Company profile
SEC EDGAR ↗- Industry
- Trucking & Courier Services (No Air)
- Listed
- NYSE: UPS
- Incorporated
- DE
- Headquarters
- Atlanta, GA
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $88.7B
- Net income
- $5.57B
- Total assets
- $73.1B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $88.7B | $5.57B | $73.1B |
| FY2024 | $91.1B | $5.78B | $70.1B |
| FY2023 | $91.0B | $6.71B | $70.9B |
| FY2022 | $100.3B | $11.5B | $71.1B |
| FY2021 | $97.3B | $12.9B | $69.4B |
| FY2020 | $84.6B | $1.34B | $62.4B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
The analyses
The Crisis Response · Crisis & Reinvention
UPS's Teamsters Deal: $500M in Surprise Labor Costs, Then 12,000 Job Cuts to Claw Back $1B
The press said UPS handed the Teamsters $30 billion in 2023. The CEO went on TV to deny it. By then UPS had eaten $500M in surprise labor costs, watched revenue fall 9.3% to $91B, and cut 12,000 jobs to claw back $1B.
8 min
The Repricing · Business Model
UPS Started Charging for Air. Then It Started Firing Its Biggest Customer.
For a decade UPS quietly rebuilt how it prices a package - from weight to cubic space to delivery complexity to time of year. In FY2025 it pushed the logic to its end: revenue per piece up 7.1% while daily volume fell 8.6%. The brown truck stopped chasing boxes.
8 min
The Vertical Integration · Boundaries of the Firm
UPS Is Trading Scale for Margin by Cutting Amazon Volume More Than 50% by 2026
UPS is cutting Amazon volume by more than 50% by 2026 — and Amazon was 20-25% of its U.S. network. UPS is trading scale for margin. The catch: when density collapsed, it cost $85 million in a single quarter.
8 min