UNITED PARCEL SERVICE INC
UPS · Trucking & Courier Services (No Air) · 713.9M shares · -0%/yr ↓ buyback · EDGAR filings ↗
Net buyback after stock comp: $2.0B (gross $2.2B, SBC $220M)
Reference price $107.68 · est. market cap ~$76.9B — last insider sale, 2026-01-28 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
B76Wide-moat global delivery franchise with top-quartile returns and elite cash generation, but revenue and margins are contracting.
Strengths
- Top-decile ROE 34% (85th pct) and ROA 7.6% (85th pct), with FCF in the 97th percentile and $4.8B free cash flow
- Durable integrated air/ground network, leading brand, and growing healthcare-logistics portfolio (>$11B revenue)
Risks
- Revenue fell 2.6% and operating margin compressed to 8.9%; planned >50% cut of Amazon volume (10.6% of revenue) pressures the top line
- Elevated leverage (D/E 1.49, 86th pct) and heavy union exposure (~80% of U.S. workforce, contract expires 2028)
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~50% of revenue from one customer/distributor — As previously disclosed, our strategy involves reducing volumes from this customer by more than 50% by June 2026 from 2024 levels
- Revenue declineRevenue -13.4% YoY
- Insider sellingInsider selling — 3 open-market sale(s) by 1 insider(s) (~$3M, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Operating margin
8.9%
Net margin
6.3%
Return on equity
34.3%
Return on assets
7.6%
ROIC
15.4%
Revenue growth (QoQ)
-13.4%
Debt / equity
1.5×
Net debt / EBITDA
1.7×
Current ratio
1.2×
Free cash flow
$4.8B
EBITDA
$10.9B
Tangible book value
$6.4B
Cash & investments
$5.9B
Stock comp / revenue
0.1%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-15 | Subramanian Bala | Option exercise | 3.1K | — |
| 2026-05-15 | Subramanian Bala | Tax withheld | 1.0K | $100.78 |
| 2026-05-15 | Gutmann Kathleen M. | Option exercise | 3.6K | — |
| 2026-05-15 | Gutmann Kathleen M. | Tax withheld | 1.6K | $100.78 |
| 2026-05-15 | Guffey Matthew W | Option exercise | 2.7K | — |
| 2026-05-15 | Guffey Matthew W | Tax withheld | 1.2K | $100.78 |
| 2026-05-15 | Dykes Brian M | Option exercise | 3.1K | — |
| 2026-05-15 | Dykes Brian M | Tax withheld | 1.4K | $100.78 |
| 2026-05-15 | Cesarone Nando | Option exercise | 3.6K | — |
| 2026-05-15 | Cesarone Nando | Tax withheld | 1.6K | $100.78 |
| 2026-05-15 | Ford Darrell L | Option exercise | 2.2K | — |
| 2026-05-15 | Ford Darrell L | Tax withheld | 969 | $100.78 |
| 2026-05-15 | Brothers Norman M. Jr | Option exercise | 2.5K | — |
| 2026-05-15 | Brothers Norman M. Jr | Tax withheld | 1.1K | $100.78 |
| 2026-02-13 | TOME CAROL B | Option exercise | 7.8K | — |
| 2026-02-13 | TOME CAROL B | Tax withheld | 2.3K | $99.19 |
| 2026-02-13 | Subramanian Bala | Option exercise | 1.7K | — |
| 2026-02-13 | Subramanian Bala | Tax withheld | 470 | $99.19 |
| 2026-02-13 | Gutmann Kathleen M. | Option exercise | 1.8K | — |
| 2026-02-13 | Gutmann Kathleen M. | Tax withheld | 872 | $99.19 |
| 2026-02-13 | Guffey Matthew W | Option exercise | 439 | — |
| 2026-02-13 | Guffey Matthew W | Tax withheld | 196 | $99.19 |
| 2026-02-13 | Ford Darrell L | Option exercise | 1.2K | — |
| 2026-02-13 | Ford Darrell L | Tax withheld | 592 | $99.19 |
| 2026-02-13 | Dykes Brian M | Option exercise | 499 | — |
| 2026-02-13 | Dykes Brian M | Tax withheld | 249 | $99.19 |
| 2026-02-13 | Cesarone Nando | Option exercise | 1.8K | — |
| 2026-02-13 | Cesarone Nando | Tax withheld | 871 | $99.19 |
