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
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 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020
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: 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).

The analyzed financial data reveals several trends in the company’s liabilities and equity over multiple quarters spanning from March 2020 to September 2025. The data highlights fluctuations in current and long-term obligations, as well as changes in equity components.

Current Liabilities
Current maturities of long-term debt, commercial paper, and finance leases generally declined between early 2020 and 2021, reaching a low around mid-2021, before showing volatility and a moderate decreasing trend towards 2025. Current maturities of operating leases steadily increased over the entire period, indicating rising short-term lease obligations.
Accounts payable exhibited an initial upward trend from 2020 to late 2021, peaking around December 2021, followed by a general decline through 2025. Accrued wages and withholdings rose markedly from 2020 through early 2021, then fluctuated with some downward movement towards 2025.
Self-insurance reserves remained relatively stable, with minor fluctuations, peaking around early 2023, before gradually decreasing in later years. Accrued group welfare and retirement plan contributions saw a mostly upward trajectory, with noticeable volatility, especially increasing from early 2023 to early 2025.
Other current liabilities declined sharply during 2022, after higher levels in late 2020 and 2021, then rose again in 2025, suggesting periodic changes in miscellaneous short-term obligations. The overall current liabilities amount followed a fluctuating pattern, with highs at the end of 2020 and late 2021, and declines noted in mid-2023 to 2025.
Non-Current Liabilities
Long-term debt and finance leases, excluding current maturities, generally decreased from 2020 through early 2023, returning near 2019 levels, but rose again by mid-2025, indicating renewed borrowing or lease commitments. Non-current operating leases increased gradually, reaching a peak in early 2024, then showed slight decreases, indicating ongoing commitments over the period.
Pension and postretirement benefit obligations had a volatile pattern, with a significant spike in late 2020, followed by a pronounced decline through 2023, before increasing again towards 2025. Deferred income tax liabilities consistently increased from 2020 through early 2023, then slightly decreased in later periods.
Other non-current liabilities remained relatively stable with minor fluctuations, trending downward slightly after 2021, suggesting measured management of long-term obligations. The total non-current liabilities followed an overall decreasing trend till 2023, followed by a gradual rise into 2025.
Total Liabilities
Total liabilities experienced a peak around the end of 2020, reflecting elevated short and long-term obligations during that period. Subsequently, liabilities decreased through mid-2023 before a moderate resurgence in the period leading up to 2025. This suggests cyclical financial leveraging and possible debt restructuring.
Shareowners’ Equity
Class A and B common stock values remained constant throughout the periods, indicating no new issues or retirements affecting these classes.
Additional paid-in capital increased notably in the first half of the analyzed timeline, particularly from early 2020 to late 2021, then showed a sharp reduction with intermittent minor increases, reflecting equity transactions such as stock offerings or buybacks.
Retained earnings improved steadily from early 2020 through 2022, peaking in late 2022, before fluctuating with a slight decreasing trend through 2025, indicating variations in accumulated profits possibly due to dividend payments or net income changes.
Accumulated other comprehensive loss deepened significantly toward the end of 2020, followed by some recovery during 2022 and 2023. However, it renewed a downward trend after 2023, suggesting ongoing unrealized losses or valuation adjustments affecting this equity component.
Overall, total shareowners’ equity rose considerably from 2020 to early 2023, driven by increases in retained earnings and capital, but displayed slight declines and stabilization afterward through 2025, indicating fluctuating profitability or capital management strategies.
Total Liabilities and Shareowners’ Equity
The total combined figure displayed moderate growth over the full period, showing the company’s overall expansion in size and financing. Peaks and troughs within the timeline illustrate periods of financial adjustment, with the balance sheet remaining relatively stable toward the latter years.

In summary, the data depicts a dynamic financial position with fluctuating liabilities and equity components reflective of operational, financing, and market influences. Debt and lease obligations show periods of reduction followed by increases, while equity metrics indicate fluctuating retained earnings and capital activities. The balance sheet trends imply active financial management responsive to changing business conditions.