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
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-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).

An examination of the balance sheet information reveals trends in both liabilities and stockholders’ equity over the observed period. Total liabilities generally remained substantial and relatively stable between approximately $54 billion and $56 billion from March 2021 through December 2022, before exhibiting a slight decrease and then an increase again, reaching approximately $56.8 billion by December 2025. Total shareowners’ equity demonstrated a consistent upward trend, increasing from approximately $7.1 billion in March 2021 to $16.2 billion by December 2025.

Current Liabilities
Current liabilities fluctuated between $15.4 billion and $18.1 billion throughout the period. A peak was observed in December 2021 at $17.569 billion, followed by a decline and subsequent increase. Within current liabilities, accounts payable consistently represented a significant portion, generally ranging between $5.3 billion and $7.5 billion. Accrued wages and withholdings decreased from $3.7 billion in March 2021 to approximately $3.2 billion in the latter part of 2023, before increasing again to $3.7 billion by December 2025. Current maturities of long-term debt showed variability, peaking at $3.348 billion in December 2023, but generally remaining between $1.1 billion and $2.6 billion.
Non-Current Liabilities
Non-current liabilities exhibited a more stable pattern, generally ranging between $33 billion and $40 billion. Long-term debt and finance leases, excluding current maturities, constituted the largest component, consistently exceeding $17 billion. Pension and postretirement benefit obligations decreased significantly from $9.594 billion in March 2021 to $6.159 billion in December 2023, before increasing to $6.567 billion by December 2025. Deferred income tax liabilities remained relatively consistent, fluctuating between $3.5 billion and $4.6 billion.
Stockholders’ Equity
Total stockholders’ equity demonstrated a clear upward trajectory. Retained earnings were the primary driver of this growth, increasing from $10.748 billion in March 2021 to $20.151 billion in December 2025. Accumulated other comprehensive loss consistently represented a negative balance, ranging from approximately -$1.5 billion to -$4.7 billion, with a notable decrease in the negative balance towards the end of the period. Class A and Class B common stock remained relatively stable, with minimal changes in value. Additional paid-in capital experienced a significant increase in June 2021, followed by a decrease and then a moderate increase in June 2024.

Overall, the company maintained a substantial level of liabilities throughout the period, while simultaneously increasing its equity base. The composition of both liabilities and equity shifted over time, with notable changes observed in specific accounts such as accrued wages, pension obligations, and retained earnings. The increase in equity suggests strengthening financial health, while the consistent level of liabilities indicates ongoing operational and financing needs.