| 2026-02-13 | Brothers Norman M. Jr | Option exercise | 1.2K | — |
| 2026-02-13 | Brothers Norman M. Jr | Tax withheld | 617 | $99.19 |
| 2026-02-02 | Guffey Matthew W | Option exercise | 3.1K | — |
| 2026-02-02 | Guffey Matthew W | Tax withheld | 1.5K | $106.22 |
| 2026-01-28 | Brothers Norman M. Jr | Sell | 388 | $107.68 |
| 2026-01-28 | Brothers Norman M. Jr | Sell | 21K | $106.04 |
| 2026-01-28 | Brothers Norman M. Jr | Sell | 3.2K | $106.68 |
| 2026-01-26 | Brothers Norman M. Jr | Other | 25K | — |
| 2026-01-26 | Brothers Norman M. Jr | Other | 25K | — |
| 2025-08-22 | Shi Christiana Smith | Buy | 500 | $88.17 |
| 2025-08-01 | TOME CAROL B | Buy | 12K | $85.67 |
| 2025-07-31 | JOHNSON WILLIAM R | Buy | 5.0K | $86.50 |
| 2025-03-24 | Dykes Brian M | Tax withheld | 1.2K | $115.10 |
| 2025-03-24 | Dykes Brian M | Option exercise | 2.6K | — |
| 2025-02-14 | Dykes Brian M | Option exercise | 1.6K | — |
| 2025-02-14 | Dykes Brian M | Tax withheld | 778 | $126.10 |
| 2025-02-14 | Cesarone Nando | Option exercise | 6.9K | — |
| 2025-02-14 | Cesarone Nando | Tax withheld | 3.1K | $126.10 |
| 2025-02-14 | Brothers Norman M. Jr | Option exercise | 5.0K | — |
| 2025-02-14 | Brothers Norman M. Jr | Tax withheld | 2.3K | $126.10 |
| 2025-02-14 | Gutmann Kathleen M. | Option exercise | 7.4K | — |
| 2025-02-14 | TOME CAROL B | Option exercise | 25K | — |
| 2025-02-14 | TOME CAROL B | Tax withheld | 10.0K | $126.10 |
| 2025-02-14 | Subramanian Bala | Option exercise | 7.8K | — |
| 2025-02-14 | Subramanian Bala | Tax withheld | 3.1K | $126.10 |
| 2025-02-14 | Gutmann Kathleen M. | Tax withheld | 2.3K | $126.10 |
| 2025-02-14 | Guffey Matthew W | Option exercise | 1.4K | — |
| 2025-02-14 | Guffey Matthew W | Tax withheld | 634 | $126.10 |
| 2025-02-14 | Ford Darrell L | Option exercise | 4.9K | — |
| 2025-02-14 | Ford Darrell L | Tax withheld | 2.2K | $126.10 |
| 2025-02-03 | Guffey Matthew W | Option exercise | 1.5K | — |
| 2025-02-03 | Guffey Matthew W | Tax withheld | 713 | $114.23 |
All non-derivative Form 4 activity (SEC), newest first.
Supply chain
Customers (2)
- Amazon.com, Inc. 11% of rev
- United States Postal Service
Suppliers (1)
- United States Postal Service
Named in the 10-K; linked when we track them.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-15 | Exec/director change | filing ↗ |
| 2026-05-13 | Exec/director change | filing ↗ |
| 2026-05-11 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-04-28 | ResultsExhibits | filing ↗ |
| 2026-02-06 | Exec/director change | filing ↗ |
| 2026-01-27 | ResultsExhibits | filing ↗ |
| 2025-10-28 | ResultsExhibits | filing ↗ |
| 2025-09-18 | Reg FD | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-15 | 2026-06-13 | 0001628280-26-043196 ↗ |
| 8-K | 2026-05-13 | 2026-05-13 | 0001628280-26-034597 ↗ |
| 8-K | 2026-05-11 | 2026-05-07 | 0001628280-26-033522 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001628280-26-031154 ↗ |
| 8-K | 2026-04-28 | 2026-04-28 | 0001628280-26-027717 ↗ |
| 10-K | 2026-02-17 | 2025-12-31 | 0001628280-26-008432 ↗ |
| 8-K | 2026-02-06 | 2026-02-02 | 0001628280-26-006089 ↗ |
| 8-K | 2026-01-27 | 2026-01-27 | 0001628280-26-003510 ↗ |
| 10-Q | 2025-11-05 | 2025-09-30 | 0001628280-25-049661 ↗ |
| 8-K | 2025-10-28 | 2025-10-28 | 0001628280-25-046550 ↗ |
| 8-K | 2025-09-18 | 2025-09-18 | 0001090727-25-000067 ↗ |
| 10-Q | 2025-08-06 | 2025-06-30 | 0001090727-25-000064 ↗ |