United Parcel Service, Inc FY 2025 10-K, explained in plain English
Key financials — as reported
| Total revenue | $88.7B |
| Gross margin | — not reported |
| Operating income | $7.9B |
| Net income | $5.6B |
| Diluted EPS | $6.56 |
| Cash & equivalents | $5.9B |
| Total assets | $73.1B |
| Long-term debt | $23.6B |
Key takeaway
Revenue declined 2.6% to $88.7B mainly due to the Coyote divestiture, planned volume cuts from UPS's largest customer, and lower Mail Innovations volume, partly offset by International Package growth and healthcare logistics gains.
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Beneath the surface
Reported net income was flattered by a $0.30/diluted-share gain from SCS real-estate sale-leaseback transactions, while non-GAAP adjusted EPS of $7.16 strips out $0.53/share of Transformation Strategy costs and $0.18/share of impairments including a $137M MD-11 fleet retirement charge.
🔒 4 more insights a headline reader would miss
This is the free preview. The full analysis explains every line item above and includes 8 more findings — plus insider trades, activist stakes, and 8-K events for UPS.
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