Every figure is the balance as filed. Each filing badge opens the SEC index page for that fiscal year.
Structure
Capital structure
Assets plotted against the liabilities and equity stack, so you can see how the balance sheet is financed.
Liabilities and equity stack to the capital base; assets are the dashed reference line.
Composition
Capital mix
The same split read as a share of total capital rather than in absolute dollars.
Percentages are measured against total capital for each fiscal year.
Trend
Multi-year momentum
How assets, liabilities and equity have moved across the annual balance sheet window.
Switching between bar and line keeps the selected year order.
Doing some research...
Commentary
Commentary on UNITED PARCEL SERVICE INC Balance Sheet
This explanation uses an earlier data snapshot or evidence version. Compare its generation date with the current filing figures.
Earlier AI snapshot · Generated May 22, 2026. The filing-backed figures above are the current source of truth.
Over the five-year period, United Parcel Service, Inc. (UPS) has maintained a relatively stable balance sheet, with total assets hovering in the low- to mid-$70 billion range. Assets rose from $69.4 billion in 2021 to a peak of $71.1 billion in 2022, then remained broadly flat through 2023 and 2024 before increasing to $73.1 billion in 2025. This suggests a measured expansion of the asset base rather than aggressive balance-sheet growth, which is consistent with a mature logistics company that typically invests steadily in fleet, facilities, automation, and network capacity.
Liabilities were more volatile. They declined from $55.2 billion in 2021 to $51.3 billion in 2022, but then climbed again to $53.6 billion in 2023, edged down slightly in 2024, and rose more meaningfully to $56.9 billion in 2025. Stockholders’ equity moved in the opposite direction: it improved sharply from $14.3 billion in 2021 to $19.8 billion in 2022, then trended downward to $17.3 billion in 2023, $16.7 billion in 2024, and $16.2 billion in 2025. Overall, UPS remains well capitalized, but the gradual erosion in equity since 2022, combined with rising liabilities in 2025, points to somewhat more leveraged positioning than at the 2022 peak.
From an industry perspective, this is not unusual for a capital-intensive parcel and logistics operator, where substantial investment in infrastructure and working capital is common. The key takeaway is that UPS’s balance sheet appears stable rather than stretched, but the recent rise in liabilities relative to equity is worth watching, especially if it reflects funding for investment, shareholder returns, or weaker retained earnings.
This analysis is for informational purposes only and does not constitute financial advice or recommendations for any investment decisions. Please consult with a qualified financial professional for personalized guidance.
