between debt and equity shifted.